PDF (7.3 MB) - GILDEMEISTER Interim Report 3rd Quarter 2012

108Opportunities and Risk Report: Opportunities Management System (oms) / Risk Management System (rms)Performance effective opportunities arise by our actively involving our suppliers in thevalue added process. The optimisation approaches related to this enable us to counteractprice increases, in particular for materials in the machine tools business. In addition,in principle at least two suppliers are sourced for all essential structural parts, subassembliesand modules. We provide excellent service to our customers through our worldwidedirect sales and service network.Risk Management System (rms)The risk management system at gildemeister is structured in such a way that significantrisks must be systematically identified, assessed, aggregated, monitored and notified.The risks in the individual company divisions are identified in this way every quarter andthe risk potential that is determined as a result is analysed and evaluated using quantitativeindicators. In doing so, measures to reduce risk are also taken into consideration and anyrisks that may endanger the enterprise as a going concern are immediately notified outsidethe regular reporting schedule. We determine the individual local and central risks aswell as the effect on the group, in order to present the overall risk situation of the group:_ Local risks are individual risks that the group companies are exposed to and thatcan be assessed locally._ Central risks are risks that, at least in part, can only be assessed centrally. Theseinclude, for example, risks arising out of the group’s financing._ Group effects usually arise from consolidation requirements; these include, forexample, the dual recording of risks, which has to be corrected accordingly.business reportSupplementary / Forecast ReportThe accounting-related internal control system is part of the overall internal controlsystem (ics) of the gildemeister group and is embedded in the risk management systemthroughout the company. It includes not only the organisation, but also the control andmonitoring structures to ensure the recording, preparation and evaluation, confirming tolaw, of business accounting and its ultimate inclusion in the ifrs financial statements. Theanalyses carried out by risk management contribute to identifying risks that may have aneffect on financial reporting and to introducing measures to minimise these risks. Theaccounting-related internal control system includes basic principles, procedures andmeasures to ensure that accounting principles are adhered to in group accounting. In thisrespect, we analyse new legislation, accounting standards and other communiqués withrespect to their effect on the consolidated financial statements. Throughout the group, allrelevant regulations are encoded in guidelines, such as the accounting guidelines, forexample. Together with the financial statements calendar, which is applicable throughoutthe group, these guidelines provide the basis for the process of drawing up the financialstatements. Local companies are responsible for complying with the relevant regulations