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