GEOSENTRIC OYJ MAKES PUBLIC THE AUDITORS REPORT FY 2011

GeoSentric Oyj 

30.04.2012 11:50

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The issuer is solely responsible for the content of this announcement.

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GEOSENTRIC OYJ BULLETIN 30.4.2012 klo 12:50





GEOSENTRIC OYJ MAKES PUBLIC THE AUDITORS REPORT FY 2011



'We have audited the accounting records, the financial statements, the report
of the Board of Directors, and the administration of GeoSentric Plc for the
financial period 1.1. - 31.12.2011. The financial statements comprise the
consolidated statement of financial position, 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. 



Other matter

The Company received a funding offer estimated to provide sufficient funding
for 2012, subject to the annual general meeting approval. More detailed
information regarding this funding offer and the company's options are
presented in the footnotes 30 and 31. The Report of the Board of Directors
describes the current business model and risks related to it. 

Helsinki, April 30, 2012



Ernst & Young Oy

Authorized Public Accountant Firm





Erkka Talvinko

Authorized Public Accountant'





GeoSentric Oyj



For more information, please contact: investors@gypsii.com



Distribution:

NASDAQ OMX Helsinki

Principal media
News Source: NASDAQ OMX



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Language:     English
Company:      GeoSentric Oyj
              
               
              Finland
Phone:        
Fax:          
E-mail:       
Internet:     
ISIN:         FI0009004204
WKN:          
 
End of Announcement                             DGAP News-Service
 
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