PricewaterhouseCoopers Polska spółka z ograniczoną odpowiedzialnością Audyt sp. k.
, ul.
Polna 11, 00-633 Warsaw, Poland, T: +48 (22) 746
4000, F:+48 (22) 742 4040 ,
www.pwc.pl
PricewaterhouseCoopers Polska Spółka z ograniczoną odpowiedzialnością Audyt sp. k. is entered into the National Court Register maintained by the District Court for the
Capital City of Warsaw, under KRS number 0000750050, NIP 526-021-02-28. The seat of the Company is in Warsaw at Polna 11 str.
Independent Registered Auditor’s Report
To the Shareholders and the Board of Directors of Huuuge, Inc.
Report on the audit of separate financial statements
Our opinion
In our opinion, the accompanying annual separate financial statements:
•
give
a
true
and
fair
view
of
the
separate
financial
position
of
Huuuge,
Inc.
(the
“Company”)
as
at
31
December
2023
and
the
Company’s
separate
financial
performance
and
the
separate
cash
flows
for
the
year
then
ended
in
accordance
with
the
applicable
International
Financial
Reporting
Standards as adopted by the European Union and the adopted accounting policies;
•
comply
in
terms
of
form
and
content
with
the
laws
applicable
to
the
Company
and
the
Company’s
Certificate of Incorporation.
We have audited the annual separate financial statements of Huuuge, Inc. which comprise:
•
the Company’s separate statement of financial position as at 31 December 2023;
and the following prepared for the financial year from 1 January to 31 December 2023:
•
the Company’s separate statement of comprehensive income;
•
the Company’s separate statement of changes in equity;
•
the Company’s separate statement of cash flows, and
•
the notes to the separate financial statements comprising material accounting policies and other
explanatory information.
We
conducted
our
audit
in
accordance
with
the
National
Standards
on
Auditing
as
adopted
by
the
resolution
of
the
National
Council
of
Statutory
Auditors
and
the
resolution
of
the
Council
of
the
Polish
Audit
Supervision
Agency
(“NSA”)
and
pursuant
to
the
Law
of
11
May
2017
on
Registered
Auditors,
Registered
Audit
Companies
and
Public
Oversight
(the
“Law
on
Registered
Auditors”).
Our responsibilities
under
NSA
are
further
described
in
the
Auditor’s
responsibility
for
the
audit
of
the
separate financial statements section of our report.
We
believe
that
the
audit
evidence
we
have
obtained
is
sufficient
and
appropriate
to
provide
a basis
for
our opinion.
We
are
independent
of
the
Company
in accordance
with
the
International
Code
of
Ethics
for
Professional
Accountants
(including
International
Independence
Standards)
issued
by
the
International
Ethics
Standards
Board
for
Accountants
(IESBA
Code)
as
adopted
by
resolution
of
the
National
Council
of
Statutory
Auditors
and
other
ethical
requirements
that
are
relevant
to
our
audit
of
the
separate
financial
statements
in
Poland.
We
have
fulfilled
our
other
ethical
responsibilities
in
accordance
with
these
requirements
and
the
IESBA
Code.
During
the
audit,
the
key
registered
auditor
and
the
registered
audit
firm
remained
independent
of
the
Company
in
accordance
with
the
independence
requirements
set out in the Law on Registered Auditors.
Our audit approach
•
The
overall
materiality
threshold
adopted
for
the
purposes
of
our
audit
was
set
at
USD 1,226
thousand,
which
represents
1%
of
the total assets
•
We
have
audited
the
annual
separate
financial
statements
of
the
Company
for
the
period ended 31 December 2023.
•
Investments in subsidiaries - determination
whether impairment indicators exist
•
Classification of pending litigations as
contingent liabilities or provisions
As
part
of
designing
our
audit,
we
determined
materiality
and
assessed
the
risks
of
material
misstatement
in
the
separate
financial
s
tatements.
