A REPORT. INTERSPORT Polska S.A. Cholerzyn 382, Liszki. for the period between 1 st January 2014 and 31 st December 2014

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "A REPORT. INTERSPORT Polska S.A. Cholerzyn 382, Liszki. for the period between 1 st January 2014 and 31 st December 2014"

Transcription

1 WL Finanse spółka z o.o., Krakow, ul. Garncarska 5/5telephone no.: , fax: The entity is authorised to audit financial statements and it is entered into KIBR register with no A REPORT on the audit of the financial statement of INTERSPORT Polska S.A. Cholerzyn 382, Liszki for the period between 1 st January 2014 and 31 st December 2014 Cracow, March 2015

2 A. GENERAL PART Data identifying audited unit: 1. Name: INTERSPORT Polska Spółka Akcyjna 2. Registered office: Cholerzyn 382, Liszki 3. Legal form: public limited company 4. The Company s duration is unlimited. 5. The Company is an issuer of securities approved for turnover on the Warsaw Stock Exchange. The Company draws up the financial statement pursuant to the Accounting Act of 29 th September Registered object of economic activity: Z Retail sales of clothes conducted at specialised stores Z Retail sales of shoes and leather products conducted at specialised stores Z Retail sales of sports equipment conducted at specialised stores Z Retail sales conducted by mail-order houses or on the Internet Z Remaining services, not classified otherwise Z Retail sales of alcohol and non-alcohol drinks conducted at specialised stores Z Retail sales of remaining food conducted at specialised stores Remaining registered, not specified above, types of economic activity are compliant with the Company s Memorandum of Association. 7. Real object of economic activity in the period between 1 st January 2014 and 31 st December 2014: The object of Company s economic activity consists in retail sales of clothes, shoes and sports equipment at specialised stores and maintenance services concerning sports equipment. Legal grounds for the economic activity: 1. Certificate of Incorporation of audited unit: The Company was established as a result of transforming the company Przedsiębiorstwo Usługowe MAKS spółka z o.o. into the company Przedsiębiorstwo Usługowe MAKS S.A. in compliance with the resolution of the Extraordinary Shareholders Meeting of drawn up in a form of a notary deed Repertory A No. 5505/2004 by a notary public Waldemar Wajda of the Notary Office in Kraków at ul. Piłsudskiego 40/3. WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 2

3 In December 2005, the Company changed its name to INTERSPORT Polska S.A. in compliance with the resolution of the Extraordinary Shareholders Meeting of drawn up in a form of a notary deed Repertory A No. 8351/2005 by a notary public Waldemar Wajda of the Notary Office in Kraków at ul. Piłsudskiego 40/3. 2. Legal grounds for the economic activity: Memorandum of Association of a public limited company named INTERSPORT Polska S.A., drawn up in a form of a notarial deed on , as amended consolidated text stipulated pursuant to the resolution no. 17 of the Ordinary Shareholders Meeting of Registration office, date and registry entry number: On the Company was entered into the Register of Enterprises kept by the District Court for Kraków-Śródmieście, in Cracow, XI Commercial Division of the National Court Registry with KRS no.: Tax and statistical registration: NIP (Tax Registration Number): confirmation of giving NIP (Tax Registration Number) issued by the Chief of Lesser Poland s Tax Office with a date of REGON (Industry Identification Number): certificate of the Statistical Office in Krakow of Equity capital 1. Equity and its amendments during period audited: Share capital as of amounts to PLN 1,393, and is divided into 13,933,334 shares of a nominal value of 0.10 zloty each. Share capital was contributed in full, during the period audited it did not change. 2. Ownership of equity as of : Shareholders Number of shares Equity share Number of votes Share in the number of votes Artur Mikołajko 2,068, % 3,318, % Sławomir Gil 2,068, % 3,318, % Jolanta Milewska 1,250, % 2,500, % Dorota Radwańska 1,266, % 2,099, % INTERCONTACT Beteiligungsgesellschaft mbh 3,483, % 5,150, % Others 3,797, % 4,214, % In total 13,933, % 20,600, % WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 3

4 3. Equity capital and its changes in the financial year audited: Equity capital as of amounted to 28,973 thousand PLN. In the audited period it decreased by 2,653 thousand PLN as a result of closing the activity with a net loss in the amount of 2,653 thousand PLN. Equity capital as of is favourable and it amounts to 26,320 thousand PLN. Remaining information 1. Entities related to the Company audited: INTERCONTACT Beteiligungsgesellschaft mbh with its registered office in Heilbronn, Germany. 2. The Company s Management Board: The Company s Management Board consists of one or more members appointed and recalled by the General Meeting. The Management Board Members are appointed for the period of three up to five years. Within the period between until now, the Management Board has been operating as composed of: Artur Mikołajko the President of the Management Board Sławomir Gil the Deputy President of the Management Board 3. The Company s Supervisory Board: Within the period between and , the Supervisory Board has been operating as composed of: Artur Olender the President of the Supervisory Board Beata Mikołajko the Deputy President of the Supervisory Board Łukasz Gil the Member of the Supervisory Board Dorota Radwańska the Member of the Supervisory Board Klaus Jost the Member of the Supervisory Board Piotr Dygas the Member of the Supervisory Board Within the period between and until now, the Supervisory Board has been operating as composed of: Artur Olender the President of the Supervisory Board Beata Mikołajko the Deputy President of the Supervisory Board Łukasz Gil the Member of the Supervisory Board Dorota Radwańska the Member of the Supervisory Board Piotr Dygas the Member of the Supervisory Board 4. The Company does not have branches. 5. A financial year is the same as a calendar year. 6. The location of keeping and storing account books: Account books are kept by the Company within its own scope, at its headquarters. WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 4

5 Information about financial statement for the previous financial year: 1. Financial statement for the period between and including an introduction to the financial statement, balance sheet that presents the total amount of assets and liabilities equal to 149,798 thousand PLN, profit and loss account presenting net loss in the amount of 1,873 thousand PLN, statement of changes in the equity capital, cash flow account and additional information and explanations were approved with a resolution no. 4 of the Ordinary General Shareholders Meeting of Net loss for the period between and in the amount of PLN 1,872, by resolution no. 13 of the Ordinary General Shareholders Meeting of , was covered with the Company s supplementary capital. 3. Approved financial statement for 2013 was submitted at the District Court for Kraków- Śródmieście, in Cracow, XI Commercial Division of the National Court Register on Approved financial statement together with statutory auditor s opinion and resolution approving the financial statement and division of the financial result for 2013 were submitted at the Lesser Poland s Tax Office on The financial statement for the period between and was subject to the audit obligation and was submitted to audit by WL Finanse Sp. z o.o. with its registered office in Cracow, entity authorised to audit financial statements, entered into KIBR register with number Audited financial statement for 2013 obtained an opinion without reservations and explanations. 6. The financial statement for the period between and was announced in the Official Court and Economic Journal no. 132/2014, under entry Financial statement for the audited year: 1. Financial statement constituting an object of the audit includes: 1) an introduction to financial statement, 2) a balance sheet drawn up as of , that presents the total amount of assets and liabilities equal to 150,212 thousand PLN, 3) a profit and loss account for the period between presenting net loss in the amount of 2,653 thousand PLN, 4) a statement of changes in equity for the financial year between and presenting an equity decrease by 2,653 thousand PLN, 5) a cash flow account for the financial year between presenting a decrease in cash status by 343 thousand PLN, 6) additional information and explanation. 2. Grounds for opening account books as of were provided by approved financial statement for the period between and Balance sheet continuity was preserved. 3. Financial statement for the period between pursuant to Article 64, par. 1 of the Accounting Act is subject to the obligation to audit and announce. WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 5

