IMPEXMETAL S.A. WARSZAWA, UL. ŁUCKA 7/9 FINANCIAL STATEMENT FOR FISCAL YEAR 2014

Transcription

1 WARSZAWA, UL. ŁUCKA 7/9 FINANCIAL STATEMENT FOR FISCAL YEAR 2014 TOGETHER WITH INDEPENDENT STATUTORY AUDITOR'S OPINION AND AUDIT REPORT

2 TABLE OF CONTENTS INDEPENDENT STATUTORY AUDITOR'S OPINION... 3 AUDIT REPORT OF THE FINANCIAL STATEMENT OF IMPEXMETAL S.A. FOR FISCAL YEAR I. OVERVIEW Identification data of the audited Company Information about the financial statement for the previous fiscal year Data identifying the authorized entity and the key expert auditor conducting the audit on its behalf Availability of data and declarations of the Company management... 6 II. ECONOMIC AND FINANCIAL POSITION OF THE COMPANY... 7 III. DETAILED INFORMATION Assessment of the accounting system Information identifying the audited financial statement Information about selected significant items of the financial statement Completeness and correctness of the introduction to the financial statement, of additional information and notes to the statement of Company's activities... 9 IV. CLOSING REMARKS FINANCIAL STATEMENT FOR FISCAL YEAR Profit and loss account 2. Statement of financial position 3. Statement of comprehensive income 4. Statement of changes in equity 5. Statement of cash flows 6. Additional information including information about the adopted accounting policy and other clarifying information BUSINESS REPORT FOR FISCAL YEAR 2014 Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 2

3 Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. Al. Jana Pawła II Warszawa Polska Tel.: Fax: INDEPENDENT STATUTORY AUDITOR'S OPINION To the Shareholders and Supervisory Board of Impexmetal S.A. We have audited the enclosed financial statement of Impexmetal S.A. with a registered office in Warsaw at Łucka street No. 7/9 (hereinafter referred to as the Company ), comprising the statement of financial position as at 31 December, 2013, profit and loss account, and statement of comprehensive income, statement of changes to equity and cash flow statement for the business year from 1 January 2014 to 31 December 2014, as well as additional information about the adopted accounting policy adopted and other explanations within the scope required by the International Accounting Standards, International Financial Reporting Standards and related interpretations announced in the form of European Commission regulations. The Management Board of the Company is responsible for preparing a financial statement and a report on activities in a manner consistent with binding regulations. The Management Board of the Company as well as members of its Supervisory Board are responsible for ensuring compliance of the financial statement and the report on activities with the requirements of the act of 29 September 1994 on accounting (Journal of Laws of 2013, item 330, as amended) hereinafter referred to as the Accounting Act. Our task was to audit the financial statement and to express an opinion on the compliance of the financial statement with the accounting principles (policy) adopted by the Company, as well as to verify whether it presents, in all material aspects, a true and fair situation of the Company s economic and financial situation as well as the financial result and correctness of accounting books constituting basis for its compiling. We have planned and conducted the audit of the financial statement according to the provision of: chapter 7 of the Accounting Act, national auditing standards issued by the National Council of Statutory Auditors in Poland. We have planned and conducted the audit of the financial statement in such a way so as to obtain reasonable certainty which allows for expressing an opinion on this statement. In particular, the audit included a verification of the correctness of accounting principles (policy) used by the Company and checking mainly by random verification the basis for the figures and information included in the financial statement, as well as the overall assessment of the financial statement. We believe that the audit provided a reasonable basis for expressing the auditor s opinion. District Court for the Capital City of Warsaw, National Court Register (KRS) , Tax Identification Number (NIP): , REGON number: Member of Deloitte Touche Tohmatsu Limited

4 In our opinion, the audited financial statement, in all material respects: presents true and fair information relevant for the assessment of the economic and financial position of the Company as at 31 December 2014, as well as its financial result for the fiscal year from 1 January 2014 to 31 December 2014, has been prepared in accordance with the International Accounting Standards, International Financial Reporting Standards and related interpretations announced as regulations of the European Commission, and to the extent not regulated by these Standards in compliance with the requirements of the Accounting Act and executive regulations based on the Act, is consistent with legal regulations and the Company statute which affect the content of the financial statement. The report on activities of the Company for the fiscal year 2014 is complete within the meaning of Article 49 section 2 of the Accounting Act as well as the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent the information required by the laws of a non-member state (Journal of Laws of 2014, item 133) and the information contained in the report, derived from the audited financial statement, is consistent with it. Piotr Niedziela Key statutory auditor conducting the audit reg. no On behalf of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. an entity authorized to carry out audits of financial statements and registered in the list of authorized entities, held by the National Council of Statutory Auditors in Poland (KRBR), under registration no. 73: Jacek Mateja Vice-President of the Management Board of Deloitte Polska Sp. z o.o. general partner of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. Warsaw, March 17,

