Opportunity and risk report

Opportunity and risk report

Our business activities are associated with risks as well as opportunities. Our business policy therefore aims to take advantage of opportunities through our opportunity manage­ment system, while also actively managing those risks identified within the framework of our risk management system. There were no significant changes to DB Group’s risk management system (2019 Integrated Report) in the first half of 2020. However, risk reporting has temporarily been heavily focused on exploring scenarios on the effects of the Covid-19 pandemic and putting in place countermeasures. The baseline scenario was taken into account in the outlook for 2020. It was assumed that demand will continue to recover in the second half of 2020 and that there will not be a second lockdown.

However, given the high dynamics and uncertain development, deviations from our forecasts are not unlikely. In the event of a delayed recovery phase, we expect an additional considerable impact on profits. The other opportunities and risks are low in relation to the effects of the Covid-19 pandemic, but they continue to exist in principle as described in the 2019 Integrated Report.

Our analyses of risks, countermeasures (including an equity measure by the Federal Government), hedging and precautionary measures, together with the opinion of the Group Management Board based on the current risk assessment and our mid-­­term planning, indicate that there are no risks that, individually or jointly, could have an impact on the net assets, financial situation or income situation of DB Group and would pose a threat to the Group as a going concern.

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