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Annual Report 2008 - AMG Advanced Metallurgical Group NV

Annual Report 2008 - AMG Advanced Metallurgical Group NV

Regulatory Risk Like all

Regulatory Risk Like all companies, AMG is exposed to the changing regulatory environment in the countries and regions where it conducts business. The most notable changes are coming in the form of environmental policy. New environmental regulations or a change in regulatory bodies that have jurisdiction over AMG products and facilities could result in new restrictions, including those relating to the storage or disposal of legacy material at AMG owned properties, which may result in significantly higher costs to AMG (see Note 37 to the Consolidated Financial Statements). The environmental regulations that are responsible for the growth in AMG’s business, however, may present operational challenges to AMG’s manufacturing processes. More stringent regulations may be enacted for the release of air emissions, wastewater discharge or solid waste, which may negatively impact AMG’s operations. Additionally, the REACH Directive became effective in the European Union in June 2007. REACH requires new operational procedures regarding the registration, evaluation and authorization of chemical substances. Statement on Internal Control Pursuant to the Dutch Corporate Governance Code Risks related to financial reporting include timeliness, accuracy and implementation of appropriate internal controls to avoid material misstatements. During 2008 the Management Board conducted an evaluation of the structure and operation of the internal risk management and control systems. The Management Board discussed the outcome of such assessment with the Supervisory Board (in accordance with best practice provision III.I.8). AMG’s Management Board believes internal risk management and control systems in place provide a reasonable level of assurance that AMG’s financial reporting does not include material misstatements. In relation to AMG’s financial reporting, these systems operated effectively during 2008 and there are no indications that, in relation to AMG’s financial reporting, these systems will not operate effectively in 2009. Risk Monitoring and Procedures AMG has a strategic risk function that monitors and establishes internal controls to mitigate business and financial risks. AMG’s strategic risk function is complemented by its internal audit function. As a newer public company, the controls and procedures at AMG may not be as developed as other public companies with much longer operating histories. Through the risk reporting system, the Strategic Risk Management Officer works with business unit managers to develop risk mitigation strategies, where applicable. The purpose of the risk reporting and monitoring system is to manage rather than eliminate the risk of failure to achieve business objectives, and provides only reasonable, not absolute, assurance against material misstatement or loss. 32 Report of the Manaagement Board | Risk Management and Internal Control

Management Board of Directors’ Statement of Responsibilities The members of the Management Board state that to the best of their knowledge: 1. The annual financial statements, as shown on pages 75 to 152 of this report, provide a true and fair view of the assets, liabilities, financial position and results for the 2008 financial year of AMG Advanced Metallurgical Group N.V. and its subsidiaries, included in the consolidated statements. 2. The annual report, as shown on pages 2 to 74 of this report, provides a true and fair view of the state of affairs as at the balance sheet date and the course of events during the 2008 financial year of AMG Advanced Metallurgical Group N.V. and its subsidiaries, details of which are contained in the financial statements. Furthermore, the annual report provides information on any material risks to which AMG Advanced Metallurgical Group N.V. is exposed. Management Board AMG Advanced Metallurgical Group N.V. Heinz Schimmelbusch Arthur Spector William Levy Eric Jackson Reinhard Walter March 30, 2009 Report of the Management Board | Statement of Responsibilities 33

PDF 3.89 MB - AMG Advanced Metallurgical Group NV
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