Wiener Stadtwerke Annual Report 2012

Unqualified
Audit Opinion
Report on the consolidated financial statements
We have audited these consolidated financial statements of
WiEnER sTADTWERKE holding Ag, Vienna,
for the financial year from 1 January 2012 to 31 December
2012. These statements comprise the Consolidated Balance
Sheet as at 31 December 2012, the Consolidated Profit and
Loss Account, The Consolidated Cash Flow Statement and the
Consolidated Statement of Changes in Equity for the year to
31 December 2012, as well as the Notes to the Consolidated
Financial Statements.
Responsibility of the Company’s legal representatives
for the consolidated annual financial statements and
the group’s accounting
The Group’s legal representatives are responsible for its
accounting and for the preparation of consolidated annual
financial statements which, to the maximum extent possible,
present a true and fair view of the Group’s assets, finances and
earnings in accordance with the Austrian Commercial Code
(UGB). This responsibility includes: designing, implementing
and maintaining an internal control system, to the extent that
this is relevant to the preparation of consolidated annual
financial statements and to the presentation of a true and fair
view of the Group’s assets, finances and earnings, such that
these statements are free from material misstatement whether
due to fraud or error; selecting and applying appropriate
accounting and measurement methods; and making estimates
which are reasonable in the circumstances.
Auditors’ responsibilities and description of the
nature and scope of the statutory audit
Our responsibility is to express an opinion on these
consolidated annual financial statements based on our audit.
We conducted our audit in accordance with Austrian statutory
requirements and generally accepted accounting principles.
These principles require that we comply with the relevant
codes of professional conduct, and plan and perform the audit
so as to obtain reasonable assurance that the financial
statements are free from material misstatement.
An audit involves the performance of audit procedures to
obtain evidence about the amounts and other disclosures in
the consolidated financial statements. The selection of these
procedures is at the due discretion of the auditors, taking into
account their assessment of the risk of material misstatement
due to fraud or error. In making this risk assessment, the
auditors consider the internal control system, to the extent
relevant to the preparation of the consolidated financial
statements and the presentation of a true and fair view of the
60 Annual Report 2012 ⎢ Report on the Consolidated Financial Statements
Group’s assets, finances and earnings, in order to arrive at
audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the
effectiveness of the Group’s internal control. An audit also
includes assessing the reasonableness of the accounting
methods applied and of significant estimates made by the
Company’s legal representatives, as well as evaluating the
overall presentation of the consolidated financial statements.
Opinion
Our audit gave rise to no objections.
Based on the results of our audit, in our opinion the
consolidated financial statements to the maximum possible
extent conform to the legal regulations, and present a true
and fair view of the Group’s assets and finances as at
31 December 2012, as well as its earnings and cash flows for
the year then ended, in accordance with Austrian statutory
requirements.
Opinion on the group Management Report
The legal regulations require us to audit the Group
Management Report to determine whether it is consistent with
the consolidated financial statements and whether the other
disclosures made in the Management Report do not present a
false view of the Group’s position.
The auditor’s report must also contain a statement as to
whether the Group Management Report is consistent with the
consolidated financial statements.
In our opinion the operating review is consistent with the
consolidated financial statements.
Vienna, 22 March 2013
BDO Austria GmbH
Wirtschaftsprüfungs- und Steuerberatungsgesellschaft
Peter Bartos Christoph Achzet
Auditor Auditor
The publication or dissemination of the consolidated financial statements attested by our audit
report are only permissible in the form in which these were audited. This audit report relates
exclusively to the full financial statements, including the management report, prepared in the
German language. Reference is made here to the requirements set out in Article 281, para. 2,
of the Austrian Commercial Code (UGB) with regard to any other versions hereof.