24th Mar 2006 14:57
Bank Pekao SA23 March 2006 Bank Pekao S.A. Group Opinion and Report of the Independent Auditor Financial Year ended 31 December 2005 KPMG Audyt Sp. z o.o. The opinion contains 2 pages The report supplementing the auditor's opinion contains 16 pages Opinion of the independent auditor and report supplementing the auditor's opinion on the consolidated financial statements for the financial year ended 31 December 2005 OPINION OF THE INDEPENDENT AUDITOR To the General Shareholders' Meeting of Bank Pekao S.A. We have audited the accompanying consolidated financial statements of Bank PekaoS.A. Group ('the Group') seated in Warszawa, ul. Grzybowska 53/57, 00-950Warszawa, consisting of the consolidated balance sheet as at 31 December 2005,with total assets of and total liabilities and equity of PLN 61,971,956thousand, the consolidated profit and loss account for the year then ended witha net profit of PLN 1,534,852 thousand, the consolidated statement of changes inequity for the year then ended with an increase in equity of PLN 591,705thousand, the consolidated cash flow statement for the year then ended with anincrease in cash amounting to PLN 390,795 thousand and supplementary notes tothe consolidated financial statements. The Management of the Parent Entity is responsible for the preparation and trueand fair presentation of the consolidated financial statements prepared inaccordance with International Financial Reporting Standards as adopted by theEuropean Union, and in respect to matters that are not regulated by the abovestandards, in accordance with the accounting principles as set out in theAccounting Act dated 29 September 1994 (Official Journal from 2002, No. 76, item694 with amendments) and respective bylaws and regulations the requirements forissuers of securities admitted or sought to be admitted to trading on anofficial stock-exchange listing market. Our responsibility, based on our audit,is to express an opinion on these consolidated financial statements. Thefinancial statements of the Group for the financial year ended 31 December 2004,before the transition described in note 52 "First time adoption of InternationalFinancial Reporting Standards" of supplementary notes, were audited by anotherauditor, whose report dated 8 March 2005, expressed an unqualified opinion onthose financial statements. We conducted our audit in accordance with section 7 of the Accounting Act dated29 September 1994, the professional standards established by the Polish NationalCouncil of Certified Auditors and International Standards on Auditing. Thosestandards require that we plan and perform the audit to obtain a reasonableassurance about whether the consolidated financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidenceand consolidation documentation supporting the amounts and disclosures in theconsolidated financial statements. An audit also includes assessing theaccounting principles applied in the Group and significant estimates made by themanagement of the Parent Entity, as well as evaluating the overall consolidatedfinancial statement presentation. We believe that our audit provides areasonable basis for our opinion. In our opinion, the accompanying consolidated financial statements of Bank PekaoS.A. Group, including note 52 "First time adoption of International FinancialReporting Standards" of supplementary notes, present fairly, in all materialrespects, the financial position of the Group as at 31 December 2005, theresults of its operations and its cash flows for the year then ended inaccordance with International Financial Reporting Standards as adopted by theEuropean Union, and in respect to matters that are not regulated by the abovestandards, in accordance with the accounting principles as set out in theAccounting Act dated 29 September 1994 and respective bylaws and regulations andthe requirements for issuers of securities admitted or sought to be admitted totrading on an official stock-exchange listing market and the provisions of lawsthat apply to the consolidated financial statements, applicable to the Group. As required under the Accounting Act dated 29 September 1994 we also report thatthe Report of the Management Board of the Parent Company on the Group'sactivities includes, in all material respects, the information required by Art.49 of the Act and by the Decree of the Ministry of Finance dated 19 October 2005on current and periodic information provided by issuers of securities (OfficialJournal from 2005, No 209, item 1744) and the information is consistent with theconsolidated financial statements. Signed