Grupa Azoty Zakłady Chemiczne Police Group. Independent Auditor s Opinion and Report Financial year ended December 31st PDF

Description
Independent Auditor s Opinion and Report Financial year ended December 31st 2015 The opinion contains 2 pages. The report contains 12 pages. Opinion of the independent auditor and supplementary report

Please download to get full document.

View again

of 15
All materials on our website are shared by users. If you have any questions about copyright issues, please report us to resolve them. We are always happy to assist you.
Information
Category:

Food & Beverages

Publish on:

Views: 108 | Pages: 15

Extension: PDF | Download: 0

Share
Transcript
Independent Auditor s Opinion and Report Financial year ended December 31st 2015 The opinion contains 2 pages. The report contains 12 pages. Opinion of the independent auditor and supplementary report on the audit of the consolidated financial statements for the year ended December 31st KPMG Audyt Sp. z o.o. is a Polish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. KPMG Audyt Sp. z o.o. Telephone ul. Inflancka 4A Fax: Warsaw, Poland Poland Website OPINION OF THE INDEPENDENT AUDITOR To the General Meeting of Grupa Azoty Zakłady Chemiczne Police S.A. Opinion on the consolidated financial statements We have audited the accompanying consolidated financial statements of the Group, whose Parent is Grupa Azoty Zakłady Chemiczne Police S.A. with registered office at ul. Kuźnicka 1, Police, Poland (the Group ), which comprise the consolidated statement of financial position as at December 31st 2015, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity, and the consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management s and Supervisory Board s responsibility The Management Board of the Parent is responsible for the preparation of the consolidated financial statements so as to give a true and fair view in accordance with International Financial Reporting Standards endorsed by the European Union and other applicable regulations, and for the preparation of the Directors Report on the Group s operations. The Parent s Management Board is also responsible for such internal control as the Management Board determines is necessary to enable the preparation of consolidated financial statements that are free from misstatement, whether due to fraud or error. Pursuant to the Accountancy Act of September 29th 1994 (Dz.U. of 2013, item 330, as amended) ( Accountancy Act ), the Parent s Management Board and members of the Supervisory Board are required to ensure that the consolidated financial statements and the Directors Report on the Group s operations are in compliance with the requirements set forth in the Accountancy Act. Auditor s responsibility Our responsibility is to express an opinion on the consolidated financial statements based on our audit. We conducted our audit in accordance with section 7 of the Accountancy Act and Polish financial auditing standards compliant with the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The choice of procedures depends on our judgement, including the assessment of risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity s preparation of consolidated financial statements that give a true and fair view in order to design audit KPMG Audyt Sp. z o.o., a Polish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. 1 KPMG Audyt Sp. z o.o., a Polish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. Registered at the District Court for the Capital City of Warsaw, 12th Commercial Division of the National Court Register. KRS Share capital: PLN 125,000 Tax Identification Number (NIP): Industry Identification Number (REGON): procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Parent s Management Board, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the accompanying consolidated financial statements of the Grupa Azoty Zakłady Chemiczne Police Group present fairly and clearly the Group s assets and financial standing as at December 31st 2015, its financial performance and cash flows for the year then ended, and have been prepared, in all material respects, in accordance with the International Financial Reporting Standards as endorsed by the European Union, and are in compliance with the respective regulations that apply to consolidated financial statements, applicable to the Group. Report on other legal and regulatory requirements Directors Report on the Group s operations As required under the Accountancy Act, we acknowledge that the Directors Report on the Group s operations includes, in all material respects, the information required by Art. 49 of the Accountancy Act and the Minister of Finance s Regulation on current and periodic information to be published by issuers of