INDEPENDENT AUDITOR S OPINION

15  Download (0)

Full text

(1)

INDEPENDENT

AUDITOR’S OPINION

On the audit of the financial statements

A

A

L

L

T

T

U

U

S

S

T

T

O

O

W

W

A

A

R

R

Z

Z

Y

Y

S

S

T

T

W

W

O

O

F

F

U

U

N

N

D

D

U

U

S

S

Z

Z

Y

Y

I

I

N

N

W

W

E

E

S

S

T

T

Y

Y

C

C

Y

Y

J

J

N

N

Y

Y

C

C

H

H

S

S

.

.

A

A

For the period from 1 January 2014 to 31 December 2014

(2)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

ALTUS Towarzystwo Funduszy Inwestycyjnych S.A., Warszawa, ul. Pankiewicza 3

1

INDEPENDENT AUDITOR'S OPINION

for the Shareholders,

the Supervisory Board and the Management Board on the audit of financial statements

of ALTUS Towarzystwo Funduszy Inwestycyjnych S.A

in Warsaw

From 1 January 2014 to 31 December 2014

We have audited enclosed financial statements of ALTUS TOWARZYSTWO FUNDUSZY INWESTYCYJNYCH S.A with a head office in Warsaw, comprising of: the introduction to the financial statements, the balance sheet prepared as at 31 December 2014, the profit and loss account, the report on changes in equity, the cash flow statement for the financial year from 1 January 2014 to 31 December 2014 and the additional information and explanations. Responsibility for preparation of the financial statements in conformity with rules of law as well as for preparation of the business activity report lies with the Company’s manager. The Company’s manager and members of the Supervisory Board or a different supervisory authority are obliged to assure that the financial statements and the Company’s business activity report fulfil requirements contained in the Act of 29 September 1994 on Accounting (Journal of Laws of 11 March 2013, No 330 with further amendments), referred to as the “Act on Accounting”.

Our task was to perform the audit of the financial statements in order to express an opinion on their compliance with required principles of accounting (policy) and on the reliability and clarity of the assessment of the financial position and business assets of the audited Company and its financial result as well as on the soundness of accounting books being the basis for financial statements’ preparation.

We have audited the financial statements in accordance with the following provisions: section 7 of the Act on Accounting

National auditing standards issued by the National Chamber of Statutory Auditors in Poland (Krajowa Rada Biegłych Rewidentów w Polsce).

We have planned and conducted the audit of the financial statements in such a way as to obtain reasonable assurance allowing us to express the opinion about the statements. In particular the audit included examination whether the Company properly applied principles of accounting and made significant estimations correctly, checking – in most cases at random – accounting vouchers and records, on which figures and information contained in the financial statement have been based as well as the overall assessment of the financial statement.

(3)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

2

The results of the audit conducted serve as sufficient basis for expressing an opinion. In our opinion the audited financial statements in every relevant aspect:

a) present all information in a reliable and clear manner, which is crucial to an assessment of the financial position of the audited entity as at 31 December 2014, as well as its financial result for the financial year from 1 January 2014 to 31 December 2014,

b) have been prepared in accordance with required accounting principles (policy) and based on correctly kept account books,

c) conform to the legal regulations affecting the contents of the financial statements and to the provisions of the Company’s articles.

The Company’s business activity report is complete in conformity with the provisions of Art 49 point 2 of the Act on accounting and Regulation of Minister of Finance dated 19 February 2009 concerning current and interim information to be disclosed by securities issuers and the conditions for recognising as equivalent information required by the law of third countries (Journal of Laws of 2014 No 133) and the information contained therein derived from the audited statements is compliant with the financial statements.

This document is an English translation of Independent Auditor’s Opinion originally issued in Polish. The original language version takes precedence over this translation.

Andrzej Pulut

Key Statutory Auditor No 10972 Performed the audit on behalf of

WBS Audyt Sp. z o.o.

Warszawa, ul. Grzybowska 4 lok U9B Authorised entity No 3685

(4)

Warsaw 30 March 2015

A

A

L

L

T

T

U

U

S

S

T

T

O

O

W

W

A

A

R

R

Z

Z

Y

Y

S

S

T

T

W

W

O

O

F

F

U

U

N

N

D

D

U

U

S

S

Z

Z

Y

Y

I

I

N

N

W

W

E

E

S

S

T

T

Y

Y

C

C

Y

Y

J

J

N

N

Y

Y

C

C

H

H

S

S

.

.

