The Group is exposed to the following financial risks connected with its operations:
• credit risk, regarding its normal business relations with customers and dealers, and its financing activities;
• liquidity risk, with particular reference to the availability of funds and access to the credit market and to financial instruments in general;
• market risk (principally relating to exchange rates, interest rates), since the Group operates at an international level in different currencies and uses financial instruments which generate interest. The Group is also exposed to the risk of changes in the price of certain listed shares.
The Group constantly monitors the financial risks to which it is exposed, in order to detect those risks in advance and take the necessary action to mitigate them.
With reference to each risk, qualitative and quantitative disclosures on the effect that these risks may have upon the Group are provided.
The quantitative data reported do not have any value of a prospective nature, in particular the sensitivity analysis on market risks, is unable to reflect the complexity of the market and its related reaction which may result from every change which may occur.