The current market context is mirrored in additional elements of risk tied to trade receivables, arising from lengthened average collection times, potential contract non-fulfilment and cases of insolvency of counterparties, to poor warehousing in terms of misguided planning processes in purchasing and print runs, and to inadequate support given to the assets of the Company’s balance sheet.

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Main risksMitigating actions
Inadequate support to the assets on the Company’s balance sheet, in light of the current and future market trend and of the Group’s financial results.Ongoing monitoring of assets and write-off in order to ensure that the economic-financial performance is in line with the company plans.
Risk related to ineffective warehousing, in terms of erroneous procurement/print run planning processes, with possible reverberations on stock breakage or high quantities of stock to be depreciated.Improvement in publishing efficiency and process rationalization.
Trade receivables: longer payment collection time and increased counterparty defaults.Continuous monitoring of customers’ credit exposure and recourse to adequate hedging instruments. Preventive analysis of customer solvency. Introduction of financial balance among management incentives parameters.