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“TOPLOFIKATSIA – RUSE” EAD
To the Shareholder of CENTRAL HEATING - ROUSSE PCL
We have audited the accompanying balance sheet of CENTRAL HEATING - ROUSSE PCL as of 31 December 2003 and the related statements of income, cash flows and changes in equity for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express opinion on the financial statements based on our audit. We conducted our audit in accordance with the International Standards of Auditing. They require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The audit includes examination, on the basis of tests, of the evidence supporting the amounts and disclosures in the financial statements. The audit also includes assessment of the applied accounting principles and of the significant estimates made by the management, as well as evaluation of the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. Part of the Company`s fixed assets, presented in the financial statements, including land with current value of BGN 1 986(thousands) and buildings with current value of BGN 582 (thousands), have unclear legal statute, concerning the Company's property rights. As a result of the revaluation increase of these assets as of 31st December, their value has increased from BGN 1 781 (thousands) to BGN 2 568 (thousands) Subject to any amendments that may be required as a result of the reserves expressed above, in our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of 31 December 2003 and the results of its operation and its cash flows for the years then ended, in accordance with the Bulgarian National Financial Reporting Standards. ACTIV LTD. Certified Public Accountants and Auditors Varna, Bulgaria 14th April, 2004 |