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Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
Report on the evaluation of the separate financial statements of KGHM Polska Miedź S.A.
for the financial year ended 31 December 2022, the consolidated financial statements of
the KGHM Polska Miedź S.A. Group for the financial year ended 31 December 2022 and the
Management Board’s report on the activities of KGHM Polska Miedź S.A. and the KGHM
Polska Miedź S.A. Group in 2022, in terms of their compliance with the accounts,
documents and factual state
In accordance with art. 382 § 3 of the Commercial Partnerships and Companies Code, § 70 sec. 1
point 14 and § 71 sec. 1 point 12 of the Decree of the Minister of Finance dated 29 March 2018 on
current and periodic information published by issuers of securities and conditions for
recognising as equivalent information required by the laws of a non-member state and § 20 sec.
2 points 1) and 3) of the Statutes of KGHM Polska Miedź S.A., based on:
the contents of documents presented by the Management Board of KGHM Polska Miedź
S.A., in particular:
1) The separate financial statements of KGHM Polska Miedź S.A. for the financial year ended
31 December 2022,
2) The consolidated financial statements of the KGHM Polska Miedź S.A. Group for the
financial year ended 31 December 2022,
3) The Management Board’s report on the activities of KGHM Polska Miedź S.A. and the
KGHM Polska Miedź S.A. Group in 2022,
the auditor’s report on the audit of the separate financial statements of KGHM Polska Miedź
S.A. for the financial year ended 31 December 2022,
the auditor’s report on the audit of the consolidated financial statements of the KGHM
Polska Miedź S.A. Group for the financial year ended 31 December 2022,
the additional report of the auditor for the Audit Committee of the Supervisory Board of
KGHM Polska Miedź S.A.,
and also based on:
meetings of the Supervisory Board with representatives of the auditing company, including
with the key certified auditor, and
recommendations of the Audit Committee of the Supervisory Board of KGHM Polska Miedź
S.A. regarding providing an opinion on the audited financial statements.
On 21 March 2023, the Supervisory Board of KGHM Polska Miedź S.A. positively evaluated the
following:
1) The separate financial statements of KGHM Polska Miedź S.A. for the financial year ended
31 December 2022,
2) The consolidated financial statements of the KGHM Polska Miedź S.A. Group for the
financial year ended 31 December 2022,
3) The Management Board’s report on the activities of KGHM Polska Miedź S.A. and the
KGHM Polska Miedź S.A. Group in 2022.
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Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
The results of the evaluation with the justification are presented below.
1. Evaluation of the separate financial statements of KGHM Polska Miedź S.A. for the financial
year ended 31 December 2022
The Supervisory Board reviewed and analysed the separate financial statements of KGHM Polska
Miedź S.A. for the financial year ended 31 December 2022, comprising:
The separate statement of profit or loss showing a profit for the
period of
PLN 3 533 million
The separate statement of comprehensive income with a total
positive comprehensive income of
PLN 4 435
million
The separate statement of cash flows showing a decrease in net
cash flow of PLN 344 million
The separate statement of financial position showing total assets
and total equity and liabilities of PLN 47 995 million
The separate statement of changes in equity showing an increase
in equity of PLN 3 835 million
Explanatory notes to the separate financial statements,
and reviewed the results of the audit carried out by the auditor of KGHM Polska Miedź S.A.
(PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k.).
In accordance with the auditor’s report issued by the certified auditor, the separate financial
statements were prepared in compliance with International Financial Reporting Standards
approved by the European Union and:
accurately and clearly reflect the financial position and assets of the Company as at
31 December 2022 as well as its financial result and cash flow,
is compliant in form and content with the existing laws under which the Company
operates as well as with the Company’s Statutes, and
were prepared on the basis of properly-maintained accounts in compliance with
chapter 2 of the accounting act.
The Supervisory Board hereby declares that the separate financial statements of KGHM Polska
Miedź S.A. for the financial year ended 31 December 2022 were prepared in all material aspects
in accordance with International Financial Reporting Standards and is compliant with the
accounts and documents, as well as the factual state.