6 Data identifying an authorised entity auditing the financial statement: 1. Name: WL Finanse spółka z ograniczoną odpowiedzialnością 2. Registered office: Cracow, ul. Garncarska 5/5 3. Entry into a list of entities authorised to audit financial statements: No WL Finanse Sp. z o.o. was chosen to audit financial statement for the period between by resolution no. 1 of passed by the Supervisory Board of the Company INTERSPORT Polska S.A., which is a body competent to select entity authorised to audit financial statement. 5. The audit was conducted pursuant to a Contract on auditing financial statement concluded on in Cracow, between INTERSPORT Polska S.A. with its registered office in Cholerzyn 382, Liszki, as the Principal and WL Finanse spółka z o.o. with its registered office in Cracow, ul. Garncarska 5/5, entered into the KIBR list of entities authorised to audit financial statements with number 2773, as the Contractor. 6. On behalf of WL Finanse Sp. z o.o., the financial statement was audited by Zbigniew Pamuła, key statutory auditor, registration no. 9280, Anna Broszkiewicz, statutory auditor, registration no , Magdalena Kaim - apprentice and Aneta Norek - assistant. The financial statement audit s was verified by Wojciech Lorys, statutory auditor, registration no The time and place of conducting the audit: at the headquarters of the entity keeping account books in the period between and Declaration of independence: Both, the entity authorised to audit financial statements and statutory auditors, apprentice and assistant conducting the audit declare that they remain independent of INTERSPORT Polska S.A. with its registered office in Cholerzyn, in view of Article 56, par. 3 and par. 4 of the Act on statutory auditors, their self-governing organisation, entities authorised to audit financial statements and on public oversight and fulfil requirements to express impartial and independent opinion on audited financial statement of the Company. WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 6

7 B. AN ANALYSIS OF THE COMPANY S FINANCIAL AND ECONOMIC POSITION I. Characteristics of selected entries of the financial statement Specification BALANCE SHEET (in PLN thousand) Amount % Amount % Amount % ASSETS A. Tangible assets 80, , , I. Intangible fixed assets 3, , , II. Tangible fixed assets 73, , , III. Long-term receivables IV. Long-term investments V. Long-term prepayments 3, , , B. Current assets 69, , , I. Stocks 65, , , II. Short-term receivables 1, , , III. Short-term investments 1, , , IV. Short-term prepayments 1, , TOTAL ASSETS 150, , , LIABILITIES A. Equity capital 26, , , I. Share capital 1, , , II. Own shares III. Supplementary capital 27, , , IV. Revaluation reserve V. Remaining reserves VI. Profit (loss) from previous years VII Net profit (loss) -2, , B. Liabilities and provisions for liabilities 123, , , I. Provisions for liabilities 1, , , II. Long-term liabilities 14, , , III. Short-term liabilities 101, , , IV. Prepayments , , TOTAL LIABILITIES 150, , , WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 7

8 BALANCE SHEET - dynamics (in PLN thousand) Specification 2014/ /2012 Change % Change % ASSETS A. Tangible assets -2, , I. Intangible fixed assets II. Tangible fixed assets -2, , III. Long-term receivables IV. Long-term investments V. Long-term prepayments B. Current assets 2, , I. Stocks 4, II. Short-term receivables -1, III. Short-term investments IV. Short-term prepayments TOTAL ASSETS , LIABILITIES A. Equity capital -2, , I. Initial capital II. Own shares III. Supplementary capital -1, IV. Revaluation reserve V. Remaining reserves VI. Profit (loss) from previous years VII. Net profit (loss) ,489.0 x Liabilities and provisions for liabilities 3, I. Provisions for liabilities II. Long-term liabilities , III. Short-term liabilities 15, , IV. Prepayments TOTAL LIABILITIES , WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 8

9 PROFIT AND LOSS ACCOUNT (in PLN thousand) Specification Amount % Amount % Amount % REVENUES 1. Net revenues on sales and related 217, , , Remaining operational revenues 1, , , Financial revenues Extraordinary gain Total revenues and profits 218, , , COSTS AND LOSSES 5. Costs of operational activity 218, ,5 220, , Remaining operational costs 1, , Financial costs 2, , , Extraordinary losses Total Costs and losses 221, , , FINANCIAL RESULT 9. Gross profit / loss -3, , , Corporate income tax Remaining obligatory charges Net profit / loss -2, , WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 9

10 PROFIT AND LOSS ACCOUNT - dynamics (in PLN thousand) Specification 2014/ /2012 Change % Change % REVENUES AND PROFITS 1. Net revenues on sales and related -2, , Remaining operational revenues Financial revenues Extraordinary gains Total revenues and profits -2, , COSTS AND LOSSES 5. Costs of operational activity -1, , Remaining operational costs , Financial costs , Extraordinary losses Total costs and losses -1, , FINANCIAL RESULT 9. Gross profit / loss , Corporate income tax Remaining obligatory charges Net profit / loss , SELECTED FINANCIAL INDEXES CHARACTERISING THE COMPNAY S ECONOMIC AND FINANCIAL POSITION No. Index name measurement unit balance sheet total PLN thousand 150, , , revenues on sales and related PLN thousand 217, , , profit on sales PLN thousand -1, , net financial result PLN thousand -2, , assets profitability (net financial result x 100) / total assets % equity capital s profitability (net financial result x 100) / equity capitals % WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 10

11 7. sales net profitability (net financial result x 100) / revenues on sales and related % sales gross profitability (sales profit x 100) / revenues on sales and related % liquidity ratio I current assets / short-term liabilities liquidity ratio II (current assets stocks) / short-term liabilities liquidity ratio III short-term investments / short-term liabilities speed of receivables turnover (receivables on deliveries and services x 365) / revenues on sales and related speed of stocks turnover (stocks x 356) / costs of operational activity promptness of paying liabilities (liabilities on deliveries and services x 365) / costs of operational activity equity capitals turnover (revenues on sales / equity capitals) days days days covering fixed assets with equity capital (equity capital + provisions) x 100 / fixed assets % durability of financing structure (equity capital + provisions + long-term liabilities) / liabilities total % general indebtedness index (total liabilities / total assets) % earnings per share PLN book value per share PLN II. An Analysis of the Company s financial and economic position The financial statement does not consider the impact of inflation. Annual consumer price index (commonly, inflation) in the audited year amounted to 0.0%, in the previous year 0.9% and 3.7% in WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 11