A

A

Report

on the audit of financial statements

(5)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

2

R

R

E

E

P

P

O

O

R

R

T

T

C

C

O

O

N

N

T

T

E

E

N

N

T

T

A. GENERAL PART ... 3

B. FINANCIAL POSITION ASSESSMENT ... 6

I.CHANGEANDSTRUCTUREOFBALANCESHEETITEMS ... 6

II.PROFITANDLOSSACCOUNT ... 8

III.BASICRATIOSOFTHECOMPANY’SACTIVITY ... 9

C. DETAILED PART ... 10

I. ACCOUNTSBOOKSRELIABILITYANDCORRECTNESS ... 10

II. FINANCIALSTATEMENTSELEMENTS ... 10

II.1. Introduction to financial statements ... 10

II.2. Information on selected significant balance-sheet items ... 10

II.3. Selected significant items affecting business activity result ... 11

II.4. Statement of changes in equity ... 11

II.5. Cash flow statement ... 11

II.6. Additional information and explanations ... 11

II.7. Report on the Company’s business activity over the financial year ... 11

II.8. Events after balance sheet date ... 12

III. INFORMATIONONSIGNIFICANTLAW VIOLATIONS ... 12

(6)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

ALTUS Towarzystwo Funduszy Inwestycyjnych S.A., Warszawa, ul. Pankiewicza 3

3

A

A

.

.

G

G

e

e

n

n

e

e

r

r

a

a

l

l

p

p

a

a

r

r

t

t

I.

D

ATA ON THE AUDITED

C

OMPANY

The audit concerns ALTUS Towarzystwo Funduszy Inwestycyjnych with a head office in Warsaw, established under an notarial deed Ref. 14394/2007 of 20 August 2007. Recent registered amendment to the articles was made by notary deed No 7936/2014 of 24 October 2014.

At the end of audited period the Company possessed

- share capital 5 757 000,00 PLN - other equity capital 197 771 125,52 PLN

The audited Company according to the status at the end of the audited period is not a parent company and does not have subsidiaries.

Principal activity of the Company is fund management related, including :

- Creation and management of investment funds, including brokerage in sales and redemption of share units, representation toward third person and securities portfolio management,

- Management of portfolios, which include one or more financial instruments,

- Investment advice provided that the company at the same time applied for permission to conduct business mentioned above or the company conducts such business,

- Intermediation in distribution and redemption of investment funds’ share units created by other investment funds society or share units of foreign funds,

- Acting as a representative of foreign funds.

As at 31 December 2014 the Company’s Shareowner above 5 % of votes were:

Shareholder Number of shares Shares value Percentage (%)

Piotr Osiecki 22 754 000 2 275 400,00 46,41% ING OFE 4 075 000 407 500,00 6,25% EBOR 3 400 000 340 000,00 5,22% Andrzej Zydorowicz 3 362 246 336 224,60 5,16% Mania Investments SCSP 3 313 366 331 336,60 5,08% Other <5% 20 785 388 2 078 538,80 31,88% Total 57 690 000 5 769 000,00 100,00%

At 31 December 2014 the share capital registered in National Court Register (KRS) was PLN 5 757 000,00. The share capital increase by PLN 12 000,00 (resolution of 30 December 2014) was subject to registration in National Court Register on 11 February 2015.

(7)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

4

The audited Company identity:

- Entry in the National Court Register - 0000290831

- REGON statistical number - 141158275

- Prevailing activity is described by PKD (Polish Classification of Activity)

-

66.30 Z

- Is VAT taxpayer and has NIP taxation number assigned by

Tax Office in Warsaw - 108-000-36-90

During the period covered by the audit up to day of the audit opinion the Company’s Management Board consisted of:

Name Function Period

Piotr Osiecki Management Board President 01.01.2014 - audit opinion date Jakub Ryba Member of Management Board 01.01.2014 - audit opinion date Witold Chuść Member of Management Board 01.01.2014 - 15.01.2015 Andrzej Zydorowicz Member of Management Board 01.01.2014 - audit opinion date Krzysztof Mazurek Member of Management Board 05.09.2014 - audit opinion date

Responsibility for book-keeping and preparation of Company’s financial statements for the audited period and valid on the audit opinion date lied with Vistra Fund Services Poland Sp. z o.o. S.K.A.

II. F

INANCIAL STATEMENTS FOR PREVIOUS FINANCIAL YEAR

Financial statements for previous year covering period from 1 January 2013 to 31 December 2013 was audited by WBS Audyt Sp. z o.o. and received the audit opinion without reservations.

