Cencorp - Company Announcement

Correction to Cencorp's release on 29 March 2012 concerning the disclosure of the Annual Report and Corporate Governance Statement 2011

Cencorp Corporation     Stock Exchange Release 30 March 2012 at 16:15 Finnish
time 

CORRECTION TO CENCORP'S RELEASE ON 29 MARCH 2012 CONCERNING THE DISCLOSURE OF
THE ANNUAL REPORT AND CORPORATE GOVERNANCE STATEMENT 2011 

The Auditor's Report included in Cencorp's Annual Report which was published on
29 March 2012 as an attachment to a stock exchange release was a draft, and the
company does not yet have an audited Auditor's Report and the Report of the
Board of Directors. In the Auditor's Report published on 29 March 2012,
Cencorp's auditor has provided a so-called Emphasis of Matter, concerning the
company's financing position. The draft of the Auditor's Report is of a
standard format. Cencorp will publish the final Auditor's Report immediately
upon its completion. The company currently believes that the draft Auditor's
Report, issued on 29 March 2012, will not be changed. In further information
point, the auditor states as follows: 

“Emphasis of Matter

Without qualifying our opinion, we draw attention to the basis of preparation
of the financial statements and to Note 28: 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
2012. The company has initiated discussions with its major financiers and
shareholders on measures to strengthen the financing position until the
company's cash flow is expected to return to positive. The company believes
that these measures will secure the sufficiency of working capital for the next
twelve (12) months. However, should the company fail to arrange financing, it
is possible that the company will not be able to realize its assets and repay
its liabilities within usual business operations to a sufficient extent or
quickly enough. This would jeopardize the company's operations in their current
form.” 

Information on page 71 in the Annual Report stating that an Auditor's Report
has been issued from the performed auditing, is incorrect due to the above
mentioned draft nature of the Auditor's Report. 

According to Cencorp's understanding, the company's financing position will
continue to be tight. However, the situation has improved from the year-end
2011 and from the disclosure of the Financial Statements on 17 February 2012.
The company will publish a summary of its financing negotiations as a stock
exchange release after this release. 

Mikkeli, 30 March 2012

CENCORP CORPORATION

BOARD OF DIRECTORS

For more information:
Mats Eriksson, President and CEO, tel. +358 400 358 982,
mats.eriksson@cencorp.com 


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


Cencorp Corporation is a leading provider of industrial automation solutions.
The equipment included in the product portfolio designed for depaneling,
odd-form assembly, testing and laser materials processing substantially
improves the efficiency of customers' production. The product range also
includes EMI shielding solutions, flexible circuits, decorations and RFID
antennas. Cencorp's customers are automotive electronics manufacturers and
manufacturers operating in telecommunications, industrial automation and EMS.
Cencorp's head office is located in Mikkeli, Finland. The company is part of
the Finnish Savcor Group.