Page 49 - InterEnergo - Annual Report 2020

Interenergo Business report Interenergo Business report

Country and political risks relate to the unstable Risk matrix
economic environment and the political system in Statement of management’s
an individual country. The Company is present in
numerous European markets, hence a continuous The risks were valued by the Company in terms of responsibility
monitoring of developments and swift response probability and materiality and were accordingly
to change is crucial for Company’s successful classified into a matrix. The price and credit risks
operations. The risk of amended legislation is are assessed the highest, whereas the interest rate
managed by means of active participation and risk as the lowest. The Management Board hereby confirms the legislation and the International Financial Reporting
open communication with institutions and experts financial statements for the year ended 31 December Standards, as adopted by the EU.
directly involved in the process of amending laws, 2020, the notes thereto as well as the accounting
regulations and directives. policies applied. Furthermore, the Management Board is responsible
for keeping proper accounting records and for taking
The Management Board is responsible for the reasonable measures to safeguard the assets of the
Figure: Risk matrix preparation of the annual report so that it gives a Company and to prevent and detect fraud and other
true and fair view of the financial position of the irregularities.
Company and the results of its operations for 2020.
Within five years after the end of the year in which
The Management Board hereby confirms that the tax is to be assessed, tax authorities have the
the relevant accounting policies were applied right to perform a tax audit, which may consequently
consistently and that the accounting estimates lead to additional payments of taxes, late payment
were prepared in compliance with the principles interest and fines in relation to the corporate income
of prudence and due diligence. The Management tax and other taxes and duties. The Management
Board also confirms that the financial statements Board is not aware of any circumstances that might
Price risk
Currency risk and the notes thereto were prepared on a going result in significant liabilities in this respect.
Probability Credit risk
concern basis and in accordance with the applicable

Low market Ljubljana, 19 May 2021 Director: Director:
liquidity risk
Risk of suspending operations
Blaž Šterk Martin Dolzer
Risk of amended Legal risk
Organisational risk legislation Liquidity risk
Country risk HR management risk
Interest rate risk Risk of misjudgement
Political risk

Materiality

Probability Materiality

Gravity Level of probability Probability of realisation Gravity Level of importance Impact of realisation
5 Very frequent At least once a week. 5 Critical Exceeding EUR 500,000
4 Frequent At least once a month. 4 Very important EUR 250,001 to EUR 500,000

3 Occasional At least twice a year. 3 Important EUR 100,001 to EUR 250,000
2 Rare At least once a year. 2 Less important EUR 50,001 to EUR 100,000
1 Very rare At least once every three years. 1 Insignificant Less than EUR 50,000

46 Integrated Annual Report 2020 Integrated Annual Report 2020 47