Bli medlem
Bli medlem

Du är här

2016-04-14

Misen Energy AB: Auditor's report on the annual accounts and consolidated accounts 2015 of Misen Energy AB (publ)

The audit report which deviates from the standard wording has been
published today in Swedish and English on the company's website at
(please refer to the last page of the Annual Report 2015):

http://misenenergy.se/repository/Financial_reports_ENG/Misen_Energy_AR20....
The report in whole follows below.

Auditor's report
To the annual meeting of the shareholders of Misen Energy AB (publ),
corporate identity number 556526-3968

Report on the annual accounts and consolidated accounts

We have audited the annual accounts and consolidated accounts of Misen
Energy AB (publ) for the year 2015.

Responsibilities of the Board of Directors and the Managing Director
for the annual accounts and consolidated accounts

The Board of Directors and the Managing Director are responsible for
the preparation and fair presentation of these annual accounts in
accordance with the Annual Accounts Act and of the consolidated
accounts in accordance with International Financial Reporting
Standards, as adopted by the EU, and the Annual Accounts Act, and for
such internal control as the Board of Directors and the Managing
Director determine is necessary to enable the preparation of annual
accounts and consolidated accounts that are free from material
misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these annual accounts
and consolidated accounts based on our audit. We conducted our audit
in accordance with International Standards on Auditing and generally
accepted auditing standards in Sweden. Those standards require that
we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the annual accounts and
consolidated accounts are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the annual accounts and consolidated
accounts. The procedures selected depend on the auditor's judgement,
including the assessment of the risks of material misstatement of the
annual accounts and consolidated accounts, whether due to fraud or
error. In making those risk assessments, the auditor considers
internal control relevant to the company's preparation and fair
presentation of the annual accounts and consolidated accounts 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 the Board of
Directors and the Managing Director, as well as evaluating the
overall presentation of the annual accounts and consolidated
accounts.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the annual accounts have been prepared in accordance
with the Annual Accounts Act and present fairly, in all material
respects, the financial position of the parent company as of 31
December 2015 and of its financial performance and its cash flows for
the year then ended in accordance with the Annual Accounts Act. The
consolidated accounts have been prepared in accordance with the
Annual Accounts Act and present fairly, in all material respects, the
financial position of the group as of 31 December 2015 and of their
financial performance and cash flows for the year then ended in
accordance with International Financial Reporting Standards, as
adopted by the EU, and the Annual Accounts Act. The statutory
administration report is consistent with the other parts of the
annual accounts and consolidated accounts.

We therefore recommend that the annual meeting of shareholders adopt
the income statement and balance sheet for the parent company and the
group.

Emphasis of matters

Without qualifying our opinion, we draw your attention to the
conditions described in the annual report in the section "Significant
Events in 2015" under the headings "Subsoil use charge increase" and
"Exchange rate fluctuations and inflation" as well as the section
"Supplementary information" under the headings "Tax risk" and
"Political risks" where it is mentioned that the Group's activities,
and activities of other enterprises in Ukraine, have been affected
and may continue to be affected for the foreseeable future by the
continued political and economic uncertainty in Ukraine. The impact
of these factors on the Group's activities and the future development
of the political and economic situation in Ukraine is very difficult
to assess, and these factors may also continue to significantly
affect the financial conditions of the Group's activities in general.

Further, without qualifying our opinion set out above, we would like
to draw attention to the conditions described in the section
"Significant estimates and assumptions for accounting purposes" under
the heading "Going concern". The activities in Joint Activity (JA)
have significant short-term bank loans maturing before 31 December
2015. Furthermore, JA has not met the terms and conditions for loans
and credits and negotiations are underway with the banks concerned.

The Group's Swedish operations are dependent on additional funding for
ongoing operations and to pay the remaining part of the contribution
to JA. As funding for the next twelve months is not secured there is
a material uncertainty that may lead to significant doubts about the
Group's ability to continue with the planned business.

