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Sustainability Report 2015
b) Interest rate risk
Since the Group does not have significant interest-bearing assets,
besides the government bonds issued by Angola for hedging purpo-
ses, the profit and the cash flows of the financing activity are greatly
independent from the changes of the interest rate of themarket. The
Group’s interest rate risk comes from liabilities, specifically from long
term loans. The fixed rate loans expose the Group to the risk of the
fair value related to the interest rate. With the current level of the
interest rates, the Group’s policy, regarding long term financing, is
to totally or partially set the interest rates.
Ibersol made use of operations to hedge the interest rate risk of
30% of the loans granted.
c) Credit risk
In the main activity of the Group, the sales are paid in cash or credit/
debit card, hence theGroup has no relevant credit risk concentrations.
However, with the increased sales in the catering business, where
a significant part of its sales is made on credit, the Group started
monitoring more regularly the accounts receivable, aiming to:
i) control the amount of credit granted to the customers;
ii) analyse the age and recoverability of the amounts receivable;
iii) analyse the customers’ risk profile;
