34. Financial risk management objectives and policies

Liquidity risk

"Liquidity is managed by employing a suitable mix of liquid cash assets and long term committed bank credit facilities. The Group monitors on a monthly basis the ratio of un-utilized long term committed bank credit facilities and immediately available cash over short term debt. At the end of 2013, the ratio of the Group’s committed long term un-utilized facilities and cash over short term debt stood at 5.92 times.

The table below summarizes the maturity profile of financial liabilities at 31 December 2013 based on contractual undiscounted payments.

Borrowings include the floating and fixed rate outstanding principal at year-end plus accrued interest up to maturity.

The amounts that are described as "on demand" are short-term uncommitted facilities.

Capital management

The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its operations and maximize shareholder value.

The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between net debt and EBITDA.

Titan’s policy is to maintain leverage targets in line with an investment grade profile. During 2013, the Group reduced its level of net debt by €57 mil.

The Group monitors capital using the net debt to EBITDA ratio. The Group includes within net debt, interest bearing loans and borrowings, less cash and cash equivalents.