Liquidity risk

Liquidity risk management at KGHM Polska Miedź S.A Capital Group is aimed at minimising undesirable impact of financial factors on financial liquidity, on short-term and mid-term result, and building a long-term value of the Group.

KGHM Polska Miedź S.A actively manages financial liquidity

Capital management is aimed at maintaining continuous financial liquidity in each period. The Company actively manages the liquidity risk to which it is exposed. This risk is understood as the inability to pay financial liabilities on time and to gain resources to finance activities.

Financial liquidity management is conducted in accordance with "Financial Liquidity Management Policy”, adopted by the Management Board. The document describes in a comprehensive manner the process of managing financial liquidity of the Company, based on best practice for such procedures and instruments.

The basic principles resulting from this document are:

  • investment of financial surpluses in safe financial instruments,
  • limits for individual financial investment categories,
  • concentration limits of resources for financial institutions,
  • assuring appropriate financial sources.

 

Detailed information with respect to liquidity risk management is found in:

Consolidated financial statement for 2015 (PDF 4.5 MB, page 59) 

Report on Group's activities for 2015 (PDF 4.5 MB, page 128) 

Mid-year consolidated financial statement for the first half of 2015 (PDF 3.7 MB, page 69) 

Report on Group's activities for the first half of 2015 (PDF 3.7 MB, page 109)