12 1. At the end of the audited period, the Company s assets amounted to 150,212 thousand PLN. During the financial year, the balance sheet total increased by 414 thousand PLN, that is, by 0.3% in comparison to the previous year. This increase results from an increase in current assets by 2,647 thousand PLN with diminishing the status of fixed assets by 2,233 thousand PLN. In absolute values, the biggest decrease was noted in tangible fixed assets in the amount of 2,509 thousand PLN, which is a result of amortization allowances in the amount of 6,371 thousand PLN, higher than the value of new fixed assets in the amount of 4,320 thousand PLN. In current assets, the biggest increase was noted in stocks entries in the amount of 4,011 thousand PLN and short-term receivables in the amount of 420 thousand PLN. 2. In assets, the main entry is taken by fixed assets, out of which the biggest in value respect entry in the amount of 73,283 thousand PLN present fixed assets amounting to 48.8% of the balance sheet total. Small changes were noted in the structure of assets, which resulted in a drop of fixed assets share from the level of 55.3% in the previous year up to 53.7% in current year with a simultaneous increase in current assets from 44.7% to 46.3%, mainly as a result of decreasing the status of fixed assets from the level of 50.6% to 48.8% and an increase in stocks from 41.3% to 43.8%. Fixed assets are covered with permanent capitals in 51.6%, which means that so-called golden rule of the balance sheet is not adhered to and unfavourable structure of financing fixed assets results in lingering lack of current capital for financing current operations of the Company. 3. As of the balance day, current assets cover short-term liabilities in 68.4%. Short-term receivables and cash (assets with the biggest liquidity) cover these liabilities only in 2.4%. One should note that liabilities cover in the current year deteriorated with reference to the previous year, when it amounted to 77.3% and 4.9% respectively. Liquidity indexes have a tendency significantly lower than pattern amounts. Preserving financial liquidity results from the Company s short money turnover cycle characterising entities running trade business within which cash or credit card is the basic payment form. 4. In liabilities, the main entry is taken by accounts payable in the amount of 115,832 thousand PLN with 77.2% of share in the balance sheet total, within which short-term liabilities in the amount of 101,598 thousand PLN constitute 67.7% of liabilities in total. Equity capitals in the amount of 26,320 thousand PLN have 17.5% share in financing the Company s assets. The biggest changes occurred with regard to long-term liabilities whose share decreased from a level of 17.0% to 9.5% with a simultaneous increase in short-term liabilities from 57.8% to 67.7%. 5. Revenues on sales amounted to 217,184 thousand PLN and decreased by 1.2% in comparison with the previous year. In 2014, the weather factor again had a significant impact on the level of realised revenues in the form of lack of winter 2013/2014 and 2014/2015, which had the effect of a smaller demand for winter clothing and equipment and the related sales winter collection, negatively affecting the margin and thus the financial result of the Company. Gross margin on sales dropped from a level of 39.2% in 2013 to 38.9% in 2014, which is a consequence of the necessity to conduct sale actions in connection with the drop in the demand caused by the weather factor. 6. The costs of operational activity amounted to 218,627 thousand PLN and dropped by 0.7% in comparison to the previous year. The biggest costs entry consists of the value of sold products in the amount of 132,747 thousand PLN constituting 60.7% of general costs. It should be underlined that the value of sold products decreased by 0.6% with a drop of revenues on sales by 1.2% in comparison to the previous period. Another significant WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 12

13 III. A report on the audit of INTERSPORT Polska S.A. s financial statementfor the period between position in costs consists of foreign services in the amount of 43,992 thousand PLN, i.e. 20.1% of total costs. As a result of undertaken optimisation activities, the Company decreased year on year costs of materials and energy waste by 8.3%; foreign services by 1.1% and financial costs by 1.4%. Assessment of the ability to continue the activity Pursuant to conducted audit of the financial statement, conclusions resulting from the Company s financial and economic situation analysis and considering its potential to run activities, no significant threats to the possibility to continue activity within the period of the nearest twelve months following the balance sheet day were found. C. ACCOUNTING AND INTERNAL CONTROL SYSTEM 1. The Company s account books are kept in compliance with accounting principles (policy) introduced to be applied by the Company s Management Board on Adopted principles have been applied continuously. 2. Accounting principles were established pursuant to the Accounting Act of and describe accounting principles adopted by the Company and they include, in particular: a list of accounts in the general ledger and subledgers, principles for assets and liabilities valuation, principles for registering and settlement of costs and determining financial result, principles of processing and protecting data system. 3. Account books are kept with the use of an information system Enterprise Management System SAP ERP In the course of the audit, the statutory auditor did not find any irregularities within the scope of: the manner of documenting operations to be entered into account books, the correctness of classifying operations to be entered into account books, the correctness of opening account books, the correctness of making entries in the books and referencing these entries with documents and financial statement, proper storage of account books, bookkeeping documentation and documentation describing adopted accounting principles. 5. The statutory auditor pursuant to the audit conducted did not find any fact proving that the Company does not apply basic accounting principles, that is: going concern principle, continuity principle, accrual accounting principle, prudent valuation principle, proportionality principle. 6. The Company s Management Board is liable for performing obligations within accountancy. Results of auditing account books and accounting evidences constituting grounds for book entries allow recognising them as generally fulfilling the requirement of reliability, WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 13

14 faultlessness and verifiability. Accounting principles adopted by the Company are adjusted to its needs and ensure entering into the register all events relevant for assessing its economic and financial situation. 7. Internal control system existing in the Company is based on the functional control performed by managers and the Company s Management Board Members. Internal control's procedures applied continuously in relation to the accounting system provided for a complete and correct entry, documentation and verification of: revenues and costs as well as related invoices, revenues and cash outgoings, including bills of exchange and securities, calculating and paying remunerations. The internal control system was audited within a scope related with the financial statement. It was not aimed at disclosing any possible irregularities or insignificant weaknesses of this system. The audit performed did not disclose any significant shortcomings in the operation of the internal control system. 9. Stocktaking: The obligation to perform stocktaking pursuant to Article 26, par. 1 of the Accounting Act was fulfilled. The stocktaking of particular elements of assets and liabilities for 2014 was conducted in a manner and with a frequency compliant with the principles of the Accounting Act. The statutory auditor participated in the stocktaking of products at the retail shop at the Zakopianka in Cracow and main cash register at the Company's headquarters. 10. Balance sheet continuity Balance sheet was drawn up as of and after its authorisation, it was introduced as an opening balance sheet as of and accounts balances closing books of previous year were entered into account books of audited year. Balance sheet continuity was preserved. D. STATEMETNS OF AN INDEPENDENT STATUTORY ACCOUNTANT 1. Drawing up the financial statement was an obligation of the Company s Management Board that is liable for the reliability, correctness and clarity of information included therein. 2. The Company s Management Board rendered account books accessible, handed over requested by the statutory auditor statements, explanations and information as well as submitted statement on the completeness of entering data in account books and listing all conditional liabilities and informed of significant events that occurred after the balance sheet date until the date of submitting the statement. In the course of the audit there were no limitations as to the scope of the audit. 3. The commission included assessment of account books with respect to the correctness of applied accounting principles and adhering to legal provisions. 4. The audit was aimed at expressing written opinion together with a report whether the financial statement for the period between 1 st January 2014 and 31 st December 2014 is WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 14

15 correct and reliable and presents the Company s economic and financial situation clearly as well as its financial result. The object of the audit did not consist in finding and disclosing events subject to prosecution and occurring outside the accountancy system. In auditing particular entries of the financial statement and account books we used tests and trials relevant for financial revision. On the grounds of results from these tests and trials we concluded on the correctness of audited entries. We also applied the audit limited to selected attempts with regard to tax liabilities and related, thus, there might be differences between our findings and results of possible controls of authorised treasury bodies conducted with the use of full method. 5. The Company s Management Board submitted a declaration on drawing up a statement for audited year in compliance with legal provisions, its knowledge on keeping account books, its completeness as well as disclosing all significant events and liabilities therein that could influence its assessment. 6. The introduction to the financial statement and additional information and explanations were drawn up pursuant to the Accounting Act, include data compliant with actual status resulting from account books and take into consideration provisions under the resolution of the Minister of Finance of regarding current and periodic information published by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws No. 33, item 259, as amended). 7. Drawn up cash flow account and a list of changes of equity capital include significant data stipulated under Article 48, par. 1 of the Accounting Act. 8. Report on the Company s operations in the financial year submitted by the Company s Management Board was drawn up in compliance with requirements stipulated under Article 49 of the Accounting Act. Financial data presented therein result from the financial statement drawn up as of the balance sheet day and take into consideration provisions under the resolution of the Minister of Finance of regarding current and periodic information published by issuers of securities and conditions for recognising as equivalent information required by the laws of a non-member state (Journal of Laws No. 33, item 259, as amended). 9. The assessment of the accounting system in conjunction with auditing the credibility of particular positions of the financial statement being the object of the audit and covering the period between gives grounds for expressing opinion that it is correct, reliable and that it clearly presents the Company s economic and financial situation and financial result, as well as that it was drawn up in compliance with the Accounting Act of (Journal of Laws 2009, No. 152, item 1223, as amended). E. FINAL PROVISIONS Final version of the financial statement taking into consideration conclusions recommended by the statutory auditor has been drawn up on 18 th March All components of the financial statement have been marked with the unit s seal and a signature of the person drawing it up and the Members of the Company s Management Board. WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 15

