Translation of "Konzernsicht" in English

From the Group perspective, the counterparty risks at the Universum Group are of minor significance.

Germany remains by far the most significant individual market from the group perspective.

From the Group perspective, the operational risk within the Universum Group is fundamentally of secondary importance.

We practice project business consulting for more than 15 years from the operational management of international large-scale plant construction companies, from a group perspective and from the perspective of medium-sized companies.

The topics discussed at the Supervisory Board meetings comprised fundamental and strategic matters concerning the holding company, segments and individual companies, and in particular the further expansion of markets and technologies, but also individual matters of major importance and with far-reaching consequences from the viewpoint of the group.

From a business perspective, however, we see vast potential in the use of SAP Ariba,” she adds.

A possible rise in procurement prices constitutes another potential risk at the procurement end that could become relevant from a group perspective.

In the past, the hitherto low risks to the group from possible exchange rate movements were hedged selectively within the group by means of appropriate instruments.

As these eight companies are fully consolidated and no new investments were made, these transactions resulted in no changes for the Group.

From a Groupwide viewpoint, Turkey is in any case a market of the future par excellence, and especially for Steel Europe.

To successfully continue on its path to greater sustainability in the future, the KION Group again conducted a materiality analysis in 2018, identifying the key issues for its sustainability management both from a Group perspective and at the level of the operating units.

As both entities are fully consolidated and no new investments were made, these transactions resulted in no changes for the Group.

The transaction is considered by the accounting function in company B and is assessed from two different points of view, specifically from the point of view of company B (business application I, BA I) and from the point of view of the group (business application II, BA II).

This may make sense if the group company is based in Japan and has to balance accounts in accordance with Japanese regulations, and if information relating to the storage location is not relevant from a group point of view.

Thus, for example, when allocating areas on the works grounds, HSM manages what use would make most sense from the corporation's point of view or helps to promote a sensible pooling of the necessary infrastructure.

For an insurance group, this is, for example, a common consolidated view of all operational entities (OE), for our simple example of a life / non-life insurer it is a unified view on the two business branches.

The risk from the fiscal area, which results substantially from the growing requirements to document transfer prices and occurs in several countries, is rated as moderate from a group perspective.

In summary, the risks in the personnel area from a group perspective continue to be classified as low, because this increasingly important issue is already addressed within the group companies.

The application of uniform, standardized measurement criteria to impairment tests is ensured by way of centralized processing for the – from the Group’s perspective - individual cash generating units.

At the same time, a number of still ongoing expansion and optimization projects will influence earnings in this Division, which from the Group's perspective, achieves weaker margins.

In addition to Germany, the USA and China are the only countries in which WACKER generates significant sales from a Group viewpoint.

This risk of dependence, which is rated as low from a group perspective, is countered by active management of customer relations and by diversifying the sales channels in the various markets.

From a business perspective, however, we see vast potential in the use of SAP Ariba," she adds.

The marked scalingback of the group's gearing over recent years has produced a further significant reduction in the financial risks from debt financing, but it nevertheless remains relevant from a group perspective not least against the backdrop of the promissory note loan raised in the period under review.

In summary, the risks from the sphere of information technology are classified as moderate from a group perspective despite the growing dependence on information technology systems.

For example, due to ongoing cost pressures, many corporations are currently experiencing the need to make functional costs from the group perspective manageable across all business units and to leverage efficiency reserves.

From a Group leverage perspective however, t he benefits of the reduction in debt were largely offset by the 7 % decline in adjusted EBITDA discussed above, with the Group's Net Debt: adjusted EBITDA ratio of 2.5x at the end of 2018, only marginally improved on the 2.6x ratio at the end of 2017.

EnBW also places great importance on the equal treatment of information from individual branches and from the company as a whole during data collection.