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Support of local suppliers obtained some sort of certification, the company requests 5.4 RISK MANAGEMENT of key financial statement indicators can also help in
Goldair Handling gives priority to local suppliers, thus a copy of the the relevant certificates for its records and Goldair Handling attaches particular significance to the effectively managing liquidity risk.
supporting not only the national economy, but also for confirmation and checking purposes. effective monitoring and management of the risks that may
smaller individual markets with the 26 airports where the arise and threaten the stability and continuation of its business Operational risk
company operates in Greece. In addition, in order to raise awareness of environment- activities. The risk management process established by the Operational risk comprises risks such as internal
related issues and inform suppliers of their responsibility company comprises the stages of identification, recording, fraud, external fraud, destruction of company property,
In 2016, Goldair Handling had a total of 1,427 active to the environment, they receive a self-assessment monitoring and assessment of financial and non-financial management errors, failure in the execution of processes,
suppliers, of which 93% (1,320 suppliers) are domestic questionnaire by Goldair Handling. This questionnaire risks in all company activities and facilities. acts inconsistent with the labor legislation, business
suppliers and 7% (107 suppliers) are foreign ones. is used to identify any impacts of their activities on the break-up and systems failure. The management of
Goldair Handling allocated 85.88% of its total budget environment, the existence of procedures for energy Financial risks and their management operational risk seeks to reduce operational means
for purchases to suppliers based and operating in savings, waste management and product and packaging Objective: To improve the risk-reward relationship – To and prevent destructive loss. Internal audit, scenario
Greece, for supporting and showcasing partnerships recycling, and the provision to their employees of training ensure that the company will not incur unacceptable losses. analysis, regular reviews of systems and processes are
with suppliers in other Greek cities and regions, apart in environmental management, as well as in order to some of the means with which the company manages
from Attica. identify opportunities for the development of new, more Credit risk operational risk. Precautionary procedures include
environmentally friendly products. In addition, a letter is Credit risk arises from the partial or total failure of any internal audit, standardization of processes, certifications
In order to ensure and promote smooth cooperation, also sent to suppliers describing the principles governing counterparty against which claims are outstanding, and personnel training. In addition, business continuity
reliability and integrity in the relationships with its the Goldair Handling environmental policy, seeking to to meet their payment obligations. Credit risk can be plans are examined.
suppliers, the company has established a procurement encourage them to comply with and apply best practices systematic or non-systematic. The company focuses
award and execution procedure and a related for environmental management. on the measurement of potential losses due to default More information and data on the financial risks to the
procurement regulation. The purpose of this regulation events, such as the probability of default and the loss company are included in the annual management report
is to set out the policy and specify the procedures that In 2016, 1% of the company’s total number of suppliers given default. These measurements also take into of the company’s Board of Directors.
apply to the procurement of supplies, materials and were assessed, while no supplier was removed from the account the estimated post-default loss recovery. An
services in all sectors of activity of Goldair Handling, company’s list of suppliers, across its entire network additional measurement concerns the probability of the With respect to the management of non-financial risks,
with the aim of safeguarding the company’s interests, (including local suppliers). The supplier assessment default occurring as a result of other factors outside the company records and analyses the threats and
ensuring the orderly and smooth operation of all its procedure and the consideration of whether or not to the normal transaction procedures, such as political or opportunities which may arise in its processes (business,
facilities, and protecting the integrity of the company remove a supplier from the company’s list of suppliers financial restrictions (e.g. lack of liquidity). The measures administrative and supporting processes), establishing
and its employees. The regulation sets out in detail the are described in the Procurement procedure that the available to manage this risk comprise diversification in parallel a corresponding action plan that must be
methods and the criteria for the selection of suppliers, company has in place. and credit ratings. More specifically, counterparties implemented in the event of a threat or opportunity arising.
the procedures followed, the relevant costs, the method are grouped into categories, guarantees are obtained This process comes under the ISO 9001 International
for the evaluation of tenders etc. The regulation has For 2017, Goldair Handling has committed itself to where this is feasible, relevant databases are consulted, Standard and is assessed and renewed annually.
been communicated to all interested Goldair Handling reviewing its supplier assessment questionnaire, in order maximum limits are set for outstanding claims and a
Departments and is reviewed annually. to include in it social and labor related criteria. reassessment/revaluation procedure is applied. 5.5 CUSTOMER SERVICE AND SATISFACTION
G4-PR1 G4-PR2 G4-PR5 G4-PR8 G4-PR9
Assessment of suppliers Market risk Firmly focused on its mission to provide ground handling
Since 2005, when the ISO 14001 International Standard Market risk comprises all potential losses due to services of a high standard, innovative ground handling
was first adopted, Goldair Handling assesses its fluctuations in market prices and indices. There are two solutions and value-added services to its commercial and
suppliers using qualitative, environmental and economic market risk types: interest rate risk and foreign currency cargo customers, in order to ensure secure, punctual
criteria. The criteria used refer to the certification of its risk. Interest rate risk is the risk of a change in the final and reliable ground operations, Goldair Handling is
suppliers within therms of their Quality, Environmental amount of interest, in the event of a change (increase constantly upgrading and improving its services.
Management and Occupational Health and Safety or decrease) in interest rates. In the case of Goldair
Management practices. Where a supplier has already Handling, currency risk is minimal. The high level of customer satisfaction, the quality
services provided and the creation of value, confirm the
ORIGIN OF SUPPLIERS 2016 Liquidity risk customer-oriented operation of Goldair Handling and
Liquidity risk refers to the company’s ability to balance its enhance its reliability and its presence in the domestic
cash inflows and outflows and thus ensure that its payment and international market.
obligations are met, at a reasonable cost (Funding and
market liquidity risks). The liquidity risk factors can be Goldair Handling believes in two-way communication
endogenous or exogenous. Liquidity is assessed on the with its stakeholders. This is why it interacts with its
basis of tightness, depth and adaptability. Its effective customers systematically and frequently, listens to
management relies on the estimation of future cash flows their needs and expectations and provides them with
under normal and stressed conditions, by assessing a responsible, reliable and continuous service. In this
various information: internal (from the company’s respect, the company has also established a dedicated
departments) and external (markets). The design and process to measure customer satisfaction and identify
use of advanced payment systems and the examination new customer requirements and needs.

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