We have audited the consolidated financial statements prepared by SINGULUS TECHNOLOGIES AG, Kahl am Main, – comprising the consolidated statement of financial position, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statement of cash flows and the notes to the consolidated financial statements – as well as the Group management report, which is combined with the management report of SINGULUS TECHNOLOGIES AG, for the fiscal year from January 1 to December 31, 2015. The preparation of the consolidated financial statements and Group management report in accordance with IFRS as adopted by the EU and the supplemental requirements of German commercial law to be applied under § 315a (1) of the German Commercial Code (Handelsgesetzbuch, “HGB”) is the responsibility of the Company’s management. Our responsibility is to express an opinion on the consolidated financial statements and the Group management report based on our audit.
We conducted our audit of the consolidated financial statements in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer (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 consolidated financial statements in accordance with the relevant financial reporting standards and in the Group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environment of the Group and expectations of possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the internal accounting control system and the evidence supporting the disclosures in the consolidated financial statements and the Group management report are examined primarily on a test basis within the framework of the audit. The audit includes assessing the annual financial statements of the companies included in the consolidated financial statements, the definition of the group of consolidated companies, the accounting and consolidation principles used and significant estimates made by the Company’s management, as well as the evaluation of the overall presentation of the consolidated financial statements and the Group 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, based on the findings of our audit, the consolidated financial statements comply with IFRS as adopted by the EU and the supplemental requirements of German commercial law to be applied under § 315a (1) HGB and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements.
The Group management report is consistent with the consolidated financial statements, provides as a whole a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.
Without qualifying this audit opinion, we refer to the information contained in the management report. The section entitled “Report on expected developments, Outlook for fiscal years 2016 and 2017” states that if the order intake in fiscal year 2016 remains below expectations and the necessary resolutions regarding the financial restructuring are not implemented, this would jeopardize the Company’s continued existence due to the resulting restricted liquidity.
Frankfurt am Main, March 23, 2016
German Public Auditor
German Public Auditor