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Termination of an agreement with entity authorized to audit financial statements.

12-02-2018 14:21

Report no.: 6/2018

Legal basis: Art. 56 Clause 1 Item 2 of the Offering Act – current and periodic information.
 
CONTENT OF THE REPORT:
The Management of Izostal S.A. (Company) informs that on February 12, 2018, by way of mutual understanding of the parties, the Agreement dated March 23, 2016, concluded in connection with the selection of an entity authorized to audit financial statements, about which the company informed in its current report 11/2016 of March 17, 2016, concluded between the Company and Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. with registered office in Katowice, was terminated; the Agreement pertained to the performance of financial audits by the above-mentioned entity in the following scope:
1.    half-yearly review of the financial statement as for 30.06.2018 in accordance with the adopted accountancy rules resulting from International Financial Reporting Standards,
2.    auditing the annual financial statement prepared as for 31.12.2018 in accordance with the adopted accountancy rules resulting from International Financial Reporting Standards,

The decision on terminating the Agreement concluded for a period of three years, which the Agreement stipulated the terms of auditing and reviewing the Company's financial statements for years 2016-2018 in parts mentioned in point 1 and 2 is a result of the entry into force of the Act of May 11, 2017 on Expert Auditors, Audit Companies and Public Supervision (Act) implementing the solutions foreseen in the European Parliament and Council Regulation (EC) 537/2014 of April 16, 2014 on the detailed requirements for statutory audits of the financial statements of public interest units.

As per art. 134 item 1 of the Act, the period of uninterrupted duration of statutory audit commissions performed by the same auditing company would be exceeded by performing of the financial statement audit for business year ending December 31, 2018. For the above reasons, the performance of statutory audits for year 2018 by Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o. is not possible, which constituted reasonable grounds for terminating the above-mentioned Agreement at mutual agreement of the Parties, in the extent extending beyond the statement audits for year 2017.

The Supervisory Board of the Company consented to the termination of the above Agreement.

Throughout the Agreement's term, there were no cases of divergences in the interpretation and applicability of provisions of law and provisions of the Statute - with respect to subjects of audit, review or other services - between the managers and the expert auditor who performed an audit, review or other services concerning financial statements or consolidated financial reviews of the Company.
Throughout the Agreement's term, there were no cases of resigning from expressing opinions, issuing negative opinions or opinions with reservations as to the correctness and accuracy of the Company's financial statements.

The management of Izostal S.A. appends to the report a letter from the expert auditor, drawn up at the Company's request, in which he confirms the information specified in this report.

Specific legal basis: § 5 clause 1 item 20 of the Ordinance of the Minister of Finance of February 19, 2009 on current and periodic information disclosed by the issuers of commercial papers and the conditions for recognizing as equivalent the information required by the laws of a non-member state.

APPENDICES:
Letter from Kancelaria Porad Finansowo-Księgowych dr Piotr Rojek Sp. z o.o.

SIGNATURES OF PERSONS REPRESENTING THE COMPANY:
Management Board President, Marek Mazurek  2018-02-12
Proxy, Marek Matheja 2018-02-12
 
INFORMATION ON THE ENTITY:

Full name of the issuer: IZOSTAL SPÓŁKA AKCYJNA
Abbreviated name of the issuer:  IZOSTAL S.A
Sector based on the classification of Warsaw Stock Exchange:  Other industry
Address: 47-113 Kolonowskie, Opolska 29
Telephone: +48 77 405 65 00
Fax: +48 77 405 65 01
e-mail:info@izostal.com.pl
www.izostal.com.pl
VAT No. [NIP]:756-00-10-641
Statistical No. [REGON]: 530884678
 
 

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Opolska 29, 47-113 Kolonowskie, Poland Fax +48 77 405 65 01
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