Annual Report and Consolidated Account
014
125
Food quality and food safety
In the restaurants business, the risk associated with
hygiene and food safety is of primordial importance.
The management of this area of risk is overseen by
the Quality Unit and is aimed primarily at adopting a
responsible, proactive approach, following the princi-
ples of prevention, training, monitoring of indicators
and continuous improvement in order to minimise
food risks that could have an impact on the health of
consumers.
Themainmanagement dimensions of this risk area are:
- qualification and selection of suppliers and products
in the area of food quality/safety and a programme of
periodic inspections of suppliers, products and services
- ensuring the effectiveness of the traceability system
- control of the production process in the units through
HACCP systems
- system for developing food safety competencies
- maintenance andmonitoring of measurement devices
- food crisis management system, which can be used to
monitor existing food warning systems at all times and
take immediate action when necessary
- continuous improvement system supported by the
following tools, among others: programme of exter-
nal audits in all Group units; programme of micro-
biological analyses of the end products, carried out
through sampling by an authorized outside body;
complaints processing system; mystery shopper pro-
gramme; and programme of internal audits in rela-
tion to food safety indicators.
- certification of the food safety management system
under ISO 22000, a demanding international food
safety standard.
Health and safety at work (HSW)
The management of this risk area is overseen by the
Human Resources Unit, which coordinates training
plans and monitors the application of the rules and
procedures defined in Ibersol’s HSW Manual.
Financial
Risk management in the financial area is led by the
Financial Unit, which focuses on monitoring the vola-
tility of the financial markets, especially interest rate
volatility. The current situation of the markets has led
to liquidity risk taking on greater importance.
The Group’s policy regarding financial risk manage-
ment is conservative and cautious when using deriva-
tive instruments for hedging does not take positions
that are not strictly related to the activity or positions
that have speculative purposes.
The main sources of exposure to financial risk are:
A) EXCHANGE RATE RISK
Exchange rate risk is reduced, as the Group operates
mainly in the Iberian market. However, the subsidiary
companies located in Angola contracted financing in
dollars, that do not have significant expression at the
level of consolidated accounts.
As regards future borrowings outside the eurozone,
the Group will pursue a policy of natural coverage, us-
ing preferably financing in local currency whenever
interest rate conditions make it recommendable.
The growth of the business in Angola translates into
an increase in exchange rate risk, which will affect the
value of the assets and liabilities.
