Auditors’ Opinion
We have issued the following opinion on the Consolidated Financial Statements and Group Status Report, which was combined with the Status Report of the Company:
We have audited the Consolidated Financial Statements prepared by SinnerSchrader Aktiengesellschaft, Hamburg – consisting of the Consolidated Balance Sheet, the Consolidated Statements of Operations, the Consolidated Statements of Shareholders’ Equity, the Consolidated Statements of Cash Flows and the Notes – as well as the Group Status Report, which was combined with the Status Report of the Company, for the financial year from 1 September 2005 to 31 August 2006. It is the responsibility of the Company’s management to prepare the Consolidated Financial Statements and the Group Status Report in accordance with International Financial Reporting Standards (IFRS), as required in the EU, and with the commercial law regulations stipulated under Article 315a para. 1 HGB (German Commercial Code). It is our responsibility to express an opinion on the Consolidated Financial Statements and the Group Status Report based on our audit.
We conducted our audit of the Consolidated Financial Statements in accordance with Article 317 HGB and with the generally accepted German standards for the proper auditing of financial statements as promulgated by the Institut der Wirtschaftsprüfer in Deutschland (Institute of Public Auditors in Germany). These standards require that we plan and perform the audit in such a way that misstatements and contraventions materially affecting the presentation of the asset, financial and income situation in accordance with the principles of proper accounting in the Consolidated Financial Statements and Group Status Report are detected with reasonable certainty. Knowledge of the business activities and the economic and legal environment of the Group, as well as the evaluation of possible misstatements, are taken into account when determining the audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the books and records, the Consolidated Financial Statements and the Group Status Report are examined primarily on a test basis within the framework of the audit. The audit involves an evaluation of the Annual Financial Statements of the companies included in the Consolidated Financial Statements, the definition of the basis of consolidation, the accounting and consolidation principles used and the key estimates of the Company’s management, as well as an appraisal of the overall presentation of the Consolidated Financial Statements and the Group Status Report. We believe that our audit provides a reasonable basis for our opinion.
Our audit did not give rise to any reservations.
In our opinion, based on the results of the audit, the Consolidated Financial Statements comply with IFRS, as required in the EU, and with the commercial law regulations stipulated under Article 315a para. 1 HGB, and they present a true and fair view of the asset, financial and income situation of the Group in accordance with these regulations. The Group Status Report is consistent with the Consolidated Financial Statements, conveys an accurate view of the situation of the Group and accurately presents the opportunities and risks for future development.
Hamburg, 30 October 2006
Ernst & Young AG
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
Nissen-Schmidt Schiersmann
Auditor Auditor
