Alpcot Agro receives qualified auditors’ report
The Company’s auditor has issued an audit report as part of the annual report which diverges from the standard format, while at the same time the auditor notes that the errors identified have been addressed and that no material damage to the Company has been identified. The auditor therefore recommends that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year 2011.
In conjunction with the preparation of the annual accounts as of 31 December 2011, the Company has identified deficiencies in the historical reporting of Value Added Tax. As a result, the Company has undertaken a self-audit of reported VAT and have submitted self-corrections for the relevant periods. The estimated consequence of the self-corrections is that the Company will incur additional VAT of about SEK 120,000. The Company’s auditor Deloitte AB notes that the Company has corrected the earlier deficiencies and that these have not caused material damage to the Company. The auditor recommends to the annual meeting of shareholders that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year.
Alpcot Agro’s annual report for 2011 is available for download from the Company's website www.alpcotagro.com. The annual report will be available at the Company’s office on Birger Jarlsgatan 32B in Stockholm, Sweden, and will be sent to shareholders who so request and provide their e-mail address or postal address. It will also be available at the Annual General Meeting on 8 June.
In relation to the Full Year Interim report published on 30 March 2012, an adjustment has been made in the parent company income statement and balance sheet due to the fact that the parent company has identified additional accrued revenues of about MSEK 23 relating to management services to group subsidiaries. This adjustment has no effect on the group financial statements.
The board of directors
For more information, please contact:
Joakim Ollén, Chairman, +46 (0)703 542 407
About Alpcot Agro AB (publ)
Alpcot Agro is a Swedish limited liability company incorporated in 2006. The Company's business idea is to generate an attractive return on invested capital by optimally utilizing the Company’s agricultural land bank through crop production, dairy farming and other similar operations in Russia and the other CIS states. The shares in Alpcot Agro are listed on First North under the ticker ALPA and the Company’s Certified Adviser is Remium Nordic AB. Additional information is available on www.alpcotagro.com.