38
It must be noted that the above table does not include liabilities to clients from the performance of construction
projects, as the maturity of such values cannot be assessed.
Moreover, cash-advances from customers, construction contacts liabilities as well as the provisions and
accrued expenses are not included.
Market Risk
Price Risk
Goods prices that are mainly determined by international markets and global offer and demand result in the
Group’s exposure to the relevant prices fluctuation risk.
Goods’ prices are connected both to variables that determine revenues (e.g. metal prices at LME) and to the cost
(e.g. natural gas prices) of the Group’s companies. Due to its activity, the Group is exposed to price fluctuation
of aluminium (AL), zinc (Zn), lead (Pb) as well as to price fluctuation of natural gas, as production cost.
As regards price fluctuation of metals, the Group’s policy is to minimize risk by using financial derivative
instruments.
