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b) Liquidity risk. The Group’s liquidity policy is to arrange credit lines and short-term
investments that are sufficient to support its financing needs, on the basis of expected
business performance.
c) Credit risk. The Group does not have significant credit risk since the average customer
collection period is very short and guarantees are required for deferred payment sales. Cash
placements are made and derivative instruments are arranged with institutions of recognised
solvency.
d) Interest rate risk. Both the Group's cash and its bank borrowings are exposed to interest
rate risk. The Group's financing is arranged at interest rates tied to Euribor. To mitigate this
risk, the Parent has arranged interest rate swaps to limit the finance costs arising from its
floating-rate borrowings.
In accordance with Article 538 of the Spanish Limited Liability Companies Law, the Annual
Corporate Governance Report (IAGC) forms part of this Directors' Report. The IAGC
constitutes a relevant event and is communicated to the Spanish National Securities Market
Commission, which publishes it on its website:
www.cnmv.es.It is also available on the
Parent's corporate website,
www.atresmediacorporacion.com.