Endorsement on the consolidated financial statements and the parent company financial statements
We have audited the consolidated financial statements and parent financial statements of Alm. Brand A/S for the financial year 1 January to 31 December 2015, which com- prise the income and comprehensive income statement, balance sheet, statement of changes in equity, segment re- porting for balance sheet and income statement and notes, including the accounting policies, for the Group and the Parent, as well as the cash flow statement of the Group. The consolidated financial statements are prepared in ac- cordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed financial companies. The parent financial state- ments are prepared in accordance with the Danish Finan- cial 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 consoli- dated financial statements and the parent company finan- cial 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 obtain 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 assess- ments, the auditor considers internal control relevant to the preparation of consolidated financial statements and parent company financial statements that give a true and fair view. The purpose of this is to design procedures that are appropriate in the circumstances but not to express an opinion on the effectiveness of the company’s internal control. An audit also includes evaluating the appropriate- ness of accounting policies used and the reasonableness of accounting estimates made by management, 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 finan- cial 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 2015 and of the results of the parent com- pany’s operations for the financial year 1 January to 31 December 2015 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 consolidat- ed financial statements and the parent company financial statements.
On this basis, we believe that the information in the man- agement’s review is in accordance with the consolidated financial statements and the parent company financial statements.
Copenhagen, 2 March 2016
Poul-Erik Winther
Group Chief Auditor
Internal auditor´s report
To the shareholders of Alm. Brand A/S
Report on the consolidated financial statements and parent financial statements
We have audited the consolidated financial statements and parent financial statements of Alm. Brand A/S for the financial year 1 January to 31 December 2015, which com- prise the income and comprehensive income statement, balance sheet, statement of changes in equity, segment re- porting for balance sheet and income statement and notes, including the accounting policies, for the Group and the Parent, as well as the cash flow statement of the Group. The consolidated financial statements are prepared in ac- cordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed financial companies. The parent financial state- ments are prepared in accordance with the Danish Financi- al Business Act.
Management’s responsibility for the consolidated financial statements and parent financial statements Management is responsible for the preparation of consoli- dated financial statements that give a true and fair view in accordance with International Financial Reporting Stan- dards as adopted by the EU and Danish disclosure require- ments for listed financial companies, and for the prepara- tion of parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determi- nes is necessary to enable the preparation of consolidated financial statements and parent financial statements that free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on the consoli- dated financial statements and parent financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements and parent financial statements are free from material misstatement. An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent financial statements. The audit procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatements of the consolidated financial statements and parent financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the enti- ty’s preparation of consolidated financial statements and
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 appropriate- ness 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 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 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 2015 and of the results of its operations and cash flows for the financial year 1 January to 31 De- cember 2015 in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed financial companies. In our opinion, the parent financial statements give a true and fair view of the Parent’s financial position at 31 December 2015 and of the results of its operations for the financial year 1 January to 31 December 2015 in accor- dance with the Danish Financial Business Act.
Statement on the management commentary
Pursuant to the Danish Financial Business Act, we have read the management commentary. We have not perfor- med any further procedures in addition to the audit of the consolidated financial statements and parent financial statements.
On this basis, it is our opinion that the information provi- ded in the management commentary is con sistent with the consolidated financial statements and parent financial statements.
Copenhagen, 2 March 2016
Henrik Wellejus Kasper Bruhn Udam
State-authorized State-authorized
Deloitte
Statsautoriseret Revisionspartnerselskab Company reg. (CVR) no. 33 96 35 56 ALM. BRAND