Group - L. Possehl & Co. mbH

auditors’ report *
We have audited the consolidated financial statements prepared by L. Possehl & Co. mit beschränkter Haftung,
Lübeck, – comprised of the balance sheet, income statement, notes, cash flow statement, and statement of changes
in equity as well as the segment reporting and the Group management report for the fiscal year from January 1, 2007
to December 31, 2007. The preparation of the consolidated financial statements and the Group management report in
accordance with German commercial law regulations is the responsibility of the legal representatives of the Company.
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 annual financial statements in accordance with section 317 HGB and
the generally accepted standards for the audit of financial statements promulgated by the German Institute of Auditors
(Institut der Wirtschaftsprüfer, IDW). Those standards require that we plan and perform the audit so as to obtain
reasonable assurance that any inaccuracies or violations that have a material effect on the presentation of the net
assets, financial position, and results of operations conveyed by the consolidated financial statements and the
principles of reliable accounting methods and by the Group management report are identified. Knowledge of the
business activities as well as 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 accounting- related
internal control system as well as verification of the information in the consolidated financial statements and the
Group management report is examined primarily on a test basis within the framework of the audit. The audit includes
assessing the annual financial statements of the companies included in the consolidated financial statements, the
definition of the group of consolidated companies, the accounting principles used and significant estimates made by
the legal represen tatives, 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.
Our audit has not led to any reservations.
According to our assessment based on the knowledge gained during the audit, the consolidated financial statements
comply with the legal provisions and convey an accurate picture of the net assets, financial position, and results of operations
of the Group, while observing the principles of reliable accounting methods. The Group management report is in
agreement with the consolidated financial statements, conveys an accurate image of the position of the Group and accurately
represents the opportunities and risks of future development.
Hamburg, Germany, March 19, 2008
BDO Deutsche Warentreuhand
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Dyckerhoff Herbers
Auditor Auditor
*Translation of German Auditors’ Report
Letter from the Executive Board
Company Boards
Report of the Controlling Boards
Successful over the Long Term
Group Management Report
Consolidated Financial Statements
Further Information
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