annual report 2009 - bei der Hamborner REIT AG

to our sHareHolders management report Financial statements supplementary inFormation
Risk report
Principles of our risk policy
50 Hamborner reit ag | annual report 2009
As a property company operating across Germany, HAMBORNER is exposed to various risks
that can negatively affect the net worth, financial position and earnings of the company. To
reduce the risks, we have tailored our business policy to avoid from the outset business lines
with a particularly high-risk potential. In this regard, we have not involved ourselves again
in 2009, as in the past, in highly speculative financial transactions or property developer
schemes. We assume proportionate, manageable and controllable risks, provided that an
adequate appreciation in value can be expected from the opportunities counterbalancing
them.
Risk management
In order to delimit the risk-associated encumbrances, we have implemented a risk management
system for the prompt identification and handling of risks that could be of significance
for the economic position of the company. It conforms to the requirements specified by the
German Law on Control and Transparency in the Corporate Sector (KonTraG) and is subject
to a regular review. Appropriate adjustments or extensions are undertaken in the event of
changing economic conditions. The early risk detection system is subject to evaluation by
the statutory auditor within the framework of the annual audit of the annual financial statements.
The company‘s risk management system is tightly linked into operational procedures – particularly
the planning and controlling processes – and comprises several stages. Of central
importance in this regard is the risk inventory, with the help of which the possible individual
risks are recorded, analysed and assessed in terms of probability of occurrence, the possible
level of loss and in respect of the associated exposure potential. In addition, measures for
risk management and contemporaneous risk handling are laid down and the internal
responsibilities defined. Reporting, streamlined organisational structures and transparent
decision-making channels ensure that the Managing Board is directly included in all risk-
relevant transactions.
The processes of the accounting system are only executed by our own qualified employees.
The company prepares and communicates interim reports in addition to annual reports. The
half-yearly financial statements are subject to an audit review by the company's statutory
auditor. In the valuation of the "investment properties" and the determination of the company's
pension obligations, we call in additional experts for the annual financial statements.
The four-eye principle taking into consideration appropriate signature rules is applied to all
significant transactions. There is clear functional separation within the company between
technical and commercial building management as well as the accounting. Standardised and
certified EDP programmes are employed in the finance and accounting system. For the internal
EDP equipment, there are firm access rules for read and write permissions commensurate
with the individual areas of responsibility of the respective employees.