The liquidity risk is the risk that the Group will be unable to meet its financial obligations at due date.
The objective of the liquidity risk management carried out by the Group is to reduce the probability of loss or limited ability to repay liabilities to an acceptable level. In particular, the policy assumes ensuring the ability to effectively address liquidity crises, i.e. periods of an increased demand for liquid assets.
The policy assumes ensuring available cash sufficient to repay liabilities in the course of standard operations and to continue undisturbed business operations in time of liquidity crisis in the period necessary to implement emergency financing plan which allows to increase liquidity without delay.
Liquidity management focuses on a detailed analysis of the receivables collection scheme, the ongoing monitoring of bank accounts and cash concentration in consolidated accounts. The financial surpluses are invested in current assets in the form of term deposits A long-term surpluses are transmitted to the Investment Portfolio managed by an external entity from the area of Asset Management. The effectiveness of investment process is monitored on an ongoing basis. The Company diversifies sources of external financing and investments to mitigate liquidity risk and ensure stability of financing.
Enea SA has undertaken actions toward concentration of liquidity management between entities within the Group, comprising introduction of a cash pooling in key entities participating in Enea Tax Group and expended intra-group bonds issue programmes resulting in an increase of cash effectiveness within the Group.
Taking into account ongoing risk management as well as the market and financial position of the Group it may be concluded that its liquidity risk remains at a minimum level.
Additionally, the Company manages its liquidity risk by maintaining open and unused credit facilities of PLN 606,000 thousand.
The Company’s financial assets and liabilities by maturity are presented in the table below:
| 31.12.2014 | Trade and other liabilities | Finance lease liabilities | Bank loans and bonds | Borrowings | Financial liabilities measured at fair value through profit or loss | Cash and cash equivalents | Trade and other receivables | Financial assets measured at fair value through profit or loss | Financial instruments held to maturity | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Carrying amount | 890 960 | 2 566 | 2 182 653 | 35 870 | 917 | (687 316) | (1 587 161) | (392 350) | (189 789) | 256 350 |
| Undiscounted contractual cash flows | (890 960) | (2 572) | (2 683 332) | (42 171) | -917 | 687 614 | 1 587 161 | 392 350 | 189 789 | (763 038) |
| up to 6 months | (887 685) | -931 | (36 021) | (4 394) | -917 | 687 614 | 1 566 179 | 392 350 | 189 789 | 1 905 984 |
| 6 - 12 months | - | -777 | (36 276) | (4 365) | - | - | 243 | - | - | (41 175) |
| 1 – 2 years | (3 275) | -864 | (72 302) | (10 180) | - | - | 19 274 | - | - | (67 347) |
| 2 – 5 years | - | - | (511 897) | (18 610) | - | - | 730 | - | - | (529 777) |
| Over 5 years | - | - | (2 026 836) | (4 622) | - | - | 735 | - | - | (2 030 723) |
| 31.12.2013 | Trade and other liabilities | Finance lease liabilities | Bank loans and bonds | Borrowings | Financial liabilities measured at fair value through profit or loss | Cash and cash equivalents | Trade and other receivables | Financial assets measured at fair value through profit or loss | Financial instruments held to maturity | Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Carrying amount | 1 033 604 | 4 724 | 814 136 | 28 421 | 364 | (1 573 195) | (1 282 352) | (298 199) | -45 | (1 272 542) |
| Undiscounted contractual cash flows | (1 034 061) | (5 037) | (1 041 299) | (36 363) | -364 | 1 576 902 | 1 282 808 | 298 199 | 45 | 1 040 830 |
| up to 6 months | (1 034 061) | (1 491) | (22 519) | (1 182) | - | 1 576 902 | 1 199 252 | 298 199 | 45 | 2 015 145 |
| 6 - 12 months | - | (1 587) | (22 526) | (1 759) | -364 | - | 148 | - | - | (26 088) |
| 1 – 2 years | - | (1 770) | (29 135) | (15 361) | - | - | 82 626 | - | - | 36 360 |
| 2 – 5 years | - | -189 | (303 776) | (12 690) | - | - | 759 | - | - | (315 896) |
| Over 5 years | - | - | (663 343) | (5 371) | - | - | 23 | - | - | (668 691) |