Risk management
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Liquidity risk

The Group monitors its risk of a shortage of funds using a periodical liquidity planning tool. The tool takes into account the due dates and maturities both of investments and financial assets (such as accounts of receivables, of other financial assets), as well as forecast cash flows from operating activity.

Prudent liquidity risk management implies maintaining sufficient cash to finance current operations and the availability of funding through an adequate amount of committed borrowing facilities and guarantee lines.
These are manifested by:

  • diversification of sources of funding – cooperation with eleven banks,
  • various methods of funding – bank overdrafts, working capital loans,
  • use of various bank products, like balancing of accounts on a day-to-day basis, overnight deposits, certificates of deposits, negotiated exchange rate,
  • finance lease agreements,
  • versatile cooperation with banks and insurance companies in the scope of guarantees.

The Group’s objective is to maintain a balance between continuity of funding and flexibility through the use of various sources of funding.
The use of trade credit allowed by suppliers, and thus settling the liabilities with extended payment terms is also important.
Processes of investing free resources depend on due dates of liabilities, in order to reduce maximum liquidity risk.

The table below summarises the maturity profile of the Group’s nominal financial liabilities which will be settled in relevant time limits, based on the period counted from the reporting date to the contractual maturity date:

 < 1 month1 to 3 months3 to 6 months6 to 12 months> 1 yeartotal
Interest-bearing loans and borrowings  -  -  -  -  -  -
Other non-current financial liabilities  -  -  -  - 6 144 6 144
Trade payables and other current financial liabilities 140 978 21 670 36 36  - 162 720
Other non-financial liabilities 10 177 23 835 33 175  -  - 67 187
Nominal liabilities as at 31 December 2017 151 155 45 505 33 211 36 6 144 236 051

The table does not include sureties or guarantees

File in XLSX format 
Nominal liabilities as at 31 December 2017 plik .xlsx11,5 kB

 < 1 month1 to 3 months3 to 6 months6 to 12 months> 1 yeartotal
Interest-bearing loans and borrowings 92  -  - 34 929  - 35 021
Other non-current financial liabilities  -  -  -  - 10 574 10 574
Trade payables and other current financial liabilities 114 754 17 658 49 36  - 132 497
Other non-financial liabilities 9 688 28 112 72 560  -  - 110 360
Nominal liabilities as at 31 December 2016 124 534 45 770 72 609 34 965 10 574 288 452

The table does not include sureties or guarantees

File in XLSX format
Nominal liabilities as at 31 December 2016 plik .xlsx11,5 kB

If the market conditions deteriorated and the necessity of additional financing of operations or refinancing of debt through borrowings from external sources appeared, liquidity risk might increase. The Management of the parent company assesses that no such risk occurs.

Liquidity risk management in the Group has the form of maintaining suitable reserve capital, reserve borrowing facilities, constant monitoring of predicted and actual cash flows and adjusting the assets maturity profiles with the financial liabilities maturities profiles.


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