5 AUDIT REPORT OF THE FINANCIAL STATEMENT OF IMPEXMETAL S.A. FOR FISCAL YEAR 2014 I. GENERAL INFORMATION 1. Identification data of the audited Company The Company operates under the name Impexmetal S.A. (hereinafter: Company ). The Company's registered office is Warsaw, at ul. Łucka 7/9. The Company conducts activities in the form of a limited liability company. The Company is entered into the Register of Entrepreneurs kept by the District Court, XII Commercial Division of the National Court Register in Warsaw, National Court Register (KRS) number The Company operates pursuant to provisions of the Code of Commercial Companies. The initial capital of the Company equaled PLN 94,661 ths as of December 31, 2013, including PLN 80,000 ths divided into 200,000,000 ordinary shares with a nominal value of PLN 0.40 each, as well as hyperinflation revaluation in the amount of PLN 14,661 ths. Within the audited period, the Company conducted activities mainly in the area of manufacture of aluminum and aluminum alloy products. As of the day of issuing the opinion, the Management Board of the Company comprised: Małgorzata Iwanejko Chairman of the Management Board, Jan Woźniak Member of the Management Board. Within the audited period, the Supervisory Board of the Company appointed Jan Woźniak as Member of the Board via a resolution from July 28, No changes occurred in the composition of the Company Board after the balance sheet date until the day of issuing the opinion. 2. Information about the financial statement for the previous fiscal year The activities of the Company in 2013 finished with a net profit in the amount of PLN 32,421 ths. The financial statement of the Company for 2013 was audited by a statutory auditor. The audit was conducted by an authorized entity Deloitte Polska Sp. z o.o. sp. k. The statutory auditor issued an opinion without any reservations about the statement. The General Meeting of Shareholders confirming the financial statement for 2013 took place on 25 June, The General Meeting of Shareholders decided about allocating the entire net profit for 2013 for reserve capital. A unit financial statement for 2013 was submitted to the National Court Register on 30 June, Data identifying the authorized entity and the key expert auditor conducting the audit on its behalf The authorized entity was selected by the Supervisory Board. The audit of the financial statement was conducted based on an agreement from 21 July, 2014, concluded between Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 5

6 the Company and Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. seated in Warsaw, al. Jana Pawła II 19, entered into the list of entities authorized for auditing financial reports under no. 73, kept by the National Council of Statutory Auditors in Poland. On behalf of the authorized entity, the audit of the Company's financial statement was conducted under supervision of the key statutory auditor Piotr Niedziela (reg. no ) between December 15 and December 19, 2014, from February 2 to February 6, 2015 and outside of the Company's seat until the day of issuing this opinion. Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. and the key statutory auditor conducting the audit confirm that they are entitled to audit financial statements and that they fulfill the terms and conditions specified in article 56 of the Act on Statutory Auditors and their Self-Governing Organization, Entities Authorized to Audit Financial Statements and Public Oversight (Journal of Laws from 2009 no. 77, item 649 with further amendments) for the purpose of expressing an unbiased and independent opinion about a Company's financial statement. 4. Availability of data and declarations of the Company management No limitations occurred as to the scope of our audit. During the audit, the authorized entity and the key statutory auditor were given access to the demanded documents and data, as well as exhaustive information and explanations, which was confirmed with, among others, with written statements from the Management Board of the Company from March 17, Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 6

7 II. ECONOMIC AND FINANCIAL POSITION OF THE COMPANY Below are basic data from the profit and loss account, statement of financial position and financial indicators describing the Company's financial result, its financial and economic position compared to analogous quantities for the year before. Basic financial data from the profit and loss account (in PLN ths) Sales revenue Operating expenses Operating results Net profit (loss) Basic financial data from the statement of financial position (in PLN ths) Inventories Trade receivables Current assets Total assets Equity Short-term liabilities (including short-term reserves and accruals) Trade liabilities Sum of liabilities and reserves Profitability and effectiveness indicators sales profitability 9% 4% net profitability of equity 7% 4% asset rotation index 0,65 0,73 receivables rotation index in days liabilities rotation index in days inventories rotation index in days Net fluidity / working capital debt ratio 33% 31% rate of asset coverage with equity 67% 69% net working capital (in PLN ths) fluidity index 1,61 1,41 increased fluidity index 0,82 0,71 Analysis of the quantities and indicators above points to the following tendencies occurring in 2014: increase of sales profitability and net equity profitability, decrease of asset rotation, extension of rotation of liabilities and inventories in days and, at the same time, shortening the rotation of receivables in days, increase of the Company's debt rate, increase of the net working capital, increase of fluidity indicators. Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 7

