93MANAGEMENT OF RISKS AND OPPORTUNITIES MANAGEMENT REPORT and control measures for reaching targets discussed. Subsidiaries that persistently fall short of their earn- ings and margin targets are placed under special and close monitoring of the entire Board of Management. For the end of each quarter, consolidated financial statements are prepared. In this context, the infor- mation relevant for the purposes of the financial statements of the individual companies according to HGB and for the purposes of the consolidated fi- nancial statement according to IFRS are provided at the individual company level. The data for the finan- cial statements of the subsidiaries are aggregated to form one consolidated financial statement using certified consolidation software after capital con- solidation and a consolidation of expenses and earn- ings, receivables and liabilities and an elimination of any intercompany profits. IFRS-relevant revaluations and/or reclassifications are performed at the Group level. The quarterly financial statements must be made available no later than 20 working days after the end of the quarter. For the half-year financial re- port derived from the quarterly financial statements, a period of 45 days for submission and for the annu- al financial statements a period of 120 days for sub- mission is provided. Both for the preparation of the separate financial statements according to HGB and for the preparation of the consolidated financial statements, compre- hensive accounting requirements whose compliance is stringently monitored are observed to ensure uni- form accounting. Both for the individual companies and within the Group, responsibilities for the prepa- ration of the annual financial statements are clearly defined. The Internal Auditing, Controlling and Finance de- partments are established as independent divisions separate from Group Accounting. These divisions constantly pass on their findings from the same da- tabases that form the basis for the preparation of the annual financial statements and in this way indirectly monitor the financial statements prepared. The con- trols applied in this context, which depending on the specific case may be preventive or downstream, manual or automated, give due regard to the princi- ples of segregation of functions and also of checks performed by a second person. The quarterly finan- cial statements, the half-year financial statement and the annual financial statement are without exception submitted for review to the Audit Committee of the Supervisory Board. The findings of the Audit Commit- tee are documented. Moreover, the Audit Committee also regularly engages the statutory auditor to con- duct an accounting-related in-depth audit. Provided that the examinations by the Audit Committee and of the statutory auditor call for improvements in the Group accounting process, these are implemented without delay. MANAGEMENT OF RISKS AND OPPORTUNITIES Managing risks and opportunities is a key corporate task. For RHÖN-KLINIKUM AG and its subsidiaries it is firmly enshrined in the management structure ­ not least as a means of value enhancement. Our val- ue-oriented corporate strategy gives equal regard to opportunities and risks, protects the interests of our shareholders and other capital market participants, and fully takes account of the legal requirement to have in place a system for early identification of risks jeopardising our corporate existence. As a provider of healthcare services, we always re- gard the risk posed to the life and health of our pa- tients as the greatest risk. We give measures that avoid such risk top priority. This involves continuous- ly weighing up opportunities against the risks, since any medical intervention will expose patients to a ­ possibly even life-threatening ­ risk, but at the same time also holds out the prospect of recovery or at least an improvement in their quality of life. The business model of RHÖN-KLINIKUM AG is growth-oriented. We see ourselves as the leader and trendsetter in privatisation. In this regard our busi- ness model establishes high standards in terms of quality and efficiency. When acquiring and then in- tegrating new hospitals as well as establishing the outpatient structures we bring our entire experience and expertise to bear in securing our corporate goal of "qualified and sustained growth for achieving gen- eralised healthcare delivery to the population". Through a qualified analysis we identify opportunities and risks of potential takeover projects. We decide only for those inpatient or outpatient projects whose
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