All inventories not written off have been written at a value consistent with the Polish GAAP principles, as applied by the Company over the time.
PT shall have reported net sales of not less than 39,500,000 PLN and earnings before interest, taxes, depreciation, and amortization (EBITDA) of not less than 11,950,000 PLN, respectively, for the fiscal year 2005 in its Polish GAAP financial statements.
Schedule 5.7 contains copies of the Companys (a) unaudited balance sheets and statements of income prepared before income taxes; all in accordance with Polish GAAP for the fiscal year ended December 31, 2010 (hereinafter referred to as the Financial Statements).
The books of account and records of the Company are true and complete in all respects, have been maintained in accordance with sound business practices and Polish GAAP including the maintenance of a system of controls, as required by Polish law.
The company is likewise planning to engage external advisors to assist with the transition from Canadian GAAP to IFRS, however not before the transition from Polish GAAP to IFRS is completed.