电话este’s risk management policy defines the objective of risk management as the achievement of strategic objectives. 集团风险管理的原则和目标须经泰来斯特董事会批准. 风险管理 aims to ensure the achievement of business goals, so that any material risks affecting business operations and posing a threat to the achievement of goals are identified and continuously monitored and evaluated. 公司有适当的风险管理方法来防止风险的具体化. 除了, 保险用于承保经济风险和其他合理可保的风险. 常规的, 特莱斯特的风险管理政策强调成本效益评估和风险管理. 风险管理 supports the business operations and generates added value that promotes decision-making and goal-setting by the management in charge of business operations. 月度报告是内部控制和风险管理系统的一部分. 特别是, it is used for the monitoring of the development of orders received, 订单, 交付, 净销售额, 盈利能力, 应收款项, working capital and cash flow and, 因此, the development of 电话este Group’s performance. 董事会每年审查主要业务风险及其管理. 风险管理 constitutes an integral part of the strategic and operational activities of the business units and Group functions. Risks are reported to the Board on a regular basis.
电话este’s risk management system covers the following risk categories:
- 战略风险
- 操作风险
- 金融风险
- 危害的风险
对于每一个确定的风险, 管理小组确认负责风险评估的风险所有者, selecting the risk management strategy, planning risk management actions and assigning responsibilities for them, 风险监控.
更新2022
风险因素
泰勒斯特董事会已在2月9日发布的财务报表中更新了公司的风险因素, 2023.
The most significant business risks
电话este is exposed to risks that may be due to the company’s operational activities or changes in the business environment. 以下描述的风险因素可能对泰来斯特的业务运营或财务状况产生不利影响. 然而, other risks that 电话este is currently not aware of, or which are currently not estimated to be significant, may also become significant in the future.
The 董事会 reviews essential business risks and their management on quarterly basis and always when needed. 风险管理是业务领域战略和运营活动的组成部分. 定期向审计委员会和董事会报告风险情况.
战略风险
经济周期和, 特别是, fluctuations in the level of investment activity among broadband network operators and public transport operators affect the demand for 电话este’s products and services. 高通胀和利率上升也影响了泰来斯特客户的融资, 盈利能力, ability to make investments and, 因此, the demand for 电话este’s products and services.
The company must strive to anticipate changes in the market and react to them. Periods of technological transformation, 如数据通信运营商在接入网中向下一代技术迁移, may significantly change the competitive positions of the current suppliers and attract new competitors to the market. Increasing competition may also lead to intensifying price competition, which may affect the 盈利能力 of the business.
正确的技术选择、产品开发投资和时机对成功至关重要. Product development involves calculated risks and should they materialise, the value of the product development investments can decrease.
Expanding business operations to new markets is demanding and involves risks. 本集团在北美市场的投资并不一定会带来预期的结果.
最大的关键客户代表了相关客户群净销售额的重要份额. Potential changes in procurement strategy or supplier selection by customers may lead to a contraction of business volumes and declining 盈利能力.
在公司的经营行业中，客户和供应商之间的整合是可能的, which may weaken 电话este’s competitive position.
除了 to the level of market demand, the competitiveness of 电话este’s product and service offering is a key factor with regard to growth and 盈利能力. Failure to anticipate or respond to changes in customer requirements, 竞争对手的产品或商业模式的变化可能导致泰来斯特的竞争力恶化.
操作风险
Shortages of materials and components have caused delivery delays and additional costs over the past two financial periods, reducing company’s 盈利能力. 预计与材料供应有关的问题仍然很严重, 尽管公司库存材料的采购是前瞻性的，但导致了交货风险. 与材料供应有关的问题的持续时间很难估计, but it is expected that the impacts will continue in 2023. 高库存水平可能导致原材料和零部件的减值.
In the technology and product business, 针对客户的综合解决方案交付为增长创造了有利条件, even if the involved resource allocation and technical implementation pose a challenge and therefore also 涉及到的风险. 系统和项目的端到端交付规模可能很大，需要数年才能完成, setting high demands for the project quotation calculation and management and, 因此, 涉及到的风险.
Various technologies are used in 电话este’s products and solutions, and the intellectual property rights associated with the application of these technologies can be interpreted in different ways by different parties. 这种口译困难可能导致昂贵的调查或法庭诉讼.
Customers have very demanding requirements for the performance of products, 它们在具有挑战性的条件下的耐久性以及与集成系统的其他组件的兼容性. Regardless of careful planning and quality assurance, complex products and solutions may fail in the customer’s operational environment and lead to expensive repair obligations.
