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We have audited the attached consolidated financial statements of the Grupa LOTOS S.A. Capital Group with Grupa LOTOS S.A. with its registered office in Gdańsk, at ul. Elbląska 135, as the parent, including consolidated statement of financial position prepared as of 31 December 2009, consolidated statement of comprehensive income, consolidated statement of changes in equity, consolidated statement of cash flows for the financial year from 1 January 2009 to 31 December 2009 and notes, including information about the adopted accounting policy and other explanatory notes.
Preparation of consolidated financial statements and a report on the activities of the capital group in line with the law is the responsibility of the Head of the Parent.
The Head of the Parent and members of its Supervisory Board are obliged to ensure that the consolidated financial statements and the report on the activities of the capital group meet the requirements of the Accounting Act of 29 September 1994 (Journal of Laws of 2009, No. 152, item 1223, as amended), hereinafter referred to as the “Accounting Act”.
Our responsibility was to audit and express an opinion on compliance of the consolidated financial statements with the accounting principles (policy) adopted by the capital group, express an opinion whether the financial statements present fairly and clearly, in all material respects, the financial and economic position as well as the profit or loss of the Capital Group.
Our audit of the financial statements has been planned and performed in accordance with:
We have planned and performed our audit of the consolidated financial statements in such a way as to obtain reasonable assurance to express an opinion on the financial statements. Our audit included, in particular, verification of the correctness of the accounting principles (policy) applied by the Parent and the subsidiaries, verification – largely on a test basis – of the basis for the amounts and disclosures in the consolidated financial statements, as well as overall evaluation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
The Group holds 40.31% of shares in the Parent of the AB Geonafta Capital Group in Lithuania, measured using the equity method in the amount of PLN 88.255 thousand. On 25 March 2010, the certified auditor issued a qualified opinion on the AB Geonafta Group’s consolidated financial statements stating as follows:
Due to the aforementioned qualifications expressed in the auditor’s opinion on the consolidated financial statements of the AB Geonafta Capital Group for the financial year ended 31 December 2009, we were unable to assess whether the value of the shares in the Parent of the AB Geonafta Capital Group disclosed in the consolidated financial statements was correct.
In our opinion, except for the consequences of the measurement of shares in the AB Geonafta Capital Group, the audited consolidated financial statements in all material respects:
Without raising any qualifications to the correctness and fairness of the audited consolidated financial statements, we would like to point out that in Note 11 to the consolidated financial statements the Group disclosed assets relating to expenditure incurred on exploration of B-4 and B-6 gas fields as well as well construction costs in the amount of PLN 47.8 million as of 31 December 2009. The Group ordered a profitability analysis regarding field development. The analysis indicated a need for significant capital expenditure to be incurred in order to exploit the aforementioned fields. The amount of future economic benefits may change depending on future market conditions and actions taken by the Lotos Petrobaltic S.A. as well as the possibility to arrange financing or find a project partner.
The Report on the activities of the Capital Group for the 2009 financial year is complete within the meaning of Article 49.2 of the Accounting Act and the Ordinance of the Minister of Finance of 19 February 2009 on current and periodic information published by issuers of securities and the rules of equal treatment of the information required by the laws of non-member states and consistent with underlying information disclosed in the audited consolidated financial statements.
(-) Piotr Sokołowski
Key certified auditor
conducting the audit
No. 9752
persons representing the entity
entitled to audit
financial statements entered under
number 73 on the list kept by the
National Council of Statutory Auditors
Warsaw, 26th of April, 2010
The above audit opinion together with audit report is a translation from the original Polish version. In case of any discrepancies between the Polish and English version, the Polish version shall prevail.
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