These consolidated financial statements (“consolidated financial statements”, “financial statements”) were prepared in accordance with the International Financial Reporting Standards (“IFRS”) endorsed by the European Union which were in effect as at December 31st 2015. Given the ongoing process of implementation of the IFRSs in the European Union and the scope of the Group’s business, as far as the accounting policies applied by the Group are concerned, there is no difference between the IFRSs which have come into force and the IFRSs endorsed by the European Union for 2015, save for the principles which have been modified or introduced as a result of applying new IFRS regulations for annual periods beginning on or after January 1st 2015 (see Note 4).
The following new standards, amendments to the existing standards and interpretations which have been endorsed by the European Union (the “EU”) are effective in periods beginning on or after January 1st 2015 and have been applied by the Company:
- Amendments introduced as part of the Improvements to IFRSs 2011-2013 cycle, published on December 12th 2013 (effective for annual periods beginning on or after July 1st 2014) − in the EU effective for annual periods beginning on or after January 1st 2015,
- IFRIC 21 Levies, published on May 20th 2013 (applicable to annual periods beginning on or after January 1st 2014 – in the EU effective for annual periods beginning on or after June 17th 2014).
These amendments and interpretations of IFRSs have no material effect on the Group’s financial statements.
These consolidated financial statements have been prepared on the assumption that the Group companies will continue as a going concern in the foreseeable future. As at the date of approval of these financial statements, no circumstances were identified which would indicate any threat to the Group companies’ continuing as a going concern.
The Parent’s functional currency and the presentation currency of these consolidated financial statements is the Polish złoty (“złoty”, “zł”, “PLN”). These consolidated financial statements were prepared in thousands of złoty and, unless indicated otherwise, all amounts are stated in thousands of złoty.
The Notes to the consolidated financial statements are an integral part of the statements.
(This is a translation of a document originally issued in Polish)