PDF, 1.2 MB - Pfleiderer AG

8 being focused: being better
In accordance with a resolution passed by the Shareholders’ Meeting on July 2, 2002, and in
my capacity as Chairman of the Supervisory Board, I engaged Ernst & Young Deutsche Allgemeine
Treuhand Wirtschaftsprüfungsgesellschaft, Stuttgart as public auditors to audit the accounts and
management report of the Pfleiderer AG and the consolidated financial statements and consolidated
management report of the Pfleiderer Group for fiscal 2002. In their audit of the annual financial
statements, drawn up for the Group for the first time in accordance with US GAAP (Generally Accepted
Accounting Principles) , the auditors focused particularly on the valuation of continued and discontinued
operations, the impairment of goodwill and investments, as well as the recoverability of inventories,
receivables and pension accruals.
The annual financial statements and the consolidated financial statements for year-ending
December 31, 2002, as well as the consolidated management report, part of the management report of
Pfleiderer Aktiengesellschaft, have been audited by Ernst & Young Deutsche Allgemeine Treuhand AG
Wirtschaftsprüfungsgesellschaft, Stuttgart, and have received an unqualified audit opinion. The Supervisory
Board also examined the annual financial statements and consolidated financial statements
drawn up by the Executive Board. The audit report by the public auditor was available to all members of
the Supervisory Board in good time. The public auditor participated in the meetings of Audit Committee
and informed it of the main results of its audit.
The Supervisory Board raised no objections as a result of its review of the annual financial statements
of Pfleiderer AG, the consolidated financial statements and the combined management report
of the holding company and the Group. The Supervisory Board concurs with the results of the audit by
the public auditor. It approves the consolidated financial statements and annual financial statements
for fiscal 2002. The annual financial statements are thus ratified in pursuant to Sec. 172 Aktiengesetz
(German Stock Corporation Act).
Ernst & Young Deutsche Allgemeine Treuhand AG Wirtschaftsprüfungsgesellschaft, Stuttgart also
audited the Dependence Report prepared by the Executive Board relating to the Company’s dealings
with its affiliated companies, as required by Sec. 312 Aktiengesetz (German Stock Corporation Act).
The public auditor issued the following opinion:
“Within the terms of our audit and assessment we confirm that
1. The information provided in the Report is correct,
2. The Company did not make excessive payments as part of the transactions mentioned in the
Report.”
The Supervisory Board has also reviewed the Dependence Report drawn up by the Executive
Board. The Supervisory Board has no objections to the concluding statement made by the Executive
Board and the results of the audit by the public auditor.