Announcement.

ORBIS SA. Annual report for 2018

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    1 KPMG Audyt spółka z ograniczoną odpowiedzialnością sp.k.
    ul. Inflancka 4A, 00 -189 Warsaw, tel. +48 (22) 528 11 11, fax +48 (22) 528 10 09, Email [email protected], Internet www.kpmg.pl
    © 2019 KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp.k. is a Polish limited partnership and a member of the KPMG network consisting of independent member companies associated with KPMG International Coorperative ("KPMG International"), a Swiss law entity. All rights reserved.

    Independent report
    chartered auditor
    For the General Meeting and the Supervisory Board
    ORBIS SA

    Report on the audit of the annual separate financial statements
    financial
    Opinion with reservation
    We have carried out the study attached
    annual unit report
    financial statement of ORBIS SA ("Entity"),
    which includes:
    - statement of financial position
    as at December 31, 2018;
    drawn up for the financial year from January 1
    until December 31, 2018:
    - Profit and Loss Account;
    - total report
    income;
    - statement of changes in capital
    own;
    - flow report
    cash;
    and
    - additional information containing
    description of the adopted rules
    accounting and other information
    notes
    ("Separate financial statements").
    In our opinion, except for the effects
    the case described in the "Opinion basis" section
    with the reservation ", attached unit
    the entity's financial statements:
    - presents a reliable and clear picture
    property and financial situation
    Units as at December 31
    2018, financial results
    activities and flows
    for the financial year
    completed on that day in accordance
    with International Standards
    Financial Reporting
    approved by the Union
    European and accepted
    accounting principles (policy);
    - it is compatible, in all
    important aspects as to form
    and content with the applicable Unit
    provisions of law and the statute
    units;
    - it was made, in
    all relevant aspects, on
    basis correctly
    kept accounting books
    in accordance with the provisions of Chapter 2
    Act of 29 September 1994.
    about accounting (Journal of Laws of 2018
    Pos. 395 with later changes)
    ("Accounting Act").

    This opinion is consistent with our additional report for the Audit Committee, which
    we published on February 20, 2019.



    2
    Basis of opinion with reservation
    As presented in explanatory note No. 2.3
    to the individual financial statements,
    as of the date of the first
    financial statements in accordance with
    International Standards
    Financial Reporting
    approved by the European Union,
    The entity included in the report on the situation
    financial rights and perpetual usufruct
    land received free of charge during
    privatization of Units in values
    determined as a result of an independent valuation to
    fair value. As at December 31, 2018
    December 31, 2017, the net value
    those rights presented in the report on
    financial situation in material items
    fixed assets was 238, respectively
    056 thousand PLN 245 836 thousand PLN in the item
    investment property was
    respectively PLN 1 505 thousand PLN 1 526 thousand zł,
    and in the asset item classified as
    meant for sale was
    PLN 6,752 thousand, respectively PLN 4,402 thousand zł.
    In our opinion, these rights do not constitute
    components of property, plant and equipment,
    investment real estate and assets
    classified as intended for
    sales and therefore, in accordance with
    IFRS1 International Application
    Financial Reporting Standards after
    the first time, as of the date of preparation
    first financial statements
    in accordance with International Standards
    Financial Reporting
    approved by the European Union, no
    they should have been subject to valuation to value
    fair.
    Had the right of perpetual use
    the land received free of charge has not been
    included in the statement of financial position
    December 31, 2018 and December 31
    2017, tangible fixed assets would have been
    decreased by PLN 238,056 thousand, respectively PLN and
    245,836,000 PLN, investment properties
    they would have been reduced by PLN 1 505 thousand, respectively
    PLN 1 526 thousand PLN, assets classified as
    they would be for sale
    decreased by PLN 6,752 thousand, respectively PLN and
    PLN 4,402 thousand PLN, the result of previous years would have been
    reduced by PLN 203,929 thousand, respectively PLN and
    210,636 thousand PLN, tax provision
    the deferred would be obedient than she was respectively
    by PLN 47,799 thousand PLN 47,835 thousand PLN, and on the other hand
    the financial result for the financial year ended
    December 31, 2018 and for the financial year
    ended December 31, 2017 would stay
    respectively, for higher wages by PLN 4,415 thousand PLN and
    PLN 6,707 thousand zł.
    Additionally, as at December 3, 2018
    and on December 31, 2017, the Unit recognized
    acquired perpetual usufruct rights
    land use as tangible assets
    sustained in amounts of PLN 58 539 thousand, respectively zł
    and PLN 59 324 thousand PLN In our opinion, in accordance
    from IAS 17 Leasing, these rights should remain
    classified as operating lease, a
    the payment amount shown as
    Long-term prepayments
    costs and billing for the remaining time
    from the moment of purchase, the duration of the right
    perpetual usufruct of land.
    Had a perpetual right acquired for consideration
    land use has been presented
    as long-term settlements a
    inter-period costs in the statement of
    financial situation as at 31 December 2018
    year and 31 December 2017, factual
    non-current assets would be absent than them respectively
    by PLN 58 539 thousand PLN 52,324,000 PLN, however
    Long-term prepayments
    the costs would have been higher, respectively
    by PLN 58 539 thousand PLN 52,324,000 zł.