on the Polish original Signed on the Polish original.................................................... ..........................................................Certified Auditor No. 9941/7390, For KPMG Audyt Sp. z o.o.Bozena Graczyk ul. Chlodna 51, 00-867 Warsaw Richard Cysarz, Member of the Board of Directors Signed on the Polish original .......................................................... For KPMG Audyt Sp. z o.o. ul. Chlodna 51, 00-867 Warsaw Certified Auditor No. 9941/7390, Bozena Graczyk, Member of the Board of Directors Warsaw, 21 March 2006 Bank Pekao S.A. Group Report supplementing the auditor's opinion on the consolidated financial statements Financial Year ended 31 December 2005 KPMG Audyt Sp. z o.o. The report supplementing the auditor's opinion contains 16 pages Report supplementing the auditor's opinion on the consolidated financialstatements for the financial year ended 31 December 2005 Contents 1 General 31.1 Identification of the Group 31.2 Information about companies included in the Group 31.3 Auditor information 41.4 Legal status 51.5 Prior period consolidated financial statements 61.6 Audit scope and responsibilities 61.7 Information on audits of the consolidated entities' financial statements 9 2 Financial analysis of the Group 102.1 Summary of the financial statements 102.2 Selected financial ratios 132.3 Interpretation of selected financial ratios 13 3 Detailed report 143.1 Accounting principles 143.2 Basis for the preparation of the consolidated financial statements 143.3 Method of consolidation 153.4 Consolidation of equity and calculation of minority interest 153.5 Consolidation eliminations 153.6 Compliance with banking regulations 153.7 Audit materiality 153.8 Supplementary notes, comprising of significant accounting policies and otherexplanatory notes 163.9 Report of the Management Board of the Parent Company on the Group'sactivities 163.10 Information on the opinion of the independent auditor 16 1 General 1.1 Identification of the Group 1.1.1 Name of the Group Bank Pekao S.A. Group is a member of UniCredito Italiano S.p.A. Group, seated inGenua. 1.1.2 Registered office of the Parent Entity of the Group ul. Grzybowska 53/57 00-950 Warszawa 1.1.3 Registration of the Parent Entity in the National Court Register Seat of the court: Regional Court in Warsaw, XIX Commercial DepartmentDate: 2 July 2001Registration number: 0000014843 1.1.4 Registration of the Parent Entity in the Tax Office and Statistical Office NIP: 526-00-06-841REGON: 000010205 1.2 Information about companies included in the Group 1.2.1 Entities included in the consolidated financial statements As at 31 December 2005 the following Group entities have been consolidated:Parent Entity: • Bank Pekao S.A. Consolidated subsidiaries: • Bank Pekao (Ukraina) Ltd. - Luck, Ukraina,• Centralny Dom Maklerski Pekao S.A. - Warszawa,• Pekao Fundusz Kapitalowy Sp. z o.o. - Warszawa,• Pekao Leasing Sp. z o.o. - Warszawa,• Pekao Faktoring Sp. z o.o - Lublin,• Pekao Pioneer Powszechne Towarzystwo Emerytalne S.A. - Warszawa,• Drukbank Sp. z o.o. - Zamosc,• Centrum Kart S.A. - Warszawa,• Pekao Financial Services Sp. z o.o. - Warszawa,• Pekao Development Sp. z o.o. - Warszawa,• Pekao Access Sp. z o.o. - Warszawa,• BDK - Consulting Sp. z o.o. - Luck, Ukraina. 1.2.2 Entities excluded from consolidation As at 31 December 2005 the following subsidiaries have not been consolidated dueto immateriality of their financial data: • Fabryka Maszyn w Janowie Lubelskim Sp. z o. o.,• Nowe Ogrody Sp. z o. o.,• Pekao Immobilier s.a.r.l. 1.3 Auditor information KPMG Audyt Sp. z o.o.ul. Chlodna 5100-867 Warsaw KPMG Audyt Sp. z o.o. is registered as a company authorized to audit financialstatements (number 458). 1.4 Legal status 1.4.1 Share capital The Parent Entity was established for an indefinite period under the terms ofthe Notarial Deed dated 18 October 1929. The share capital of the Parent Entity amounted to PLN 166,481,687 as at 31December 2005 and was divided into 166,481,687 ordinary shares with nominalvalue of PLN 1 each. As at 31 December 2005, the shareholders' structure was as follows: Name of the Number of shares Number of Nominal value Percentage of Shareholder voting rights of shares share capital (%) PLN '000 (w %)--------------------------------------------------------------------------------UniCreditoItaliano S.p.A 88,121,725 52.9% 88,121 52.9% Minorityshareholders 78,359,962 47.1% 78,360 47.1%--------------------------------------------------------------------------------Total 166,481,687 100.0% 166,481 