2009

 31/03/2009 - Independent auditor's report to the shareholders

We have audited the accompanying financial statements and the consolidated financial statements of A.G. PETZETAKIS S.A. HELLENIC PLASTICS AND RUBBER INDUSTRY which comprise the balance sheet as at 31 December, 2008, the income statement, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards that have been adopted by the European Union. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Greek Auditing Standards which are based on International Standards of Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements and the consolidated financial statements give a true and fair view the financial position of A.G. PETZETAKIS S.A. HELLENIC PLASTICS AND RUBBER INDUSTRY as of 31 December, 2008 and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards that have been adopted by the European Union.

Emphasis of matter

Without qualifying our opinion we draw attention on the following:

The non achievement of the financial commitments as at 31 December, 2008 as stipulated in the bond agreements, has been accepted by the Bond holders. The continuation of the company’s and of the group’s activities without future achievement of the financial commitments as stipulated in the bond agreements is subject to the consent and the continuous support of the bond holders (see notes 1 and 13.4).

Report on other Legal and Regulatory Requirements

We have confirmed that the Board of Directors’ report is consistent with the accompanying separate and consolidated financial statements as required by articles 43a, 107 and 37 of Law 2190/1920.

Piraeus, 30 March, 2009

THE CERTIFIED PUBLIC ACCOUNTANT
DIAMANTIS DIAMANTARAS
REG. NO. 15811
MOORE STEPHENS
CHARTERED ACCOUNTANTS

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