Liquidity risk

Group policy for managing the liquidity risk, for both ACEA and subsidiaries, is to adopt a financial structure which, coherent with business objectives and within the limits defined by the Board of Directors, guarantees a suitable liquidity level to meet financial requirements, maintaining the correct balance between duration and composition of the debt.

The liquidity risk management process, using financial instruments for planning suitable expenditure and income for optimal treasury management and monitoring the group debt trend, adopts a centralised treasury management system, which provides financial assistance to subsidiaries and associates not covered by a centralised finance contract.