100.0%================================================================================ 1.4.2 Management of the Parent Entity The Management Board is responsible for the management of the Parent Entity. At 31 December 2005, the Management Board of the Parent Entity was comprised ofthe following members: • Jan Krzysztof Bielecki - President of the Board, CEO• Luigi Lovaglio - Vice President of the Board, COO• Sabina Olton - Vice President of the Board, Chief Accountant• Przemyslaw Figarski - Board Member• Irene Grzybowski - Board Member• Paolo Iannone - Board Member• Christopher Kosmider - Board Member• Marian Wazynski - Board Member No changes took place in composition of the Management Board of the Bank during2005 or through the date of this report. 1.4.3 Scope of activities The Parent Company is a universal commercial bank offering a wide range ofbanking service to private individuals and corporate customers in accordancewith the scope of service described in the Bank's Statutes of Association. TheBank is conducting transactions in both Polish zloty and foreign currency inPoland as well as abroad. The Bank actively participates in trading on thedomestic and foreign financial markets. Moreover, the Group runs brokerage,leasing, factoring and other financial activities through the operations of itssubsidiaries. 1.5 Prior period consolidated financial statements The 31 December 2004 consolidated financial statements were audited by Ernst &Young Audit sp. z o. o. and received an unqualified opinion. The consolidated financial statements were approved at the General Shareholders'Meeting on 5 April 2005. The closing balances as at 31 December 2004 have been properly recorded prior toInternational Financial Reporting Standards' adjustments as the opening balancesof the audited year. Due to the changes in the applied accounting policies, resulting from theadoption of the accounting policies that are in compliance with InternationalFinancial Reporting Standards as adopted by the European Union the relatedcorresponding figures for the year ended 31 December 2004 have been restated bythe Parent Entity together with the opening balances of the audited year.Furthermore, in accordance with IFRS 1, the Parent Entity has elected not torestate the corresponding figures in order to comply with IAS 32 and IAS 39. Theadjustments resulting from changes in accounting policies, in order to complywith IAS 32 and IAS 39 have been made to the opening balance of equity as at 1January 2005. The consolidated financial statements were submitted to the Registry Court on 19April 2005 and were published in Monitor Polski B No. 1691 on 28 October 2005. 1.6 Audit scope and responsibilities This report of the independent auditor was prepared for the GeneralShareholders' Meeting of Bank Pekao S.A. seated in Warszawa, ul. Grzybowska 53/57, 00-950 Warszawa, and relates to the consolidated financial statementscomprising: the consolidated balance sheet as at 31 December 2005, with totalassets of and total liabilities and equity of PLN 61,971,956 thousand, theconsolidated profit and loss account for the year then ended with a net profitof PLN 1,534,852 thousand, the consolidated statement of changes in equity forthe year then ended with an increase in equity of PLN 591,705 thousand, theconsolidated cash flow statement for the year then ended with an increase incash amounting to PLN 390,795 thousand, and supplementary notes to theconsolidated financial statements. The consolidated financial statements have been audited on the basis of thedecision of General Shareholders' Meeting dated 5 April 2005 on the appointmentof the auditor. The consolidated financial statements have been audited in accordance with thecontract dated 16 May 2005. We conducted the audit in accordance with section 7 of the Accounting Act dated29 September 1994 (Official Journal from 2002, no 76, item 694 with amendments),the professional standards established by the Polish National Council ofCertified Auditors and International Standards on Auditing. We have audited the consolidated financial statements in the Parent Entity'shead office during the period from 2 January 2006 to 20 March 2006. The Management of the Parent Entity is responsible for the preparation and trueand fair presentation of the consolidated financial statements in accordancewith International Financial Reporting Standards as adopted by the EuropeanUnion, and in respect to matters that are not regulated by the above standards,in accordance with the accounting principles as set out in the Accounting Actdated 29 September 1994 and respective bylaws and regulations and