This is a translation of the Independent Auditor’s Report originally issued in Polish
INDEPENDENT AUDITOR’S REPORT
To the Shareholders’ Meeting and the Supervisory Board of Bank Millennium S.A.
Report on the audit of the annual consolidated financial statements
Opinion
We have audited the annual consolidated financial statements of the Group (the “Group”) with Bank Millennium
as the parent ( “Parent”, “Bank”), which comprise the consolidated statement of financial position as at December
31, 2024 and the consolidated statement of profit and loss, the consolidated statements of total comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flow for the financial
year then ended, and notes to the consolidated financial statements, including material accounting policies
and other explanatory information (the “consolidated financial statements”).
In our opinion, the consolidated financial statements:
− give a true and fair view of the economic and financial position of the Group as at December 31, 2024,
and of its financial performance and its cash flows for the year then ended in accordance
with the applicable International Financial Reporting Standards, as endorsed by the European Union,
and the adopted accounting policies;
− comply, as regards their form and content, with the applicable laws and the articles of association
of the Bank.
Our opinion is consistent with the additional report to the Audit Committee, which we issued on the same day.
Basis for opinion
We conducted our audit in accordance with the National Standards on Auditing adopted by the National Council
of Statutory Auditors and the Council of the Polish Agency for Audit Oversight (“NSA”) as well as in compliance
with the Act on Statutory Auditors, Audit Firms and Public Oversight of 11 May 2017 (the “Act on Statutory
Auditors”, Journal of Laws of 2024, item 1035, as amended) and Regulation (EU) No 537/2014 of the European
Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-
interest entities (“EU Regulation”, Official Journal of the European Union L158, as amended). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated
Financial Statements section of our report.
We are independent from companies that are part of the Group in accordance the principles of professional ethics
specified in the International Code of Ethics for Professional Accountants (including International Independence
Standards) (“Code of ethics”) adopted by the National Council of Statutory Auditors together with the ethical
requirements that are relevant to the audit of the financial statements in Poland, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the Code of ethics. Throughout the audit,
both the key statutory auditor and the audit firm remained independent from companies that are part
of the Group in accordance with the independence requirements set out in the Act on Statutory Auditors
and in the EU Regulation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
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Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the consolidated financial statements of the current period. They encompass the most significant assessed
risks of material misstatement, including assessed risks of material misstatement due to fraud. These matters
were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming
our opinion thereon. We summarized our response to those risks and, where appropriate, we presented the key
findings related to those risks. We do not provide a separate opinion on these matters.
Key audit matter
How we addressed the matter
Impact of legal risk related to litigations concerning the portfolio of mortgage loans indexed to the Swiss franc
(CHF)
The Bank granted foreign currency mortgage loans
indexed to the Swiss franc ("CHF loans").
As described in note 14.22 Loans and advances to
customers in item 22j. Loans and advances to
customers measured at amortised cost according to
the currency structure of the consolidated financial
statements, gross carrying amount of CHF loans less
the change in expected cash flows resulting from
the legal risk of CHF loans as at 31 December 2024
amounted to PLN 1 360 546 thousand.
As presented in note 14.14 Costs of provisions for
legal risk related to foreign currency mortgage loans
of the consolidated financial statements, the Group
estimated the impact of legal risk for the active
portfolio by adjusting the gross carrying amount
of CHF loans in accordance with point B5.4.6
of International Financial Reporting Standard 9
Financial Instruments ("IFRS 9") and recognised
a provision in accordance with International
Accounting Standard 37 Provisions, Contingent
Liabilities and Contingent Assets ("IAS 37") for
repaid loans, active loans, in the case of which the
provision created for legal risk exceeds the current
carrying amount (for this surplus)) and for risks
related to rights to statutory interest.
As at 31 December 2024, provisions reducing the
gross carrying amount of CHF loans amounted to
PLN 5 665 224 thousand, and provisions for
unresolved disputes related to CHF loans amounted
to PLN 2 798 472 thousand.
As described in item 13 Legal risk related to foreign
currency mortgage loans in the consolidated
financial statements, the Bank is the defendant in
numerous court cases, the claims filed by clients
relate primarily to the declaration of invalidity of the
agreement and the return of the principal and
interest installments paid.
The legal risk related to CHF loans resulted among
others from the effects of the judgment of the Court
of Justice of the European Union ("CJEU")
As part of the audit procedures, we familiarized
ourselves and assessed the accounting policy applied by
the Group to recognize the impact of legal risk related to
litigations concerning the CHF loans.