Financial statements for year 2013 were approved by the decision of Shareholders Meeting on 24 April 2014 that made decision concerning designation of total profit of the year 2013 of PLN 37 563 632,46 as follows.

− PLN 33 807 269,21 for reserve capital,

− 10% of profit, i.e PLN 3 756 363,25 for social purposes.

The approved financial statements for period 1 January 2013 – 31 December 2013 were submitted to the National Court Register on 07 May 2014.

On the basis of the approved financial statements as at 31 December 2013, the account books for the audited period were opened correctly.

III. D

ATA ON THE AUTHORISED COMPANY AUDITING THE FINANCIAL STATEMENTS

By the resolution of the Supervisory Board of the Company of 06 August 2014 the audit of financial statements for 2014 was entrusted to the Company WBS Audyt Sp. z o.o. The audit contract was concluded on 02 February 2015.

Company WBS Audyt Spółka z o. o. with head office at Grzybowska 4 lok U9B in Warsaw is entered under No 3685 at a list of authorised entities. The audit was performed on behalf of WBS Audyt by Mr Andrzej Pulut entry No 10972 at the register and at the list of statutory auditors performing auditor’s profession.

Both authorised company WBS Audyt and the statutory auditor conducting the audit on its behalf, fulfil requirements allowing them to express an objective and independent audit opinion pursuant to Article 56 items 3 and 4 of the Act on Statutory Auditors.

(8)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

ALTUS Towarzystwo Funduszy Inwestycyjnych S.A., Warszawa, ul. Pankiewicza 3

5

V. T

HE

C

OMPANY

S DECLARATIONS AND AVAILABILITY OF DATA

On 30 March 2015 the Company Management submitted a declaration on the completeness, reliability and correctness of the financial statements presented for the audit, on disclosure in the additional information of all contingent liabilities existing as at 31 December 2014 and on non-occurrence, by the date of submission of the declaration of events materially affecting the volume of data presented in the financial statement for the audited year.

During the financial statements audit the Company provided all the documents and information necessary to issue an opinion and develop the supplementing report.

(9)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

6

B

B

.

.

F

F

I

I

N

N

A

A

N

N

C

C

I

I

A

A

L

L

P

P

O

O

S

S

I

I

T

T

I

I

O

O

N

N

A

A

S

S

S

S

E

E

S

S

S

S

M

M

E

E

N

N

T

T

I. CHANGE AND STRUCTURE OF BALANCE SHEET ITEMS BALANCE SHEET ASSETS in PLN

Specification

31.12.2014 31.12.2013 31.12.20102 Change

PLN Structur

e PLN Structure PLN Structure

Value Percentage Value Percentage

2014 / 2013 2014 / 2012 1 2 3 4 5 6 7 8 9 10 11 12 A. Fixed assets 5 305,9 2% 6 559,1 8% 4 501,3 11% (1 253,2) -19,11% 804,6 46% I. Intangible assets 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% II. Tangible fixed assets 154,5 0% 139,0 0% 55,4 0% 15,5 11% 99,1 151% III. Long term receivables 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% 1. From related entities 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% IV. Long term investments 3 301,5 1% 3 416,0 4% 3 138,0 8% (114,5) -3% 163,5 9% a) In related entities 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% V. Long term accruals 1 849,9 1% 3 004,1 4% 1 307,9 3% (1 154,2) -38% 542,0 130% B. Current assets 214 973,1 98% 72 221,9 92% 37 119,9 89% 142 751,2 198% 177 853,1 94,6 I. Inventory 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% II. Short term receivables 18 580,6 8% 24 967,8 32% 14 004,8 34% (6 387,1) -26% 4 575,8 78% 1. From related entities 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% III. Short term investments 196 319,3 89% 47 244,6 60% 23 111,3 56% 149 074,7 316% 173 208,0 104% a) In related entities 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% IV. Short term accruals 73,1 0% 9,5 0% 3,7 0% 63,6 668% 69,4 156% Total assets 220 279,0 100% 78 781,0 100% 41 621,2 100% 141 498,0 180% 178 657,7 89,3%

