Annual Report 2007 - Muehlhan AG

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the Supervisory board also deliberated regularly and comprehensively
on key topics in other regions and business
segments: these include the start of business in and the
prospects for the oil & Gas offshore business in the North
Sea and the expansion of activities in the Middle East and
asia. finally, the executive body also fulfilled its control
function by evaluating possible corporate acquisitions to
continue on the path of growth.
as a result of the developments in the uS market, the
Supervisory board together with the Executive board
advocated a significant acceleration of the presently-
ongoing installation of the control instruments and
processes. in the future, Muehlhan aG will use its integrated
management system, the compliance guidelines
and project controlling with additional increased intensity,
and will do so in all business divisions and regions.
Annual financial statements and
consolidated financial statements
the Supervisory board commissioned bdo deutsche
Warentreuhand aktiengesellschaft Wirtschaftsprüfungsgesellschaft,
Hamburg, to audit the financial statements
of Muehlhan aG and of the Group pursuant to the reso lution
of the Muehlhan General Meeting of 15 May 2007. bdo
audited the annual financial statements and the Group
consolidated financial statements of Muehlhan aG as
compiled by the Executive board according to the rules
of the international accounting standards ifrS as of
31 december 2007, as well as the management report
and the Group management report for the past fiscal
year, and provided them with an unqualified audit opinion.
the annual financial statements of the corporation and
the consolidated financial statements, the management
reports for the annual financial statements of the corporation
and for the Group consolidated financial statements,
the proposal for the use of the net profit for the year,
and the associated audit reports for the independent
audit were sent to each member of the Supervisory
board. at the meeting on 27 March 2008, the Supervisory
board once again thoroughly discussed and reviewed all
documents in the presence of the auditors.
as a result of the audits, the Supervisory board is of the
opinion that the representations in the annual financial
statements and the management report of the corporation,
the consolidated financial statements and the consolidated
management report convey a picture of the position of the
corporation and the Group with respect to assets, finances
and income that corresponds to the actual circumstances
based on the principles of proper accounting.
after the final results of its reviews, the Supervisory board
raised no objections against the annual financial statements
of the corporation and the consolidated financial
statements as compiled by the Executive board, or to
the results of the financial statement audits, and approved
the annual financial statements of the corporation
and the Group consolidated financial statements as of
31 december 2007. the annual financial statements are
therefore adopted. the Supervisory board agrees with
the proposal by the Executive board regarding the use
of the net profit for the year.
in the 2007 fiscal year, Muehlhan aG showed that it reacts
appropriately and professionally to challenges in the
international markets, and that the company stays flexible
and powerful as a result of effective improvements to the
structure of the corporation. the Supervisory board will
also work closely with and support the Executive board in
the future so that Muehlhan aG can successfully continue
on its path towards a sustainably secured future.
We thank the Executive board and the company’s employees
for their good work and high level of commitment during
the past year.
Hamburg in March of 2008
dr Wulf-dieter H. Greverath