Our audit procedures also included an understanding
of the provisioning process for CHF loan litigations and
an evaluation of the design and implementation of
controls over the model used to estimate provisions.
With respect to the model used to estimate provisions,
our procedures included, among others:
− assessment of the methodology for estimating
provisions in the scope of court proceedings and
proposed settlements related to CHF loans and
analysis of the rationality and adequacy of the
adopted assumptions, including in particular:
- the probability of occurrence of particular types
of decisions for pending court cases;
- the estimated amount of losses in the event of
each type of verdict and the proposed
settlements;
- the estimated inflow of new individual claims
and their distribution over time and the
estimated number of settlements;
− based on a randomly selected sample verification
of accuracy of the data being the basis for
calculations;
− checking the mathematical accuracy of
calculations;
− assessment of the adequacy and the completeness
of provisions recognized by the Group in the
context of existing legal documentation and
analysis of the sensitivity of the provision to
changes in the most important assumptions.
In addition, with the participation of our legal specialists,
we reviewed the current and expected line of case law
regarding lawsuits related to CHF loans.
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Key audit matter
How we addressed the matter
of 3 October 2019 concerning loans indexed to CHF
and further case law of the CJEU and the case law of
Polish courts, which were described in item 12 Legal
risk related to foreign currency mortgage loans of
the consolidated financial statement.
The Bank’s Management Board judgments
regarding the recognition and measurement of
provisions for litigation and legal risk are inherently
subject to risk and may change over time,
as the estimated outcomes of ongoing litigation are
dependent on future outcomes.
Due to the materiality of the CHF loan portfolio,
the significant role and complexity of the Bank’s
Management Board judgments and estimates
regarding the impact of legal risk related to CHF
loans and due to the significant impact of the costs
of legal risk on the Group's financial result, the
impact of legal risk related to CHF loans was
considered as the key audit matter.
We also analysed material data after the balance sheet
date in relation to the assumptions adopted by the
Group as at the balance sheet date.
Our procedures also included the analysis of disclosures
in the consolidated financial statements in terms of their
completeness and adequacy in accordance with
the applicable reporting standards.
Impairment of loans and advances granted to customers
Detailed information on the methods and models
applied by the Bank and the level of impairment
losses on loans and advances to customers is
presented in section 7.3 Accounting policies
adopted, section 8.3 Credit risk and note 14.22
Loans and advances to customers
in the consolidated financial statements.
As presented in note 14.22 Loans and advances to
customers in item 22g. Change in impairment losses
on loans and advances measured at amortised cost
of consolidated financial statements, impairment
losses on loans and advances granted to customers
as at 31 December 2024 amounted to
PLN 2 503 446 thousand.
Estimation of impairment allowance requires
a significant judgment of the Management and
adoption in the calculation process significant
macroeconomic assumptions and estimates
especially in relation to the estimation of credit risk
parameters in the models of expected credit losses
in accordance with the requirements of IFRS 9.
We considered matter to be the key audit matter
due to the significant impact of impairment
allowances on valuation of loan receivables.
We critically analyzed the design and implementation
of the process and policy of recognition
of the impairment allowances on credit exposures and
we assessed the control system in this process, including
automated controls in the Group's IT systems,
considering also possible override of controls.
Our audit procedures included reconciliation of the loan
database with the Group ’s general ledger to confirm
the completeness of the recognition of credit
receivables that are the basis for impairment losses
calculation, as well as the value of these impairment
allowances.
In relation to the verification of the correct application
of the requirements of IFRS 9, our procedures included,
among the others:
− assessment of the methodology applied by the
Group with respect to the classification and
valuation of financial assets in terms of their
compliance with the requirements of IFRS 9 and with
the market practice;
− assessment of the Group's impairment methodology
from the perspective of compliance
with the requirements of IFRS 9, in particular
as regards the application of SICR criteria
i.e. a significant increase in credit risk from
the moment of granting a loan, definition of default,
adopted PD and LGD parameters and taking into
account prospective information in the calculation
of expected credit losses.
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Key audit matter
How we addressed the matter
For the collectively assessed loans, we performed,
among others, the following procedures:
− analysis of the applied methodology of estimating
allowances for expected credit losses, including
adequacy of risk parameters used by the Group;
− independent recalculation of the expected credit
loss for randomly selected exposures and chosen
parameters in the collective approach;
− evaluation of changes in the assumptions made for
the construction of models used for the
measurement of credit risk and the applied
approach to the verification of models based on
historical data (so-called “back-tests”).
