INDEPENDENT AUDITOR’S REPORT
To the Shareholders and the Board of Directors of GGE a.s.:
We have audited the accompanying consolidated financial statements of GGE, akciová spoločnosť and subsidiaries (the
“Company”), which comprise the Statement of Financial Position as at 31 December 2012, 31 December 2011 and 31 December 2010 and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the years then ended, and a summary of significant accounting policies and other explanatory information.
Statutory Body’s Responsibility for the Financial Statements
The Company’s statutory body is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as the statutory body determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the 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 procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the statutory body, 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.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of GGE a. s. and its subsidiaries as at 31 December 2012, 31 December 2011 and 31 December 2010 and their financial performance and their results of operations, changes in equity and their cash flows for the years then ended in accordance with International Financial Reporting Standards as adopted by the EU.
Emphasis of Matter
As described in Note 28 to the consolidated financial statements, the Company provided a loan guarantee to support the acquisition of property by one of the subsidiaries of its parent company after the balance sheet date.
As described in Note 3.u to the consolidated financial statements, the Company restated financial statements of periods ended 31 December 2011 and 31 December 2010.
Our opinion is not modified in respect of these matters.
Bratislava, 19 November 2013
Deloitte Audit s.r.o. Ing. Wolda K. Grant, FCCA Licence SKAu No. 014 Responsible Auditor
Licence SKAu No. 921