In a situation where the Group's continued operations can no longer be
assumed, which is not the case for the Group, there is a risk of
significant write-downs of the Group's assets as well as the parent
company's book value of shares in subsidiaries.

Report on other legal and regulatory requirements

In addition to our audit of the annual accounts and consolidated
accounts, we have also audited the proposed appropriations of the
company's profit or loss and the administration of the Board of
Directors and the Managing Director of Misen Energy AB (publ) for the
year 2015.

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors is responsible for the proposal for
appropriations of the company's profit or loss, and the Board of
Directors and the Managing Director are responsible for
administration under the Companies Act.

Auditor's responsibility

Our responsibility is to express an opinion with reasonable assurance
on the proposed appropriations of the company's profit or loss and on
the administration based on our audit. We conducted the audit in
accordance with generally accepted auditing standards in Sweden.

As a basis for our opinion on the Board of Directors' proposed
appropriations of the company's profit or loss, we examined whether
the proposal is in accordance with the Companies Act.

As a basis for our opinion concerning discharge from liability, in
addition to our audit of the annual accounts and consolidated
accounts, we examined significant decisions, actions taken and
circumstances of the company in order to determine whether any member
of the Board of Directors or the Managing Director is liable to the
company. We also examined whether any member of the Board of
Directors or the Managing Director has, in any other way, acted in
contravention of the Companies Act, the Annual Accounts Act or the
Articles of Association.

We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinions.

Opinions

We recommend to the annual meeting of shareholders that the profit be
appropriated in accordance with the proposal in the statutory
administration report and that the members of the Board of Directors
and the Managing Director be discharged from liability for the
financial year.

Göteborg 14 April 2016
PricewaterhouseCoopersAB
Johan Palmgren
Authorized Public Accountant

For further information, please contact:

Göran Wolff, MD

Direct line: +46 31 759 50 72
Mobile: +46 709 45 48 48
E-mail: goran@misenenergy.se
info@misenenergy.se

Misen Energy AB (publ) (formerly Svenska Capital Oil AB (publ)) is a
Swedish upstream oil and gas company with operations in Ukraine. The
company was founded in 2004 and its shares are since 12 June 2007
traded on Nasdaq First North.

In 2011, Misen Energy AB (publ) acquired Misen Enterprises AB and its
Ukrainian subsidiary, LLC Karpatygaz, including the rights to 50.01%
of the revenue and profit from a gas production project in Ukraine.
Under IFRS rules, this transaction is classified as a reverse
takeover. In consideration of the acquisition, a new share issue was
carried out.

The gas producing assets have been acquired by production cooperation
via a joint activity project governed by a Joint Activity Agreement
between the wholly-owned direct and indirect subsidiaries of Misen
Energy AB (publ), i.e. Misen Enterprises AB and LLC Karpatygaz
(together 50.01%) and PJSC Ukrgasvydobuvannya (49.99%), the largest
producer of natural gas in Ukraine and subsidiary of the National
Joint Stock Company Naftogaz of Ukraine. The value of the assets is
estimated to be substantially higher than the purchase price for
Misen Enterprises AB.

The purpose of the project is to significantly increase production of
gas and oil by providing modern technologies via a large-scale
investment program.

The registered office of Misen Energy AB (publ) is in Stockholm and
the shares are traded on First North under identification ticker
MISE.

The Certified Adviser of the company at Nasdaq First North is
Consensus Asset Management AB (formerly Thenberg & Kinde
Fondkommission AB).

For further information, please visit our website www.misenenergy.se.
-----------------------------------------------------------
http://news.cision.com/misen-energy-ab/r/auditor-s-report-on-the-annual-...

Författare WKR

Tala om vad ni tycker

Tala om vad ni tycker

Ni är just nu inne på en betaversion av nya aktiespararna. Lämna gärna feedback på vad ni tycker i formuläret nedan.