Annual financial report

(1) Undertakings that
1. operate public telecommunications networks or provide publicly available telecommunications services,
2. are not obliged under commercial law provisions to disclose annual financial statements, and
3. are to be regarded as large, by corresponding application of section 267(3) to (5) of the Commercial Code, must prepare an annual financial report and disclose it in accordance with the Fourth Subdivision of the Second Division of Book Three of the Commercial Code; sections 326 and 327 of the Commercial Code do not apply correspondingly.
(2) The annual financial report must contain at least:
1. annual financial statements drawn up in accordance with subsection (3) and audited by an auditor in accordance with subsection (4);
2. a management report drawn up in accordance with subsection (3) and audited by an auditor in accordance with subsection (4); and
3. the auditor's certificate or the auditor's report of refusal.
(3) The annual financial statements and the management report of an undertaking under subsection (1) are to be drawn up in accordance with the provisions applicable to large corporations under the First Subdivision of the Second Division of Book Three of the Commercial Code; section 264(3) and section 264b of the Commercial Code do not apply correspondingly in this regard. Where the undertaking under subsection (1) is a commercial partnership or the undertaking of a sole trader, the other assets of the partners or of the sole trader (private assets) may not be included in the balance sheet, and the expenses and income attributable to the private assets may not be included in the profit and loss account.
(4) The annual financial statements and the management report of an undertaking under subsection (1) are to be audited by an auditor in accordance with the Third Subdivision of the Second Division of Book Three of the Commercial Code. Section 324 of the Commercial Code applies correspondingly.