Previsiones de equipamientos residenciales

Kim Bai Wadstrøm

Board of Directors

but not to express an opinion on the effectiveness of the company’s internal control. An audit also includes evalu- ating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by ma- nagement, as well as evaluating the overall presentation of the consolidated financial statements and the parent company financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Our audit did not result in any qualification. Opinion

In our opinion, the consolidated financial statements give a true and fair view of the group’s assets, liabilities and financial position at 31 December 2013 and of the results of the group’s operations and cash flows for the financial year 1 January to 31 December 2013 in accordance with the International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed financial enterprises.

Furthermore, in our opinion the parent company finan- cial statements give a true and fair view of the parent company’s assets, liabilities and financial position at 31 December 2013 and of the results of the parent company’s operations for the financial year 1 January to 31 December 2013 in accordance with the Danish Financial Business Act.

Statement on the management’s review

We have read the management’s review as required by the Danish Financial Business Act. We performed no other work in addition to the conducted audit of the con- solidated financial statements and the parent company financial statements.

On this basis, we believe that the information in the ma- nagement’s review is in accordance with the consolidated financial statements and the parent company financial statements.

Copenhagen, 27 February 2014

Internal auditors’ report

Report on the financial statements

We have audited the consolidated financial statements and the parent company financial statements of Alm. Brand Bank A/S for the financial year ended 31 Decem- ber 2013, comprising an income statement, statement of comprehensive income, balance sheet, statement of changes in equity, segment information and notes to the financial statements, including accounting policies, for the group as well as for the parent company, and a con- solidated cash flow statement. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed financial enterprises. The parent company financial state- ments have been prepared in accordance with the Danish Financial Business Act.

Management is responsible for the consolidated financial statements and the parent company financial statements. Our responsibility is to express an opinion on the conso- lidated financial statements and the parent company fi- nancial statements.

Basis of opinion

We conducted our audit on the basis of the Executive Order of the Danish Financial Supervisory Authority on auditing financial enterprises and financial groups and in accordance with international auditing standards. This requires that we plan and perform our audit to ob- tain reasonable assurance as to whether the consolidated financial statements and the parent company financial statements are free from material misstatement.

We participated in auditing the critical audit areas. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the con- solidated financial statements and the parent company financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated financial statements and the parent company financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the preparation of consolidated finan-

Auditors´ report

auditors´ report

the entity’s preparation of consolidated financial state- ments and parent bank financial statements that give a true and fair view 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 eva- luating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the consolidated financial statements and parent bank finan- cial statements.

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 consolidated financial statements give a true and fair view of the Group’s financial position at 31 December 2013 and of the results of its operations and cash flows for the financial year 1 January to 31 December 2013 in accordance with International Financial Repor- ting Standards as adopted by the EU and Danish disclo- sure requirements for listed financial companies.

In our opinion, the parent bank financial statements give a true and fair view of the Parent Bank’s financial position at 31 December 2013 and of the results of its operations for the financial year 1 January to 31 December 2013 in accor- dance with the Danish Financial Business Act.

Statement on the management commentary

Pursuant to the Danish Financial Statements Act, we have read the management’s review. We have not performed any further procedures in addition to the audit of the con- solidated financial statements and parent bank financial statements.

On this basis, it is our opinion that the information pro- vided in the management’s review is consistent with the consolidated financial statements and parent bank finan- cial statements.

Copenhagen, 27 February 2014

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