In relation to the impairment estimated on the basis
of the individual method we performed the following
procedures:
− analysis of the correctness of the process
of identifying the triggers for impairment;
− evaluation of the correctness of the estimation
of allowance for the selected sample of the credit
exposures with identified indicators
of the impairment in terms of the correctness of the
assumed values of collaterals and assumptions
concerning other cash flows.
Our procedures also included analysis of disclosures
in the consolidated financial statements in terms of their
completeness and adequacy in accordance with
applicable reporting standards.
Responsibilities of the Management Board and the Supervisory Board of the Parent for the consolidated financial
statements
The Parent’s Management Board is responsible for the preparation of consolidated financial statements which
give a true and fair view of the economic and financial position of the Group and of its financial performance
in accordance with the applicable International Financial Reporting Standards, as endorsed by the European
Union, the adopted accounting policies as well as the applicable laws and articles of association of the Parent,
and for such internal control as the Parent’s Management Board determines is necessary to enable the
preparation of consolidated financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the consolidated financial statements, the Parent’s Management Board is responsible for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Parent’s Management Board either intends to liquidate
the Group or to cease operations, or has no realistic alternative but to do so.
The Management Board and members of the Supervisory Board of the Parent are obliged to ensure that
the consolidated financial statements meet the requirements of the Accounting Act of 29 September 1994
(the “Accounting Act”, Journal of Laws of 2023, item 120, as amended). Members of the Parent’s Supervisory
Board are responsible for overseeing the financial reporting process.
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Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with NSA will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial
statements.
The scope of an audit does not include an assurance about the future profitability of the Group
or the effectiveness or efficiency of the Parent’s Management Board in managing the Group’s affairs at present
or in the future.
As part of an audit in accordance with NSA, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
− identify and assess the risks of material misstatement of the consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control;
− obtain an understanding of internal control relevant to the audit 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 Group’s internal control;
− evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Parent’s Management Board;
− conclude on the appropriateness of the Parent’s Management Board’s use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report
to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going
concern;
− evaluate the overall presentation, structure and content of the consolidated financial statements,
including the disclosures, and whether the consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation;
− plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the group
financial statements. We are responsible for the direction, supervision and review of the audit work
performed for purposed of the group audit. We remain solely responsible for our audit opinion.
We communicate with the Parent’s Supervisory Board regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Parent’s Supervisory Board with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats
or safeguards applied.
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From the matters communicated with the Parent’s Supervisory Board, we determined those matters that were
of most significance in the audit of the consolidated financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Other information, including the Report on the Activities
Other information includes the Management Board Report on the activity of Bank Millennium S.A. and Capital
Group of Bank Millennium S.A. in 2024 (the “Report on the Activities”), together with a statement of compliance
with corporate governance principles and the Sustainability Statement, which constitute separate parts
of the Report (together: the “Other Information”).
Responsibilities of the Management Board and the Supervisory Board
The Parent’s Management Board is responsible for the preparation of the Other Information in accordance with
the applicable laws.
The Management Board and members of the Supervisory Board of the Parent are obliged to ensure that
the Report on the Activities, along with the separate parts, meet the requirements of the Accounting Act.
Auditor’s Responsibilities
Our opinion on the consolidated financial statements does not cover the Other Information. In connection with
our audit of the consolidated financial statements, our responsibility is to read the Other Information and, in doing
so, consider whether the Other Information is materially inconsistent with the consolidated financial statements
or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we
have performed, we conclude that there is a material misstatement of this Other Information, we are required to
report that fact in our auditor’s report.
Additionally, under the Act on Statutory Auditors we are obliged to express an opinion on whether the Report
on the Activities, in the scope not related to sustainability reporting, has been prepared in accordance with
the applicable laws and whether it is consistent with the information contained in the consolidated financial
statements. In addition, in accordance with the requirements of article 111a (3) of the Law of 29 August 1997
on Banking Law (Journal of Laws 2024, item 1646), hereinafter referred to as “Banking Law”, it was
our responsibilities to analysis the indicated financial information contained in the Report on the Activities.
Furthermore, we are obliged to express an opinion on whether the Group has included the necessary information
in the statement of compliance with corporate governance principles.