securities and conditions for recognition as equivalent of information whose disclosure is required under the laws of a non-member state, dated February 19th 2009 (Dz.U. of 2014, Item 133), and such information is consistent with the consolidated financial statements. On behalf of KPMG Audyt Sp. z o.o. Reg. No. 458 ul. Inflancka 4A Warsaw, Poland Monika Bartoszewicz Lead Auditor Reg. No Partner, Commercial Proxy March 8th Supplementary report on the audit of consolidated financial statements Financial year ended December 31st 2015 The supplementary report contains 12 pages. Supplementary report on the audit of the consolidated financial statements for the financial year ended December 31st KPMG Audyt Sp. z o.o. is a Polish limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. Contents 1. General Identification of the Group Name of the Group Registered office of the Parent Registration of the Parent in the business register of the National Court Register Management of the Parent The Group companies Consolidated companies Companies excluded from consolidation Identification of the lead auditor and audit firm Identification of the lead auditor Identification of the audit firm Prior period consolidated financial statements Scope of the audit and responsibilities of the auditor Audits of the financial statements of the consolidated companies Parent Other consolidated entities 6 2. Financial analysis of the Group Summary analysis of the consolidated financial statements Consolidated statement of financial position Consolidated statement of profit or loss and other comprehensive income Selected financial ratios 9 3. Detailed report Accounting policies Basis of preparation Consolidation method Consolidation of equity and calculation of non-controlling interests Consolidation eliminations Notes to the consolidated financial statements Directors Report on the Group s operations 12 2 1. General 1.1. Identification of the Group Name of the Group Grupa Azoty Zakłady Chemiczne Police Group Registered office of the Parent ul. Kuźnicka 1, Police, Poland Registration of the Parent in the business register of the National Court Register Registry court: District Court for Szczecin-Centrum in Szczecin, 13th Commercial Division of the National Court Register Date: May 29th 2001 Entry number in the National Court Register: KRS Share capital as at the end of the reporting period: Management of the Parent The Management Board is responsible for management of the Parent. As at December 31st 2015, the Management Board of the Company was composed of: Krzysztof Jałosiński President of the Management Board, Wojciech Naruć Vice-President of the Management Board, Rafał Kuźmiczonek Vice-President of the Management Board, Anna Podolak Vice-President of the Management Board The Group companies Consolidated companies As at December 31st 2015, the following companies were consolidated by the Group: Parent: Grupa Azoty Zakłady Chemiczne Police S.A. Fully consolidated subsidiaries: African Investment Group S.A., AFRIG Trade SARL, Grupa Azoty Police Serwis Sp. z o.o. (established by way of merger of Automatika Usługi Kontrolno-Pomiarowe Sp. z o.o. and Remech Grupa Remontowo-Inwestycyjna Sp. z o.o.), Grupa Azoty Africa S.A., 3 InfraPark Police S.A. w likwidacji (in liquidation), Koncept Sp. z o.o., Transtech Usługi Sprzętowe i Transportowe Sp. z o.o. Zarząd Morskiego Portu Police Sp. z o.o., PDH Polska S.A. Grupa Azoty Zakłady Chemiczne Police Group The following subsidiaries were consolidated for the first time in the financial year ended December 31st 2015, as a result of the Parent acquiring a controlling interest: PDH Polska S.A. included in the consolidated financial statements for the period September 24th 2015 December 31st Companies excluded from consolidation As at December 31st 2015, the following subsidiaries of the Group were not consolidated: Supra Agrochemia Sp. z o.o Identification of the lead auditor and audit firm Identification of the lead auditor Name and surname: Monika Bartoszewicz Registration number: Identification of the audit firm Name: KPMG Audyt Sp. z o.o. Address of registered office: ul. Inflancka 4A, Warsaw, Poland Entry number in the National KRS Court Register: Registry court: District Court for the Capital City of Warsaw in Warsaw, 12th Commercial Division of the National Court Register. Share capital: PLN 125,000 Tax Identification Number (NIP): KPMG Audyt Sp. z o.o. is entered in the register of audit firms maintained by the National Council of Statutory Auditors (Krajowa Rada Biegłych Rewidentów) under Reg. No Prior period consolidated financial statements The consolidated financial statements for the financial year ended December 31st 2014 were audited by KPMG Audyt Sp. z o.o. The auditor issued an