Teleste’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. 风险管理的目的是确保业务目标的实现, 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. In addition, 保险用于承保经济风险和其他合理可保的风险. Regular, 特莱斯特的风险管理政策强调成本效益评估和风险管理. Risk management 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. In particular, 它用于监控收到的订单的开发情况, order backlog, deliveries, net sales, profitability, trade receivables, 营运资金和现金流量, consequently, 泰来斯特集团业绩的发展. 董事会每年审查主要业务风险及其管理. Risk management constitutes an integral part of the strategic and operational activities of the business units and Group functions. 定期向董事会报告风险.
泰乐斯特的风险管理体系包括以下风险类别:
- strategic risks
- operational risks
- financial risks
- hazard risks
For each identified risk, 管理小组确认负责风险评估的风险所有者, 选择风险管理策略, 计划风险管理措施并为其分配责任, and risk monitoring.
Updated 2022
Risk factors
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.
最重要的商业风险
Teleste 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. However, 特拉斯特目前还没有意识到的其他风险, 或者目前估计不重要的, 也可能在十大可靠彩票平台变得重要.
The Board of Directors 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.
Strategic risks
Economic cycles and, in particular, fluctuations in the level of investment activity among broadband network operators and public transport operators affect 对泰来斯特产品和服务的需求. 高通胀和利率上升也影响了泰来斯特客户的融资, profitability, 有投资能力, consequently, 对泰来斯特产品和服务的需求.
公司必须努力预测市场的变化并作出反应. 技术改造时期, 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. 竞争的加剧也可能导致价格竞争的加剧, 这可能会影响业务的盈利能力.
正确的技术选择、产品开发投资和时机对成功至关重要. 产品开发涉及可计算的风险，以及它们是否会成为现实, 产品开发投资的价值可能会降低.
向新市场拓展业务要求很高，也有风险. 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 profitability.
在公司的经营行业中，客户和供应商之间的整合是可能的, 这可能会削弱泰来斯特的竞争地位.
除了市场需求的水平, the competitiveness of Teleste’s product and service offering is a key factor with regard to growth and profitability. 未能预见或响应客户需求的变化, 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.
Operational risks
Shortages of materials and components have caused delivery delays and additional costs over the past two financial periods, 降低公司盈利能力. 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, 但预计影响将持续到2023年. 高库存水平可能导致原材料和零部件的减值.
在技术和产品行业, 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 involve risks. 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, 对工程报价的计算和管理提出了很高的要求, consequently, involve risks.
泰来斯特的产品和解决方案采用了多种技术, 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.
客户对产品的性能要求非常高, 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. 不顾精心策划和质量保证, complex products and solutions may fail in the customer’s operational environment and lead to expensive repair obligations.
High inflation, 利率上升和供应链中断削弱了全球经济前景, 给公司经营和盈利带来风险. Teleste的目标是通过更动态的定价和合同模式来降低这些风险, 并通过采取持续的措施来提高生产率和降低成本. 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, 这意味着当成本增加时，他们会面临利润风险. 一些项目的交付也涉及延迟交付, 这可能导致合同处罚或信用损失. The company negotiates the effects of contractual terms concerning delays in project deliveries separately for each project.
有几个信息系统对发展至关重要, 为客户制造和供应产品. The maintenance of information systems and deployment of new systems involve risks 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 Teleste’s objectives. 人才能力的发展, 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, 以及出口物流领域的劳工行动, for example, 可能会中断交付给客户.
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, products or service quality, or a cyber security incident, for example.
与意外事件和安全相关的风险
事故造成的物理损害(如火灾), extreme weather events, natural disasters, 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, 或者中断公司自己的制造业务.
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 Teleste’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.
信息系统也可能受到外部网络安全威胁, and we strive to protect ourselves from these threats through technical solutions and by increasing the security competence of our personnel. 地缘政治紧张加剧, 比如那些与乌克兰战争有关的, 是否增加了网络攻击的可能性. Such attacks can cause local and global digital disruptions that have an adverse impact on the activities of Teleste or its customers or suppliers.
Teleste Group may also be targeted by illegal activities and fraud 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. 数据泄漏可能由以下原因引起, for example, cyber crime, ransomware, data theft, fraud, 员工的不当行为或疏忽.
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 profitability of products.
Teleste decided to suspend deliveries 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, 物流成本和物料的交货时间.
Financial risks
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 deliveries, 导致公司增加营运资金和更高的流动性风险.
Rising interest rates affect Teleste’s financial expenses to the extent that interest-bearing liabilities have not been hedged.
Part of Teleste’s net sales and a significant proportion of raw material and component purchases are denominated in currencies other than the euro. 汇率大幅波动使泰勒斯特面临货币风险. In particular, 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, 这可能会影响泰来斯特的现金流或导致信贷损失. 不同国家的财政或税收法规发生重大变化, 或者对这些规定的解释发生变化, 也可能对泰乐斯特的财务业绩产生影响, liquidity or cash flow.
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, 该公司已对该决定提出上诉. 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.该公司第二季度的业绩为700万美元. 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.这将影响公司在付款时的现金流.
法律程序和司法程序
除了在比利时发布的税收重新评估决定, 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.
Updated 2023