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53
Independent Auditor’s Report
To the Shareholders of
MYTILINEOS HOLDINGS S.A
Report on Separate and Consolidated Financial Statements
We have audited the accompanying separate and consolidated financial state-
ments of MYTILINEOS HOLDINGS S.A. and its subsidiaries, which comprise the
separate and consolidated statements of financial position as at December 31,
2015, the separate and consolidated income statements and statements of com-
prehensive income, changes in equity and cash flows for the year then ended,
and a summary of significant accounting policies and other explanatory informa-
tion.
Management’s Responsibility for the Separate and Consolidated
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 that have been adopted by the European Union
as well as for internal control procedures the Management defines as necessary
to ensure the preparation of separate 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
financial statements based on our audit. We conducted our audit in compliance
with International Standards on Auditing. Those standards require that we com-
ply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the separate and consolidated financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the separate and consolidated financial statements.
The procedures selected depend on the auditor’s judgment, including the as-
sessment of the risks of material misstatement of the separate and consolidated
financial statements, whether due to fraud or error. In making those risk assess-
ments, the auditor considers internal control procedures relevant to the entity’s
preparation and fair presentation of the separate and consolidated financial
statements in order to design audit procedures that are appropriate in the cir-
cumstances, but not for the purpose of expressing an opinion on the effective-
ness of the entity’s internal control procedures. An audit also includes evaluat-
ing the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall
presentation of the separate 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 statements present fairly, in all material
respects, the financial position of the Company
MYTILINEOS HOLDINGS S.A. and its subsidiaries
as at December 31, 2015, as well as their financial
performance and the cash flows for the year then
ended in accordance with International Financial
Reporting Standards that have been adopted by the
European Union.
Emphasis of matter
We would like to draw your attention to note 4.35 of
the annual financial statements, where it is disclosed
that Group’s subsidiary company ALUMINIUM OF
GREECE S.A. and its supplier PPC, have not yet
reached to an agreement for the pricing of electricity
for the term beginning on 1st January 2014 and
onwards. The finalization of the negotiations
between the two parties may result in ALUMINIUM
OF GREECE S.A. recognizing assets or liabilities
the amount of which currently cannot be measured
reliably.
We have not qualified our opinion for the above
mentioned matter.
Report on Other Legal and Regulatory Require-
ments
a) The Board of Directors’ Management Report in-
cludes the corporate governance statements, which
provides all the information required by paragraph
3d of article 43a of Codified Law 2190/1920.
b) We verified that the contents of the Board of Di-
rectors’ Managements Report is consistent with
the accompanying parent and consolidated finan-
cial statements, in the contexts of those stipulated
by articles 43a (paragraph 3a) , 108 and 37 of C.L.
2190/1920.
Athens, 22nd of March 2016
The Chartered Accountant
The Chartered Accountant
Manolis Michalios
SOEL Reg. No. 25131
Thanasis Xynas
SOEL Reg. No. 34081
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