Download 2004 Annual Report - Polymetal

ZAOPricewaterhouseCoopers AuditSredny Pr., V.O., 36/40,St. Petersburg, 199004RussiaTelephone +7 (812) 326 6969Facsimile +7 (812) 326 6699Report of Independent AuditorsTo the Board of Directors and Shareholdersof Joint−Stock Company “ISPA “Polymetal”:In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of op−erations, cash flows and changes in shareholders’ equity present fairly, in all material respects, the financial posi−tion of Joint−Stock Company “ISPA “Polymetal” at December 31, 2004 and 2003, and the results of its opera−tions and its cash flows for the years then ended in conformity with accounting principles generally accepted inthe United States of America. These consolidated financial statements are the responsibility of the Company’smanagement; our responsibility is to express an opinion on these financial statements based on our audits. Weconducted our audits of these statements in accordance with auditing standards generally accepted in theUnited States of America. Those standards require that we plan and perform the audit to obtain reasonableassurance about whether the consolidated financial statements are free of material misstatement. An audit in−cludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,assessing the accounting principles used and significant estimates made by management, and evaluating theoverall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.St. Petersburg, RussiaJuly 8, 2005Appendix #1: Consolidated financial statements49