The Board of Cencorp Corporation has been informed of auditor´s report
concerning the financial year January 1 - December 31, 2006. Auditor´s report
includes mentioning concerning financial situation of the company. The contents
of the auditor´s report is as follows:
“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.-31.12.2006. 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 liquidity of the group is stringent. There are EUR 4,2 million receivables
from unprofitable subsidiaries in the balance sheet of the parent company. 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. Additionally there is EUR 1,69 million deferred tax asset in the group
balance sheet, the value of which depends on whether the parent company turns
profitable within near future.
If the parent company stays unprofitable, it may have to start proceedings
according to Companies Act 20:23 § in order to reorganize its financial
situation.
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 29, 2007
Cencorp Corporation
BOARD OF DIRECTORS
Further information:
Jouni Suutarinen
CEO
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.