We have reviewed the consolidated interim financial statements (short form) – comprising the balance sheet (short form), income statement (short form), cash flow statement (short form), statement of changes in equity (short form) and selected explanatory notes to the financial statements – and the interim group management report of Baader Wertpapierhandelsbank AG, Unterschleissheim, for the period from 1 January to 31 March which are part of quarterly financial reports in accordance with Article 37x (3) of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act). The preparation of the consolidated interim financial statements (short form) in accordance with the International Financial Reporting Standards (IFRS) for interim reporting, as adopted in the EU, and of the interim group management report in accordance with the provisions of the WpHG applicable to interim group management reports is the responsibility of the company’s management. Our responsibility is to issue a report on the consolidated interim financial statements (short form) and the interim group management report based on our review.
We conducted our review of the consolidated interim financial statements (short form) and of the interim group management report in accordance with the generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance that nothing has come to our attention that causes us to believe that the consolidated interim financial statements (short form) are not presented fairly, in all material respects, in accordance with the IFRSs for interim reporting, as adopted in the EU, or that the interim group management report is not presented fairly, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical procedures and thus does not provide the assurance for an affirmative audit opinion obtainable from an audit of financial statements. In accordance with our engagement, we have not performed an audit and, accordingly, cannot express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial statements (short form) are not presented fairly, in all material respects, in accordance with the IFRSs for interim reporting, as adopted in the EU, or that the interim group management report is not presented fairly, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports.
Bremen, 25 April 2007
Clostermann & Jasper Partnerschaft
Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft
(Clostermann)
(Lamm)
Auditor
Auditor