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The Group is subject to liquidity risk should it experience difficulty in obtaining funding for its operating activities when needed.
The cash flow, funding requirements and liquidity of Group companies are subject to the central monitoring and management of Group Treasury for the purpose of ensuring the efficient and effective management of the Group’s financial resources.
Additionally, as part of its activities the Group regularly carries out various forms of funding transactions in the capital markets to ensure an adequate level of liquidity, both current and future.
The continuing difficult and uncertain economic environment affecting the markets in which the Group operates, as well as the financial markets, requires that particular attention is given to the management of liquity risk. As such, measures have been taken to generate financial resources through operating activities and to maintain an adequate level of liquidity. The Group expects to meet funding requirements necessary to cover maturing financial liabilities and planned capital expenditure from available liquidity (which at 31 December 2009 exceeded €12 billion), operating cash flow, the renewal or refinancing of bank loans, access to the bond market or other forms of funding available.