Supervisory Board's assessment, together with the statements of grounds, of the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2022, the financial statements of PKO Bank Polski S.A for the year ended 31 December 2022, and the Directors' Report on the operations the PKO Bank Polski S.A. Group for 2022 with respect to conformity with the books, documents and the facts

 

The Supervisory Board of PKO Bank Polski S.A. (hereinafter: the "Supervisory Board"), in accordance with Article 382 § 3(1) of the Commercial Companies Code, § 70(1)(14) and § 71(1)(12) of the Regulation of the Minister of Finance of 29 March 2018 on current and periodic information submitted by issuers of securities and conditions for recognizing as equivalent information required by the laws of a non-member state (hereinafter: „Regulation on current and periodic information”) and § 15(1)(15) of the Articles of Association of PKO Bank Polski S.A., has positively assessed the following reports with regard to their conformity with the books, documents and facts:

1.      the consolidated financial statements of the PKO Bank Polski S.A. Group. (hereinafter: the “Bank’s Group”) for the year ended 31 December 2022,

2.      the financial statements of PKO Bank Polski S.A. (hereinafter: the “Bank”) for the year ended 31 December 2022,

3.      the Directors' Report on the operations of the PKO Bank Polski S.A. Group for the year 2022 prepared jointly with the Directors' Report on the operations of PKO Bank Polski S.A.,

on the basis of: 

•        the contents of the aforementioned reports presented to and discussed by the Bank’s Management Board;

•        meetings with the representatives of the audit firm, including the key registered auditor;

•        draft audit reports on the separate and consolidated financial statements of the Bank and the Bank's Group and an additional report by the audit firm for the Audit Committee of the Bank's Supervisory Board;

•        the recommendation of the Audit Committee of the Bank’s Supervisory Board on giving a positive opinion on the audited financial statements.

The financial statements specified in (1)-(2) were audited by the audit firm PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k. with its registered office in Warsaw, which was appointed by the Supervisory Board to audit the separate financial statements of the Bank and the consolidated financial statements of the Bank’s Group for 2022.

The results of the evaluation, including the statements of grounds, are presented below.

1.      The Supervisory Board has read and analysed the financial statements of PKO Bank Polski S.A. for the year ended 31 December 2022, comprising:

1)       selected financial data;

2)       the income statement for the period from 1 January 2022 to 31 December 2022;

3)       the statement of comprehensive income for 2022;

4)       the statement of financial position as at 31 December 2022;

5)       the statement of changes in equity for the year ended 31 December 2022;

6)       the statement of cash flows for the period from 1 January 2022 to 31 December 2022;

7)       notes to the financial statements.

2.      The Supervisory Board has read and analysed the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2022, comprising:

1)       selected consolidated financial data;

2)       the consolidated income statement for the period from 1 January 2022 to 31 December 2022;

3)       the consolidated statement of comprehensive income for 2022;

4)       the consolidated statement of financial position as at 31 December 2022;

5)       the consolidated statement of changes in equity for the year ended 31 December 2022;

6)       the consolidated statement of cash flows for the period from 1 January 2022 to 31 December 2022;

7)       notes to the consolidated financial statements.

3.      The Supervisory Board has read and analysed the PKO Bank Polski S.A. Group Directors’ Report for 2022 prepared together with the Directors’ Report of PKO Bank Polski S.A.

The financial statements of PKO Bank Polski S.A and the consolidated financial statements of the PKO Bank Polski S.A Group for the year ended 31 December 2022 have been prepared within the statutory deadline, in accordance with the International Financial Reporting Standards as endorsed by the European Union (EU) as at 31 December 2022, and in the areas not regulated by these standards, in accordance with the requirements of the Accounting Act and the respective secondary legislation issued on its basis, as well as the requirements relating to issuers of securities registered or applying for registration on an official stock market.

The financial statements of PKO Bank Polski S.A for the year ended 31 December 2022 and the consolidated financial statements of the PKO Bank Polski S.A Group for the year ended 31 December 2022 present accounting policies applied consistently in all years presented, with the exception of issues described in the note “Changes in the accounting policies applicable from 1 January 2022 and explanation of the differences between previously published financial statements and these financial statements”.

The consolidated financial statements of the PKO Bank Polski S.A Group for the year ended 31 December 2022 also include a description of the estimated impact of the adjustments due to the implementation of International Financial Reporting Standard 17 "Insurance Contracts" (hereinafter: "IFRS 17") on the assets, liabilities and equity of the Bank’s Group as at 1 January 2022. The Bank’s Group will apply IFRS 17 for the first time in the period beginning 1 January 2023.

Having analysed the draft independent registered auditor’s reports, the audit firm’s additional report for the Audit Committee of the Bank’s Supervisory Board and based on the meetings with the audit firm, and taking into account the positive recommendations of the Audit Committee of the Bank’s Supervisory Board presented on 9 March 2023, the Supervisory Board of the Bank gave a positive opinion on the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2022, the financial statements of PKO Bank Polski S.A. for the year ended 31 December 2022 and the Directors’ Report of the PKO Bank Polski S.A. Group for 2022 prepared together with the Directors’ Report of PKO Bank Polski S.A.

In particular, the independent registered auditor presented its opinions:

•        on the PKO Bank Polski S.A.’s financial statements for the year ended 31 December 2022, concluding that they give a fair and clear view of the Bank’s economic and financial position as at 31 December 2022 and that they have been prepared on the basis of properly maintained books of account in accordance with the provisions of Chapter 2 of the Accounting Act, and that they comply, in terms of form and content, with the laws applicable to the Bank and its Articles of Association;

•        on the consolidated financial statements of PKO Bank Polski S.A. Group for the year ended 31 December 2022, concluding that they give a fair and clear view of the economic and financial position of the Bank’s Group as at 31 December 2022 and that they comply, in terms of form and content, with the laws applicable to the Bank’s Group and the Articles of Association of the Parent Company;

In addition, with regard to the Directors’ Report of the PKO Bank Polski S.A. Group for 2022 prepared together with the Directors’ Report of PKO Bank Polski S.A., the registered auditor concluded, based on the work performed during the audit of the financial statements, that the Directors’ Report had been prepared in accordance with Article 49 of the Accounting Act, § 70 and § 71 of the Regulation on current and periodical information, and Article 111a(1)-(2) of the Banking Law, and that it was consistent with the information contained in the financial statements.

Based on the above procedures, the Bank’s Supervisory Board is of the opinion that the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2022, the financial statements of PKO Bank Polski S.A. for the year ended 31 December 2022, and the Directors’ Report of the PKO Bank Polski S.A. Group for 2022 prepared together with the Directors’ Report of PKO Bank Polski S.A. are consistent with the books, documents and facts.

 

Supervisory Board of PKO Bank Polski S.A.

Warsaw, 9 March 2023