To the Executive Board of IFU
We have examined the IFU Project Portfolio List 2008 at 31 December 2008, provided by the Executive Board of IFU, for the purpose of examining whether the data and information are prepared in accordance with the methodology and definitions set out in the Notes to IFU Investments. At 31 December 2008, the IFU Project Portfolio List covered 652 projects classified in 206 active and 446 exited projects. The IFU Project Portfolio List contains shares (contracted participation) totalling an amount of DKK 3.811,7 million and loans (contracted participation) totalling an amount of DKK 3.849,3 million.
The IFU Project Portfolio List 2008 is the responsibility of the Executive Board of IFU. Our responsibility is, based on our examination, to conclude on the IFU Project Portfolio List 2008.
Basis of conclusionWe performed our examination in accordance with Danish Standards on Auditing applicable to assurance engagements to obtain reasonable assurance as to whether the IFU Project Portfolio List 2008 is free of material misstatement. An examination includes examining, on a test basis, evidence supporting the amounts and disclosures in the IFU Project Portfolio List 2008. An examination also includes assessing the methodology and definitions used and significant estimates made by the Executive Board, as well as evaluating the overall presentation of the IFU Project Portfolio List 2008. We believe that our examination provides a sufficient basis for our conclusion.
Due to the limitations inherent in any control system, there is a risk that we will not, while performing our audit procedures, detect errors that may occur in the electronic search function relating to the IFU Project Portfolio List. Furthermore, application of our conclusion on future versions of the IFU Project Portfolio List will involve a risk that changes are made to applications or internal controls. In such situations, our conclusion may not be valid anymore.
ConclusionIn our opinion, the IFU Project Portfolio List 2008 has, in all material respects, been prepared in accordance with the methodology and definitions set out in the Notes to IFU Investments.
Copenhagen, 8 June 2009
Ernst & YoungStatsautoriseret Revisionsaktieselskab
Henrik Barner ChristiansenState Authorised Public Accountant