In
particular,
we
considered
where
the
Chief
Executive
Officer
made
subjective
judgements;
for
example,
in
respect
of
significant
accounting
estimates
that
involved
making
assumptions
and
considering
future
events
that
are
inherently
uncertain.
As
in
all
of
our
audits
we
also
addressed
the
risk
of
management
override
of
internal
controls,
including
among
other
matters,
consideration
of
whether
there
was
evidence
of
bias
that
represented
a
risk
of
material misstatement due to fraud.
Materiality
The
scope
of
our
audit
was
influenced
by
our
application
of
materiality.
An
audit
is
designed
to
obtain
reasonable
assurance
whether
the
separate
financial
statements
are
free
from
material
misstatement.
Misstatements
may
arise
due
to
fraud
or
error.
They
are
considered
material
if,
individually
or
in
aggregate,
they
could
reasonably
be
expected
to
influence
the
economic
decisions
of
users
taken
on
the basis of the separate financial statements.
Based
on
our
professional
judgement,
we
determined
certain
quantitative
thresholds
for
materiality,
including
the
overall
materiality
for
the
separate
financial
statements
as
a
whole, as
set
out
in
the
table
below.
These,
together
with
qualitative
considerations,
helped
us
to
determine
the
scope
of
our
audit
and
the
nature,
timing
and
extent
of
our
audit
procedures
and
to
evaluate
the
effect
of
misstatements,
if
any, both individually and in aggregate on the separate financial statements as a whole.
Rationale
for
the
materiality
benchmark applied
We
chose
total
assets
as
the
benchmark
because,
in
our
view,
it
is
the
benchmark
against
which
the
performance
of
the
Company
i
s
most
commonly
measured
by
users,
and
is
a
generally
accepted
benchmark
for
entities
being
a
holding
company
with
no
operations
other
than
these
related
to
holding
activities.
The
Company
is
a
parent
entity
for
the
Huuuge,
Inc
Group
(the
“Group”)
holding
the
shares
in
subsidiaries
and
has
no
other
material
operations.
We
chose
1%
as,
based
on
our
professional
judgement,
it
is
within
the
acceptable
quantitative
materiality
thresholds.
We
agreed
with
the
Audit
Committee
of
the
Company
that
we
would
report
to
them
misstatements
of
the
separate
financial
statements
identified
during
our
audit
above
USD
61
thousand,
as
well
as
misstatements below that amount that, in our view, warranted reporting for qualitative reasons.
Key
audit
matters
are
those
matters
that,
in
our
professional
judgement,
were
of
most
significance
in
our
audit
of
the
separate
financial
statements
of
the
current
period.
They
include
the
most
significant
identified
risks
of
material
misstatements,
including
the
identified
risks
of
material
misstatement
resulting
from
fraud.
These
matters
were
addressed
in
the
context
of
our
audit
of
the
separate
financial
statements
as
a whole,
and in forming our opinion thereon. We do not provide a separate opinion on these matters.
We
also
provide
the
Audit
Committee
with
a
statement
that
we
have
complied
with
relevant
ethical
requirements
regarding
independence,
and
to
communicate
with
them
all
relationships
and
other
matters
that
may
reasonably
be
thought
to
bear
on
our
independence,
and
where
applicable,
actions
taken to eliminate threats or safeguards applied.
From
the
matters
communicated
to
the
Audit
Committee,
we
determine
those
matters
that
were
of
most
significance
in
the
audit
of
the
separate
financial
statements
of
the
current
period
and
are
therefore
the
key
audit
matters.
We
describe
these
matters
in
our
auditor’s
report
unless
law
or
regulation
precludes
public
disclosure
about
the
matter
or
when,
in
extremely
rare
circumstances,
we
determine
that
a
matter
should
not
be
communicated
in
our
report
because
the
adverse
consequences
of
doing
so
would
reasonably be expected to outweigh the public interest benefits of such communication.
