BKW FMB Energy Ltd Annual Report 2003

Report of the Group Auditors
to the Annual General Meeting of BKW FMB Energy Ltd, Berne
As auditors of the Group, we have audited the consolidated fi nancial statements
(income statement, balance sheet, cash fl ow statement, statement of shareholders’
equity and notes from pages 30 to 52) of BKW FMB Energy Ltd for the year ended
31 December 2003.
These consolidated fi nancial statements are the responsibility of the Board of Directors.
Our responsibility is to express an opinion on these consolidated fi nancial statements
based on our audit. We confi rm that we meet the legal requirements concerning
professional qualifi cation and independence.
Our audit was conducted in accordance with auditing standards promulgated by the
Swiss profession and with the International Standards on Auditing (ISA), which
require that an audit be planned and performed to obtain reasonable assurance about
whether the consolidated fi nancial statements are free from material misstatement. We
have examined on a test basis evidence supporting the amounts and disclosures in the
consolidated fi nancial statements. We have also assessed the accounting principles
used, signifi cant estimates made and the overall consolidated fi nancial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the consolidated fi nancial statements give a true and fair view of the
fi nancial position, the results of operations, the changes in equity and the cash fl ows in
accordance with International Financial Reporting Standards (IFRS) and comply with
Swiss law.
We recommend that the consolidated fi nancial statements submitted to you be
approved.
Berne, 7 April 2004
Ernst & Young Ltd
Marcel Gehrig Roland Ruprecht
Certifi ed Accountant Certifi ed Accountant
(in charge of the audit)
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