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Annual separate financial statements

Independent Registered Auditor's Opinion to the Shareholders' Meeting and the Supervisory Board of  KGHM Polska Miedź Spółka Akcyjna

 

We have audited the accompanying financial statements of KGHM Polska Miedź Spółka Akcyjna (hereinafter called "the Company") with its registered office in Lubin, ul. Marii Skłodowskiej-Curie 48, which comprise the statement of financial position as at 31 December 2012, showing total assets and total liabilities and equity of PLN 28.177 million, the statement of profit or loss for the period from 1 January to 31 December 2012, showing a net profit of PLN 4.868 million, the statement of comprehensive income for the period from 1 January to 31 December 2012, showing a total comprehensive income of PLN 4.456 million, the statement of changes in equity, the statement of cash flows for the financial year and additional information on adopted accounting policies and other explanatory notes.
 

The Company's Management Board is responsible for preparing the financial statements and the Directors' Report in accordance with the applicable regulations, and for the correctness of the accounting records. The Management Board and Members of the Supervisory Board are required to ensure that the financial statements and the Director's Report meet the requirements set out in the Accounting Act of 29 September 1994 (uniform text, Journal of Laws of 2009, No. 152, item 1223 with further amendments, hereinafter referred to as "the Act").
 

Our responsibility was to perform an audit of the accompanying financial statements and to express an opinion on whether the financial statements comply in all material respects with the applicable accounting policies and whether they present fairly, in all material respects, the Company’s financial position and results, and whether the accounting records constituting the basis for their preparation are properly maintained.
 

We conducted our audit in accordance with the following:

a. the provisions of Chapter 7 of the Act;

b. national standards of auditing issued by the National Chamber of Registered Auditors.
 

Our audit was planned and performed to obtain reasonable assurance that the financial statements were free of material misstatements and omissions. The audit included examining, on a test basis, accounting documents and entries supporting the amounts and disclosures in the financial statements. The audit also included an assessment of the accounting policies applied by the Company and significant estimates made in the preparation of the financial statements as well as an evaluation of the overall presentation thereof. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, and in all material respects, the accompanying financial statements:

a. give a fair and clear view of the Company's financial position as at 31 December 2012 and of the financial results for the year then ended, in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union;

b. comply in form and content with the applicable laws and the Company's Memorandum of Association;

c. have been prepared on the basis of properly maintained accounting records, in accordance with the applicable accounting policies.


The information contained in the Directors' Report for the financial year ended 31 December 2012 has been prepared 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 2009, No. 33, item 259, with further amendments) and is consistent with the information presented in the audited financial statements.
 

Person conducting the audit on behalf of PricewaterhouseCoopers Sp. z o.o., Registered Audit Company No. 144:


Marcin Sawicki

Key Registered Auditor

No. 11393

Wrocław, 27 March 2013
 

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