The preparation of the IFRS consolidated financial statements requires that management make discretionary assessments and specify assumptions concerning future developments which could have significant effects on the recognition and value of assets and liabilities, the disclosure of other obligations on the balance sheet reporting date, and the reporting of income and expenses during the fiscal year. There is a not insignificant risk that the following items could lead to a significant adjustment of assets and liabilities in the next fiscal year:

  • Underwriting provisions
  • Pension reserves and similar obligations
  • Other non-underwriting reserves
  • Fair values of capital assets not based on stock market prices or other market prices
  • Goodwill
  • Valuation adjustments for receivables and other (accumulated) impairment losses
  • Deferred tax assets from the capitalisation of tax loss carry-forwards
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