DHL 2009 Annual Report Download - page 108

For the third tranche, Deutsche Post  and Deutsche Bank  have agreed on put
and call options, which are in place for transferring the remaining ,, Postbank
shares.  e exercise periods are set between the third and fourth year a er the closing
on  February .  e derivatives agreed for the second and third tranches could
lead to considerable volatility on the balance sheet.  is risk is explained in greater
detail in the Notes, where you will also  nd information on other balance sheet and
 nancial risks.
Risks from pending legal proceedings
Information on legal risk is provided in the Notes.
Other risks faced by the Group
Our insurance strategy separates insurable risks into two groups.  e  rst group
comprises risks with a high probability of occurrence and low individual cost.  ese
risks are insured via what is known as a captive, an insurance company owned by the
Group that is able to insure such risks at a lower cost than commercial insurers.  e
majority of our insurance expenditure is incurred for this risk group, which along with
lower costs o ers other advantages. Costs remain stable as the Group is less a ected
by changes in the availability and price of outside insurance. We receive reliable data
on the basis of which we can analyse risk with a high probability of occurrence and
low individual cost. We can then set minimum standards and targets for such risk.
 e second group consists of risks that have a low probability of occurrence but could
entail high losses, such as air transport risks.  ese risks are transferred to commercial
insurers.
We saved nearly   million in  using this  nancing and insurance strategy.
At the annual World Captive Forum, the Group received the Award of Excellence for
its global captive insurance strategy.
Audits are currently underway at  Express  and Airborne Inc. in line
with the unclaimed property laws in the United States. Under these laws, unclaimed
property must either be returned to its rightful owner or the home country of the most
recent owner or, if this is not known, the country in which the company is domiciled.
 e probability of a signi cant  nancial impact on the Group is fairly low.
OVERALL ASSESSMENT OF THE GROUP’S RISK POSITION
At present, we see the main risk for our business performance in the economic and
regulatory environment, particularly the future general economic trend and changed
conditions on the German mail market. Based on the Group’s early warning system and
in the estimation of the Board of Management of the Group, in the past  nancial year
there were no identi able risks for the Group which, individually or collectively, cast
doubt upon the Group’s ability to continue as a going concern, nor are any such risks
apparent in the foreseeable future.
Note 
Note 
Deutsche Post DHL Annual Report 
Group Management Report
Risks
Overall assessment of the group’s
risk position
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