unmodified opinion. In connection with change in the presentation of advances and prepayments in the statement of financial position and the use of CO 2 emission allowances in the statement of profit and loss and other 4 comprehensive income, relevant comparative data for the financial year ended December 31st 2014 have been restated. The consolidated financial statements were approved by the General Meeting of the Parent on May 27th The consolidated financial statements were filed with the Registry Court on June 11th Scope of the audit and responsibilities of the auditor This report was prepared for the General Meeting of Grupa Azoty Zakłady Chemiczne Police S.A. with its registered office at ul. Kuźnicka 1, Police, Poland, and relates to the consolidated financial statements comprising the consolidated statement of financial position as at December 31st 2015, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity, and the consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. The consolidated financial statements were audited under an agreement of June 23rd 2015 executed pursuant to the Supervisory Board s resolution of April 1st 2015 on the appointment of the auditor. We conducted our audit in accordance with Section 7 of the Accountancy Act of September 29th 1994 (Dz. U. of 2013, item 330, as amended) (the Accountancy Act ) and Polish financial auditing standards compliant with the International Standards on Auditing issued by the International Auditing and Assurance Standards Board (IAASB). We audited the consolidated financial statements at the Group entities in the periods November 23rd to November 27th 2015, January 25th to January 29th 2016, and February 1st to February 5th The Management Board of the Parent is responsible for the preparation of the consolidated financial statements so as to give a true and fair view in accordance with International Financial Reporting Standards endorsed by the European Union and other applicable regulations, and for the preparation of the Directors Report on the Group s operations. Our responsibility is to express an opinion and to prepare a supplementary report on the audit of the consolidated financial statements based on our audit. On the date of this report, the Parent s Management Board made a statement on fairness and clarity of the attached consolidated financial statements and on absence of any events which could have a material bearing on the data presented in the audited consolidated financial statements but were not disclosed in the statements. In the course of the audit of the consolidated financial statements, all required statements, explanations and information were provided to us by the Management Board of the Parent on our request, and all documents and information necessary to express our opinion and prepare the report were made available to us. The scope of work planned and performed was not limited in any way. The method and scope of our audit are detailed in working documentation prepared by us and retained at the offices of the audit firm. 5 The lead auditor and the audit firm meet the independence criteria, as defined in Art and Art of the Act on Qualified Auditors and their Self-Government, Entities Qualified to Audit Financial Statements and Public Supervision, dated May 7th 2009 (Dz.U. of 2015, item 1011, as amended) Audits of the financial statements of the consolidated companies Parent The separate financial statements of the Parent for the financial were audited by KPMG Audyt Sp. z o.o., an audit firm registered under No. 458; the auditor issued an unmodified opinion Other consolidated entities Company Audit firm Reporting date Auditor s opinion African Investment Group S.A. Cabinet COREX Dec no opinion issued by the AFRIG Trade SARL Grupa Azoty Africa Spółka Akcyjna Senegal Grupa Azoty Police Serwis Sp. z o.o. date of this Report no audit required KPMG Senegal Dec unmodified HLB M2 Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. Dec unqualified opinion with emphasis of matter paragraph InfraPark Police S.A. Dec no audit required Koncept Sp. z o.o. HLB M2 Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. Dec unqualified opinion with emphasis of matter paragraph PDH Polska S.A. Dec no audit required Transtech Usługi Sprzętowe i Transportowe Sp. z o.o. ZMPP Sp. z o.o. HLB M2 Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. HLB M2 Audyt Spółka z ograniczoną odpowiedzialnością Sp. k. Dec Dec unqualified opinion with emphasis of matter paragraph unqualified opinion with emphasis of matter paragraph 6 2. Financial analysis of the Group 2.1. Summary analysis of the consolidated financial statements Consolidated statement of financial position ASSETS Dec PLN 000 Grupa Azoty Zakłady Chemiczne Police Group % of total