therequirements for issuers of securities admitted or sought to be admitted totrading on an official stock-exchange listing market. Our responsibility is to express an opinion, with a supplementing report, onthese consolidated financial statements. On 21 March 2006, the Management Board of the Parent Entity submitted astatement as to the true and fair presentation of the consolidated financialstatements presented for audit, which confirmed that there were no undisclosedmatters which could significantly influence the information presented in theconsolidated financial statements for the audited year. All our requests for additional documents and information necessary forexpressing our opinion and preparing the report have been fulfilled by theManagement of the Parent Entity. KPMG Audyt Sp. z o.o., the members of its Management Board and Supervisory Boardand other persons involved in the audit of the consolidated financial statementsfulfill independence requirements from the companies included in the Group. Thescope of the work planned and performed has not been limited in any way. Themethod and scope of our audit is detailed in working papers prepared by us andretained in the offices of KPMG Audyt Sp. z o.o. 1.7 Information on audits of the consolidated entities' financial statements 1.7.1 Parent Entity The financial statements of the Parent Entity for the year ended 31 December2005 has been audited by KPMG Audyt Sp. z o.o., certified auditor number 458,and received an unqualified opinion. 1.7.2 Other consolidated entities Entity's name Authorized auditor Financial year end Type of the auditor's opinion------------------------------------------------------------------------------------------------------Bank Pekao(Ukraina) Ltd. CJSC KPMG Audit, Kyiv, Ukraine 31.12.2005 unqualified Centralny Dom Maklerski KPMG Audyt Sp. z o.o. 31.12.2005 unqualified Pekao S.A. Pekao FunduszKapitalowy Sp.z o.o. KPMG Audyt Sp. z o.o. 31.12.2005 - Pekao LeasingSp. z o.o. KPMG Audyt Sp. z o.o. 31.12.2005 unqualified PekaoFaktoring Sp.z o.o KPMG Audyt Sp. z o.o. 31.12.2005 unqualified Pekao PTE S.A. KPMG Audyt Sp. z o.o. 31.12.2005 unqualifiedCentrum KartS.A. KPMG Audyt Sp. z o.o. 31.12.2005 unqualified PekaoFinancialServices Sp. z o.o. KPMG Audyt Sp. z o.o. 31.12.2005 unqualified PekaoDevelopmentSp. z o.o. KPMG Audyt Sp. z o.o. 31.12.2005 unqualified Pekao AccessSp. z o.o. KPMG Audyt Sp. z o.o. 31.12.2005 unqualified--------------------------------------------------------------------------------------------------- The audit of the financial statements of the consolidated subsidiary PekaoFundusz Kapitalowy Sp. z o.o. has not been completed as of the date of thisreport. The financial statements of the subsidiary, Bank Pekao (Ukraine) Ltd. have beenaudited by a certified auditor other than KPMG Audyt Sp. z o.o., that is CJSCKPMG Audit, Kyiv, Ukraine. Total assets presented in the financial statements ofthis entity on 31 December 2005 amounts to 0.2% of the total consolidated assetsof the Group before consolidation eliminations and revenues of this entity forthe financial years ended 31 December 2005 amount to 0.2% of the consolidatedrevenues of the Group, before eliminations of the intercompany transactions. The other entities' financial statements being part of the Group were exemptfrom the requirement to audit their financial statements for the year ended 31December 2005. 2 Financial analysis of the Group 2.1 Summary of the financial statements 2.1.1 Consolidated profit and loss account 2005 2004 PLN '000 PLN '000Interest income 3,871,774 3,765,843Interest expense (1,521,350) (1,550,999)Net interest income 2,350,424 2,214,884Fee and commission income 1,770,087 1,719,637Fee and commission expense (183,103) (163,115)Net fee and commission expense 1,586,984 1,556,522Dividend income 348 9Result on financial instruments at fair valuethrough profit and loss 64,961 55,662Result on investment securities 74,153 14,076Foreign exchange result 265,398 289,018Other operating income 284,976 307,495Other operating expense (213,941) (258,814)Net impairment losses on loans and advances (237,477) (354,069)Administrative costs (2,346,404) (2,333,437)Operating profit 1,829,422 1,491,306Share in profits (losses) of subordinated entities 44,177 36,157Profit before tax 1,873,599 1,527,463Income tax expense (338,747) (213,005)Net profit for the year 1,534,852 1,314,458- attributable to equity holders of the Bank 1,537,712 1,317,991- attributable to minority shareholders (2,860) (3,533) Earnings per share (PLN)- basic 9.24 7.93- diluted 9.23 7.93 2.1.2 Consolidated balance