8 III. DETAILED INFORMATION 1. Assessment of the accounting system The Company is in possession of documentation which describes the adopted accounting principles, coherent in all significant aspects with requirements of art. 10 of the Accounting Act. These principles were used continuously and did not change compared to principles used in the previous year. The opening balance results from a confirmed financial statement for the previous fiscal year and it has been properly entered into the accounting books for the tested period. Based on the tests conducted as part of the financial statement audit procedure, we have verified the applied accounting system and did not state any inconsistencies which would impact the compiled financial statement. However, the accounting system used by the Company was not the subject of our audit in total. The Company performed an inventory of assets and liabilities within the scope necessary to confirm the existence of presented assets and liabilities. 2. Information identifying the audited financial statement The audited financial statement was drawn up as of December 31, 2014 and includes: a financial statement compiled as of December 31, 2014 which shows a sum of PLN ths on the side of assets and liabilities, a profit and loss account for the period from January 1, 2014 to December 31, 2014, indicating a net profit in the amount of PLN ths, a statement of comprehensive income for the period from January 1, 2014 to December 31, 2014, indicating a total comprehensive income in the amount of PLN ths, a statement of changes in equity for the period from January 1, 2014 to December 31, 2014, indicating an increase of equity by PLN ths, a statement of cash flows for the period from January 1, 2014 to December 31, 2014, indicating a decrease of cash by PLN 55 ths, Additional information including information about the adopted accounting policy and other clarifying information. 3. Information about selected significant items of the financial statement The structure of assets and liabilities as well as items shaping the financial result was presented in the financial statement. Tangible fixed assets The tangible fixed assets item in the Company consists of: fixed assets in the amount of PLN ths, fixed assets under construction in the amount of PLN ths, advances for fixed assets under construction in the amount of PLN 399 ths. Moreover, additional information describe changes of the status of fixed assets and fixed assets under construction, together with revealing possible write-downs of the above property items. Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 8

9 Long-term investments The long-term investments item in the Company includes: shares and stocks in subsidiaries in the amount of PLN ths, financial assets available for sale in the amount of PLN ths, Additional information properly describes changes in investments during the fiscal year. Inventories The structure of inventories and related write-downs has been correctly presented in the note explaining this item of the statement of financial position. Receivables The aging structure of trade receivables has been correctly presented in the note explaining this item of the statement of financial position, together with related write-downs. Liabilities The specification of taken out credits, together with a description of their hedging and maturity, has been revealed in additional explanatory notes and information to the financial statement. The aging structure of trade liabilities has been revealed in the note explaining this item of the statement on financial position. Accruals and provisions for liabilities The structure of prepayments and accruals as well as provisions for liabilities has been revealed in explanatory notes. 4. The completeness and correctness of the introduction to the financial statement, of additional information and notes to the statement on Company activities The Company confirmed the legitimacy of applying the principle of continuity of operations when compiling the financial statement. Rules for valuation of assets and liabilities, measuring the financial result and the manner of compiling the financial statement have been correctly and thoroughly described in additional information and explanations to the financial statement. Additional information and explanations to the financial statement correctly and thoroughly describe significant reporting items and clearly present the remaining important information required by IFRS. The Management Board compiled and attached to the financial statement a statement on Company activities in The report on activities of the contains information required under article 49 section 2 of the Accounting Act as well as the Regulation of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and conditions for recognizing as equivalent the information required by the laws of a non-member state (Journal of Laws 2014, item 133). We have audited this statement with regard to the revealed information whose direct source is the audited financial statement. Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 9

10 IV. CLOSING REMARKS Board Statements Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. and the key statutory auditor received a written statement from the Company Management Board in which the Board declared that the Company observed legal provisions within the audited period. Piotr Niedziela Key statutory auditor conducting the audit reg. no On behalf of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. an entity authorized to carry out audits of financial statements and registered in the list of authorized entities, held by the National Council of Statutory Auditors in Poland (KRBR), under registration no. 73: Jacek Mateja Vice-President of the Management Board of Deloitte Polska Sp. z o.o. general partner of Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. Warsaw, March 17, 2015 Deloitte Polska Spółka z ograniczoną odpowiedzialnością Sp. k. 10