(10)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

ALTUS Towarzystwo Funduszy Inwestycyjnych S.A., Warszawa, ul. Pankiewicza 3

7

BALANCE SHEET LIBILITIES in PLN

Specification

31.12.2014 31.12.2013 31.12.2012 Change

PLN Structure PLN Structure PLN Structure

Value Percentage Value Percentage

2014 / 2013 2014 / 2012 1 2 3 4 3 4 5 6 9 10 11 12 A. Equity capital 203 528,1 92% 51 872,2 66% 30 107,5 72% 151 655,9 292% 173 420,7 72% I. Share capital 5 757,0 3% 4 360,0 6% 4 320,0 10% 1 397,0 32% 1 437,0 1% II. Called up share capital unpaid (negative value) 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

III. Own shares (stock)

(negative) 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

IV. Reserve capital 155 974,0 71% 5 297,1 7% 1 463,5 4% 150 676,9 2845% 154 510,5 262%

V. Revaluation

reserve 649,2 0% 742,0 1% 638,0 2% (92,7) -13% 11,2 16%

VI. Other reserve

capital 4 991,4 2% 3 909,6 5% 2 713,1 7% 1 081,8 28% 2 278,2 44%

VII. Previous year

profit loss 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

VIII Net profit (loss) 36 156,6 16% 37 563,6 48% 20 972,9 50% (1 407,1) -4% 15 183,7 79%

IX.

Deduction from net profit during year (-) 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0% B. Liabilities and reserves for liabilities 16 750,8 8% 26 908,7 34% 11 513,8 28% (10 157,9) -38% 5 237,1 134% I. Reserves for liabilities 9 832,6 4% 16 025,6 20% 6 391,4 15% (6 193,0) -39% 3 441,3 151%

II. Long term liabilities 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

1. Toward related

units 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

III. Short term

liabilities 6 918,2 3% 10 883,1 14% 5 122,4 12% (3 964,9) -36% 1 795,8 112%

1. Toward related

units 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

IV. Accruals 0,0 0% 0,0 0% 0,0 0% 0,0 0% 0,0 0%

(11)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

8

II. PROFIT AND LOSS ACCOUNT

PROFIT AND LOSS ACCOUNT (COMPARATIVE) in PLN

Specification 01.01.2014 - 31.12.2014 01.01.2013 - 31.12.2013 01.01.2012 - 31.12.2012 Change

PLN Structure PLN Structure PLN Structure value Percentage Value Percentage

2014 / 2013 2014 / 2012

1 2 3 4 5 6 7 8 9 10 11 12

1 Principal activity

A.

Net revenues from sale and equivalents including: 90 505,3 96,2 88 594,8 97,6 48 968,7 98,5 1 910,5 2% 41 536,6 85% I. Revenues from sale of products 90 505,3 96,2 88 594,8 97,6 48 968,7 98,5 1 910,49 2% 41 536,61 85% B. Operating expenses 43 888,4 88,5 32 820,8 73,7 17 334,4 72,5 11 067,66 34% 26 554,05 153% I. Depreciation 48,5 0,1 32,8 0,1 18,3 0,1 15,68 48% 30,20 165% II. Materials and energy consumption 77,6 0,2 129,0 0,3 79,8 0,3 -51,43 -40% -2,19 -3%

III. External services 35 771,6 72,1 27 848,4 62,6 15 515,6 64,9 7 923,23 28% 20 256,05 131%

IV. Taxes and fees 56,5 0,1 71,4 0,2 99,0 0,4 -14,93 -21% -42,54 -43%

V. Remuneration 7 357,9 14,8 4 078,0 9,2 1 346,3 5,6 3 279,88 80% 6 011,55 447% VI. Social insurance

and other fees 213,9 0,4 160,5 0,4 129,7 0,5 53,40 33% 84,22 65%

VII. Other costs by

type 362,5 0,7 500,6 1,1 145,7 0,6 -138,18 -28% 216,75 149%

VIII. Value of goods

and material sold 0,0 0,0 0,0 0,0 0,0 0,0 0,00 0% 0,00 0%

C. Sale result 46 616,9 x 55 774,1 x 31 634,3 x -9 157,16 -16% 14 982,57 47%

2. Other operating activity

D. Other operating revenues . 386,0 0,4 929,6 1,0 34,0 0,1 (543,5) -58% 352,0 1036% E. Other operating costs 5 328,6 10,7 11 651,4 26,2 6 558,7 27,4 (6 322,9) -54% (1 230,2) -19% F. Result on operating activity . (4 942,5) (10 721,9) (6 524,7) 5 779,3 -54% 1 582,2 -24% G. Operating result 41 674,3 x 45 052,2 x 25 109,6 x (3 377,8) -7% 16 564,8 66% 3. Financial activity H Financial revenues 3200,13 3,40 1285,93 1,42 733,66 1,48 1 914,2 149% 2 466,5 336% I Financial costs 394,39 0,79 44,47 0,10 6,93 0,03 349,9 787% 387,5 5589% J. Result on financial activity 2 805,75 x 1241,46 x 726,73 x 1564,29 126% 2079,02 286% 4. Extraordinary events M. Result on extraordinary events 0,00 0,00 0,00 0,00 0% 0,00 0%

