We have audited the accompanying consolidated financial statements of the KGHM Polska Miedź Spółka Akcyjna Group (hereinafter called “the Group”), having KGHM Polska Miedź Spółka Akcyjna, Marii Skłodowskiej- Curie 48 Street, Lubin, as its parent company (hereinafter called “the Parent Company”), which comprise the consolidated statement of financial position as at 31 December 2014, showing total assets and total equity and liabilities of PLN 40.374 million, the consolidated statement of profit and loss for the year from 1 January to 31 December 2014, showing a net profit of PLN 2.451 million, the consolidated statement of comprehensive income for the period from 1 January to 31 December 2014, showing a total comprehensive income of PLN 3.448 million; the consolidated statement of changes in equity, the consolidated statement of cash flows for the financial year and additional information on adopted accounting policies and other explanatory notes.
The Parent Company’s Management Board is responsible for preparing the consolidated financial statements and the Management Board’s Report on the activities of the Group in accordance with the applicable regulations, and for the correctness of the accounting records. Members of the Management Board and Members of the Supervisory Board of the Parent Company are obliged to ensure that the consolidated financial statements and the Management Board’s Report on the activities of the Group comply with the requirements of the Accounting Act of 29 September 1994 (“the Accounting Act” – Journal of Laws of 2013, item 330 as amended).
Our responsibility was to perform an audit of the accompanying consolidated financial statements and to express an opinion on whether the consolidated financial statements comply, in all material respects, with the applicable accounting policies and whether they present, in all material respects, a true and clear view of the Group’s financial position and results.
We conducted our audit in accordance with:
a. the provisions of Chapter 7 of the Accounting Act;
b. national standards of auditing issued by the National Council of Registered Auditors.
Our audit was planned and performed to obtain reasonable assurance whether the consolidated financial statements are free from material misstatements and omissions. The audit included examining, on a test basis, accounting documents and entries supporting the amounts and disclosures in the consolidated financial statements. The audit also included assessing the Group’s accounting policies and significant estimates made during the preparation of the consolidated financial statements, as well as evaluating the overall presentation thereof. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accompanying consolidated financial statements, in all material respects:
a. give a fair and clear view of the Group’s financial position as at 31 December 2014 and of the results of its operations for the year from 1 January to 31 December 2014, in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union;
b.comply in terms of form and content with the applicable laws;
c. have been prepared on the basis of properly maintained consolidation documentation.
The information contained in the Management Board’s Report on the activities of the Group for the year from 1 January to 31 December 2014 has been presented in accordance with the provisions of the Decree of the Minister of Finance dated 19 February 2009 concerning the publication of current and periodic information by issuers of securities and the conditions of acceptance as equal information required by the law of other state, which is not a member state (“the Decree” – Journal of Laws of 2014, item 133) and is consistent with the information presented in the audited consolidated financial statements.
Person conducting the audit on behalf of PricewaterhouseCoopers Sp. z o.o., Registered Audit Company No. 144:
Key Registered Auditor
Wrocław, 16 March 2015