Overall Risk Assessment

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No existential risk evident for Bechtle

The evaluation of the group’s overall risk situation is the result of the consolidated examination of all major compound and individual risks. The Executive Board is of the opinion that the presented risks are limited and manageable. The company boasts a solid financial basis, with an above-average equity ratio of 62.8 per cent and a comfortable liquidity situation.

Third-party ratings are another important indicator for the overall risk assessment. Apart from the company’s own internal risk assessment, Bechtle’s credit rating and aggregate default risk are regularly appraised and monitored by banks and rating agencies. All institutions are of the opinion that Bechtle’s probability of default is very low: 0.09 to 0.30 per cent (based on the customary one-year term). This corresponds to the credit ratings of the rating agencies Bürgel and Creditreform for Bechtle AG (Bürgel solvency index: 1.4 and Creditreform solvency index 113 in January 2009). On the Standard&Poor’s rating scale, which is widely used in financial markets worldwide, these probabilities of default correspond to a rating of A– to BBB+. On the bank-independent six-level IFD (Initiative Finanzstandort Deutschland) rating scale, Bechtle has a rating of I, which is the best level (probability of default up to 0.3 per cent per year).

To date, the creditworthiness of Bechtle AG has not been appraised by the rating agencies Standard&Poor’s, Moody’s Investors Service, Fitch Ratings, or Dominion Bond Rating Service.

Bechtle AG is aware of its own risk and opportunity profile for its business activities. In connection with daily updated analyses of the business performance based on operational indicators, the presented measures play a significant role in enabling Bechtle to use the opportunities for further development of the company without losing sight of the risks involved.

All in all, there do not appear to be any risks for Bechtle AG that would endanger the company’s existence as a going concern. The Executive Board is convinced that it will be able to make use of future challenges and opportunities without taking undue risk.