2. International customer portfolio management

The company's degree of exposure depends on the country and the dilution of its risk across multiple invoices.

The customer risk review comprises four operations:

• analysis of sales countries to determine sensitivity to political risk ;

• study of the quality of the customer portfolio to calculate the commercial risk borne in relation to the credit limits set for each of them;

• calculation of average outstandings by major customer category to compare with average margin rate;

• test the customer follow-up and reminder system, from order to collection.