Annual Report 2007 - hci hammonia shipping ag

Auditors’ ReportAuditors’ ReportWe have audited the consolidated financial statements prepared by HCI HAMMONIA SHIPPING AG,Hamburg, comprising the balance sheet, income statement, cash flow statement, statement of changesin equity and notes, together with the Group Management Report, for the financial year from 1 January to31 December 2007. The preparation of the consolidated financial statements and the Group ManagementReport in accordance with IFRS, as adopted by the EU, and the additional requirements of Germancommercial law pursuant to section 315a, paragraph 1 HGB (German Commercial Code) is the responsibilityof the Management Board of the company. Our responsibility is to express an opinion on the consolidatedfinancial statements and the Group Management Report, on the basis of our audit.We conducted our audit of the consolidated financial statements in accordance with Section 317 HGBwith due regard for the German generally accepted standards for the audit of financial statements promulgatedby the Institute of Public Auditors in Germany (IDW). These standards require that we plan andperform the audit such that mis-statements materially affecting the presentation of the net assets, financialposition and results of operations in the consolidated financial statements in accordance with theapplicable financial reporting framework, and in the Group Management Report, are detected with reasonableassurance. Knowledge of the business activities and the economic and legal environment of theGroup and expectations as to possible mis-statements are taken into account in the determination ofaudit procedures. The effectiveness of the accounting-related internal control system and the evidencesupporting the disclosures in the consolidated financial statements and the Group Management Reportare examined primarily on a test basis within the framework of the audit. The audit includes assessing theannual financial statements of those companies included in the consolidated financial statements, thedetermination of entities to be included in consolidation, the accounting and consolidation principlesused and significant estimates made by management, as well as evaluating the overall presentation ofthe consolidated financial statements and Group Management Report. We believe that our audit providesa reasonable basis for our opinion.Our audit has not led to any objections.In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSas adopted by the EU, the additional requirements of Germany commercial law pursuant to section315a, paragraph 1 HGB and the additional provisions of the Articles of Association, and give a true andfair view of the net assets, financial position and results of operations of the Group. The Group ManagementReport is consistent with the consolidated financial statements, and as a whole provides a suitableview of the Group’s position and suitably presents the opportunities and risks of future development.Hamburg, 14 April 2008HANSA PARTNER GmbHWirtschaftsprüfungsgesellschaftppa.(Dr. Tecklenburg)Wirtschaftsprüfer(Arp)Wirtschaftsprüfer76