PPLA Participations : Jaarlijkse financiële verslaggeving

PPLA Participations Ltd.

In addition to the matter described in the "Material uncertainty related to going concern" section, we

have determined the matters described below to be the key audit matters to be communicated in

our report.

We planned and performed our audit for the year then ended December 31, 2023 taking into

consideration that the operations of the Company had not changed significantly in relation to the

previous year. In this respect, the Key Audit Matters, as well as our audit approach, have remained

substantially in line with those in the prior year.

Why it is a Key Audit Matter

How the matter was addressed in the audit

Fair value measurement of financial

instruments Level III

As disclosed in Notes 3(e) and (f), 6 and 7, the

Company has a investment in the subsidiary

PPLA Investments LP., which, as of

December 31, 2023, invested in financial

instruments as shares and quotas of privately-

held companies, classified as Level III, with

operations in different industries and locations.

These shares and quotas of privately held

Our main audit procedures considered, among

others, our understanding of the main processes

involving the fair value measurement of financial

instruments Level III.

With the support of our specialists, we had

meetings with those in the Management

responsible for the preparation and approval of

companies, with no stock exchange quoted prices, calculation of valuation of shares and quotas, in

which are, as a result, valued at fair value

estimated by Management, in accordance with

the Company's assumptions and internal pricing work is consistent with the valuation techniques

order to establish, based on our experience and

judgment, whether the Company's measurement

models, that are based mainly on cash flow,

and/or recent price negotiations transactions.

usually applied in the market.

We also tested the valuation methodology as

well as the assumptions used by Management

through the following: (i) understanding

We consider this a focus area in our audit as the

use of different valuation techniques and

assumptions may produce significantly different of the methodology used in the assessment;

fair value estimates and also due to the (ii) comparison of assumptions observable

materiality of the financial instruments, classified in the market, when applicable; (iii) review of the

as Level III, in the context of the financial

statements.

movements occurred during the year;

(iv) comparison with the information and

fair value obtained by the Company and

(v) comparison of the spreadsheets used for the

share and quotas valuation with the accounting

records and with the disclosures made in the

notes to the financial statements.

We believe that the criteria adopted by

management in the fair value measurement of the

derivative financial instruments are consistent

with the information analyzed in our audit.

Responsibilities of management and those charged with governance for the

financial statements

Management is responsible for the preparation and fair presentation of these financial statements in

accordance with the International Financial Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB) (currently described as "IFRS Accounting Standards" by the IFRS

Foundation), and for such internal control as management determines is necessary to enable the

preparation of financial statements that are free from material misstatement, whether due to fraud

or error.

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