Annual Report 2013

Risks and opportunities report

Risks and opportunities in summary

At the time this report was prepared, there were no identifiable risks related to future developments that could endanger the existence either of Henkel AG & Co. KGaAKGaA
Abbreviation for “Kommanditgesellschaft auf Aktien.” A KGaA is a company with a legal identity (legal entity) in which at least one partner has unlimited liability with respect to the company’s creditors (personally liable partner), while the liability for such debts of the other partners participating in the share-based capital stock is limited to their share capital (limited shareholders).
, or a material subsidiary included in the consolidation, or the Group as a going concern. As we have no special-purpose entities or investment vehicles, there is no risk that might originate from such a source.

Compared to the previous year, our expectation of the likelihood and/or of possible financial impact of individual risk and opportunity categories has slightly increased. Nevertheless, the overall risk and opportunities situation has not changed to any significant degree.

The system of risk categorization adopted by Henkel continues to indicate that the most significant exposure currently relates to the impact of macroeconomic and sector uncertainty and financial risk, to which we are responding with the countermeasures described above. The Management Board remains confident that the earning power of the Group forms a solid foundation for future business development and provides the necessary resources to leverage our opportunities.