Cencorp - Company Announcement

THE AUDITORS’S REPORT OF CENCORP CORPORATION

Cencorp Corporation   Stock Exchange Release 30 April 2015 at 15.20 Finnish time



THE AUDITORS'S REPORT OF CENCORP CORPORATION


Cencorp's auditor has today given his report for the company's Financial
Statements for 2014. 

The Auditor's report includes so called emphasis of matter.



Auditor's report

To the Annual General Meeting of Cencorp Oyj

We have audited the accounting records, the financial statements, the report of
the Board of Directors, and the administration of Cencorp Oyj for the year
ended 31 December, 2014. 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 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 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 Matter

Without qualifying our opinion, we draw attention to the basis of preparation
of the financial statements and to the note 29. Financial risk management. The
financial statements have been prepared under the going concern assumption. The
continuity of operations requires the company to be able to obtain
supplementary funding and to negotiate changes to the terms of payment during
2015. The company continues negotiating with its major financers and
shareholders on measures to strengthen the financing situation until the
company's cash flow is expected to turn positive. The sufficiency of the
company's financing and working capital for the next twelve months involve very
significant risks. According to the current view of Cencorp's management the
company needs to obtain a bridging loan until long-term financing arrangement
has been secured and the cash flow of the business operations of the company
has turned positive.  Negotiations for bridging financing are going on. The
company will have a significant deficit in its working capital until the first
delivery of production technology for solar modules will start to generate
positive cash flow. If the company does not succeed in securing sufficient
short-term and long-term financing, the continuity of the company's operation
may be jeopardized. The valuation of the assets is based on the going concern
assumption. If the estimates are not achieved the assets may become impaired. 

Helsinki 30 April 2015

Ernst & Young Oy
Authorized Public Accountant Firm



Cencorp will release its annual report and the financial statements for 2014
today on 30 April 2015. 



In Mikkeli 30 April 2015



Cencorp Corporation



Board of Directors



For more information:
Iikka Savisalo
President and CEO
Cencorp Oyj
Tel. +358 40 521 6082,
Email: iikka.savisalo@cencorp.com



Distribution:
NASDAQ OMX, Helsinki
Main media
www.cencorp.com



Cencorp Corporation specializes in the clean energy, especially in photovoltaic
solutions. Cencorp provides automated production technology for solar modules
based on the company's own technology; production lines for modules; solar
modules and special components for solar modules. Cencorp's head office is
located in Mikkeli, Finland. The company is part of the Finnish Savcor Group.