R&D and Innovation in Energy Efficient Products
May 2020
Receivable Risk
Liquidity Risk
Financial Risk Management
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Credit risk of receivables is managed by securing receivables with collaterals covering receivables at
the highest possible proportion.
Apart from bank guarantees (guarantee letters, LOC etc.), Arçelik utilizes credit insurance for
international receivables and mortgages for receivables in Turkey.
In credit risk control, for the customers which are not secured with collaterals, the credit quality of
the customer is assessed by taking into account its financial position, past experience and other
factors.
Arçelik seeks to minimize gap risk in its financial and commercial liabilities by managing its balance
sheet according to expected cash flows. Maturities of financial liabilities are arranged according to
maturities of assets, and where possible, a mismatch between the maturities is eliminated
FX Risk
Arçelik targets to maintain a net FX position close to zero and limit its exposure to set amounts as a %
of capital.
On top of the on-balance sheet natural hedge and financial liability management, derivatives are also
employed to maintain the FX risk at targeted levels.
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