CORRECTION: On the depth financial research statementOn the Enhanced Financial Analysis ReportLiepaja, 2013-05-22 13:11 CEST --
The following amendments are made only due to grammatical corrections to the English version of announcement published on May 17, 2013 at 14:48 CEST. The Latvian version of this announcement remains unchanged.
The JSC Liepājas Metalurgs’ comment on the published enhanced financial analysis report on years 2008 and 2011 performed by Ernst & Young Baltic Ltd. is the following:
1) We are bringing to your attention the fact that in the referenced report there are no specific frauds or faults mentioned, only references to potential or possible risks.
2) Taking into consideration specifics of the ferrous steel industry and the overlong-standing industry crisis in Europe and worldwide, it is not correct to draw conclusions on the long-term budget made comparing it to the actual current situation today.
3) JSC Liepājas Metalurgs pays a close attention to tax payments and declaration procedure, which is confirmed also by regular audits by the State Revenue Service and its reports.
4) It is common practice when the audit is performed, the auditor introduces the party that was audited to the results of the audit, in order to have an opportunity to receive a feedback and comments on the audit outcome. Specifically in this case, the JSC Liepājas Metalurgs was not given a possibility to provide its comments or arguments. Līga Šenfelde
Assistant to the Chief Economist
63455926, shenfelde@metalurgs.lv
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