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5. Opportunities
To distinguish these activities from risk management, the decision to exploit such opportunities is
always covered by the management tools of regular controlling, planning and strategy discussions.
Under the “Strategy Atlas” management tool, all companies using the tool are systematically required
to report their estimates at the level of the product-market segments in relation to the respective
markets and any opportunities arising to the Executive Board.
We have used the Strategy Atlas to document the estimates of the management of currently around
30 individual companies for approximately 100 product-market segments. The information, updated
on an annual basis, is also part of the basis for regular strategy discussions of management from
selected Group companies. The results of the strategy meetings are integrated into the 3-year planning
of the Group companies.
Opportunities arise particularly from the procurement of input materials of producing Group companies
which can draw on the existing network and the experience of our international trading operations.
We consider that there are fundamentally good prerequisites for earnings-oriented internal and external
growth, above all owing to the outstanding liquidity of our Group. Among other factors, this gives us
the opportunity, as in 2007 and the preceding years, to act at short notice without triggering pricedriving
bidding wars through too much publicity.
Consequently, the strategy we are pursuing offers a number of opportunities for growth that will
enable our Group to further improve its market and competitive position. One way for us to realize
such opportunities is through targeted investments and product developments. Another approach is
to strengthen our core activities in the divisions by seizing acquisition opportunities which sometimes
arise in the currently prevailing seller market for companies.
On the whole, we will only realize acquisition projects if we are certain that this will serve to raise
our profitability, at least in the medium term.
Deriving additional positive impetus from opportunities which enhance performance and other
aspects is, in our opinion, currently more of a speculative nature than a “sound” assessment of their
potential to improve the future financial situation of our Group.