Independent Auditor’s Report
To the Shareholders of KORRES NATURAL PRODUCTS S.A.
Report on the Company and Consolidated Financial Statements
We have audited the accompanying company and consolidated financial statements of KORRES NATURAL PRODUCTS S.A. and its subsidiaries which comprise the company and consolidated statement of financial position as of 31 December 2010 and the company and consolidated income statement and statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Company and Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these company and consolidatedfinancial statements in accordance with International Financial Reporting Standards, as adopted by the European Union, and for such internal control as management determines is necessary to enable the preparation of company and consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these company and consolidated 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 company and consolidatedfinancial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the company and consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the company and consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the company and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the company 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 company and consolidated financial statements present fairly, in all material respects, the financial position of the KORRES NATURAL PRODUCTS S.A. and its subsidiaries as at December 31, 2010, andtheirfinancial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union.
Reference on Other Legal and Regulatory Matters
a) Included in the Board of Directors’ Report is the corporate governance statement that contains the information that is required by paragraph 3d of article 43a of Codified Law 2190/1920.
b) We verified the conformity and consistency of the information given in the Board of Directors’ report with the accompanying company and consolidated financial statements in accordancewith the requirements of articles 43a, 108 and 37 of Codified Law 2190/1920.
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Athens, 18 March 2011
The Certified Auditor – Accountant
Constantinos Michalatos
SOEL Reg. No. 17701
PricewaterhouseCoopers S.A.
268 Kifissias Avenue
152 32 Halandri
SOEL Reg. No. 113 |
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