Auditors' Report
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‘We have audited the consolidated financial statements, comprising the balance sheet, the profit and loss statement and the notes on the consolidated financial statements, taking account of the accounts prepared by TUI AG and the management report for TUI AG, combined with the consolidated management report, for the financial year from 1 January 2007 to 31 December 2007. The preparation of the accounts, the consolidated financial statements and the combined management report under German commercial-law provisions are the responsibility of the Company’s Executive Board. Our responsibility is to express an opinion on the
consolidated financial statements, taking account of the accounts and the combined management report, based on our audit.
We conducted our audit of the annual financial statements in accordance with
section 317 of the German Commercial Code (HGB), taking account of the generally accepted auditing standards promulgated by the German Auditors‘ Institute (IDW). Those standards require that we plan and perform the audit such that it can be assessed with reasonable assurance whether the annual financial statements are free from material misstatements having a material effect on the presentation of the view of the asset, financial and earnings situation in the consolidated financial statements, taking account of the principles of adequate and orderly bookkeeping and the combined management report. In determining the audit procedures, knowledge of the business activities and the economic and legal position of the Group as well as expectations with regard to possible misstatements were taken into account. Within the framework of the audit, the efficiency of the accounting-related internal control system and evidence supporting the amounts and disclosures in the accounts, consolidated financial statements and combined management report were primarily assessed on a test basis. The audit included an assessment of the accounting principles applied and the significant estimates made by the Executive Board as well as an evaluation of the overall adequacy of the presentation of information in the annual financial statements and the combined 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, in conformity with the principles of adequate and orderly accounting, present a true and fair view of the asset, financial and earnings situation of the Group. In our opinion, the combined management report provides a suitable understanding of the Company’s position and suitably presents the opportunities and risks of future developments.’
Hanover, 4 March 2008
PricewaterhouseCoopers
Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft
Prof. Dr. Norbert Winkeljohann Sven Rosorius
Wirtschaftsprüfer Wirtschaftsprüfer