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Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
2. Evaluation of the consolidated financial statements of the KGHM Polska Miedź S.A. Group for
the financial year ended 31 December 2022
The Supervisory Board reviewed and analysed the consolidated financial statements of the
KGHM Polska Miedź S.A. Group for the financial year ended 31 December 2022, comprising:
The consolidated statement of profit or loss showing a profit for
the period of
PLN 4 774 million
The consolidated statement of comprehensive income with a total
positive comprehensive income of
PLN 5 645 million
The consolidated statement of cash flows showing a decrease in
net cash flow of
PLN 677 million
The consolidated statement of financial position showing total
assets and total equity and liabilities of
PLN 53 444 million
The consolidated statement of changes in equity showing
an increase in equity of
PLN 5 008 million
Explanatory notes to the consolidated financial statements,
and reviewed the results of the audit carried out by the auditor of KGHM Polska Miedź S.A.
(PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt Sp.k.).
In accordance with the auditor’s report issued by the certified auditor, the consolidated financial
statements were prepared in compliance with International Financial Reporting Standards
approved by the European Union and:
accurately and clearly reflect the financial position and assets of the Group as at
31 December 2022 as well as its financial result and cash flow,
is compliant in form and content with the existing laws under which the Group operates
as well as with the Company’s Statutes, and
were prepared on the basis of properly-maintained accounts in compliance with chapter
2 of the accounting act.
The Supervisory Board hereby declares that the Consolidated financial statements of the KGHM
Polska Miedź S.A. Group for the financial year ended 31 December 2022 were prepared in all
material aspects in accordance with International Financial Reporting Standards and is compliant
with the accounts and documents, as well as the factual state.
3. Evaluation of the Management Board’s report on the activities of KGHM Polska Miedź S.A.
and the KGHM Polska Miedź S.A. Group in 2022.
The Supervisory Board evaluated the Management Board’s report on the activities of KGHM
Polska Miedź S.A. and the KGHM Polska Miedź S.A. Group in 2022 comprising the statement on
non-financial information of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A. Group
for 2022 and declares that the report was prepared in accordance with art. 49 of the act dated
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Translation from the original Polish version. In the event of differences resulting from the translation,
reference should be made to the official Polish version.
29 September 1994 on accounting and with §70 and § 71 of the Decree of the Minister of Finance
dated 29 March 2018 on current and periodic information published by issuers of securities and
conditions for recognising as equivalent information required by the laws of a non-member state
and is compliant with the information contained in the separate financial statements of KGHM
Polska Miedź S.A. for the financial year ended 31 December 2022 and in the consolidated
financial statements of the KGHM Polska Miedź S.A. Group for the financial year ended
31 December 2022.
The Management Board’s report on the activities of KGHM Polska Miedź S.A. and the KGHM
Polska Miedź S.A. Group accurately and clearly reflects the economic and financial position of the
Company and the KGHM Polska Miedź S.A. Group. The completeness of the Management Board’s
report on the activities of KGHM Polska Miedź S.A. and the KGHM Polska Miedź S.A. Group and
the correctness of the disclosed information, was confirmed by the certified auditor.
Furthermore, the certified auditor, in its auditor’s report, confirmed that the Company provided
in the Management Board’s report information on the statement on non-financial information, as
provided for in art. 49b sec. 9 of the Act on accounting.
Consequently, the Supervisory Board positively evaluates the Management Board’s report on the
activities of KGHM Polska Miedź S.A. and of the KGHM Polska Miedź S.A Group in 2022
comprising the statement on non-financial information of KGHM Polska Miedź S.A. and of the
KGHM Polska Miedź S.A. Group for 2022.
appropriate signatures on the original
Lubin, dated 21 March 2023
Chairwoman of the Supervisory Board
Agnieszka Winnik-Kalemba
Member of the Supervisory Board
Józef Czyczerski
Deputy Chairwoman of the Supervisory Board
Katarzyna Krupa
Member of the Supervisory Board
Przemysław Darowski
Secretary of the Supervisory Board
Wojciech Zarzycki
Member of the Supervisory Board
Andrzej Kisielewicz
Member of the Supervisory Board
Bogusław Szarek
Member of the Supervisory Board
Marek Wojtków
Member of the Supervisory Board
Radosław Zimroz
Member of the Supervisory Board
Piotr Ziubroniewicz