The group has a centralised treasury operation whose primary
role is to manage liquidity, funding, investment and the
groups financial risk, including risk from volatility
in currency and interest rates and counterparty credit
risk. The treasury operation is not a profit centre and
the objective is to manage risk at optimum cost.
Board sets the policy for the centralised treasury operation
and its activities are subject to a set of controls commensurate
with the magnitude of the borrowings and investments under
its management. Counterparty credit risk is closely monitored
and managed within controls set by the Board. The group
does not hold or issue derivative financial instruments
for trading purposes. All transactions in financial instruments
are undertaken to manage the risks arising from underlying
have set out further details on this topic in
to the consolidated financial statements.