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2008-03-31 13:50:00 CEST 2008-03-31 13:50:00 CEST REGULATED INFORMATION Cencorp - Company AnnouncementAUDITOR´S REPORT OF CENCORP CORPORATIONCENCORP CORPORATION STOCK EXCHANGE RELEASE 31 March 2008 at 2:50 pm. AUDITOR´S REPORT OF CENCORP CORPORATION The Board of Cencorp Corporation has been informed of auditor´s report concerning the financial year January 1 - December 31, 2007. The contents of the auditor´s report is as follows: “AUDITORS´ REPORT Translation To the shareholders of Cencorp Oyj We have audited the accounting records, the report of the Board of Directors, the financial statements and the administration of Cencorp Oyj for the period 1.1.-31.12.2007. The Board of Directors and the Managing Director have prepared the consolidated financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, as well as the report of the Board of Directors and the parent company's financial statements, prepared in accordance with prevailing regulations in Finland, containing the parent company's balance sheet, in-come statement, cash flow statement and notes to the financial statements. Based on our audit, we express an opinion on the consolidated financial statements, as well as on the report of the Board of Directors, the parent company's financial statements and the administration. We conducted our audit in accordance with Finnish Standards on Auditing. Those standards require that we perform the audit to obtain reasonable assurance about whether the report of the Board of Directors and the financial statements are free of material misstatement. An audit includes examining on a test basis evidence supporting the amounts and disclosures in the report and in the financial statements, assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. The purpose of our audit of the administration is to examine whether the members of the Board of Directors and the Managing Director of the parent company have complied with the rules of the Companies Act. The balance sheet of the parent company includes EUR 3,2 million receivables from unprofitable subsidiaries. As mentioned in the report of Board of Directors, the repayment of these receivables depends on the profitable performance of the subsidiaries in the future. The balance sheet of the parent company includes goodwill of EUR 1,2 million and the consolidated balance sheet includes corresponding goodwill of EUR 2,0 million. The balance sheet of the parent company and the consolidated balance sheet include incomplete product development projects of EUR 1,3 million. As it is stated in the notes to the financial statements the valuation of these assets depends on how the profitability of the company develops in the future. Consolidated financial statements In our opinion the consolidated financial statements, prepared in accordance with International Financial Reporting Standards as adopted by the EU, give a true and fair view, as defined in those standards and in the Finnish Accounting Act, of the consolidated results of operations as well as of the financial position. Parent company's financial statements, report of the Board of Directors and administration In our opinion the parent company's financial statements have been prepared in accordance with the Finnish Accounting Act and other applicable Finnish rules and regulations. The parent company's financial statements give a true and fair view of the parent company's result of operations and of the financial position. In our opinion the report of the Board of Directors has been prepared in accordance with the Finnish Accounting Act and other applicable Finnish rules and regulations. The report of the Board of Directors is consistent with the consolidated financial statements and the parent company's financial statements and gives a true and fair view, as defined in the Finnish Accounting Act, of the result of operations and of the financial position. The consolidated financial statements and the parent company's financial statements can be adopted and the members of the Board of Directors and the Managing Directors of the parent company can be discharged from liability for the period audited by us. The proposal by the Board of Directors regarding the disposal of distributable funds is in compliance with the Companies Act.” In Lohja, March 31, 2008 Cencorp Corporation BOARD OF DIRECTORS Further information: Jarmo Kanervo CFO Tel. +358 6610 100 Cencorp develops and supplies automation solutions to the electronics and semiconductor industry that enhance productivity. Distribution: Helsinki Stock Exchanges Main media www.cencorp.com Neither this press release nor any copy of it may be taken, transmitted into or distributed in the United States of America or its territories or possessions. |
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