Nurminen Logistics’ Auditor’s Report 2015


Nurminen Logistics Plc          Stock Exchange Release 18 March 2016 at 1:30
p.m.

To the Annual General Meeting of Nurminen Logistics Plc

We have audited the accounting records, the financial statements, the report of
the Board of Directors, and the administration of Nurminen Logistics Plc for the
year ended 31 December, 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 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 a matter

We would like to draw attention to the chapter “Financial position and balance
sheet” in the report of the Board of Directors and the chapter “24. Financial
risks management” in the notes to the financial statements stating that the
company has signed 17.2.2016 an agreement concerning the sale of covered wagons.
The sale has substantial impact to the company’s ability to manage its financial
obligations. As presented in the report of the Board of Directors and in the
chapter “Events after the balance sheet date” in the financial statements the
transaction has not been finished while signing the financial statements. This
may cast uncertainty over the fulfilment and timing of the transaction. Our
opinion has not been qualified by this matter.

Helsinki 17 March 2016
KPMG OY AB

Ari Eskelinen
Authorized Public Accountant

Nurminen Logistics Plc

Marko Tuunainen
President and CEO

For more information, please contact: Marko Tuunainen, President and CEO
Tel. +358 10 545 7011

DISTRIBUTION
NASDAQ OMX Helsinki
Major Media
www.nurminenlogistics.com

Nurminen Logistics is a listed company established in 1886 that offers logistics
services. The company provides high-quality forwarding, cargo handling and value
added services as well as railway transports and related to it project transport
services to its customers. The main market areas of Nurminen Logistics are
Finland, Russia and its neighbouring countries.

Attachments

03187781.pdf