Vaahto Group Plc Oyj - Company Announcement

Vaahto Group Plc oyj Auditor's Report from the fiscal year 1 September 2011 - 31 December 2012

Helsinki, Finland, 2013-03-05 15:30 CET (GLOBE NEWSWIRE) -- VAAHTO GROUP PLC
OYJ                    STOCK EXCHANGE BULLETIN              5.3.2013 at 16.30
pm 

VAAHTO GROUP PLC OYJ AUDITOR'S REPORT FROM THE FISCAL YEAR 1 SEPTEMBER 2011 -
31 DECEMBER 2012 

Vaahto Group's auditor's has given today the auditor's report of Vaahto Group's
financial statements at 31.12.2012. In addition to the standardized report the
auditors wanted to draw attention to the paragraph 28 of notes “Financial risk
Management” to financial statements. According to the auditors the adequacy of
working capital is depending on achievement of forecasted financial targets and
short-term financial restructuring. In addition, the auditors want to draw
attention to the valuation of the subsidiary shares described in paragraph 12
of notes to financial statements of the parent company and the uncertainty
relating to them. 

The audit report is attached to this release.



AUDITOR'S REPORT

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, 2012. 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. 

An 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 not been adopted regarding
this matter. 

In addition, we want to draw attention to the valuation of the subsidiary
shares described in paragraph 12 of notes to financial statements of the parent
company and the uncertainty relating to them. Our statement not been adopted
regarding this matter. 

Lahti, 5.3.2013



Ernst & Young Oy

Authorized Public Accountant Firm



Panu Juonala

Authorized Public Accountant



Vaahto Group is a globally operating high technology company serving process
industry in the fields of pulp and paper machinery and process machinery. 



Lahti 5 March  2013

VAAHTO GROUP PLC OYJ


Board of Directors



Information:

Reijo Järvinen, Chairman of the Board, Vaahto Group Plc Oyj +358 400 715968

Ari Viinikkala, CEO, Vaahto Group Plc Oyj +358 400 127664


         Information:
         Reijo Järvinen, Chairman of the Board, Vaahto Group Plc Oyj +358 400
715968 
         Ari Viinikkala, CEO, Vaahto Group Plc Oyj +358 400 127664