LegalGrant Thornton
Independent Auditor's Report on the Annual Consolidated Financial Statement: PCF Group S.A.
26 Apr 20216 pages~15 min full read
Grant Thornton Frąckowiak issued an unqualified opinion on PCF Group S.A.’s 2020 consolidated financial statements, confirming they comply with IFRS and accurately reflect the group's financial position.
The 2020 fiscal year marks the first consolidated financial reporting period for PCF Group S.A. following its December 2020 admission to the Warsaw Stock Exchange.
The company reported sales revenue of 87.82 million PLN and contract asset valuations of 24.02 million PLN for the fiscal year ending December 31, 2020.
Auditors identified revenue recognition under IFRS 15 as a key audit matter due to the complexity of contracts involving variable elements, bonuses, warrants, and frequent modifications.
Audit procedures for revenue and contract assets included verifying management’s project advancement estimates and reconciling accounting entries against source documentation.
The management activity report was found to be consistent with the financial statements and compliant with all relevant corporate governance and legal disclosure requirements.
This independent auditor's report, prepared by Grant Thornton Frąckowiak, presents the results of a statutory audit of the consolidated financial statements for PCF Group S.A. and its capital group for the fiscal year ending December 31, 2020. The audit concludes with an unqualified opinion, stating that the financial statements provide a fair and clear view of the group’s financial position, performance, and cash flows in accordance with International Financial Reporting Standards (IFRS) and European Commission regulations.
The scope of the audit covers the consolidated statement of financial position, the statement of profit or loss and other comprehensive income, changes in equity, and cash flows. Geographically, the report focuses on the Polish-based parent company and its subsidiaries. This 2020 report is significant as it represents the first consolidated financial statement issued following the company's admission to the Warsaw Stock Exchange in December 2020.
A primary focus of the audit involved the valuation of assets from contracts with customers and sales revenue, which totaled 24.02 million PLN and 87.82 million PLN, respectively. The auditors identified revenue recognition under IFRS 15 as a key audit matter due to the complexity of the group's contracts, which often include variable elements, bonuses, warrants, and frequent modifications. The methodology employed included evaluating internal control environments, verifying management estimates regarding project advancement, and reconciling accounting entries with source documentation.
The report also confirms that the management's activity report is consistent with the financial statements and meets legal requirements, including corporate governance disclosures. The audit was conducted in compliance with the Act on Statutory Auditors and EU Regulation No. 537/2014, with the auditors affirming their independence and the absence of prohibited non-audit services.