16 This report has been drawn up by the statutory auditor on the grounds of working revision documentation with regard to the audit of the financial statement of INTERSPORT Polska S.A. The report should be read together with an opinion of an independent statutory auditor for General Shareholders Meeting and the Supervisory Board of INTERSPORT Polska S.A. of 18 th March The report consists of 16 pages numbered in sequence and signed by the statutory auditor. The following annexes constitute an integral part of the report: 1) an introduction to financial statement, 2) a balance sheet drawn up as of , 3) a profit and loss account for the financial year from to , 4) a list of changes in equity capital for the financial year from to , 5) a cash flow account for the financial year from to , 6) additional information and explanations. Zbigniew Pamuła registration no.: 9280 Key Statutory Auditor conducting an audit on behalf of: Verifier Wojciech Lorys Statutory Auditor registration no.: 9584 WL Finanse Sp. z o.o Krakow, ul. Garncarska 5/5 Entity authorised to audit financial statements entered into KIBR register with no The President of the Management Board Wojciech Lorys Statutory Auditor registration no.: 9584 Cracow, on 18 th March 2015 WL Finanse sp. z o.o., Krakow, ul. Garncarska 5/5 16

INDEPENDENT AUDITOR S OPINION

INDEPENDENT AUDITOR S OPINION INDEPENDENT AUDITOR S OPINION On the audit of the financial statements ALTUS TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A For the period from 1 January 2014 to 31 December 2014 Warsaw 30 March 2015 INDEPENDENT

More information

POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA WARSZAWA, AL. JANA PAWŁA II 24 FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2013

POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA WARSZAWA, AL. JANA PAWŁA II 24 FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2013 POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA WARSZAWA, AL. JANA PAWŁA II 24 FINANCIAL STATEMENTS FOR THE PERIOD OF 6 MONTHS ENDED 30 JUNE 2013 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS

More information

ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT ELEKTROBUDOWA SPÓŁKA AKCYJNA KATOWICE, UL. PORCELANOWA 12 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING

More information

OPINION OF THE INDEPENDENT AUDITOR

OPINION OF THE INDEPENDENT AUDITOR OPINION OF THE INDEPENDENT AUDITOR To the Shareholders of We have audited the accompanying financial statements of seated in Warsaw, ul. Senatorska 16, consisting of the introduction to the financial statements,

More information

GRUPA LOTOS S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

GRUPA LOTOS S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 GRUPA LOTOS S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 I. GENERAL NOTES 1. Background Grupa LOTOS S.A. (hereinafter the Company ) was incorporated on

More information

Opinion on the audited financial statements of B3System S.A. for the period from January 1, 2009 to December 31, 2009 SPIS TREŚCI

Opinion on the audited financial statements of B3System S.A. for the period from January 1, 2009 to December 31, 2009 SPIS TREŚCI SPIS TREŚCI I. GENERAL PART OF THE REPORT... 2 1. Identification data of the unit... 2 2. Information on the financial statements for the previous year... 7 3. Identification data of the entity authorized

More information

NOBLE BANK S.A. CAPITAL GROUP

NOBLE BANK S.A. CAPITAL GROUP NOBLE BANK S.A. CAPITAL GROUP REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31ST 2008 I. GENERAL 1. General information NOBLE

More information

BANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF

More information

CAPITAL GROUP ASSECO SOUTH EASTERN EUROPE LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015

CAPITAL GROUP ASSECO SOUTH EASTERN EUROPE LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2015 GENERAL NOTES 1. Background The holding company of the Asseco South Eastern Europe Group (hereinafter

More information

Fortis Bank Polska S.A.

Fortis Bank Polska S.A. OPINION OF THE INDEPENDENT AUDITOR AND REPORT SUPPLEMENTING THE OPINION ON THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004 OPINION OF THE INDEPENDENT AUDITOR To the General Meeting

More information

GETIN NOBLE BANK S.A. REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 DECEMBER 2009

GETIN NOBLE BANK S.A. REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 DECEMBER 2009 GETIN NOBLE BANK S.A. REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 DECEMBER 2009 I. GENERAL 1. General information Getin Noble Bank S.A. (until

More information

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

More information

GETIN NOBLE BANK S.A. WARSAW, PRZYOKOPOWA 33 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

GETIN NOBLE BANK S.A. WARSAW, PRZYOKOPOWA 33 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WARSAW, PRZYOKOPOWA 33 FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

More information

MERGER PLAN Sygnity S.A. with its registered office in Warsaw and "PROJEKTY BANKOWE POLSOFT" Sp. z o.o. with its registered office in Poznań

MERGER PLAN Sygnity S.A. with its registered office in Warsaw and PROJEKTY BANKOWE POLSOFT Sp. z o.o. with its registered office in Poznań MERGER PLAN Sygnity S.A. with its registered office in Warsaw and "PROJEKTY BANKOWE POLSOFT" Sp. z o.o. with its registered office in Poznań This merger plan (hereinafter referred to as "Merger Plan")

More information

ENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

ENEA S.A. POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT POZNAŃ, UL. NOWOWIEJSKIEGO 11 FINANCIAL STATEMENTS FOR THE 2010 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT SUPPLEMENTING THE OPINION ON THE AUDIT

More information

BANK POLSKA KASA OPIEKI S.A. CAPITAL GROUP WARSAW, GRZYBOWSKA 53/57

BANK POLSKA KASA OPIEKI S.A. CAPITAL GROUP WARSAW, GRZYBOWSKA 53/57 BANK POLSKA KASA OPIEKI S.A. CAPITAL GROUP WARSAW, GRZYBOWSKA 53/57 AUDITOR S OPINION AND AUDIT REPORT ON CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR TABLE OF CONTENTS AUDITOR S OPINION...

More information

GETIN NOBLE BANK S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

GETIN NOBLE BANK S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 I. GENERAL NOTES 1. Background Getin Noble Bank S.A. (hereinafter the Bank ), until 4 January 2010 operating under

More information

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF GETIN NOBLE BANK S.A. FOR THE 2012 FINANCIAL YEAR I. GENERAL INFORMATION 1. Details of the audited Bank The Company operates under the business name Getin

More information

DIVISION PLAN OF DOM MAKLERSKI BZ WBK S.A.

DIVISION PLAN OF DOM MAKLERSKI BZ WBK S.A. DIVISION PLAN OF DOM MAKLERSKI BZ WBK S.A. 24 July 2014 This Division Plan (the Division Plan ) was agreed on 24 July 2014 based on Art. 529 1.3, Art. 533 1 and 2, and Art. 534 of the Commercial Companies

More information

CAPITAL GROUP GETIN NOBLE BANK S.A.

