Annual Report 2012 - Indesit

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Consolidated financial statements at 31 December 2012 – Notes 10.7 Dividends paid The payment of dividends totaling 23.7 million euro was authorized at the Parent’s shareholders’ meeting held to approve the 2012 financial statements, as also mentioned in note 9.11. 10.8 Repayments of medium/longterm financial liabilities and bond issue The repayments of other medium/long-term financial payables relate to loans from banks and other providers of finance. The repayment of 9.5 million euro refers to the current portion of the above loans. 10.9 Change in short, medium and longterm financial liabilities The change in current financial payables includes the change in short-term bank loans since this represents a technical form of short-term borrowing. No new loans were arranged during the year ended 31 December 2012. 90
Consolidated financial statements at 31 December 2012 – Notes 11. Financial instruments 11.1 Management of financial risks The Group is exposed to the following principal financial risks deriving from operations: • liquidity risk (availability and access to financial resources); • market risk (exchange rates, interest rates, commodity prices); • credit risk (with commercial and financial counterparts). Market risk Liquidity Risk Funding risk Competitive Currency risk Economic Market Risk Interest rate risk Translation Commodity price risk Credit Risk Financial counterpart Commercial counterpart Liquidity, market and financial counterpart credit risks are managed by the Central Treasury Department in accordance with the Group Treasury Policy approved by the Board of Directors. Group strategy is to minimize the exposure to risk and, accordingly, it is forbidden to take positions that might generate risks that are not strictly correlated with normal business activities (e.g. transactions in currencies other than the functional currencies). In this context and in order to appropriately segregate duties, the Group has allocated skills and responsibilities between the Treasury Front Office and the Treasury Back Office, which is functionally and hierarchically separated from the Front Office. The Front Office is mainly responsible for managing liquidity, identifying exposures to risk and negotiating hedges with financial counterparts. The Back Office checks compliance with Treasury Policy and is responsible for the accounting measurement and recognition of hedging instruments. 91
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Indesit Company S.p.A. Registered O
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Annual Report 2012 - Indesit

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