Talvivaara's Auditor's Report for the financial period 1 January - 31 December 2015
March 07 2016 - 8:31AM
Stock Exchange
Release
Talvivaara Mining Company Plc
7 March 2016
Talvivaara's
Auditor's Report for the financial period 1 January - 31 December
2015
The Auditor's report for the year
ended 31 December 2015 to the Annual General Meeting of Talvivaara
Mining Company Plc is the following:
The following document is an English translation of the Finnish
auditor's report.
AUDITOR'S
REPORT
To the Annual
General Meeting of Talvivaara Mining Company Plc
We were engaged to audit the
accounting records, the financial statements, the report of the
Board of Directors and the administration of Talvivaara Mining
Company Plc for the period 1 January - 31 December 2015. The
financial statements comprise the statement of financial position,
the income statement, the statement of changes in equity, the 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 financial
statements and 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 and on the report of the
Board of Directors based on conducting the audit in accordance with
good auditing practice in Finland. The Auditing Act requires that
we comply with the requirements of professional ethics. Because of
the matter described in the Basis for Disclaimer of Opinion
paragraph, however, we were not able to obtain sufficient
appropriate audit evidence to provide a basis for an audit
opinion.
Basis for
Disclaimer of Opinion
As described in the report of the
Board of Directors in paragraph "Provisions and other items
recognised based on restructuring programme", Talvivaara Mining
Company Plc recorded a provision of EUR 203.4 million in year 2014,
which was the full amount of its guarantee liability.
As described in the same
paragraph, Talvivaara Mining Company Plc decided to leave the
provision on the balance sheet in 2015, even if there are facts and
circumstances which may lead to the unrecognition of the provision
in the future. Reasons for possible unrecognition of the provision
are discussed in the paragraph.
We were not able to verify the
existence or nonexistence or the value of the liability originating
from the guarantee.
Disclaimer of
Opinion
Because of the significance of the
matter described in the Basis for Disclaimer of Opinion paragraph,
we have not been able to obtain sufficient appropriate audit
evidence to provide a basis for an audit opinion. Accordingly, we
do not express an opinion on the financial statements and the
report of the Board of Directors.
Helsinki, 7 March 2016
PricewaterhouseCoopers
Oy
Authorised Public Accountants
Juha Wahlroos
Authorised Public Accountant
Enquiries
Talvivaara Mining Company Plc
Tel +358 20 7129 800
Pekka Perä, CEO
Pekka Erkinheimo, Deputy CEO
Talvivaara Auditor's Report
2015
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via
Globenewswire
HUG#1992372
Talvivaara (LSE:TALV)
Historical Stock Chart
From Apr 2024 to May 2024
Talvivaara (LSE:TALV)
Historical Stock Chart
From May 2023 to May 2024