CAPITAL GROUP GETIN NOBLE BANK S.A. CAPITAL GROUP GETIN NOBLE BANK S.A. REPORT SUPPLEMENTING THE INDEPENDENT AUDITOR S OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED ON 31 DECEMBER 2009 I. GENERAL 1. General information

More information

Abbreviated Interim Separate Financial Statements of BNP Paribas Bank Polska SA for the first half of 2012

Abbreviated Interim Separate Financial Statements of BNP Paribas Bank Polska SA for the first half of 2012 Abbreviated Interim Separate Financial Statements of BNP Paribas Bank Polska SA for the first half of 2012 BNP Paribas Bank Polska SA with its registered office at ul. Suwak 3, registered with the District

More information

THE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014

THE TAURON POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 THE POLSKA ENERGIA S.A. CAPITAL GROUP KATOWICE, ULICA KS. PIOTRA ŚCIEGIENNEGO 3 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR 2014 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR

More information

BANK OCHRONY ŚRODOWISKA S.A. CAPITAL GROUP WARSZAWA, UL. ŻELAZNA 32 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR

BANK OCHRONY ŚRODOWISKA S.A. CAPITAL GROUP WARSZAWA, UL. ŻELAZNA 32 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR BANK OCHRONY ŚRODOWISKA S.A. CAPITAL GROUP WARSZAWA, UL. ŻELAZNA 32 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION...

More information

MERGER PLAN. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. and. Nordea Bank Polska Spółka Akcyjna

MERGER PLAN. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. and. Nordea Bank Polska Spółka Akcyjna MERGER PLAN of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna and Nordea Bank Polska Spółka Akcyjna MERGER PLAN This merger plan (the Merger Plan ) was prepared on May 14, 2014 by the Management

More information

Opinion and Report of the Independent Auditor

Opinion and Report of the Independent Auditor Marvipol S.A. Capital Group Opinion and Report of the Independent Auditor Financial Year ended 31 December 2012 CSWP Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. ul. Nowy Świat 49 00-042 Warszawa

More information

BANK OCHRONY ŚRODOWISKA S.A. GROUP WARSZAWA, UL. ŻELAZNA 32 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR

BANK OCHRONY ŚRODOWISKA S.A. GROUP WARSZAWA, UL. ŻELAZNA 32 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR BANK OCHRONY ŚRODOWISKA S.A. GROUP WARSZAWA, UL. ŻELAZNA 32 CONSOLIDATED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT

More information

OPINION OF THE INDEPENDENT AUDITOR

OPINION OF THE INDEPENDENT AUDITOR OPINION OF THE INDEPENDENT AUDITOR To the Shareholders of We have audited the accompanying financial statements of seated in Warsaw, consisting of the introduction to the financial statements, the balance

More information

GETIN NOBLE BANK S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

GETIN NOBLE BANK S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 GETIN NOBLE BANK S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 I. GENERAL NOTES 1. Background The holding company of the Getin

More information

Translation of Statutory Auditor s Report supplementing the opinion on consolidated financial statements of Fortis Bank Polska SA for the year ended

Translation of Statutory Auditor s Report supplementing the opinion on consolidated financial statements of Fortis Bank Polska SA for the year ended Translation of Statutory Auditor s Report supplementing the opinion on consolidated financial statements of Fortis Bank Polska SA for the year ended 31 December 2009 Translation of Statutory Auditor s

More information

Opinion and Report of the Independent Auditor

Opinion and Report of the Independent Auditor Nordea Bank Polska S.A. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2008 KPMG Audyt Sp. z o.o. The opinion contains 2 pages The report supplementing the auditor s opinion

More information

FERRATUM CAPITAL POLAND S.A. DŁUGA 11/13 53-657 WROCŁAW

FERRATUM CAPITAL POLAND S.A. DŁUGA 11/13 53-657 WROCŁAW DŁUGA 11/13 53-657 WROCŁAW FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014 WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS INDEPENDENT AUDITOR S OPINION... 3 REPORT SUPPLEMENTING

More information

POLNORD - ŁÓDŹ I SP. Z O.O.

POLNORD - ŁÓDŹ I SP. Z O.O. MERGER PLAN In connection with the intention to merge the companies listed below on 13 December 2012 the Management Boards of the Companies established a plan of merger by acquisition (the "MERGER PLAN

More information

RADPOL SA Capital Group joint-stock company. Opinion of independent auditor with consolidated report on the financial statements

RADPOL SA Capital Group joint-stock company. Opinion of independent auditor with consolidated report on the financial statements RADPOL SA Capital Group joint-stock company Opinion of independent auditor with consolidated report on the financial statements Opinion of independent auditor with consolidated report on the financial

More information

BANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2012 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK ZACHODNI WBK S.A. WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2012 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WROCŁAW, RYNEK 9/11 FINANCIAL STATEMENTS FOR THE 2012 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS OF

More information

Giełda Papierów Wartościowych w Warszawie S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013

Giełda Papierów Wartościowych w Warszawie S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013 Giełda Papierów Wartościowych w Warszawie S.A. Group Opinion and Report of the Independent Auditor Financial Year ended 31 December 2013 The opinion contains 2 pages The supplementary report contains 11

More information

BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2012 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2012 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2012 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON

More information

GETIN NOBLE BANK S.A. CAPITAL GROUP WARSAW, PRZYOKOPOWA 33 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR

GETIN NOBLE BANK S.A. CAPITAL GROUP WARSAW, PRZYOKOPOWA 33 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR GETIN NOBLE BANK S.A. CAPITAL GROUP WARSAW, PRZYOKOPOWA 33 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3

More information

REPORT of the Supervisory Board of Mediatel S.A. for the period from 1 January 2009 to 31 December 2009

REPORT of the Supervisory Board of Mediatel S.A. for the period from 1 January 2009 to 31 December 2009 REPORT of the Supervisory Board of Mediatel S.A. for the period from 1 January 2009 to 31 December 2009 I. Assessment of the work of the Supervisory Board Composition of the Supervisory Board In 2009 the

More information

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT

BANK OCHRONY ŚRODOWISKA S.A. WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT WARSZAWA, UL. ŻELAZNA 32 FINANCIAL STATEMENTS FOR THE 2013 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

More information

ING BANK ŚLĄSKI S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

ING BANK ŚLĄSKI S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 I. GENERAL NOTES 1. Background ING Bank Śląski S.A. (hereinafter the Bank, the Company ) was incorporated on the

More information

BANK OCHRONY ŚRODOWISKA S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011

BANK OCHRONY ŚRODOWISKA S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 I. GENERAL NOTES 1. Background The holding company of the Bank Ochrony Środowiska S.A. Group (hereinafter

More information

BANK OCHRONY ŚRODOWISKA S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011

BANK OCHRONY ŚRODOWISKA S.A. LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 LONG-FORM AUDITORS REPORT ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2011 I. GENERAL NOTES 1. Background Bank Ochrony Środowiska S.A. (hereinafter the Bank ) was incorporated on the basis

More information

BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND

BANK ZACHODNI WBK S.A. GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2014 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT ON THE AUDIT OF THE CONSOLIDATED

More information

BANK ZACHODNI WBK S.A. CAPITAL GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR

BANK ZACHODNI WBK S.A. CAPITAL GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR BANK ZACHODNI WBK S.A. CAPITAL GROUP WROCŁAW, RYNEK 9/11 CONSOLIDATED FINANCIAL STATEMENTS FOR THE 2015 FINANCIAL YEAR WITH AUDITOR S OPINION AND AUDIT REPORT TABLE OF CONTENTS AUDITOR S OPINION... 3 REPORT

More information

MERGER PLAN. Bank BGŻ BNP Paribas Spółka Akcyjna. and. Sygma Bank Polska Spółka Akcyjna

MERGER PLAN. Bank BGŻ BNP Paribas Spółka Akcyjna. and. Sygma Bank Polska Spółka Akcyjna MERGER PLAN of Bank BGŻ BNP Paribas Spółka Akcyjna and Sygma Bank Polska Spółka Akcyjna MERGER PLAN This Merger Plan (the Merger Plan ) was prepared on 10 December 2015 by the Management Boards of: (1)