K. Profit (loss) gross

(C+D3+E3) 44 480,10 46 293,65 25 836,32 -1813,55 -4% 18643,78 72%

L. Income tax 8 323,52 8 730,01 4 863,45 -406,49 -5% 3460,07 71%

N. Net profit (loss)

(12)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

ALTUS Towarzystwo Funduszy Inwestycyjnych S.A., Warszawa, ul. Pankiewicza 3

9

III. BASIC RATIOS OF THE COMPANY’S ACTIVITY

Liquidity 31.12.2014 31.12.2013 31.12.2012

1

Liquidity ratio I level

31,07 6,64 7,25

Current assets Short term liabilities

2

Liquidity ratio II level

31,07 6,64 7,25

Current assets – inventory Short term liabilities

3

Liquidity ratio III level

6,04 3,27 3,68

Cash and other pecuniary assets Short term liabilities

Profitability 31.12.2014 31.12.2013

1

Return on assets (ROA)

24,18 62,40

Net financial result x 100% Average assets

2

Net profitability

39,95 42,40

Net financial result x 100% Revenues from sale

3 Return on equity (ROE)

Net financial result x 100 % Average equity

17,76 91,64

Rotation (turnover) 31.12.2014 31.12.2013

1 Receivables rotation

(average receivables * 365) revenues from sale

87,81 78,32

2 Liabilities rotation

(average short term liabilities * 365) Revenues from sale

35,90 32,17

In the year covered by the audit, liquidity ratios formed at the level indicating excess liquidity of the Company.

Net profit as at 31 December 2014 was PLN 36 156 577,01 and was close to the value of net profit generated in previous year.

Profitability ratios during audited year obtained high positive values what proves good financial standing of the Company.

Average receivables rotation and average settlements of accounts indicated respectively: average 88 receivables collection days and 36 liabilities settlement days.

The findings of the audit of financial statements prepared at 31 December 2014 as well as ratios described above, taken into consideration with all the data available at the day of this report preparation, do not point out threat for the continuation of Company’s activities within 12 months from the date of the financial statements preparation.

(13)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

10

C

C

.

.

D

D

E

E

T

T

A

A

I

I

L

L

E

E

D

D

P

P

A

A

R

R

T

T

I.

ACCOUNTS BOOKS RELIABILITY AND CORRECTNESS

The accountancy of the audited Company was carried out in conformity with approved accountancy policy. Accepted procedures were adjusted to conditions and requirements of the Company and applied uniformly pursuant to the continuity principle. The Company hold documentation as described in the Art 10 of the Act on Accounting.

Accounts books mirrored economic transactions record in a documented manner and accordingly with applicable accounting principles.

Account books were kept with use of computerised system and met requirements described in Article 13 items 4 and 5 of the Act on Accounting. The basis for opening the account books was the data included in the approved balance sheet for previous year.

The Company conducted stocktaking of assets and liabilities within scope and deadlines required by the Act on accounting. The differences disclosed during the stocktaking between the actual status quo and that in the account books have been explained and settled in the books of audited period.

Methods for accounts books and records and financial statements’ storage and protection fulfilled requirements of the Article 71 of the Act on Accounting.

II.

FINANCIAL STATEMENTS ELEMENTS

II.1. Introduction to financial statements

The introduction to financial statement is complete and correct, it contains all the information required by the Appendix No 1 to the Act on accounting and includes in particular indication that the financial statements have been prepared with the assumption that business activities of the Company will be continued at least by 12 months and longer.

II.2. Information on selected significant balance-sheet items

Detailed numerical information and explanations for particular items of assets and liabilities are presented in additional information to the financial statements.

1. Assets

Increased value of assets in audited period is mainly connected with deposits made in banks presented in the item “other short term financial assets” (deposits over 3 months) and “other cash assets”.

Items presented in assets are complaint with accounting records and are properly presented in financial statements. When carrying balance sheet valuations of particular components of assets the Company applied statutory accounting principles resulting from the Act on Accounting.

