Consolidated Financial Statements - L. Possehl & Co. mbH

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48 Notes | Auditors’ report Consolidated Financial Statements XII. TOTAL REMUNERATION OF THE EXECUTIVE AND SUPERVISORY BOARD The total remuneration paid to Executive Board members for their services on behalf of the parent company and subsidiaries totaled € 1,843,000 (previous year: € 1,524,000), that paid to the Advisory Council members totaled € 100,000 (previous year: € 0), and that for Supervisory Board members amounted to € 14,000 (previous year: € 135,000). Former members of the Executive Board and their surviving dependents received € 711,000 (previous year: € 684,000). The obligations from current pension payments and vested pension rights are covered by provisions amounting to € 7,540,000 (previous year: € 7,646,000). XIII. PROPOSAL ON THE APPROPRIATION OF PROFITS OF THE PARENT COMPANY in € Net profi t 2005 9,394,023.62 Profi t brought forward from the previous year 106,205.55 Net income for the year 9,500,229.17 A proposal was made to disburse from the net income for the year of € 9,500,229.17 a partial amount of € 5,000,000.00 to the sole partner, the Possehl Stiftung, and to allocate € 4,500,000.00 to the other retained earnings and to carry forward the remaining amount of € 229.17 to a new account. Lübeck, April 12, 2006 L. Possehl & Co. mbH The Executive Board Uwe Lüders Dr Egon Rudolph
Auditors’ report We have audited the consolidated fi nancial statements prepared by L. Possehl & Co. mbH – consisting of the balance sheet, income statement, notes, statement of cash fl ows, and consolidated equity analysis as well as the segmental reporting – and the group management report for the fi scal year from January 1, 2005 to December 31, 2005. The preparation of the consolidated fi nancial statements and the group management report in accordance with German Commercial Code regulations is the responsibility of the company’s legal representatives. Our responsibility, based on our audit, is to express an opinion on the company’s consolidated fi nancial statements and its group management report. We have conducted our statutory group audit according to the provisions of Art. 317 HGB and with due regard to the standards on the audit of fi nancial statements generally accepted in Germany as established by IDW, the Institute of Sworn Public Auditors & Accountants in Germany. Those standards require that we plan and perform the audit to obtain reasonable assurance that any misstatement or fraud which has a material impact on the view of the net assets, fi nancial position and results of operations as presented by the consolidated fi nancial statements in accordance with generally accepted accounting principles and by the group management report is identifi ed. When planning the audit procedures, knowledge and understanding of the Group’s business, its economic and legal environment as well as sources of potential errors are given due consideration. An audit includes examining, largely on a test basis, the accounting-related internal control system’s effectiveness and the evidence supporting the amounts and disclosures in the consolidated fi nancial statements and the group management report. The audit also involves assessing the annual fi nancial statements of companies included in the consolidated fi nancial statements, the defi nition of the consolidation group, the accounting and consolidation principles used, and signifi cant estimates made, by the auditee’s legal representatives, as well as evaluating the overall presentation of the consolidated fi nancial statements and the group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit did not result in any objections or exceptions. It is our opinion based on the knowledge and information obtained during the audit that the consolidated fi nancial statements, with due regard to the generally accepted accounting principles, present fairly, in all material respects, the Group’s net assets, fi nancial position and results of operations. The group management report agrees with the consolidated fi nancial statements and gives a true and fair view of the Group’s overall position and the risks and opportunities inherent in its future development. Hamburg, April 12, 2006 BDO Deutsche Warentreuhand Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Dyckerhoff Herbers Auditor Auditor 49
Page 1 and 2: Annual Report 2005 HEALTHY GROWTH -
Page 3 and 4: One of our most critical strengths
Page 5 and 6: Table of Contents Letter from the E
Page 7 and 8: With sales of approximately € 350
Page 9 and 10: Dr Lutz Peters Letter from the Advi
Page 11 and 12: HEALTHY GROWTH - Profi table and Ro
Page 13 and 14: Continuing to develop - for the lon
Page 15 and 16: Mastering challenges - with strengt
Page 17 and 18: PRODUCTION BUSINESS SEGMENT The Pro
Page 19 and 20: company. It sells industrial raw ma
Page 21 and 22: Gross earnings improve by 36 % Gros
Page 23 and 24: Elastomer-Processing: Pleasing busi
Page 25 and 26: Possehl Inc. Group: American tradin
Page 27 and 28: Net assets: Balance sheet total inc
Page 29 and 30: RISK MANAGEMENT Based on a system o
Page 31 and 32: Shares in Süd-Chemie sold off At t
Page 33 and 34: Consolidated income statement in
Page 35 and 36: Consolidated balance sheet in €T
Page 37 and 38: Acquisition or manufacturing costs
Page 39 and 40: Other changes in equity 12/31/2004/
Page 41 and 42: In accordance with Article 312 Para
Page 43 and 44: 6. Depreciation Depreciation of pro
Page 45 and 46: 14. Property, plant and equipment i
Page 47 and 48: 19. Shareholders’ equity The desi
Page 49 and 50: 22. Liabilities in €T 1. Liabilit
Page 51: XI. NOTES TO THE SEGMENTAL REPORTIN
Page 55 and 56: Shareholdings as of December 31, 20
Page 57 and 58: CONTACTS AND IMPRINT L. Possehl & C

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