sheet ASSETS 31.12.2005 % of 31.12.2004 % of balance balance sheet total PLN '000 sheet total PLN '000 Cash, duefrom Central Bank 3,574,791 5.8% 3,939,275 6.6%Billseligibleforrediscountingin Central Bank 6,106 0.0% 8,768 0.0%Loans andadvances tobanks 6,966,026 11.3% 5,961,477 9.9%Financialassets heldfor trading 2,502,366 4.0% 3,195,771 5.3%Derivativefinancialinstruments 499,290 0.8% 503,482 0.8%Otherfinancialinstrumentsatfair value 1,781,317 2.9% 1,336,721 2.2%throughprofitand lossLoans andadvances tocustomers 28,223,730 45.5% 26,219,531 43.7%Finance 745,891 1.2% 547,324 0.9%leasesInvestmentsecurities 14,490,772 23.4% 15,036,457 25.1%- availablefor sale 11,902,898 19.2% 10,106,484 16.9%- held tomaturity 2,587,874 4.2% 4,929,973 8.2%Non-currentassets heldfor sale 167,366 0.3% - -Investmentsin 167,814 0.3% 124 ,662 0.2%subsidiariesInvestmentsin 645,457 1.0% 631,925 1.1%associatesIntangibleassets 1,441,141 2.3% 1 541,828 2.6%Tangibleassets 61,259 0.1% 102,869 0.2%Tax assets 182,180 0.3% 97,769 0.2%Other 516,450 0.8% 729,488 1.2%assets TOTAL 61,971,956 100.0% 59,977,347 100.0%ASSETS LIABILITIESANDSHAREHOLDERS'EQUITY 31.12.2005 % of 31.12.2004 % of balance balance sheet total PLN '000 sheet total PLN '000 Due toCentral 1,950,710 3.1% 2,151,743 3.6%BankDue to otherbanks 1,997,043 3.2% 1,332,557 2.2%Financialliabilitiesheld fortrading 558,973 0.9% 590,119 1.0%Derivativefinancialinstruments 607,689 1.0% 623,683 1.0%Due tocustomers 46,847,877 75.6% 45,821,645 76.4%Debtsecuritiesissued 4 0.0% 23,205 0.0%Liabilitiesrelated toassets heldfor sale 39,663 0.1% - -Current taxliability 5,621 0.0% 256 0.0%Deferred taxprovision 1 0.0% 1,222 0.0%Provisions 108,727 0.2% 349,066 0.6%Otherliabilities 1,432,922 2.3% 1,060,370 1.8%Totalliabilities 53,549,230 86.4% 51,953,866 86.6% Share 166,482 0.3% 166,482 0.3%capitalReserves 6,718,913 10.8% 6,325,958 10.6%Prior andcurrent yearprofits 1,521,895 2.5% 1,512,265 2.5%Minorityinterest 15,436 0.0% 18,776 0.0%TotalShareholders'equity 8,422,726 13.6% 8,023,481 13.4% TOTALLIABILITIESANDSHAREHOLDERS' 61,971,956 100.0% 59,977,347 100.0%EQUITY 2.2 Selected financial ratios 31.12.2005 31.12.2004Total assets (PLN '000) 61,971,956 59,977,347Gross profit (PLN '000) 1,873,599 1,527,463Net profit (PLN '000) 1,534,852 1,314,458Shareholders' equity* (PLN '000) 6,887,874 6,709,023Return on equity* 22.58% 20.07%Capital adequacy ratio 19.47% 21.71%Net receivables to total assets 60.77% 58.43%Income earning assets to total assets 92.24% 92.27%Interest bearing liabilities to total liabilities 83.85% 84.27% * excluding current year net profit 2.3 Interpretation of selected financial ratios The 2005 net income of the Group was higher by 16.8% as compared to the prioryear. The increase was mainly driven by an increase in the net interest incomeand a decrease in impairment losses. Total assets increased by 3.3% compared to the prior year. The most significantimpact on the assets' side was due to an increase of loans and advances tocustomers as well as loans and advances to banks. On the liabilities' side, theincrease was driven by an increase in customer deposits and an increase inamounts due to banks. 3 Detailed report 3.1 Accounting principles The accounting policies used in the preparation of the Group's consolidatedfinancial statements are described in the supplementary notes, comprising of thesignificant accounting policies and other explanatory notes to the consolidatedfinancial statements to the extent required by International Financial ReportingStandards as adopted by the European Union.Not all entities being part of the Group apply same accounting principles as theaccounting principles applied by the Parent Entity. As such appropriateadjustments were made to the financial statements of the consolidated entitieswere made to ensure a uniform accounting principles application that isconsistent with the one used by the Parent Company.The financial statements of the entities included in the consolidated financialstatements were prepared at the same balance sheet date as the financialstatements of the Parent Entity. 