ANNUAL rEport 2008 - Tivoli

ANNUAL rEport 2008
Management’s Statement and Independent Auditor’s report
Management’s Statement
The Executive and Supervisory Boards have today considered
and adopted the Annual Report of Tivoli A/S for the period 1
April - 31 December 2008.
The Annual Report was prepared in accordance with International
Financial Reporting Standards as adopted by the EU and
additional Danish disclosure requirements for annual reports
of listed companies. In our opinion, Management’s Review
gives a true and fair account of the development in the activities
and financial circumstances of the Group and the Parent
Company, of results of operations for the year and of the overall
financial position of the Group as well as a true and fair description
of the key risks and uncertainties facing the Group.
We consider the accounting policies applied appropriate.
Therefore, in our opinion the Annual Report gives a true and
fair view of the financial position at 31 December 2008 of the
Group and the Parent Company and of the results of the Group
and Parent Company operations and cash flows for the financial
year 1 April - 31 December 2008.
We recommend that the Annual Report be adopted at the Annual
General Meeting.
Copenhagen, 24 February 2009
Executive Board:
Lars Liebst Claus Dyhr
CEO CFO
Supervisory Board:
Jørgen Tandrup Hans Skov Christensen
Chairman Deputy Chairman
Lykke Friis Tommy Pedersen
John Høegh Bertelsen Tom Christiansen
Independent Auditor’s report
to the Shareholders of tivoli A/S
We have audited the Annual Report of Tivoli A/S for the financial
year 1 April - 31 December 2008, which comprises
Management’s Statement, Management’s Review, significant
accounting policies as well as income statement, statement of
comprehensive income, cash flow statement, balance sheet,
statement of changes in equity and notes for the Group as well
as for the Parent Company. The Annual Report is prepared in
accordance with International Financial Reporting Standards
as adopted by the EU and additional Danish disclosure requirements
for annual reports of listed companies.
Our audit did not comprise the Supplementary Report “Green
Pages” on pages 26-27 and the comparative figures in notes 37
and 38 on pages 59-60.
Management’s responsibility for the Annual report
Management is responsible for the preparation and fair presentation
of the Annual Report in accordance with Interna-
6
tional Financial Reporting Standards as adopted by the EU and
additional Danish disclosure requirements for annual reports
of listed companies. This responsibility includes: designing,
implementing and maintaining internal control relevant to the
preparation and fair presentation of an Annual Report that is
free from material misstatement, whether due to fraud or error;
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 the Annual Report
based on our audit. We conducted our audit in accordance
with Danish Auditing Standards. Those Standards require that
we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance that the Annual Report is
free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the Annual
Report. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material
misstatement of the Annual Report, whether due to fraud or
error. In making those risk assessments, the auditor considers
internal control relevant to the Company’s preparation and fair
presentation of the Annual Report 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. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness
of accounting estimates made by Management, as well
as evaluating the overall presentation of the Annual Report.
We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our audit opinion.
Our audit has not resulted in any qualification.
opinion
In our opinion, the Annual Report gives a true and fair view of
the financial position at 31 December 2008 of the Group and
the Parent Company and of the results of the Group and Parent
Company operations and cash flows for the financial year
1 April - 31 December 2008 in accordance with International
Financial Reporting Standards as adopted by the EU and additional
Danish disclosure requirements for annual reports of
listed companies.
Copenhagen, 24 February 2009
pricewaterhouseCoopers
Statsautoriseret Revisionsaktieselskab
Carsten Gerner
State Authorised Public Accountant