2. Equity

The increase of reserve capital during analysed period results mainly from the generated excess of stock series F issue price over their nominal value. The equity was properly reported and presented in the financial statements. The value of share capital reported in account books and financial statements is consistent with the extract from National Court Register updated as at the balance sheet day.

(14)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

ALTUS Towarzystwo Funduszy Inwestycyjnych S.A., Warszawa, ul. Pankiewicza 3

11

3. Liabilities and reserves for liabilities

Values reported in liabilities and reserves for liabilities are compliant with account records and were properly presented in financial statements within significant scope.

II.3. Selected significant items affecting business activity result

Negative value of investment revaluation in the audited financial year was caused by sale transactions regarding investment certificates / share units and connected reversal valuations of this financial assets introduced in current reporting period.

The company properly and comprehensively reported values affecting the financial result in all essential aspect taking into regard accrual basis and cause-and-effect matching of costs and revenues. The structure of revenues and costs was accurately presented in explanatory notes to the financial statements.

II.4. Statement of changes in equity

The statement on changes in equity was prepared pursuant to the template specified in the Appendix No 1 to the Act on Accounting. Data presented in report on changes on equity are compliant with regulations, financial statements elements and data from account records and the trial balance.

II.5. Cash flow statement

Cash flow statement was prepared correctly pursuant to requirements of the Appendix No 1 to the Act on accounting scope of information using indirect method on the basis of the balance, profit and loss account, additional information and cash flow statement is compliant with the data included therein as well as with those from account records and the trial balance.

II.6. Additional information and explanations

The additional information and explanation constitute integral part of the financial statements. Data included in the additional information and explanations were disclosed and presented by the Company in compliance with requirements contained in the Act on Accounting and Regulation of Minister of Finance dated 19 February 2009 concerning current and interim information to be disclosed by securities issuers and the conditions for recognising as equivalent information required by the law of third countries (Journal of Laws of 2014 No 133).

II.7. Report on the Company’s business activity over the financial year

Company’s Management prepared a written report on business activities of the Company the financial information of which complies with the data included in the audited financial statement. Report on business activity is complete and correct and compliant with requirements of Art 49 item 2 of the Act on Accounting and with Regulation of Minister of Finance dated 19 February 2009 concerning current and interim information to be disclosed by securities issuers and the conditions for recognising as equivalent information required by the law of third countries (Journal of Laws of 2014 No 133) and information contained therein derived from the audited financial statements is consistent.

(15)

WBS Audyt Sp. z o. o. Adres: ul. Grzybowska 4 lok. U9B, 00-131 Warszawa Telefon: (022) 419-20-83, NIP 525-15-69-214 Sąd Rejonowy dla m.st. Warszawy XII Wydział Gospodarczy Krajowego Rejestru Sądowego KRS 0000099028, Kapitał Zakładowy 100.000 zł

12

II.8. Events after balance sheet date

On 30 January 2015 the Company concluded the agreement regarding takeover of Towarzystwo Funduszy Inwestycyjnych Spółdzielczych Kas Oszczędnościowo – Kredytowych S.A. (SKOK TFI) headquartered in Sopot by the audited entity. The merger plan was audited by Statutory Auditor and on 16 February 2015 the audit opinion was issued. Furthermore, on 26 February 2015 the audited entity concluded with SKOK TFI agreements concerning takeover of investment portfolios’ management of funds and sub-funds of TFI SKOK. On 09 March 2015 the President of the Office for Competition and Consumer Protection expressed the consent for above merger.

III.

INFORMATION ON SIGNIFICANT LAW VIOLATIONS

As a result of auditing procedures applied we did not discovered any violations to the law and the Company’s statues nor Company’s articles.

IV.

CONCLUSIONS

1. The assessment of the financial statement is an opinion prepared in a separate document.

2. The audit included verification – merely with the use of a random sampling method – of accounting vouchers and records, which are the basis for the amounts and information presented in the financial statement, as well as items which have impact on settlements with budgets. Therefore, some discrepancies may occur between results of potential audits performed by tax authorities, who usually apply a comprehensive method, and the findings included in the report.

3. This report contains 12 pages numbered in sequence.

This document is an English translation of Independent Auditor’s Opinion originally issued in Polish. The original language version takes precedence over this translation.

Andrzej Pulut

Key Statutory Auditor 10972 Performed the audit on behalf of

WBS Audyt Sp. z o.o.

Warszawa, ul. Grzybowska 4 lok U9B Authorised entity No 3685

Figure

Updating...

References

Related subjects :