To the Annual General Meeting of the Shareholders of Bilia AB
Corp. ID No 556112-5690
We have audited the annual accounts, the consolidated accounts, the accounting records and the administration of the Board of Directors and the Managing Director of Bilia AB for 2006. These accounts and the administration of the company are the responsibility of the Board of Directors and the Managing Director, who also ensure that the annual accounts and consolidated accounts are prepared in compliance with International Financial Reporting Standards (IFRSs) as adopted by the EU and the Swedish Annual Accounts Act. Our responsibility is to express an opinion on the annual accounts, the consolidated accounts and the administration based on our audit.
We have conducted our audit in accordance with generally accepted auditing standards in Sweden. Those standards require that we plan and perform the audit to obtain reasonable assurance that the annual accounts and the consolidated accounts are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the accounts. An audit also includes assessing the accounting principles and their application by the Board of Directors and the Managing Director and significant estimates made by the Board of Directors and the Managing Director when preparing the annual accounts and consolidated accounts, as well as evaluating the overall presentation of information in the annual accounts and the consolidated accounts. As a basis for our opinion concerning discharge from liability, we examined significant decisions, actions taken and circumstances of the company in order to be able to determine the liability, if any, to the company of any board member or the Managing Director. We have also examined whether any board member or the Managing Director has, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. We believe that our audit provides a reasonable basis for our opinion as set out below.
The annual accounts have been prepared in accordance with the Annual Accounts Act and thereby give a true and fair view of the company’s results of operations and financial position in accordance with generally accepted accounting principles in Sweden. The consolidated accounts have been prepared in accordance with International Financial Accounting Standards, IFRSs, as adopted by the EU and the Swedish Annual Accounts Act and give a true and fair view of the Group’s results of operations and financial position. The statutory Directors’ Report is consistent with the other parts of the annual accounts and the consolidated accounts.
We recommend to the Annual General Meeting of Shareholders that the Income Statements and Balance Sheets of the Parent Company and the Group be adopted, that the profit of the Parent Company be dealt with in accordance with the proposal in the Directors’ Report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year.
Göteborg, 12 February 2007
KPMG Bohlins AB
Authorised Public Accountant