Article 12 Financial reports and business plansF1

a complete set of financial statements, prepared in conformity with international standards adopted in accordance with Article 3 of Regulation (EC) No 1606/2002 of the European Parliament and of the Council ^f1 ;

where the financial statements of the applicant are subject to statutory audit within the meaning given in Article 2(1) of the Directive 2006/43/EC of the European Parliament and of the Council ^f2 , the financial reports shall include the audit report on the annual and consolidated financial statements;

if the applicant is audited, the name and the national registration number of the external auditor.

the expected level of reporting activity in number of transactions;

the relevant fixed and variable costs identified with respect to the provision of repository services under Regulation (EU) No 648/2012;

positive and negative variations of at least 20 % from the base activity scenario identified.

the pro-forma statement demonstrating proper resources and expected business status in six months after registration is granted;

an interim financial report where the financial statements are not yet available for the requested period of time;

a statement of financial position, such as a balance sheet, income statement, changes in equity and of cash flows and notes comprising a summary of accounting policies and other explanatory notes.

an indication of any future plans for the establishment of subsidiaries and their location;

a description of the business activities which the applicant plans to carry out, specifying the activities of any subsidiaries or branches.