Ixonos - Company Announcement

IXONOS' 2015 AUDITOR’S REPORT

Helsinki, Finland, 2016-03-16 16:00 CET (GLOBE NEWSWIRE) -- Ixonos Plc         
Stock Exchange Release          16 March 2016 at 17:00 






IXONOS' 2015 AUDITOR’S REPORT






Ixonos' Auditor’s report 2015 as a whole is published in this release.  In
addition to the standard format text the report includes additional information
related to emphasizing a matter. 



AUDITOR'S REPORTTo the Annual  General Meeting  of Ixonos Pie

We have audited the accounting records, the financial statements, the report of
the Board of Directors, and the administration of Ixonos Pie for the year ended
December 31, 2015. The financial statements comprise the consolidated statement
of financial position, income statement, 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 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 opm1on 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 or 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. 

Emphasis  of a matter

We would like to draw attention to the fact that the company has been 
generating significant  losses in recent years. As described  in the report of
the Board  of Directors  and in the notes of   the financial statements, the
company's existing working  capital may not  be sufficient to cover  the
company's funding needs over the next 12 months. The company estimates that its
working capital is expected to be sufficient to fund the company's operations
over the next 12 months  if  the sales development is better than the current
forecast or the company is able to make  larger  cost savings than forecasted.
A possible financial shortage remaining can be filled with bridge financing. As
elaborated in the report  of the Board  of Directors, the company  has 
strengthened its balance sheet and restructured its debts, whilst attempting to
improve its operational profitability. The objective of these measures is to
ensure the continuance as a going concern. There is however  substantial
uncertainty  related  to operational  profitability  improvements, which  may
cast doubt upon the company 's ability to continue as a going concern. Our
opinion  has not been qualified by this   matter. 





Helsinki, March 16, 2016

KPMG  OYAB

(signed)

Esa Kailiala

Authorized  Public Accountant







IXONOS PLC



Sami Paihonen

 President and CEO



Further information:

Ixonos Plc

CFO Kristiina Simola, tel. 040 756 3132, kristiina.simola@ixonos.com



Distribution:

NASDAQ OMX Helsinki

Main media

Attachments:

Ixonos Annual Auditors Report 16 3 2016.pdf