    3
    We carried out our research appropriately
    to the provisions:
    - International Standards
    Research in the version adopted as
    National Standards of Research by
    National Council of Statutory Auditors
    ( "KSB");
    - the Act of May 11, 2017.
    about chartered auditors, companies
    auditing and supervision
    public (Journal of Laws of 2017, item 1089)
    with later changes) ("Act
    about the main auditors ");
    - Parliament's regulation
    European Parliament and the Council (EU) no
    537/2014 of 16 April 2014.
    on specific requirements
    regarding statutory tests
    financial statements of entities
    public interest, repealing
    Commission Decision 2005/909 / EC (Dz.
    Office. EU L 158, 27 May 2014, p.
    77 and Dz. Office. EU L 170 of 11
    June 2014, page 66)
    ("EU regulation");
    - other applicable provisions
    rights.
    Our responsibility according to these
    regulations is described in section
    Responsibility of the statutory auditor
    giving a unitary report
    financial statement.
    We believe that the test evidence that
    we have obtained are sufficient and appropriate,
    to form the basis for our opinion of
    caveat.
    Independence and ethics
    We are independent of the Unit in accordance
    with the Code of Ethics for Professional Accountants
    International Federation of Accountants
    ("IFAC Code"), adopted by resolutions
    National Council of Statutory Auditors and
    with other ethical requirements that they have
    application to the examination of affairs
    financial in Poland. We meet all
    ethical obligations arising from these requirements
    and the IFAC Code. During the examination, the key
    statutory auditors and an audit firm
    others independent of the Unit in accordance with
    with the independence requirements specified
    in the Act on Certified Auditors and in
    EU regulation.
    Key research matters
    The key matters of investigation are matters that
    according to our professional judgment they were
    most significant during our time
    examination of the unitary report
    financial year for the current period
    reporting. They cover the most
    significant assessed significant risks
    distortions, including grades
    the risk of significant distortion
    caused by fraud. For these matters
    we referred in the context of our discussion
    individual financial statements
    as a whole, and when formulating our opinion
    we summarized our reaction to these types
    risk. We do not express a separate opinion on the subject
    these matters. In addition to the matter described in section
    "Basis of opinion with reservation"
    We identified the following key
    research matters:




    4
    Impairment of tangible non-current assets
    The net book value of property, plant and equipment as at December 31, 2018: PLN 1,660,408 thousand
    PLN, net increase in the impairment allowance for property, plant and equipment PLN 10,669 thousand PLN, the amount of the allowance
    updating property, plant and equipment as at 31 December 2018: PLN 25 610 thousand zł.
    Reference to the individual financial statements: Note 5.6 "Updating the value
    non-current assets ", Note 9" Property, plant and equipment ".
    The key matter of the study Our reaction

    As described in note 9 to the unit
    financial statements as at 31
    December 2018 The entity made
    estimation of the recoverable amount of the centers
    cash-generating units (hotels), for
    of which indicative premises have been identified
    on the occurrence of impairment and other losses
    fixed assets and fixed assets in
    construction.

    The recoverable amount of hotels representing
    their utility value has been set for
    using a discounted future model
    cash flow, and in the case of
    one center working out measures
    cash recoverable amount has been
    determined based on purchase offers
    received by management.

    Estimation of the value in use of assets
    based on a number of important assumptions
    and estimates, in particular in relation to
    to:
     the discount rate adopted and
     rates of increase in the value of flows
    cash during the residual period.

    In addition, the amount of future cash flows
    cash are affected by assumptions about
    occupancy changes and average room rate
    and the amount of replacement expenditures in
    the forecast period.