高通货膨胀, 利率上升和供应链中断削弱了全球经济前景, presenting risks to the company’s operations and 盈利能力. 电话este的目标是通过更动态的定价和合同模式来降低这些风险, and by taking continuous measures to improve productivity and reduce costs. 提供接入网技术的许多竞争对手来自美国, 这就是为什么欧元兑美元汇率会对泰莱斯特的竞争力产生影响.
Some of the company’s projects in the public transport segment are fixed-price projects due to the nature of the industry, which means they involve a margin risk when costs increase. Some project 交付 also involve delays in 交付, which may lead to contractual penalties or credit losses. The company negotiates the effects of contractual terms concerning delays in project 交付 separately for each project.
Several information systems are critical to the development, manufacture and supply of products to customers. The maintenance of information systems and deployment of new systems 涉及到的风险 that may affect the ability to deliver products and services.
Competent employees with the necessary qualifications and skills play a key role in the achievement of 电话este’s objectives. The development of personnel competence, 员工敬业度和招聘涉及影响竞争力维持和发展的风险. 劳动力市场的不稳定可能对公司的竞争力产生负面影响, and labour action in export logistics, 例如, may interrupt 交付 to customers.
对公司品牌和声誉的负面影响可能会影响泰来斯特的业务和财务业绩. 由于与交付有关的重大问题，可能会造成潜在的声誉损害, 产品或服务质量, 或者是网络安全事件, 例如.
Risks related to unexpected events and security
Physical damage caused by accidents (such as fire), 极端天气事件, 自然灾害, 恐怖主义或其他特殊情况可能会破坏原材料或部件的可用性, or interrupt the company’s own manufacturing operations.
持续的COVID-19大流行继续给泰来斯特的供应链带来风险. Disruptions in the supply chains of electronic components and raw materials may continue to have a negative effect 电话este’s delivery capability. 潜在的新大流行或突变可能导致新的和更广泛的限制.
Information systems may also be exposed to external cyber security threats, and we strive to protect ourselves from these threats through technical solutions and by increasing the security competence of our personnel. Increased geopolitical tensions, such as those related to the war in Ukraine, have increased the likelihood of cyber attacks. Such attacks can cause local and global digital disruptions that have an adverse impact on the activities of 电话este or its customers or suppliers.
电话este Group may also be targeted by illegal activities and 欺诈 attempts that could have a significant effect on the financial result. The Group strives to minimise these risks by continuing to develop good governance practices and increasing the security competence of its personnel.
Data leaks involving sensitive employee or customer data may lead to reputational damage or significant financial repercussions. A data leak could be caused by, 例如, 网络犯罪, ransomware, 数据失窃, 欺诈, misconduct or inadvertent mistakes by our employees.
Customs levies imposed by different countries and changes or restrictions on exports or imports may have a negative effect on the supply chains of raw materials and components and the 盈利能力 of products.
电话este decided to suspend 交付 to Russia and Belarus immediately after the start of Russia’s war of aggression. 虽然乌克兰战争对泰莱斯特业务的直接影响有限, 战争确实对某些原材料的供应产生了重大影响, logistics costs and the delivery times of materials.
金融风险
Disruptions in the availability of materials and higher purchasing prices have significantly increased inventories and the risk of write-downs of inventories. 营运资金的增加减少了公司可用的财务储备. Problems with the availability of raw materials and components may continue to complicate manufacturing operations and cause delays in 交付, leading to increased working capital and a higher liquidity risk for the company.
Rising interest rates affect 电话este’s financial expenses to the extent that interest-bearing liabilities have not been hedged.
Part of 电话este’s 净销售额 and a significant proportion of raw material and component purchases are denominated in currencies other than the euro. Significant exchange rate fluctuations expose 电话este to currency risks. 特别是, the development of the exchange rates of the US dollar and the Chinese renminbi against the euro influences product costs and result. 该公司通过远期外汇合约和期权对冲短期外汇风险.
泰勒斯特面临着与其客户的流动性和支付行为有关的风险, which may affect 电话este’s cash flow or lead to credit losses. Significant changes in the financial or tax regulations of different countries, or changes in the interpretation of such regulations, may also have an impact on 电话este’s financial performance, 流动性或现金流量.
关于财务风险的更详细信息载于2022年财务报表附注.
泰莱斯特的比利时子公司已收到2019纳税年度的税收重新评估决定, and the company has appealed the decision. 公司已经认识到税收重新评估决定的税收影响，总计1欧元.7 million, in its result for the second quarter. 如果上诉不被批准，税收重新评估决定将导致2欧元的税收支付.1 million, which would affect the company’s cash flow at the time of payment.
Legal proceedings and judicial procedures
Aside from the tax reassessment decision issued in Belgium, there were no other legal proceedings or judicial procedures pending during the period under review that would have had any essential significance for the Group’s operations.
更新2023