Other information, including the report on the operations
Other information
Other information comprises the Annual Report including:
•
information
on
pages
from
5
to
38
that
relates
to
the
management’s
analysis
of
the
Company’s
and
the Group’s operations for the financial year ended 31 December 2023 (the “Report on activities”),
•
information
on
pages
from
39
to
70
that
relates
to
corporate
governance
(the
“Corporate
governance
statement”),
•
other documents comprising the Annual Report for the financial year ended 31 December 2023,
(together “Other Information”).
Other
information
does
not
include
the
consolidated
financial
statements
and
the
separate
financial
statements and our auditor’s reports thereon.
Responsibility of the Board of Directors
The
Board
of
Directors
of
the
Company
is
responsible
for
the
preparation
of
the
Other
Information
in
accordance with the law.
The
members
of
the
Board
of
Directors
are
obliged
to
ensure
that
the
Report
on
activities
and
the
Corporate
governance
statement
comply
with
the
requirements
of
the
Regulation
of
the
Minister
of
Finance
dated
29
March
2018
on
current
and
periodical
information
submitted
by
issuers
of
securities
and
conditions
for
considering
as
equivalent
the
information
required
under
the
legislation
of
a
non-
Member State (the “Regulation on current information”).
Registered auditor’s responsibility
Our opinion on the separate financial statements does not cover the Other Information.
In
connection
with
our
audit
of
the
separate
financial
statements
and
the
consolidated
financial
statements,
our
responsibility
under
NSA
is
to
read
the
Other
Information
and,
in
doing
so,
consider
whether
the
Other
Information
is
materially
inconsistent
with
the
information
in
the
separate
financial
statements
and
consolidated
financial
statements,
our
knowledge
obtained
in
our
audit,
or
otherwise
appears
to
be
materially
misstated.
If, based
on
the
work
performed,
we
identified
a material
misstatement
in
the
Other
Information,
we
are
obliged
to
inform
about
it
in
our
audit
report.
In accordance
with
the
requirements
of
the
Law
on
the
Registered
Auditors,
we
are
also
obliged
to
issue
an
opinion
on
whether
the
Report
on
activities
has
been
prepared
in
accordance
with
the
law
and
is
consistent
with
information
included
in
annual
separate
financial
statements
of
the
Company
and
the
annual consolidated financial statements.
Moreover,
we
are
obliged
to
issue
an
opinion
on
whether
the
Company
and
the
Group
provided
required
information in its Corporate governance statement.
Statement on the Other information
We
declare,
based
on
the
knowledge
of
the
Company
and
the
Group
and
their
environment
obtained
during
our
audit,
that
we
have
not
identified
any
material
misstatements
in
the
Report
on
activities
of
the
Company and the Group and the remaining elements of Other information.
Opinion on the Report on activities
Based
on
the
work
we
carried
out
during
our
audit,
in
our
opinion,
the
Report
on
activities
of
the
Company and the Group:
•
has
been
prepared
in
accordance
with
the
requirements
of
para.
70
and
71
of
the
Regulation
on
current information;
•
is
consistent
with
the
information
in
the
separate
financial
statements
and
the
consolidated
financial
statements.
Opinion on the Corporate governance statement
In
our
opinion,
in
its
Corporate
governance
statement,
the
Company
and
the
Group
included
information
set
out
in
para.
70.6
(5)
of
the
Regulation
on
current
information.
In
addition,
in
our
opinion,
information
specified
in
paragraph
70.6
(5)(c)–(f),
(h)
and
(i)
of
the
said
Regulation
included
in
the
Corporate
governance
statement
is
consistent
with
the
applicable
provisions
of
the
law
and
with
information
included in the separate financial statements and the consolidated financial statements.
The
Key
Registered
Auditor
responsible
for
the
audit
on
behalf
of
PricewaterhouseCoopers
Polska
spółka
z
ograniczoną
odpowiedzialnością
Audyt
sp.
k.,
a
company
entered
on
the
list
of
Registered
Audit Companies with the number 144, is Paweł Wesołowski.
