GeoSentric Oyj - Company Announcement

GEOSENTRIC OYJ'S MAKES PUBLIC THE AUDITOR'S REPORT FY 2010

GeoSentric Oyj Stock Exchange Bulletin April 29, 2011 at: 17:15

GEOSENTRIC OYJ'S MAKES PUBLIC THE AUDITOR'S REPORT FY 2010

“We have audited the accounting records, the financial statements, the report
of the Board of Directors and the administration of GeoSentric Oyj for the year
ended 31 December, 2010. The financial statements comprise the consolidated
statement of financial position, statement of income, 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, cash flow statement 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 the financial of financial
statements and 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 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 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. 

Other matters

The Company does not have sufficient funding to continue its operations in its
current form. As part of its future funding, it will convert into a passive
holding company. More detailed information regarding this conversion is
presented in the footnotes 32 and 33. 

Helsinki, April 29th 2011



Ernst & Young Oy

Authorized Public Accountant Firm





Erkka Talvinko

Authorized Public Accountant”





GEOSENTRIC OYJ





Distribution:

NASDAQ OMQ Helsinki

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