Consolidated Financial Statements - L. Possehl & Co. mbH

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
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