ANNUAL REPORT ‘12
NOTES TO THE FINANCIAL STATEMENTS
198
associated to interest rates. The Group has a risk management programme that focuses its analysis on the financial
markets, seeking to minimize potential adverse effects, using derivative financial instruments to cover certain risks
to which it is exposed.
a) Credit risk
Credit risk is the result of cash balances and cash equivalents, deposits and derivative financial instruments in
financial institutions, as well as the accounts receivable from clients and other debtors.
With regard to clients and other debtors, the Group does not have significant concentrations of credit risk, having
defined policies that ensure that credit is only granted to clients with a suitable credit history and that limit the
respective amounts of credit.
With regard to accounts receivable from financial institutions, the following table provides a summary of the credit
quality of the deposits and investments:
b) Liquidity risk
The management of liquidity risk implies the maintenance, at a sufficient level, of availability of cash and its equiv-
alents, the consolidation of fluctuating debt, via an adequate amount of credit facilities, and the ability to liquidate
market positions. According to the dynamics of its underlying businesses, the Group seeks to ensure the flexibility
of fluctuating debt, maintaining stable short term credit lines.
Cash Equivalent
Aa3
-
5,559,895.25
A2
275.80
-
Baa2
-
3,800,153.07
Baa3
7,826.71
-
Ba1
30,240,614.01
-
Ba2
-
23,473,195.08
Ba3
57,007,135.96
21,111,114.23
B1
7,680,041.14
-
B2
127,238.82
-
Others
577,439.37
348,302.29
95,640,571.81
54,292,659.92
Rating
Balances
2012
Balances
2011
Rating assigned by Moody's