More information

MERGER PLAN. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. and. Nordea Bank Polska Spółka Akcyjna

MERGER PLAN. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna. and. Nordea Bank Polska Spółka Akcyjna MERGER PLAN of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna and Nordea Bank Polska Spółka Akcyjna MERGER PLAN This merger plan (the Merger Plan ) was prepared on May 14, 2014 by the Management

More information

OPINION OF AN INDEPENDENT AUDITOR ON THE EXAMINATION OF SPIN-OFF PLAN concerning Bank BPH Spółka Akcyjna in Cracow

OPINION OF AN INDEPENDENT AUDITOR ON THE EXAMINATION OF SPIN-OFF PLAN concerning Bank BPH Spółka Akcyjna in Cracow Cracow, 8 th January 2007 Janina Niedośpiał ul. Słomiana 13/60 30-316 Cracow Chartered auditor 2729/2068 Court-appointed auditor Regional Court For Cracow Śródmieście in Cracow XIth Business Department

More information

MEMORANDUM OF ASSOCIATION OF ALIOR BANK SPÓŁKA AKCYJNA (JOINT STOCK COMPANY)

MEMORANDUM OF ASSOCIATION OF ALIOR BANK SPÓŁKA AKCYJNA (JOINT STOCK COMPANY) MEMORANDUM OF ASSOCIATION OF ALIOR BANK SPÓŁKA AKCYJNA (JOINT STOCK COMPANY) I. GENERAL PROVISIONS 1. 1. The Bank s business name is: Alior Bank Spółka Akcyjna. 2. The Bank may use its abbreviated business

More information

1 The Extraordinary General Meeting hereby elects as the Chairperson of the Meeting.

1 The Extraordinary General Meeting hereby elects as the Chairperson of the Meeting. RESOLUTION NO. 1 OF THE EXTRAORDINARY GENERAL MEETING OF ALIOR BANK SPÓŁKA AKCYJNA, WITH ITS REGISTERED OFFICE IN WARSAW DATED 23 JANUARY 2014 Regarding the election of the Chairperson of the Extraordinary

More information

Statute of BNP Paribas Bank Polska SA

Statute of BNP Paribas Bank Polska SA Statute of BNP Paribas Bank Polska SA The consolidated text was determined by the Supervisory Board of BNP Paribas Bank Polska SA, acting under an authorisation arising out of Article 15 para. 3 item 12

More information

Announcement by the Management Board of Orange Polska Spółka Akcyjna on the convening of an Extraordinary General Meeting

Announcement by the Management Board of Orange Polska Spółka Akcyjna on the convening of an Extraordinary General Meeting Current Report 39/2016 Orange Polska S.A. 21 June 2016 Pursuant to art. 38, clause 1, item 1 of the Decree of the Minister of Finance of 19 February 2009 on current and periodic information disclosed by

More information

STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS

STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS 1 1. The Company came into being as a result of the transformation of the limited liability company under the business name of Przedsiębiorstwo Budowlane

More information

STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS

STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS STATUTES INPRO SPÓŁKA AKCYJNA GENERAL PROVISIONS 1 1. The Company came into being as a result of the transformation of the limited liability under the business name of Przedsiębiorstwo Budowlane "INPRO"

More information

KRUK S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2011

KRUK S.A. Group. Opinion and Report of the Independent Auditor Financial Year ended 31 December 2011 Opinion and Report of the Independent Auditor Financial Year ended 31 December 2011 The opinion contains 2 pages The report supplementing the auditor s opinion contains 12 pages Opinion of the independent

More information

Report on the approval of the Appraisal Report of the Supervisory Board on the Financial Statements of BGŻ BNP Paribas S.A.

Report on the approval of the Appraisal Report of the Supervisory Board on the Financial Statements of BGŻ BNP Paribas S.A. Report on the approval of the Appraisal Report of the Supervisory Board on the Financial Statements of BGŻ BNP Paribas S.A. including the Brokerage House, Management Board Report on the Bank s activity,

More information

The Polish language original should be referred to in matters of interpretation.

The Polish language original should be referred to in matters of interpretation. Report of the Supervisory Board of Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna containing the results of the evaluation of: the financial statements of PKO BP SA for 2009, the report of the

More information

STATEMENT ON THE APPLICATION OF CORPORATE

STATEMENT ON THE APPLICATION OF CORPORATE Directors Report for 2014 Chapter V 1 STATEMENT ON THE APPLICATION OF CORPORATE GOVERNANCE 1. RULES OF CORPORATE GOVERNANCE BY WHICH THE COMPANY IS BOUND AND THE LOCATION WHERE THE TEXT OF THE SET OF RULES

More information

Memorandum of Association of CIECH Spółka Akcyjna [Joint-Stock Company] Uniform text

Memorandum of Association of CIECH Spółka Akcyjna [Joint-Stock Company] Uniform text CIECH Spółka Akcyjna [Joint-Stock Company] entered in the National Court Register, kept by the District Court for the Capital City of Warsaw, XIII Commercial Division of the National Court Register, entry

More information

RESOLUTIONS APPROVED BY THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS ON JULY 31, 2009.

RESOLUTIONS APPROVED BY THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS ON JULY 31, 2009. GETIN Holding S.A. ul. Powstańców Śląskich 2-4, 53-333 Wrocław tel. +48 71 797 77 77, fax +48 71 797 77 16 KRS 0000004335 District Court in Wrocław, the 6th Commercial Division Getin Bank S.A. 07 1560

More information

ING BANK ŚLĄSKI S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010

ING BANK ŚLĄSKI S.A. CAPITAL GROUP LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 LONG-FORM AUDITORS REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2010 I. GENERAL NOTES 1. Background The holding company of the ING Bank Śląski S.A. Group (hereinafter

More information

CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA

CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA CAPITAL GROUP CENTRUM NOWOCZESNYCH TECHNOLOGII SPÓŁKA AKCYJNA MID-YEAR CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF THE CAPITAL GROUP CNT S.A. AND MID-YEAR CONDENSED SEPARATE FINANCIAL STATEMENT OF CNT

More information

Consolidated financial statement on the first quarter of 2009

Consolidated financial statement on the first quarter of 2009 Łódź, 2009-05-15 Consolidated financial statement on the first quarter of 2009 LSI SOFTWARE S.A. ul. Przybyszewskiego 176/178, 93-120 Łódź, tel. +48 042 680 80 00 do 98, fax. +48 042 680 80 99 BALANCE

More information

Report on compliance of AB S.A. with the Corporate Governance Rules

Report on compliance of AB S.A. with the Corporate Governance Rules Report on compliance of AB S.A. with the Corporate Governance Rules Contents 1. Indication of corporate governance rules applicable to AB S.A.... 3 2. Indication of corporate governance rules which have

More information

REPORT of Energomontaż Południe S.A. Supervisory Board

REPORT of Energomontaż Południe S.A. Supervisory Board REPORT of Energomontaż Południe S.A. Supervisory Board 1. Report on the operations of the Supervisory Board of Energomontaż Południe S.A. in 2009 including the Supervisory Board s self-evaluation. In 2009

More information

VOTE BY PROXY FORM AT THE EXTRAORDINARY GENERAL MEETING OF ALIOR BANK S.A HELD ON 23 JANUARY 2014

VOTE BY PROXY FORM AT THE EXTRAORDINARY GENERAL MEETING OF ALIOR BANK S.A HELD ON 23 JANUARY 2014 VOTE BY PROXY FORM AT THE EXTRAORDINARY GENERAL MEETING OF ALIOR BANK S.A HELD ON 23 JANUARY 2014 This form refers to voting by proxy at the Extraordinary General Meeting of Alior Bank S.A., to be held

