Annual report 2014

No risks endangering the going concern assumption

Compared to the previous year, the risk situation of the Haniel Group has improved due to the disposal of Celesio at the beginning of 2014. The risks arising from that division, in particular from governmental regulations in the pharmaceutical market, are no longer relevant. Furthermore, the significance of risks from interest rates and financing has declined because a portion of the proceeds from the Celesio disposal was used to considerably reduce the financial liabilities of the Haniel Holding Company.

Considered separately, the remaining risks presented above could have adverse effects on the Haniel Group. With regard to the overall risk situation, however, the diversification of business models and regions has a positive effect: Many risks are restricted to individual divisions or regions and are therefore of comparatively minor significance in relation to the Group as a whole. Where risks inherently affect all divisions and the Holding Company, it can be assumed that they do not impact all business units in the same manner and at the same time. This diversification therefore results in the Haniel Group being well prepared with respect to identifiable risks.

There are no recognisable individual or aggregate risks which jeopardise the Group as a going concern, nor are there any noteworthy future risks beyond the normal entrepreneurial risk. For Haniel, the risks presented are also accompanied by numerous opportunities for sustainable, profitable growth.