indicators;
• Viva Bem (Live Well) Program, whereby the Ibersol
Group informs consumers about its food safety system
and healthy eating habits, ensuring that they receive the
necessary information in a transparent manner so they
can make the most suitable lifestyle choices.
Occupational Health and Safety
Coordinated by the Human Resources Department, this
risk area conceives and develops control measures, in-
cluding:
• Informing all employees about eventual workplace
risks, as well as conduct to prevent work accidents;
• Initial workplace safety training, conducted during
the phase of entry and integration of new employees;
• Continual training in the safety management standar-
ds of each unit’s safety team;
• Implementation of self-protection measures in all
units;
• Accompaniment of safety audits conducted by shop-
ping centres and airports for units located there;
• Maintenance of labour accident insurance policies;
• Organization of health and safety services according
to the independent external services mode:
• Safety standard verification audits every four
months;
• Risk assessment drawn up for each business;
• Investigation and analysis of labour accidents;
• Compulsory health examinations.
Financial
This risk area is coordinated by the Financial Depart-
ment and consists of monitoring financial market volati-
lity, especially interest rates. Liquidity risk is increasingly
relevant given the current market situation. The main
risk exposure sources are:
Exchange rate risk
Exchange rate risk is still low, since the Group Ibersol is
essentially present in the Iberian market. Bank loans are
mostly denominated in euros; the volume of purchases
outside the euro-zone is relatively insignificant. Purcha-
ses and external financing for the Angolan subsidiaries
(largely due to assets covered by own funds) likewise
remain quite low.
Regarding future financing outside the euro-zone, the
Ibersol Group will follow a natural coverage policy, using
financing in local currency whenever interest rate condi-
tions make this advisable.
Increased activity in Angola will nevertheless mean
more exchange rate risk that can affect the value of as-
sets and liabilities.
Interest rate risk
As the Ibersol Group does not possess remunerated as-
sets with significant interest, profits and cash flows from
financing activities are largely unaffected by market in-
terest rate fluctuations.
The Ibersol Group’s interest rate risk derives from its
liabilities, specifically long-term loans. Fixed rate loans
expose the Ibersol group to fair value risk associated to
the interest rate. With the current level of interest rates,
the Ibersol Group’s policy for more long-term financing
is to totally or partially fix those rates.
Ibersol used interest rate risk coverage operations for
40% of the loans obtained. Due to the liquidity policy
followed over the last few financial years, and because
liquid assets accounted for about 35% of remunerated
liability, exposure to interest rate risk was deemed low.
Credit risk
The Ibersol Group’s main activity involves cash or credit/
debit card sales, whereby credit risk concentrations are
not relevant. But due to increased sales in the catering
business, with a large number of credit sales, the Iber-
sol Group began more regular monitoring of accounts
SUSTAINABILITY REPORT 2012
15
