AEG 21604 G Manual de usuario descargar pdf (Pagina 353)

F-112

5. Financial risk management (continued)

c) Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity

prices will affect the Group's income or the value of its holdings of financial instruments. The objective of mar-

ket risk management is to manage and control market risk exposures within acceptable parameters, while opti-

mising the return.

d) Operational risk

Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the

Group's processes, personnel, technology and infrastructure, and from external factors other than credit, market

and liquidity risks such as those arising from legal and regulatory requirements and generally accepted standards

of corporate behaviour. Operational risks arise from all of the Group's operations.

The Group's objective is to manage operational risk so as to balance the avoidance of financial losses and dam-

age to the Group's reputation with overall cost effectiveness and to avoid control procedures that restrict initia-

tive and creativity.

The primary responsibility for the development and implementation of controls to address operational risk is

assigned to senior management within each subsidiary supported by the development of overall Group standards

for the management of operational risk in the following areas:

• requirements for appropriate segregation of duties, including the independent authorisation of transac-

tions

• requirements for the reconciliation and monitoring of transactions

• compliance with regulatory and other legal requirements

• documentation of controls and procedures

• requirements for the reporting of operational losses and proposed remedial action

• development of contingency plans

• training and professional development

• ethical and business standards

• risk mitigation, including insurance where this is effective.

Capital management

The Board's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence

and to sustain future development of the business. The Board of Directors monitors the return on capital, which

the Group defines as result from operating activities divided by total shareholders' equity, excluding non-

redeemable preference shares and non-controlling interests. The Board of Directors also monitors the level of

dividends to ordinary shareholders.

6. Operating segments

Following the acquisition of AEG Power Solutions, the Directors have reviewed its activities and strategies and

have begun the process of organising the Group in segments. The Directors have identified two operating seg-

ments, New Energies and Communications. Accordingly the results of the Group are presented below in these

segments which also reflects the presentation of information to the Group's Chief Executive, who has been iden-

tified as the chief operating decision maker ("CODM").

The information below is for the year to December 31, 2009 and includes the results of AEG Power Solutions

since its acquisition by the Company on September 10, 2009. No prior year comparatives are presented as the

company had no operating segments in 2008.

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