assets Dec PLN 000 % of total assets restated Non-current assets Property, plant and equipment 1,338, ,198, Investment property 5, , Intangible assets 86, , Investments in subordinated entities 27, , Other financial assets Non-current receivables Deferred tax assets 63, , Other assets 3, , Total non-current assets 1,525, ,368, Current assets Inventories 337, , Other financial assets 9, , Current tax assets Trade and other receivables 207, , Cash and cash equivalents 95, , Other assets 7, , Total current assets 658, , TOTAL ASSETS 2,183, ,078, Dec PLN 000 % of equity and liabilities Dec PLN 000 % of equity and liabilities EQUITY AND LIABILITIES Equity Share capital 750, , Exchange differences on translating foreign operations (616) Retained earnings 385, , Equity attributable to owners of the parent 1,134, ,012, Non-controlling interests 93, , Total equity 1,228, ,107, Liabilities Borrowings 208, , Employee benefit obligations 64, , Other non-current liabilities Provisions 46, , Government grants 19, , Deferred tax liabilities 57, , Other financial liabilities 6, , Total non-current liabilities 402, , Borrowings 92, , Employee benefit obligations 7, , Current tax expense 3, Trade and other payables 392, , Provisions 54, , Government grants 1, , Deferred revenue Other financial liabilities 2, , Total current liabilities 552, , Total liabilities 955, , TOTAL EQUITY AND LIABILITIES 2,183, ,078, Consolidated statement of profit or loss and other comprehensive income Jan Dec PLN 000 % of revenue Jan Dec PLN 000 % of revenue Revenue 2,741, ,412, Cost of sales (2,253,035) 82.2 (2,078,423) 86.2 Gross profit 488, , Selling and distribution expenses (97,664) 3.6 (90,254) 3.7 Administrative expenses (184,668) 6.7 (169,001) 7.0 Other income 12, , Other expenses (9,170) 0.3 (10,264) 0.5 Operating profit 209, , Finance income 1, , Finance costs (18,496) 0.7 (21,466) 0.9 Net finance income/(costs) (16,696) 0.6 (17,231) 0.7 Share of profit of equity-accounted associates 10, , Profit before tax 203, , Tax expense (38,493) 1.4 (13,397) 0.6 Net profit for the year 164, , OTHER COMPREHENSIVE INCOME Remeasurements of defined benefit obligation (1,184) 0.0 (3,519) 0.1 Income tax on other comprehensive income Translation reserve (1,139) 0.0 6, Other comprehensive income (2,115) 0.1 3, Total comprehensive income for the year 162, , Net profit attributable to: Owners of the Parent 165,951 63,544 Non-controlling interests (1,162) (2,333) Total profit or loss and other comprehensive income attributable to: Owners of the Parent 164,273 63,979 Non-controlling interests (1,599) 390 Earnings per share Basic (PLN) Diluted (PLN) 2.2. Selected financial ratios Net margin net profit x 100% 6.0% 2.5% 1.8% revenue 2. Return on equity net profit x 100% 15.3% 6.1% 4.7% equity - profit for the year 3. Average collection period average trade receivables (gross) x 365 days 25 days 32 days 26 days revenue 4. Debt ratio liabilities x 100% 43.8% 46.7% 46.1% total equity and liabilities 5. Liquidity ratio current assets current liabilities Revenue includes revenue from sale of products, merchandise and materials. Average trade receivables (gross) is an arithmetical mean of trade receivables as at the beginning and end of the reporting period, before impairment losses. 9 3. Detailed report 3.1. Accounting policies The Parent maintains current documentation describing the accounting policies applied by the Group and adopted by the Parent s Management Board. The accounting policies are described in the notes to the consolidated financial statements to the extent required by the International Financial Reporting Standards endorsed by the European Union. In view of the fact that not all Group entities apply uniform accounting policies consistent with the policies applied by the Parent, for the purposes of preparing the consolidated financial statements the financial statements of those entities were restated to ensure consistency with the accounting policies applied by the Parent. Due to the fact that financial statements of the new subsidiary PDH Polska S.A. will be prepared for the first time for 2016, data of this entity were consolidated on the basis of financial information prepared for the purposes of the Group s consolidated financial statements and covering the period September 24th December 31st The financial statements of other entities included in the consolidated financial statements were prepared as at the e
Related Search
Similar documents
View more...
We Need Your Support
Thank you for visiting our website and your interest in our free products and services. We are nonprofit website to share and download documents. To the running of this website, we need your help to support us.

Thanks to everyone for your continued support.

No, Thanks