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ANNUAL REPORT 2005
REPORT OF INDEPENDENT AUDITORS
TO THE SHAREHOLDERS OF PHILIP MORRIS ČR a.s.
We have audited the accompanying consolidated balance sheet of Philip Morris ČR a.s. and its subsidiary as at 31 December 2005, the related
consolidated statements of income, consolidated statement of changes in shareholders’ equity, consolidated cash flows and notes for the year
then ended presented in the annual report of the Company on pages 14–43 (“the consolidated financial statements”). The consolidated financial
statements, which include description of the Company’s activities, and underlying accounting records are the responsibility of the Company’s
Board of Directors. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
We conducted our audit in accordance with the Act on Auditors, International Standards on Auditing and related application guidance
of the Chamber of Auditors of the Czech Republic. Those auditing standards require that we plan and perform the audit to obtain reasonable
assurance as to whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statements presentation.
We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the accompanying consolidated financial statements give a true and fair view, in all material respects, of the assets, liabilities
and equity of Philip Morris ČR a.s. and its subsidiary as at 31 December 2005, and the results of their operations and their cash flows for
the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
We have examined whether the supplementary financial information included in the annual report of Philip Morris ČR a.s. on pages
4–11 and 78–79, which does not form part of the consolidated financial statements for the year ended 31 December 2005, is consistent
with the audited consolidated financial statements of Philip Morris ČR a.s. and its subsidiary. In our opinion, all other supplementary
information included in the annual report is consistent with the audited consolidated financial statements in all material respects.
The maintenance and integrity of Philip Morris ČR a.s. website is the responsibility of its Board of Directors; the work carried out by the auditors
does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred
to the financial statements since they were initially presented on the website.
21 March 2006
PricewaterhouseCoopers Audit, s.r.o.
represented by
Thomas Linder
Pavel Kulhavý
Partner Auditor, Licence No. 1538
PricewaterhouseCoopers Audit, s.r.o., Kateřinská 40/466, 120 00 Prague 2, Czech Republic, telephone +420 251 151 111,
facsimile +420 251 156 111
PricewaterhouseCoopers Audit, s.r.o., registered seat Kateřinská 40/466, 120 00 Prague 2, Czech Republic, Identification Number: 40765521,
registered with the Commercial Register kept by the Municipal Court in Prague, Section C, Insert 3637, and in the Register of Audit Companies
with the Chamber of Auditors of the Czech Republic under Licence No 021.
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