    The above assumptions and estimates are burdensome
    know the risk of changes due to
    changing market conditions and
    require a significant level of judgment from
    Unit Management, and in connection with
    above, the issue of impairment
    property, plant and equipment has been through
    us recognized as the key matter of the study.
    Our testing procedures included
    among others:
     assessment of the correctness of grouping
    assets in centers
    generating cash on
    based on our business knowledge
    taking into account the relevant requirements
    the accounting standard,
     assessment of the model's conformity
    diverted flows
    cash with the appropriate requirements
    the accounting standard,
     using our support
    own specialists in the field of valuations,
    assessment of the rationality adopted by
    A unit of key assumptions
    covering the discount and foot rate
    increase in the value of cash flows
    in the residual and other periods
    assumptions covering the occupancy level
    hotel, average price per room, height
    replacement expenditures through
    comparison, where possible,
    to market data or to
    historical data Units,
     assessing the rationality of key assumptions
    by analyzing the sensitivity of the model to
    changes in the level of key assumptions
    taking into account the possible one
    management's bias,
     evaluation of correctness and completeness
    disclosures about impairment
    fixed assets.




    5
    Other issues
    Separate financial statements
    Units for the financial year ended 31
    December 2017 was examined by another
    certified auditor, which on January 20
    2018 expressed the opinion subject to
    subject of this report regarding the inclusion
    perpetual usufruct rights to land.

    Responsibility of the Unit's Manager and Supervisory Board for a separate report
    financial
    The Unit Manager is responsible for
    preparation, on the basis of correctly
    kept accounting books,
    individual financial statements
    presenting a reliable and clear picture
    the property and financial situation and
    financial performance of the Entity
    in accordance with International Standards
    Financial Reporting
    approved by the European Union,
    the accepted accounting principles (policy)
    and with the regulations in force
    rights and statute, as well as for control
    internal, which the Unit Manager recognizes
    as necessary to ensure preparation
    individual financial statements
    without significant distortion
    caused by fraud or error.
    Preparing a unit report
    Financial Unit Manager is
    responsible for assessing the ability of the Unit
    to continue operations, disclosure,
    if applicable, related issues
    with continuation of activity and acceptance
    assumption of continuing operations as
    accounting basis, except for the situation
    when the Unit Manager intends
    liquidate Units, abandon
    doing business or when it is not there
    no real alternative to the liquidation or
    discontinuation of activities.
    According to the Accounting Act, the Manager
    Units and members of the Supervisory Board are
    obliged to ensure that unitary
    the financial report met the requirements
    provided for in this Act. Council members
    The Supervisory Board of the Unit are responsible for
    supervision over the reporting process
    financial unit.
    Auditor's responsibility for auditing the separate financial statements
    The purpose of the study is to get rational
    certainty or individual report
    as a whole, it does not contain significant
    distortion caused by fraud
    or error and issuing a report
    from the study containing our opinion.
    Rational certainty is a high level
    certainty, but it does not guarantee that the test
    carried out in accordance with KSB always
    it will detect existing significant distortion.
    Distortion can arise as a result
    deception or error and are considered significant,
    if you can reasonably expect that
    individually or together could affect
    user's economic decisions
    undertaken on a unitary basis
    financial statements.
    The scope of the examination does not include ensuring what
    to the future profitability of the Entity, nor
    effectiveness or efficiency of running it
    cases by the Unit Manager currently or
    in the future.
    During the test in accordance with the KSB, we apply
    professional judgment and we keep professional
    skepticism, as well as:
    - we identify and assess risks
    significant distortion
    individual report
    financial result
    deception or mistake, we design
    and we carry out the test procedures
    corresponding to these risks
    and we obtain audit evidence that
    are sufficient and appropriate to
    form the basis for our opinion.
    The risk of not significant coverage
    resulting distortion
    from fraud is greater than essential
    distortion due to error,
    because the cheat may include
    collusion, forgery, intentional
    omission, misrepresentation or
    bypassing the internal control system;
    - we gain understanding of control
    internal to the study
    to design procedures
    tests that are appropriate
    under the circumstances, but not
    to express an opinion on the subject



