CIAK

Grupa

d.d.

Statement

of

the

Management

Board's

Responsibility

The

Management

Board

is

required

to

prepare

the

separate

financial

statements

for

each

financial

year

which

give

a

true

and

fair

view

of

the

financial

position

of

the

Company

and

of

the

results

of

its

operations

and

its

cash

flows,

in

accordance

with

applicable

accounting

standards,

and

is

responsible

for

maintaining

proper

accounting

records

to

enable

the

preparation

of

such

financial

statements

at

any

time.

It

has

a

general

responsibility

for

taking

such

steps

as

are

reasonably

available

to

it

to

safeguard

the

assets

of

the

Company

and

to

prevent

and

detect

fraud

and

other

irregularities.

The

Management

Board

is

responsible

for

selecting

suitable

accounting

policies

to

conform

with

applicable

accounting

standards

and

then

apply

them

consistently;

make

judgements

and

estimates

that

are

reasonable

and

prudent;

and

prepare

the

separate

financial

statements

on

a

going

concern

basis

unless

it

is

inappropriate

to

presume

that

the

Company

will

continue

in

business.

After

making

enquiries,

the

Management

Board

has

a

reasonable

expectation

that

the

Company

has

adequate

resources

to

continue

in

operational

existence

for

the

foreseeable

future.

For

this

reason,

the

Management

Board

continues

to

adopt

the

going

concern

basis

in

preparing

the

separate

financial

statements.

The

Management

Board

is

also

responsible

for

the

preparation

and

publishing,

in

accordance

with

the

Accounting

act

and

other

laws

and

regulations

governing

the

preparation

of

financial

statements

in

Croatia,

of

the

following:

-

Management

Report;

-

Corporate

Governance

Report;

and

-

Annual

separate

financial

statements

in

single

electronic

reporting

format.

The

consolidated

annual

report

of

the

Company

and

its

subsidiaries

(“the

Group”)

is

published

separately

and

issued

simultaneously

with

the

separate

annual

report.

The

Management

report

and

the

Corporate

Governance

Report,

as

well

as

the

annual

separate

financial

statements

in

single

electronic

reporting

format

were

approved

and

signed

by

the

Management

Board

on

2

April

2025

for

submission

to

the

Supervisory

Board.

Ivan

Leko

Domini/Leko

Dafibor Bagari¢

President

of

the

Management

Member

of

the

Management

Member

of

the

Management

Board Board

Board

B

TS

N

Ivan

Milo$

'ment

Member

of

Board

CIAK

Grupa

d.d.

Savska

Opatovina

36

10000

Zagreb,

Hrvatska

11

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that

the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

12

Report on the Audit of the Financial Statements

Opinion

We have audited the separate financial statements of CIAK GRUPA d.d. (“the Company”), which comprise the

separate statement of financial position of the Company as at 31 December 2024, and the separate statements

of comprehensive income, cash flows and changes in equity of the Company for the year then ended, and notes,

comprising material accounting policies and other explanatory information (further referred to as “the financial

statements”).

In our opinion, the accompanying financial statements give a true and fair view of the unconsolidated financial

position of the Company as at 31 December 2024, and of its unconsolidated financial performance and

unconsolidated cash flows for the year then ended in accordance with International Financial Reporting

Standards as adopted by the European Union (“EU IFRS”).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing. Our responsibilities under those

standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section

of our report. We are independent of the Company in accordance with the ethical requirements that are relevant

to our audit of the financial statements in Croatia and we have fulfilled our other ethical responsibilities in

accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of

the financial statements of the current period. These matters were addressed in the context of our audit of the

financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion

on these matters.

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

(continued)

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the

translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

13

Report on the Audit of the Financial Statements (continued)

Key Audit Matters (continued)

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

(continued)

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the

translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

14

Report on the Audit of the Financial Statements (continued)

Other Information

Management is responsible for the other information. The other information comprises the Management Report

and Corporate Governance Report included in the Annual Report of the Company but does not include the

financial statements and our auditor’s report thereon.

Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in

doing so, consider whether the other information is materially inconsistent with the financial statements, or our

knowledge obtained in the audit, or otherwise appears to be materially misstated.

With regard to the Management Report and the Corporate Governance Report, we also performed procedures

prescribed by applicable legal requirements and we report that:

• the information given in the Management Report and the Corporate Governance Report for the financial

year for which the financial statements are prepared, is consistent, in all material respects, with the

financial statements;

• the Management Report and the Corporate Governance Report have been prepared, in all material

respects, in accordance with applicable legal requirements.

If, based on the work we have performed above, we conclude that there is a material misstatement, we are

required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation of the financial statements that give a true and fair view in

accordance with EU IFRS, and for such internal control as management determines is necessary to enable the

preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue

as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic

alternative but to do so.

Those charged with governance are responsible for overseeing the Company’s financial reporting process.

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

(continued)

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the

translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

15

Report on the Audit of the Financial Statements (continued)

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free

from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our

opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in

accordance with International Standards on Auditing will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and 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 these financial

statements.

As part of an audit in accordance with International Standards on Auditing, we exercise professional judgment and

maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to

fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting

a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may

involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

controls.

