ANNUAL REPORT - KORADO, as

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26 INDEPENDENT AUDITOR‘S REPORT To the Shareholders of KORADO, a.s.: I. We have audited the consolidated financial statements of KORADO, a.s. (“the Company”) as at 31 December 2010 presented in the annual report of KORADO, a.s. on pages 45 – 72, on which we have issued an auditor’s report dated 15 March 2011, presented in the annual report on page 46. We have also audited the separate financial statements of the Company as at 31 December 2010 which are presented in the annual report of the Company on pages 27 – 44 on which we have issued an auditor’s report dated 15 March 2011, presented in the annual report of the Company on page 28 (both referred further as “financial statements”). II. We have also audited the consistency of the annual report with the financial statements described above. The management of KORADO, a.s. is responsible for the accuracy of the annual report. Our responsibility is to express, based on our audit, an opinion on the consistency of the annual report with the financial statements. Ernst & Young Audit, s.r.o. License No. 401, Represented by partner 15 March 2011 Prague, Czech Republic We conducted our audit in accordance with International Standards on Auditing and the related implementation guidance issued by the Chamber of Auditors of the Czech Republic. Those standards require that we plan and perform the audit to obtain reasonable assurance as to whether the information presented in the annual report that describes the facts reflected in the financial statements is consistent, in all material respect, with the financial statements. We have checked that the accounting information presented in the annual report on pages 5 – 24 is consistent with that contained in the audited financial statements as at 31 December 2010. Our work as auditors was confined to checking the annual report with the aforementioned scope and did not include a review of any information other than that drawn from the audited accounting records of the Company. We believe that our audit provides a reasonable basis for our opinion. Based on our audit, the accounting information presented in the annual report is consistent, in all material respects, with the above-mentioned financial statements. Petr Vácha Auditor, License No. 1948 Annual Report 2010
Financial Statements for the year ended 31 December 2010 together with Auditor’s Report Annual Report 2010 27
Page 1 and 2: ANNUAL REPORT 2010
Page 4 and 5: 4 CONTENTS Foreword from the Managi
Page 6 and 7: 6 CORPORATE STRATEGY AND GOALS KORA
Page 8 and 9: 8 TABLE OF FINANCIAL INDICATORS 200
Page 10 and 11: 10 Management The Company is divide
Page 12 and 13: 12 KORADO Group consolidated revenu
Page 14 and 15: 14 DESCRIPTION OF SUBSIDIARIES AND
Page 16 and 17: 16 KORADO Bulgaria A.D. - was found
Page 18 and 19: 18 FINANCIAL POSITION The persistin
Page 20 and 21: 20 PRODUCTION MATERIAL PROCUREMENT
Page 22 and 23: 22 SALES AND MARKET POSITION The co
Page 24 and 25: 24 QUALITY MANAGEMENT SYSTEM AND TH
Page 28 and 29: 28 INDEPENDENT AUDITOR‘S REPORT T
Page 30 and 31: 30 BALANCE SHEET - LONG FORM Czech
Page 32 and 33: 32 CASH FLOW STATEMENT Czech Statut
Page 34 and 35: 34 KORADO, a.s. Financial Statement
Page 46 and 47: 46 INDEPENDENT AUDITOR‘S REPORT T
Page 48 and 49: 48 KORADO Group CONSOLIDATED STATEM
Page 50 and 51: 50 KORADO Group CONSOLIDATED CASH F
Page 52 and 53: 52 KORADO GROUP Notes to the Consol
Page 72 and 73: 72 SWORN AFFIDAVIT We hereby certif
Page 74: KORADO, a.s. Bří Hubálků 869, 5

ANNUAL REPORT - KORADO, as

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