Annual financial statements 2004 - Euler Hermes ...

More documents

Recommendations

Info

Auditors’ Report 46 Auditors’ Report We have audited the annual financial statements, together with the bookkeeping system, and the management report of Euler Hermes Kreditversicherungs-Aktiengesellschaft for the business year from 1st January to 31st December 2004. The maintenance of the books and records and the preparation of the annual financial statements and management report in accordance with German commercial law are the responsibility of the Company’s management. Our responsibility is to express an opinion on the annual financial statements, together with the bookkeeping system, and the management report based on our audit. We conducted our audit of the annual financial statements in accordance with § 317 HGB [“Handelsgesetzbuch: German Commercial Code”] and the German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [in Deutschland] (IDW). Those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the annual financial statements in accordance with principles of proper accounting and in the management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Company and evaluations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the internal control system relating to the accounting system and the evidence supporting the disclosures in the books and records, the annual financial statements and the management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the annual financial statements and management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, the annual financial statements give a true and fair view of the net assets, financial position and results of operations of the Company in accordance with the principles of proper accounting. On the whole the management report provides a suitable understanding of the Company’s position and suitably presents the risks of future development. Hamburg, 22nd February 2005 KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft Wirtschaftsprüfungsgesellschaft Busch Renner German Public Auditor German Public Auditor
REPORT OF THE SUPERVISORY BOARD 47
Page 1: Annual financial statements and bus
Page 5 and 6: FOREWORD FROM THE BOARD OF MANAGEME
Page 7 and 8: BUSINESS REPORT 2004 Business Repor
Page 9 and 10: THE CREDIT INSURANCE MARKET The cre
Page 11 and 12: One result of all the activities to
Page 13 and 14: The first successes in acquiring ne
Page 15 and 16: RISK REPORT As a credit insurer, th
Page 17 and 18: Euler Hermes Kreditversicherungs-AG
Page 19 and 20: OUR STAFF A variety of changes trig
Page 21 and 22: FEDERAL GOVERNMENT EXPORT CREDIT GU
Page 23: There was a major improvement in th
Page 26 and 27: Annual Financial Statements BALANCE
Page 28 and 29: Annual Financial Statements 28 PROF
Page 30 and 31: Notes to the Financial Statements G
Page 32 and 33: Notes to the Financial Statements D
Page 34 and 35: Notes to the Financial Statements I
Page 36 and 37: Notes to the Financial Statements C
Page 38 and 39: Notes to the Financial Statements O
Page 40 and 41: Notes to the Financial Statements 4
Page 42 and 43: Notes to the Financial Statements O
Page 44 and 45: Notes to the Financial Statements M
Page 48 and 49: REPORT OF THE SUPERVISORY BOARD 48
Page 51 and 52: WHO TO SPEAK TO 51
Page 53 and 54: Regional Sales Office Hamburg Stra
Page 55 and 56: DENMARK Euler Hermes Kreditforsikri
Page 57 and 58: Euler Hermes Zarzadzanie Ryzykiem S
Page 60: Euler Hermes Kreditversicherungs-AG

Annual financial statements 2004 - Euler Hermes ...

Create successful ePaper yourself

Delete template?

Save as template?