Annual Report 2008 (PDF) - Schulthess Group

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64 Schulthess Group < back Financial statements Assessment of risk 31. Assessment of risk as required by Art. 663b Ziffer 12, Swiss Code of Obligations The board of directors discussed the risks, which the firm is exposed to, on 11 December 2008 together with the board of management. In the course of this the management pointed out measures to narrow down the specific risks. Based on the risk assessment it was noted, that no special provisions are necessary in the financial reporting. In the year 2009 a check of the risks and measures will take place.
ack Schulthess Group 65 Report of the statutory auditor Financial statements Report of the statutory auditor to the general meeting on the consolidated financial statements 2008 Report of the statutory auditor on the consolidated financial statements As statutory auditor, we have audited the consolidated financial statements of Schulthess Group AG, which comprise the consolidated balance sheet, consolidated income statement, consolidated cash flow statement, consolidated statement of changes in equity and notes to the consolidated financial statements (pages 30 to 64) for the year ended 31 December 2008. Board of Directors’ Responsibility The Board of Directors is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) and the requirements of Swiss law. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. The Board of Directors is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards as well as the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclo-sures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control system. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements for the year ended 31 December 2008 give a true and fair view of the financial position, the results of operations and the cash flows in accordance with the International Financial Reporting Standards (IFRS) and comply with Swiss law.
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Annual Report 2008
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Contents Schulthess Group 3 Annual
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ack Schulthess Group 5 Letter to th
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Contribution to sales 2008 per mark
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ack Schulthess Group 9 Corporate st
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12 Schulthess Group Annual Report S
Page 14: High energy efficiency, ease of use
Page 17 and 18: ack Corporate Governance 18 Corpora
Page 19 and 20: ack Organizational structure as per
Page 21 and 22: From left: Josef Felder, Prof. Dr.
Page 23 and 24: Thomas D. Rutz Member < back Born 1
Page 25 and 26: From left: Artur Rodecker, Max M. M
Page 27 and 28: ack Schulthess Group 27 Changes of
Page 29 and 30: ack Consolidated financial statemen
Page 31 and 32: The notes on pages 34 to 64 are an
Page 33 and 34: The notes on pages 34 to 64 are an
Page 35 and 36: ack Schulthess Group 35 Notes Summa
Page 41 and 42: ack Schulthess Group 41 Notes Finan
Page 43 and 44: ack The net debt ratio on the balan
Page 45 and 46: ack Schulthess Group 45 Notes Segme
Page 47 and 48: Due to a new ERP-solution at the Sc
Page 49 and 50: ack Schulthess Group 49 Notes Intan
Page 53 and 54: ack Schulthess Group 53 Notes Provi
Page 55 and 56: ack Schulthess Group 55 Notes Emplo
Page 57 and 58: ack Schulthess Group 57 Notes Perso
Page 61 and 62: ack Schulthess Group 61 Notes Effec
Page 63: ack Schulthess Group 63 Notes Remun
Page 67 and 68: ack Financial statements Schulthess
Page 69 and 70: ack Notes to the financial statemen
Page 71 and 72: ack Report of the statutory auditor
Page 73 and 74: Milestones < back Milestones 2007 A
Page 75: Companies < back Calmotherm AG Logi
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