We have built up an effective risk management system for recognising, controlling and minimising risk.  Through this system, which is constantly being developed further, we can ensure that the management board is informed at an early stage, should a serious risk occur, and is thus in a position to take appropriate countermeasures immediately.  The subsidiary companies are also integrated into the risk early warning system and the risk management system.

Default and liquidity risks with reference to financial instruments basically occur in the areas of loans and trade accounts receivable. These risks are tackled by the well-organised management of receivables.  Where necessary, the risk of default is anticipated through making appropriate allowance for bad debts. The terms and conditions for bank loans over longer periods are fixed.  In the area of short-term financing, the development of the capital market is watched closely so that, if necessary, measures can be taken to secure financing terms that are in line with the market. The only hedging currently being done in connection with financing instruments is interest rate swaps for optimising the terms and conditions of bank loans.  

In the financial year 2009 there were no serious risks, and in particular no risks that might have endangered development or have threatened the existence of the company, neither have any risks been identified for the current financial year.