DHL 2005 Annual Report Download - page 79
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times. e area in which our network architecture contributes the most added value is in
the use of combined air and ground transport. Central air hubs play a key role. We will
construct a new air hub for the European air express network in Leipzig to run alongside
the air hubs in Hong Kong and Wilmington. e start of operations is planned for 2008.
Additional risks
e Group recognized goodwill in the course of its international expansion. e applica-
tion of IAS 36, i.e. the implementation of impairment tests, may require goodwill to be
written down for impairment.
e Group’s insurance strategy provides two alternatives. Risks with a high probability of
occurrence and low loss amount are insured via a captive – an insurance company belong-
ing to the Group. is is designed to allow us to lower our insurance costs. Risks with a
low probability of occurrence but that could entail high losses, such as air transportation
risks, are handled by external insurance companies.
As a service provider, we do not conduct research and development in the narrower sense.
ere are therefore no material risks to report in this area.
e volume of our operating activities is linked at a general level to the state of the econ-
omy in individual countries and to their trade relations. We do not consider the Group as
a whole to be exposed to any signicant macroeconomic risks at present. In the past scal
year, there were no identiable risks for the Group that, individually or collectively, could
have signicantly aected the continued existence of the company. Nor are there any such
risks apparent in the foreseeable future.
Deutsche Post World Net
75
Risk Management
Group Management ReportConsolidated Financial StatementsAdditional Information