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COMPA S. A. - CMP

June 30, 2018 - Auditor Report - art. 82 Law 24/2017

Release Date: 8/2/2018 6:30:10 PM

IRIS Code: 3AEEB

Independent auditor report

on the review of information provided by the company through the report prepared by FSA (Financial Supervisory Authority) on June 30th 2018 by the company "COMPA" S.A. Sibiu

 To The Board of Directors of the Company COMPA S.A.

1.         We performed certain procedures on the Current Report under Regulation FSA no. 5/2018 drafted by the company for the period January 1st 2018 – June 30th 2018, in relation to contracts and additional documents signed by the company in the aforementioned period by administrators, employees, significant shareholders and transactions carried with affiliated parties, as stipulated in Art. 82(1) of Law 24/2017. The responsibility of preparing reports falls under the management of the company.

 Management's responsibility

2.         The management is responsible for the drawing up and a fair presentation of the Current Report according to the reported transactions as stipulated in Art. 82(1) of Law 24/2017 and under Regulation FSA no. 5/2018, for being complete and the information presented, as well as for transmitting the Current Report to the  Financial Supervision Authority (“ASF”) and the Bucharest Stock Exchange (“BSE”).

 Independent Auditors Responsibility

3.          Our responsibility is to examine the reported transactions presented by the company and to report in the form of an independent conclusion based on the obtained investigations. We conducted our engagement in accordance with the International Standard on Assurance Engagements (ISAE) 3000, “Revised, and Assurance Engagements Other than Audits or Reviews of Historical Financial Information”.

According to this standard, our conclusion is based on the procedures applied by us, mentioned below, which require planning and performing the audit in such a way to obtain a reasonable assurance of the fact that the reports prepared for the period January 1st 2018 – June 30th 2018, by COMPA S.A. Sibiu, respectively the price of the transactions included in the Current Report is comparable in all significant aspects, with similar transaction prices with third parties.

Procedures performed

4.          We performed the following procedures on the Current Report:

            - We received from the company's management the Current Report under Regulation FSA no. 5/2018 drafted by the company for the period January 1st 2018 – June 30th 2018, and we verified whether the information included in this report are presented in accordance with Art. 82(1) of Law 24/2017.

            - We received from the company's management access to all contracts and addenda and we checked the authenticity of these contracts as well as the authorized signatures.

            - For the transactions presented by the company under the Current Report, we verified the given elements with key information from the available contracts, the contracting parties, subject and value of contracts, as well as payment terms.

            - We discussed together with the management, the policies regarding contracts with administrators, employees, significant shareholders and affiliated entities to determine whether the agreed prices between the parties are comparable in all significant aspects with similar transaction prices with third parties.

            - We compared the debts and bonds presented in the Current Report with the ones registered in the accounting records of the company.

The applicability area of a revision is lower than the one of an audit conducted in conformity with the International Audit Standards and consequently we cannot obtain the assurance that we will refer all matters that could be identified within a reasonable assurance engagement.

Conclusion

5.         According to the aforementioned procedures performed on the documents included in the Current Report, we conclude the following:

            - The statements reported by the company are contracts with affiliated parties concluded in different time periods. These contracts include data which shows the purpose for which they were concluded, mainly the provision between COMPA S.A. and affiliated parties of utility, transportation, software and maintenance services, as well as supply and rental of property.

            - We have not observed elements that could lead to:

a)      The information presented in the Current Report is not in accordance with all significant aspects of the legal requirements

b)      The contracts made available to us were not properly authorized

c)      The details presented in the Current Report are not consistent with key terms of the contracts, contract parties, subject and value of the contracts, as well as payment terms.

d)     The terms and conditions of transactions presented in the Current Report conducted with administrators, personnel, significant shareholders and affiliated persons are not based on principles of pricing, but on policies which take into account the existing offers on the market in similar fields.

6.         Our report refers only to transactions included in the Current Report in the above mentioned conditions and cannot be extended to include other reports by the company, taken into account either individually or as a whole.

This independent insurance report has been provided solely to inform the company's management. Its aim has mentioned in the first paragraph of the current report and cannot be used for any other purposes.

 

 

 



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