Audit Report to Acron Shareholders

Audited entity detailsAuditor details
Name: JSC Acron
Domicile: JSC Acron site, Veliky Novgorod 173012,
Russian Federation
Primary State Registration Number: 1025300786610
Name: Baker Tilly Russaudit, LLC
Domicile: 15 Zubarev Pereulok, bld. 1, 129164 Moscow
Tel.: +7 (495) 783-88-00
Fax: +7 (495) 783-88-94
Primary State Registration Number: 1037700117949
Self-regulatory organisations of auditors:
Institute of Professional Auditors, a non-profit partnership
Number of the Register of Auditors and Auditing Organisations: 10402000018
Independent member of the Baker Tilly International global network

We have audited the attached financial statements of Acron, consisting of the Balance Sheet as of December 31, 2014, Profit and Loss Statement, Statement of Changes in Equity and Cash Flow Statement for the year 2014, other Supplements to the Balance Sheet and Profit and Loss Statement, and Explanatory Notes.

Responsibility of the Audited Company for the Financial Statements

The audited company’s management is responsible for the preparation and accuracy of these financial statements in compliance with Russian law, and for the internal control system required to prepare financial statements that are free of material misstatements resulting from fraud or error.

Auditor Responsibility

Our responsibility is to express an opinion, based on our audit, on whether these financial statements are true and fair. We conducted our audit in accordance with Russian federal auditing standards. These standards require conformity to applicable ethical norms and that the audit be scheduled and conducted in a manner as to have reasonable assurance that there are no material misstatements in the financial statements.

The audit includes auditing procedures designed to obtain audit evidence supporting the numbers and disclosures in the financial statements. The choice of auditing procedures is our discretion based on assessment of risk of material misstatements resulting from fraud or error. In assessing this risk we reviewed the internal control system, which ensures preparation and accuracy of the financial statements, with the aim of selecting adequate auditing procedures rather than expressing our opinion about the effectiveness of the internal control system.

The audit also includes an assessment of the propriety of applicable accounting principles and consideration of significant estimates made by the audited company’s management, as well as an evaluation of the overall representation of the financial statements. We believe that the audit evidence obtained by our audit provides a reasonable basis for our opinion on these financial statements.

Opinion

In our opinion, Acron’s financial statements present fairly, in all material respects, Acron’s financial position as of December 31, 2014, as well as the financial results of its operations and cash flows in 2014 in compliance with the Russian law applicable to accounting and reporting.

27 March 2015

Partner,
Deputy Director General
Baker Tilly Russaudit, LLC

М.B. PAVLOVA


Auditor’s Qualification Certificate
No. 02‑000067 dated February 08, 2012
Basic Registration Number: 29602000361
Power of Attorney No. 01-10/15-8 dated
12 January 2015

My Annual Report

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