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Note 13. Organization of financial risks and 
derivatives management 
Note 13.1. Organization of financial risks management 
As part of its normal business, the Group is exposed to financial risks, especially foreign currency, financing and liquidity, interest rate 
and counterparty risks, securities-related risks and commodity risks. 
Financial risks 
The Group’s policy consists of (i) minimizing and managing the impact that its exposure to financial market risks could have on its 
results and, to a lesser extent, on its balance sheet, (ii) monitoring and managing such exposure centrally, (iii) whenever the regulatory 
and monetary frameworks so allow, executing financial transactions locally or centrally, and (iv) using derivative instruments only for the 
purpose of economic hedging. 
Through its Treasury and Financing Department, which is part of the Group Finance Department, the Group possesses the expertise 
and tools (trading room, front and back office software) to act on different financial markets following the standards generally 
implemented by first-tier companies. In addition, the Internal Control and Internal Audit Departments review the organization and 
procedures applied. Lastly, a monthly treasury and financing report is sent to the Group Finance Department, enabling it to monitor the 
decisions taken to implement the previously approved management strategies. 
Commodity risks 
The Group has implemented a commodity purchasing policy (Market Risk Management). The monitoring of exposures and the 
implementation of this policy are carried out for each raw materials category by the central purchasing team. This team negotiates 
forward purchase agreements mainly with suppliers. Forward purchase agreements are reviewed by Treasury and Financing team for 
each year-end closing 

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