More information

Resolution No. 9/2016 of the Supervisory Board of INPRO SA with its registered office in Gdańsk of 18 April 2016

Resolution No. 9/2016 of the Supervisory Board of INPRO SA with its registered office in Gdańsk of 18 April 2016 Resolution No. 9/2016 of the Supervisory Board of INPRO SA with its registered office in Gdańsk of 18 April 2016 on the evaluation of the situation of INPRO S.A. Acting on the basis of the provision of

More information

Memorandum of Association of CIECH Spółka Akcyjna [Joint-Stock Company] Uniform text

Memorandum of Association of CIECH Spółka Akcyjna [Joint-Stock Company] Uniform text CIECH Spółka Akcyjna [Joint-Stock Company] entered in the National Court Register, kept by the District Court for the Capital City of Warsaw, XIII Commercial Division of the National Court Register, entry

More information

Limited liability company in Poland

Limited liability company in Poland Limited liability company in Poland I. Introduction The limited liability company (Polish: spółka z ograniczoną odpowiedzialnością or abbreviated: sp. z o.o.) enjoys popularity as a form of medium-size

More information

INDEPENDENT AUDITOR'S OPINION RESULTING FROM ANALYSIS OF MERGER PLAN of Bank BPH S. A. with GE Money Bank S.A.

INDEPENDENT AUDITOR'S OPINION RESULTING FROM ANALYSIS OF MERGER PLAN of Bank BPH S. A. with GE Money Bank S.A. Kraków, 18 August 2009 Janina Niedośpiał ul. Słomiana 13/60 30-316 Kraków Chartered auditor no 2729/2068 Court expert District Court for Kraków Śródmieście in Kraków 11th Commercial Division of National

More information

Opinion and report of statutory auditor with respect to the consolidated financial statement for 2012.

Opinion and report of statutory auditor with respect to the consolidated financial statement for 2012. Grant Thornton An instinct for growth Opinion and report of statutory auditor with respect to the consolidated financial statement for 2012. AMICA WRONKI SPÓŁKA AKCYJNA CAPITAL GROUP 1 / 92 Grant Thornton

More information

Report on the compliance of AB S.A. with the corporate governance rules

Report on the compliance of AB S.A. with the corporate governance rules Report on the compliance of AB S.A. with the corporate governance rules Contents 1. Indication of corporate governance rules applicable to AB S.A.... 3 2. Indication of corporate governance rules which

More information

Opinion of the independent certified auditor. For Shareholders, the Supervisory Board and the Management Board of KREDYT INKASO Spółka Akcyjna.

Opinion of the independent certified auditor. For Shareholders, the Supervisory Board and the Management Board of KREDYT INKASO Spółka Akcyjna. Przedsiębiorstwo Doradztwa Ekonomiczno-Finansowego siedziba: 0-349 Kraków, ul. Lipińskiego 8/5 miejsce prowadzenia działalności 30-382 Kraków, ul. Kobierzyńska 193B FAX: 422-71 - 47 TEL. 422-71 - 47 Spółka

More information

AMPLICO LIFE PIERWSZE AMERYKAŃSKO-POLSKIE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE I REASEKURACJI S.A. WARSAW, PRZEMYSŁOWA 26

AMPLICO LIFE PIERWSZE AMERYKAŃSKO-POLSKIE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE I REASEKURACJI S.A. WARSAW, PRZEMYSŁOWA 26 AMPLICO LIFE PIERWSZE AMERYKAŃSKO-POLSKIE TOWARZYSTWO UBEZPIECZEŃ NA ŻYCIE I REASEKURACJI S.A. WARSAW, PRZEMYSŁOWA 26 FINANCIAL STATEMENTS FOR THE 2011 FINANCIAL YEAR WITH AUDITOR S OPINION I. ECONOMIC

More information

Report of the Supervisory Board of Echo Investment S.A. on the results of:

Report of the Supervisory Board of Echo Investment S.A. on the results of: Report of the Supervisory Board of Echo Investment S.A. on the results of: -assessment of the separate financial statements of Echo Investment S.A. and the consolidated financial statements of Echo Investment

More information

STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES

STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES STATEMENT OF COMPLIANCE WITH CORPORATE GOVERNANCE PRINCIPLES The Board of Impexmetal S.A., pursuant to Article 91 Section 5 and 4 of the 19 February 2009 Regulation of the Minister of Finance Regarding

More information

Draft of resolutions of the Ordinary General Meeting of 24 June 2014

Draft of resolutions of the Ordinary General Meeting of 24 June 2014 Attachment to the Report No 12/2014 Draft of resolutions Draft Resolution to Item 2 of the Agenda held on 24 June 2014 Resolution No 1/2014 concerning election of Chairman the Ordinary General Meeting

More information

COMPANY CHARTER of ATM S.A. seated in Warsaw, Grochowska 21a street

COMPANY CHARTER of ATM S.A. seated in Warsaw, Grochowska 21a street COMPANY CHARTER of ATM S.A. seated in Warsaw, Grochowska 21a street Unified text as of May 12, 2010 GENERAL PROVISIONS The Company name is ATM Spółka Akcyjna. The Company may use the abbreviated name of

More information

LIMITED LIABILITY COMPANY IN POLAND

LIMITED LIABILITY COMPANY IN POLAND LIMITED LIABILITY COMPANY IN POLAND INCORPORATION, REGISTRATION AND LEGAL GROUNDS The limited liability company is the most popular, except an individual business activity, form of running a business in

More information

M I N I S T R Y O F T R E A S U R Y

M I N I S T R Y O F T R E A S U R Y M I N I S T R Y O F T R E A S U R Y DETAILED INFORMATION CONCERNING THE PROCEDURE ON THE DISPOSAL OF SHARES OF POLSKA ŻEGLUGA BAŁTYCKA S.A. WITH ITS REGISTERED OFFICE IN KOŁOBRZEG This document refers

More information

ARTICLES OF ASSOCIATION OF QUMAK JOINT-STOCK COMPANY I. GENERAL PROVISIONS

ARTICLES OF ASSOCIATION OF QUMAK JOINT-STOCK COMPANY I. GENERAL PROVISIONS Appendix No 1 to the Resolution No 13 of the General Meeting of 11 June 2015 (Consolidated text) ARTICLES OF ASSOCIATION OF QUMAK JOINT-STOCK COMPANY I. GENERAL PROVISIONS 1 1. The name of the Company

More information

REPORT OF THE MANAGEMENT BOARD. of Dom Maklerski mbanku S.A. with its registered seat in Warsaw. justifying the division of. Dom Maklerski mbanku S.A.

