Treasury & Asset Management Activities
The major tasks incumbent on the Treasury & Asset Management unit are:
- Liquidity and investment management
- Risk and asset-liability management
- Support and participation in Capital Markets operations
The unit manages its portfolios based on the rational and the source of funds of the respective portfolio:
- Equity portfolio
The source of funds in the equity portfolio is made up of the company’s paid-in shareholder capital and retained profits. The investment strategy targets a favorable long-term total return through fixed income investments, while also prioritizing capital preservation.
- Funded liquidity portfolio
The funded liquidity portfolio is funded in the capital markets via bonds and commercial paper. The investment strategy is short-term in focus and seeks to ensure the company’s solvency at any given time and to fulfill the liquidity requirements set by the credit rating agencies and internally.
- Margining portfolio
The margining portfolio is comprised of cash received as collateral against positive derivative exposures and is mainly invested in short-term assets. The investment strategy aims to efficiently manage short-term liquidity requirements while minimizing negative profit & loss impacts.
- Warehousing portfolio
The funds in the warehousing portfolio are raised in the capital markets for the purpose of railway financing. These funds are warehoused until disbursed to our shareholders. The investment strategy aims to align the investment tenor and the disbursement date of the funds.
For detailed information, please visit the section INVESTMENT STRATEGY 2020