    6
    effectiveness of control
    internal Unit;
    - I will judge the appropriateness
    applied rules (policy)
    accounting and validity
    accounting estimates and
    related disclosures
    made by the Manager
    Units;
    - we draw a conclusion about
    suitability of use by
    Head of the Unit
    continuing as a base
    accounting and, on the basis of
    evidence obtained,
    we assess whether it is relevant
    uncertainty related to events
    or circumstances that they can
    put in a significant doubt
    the Unit's ability to co-exist
    activity. If we come to
    conclusion that it is relevant
    uncertainty is required of us
    drawing attention in the report
    from unit testing
    financial statements
    related disclosures
    in a separate report
    or, if such disclosure
    are inappropriate, we modify
    our opinion. Our conclusions are based
    on study evidence obtained to
    on the date of the report
    from unit testing
    financial statements. Future
    events or conditions can
    cause the Unit
    ceasing to continue operations;
    - we evaluate the overall presentation,
    structure and unit content
    financial statements, including
    disclosures, and whether or not
    the financial report reflects
    underlying transactions
    and events in a manner that ensures
    reliable presentation.
    We provide the Supervisory Board with the Unit
    information about, among others, planned
    scope and time of conducting the test
    and significant audit findings, including
    any significant weaknesses of the role accounts
    internal, which we will identify during
    research.
    We provide the Supervisory Board with the Unit
    a statement that we have followed the relevant
    ethical requirements regarding
    independence and we inform everyone
    connections and other matters that
    could be reasonably considered to constitute
    a threat to our independence and there
    where applicable, we inform
    about the applied security.
    From among the matters forwarded to the Council
    We have indicated these matters to the Supervisory Board of the Unit,
    which were most significant during
    examination of the unitary report
    financial statements for the current reporting period
    considering them as key research matters.
    We describe these matters in our report
    from the audit of the unit report
    unless legal provisions or
    regulations prohibit their public
    disclosure or when, in exceptional cases
    circumstances, we will determine that the case is not
    should be communicated in ours
    report because it would be possible
    rationally expect that negative
    the consequences resulting from its disclosure
    would outweigh the benefits of such information for
    public interest.
    Other information, including an activity report
    Other informations
    Other information consists of:
    - a report on the activities of the Entity
    for the financial year ended 31
    December 2018 ("Report
    from the activity ") together with the statement
    on the application of corporate governance,
    which is a separate part of this
    Activity reports;
    - a separate report on
    non-financial information about which
    referred to in art. 49b par. 9 of the Act
    about accounting
    (together "Other information").





    7
    Responsibility of the Unit's Manager and Supervisory Board
    The Unit Manager is responsible for
    Other information according to the owners
    application of legal provisions.
    Head of the Unit and members of the Board
    Supervisory Board are required to ensure that
    to report on activities together
    with a statement about the application of order
    corporate governance and a report on the subject
    information and non-financial information in question
    in art 49b par. 9 of the Accounting Act,
    they met the requirements provided for in the Act
    about accounting.
    Responsibility of the auditor
    Our opinion on the unitary survey
    the financial statements are not included
    Other information.
    In connection with the unitary survey
    our financial statements
    it is obligatory to get acquainted with the Others
    information, and doing so, considering or not
    they are significantly inconsistent with the unit
    financial report, with our knowledge
    obtained during the test or otherwise
    they seem to be significantly distorted. if
    based on the work we have done, we will find out
    significant distortion Other information is
    we are obliged to inform you about it
    in our research report.
    Our duty as required
    The Act on Chartered Auditors is also
    issuing an opinion or Report
    from the activity was drawn up in accordance with
    with applicable legal regulations
    and whether it is consistent with the information contained
    in an annual individual report
    financial.
    In addition, in accordance with the requirements of the Act
    We are obligated to carry out auditors
    to give an opinion on whether the Unit
    in a statement about the application of order
    corporate information has been provided
    provisions of law or regulations, and
    for specific information
    indicated in these provisions or
    regulations determine whether they are compatible
    with applicable legal regulations
    and information contained in the unit
    financial statements and to
    inform you whether the Unit has prepared
    separate report on information
    non-financial.
    Opinion on the Report on operations
    Based on work done during
    examination of the unitary report
    in our opinion, Spydozdozdanie
    from activities, all relevant
    aspects:
    - it has been drawn up in accordance
    with applicable regulations
    rights; and
    - is consistent with the information contained
    in a separate report
    financial.
    As described in the "Basics of Opinion of
    subject "The unit should not have been
    Recognize perpetual usufruct rights
    acquired free of charge as property assets
    durable, investment properties and assets
    classified as intended for
    sales. In addition, the Unit should have been
    capture rights and perpetual usufruct acquired
    against payment as accruals
    costs instead of property, plant and equipment. IN
    Accordingly, we declare that
    we found significant distortions in
    Report on quota handling
    and other information contained in the Report on
    activities resulting from derogations,
    described in the "Basics of Opinion of
    subject to ", from use by
    A unit of appropriate rules
    accounting.

