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Independent Auditor’s Report
To the Shareholders of MYTILINEOS HOLDINGS S.A
Report on the Financial Statements
We have audited the accompanying separate and consolidated finan-
cial statements of MYTILINEOS HOLDINGS S.A. (“the Company”)
and its subsidiaries, which comprise the corporate and consolidated
Statement of Financial Position as at December 31, 2014 the corpo-
rate and consolidated Income Statement, Statement of Comprehen-
sive Income, Statement of Changes in Equity and Cash Flows for the
year then ended and a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of
these separate and consolidated financial statements in accordance
with International Financial Reporting Standards as adopted by Euro-
pean Union, and for such internal control as management determines
is necessary to enable the preparation of individual and consolidated
financial statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion
on these separate and consolidated finan-
cial 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 individual and consoli-
dated financial statements are free from
material misstatement. An audit involves
performing procedures to obtain audit evi-
dence about the amounts and disclosures
in the individual and consolidated financial
statements. The procedures selected de-
pend on the auditor’s judgment, includ-
ing the assessment of the risks of material
misstatement of the individual and consoli-
dated financial statements, whether due
to fraud or error. In making those risk as-
sessments, the auditor considers internal
control relevant to the entity’s preparation
and fair presentation of the individual and
consolidated financial statements in order
to design audit procedures that are ap-
propriate 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 account-
ing estimates made by management, as
well as evaluating the overall presentation
of the individual and 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 separate and consolidated financial state-
ments present fairly, in all material respects, the financial posi-
tion of the Company and its subsidiaries as at December 31,
2014, and the financial performance and the cash flows of the
Company and its subsidiaries for the year then ended in ac-
cordance with International Financial Reporting Standards that
have been adopted by the European Union.
Emphasis of matters
We would like to draw your attention to the following:
-
As disclosed in explanatory note 4.36 of the Annual
Financial Statements, Group’s subsidiary company ALUMINI-
UM of GREECE S.A.I.C. (ALUMINIUM) and its supplier PUB-
LIC POWER CORPORATION S.A., have not yet reached to an
agreement for the pricing of electricity for the term beginning on
1st January and onwards. The finalization of the negotiations
between the two parties may result in ALUMINIUM recogniz-
ing assets or liabilities the amount of which currently cannot be
measured reliably.
-
In explanatory note 3.9 of the Annual Financial State-
ments, it is described the restatement of consolidated items of
years 2013 and 2012, due to the fact that in December 2014,
the subsidiary company ALUMINIUM received relative informa-
tion from its customer INDEPENDENT POWER TRANSMIS-
SION OPERATOR S.A., concerning prior periods.
We have not qualified our opinion for the above mentioned mat-
ters.
Report on Other Legal and Regulatory
Requirements
a) The Director’s Report includes a state-
ment of Corporate Governance, which
comprises the information as defined by
paragraph 3d of article 43a, of Codified
Law 2190/1920.
b) We confirm that the information given in
the Director’s Report is consistent with the
accompanying separate and consolidated
financial statements and complete in the
context of the requirements of articles 43a,
108 and 37 of Codified Law 2190/1920.
Athens, 17 March 2015
The Chartered Accountant
The Chartered Accountant
Vassilis Kazas
S.O.E.L. Reg. No. 13281
Thanasis Xynas
S.O.E.L. Reg. No. 34081
