Annual Report 2012 - Tivoli

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❖ tivoli ANNUAL REPORT 2012 ❖❖MANAGEMENT’S STATEMENTThe Board of Directors and the Executive Board havetoday considered and adopted the Annual Report ofTivoli A/S for 2012.The Annual Report was prepared in accordancewith International Financial Reporting Standards asadopted by the EU and additional Danish disclosurerequirements for annual reports of listed companies.In our opinion, the Financial Statements give a trueand fair view of the Company’s financial position at31 December 2012 and of the results of the Companyoperations and cash flows for the financial year 1January – 31 December 2012.Moreover, in our opinion, Management’s Reviewincludes a true and fair account of the developmentin the operations and financial circumstances of theCompany, of the results for the year and of the financialposition of the Company as well as a descriptionof the most significant risks and elements of uncertaintyfacing the Company.WE RECOMMEND THAT THE ANNUAL REPORT BE ADOPTED AT THE ANNUAL GENERAL MEETINGCopenhagen, 21 March 2013Executive BoardLars LiebstCEOClaus DyhrCFOBoard of Directors:Jørgen Tandrup Mads Lebech Ulla Brockenhuus-SchackChairmanDeputy ChairmanTommy Pedersen John Høegh Berthelsen Maria Fergadis6
❖ Management’s Statement ❖INDEPENDENT AUDITOR’S REPORTTO THE SHAREHOLDERS OF TIVOLI A/SReport on Financial StatementsWe have audited the Financial Statements of TivoliA/S for the financial year 1 January - 31 December2012, pages 40-61, which comprise income statement,statement of comprehensive income, balance sheet,statement of changes in equity, cash flow statementand notes for the Company. The Financial Statementsare prepared in accordance with InternationalFinancial Reporting Standards as adopted by theEU and Danish disclosure requirements for listedcompanies.Management’s Responsibility for the FinancialStatementsManagement is responsible for the preparation ofFinancial Statements that give a true and fair view inaccordance with International Financial ReportingStandards as adopted by the EU and Danish disclosurerequirements for listed companies, and for suchinternal control as Management determines is necessaryto enable the preparation of Financial Statementsthat are free from material misstatement, whether dueto fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on theFinancial Statements based on our audit. We conductedour audit in accordance with InternationalStandards on Auditing and additional requirementsunder Danish audit regulation. This requires thatwe comply with ethical requirements and plan andperform the audit to obtain reasonable assurancewhether the Financial Statements are free frommaterial misstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures inthe Financial Statements. The procedures selecteddepend on the auditor’s judgment, including theassessment of the risks of material misstatement ofthe Financial Statements, whether due to fraud orerror. In making those risk assessments, the auditorconsiders internal control relevant to the Company’spreparation of Financial Statements that give a trueand fair view in order to design audit procedures thatare appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectivenessof the Company’s internal control. An audit alsoincludes evaluating the appropriateness of accountingpolicies used and the reasonableness of accountingestimates made by Management, as well as evaluatingthe overall presentation of the Financial Statements.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.The audit has not resulted in any qualification.OpinionIn our opinion, the Financial Statements give a trueand fair view of the Company’s financial positionat 31 December 2012 and of the results of theCompany’s operations and cash flows for the financialyear 1 January to 31 December 2012 in accordancewith International Financial Reporting Standards asadopted by the EU and Danish disclosure requirementsfor listed companies.Statement on Management’s ReviewWe have read Management’s Review in accordancewith the Danish Financial Statements Act. We havenot performed any procedures additional to the auditof the Financial Statements. On this basis, in ouropinion, the information provided in Management’sReview is consistent with the Financial Statements.Copenhagen, 21 March 2013PricewaterhouseCoopersStatsautoriseret RevisionspartnerselskabKim FüchselState Authorised Public AccountantTorben JensenState Authorised Public Accountant7
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Tivoli A/S3 VesterbrogadeDK · 1630
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