Page 47 - Annual Report 2019

Supervisory Board Report
Group Management Report
Consolidated Financial Statements
Annexes

Independent Auditor’s Report

To HOFTEX GROUP AG, Hof/Saale
Audit opinion

We have audited the consolidated annual financial statements of HOFTEX GROUP AG, Hof/Saale,
and its subsidiaries (the Group) – comprising the balance sheet as of 31 December 2019, the
consolidated income statement, the statement of changes in equity, cash flow statement and
notes for the fiscal year from 1 January to 31 December 2019 and the notes to the consolidated
annual financial statements, including a presentation of the accounting policies. We also audited
the Group management report of HOFTEX GROUP AG, Hof/Saale, for the fiscal year from
1 January 2019 to 31 December 2019. In accordance with applicable German law, we did not
audit the content of the Statement on Corporate Governance pursuant to Section 289f(4) HGB
included in Section 3 of the Group management report.
In our opinion, based on the results of our audit,
• the enclosed consolidated financial statements comply with all German commercial laws and
provide a true and fair view of the Group’s net assets and financial position in accordance with
German principles of proper accounting as of 31 December 2019 and the results of its operations
for the fiscal year from 1 January 2019 to 31 December 2019 and
• the enclosed Group management report provides a true and fair view of the Group’s situation. In all
material respects, this Group management report is consistent with the consolidated financial
statements, complies with German statutory provisions and accurately reflects the opportunities
and risks of future growth. Our audit opinion on the Group management report does not extend
to the content of the Statement on Corporate Governance.
In accordance with section 322 (3) sentence 1 HGB, we declare that our audit of the consolidated
financial statements has not led to any reservations.

Basis for our audit opinion

We conducted our audit of the consolidated financial statements and the Group management report
in accordance with Section 317 HGB and generally accepted German standards for the audit of
financial statements promulgated by the Institute of Public Auditors in Germany (IDW). Our
responsibility in accordance with these regulations and principles is further outlined in the
“Responsibility of the auditor for auditing the consolidated financial statements and Group
management report” in our auditor’s report. We are independent of the Company in compliance
with German commercial and labour laws and have performed all of our other professional
duties under German law in accordance with these provisions. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
consolidated financial statements and the Group management report.

47