• Obtain an understanding of internal control relevant to the audit 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 Company’s internal controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting

estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a material uncertainty exists related to events or

conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If

we conclude that a material uncertainty exists, we are required to draw attention in our auditors’

report to the related disclosures in the financial statements or, if such disclosures are inadequate, to

modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our

auditors’ report. However, future events or conditions may cause the Company to cease to continue

as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the

disclosures, and whether the financial statements represent the underlying transactions and events in

a manner that achieves fair presentation.

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

(continued)

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the

translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

16

Report on the Audit of the Financial Statements (continued)

Auditors’ Responsibilities for the Audit of the Financial Statements (continued)

We communicate with those charged with governance regarding, among other matters, the planned scope and

timing of the audit and significant audit findings, including any significant deficiencies in internal controls that we

identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical

requirements regarding independence and 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 with those charged with governance, we determine those matters that were of

most significance in the audit of the financial statements of the current period and are therefore the key audit

matters. We describe these matters in our auditors’ 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.

Report on Other Legal and Regulatory Requirements

We were appointed by those charged with governance on 12 June 2024 to audit the separate financial statements

of CIAK GRUPA d.d. for the year ended 31 December 2024. Our total uninterrupted period of engagement is six

years, covering the periods ending 31 December 2019 to 31 December 2024.

We confirm that:

• our audit opinion is consistent with the additional report presented to the Audit Committee of the

Company dated 31 March 2025;

• for the period to which our audit of the statutory financial statements relates, we have not provided

any prohibited non-audit services (NASs) referred to in Article 44 of the Audit Act. We also remained

independent of the audited entity in conducting the audit.

The engagement partner on the audit resulting in this independent auditors’ report is Igor Gošek.

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

(continued)

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the

translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

17

Report on Compliance with the ESEF Regulation

In accordance with the requirements of Article 462 paragraph 5 of Capital Market Act, we are required to express

an opinion on compliance of the separate financial statements of the Company as at and for the year ended 31

December 2024, as included in the attached electronic file “ciakgrupadd-2024-12-31-hr.zip”, with the

requirements of the Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing

Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical

standards on the specification of a single electronic reporting format (the “RTS on ESEF”).

Responsibilities of Management and Those Charged with Governance

Management is responsible for the preparation of the separate financial statements in a digital format that

complies with the RTS on ESEF. This responsibility includes:

• the preparation of the separate financial statements in the applicable xHTML format and their

publication;

• the selection and application of appropriate iXBRL tags, using judgment where necessary;

• ensuring consistency between digitised information and the separate financial statements presented in

human-readable format; and

• the design, implementation and maintenance of internal control relevant to the application of the RTS on

ESEF.

Those charged with governance are responsible for overseeing the Company’s ESEF reporting, as a part of the

financial reporting process.

Auditors' Responsibilities

Our responsibility is to express an opinion on whether the separate financial statements comply, in all material

respects, with the RTS on ESEF, based on the evidence we have obtained. We conducted our reasonable assurance

engagement in accordance with International Standard on Assurance Engagements 3000 (Revised), Assurance

Engagements Other than Audits or Reviews of Historical Financial Information (ISAE 3000) issued by the

International Auditing and Assurance Standards Board.

Independent Auditors’ Report to the shareholders of CIAK Grupa d.d.

(continued)

This version of our audit report is a translation from the original, which was prepared in Croatian language. All possible care has been taken to ensure that the

translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language

version of our audit report takes precedence over this translation.

18

Report on Compliance with the ESEF Regulation (continued)

Auditors' Responsibilities (continued)

A reasonable assurance engagement in accordance with ISAE 3000 involves performing procedures to obtain

evidence about compliance with the RTS on ESEF. The nature, timing and extent of procedures selected depend on

the auditor’s judgment, including the assessment of the risks of material departures from the requirements set out

in the RTS on ESEF, whether due to fraud or error. Reasonable assurance is a high degree of assurance. However, it

does not guarantee that the scope of procedures will identify all significant (material) non-compliance with the RTS

on ESEF.

Our procedures included, among other things:

• obtaining an understanding of the tagging process;

• evaluating the design and implementation of relevant controls over the tagging process;

• tracing the tagged data to the separate financial statements of the Company presented in human-

readable format;

• evaluating the completeness of the Company’s tagging of the separate financial statements;

• evaluating the appropriateness of the use of iXBRL elements selected from the ESEF taxonomy used and

creation of extension elements where no suitable element in the ESEF taxonomy has been identified;

• evaluating the use of anchoring in relation to the extension elements; and

• evaluating the appropriateness of the format of the separate financial statements.

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

Opinion

In our opinion, based on the procedures performed and evidence obtained, the separate financial statements of

the Company as at and for the year ended 31 December 2024, presented in ESEF format and contained in the

aforementioned attached electronic file, have been prepared, in all material respects, in accordance with the

requirements of the RTS on ESEF.

Our conclusion does not represent an opinion on the true and fair view of the financial statements as this is

included in our Report on the Audit of the Financial Statements. Furthermore, we do not express any assurance

with respect to other information included in documents in the ESEF format.

2 April 2025