Opinion on the report on the activities
Based on our work performed during the audit, we are of the opinion that the Report on the Activities:
− has been prepared in accordance with Article 49 of the Accounting Act and par. 71 of the Regulation
of the Minister of Finance of 29 March 2018 on current and periodic information published by issuers
of securities and the rules of equal treatment of the information required by the laws of non-member states
(the “Current Information Regulation”, Journal of Laws of 2018, item 757, as amended) and article 111a
(1-2) of Banking Law;
− is consistent with the information contained in the consolidated financial statements.
Furthermore, in the light of the knowledge and understanding of the Group and its environment obtained
in the course of the audit, we have not identified any material misstatements of the Report on the Activities.
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Information on sustainability reporting and its attestation
The Sustainability Statement, for the year ended 31 December 2024, included as a separate part in chapter
II Sustainability reporting of the Report on Activities, was subject to separate attestation by our audit firm and the
same key statutory auditor that audited the financial statements.
Opinion on the statement of compliance with corporate governance principles
In our opinion, the statement of compliance with corporate governance principles contains the information
referred to in par. 70.6.5 of the Current Information Regulation. We are also of the opinion that the information
referred to in par. 70.6.5(c)-(f), (h) and (l) of the Regulation, as contained in the statement of compliance with
corporate governance principles, is in accordance with the applicable laws and consistent with the information
included in the consolidated financial statements.
Report on Other Legal and Regulatory Requirements
Opinion on the compliance of tags in consolidated financial statements prepared in the single electronic reporting
format with the requirements of the regulation setting out technical standards on the specification of a single
electronic reporting format
Scope of the Engagement
With regard to the audit of the consolidated financial statements we have performed a reasonable assurance
engagement to evaluate whether or not the Group’s consolidated financial statements for the year ended
31 December 2024, prepared in the European Single Electronic Format and included in the file named
grupamillennium-2024-12-31-pl.zip (“consolidated ESEF financial statements”) were tagged in compliance with
the requirements of Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing
Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical
standards on the specification of a single electronic reporting format (“ESEF Regulation”).
Identification of applicable Criteria
The consolidated ESEF financial statements were prepared by the Management Board of the parent in order to
satisfy the tagging and technical requirements regarding the single electronic format specification, as determined
in the ESEF Regulation.
The scope of our assurance service includes checking compliance of the tagging used in the consolidated ESEF
financial statements with the requirements of the ESEF Regulation which, in our view, constitute appropriate
criteria for us to express an opinion.
Scope of Responsibility of the Management Board and the Supervisory Board of the Parent
The Management Board of the Parent is responsible for the preparation of the consolidated ESEF financial
statements in line with the tagging requirements and with the technical requirements related to the specification
of the single electronic format as determined in the ESEF Regulation. This responsibility includes the selection and
application of appropriate XBRL tags, using the taxonomy set out in ESEF Regulation.
The Management Board of the Parent is also responsible for the design, implementation and maintenance
of internal controls to enable the preparation of consolidated ESEF financial statements that are free from
material non-compliance with the requirements of ESEF Regulation.
Members of the Supervisory Board of the Parent are responsible for overseeing the financial reporting process,
which also involves the preparation of financial statements in the format determined by the valid law.
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Scope of our responsibility
Our objective was to express, based on a reasonable assurance engagement, an opinion whether the Group’s
consolidated financial statements for the year ended 31 December 2024 were tagged in compliance with
the requirements of ESEF Regulation.
The service was provided by us in compliance with the National Standard on Assurance Services Other than Audits
or Reviews 3001PL - Audit of Financial Statements Prepared in the Single Electronic Format (“NSAE 3001PL”)
and, where applicable, with the National Standard on Assurance Services Other than Audits or Reviews 3000
(Revised) in the wording of the International Standard on Assurance Services Other than Audits or Reviews
of Historical Financial Information (amended) (“NSAE 3000 (Revised)”).
The Standard requires that we plan and perform the procedures so as to obtain reasonable assurance that
the consolidated ESEF financial statements were prepared in compliance with the determined criteria.
Reasonable assurance is a high level of assurance, but is not a guarantee that an engagement conducted
in accordance with NSAE 3001PL and, where applicable, with NSAE 3000 (Revised) will always detect a material
misstatement when it exists.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers internal
control relevant to the entity’s preparation of the consolidated ESEF financial statements, in order to design
procedures that are appropriate in the circumstances to enable the auditor to obtain sufficient appropriate
evidence. The purpose of the assessment of the internal control system’s operation was not to express an opinion
on its effectiveness.
