Annual Report 2010 - About Heraeus

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58 Heraeus 2010 ··· Group Management Report ··· Consolidated Financial Statements human Resources Risk and Compliance Report The Heraeus Management Development Panel was held for the second time in an effort to achieve transparency and clarity related to this objective. Once again, some 700 managers from all companies worldwide were rated in terms of their development potential. The process resulted in concrete succession and development scenarios, which are documented in a standard, Web-based IT system.
Risk and Compliance Report INTEGRaTED RISk MaNaGEMENT SYSTEM The Heraeus Group draws on a Group-wide, processintegrated risk management system throughout the organization to recognize risks early, and document, evaluate, manage, and monitor them according to standards, ensuring lasting security and the company’s livelihood. Further goals of the risk management system include definition, implementation, and tracking of goal-oriented measures to effectively manage risks to the company’s existence. Findings from Risk Management, the annual audit, as well as Corporate Auditing and Compliance Management are included. All developments that may have a negative impact on future developments in the Group’s economic situation must be considered risks. RISk REPORT Risk management process Identifying individual risks involves those responsible for business function and operations looking at potentially damaging and serious risks in the business groups that have significant influence on the value of the company. For this, only additive risks, i.e. risks that do not countervail each other, and risk figures that are not part of planned or actual figures, are considered. Identified risks are evaluated on their probability of occurrence and maximum extent of damages, and summarized at the business group, company, subgroup, and Group levels. In addition, the relative extent of damages (the maximum extent of damages times probability of occurrence) is compared to shareholders’ equity and cash or cash equivalents. This allows for analyzing the current risk situation systematically and uniformly across the company, and for managing it using real risk management measures. Individual risks that are identified but no longer present are deleted from the risk catalog only when this can be substantiated and noted through the implementation of appropriate countermeasures. Risk reporting requirements are fully integrated into the standardized controlling process.The current risk status and its financial impact are examined every six months. Management and supervisory bodies are regularly informed of the current risk situation, and the efficiency and effectiveness of the risk management system are constantly monitored internally. IDENTIFIED GROUP-wIDE INDIVIDUal RISkS Strategic risks At Heraeus, this risk category focuses on particular risks associated with threats to core competencies, critical success factors, and strategic goals. Long-term success is based on our customers’ perceptions of the company’s competitive advantages and their ability to generate competitive advantages in the future. The Group attempts to minimize the likelihood of this risk occurring through the company’s intensive research and development activities. Market risks Threats from market positions and competitive advantages, fluctuations in demand as a result of the economy, and a strong dependence of some business groups on few customers and suppliers could have a lasting impact on our revenue and earnings development. Further risks could emerge from a potential medium-term weakness in the Chinese economy as a whole. 59
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Annual Report 2010 Uncommon Experti
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Our Business Groups PRECIOUS METALS
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We are a globally active precious m
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Table of Contents Heraeus 2010 04 L
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ladies and Gentlemen, 2010 was the
Page 11 and 12: the Heraeus Group. In the coming ye
Page 14 and 15: When a fountain pen glides lightly
Page 16 and 17: 12 Heraeus 2010 ··· Group Manage
Page 22 and 23: High tech fills the niche
Page 30: The world’s most valuable mobile
Page 33 and 34: PRECIOUS METal COMPONENTS FOR PREMI
Page 35 and 36: PRODUCT REVENUE in € million 2010
Page 37 and 38: The associated companies’ contrib
Page 39 and 40: CaPITal EXPENDITURE, DEPRECIaTION,
Page 42 and 43: Today’s foodstuffs are tested for
Page 56: Special fibers just 1 millimeter th
Page 59 and 60: FlUOSIl ® FOR ThE PRODUCTION OF QU
Page 61: 2010 2009 2008 2007 2006 GlOBal EMP
Page 65 and 66: To manage liquidity risks, Heraeus
Page 67 and 68: The risk of a recall action hangs o
Page 69 and 70: catalog and reports on its findings
Page 71 and 72: provements in 2010; this is forecas
Page 73 and 74: list of Shareholdings of the Heraeu
Page 75 and 76: NaME OF ThE COMPaNY REGISTERED OFFI
Page 77 and 78: NaME OF ThE COMPaNY REGISTERED OFFI
Page 80 and 81: In foodstuffs preparation, the high
Page 88 and 89: The Year 2010 at a Glance The Year
Page 90: Heraeus Holding GmbH Corporate Comm
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Annual Report 2010 - About Heraeus

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