    Opinion on the statement on the application of corporate governance
    In our opinion, in a statement
    about applying the corporate governance that is
    a separate part of the Report
    from the activity, the Unit has provided information
    referred to in paragraph 70, paragraph 6 point 5
    Regulation of the Minister of Finance of
    March 29, 2018 regarding information
    current and periodic reports provided by



    8
    issuers of securities and
    recognition conditions as equivalent
    information required by law
    non-state
    member (Journal of Laws of 2018, item 757)
    ("ordinance").
    In addition, in our opinion, information
    referred to in paragraph 70, paragraph 6 point 5 lit. c -f,
    h and lit. and regulations included
    in a statement about the application of order
    corporate, in all relevant
    aspects:
    - they have been drawn up in accordance with
    with applicable regulations
    law, and
    - they are consistent with the information contained
    in a separate report
    financial.

    Information on non-financial information
    In accordance with the requirements of the Act on Experts
    the auditors confirm that the Unit
    has prepared a separate report on
    the non-financial information in question
    in art 49b par. 9 of the Accounting Act.
    We have not carried out any certification work
    concerning a separate report on
    about non-financial information and no
    we express any assurance on his
    topic.
    Report on other legal and regulatory requirements

    Declaration on the provision of non-audit services
    To the best of our knowledge
    and we convince you that we do not
    we provided forbidden services
    other than those referred to in Article
    5 para. Second paragraph of the EU Regulation and
    Art. 136 of the Act on Certified Auditors.
    Choosing an auditing company
    We were chosen for the first time
    annual unit testing
    the entity's financial statements with a resolution
    Of the Supervisory Board of February 7, 2018.
    Total uninterrupted period of the order
    the study is 1 year.


    On behalf of the auditing company
    KPMG Audyt Spółka z ograniczoną odpowiedzialnością sp.k.
    No. on the list of audit firms: 3546

    Signed qualified
    electronic signature
    Signed qualified
    electronic signature
    Zbigniew Libera Bogusław Kowal
    Key certified auditor. Key certified auditor
    No. in the register 90047 No. in the register 9007P
    Limited Partner, Proxy Limitedee, Plenipotentiary

    Warsaw, 20 February 2019.



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    2018 2017 2018 2017
    900 145 888 275 210 960 209 267
    156 826 171 328 36 754 40 363
    141 901 126 603 33 256 29 826
    3.08 2.75 0.72 0.65
    2018 2017 2018 2017
    258 334 231 139 60 544 54 454
    111 984 (56 993) 26 245 (13 427)
    (87,813) (214,974) (20,580) (50,645)
    282 505 (40 828) 66 208 (9,619)
    31/12/2018 31/12/2017 31/12/2018 31/12/2017
    2 271 603 2 517 115 528 280 603 494
    567 489 195 240 131 974 46 810
    8 690 23 514 2 021 5 638
    2 121 463 2 056 754 493 363 493 120
    543 010 538 551 126 281 129 121
    183 309 140 564 42 630 33 701

    • For income statement items and cash flow statements:
    - 4,1709 - NBP exchange rate of 29 December 2017. - 4,3000 - NBP exchange rate from December 31, 2018,
    For the items on the statement of financial position: - 4.2447 - the exchange rate calculated as the average of the NBP exchange rates prevailing on the last day of each month in the period
    12 months of 2017. - 4,2669 - the exchange rate calculated as the average of the NBP rates applicable on the last day of each month in the period
    12 months of 2018. For the purpose of converting the presented data into EUR, the following rates were used:
    Assets classified as
    for sale
    Equity capital
    Long-term liabilities
    Current liabilities Statement of financial condition in thous. PLN thousand EUR
    Fixed assets
    Current assets in thous. PLN thousand EUR
    Net cash flow from operations
    operational
    Net cash flow from operations
    investment
    Net cash flow from operations
    financial
    Net cash flow, total Net sales income
    Profit from operating activities
    Net profit for the period
    Profit for one basic share
    and diluted (in PLN)
    Statement of cash flows
    Orbis SA
    SELECTED FINANCIAL DATA
    Profit and loss account in thous. PLN thousand EUR


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Company information
Company name:Orbis SA
ISIN:PLORBIS00014
NIP:526-025-04-69
Adress: ul. Bracka 16 00-028 Warszawa
Phone:+48 22 8293939
website:www.orbis.pl

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