3.2 Basis for the preparation of the consolidated financial statements The consolidated financial statements of the Bank Pekao S.A. Group were preparedin accordance with International Financial Reporting Standards as adopted by theEuropean Union, and in respect to matters that are not regulated by the abovestandards, in accordance with the accounting principles as set out in theAccounting Act dated 29 September 1994 (Official Journal from 2002, No. 76, item694 with amendments) and respective bylaws and regulations and the requirementsfor issuers of securities admitted or sought to be admitted to trading on anofficial stock-exchange listing market).The consolidated financial statements were based on consolidation documentationprepared on the basis of the Decree of the Ministry of Finance dated 12 December2001 regarding the preparation of the consolidated financial statements of banksand financial groups (Official Journal from 2001, No. 152, item 1728), includingin particular: • financial statements of the related entities, • consolidation adjustments and eliminations, necessary to prepare the consolidated financial statements, • calculation of the minority interest, • calculation of foreign exchange differences on the translation of the financial statements of subordinated entities. 3.3 Method of consolidation The method of consolidation has been described in note 2.3 of the supplementarynotes to the consolidated financial statements. 3.4 Consolidation of equity and calculation of minority interest The share capital of the Group is equivalent to the share capital of the ParentEntity. Other equity items of the Group were determined by adding the equity balances ofsubsidiaries included in the consolidated financial statements, in theproportion reflecting the percentage share of the Parent Entity in thesubsidiaries' equity as at the balance sheet date to the corresponding positionsof the Shareholders' equity of the Parent Entity. Only the portion of the subsidiaries' equity earned after obtaining control bythe Parent Entity, is included in the equity of the Group. Minority interests in the subsidiaries included in the consolidated financialstatements were determined as the percentage share of minority shareholders insubsidiaries' equity as at the balance sheet date. 3.5 Consolidation eliminations Intercompany balances within the Group were eliminated in consolidation. Transactions between consolidated entities and other intercompany operatingrevenues and expenses and the financial revenues and expenses were eliminated onconsolidation. The consolidation eliminations were based on the accounting records of BankPekao S.A. and agreed with information received from subsidiaries. 3.6 Compliance with banking regulations Based on our audit we have not identified any significant deviations in the BankPekao S.A. compliance with the banking regulatory norms pertaining among othersto loan concentration, obligatory reserve and capital adequacy ratio. 3.7 Audit materiality We have planned and applied an appropriate level of precision in conducting ouraudit procedures in order to obtain reasonable assurance about whether theconsolidated financial statements taken as a whole are free of materialmisstatements. 3.8 Supplementary notes, comprising of significant accountingpolicies and other explanatory notes All information included in the supplementary notes to the consolidatedfinancial statements is presented accurately and completely in all materialaspects. This information should be read in conjunction with the consolidatedfinancial statements taken as a whole. 3.9 Report of the Management Board of the Parent Company on theGroup's activities The Report of the Management Board of the Parent Company on the Group'sactivities includes, in all material aspects, the information required byArticle 49 of the Accounting Act dated 29 September 1994 and by the Decree ofthe Ministry of Finance dated 19 October 2005 on current and periodicinformation provided by issuers of securities (Official Journal from 2005, No209, item 1744) and the information is consistent with the consolidatedfinancial statements. 3.10 Information on the opinion of the independent auditor Based on our audit of the consolidated financial statements of the Group as atand for the year ended 31 December 2005, we have issued an unqualified opinion. Signed on the Polish original Signed on the Polish original.................................................... ..........................................................Certified Auditor No. 9941/7390, For KPMG Audyt Sp. z o.o.Bozena Graczyk Ul. Chlodna 51, 00-867 Warsaw Richard Cysarz, Member of the Board of DirectorsSigned on the Polish original Signed on the Polish original.......................................................... .......................................................... For KPMG Audyt Sp. z o.o. ul. Chlodna 51, 00-867 Warsaw Certified Auditor No. 9941/7390, Bozena Graczyk, Member of the Board of Directors Warsaw, 21 March 2006 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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