Our quality management
Our firm applies the national standards on quality control 1 adopted on 15 November 2022 by Resolution
No. 38/I/2022 of the Council of the Polish Agency for Audit Oversight. The National Standard on Quality Control
1 in the wording of the International Standard on Quality Management (PL) 1 – “Quality Management for Firms
that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements"
requires the audit firm to design, implement and operate a quality management system, including policies
or procedures regarding compliance with ethical requirements, professional standards and applicable legal and
regulatory requirements.
Our independence
We have complied with the independence and other ethical requirements specified in the International Code of
Ethics for Professional Accountants (including International Independence Standards) issued by the International
Ethics Standards Board for Accountants (IESBA) and adopted by the National Council of Statutory Auditors based
on the basic principles of integrity, objectivity, professional competence and due care, confidentiality and
professional behaviour.
Summary of the Work Performed
The procedures we planned and performed included:
− gaining an understanding of the process of the Company’s preparing the consolidated ESEF financial
statements, which comprised the selection and application of XBRL tags as well as ensuring compliance with
ESEF Regulation, including an understanding of the internal controls relevant to this process;
− reconciling the tagged information included in the consolidated ESEF financial statements with the audited
consolidated financial statements (using a selected sample);
− with the use of a specialised IT tool, assessing the fulfilment of technical standards on the specification of
the single electronic reporting format, and the completeness of XBRL tagging in the consolidated ESEF
financial statements;
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− evaluation of whether the XBRL tags from the taxonomy set out in ESEF Regulation were applied properly
and whether extension taxonomy elements were used in the event that the relevant elements were not
identified in the core taxonomy set out in ESEF Regulation;
− evaluation of the correctness of anchoring of the extension taxonomy elements used to the core taxonomy
set out in ESEF Regulation.
We believe the obtained evidence constitutes a sufficient and appropriate basis for us to express an opinion on
the compliance of tagging with ESEF Regulation.
Opinion on the Compliance with Requirements of ESEF Regulation
The issues described above provide the basis for auditor’s opinion, therefore, they should be considered by
readers of the opinion.
In our opinion, the indicated consolidated ESEF financial statements have been tagged, in all material respects,
in compliance with requirements of ESEF Regulation.
Information on the compliance with the binding prudence principles
The Management Board of the Bank is responsible for ensuring compliance of the Group's activities with the
prudential regulations resulting from the provisions of separate regulations, in particular for correct
determination of capital ratios.
Our obligation is to inform in the audit report whether the Group complies with the applicable prudential
regulations specified in separate regulations, in particular whether the Group correctly determined the capital
ratios presented in point 8.2 Capital management of the consolidated financial statements in accordance with
applicable as at 31 December 2024 prudent principles determined by separate regulations.
The purpose of the audit of the consolidated financial statements was not to express an opinion on the Group's
compliance with applicable prudential regulations, and therefore we do not express an opinion on this matter.
Based on the work we have performed, we would like to inform you that we have not identified any cases of non-
compliance by the Group in the period from January 1, 2024 to December 31, 2024, with the applicable prudential
regulations specified in separate regulations and we have not identified any misstatements in the determination
by the Group as at December 31, 2024, capital ratios in accordance with separate regulations that would have
a significant impact on the consolidated financial statements.
Statement concerning provision of non-audit services
To the best of our knowledge and belief, we represent that non-audit services which we have provided
to the Parent and to its subsidiaries are not prohibited under Article 5.1 of the EU Regulation and Article 136 of
the Act on Statutory Auditors. The non-audit services which we provided to the Parent and to its subsidiaries in
the audited period have been listed in Item 13.5 in the Report on the Activities.
Appointment of the auditor
We were appointed as the auditor of the Group’s consolidated financial statements by resolution no. 58/2023
of the Parent’s Supervisory Board of 11 December 2023. Our total uninterrupted period of engagement to audit
the Group’s consolidated financial statements is two consecutive financial years, i.e. starting from the financial
year ended 31 December 2023.
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The key statutory auditor on the audit resulting in this independent auditor’s report is Barbara Gryszko.
Acting on behalf of Deloitte Assurance Polska spółka z ograniczoną odpowiedzialnością sp. k. (formerly: Deloitte
Assurance sp. z o.o.) with its registered seat in Warsaw, entered under number 4260 on the list of audit firms,
in the name of which the financial statements have been audited by the key statutory auditor:
Barbara Gryszko
Registered under number 13312
Warsaw, February 24, 2025