REPORT OF THE MANAGEMENT BOARD. of Dom Maklerski mbanku S.A. with its registered seat in Warsaw. justifying the division of. Dom Maklerski mbanku S.A. 15 December 2015 REPORT OF THE MANAGEMENT BOARD of Dom Maklerski mbanku S.A. with its registered seat in Warsaw justifying the division of Dom Maklerski mbanku S.A. On 15 December 2015, the management

More information

Capital Companies in Poland. General remarks LLC

Capital Companies in Poland. General remarks LLC -103 Warszawa T: +48 22 581 44 00 F: +48 22 581 44 10 E: kontakt@fka.pl W: www.fka.pl KRS: 0000278271 NIP: 525-22-25-600 REGON: 017438631 Capital Companies in Poland General remarks LLC joint- JSC A joint-stock

More information

I. Consolidated Balance Sheet

I. Consolidated Balance Sheet I. Consolidated Balance Sheet Note At 30 2013 At 31 December ASSETS Non-current assets Property, plant and equipment 3.2 361 738 357 715 Goodwill 3.3 44 061 44 061 Other intangible assets 3.4 82 472 96

More information

COMARCH S.A. KRAKOW, AL. JANA PAWŁA II 39A FINANCIAL STATEMENT FOR 2012 AS WELL AS OPINION OF AN INDEPENDANT AUDITOR AND REPORT OF AN AUDITOR

COMARCH S.A. KRAKOW, AL. JANA PAWŁA II 39A FINANCIAL STATEMENT FOR 2012 AS WELL AS OPINION OF AN INDEPENDANT AUDITOR AND REPORT OF AN AUDITOR COMARCH S.A. KRAKOW, AL. JANA PAWŁA II 39A FINANCIAL STATEMENT FOR 2012 AS WELL AS OPINION OF AN INDEPENDANT AUDITOR AND REPORT OF AN AUDITOR OPINION OF AN INDEPENDENT AUDITOR... 3 THE REPORT FROM THE

More information

Incorporation of a Polish limited liability company

Incorporation of a Polish limited liability company Incorporation of a Polish limited liability company Foreign investors willing to establish their presence in Poland typically ask such questions as: What kind of company can we incorporate in Poland? Are

More information

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009

Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Interim Abbreviated Consolidated Financial Statements of Fortis Bank Polska SA Capital Group for 3 Quarters of 2009 Table of Contents 1. Financial Highlights 3 2. Consolidated Financial Statements of Fortis

More information

CONSOLIDATED TEXT OF ARTICLES OF ASSOCIATION OF CYFROWY POLSAT SPÓŁKA AKCYJNA SEATED IN WARSAW

CONSOLIDATED TEXT OF ARTICLES OF ASSOCIATION OF CYFROWY POLSAT SPÓŁKA AKCYJNA SEATED IN WARSAW CONSOLIDATED TEXT OF ARTICLES OF ASSOCIATION OF CYFROWY POLSAT SPÓŁKA AKCYJNA SEATED IN WARSAW (consolidated text with amendments implemented on January 16, 2015, adopted by the Supervisory Board in resolution

More information

RADPOL joint-stock company. Człuchów, Poland

RADPOL joint-stock company. Człuchów, Poland Poznań, 5.03.2012 RADPOL joint-stock company Człuchów, Poland Opinion of independent auditor with supplementary report on the financial statements for the financial year ended 31 December 2011. RADPOL

More information

FORM to exercise voting rights by Proxy. Proxy:.. Shareholder:.

FORM to exercise voting rights by Proxy. Proxy:.. Shareholder:. FORM to exercise voting rights by Proxy Proxy:.. acting on behalf of Shareholder:. at the Extraordinary General Shareholders Meeting of Kino Polska TV S.A. with its headquarters in Warsaw on: 2013 Attention!

More information

Resolution No. 1/2015 of the 24th General Shareholders Meeting of POLNORD SA in Gdynia of 30 June 2015

Resolution No. 1/2015 of the 24th General Shareholders Meeting of POLNORD SA in Gdynia of 30 June 2015 Resolution No. 1/2015 on approval of the Management Board s report on the operations of the Company in 2014 and the approval of the Company s financial statements for the financial year 2014 On the basis

More information

Management Board s report on the operations of Fabryki Mebli FORTE S.A. for the year ended 31 December 2013

Management Board s report on the operations of Fabryki Mebli FORTE S.A. for the year ended 31 December 2013 II. CORPORATE GOVERNANCE In accordance with 29(5) of the Rules of Giełda Papierów Wartościowych w Warszawie S.A. [Warsaw Stock Exchange] (hereinafter: Exchange or the WSE ) on the basis of Resolution No

More information

AMICA WRONKI SPÓŁKA AKCYJNA [JOINT STOCK COMPANY]

AMICA WRONKI SPÓŁKA AKCYJNA [JOINT STOCK COMPANY] Current Report No. 51/2014 Title: Adopting the Consolidated Text of the Articles of Association of Amica Wronki Spółka Legal basis: 39 paragraph 1 item 2(b) of the Regulation of the Minister of Finance

More information

Final report SA-R of the AB S.A. company for the financial year 2009/2010. covering the period from 01-07-2009 to 30-06-2010

Final report SA-R of the AB S.A. company for the financial year 2009/2010. covering the period from 01-07-2009 to 30-06-2010 Final report SA-R of the AB S.A. company for the financial year 2009/2010 covering the period from 01-07-2009 to 30-06-2010 Selected financial data translated into euro SELECTED FINANCIAL DATA in thous.

More information

CIECH SPÓŁKA AKCYJNA WARSAW, UL. POWĄZKOWSKA 46/50

CIECH SPÓŁKA AKCYJNA WARSAW, UL. POWĄZKOWSKA 46/50 CIECH SPÓŁKA AKCYJNA WARSAW, UL. POWĄZKOWSKA 46/50 FINANCIAL STATEMENT FOR THE FINANCIAL YEAR 2006 WITH THE STATUTORY AUDITOR'S OPINION AND AUDIT REPORT CIECH Spółka Akcyjna CONTENTS INDEPENDENT STATUTORY

More information

Limited liability company. Preferred form of business activity. Joint ventures with a limited number of shareholders. Shareholders who want:

Limited liability company. Preferred form of business activity. Joint ventures with a limited number of shareholders. Shareholders who want: ul. Krolewska 16, 00-103 Warsaw, Poland T: +48 22 581 44 00 F: +48 22 581 44 10 E: kontakt@fka.pl W: www.fka.pl KRS: 0000278271 NIP: 525-22-25-600 REGON: 017438631 Limited liability company Preferred form

More information

REPORT OF THE MANAGEMENT BOARD. with its registered seat in Warsaw. justifying the division of. mwealth Management S.A.

REPORT OF THE MANAGEMENT BOARD. with its registered seat in Warsaw. justifying the division of. mwealth Management S.A. 15 December 2015 REPORT OF THE MANAGEMENT BOARD of mbank S.A. with its registered seat in Warsaw justifying the division of mwealth Management S.A. On 15 December 2015, the management boards of mwealth

More information

LONG-FORM AUDITORS REPORT SUPPLEMENTING THE INDEPENDENT AUDITORS OPINION ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER

LONG-FORM AUDITORS REPORT SUPPLEMENTING THE INDEPENDENT AUDITORS OPINION ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER LONG-FORM AUDITORS REPORT SUPPLEMENTING THE INDEPENDENT AUDITORS OPINION ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008 I. GENERAL NOTES 1. Background ING Bank Śląski S.A. (hereinafter

More information

OPINION AND REPORT FROM THE AUDIT OF THE FINANCIAL STATEMENTS. for the period: from Jan 1, 2012 till Dec 31. 2012

OPINION AND REPORT FROM THE AUDIT OF THE FINANCIAL STATEMENTS. for the period: from Jan 1, 2012 till Dec 31. 2012 OPINION AND REPORT FROM THE AUDIT OF THE FINANCIAL STATEMENTS for the period: from Jan 1, 2012 till Dec 31. 2012 SONEL S. A. ul. S. Wokulskiego 11 58-100 Świdnica for the Shareholders and Supervisory Board

More information

How to set up a company in South Africa

How to set up a company in South Africa How to set up a company in South Africa Business entities and registration procedures The most common business entities in South Africa are: 1. Companies 2. Close corporations 3. Partnerships and sole

More information

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008

INFORMATION SHEET NO.54. Setting up a Limited Liability Company in Poland December 2008 INFORMATION SHEET NO.54 Setting up a Limited Liability Company in Poland December 2008 General The Commercial Companies Code (KSH) regulates all issues related to the establishment, activity and dissolution

More information