Vaahto Group Plc Oyj Auditor’s Report 1 January – 31 December 2013
VAAHTO GROUP PLC OYJ STOCK EXCHANGE BULLETIN 5.3.2014 at 16.30 pm
VAAHTO GROUP PLC OYJ AUDITOR’S REPORT FROM THE FISCAL YEAR 1 JANUARY – 31 DECEMBER 2013
Vaahto Group’s auditor’s has given today the auditor’s report of Vaahto Group’s financial statements at 31.12.2013. In addition to the standardized report the auditors wanted to draw attention to the issues described in the report of the Board of Directors and in paragraph 28 of notes to financial statements of the company’s liquidity and liabilities. The company estimates that the group’s working capital in closing date is sufficient to the needs of the following twelve months, provided that the group achieves the forecasted financial targets and the short-term financing can be rearranged. According to the auditors these factors, together with other issues mentioned in the report of the Board of Directors and the notes to the financial statements show material uncertainty, which may challenge the company’s going concern assumption.
AUDITOR’S REPORT (Translation)
To the Annual General Meeting of Vaahto Group Plc Oyj
We have audited the accounting records, the financial statements, the report of the Board of Directors, and the administration of Vaahto Group Plc Oyj for the year ended on 31 December, 2013. The financial statements comprise the consolidated statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows, and notes to the consolidated financial statements, as well as the parent company’s balance sheet, income statement, statement of cash flows and notes to the financial statements.
Responsibility of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, as well as for the preparation of financial statements and the report of the Board of Directors that give a true and fair view in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The Board of Directors is responsible for the appropriate arrangement of the control of the company’s accounts and finances, and the Managing Director shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.
Auditor’s Responsibility
Our responsibility is to express an opinion on the financial statements, on the consolidated financial statements and on the report of the Board of Directors based on our audit. The Auditing Act requires that we comply with the requirements of professional ethics. We conducted our audit in accordance with good auditing practice in Finland. Good auditing practice requires that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and the report of the Board of Directors are free from material misstatement, and whether the members of the Board of Directors of the parent company and the Managing Director are guilty of an act or negligence which may result in liability in damages towards the company or have violated the Limited Liability Companies Act or the articles of association of the company.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the report of the Board of Directors. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements and report of the Board of Directors that give a true and fair view 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 control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements and the report of the Board of Directors.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion on the consolidated financial statements
In our opinion, the consolidated financial statements give a true and fair view of the financial position, financial performance, and cash flows of the group in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU.
Opinion on the company’s financial statements and the report of the Board of Directors
In our opinion, the financial statements and the report of the Board of Directors give a true and fair view of both the consolidated and the parent company’s financial performance and financial position in accordance with the laws and regulations governing the preparation of the financial statements and the report of the Board of Directors in Finland. The information in the report of the Board of Directors is consistent with the information in the financial statements.
Additional information relating to emphasizing of a certain issue
We want to draw attention to the issues described in the report of the Board of Directors and in paragraph 28 of notes to financial statements of the company’s liquidity and liabilities. The company estimates that the group’s working capital in closing date is sufficient to the needs of the following twelve months, provided that the group achieves the forecasted financial targets and the short-term financing can be rearranged. These factors, together with other issues mentioned in the report of the Board of Directors and the notes to the financial statements show material uncertainty, which may challenge the company’s going concern assumption. Our statement has not been adapted regarding this matter.
Lahti, 5.3.2014
Ernst & Young Oy
Authorized Public Accountant Firm
Panu Juonala
Authorized Public Accountant
Lahti 5 March 2014
VAAHTO GROUP PLC OYJ
Board of Directors
Information:
Vesa Alatalo, CEO, Vaahto Group Plc Oyj +358 40 7268923