Geschäftsbericht 2008 - NordFinanz Bank AG

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54 | 55 Qualified Auditors’ Opinion on the Statutory Audit of the Consolidated Financial Statements Auditor‘s opinion We have audited the consolidated financial statements, comprising the balance sheet, the income statement, the notes to the consolidated financial statements, the cash flow statement, and the statement of changes in equity, together with the group management report of NordFinanz Bank Aktiengesellschaft, Bremen, for the fiscal year from January 1 to December 31, 2008. The preparation of the consolidated financial statements and the group management report in accordance with German commercial law is the responsibility of the Company’s Management Board. Our responsibility is to express an opinion on the consolidated financial statements and the group management report based on our audit. We conducted our audit of the consolidated financial statements in accordance with Section 317 of the German Commercial Code (HGB) and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position, and results of operations in the consolidated financial statements in accordance with German principles of proper accounting and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accountingrelated internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by the Management Board, as well as evaluating the overall presentation of the consolidated financial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion. With the exception of the following qualification, our audit has not led to any reservations: To break even on a consolidated basis, NordFinanz Bank Aktiengesellschaft, Bremen, is reporting necessary shareholders’ contributions of KEUR 6,944 in its consolidated balance sheet as of December 31, 2008; KEUR 2,050 of these receivables had been provided by September 28, 2009 and collateral of a nominal KEUR 3,000 had been furnished. In our opinion, the recoverability of the remaining receivables is a matter of considerable uncertainty. A valuation allowance was not recognized in the consolidated financial statements as of December 31, 2008. In our opinion, based on the findings of our audit, with this qualification the consolidated financial statements of NordFinanz Bank Aktiengesellschaft, Bremen, comply with the legal requirements and give a true and fair view of the net assets, financial position, and results of operations of the Group in accordance with German principles of proper accounting. With the above qualification, the group management report is consistent with the consolidated financial statements that comply with the legal requirements and, on the whole, provides a suitable understanding of the Group’s position and suitably presents the opportunities and risks of future development. Without further qualifying this opinion, we refer to the Management Board‘s statements in the section
entitled “Opportunities and Risks of Future Develop- ment/Outlook for 2009” in the group management report. Therefore, the Management Board accurately describes that, due to the negative operating result generated by the parent company and its inadequate capital resources, the continued operation of the Bank as a going concern, solely on the basis of its own strength and capital resources, is not a given. For this, it is necessary to implement a reliable investor concept in conjunction with the implementation of a viable business model. In view of negotiations conducted to date, the Management Board assumes that it will be possible to implement such a concept by the end of 2009. If a reliable investor concept is not implemented in the short-term, the Group‘s continued existence cannot be guaranteed.” Munich, August 11, 2008 Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft (Löffler) (Lepple) Wirtschaftsprüfer Wirtschaftsprüfer [German Public Auditor] [German Public Auditor] NF-Bank
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Geschäftsbericht der NordFinanz Ba
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02 | 03 Organe Aufsichtsrat Dr. Ebe
Seite 6 und 7: 04 | 05 WAHRE GRÖSSE TRUE SIZE Kü
Seite 8 und 9: 06 | 07 NordFinanz Bank Aktiengesel
Seite 16 und 17: 14 | 15 SCHWARZ AUF WEISS BLACK ON
Seite 18 und 19: AKTIVA NordFinanz Bank Aktiengesell
Seite 20 und 21: AUFWENDUNGEN NordFinanz Bank Aktien
Seite 24 und 25: Bilanzposten Schuldverschreibungen
Seite 28 und 29: 26 | 27 Bestätigungsvermerk des Ab
Seite 30 und 31: 28 | 29 Bericht des Aufsichtsrates
Seite 32 und 33: Annual Report NordFinanz Bank AG 20
Seite 34 und 35: 32 | 33 Supervisory Board and Manag
Seite 36 und 37: 34 | 35 SINN MACHEN MAKING SENCE We
Seite 46 und 47: ASSETS NordFinanz Bank Aktiengesell
Seite 48 und 49: NordFinanz Bank Aktiengesellschaft,
Seite 52 und 53: Balance Sheet Item Bonds and other
Seite 58: 56 | NordFinanz Bank Aktiengesellsc
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Geschäftsbericht 2008 - NordFinanz Bank AG

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