Ernst & Young Oy, Authorized Public Accountants, with Ms Johanna Winqvist-Ilkka, APA, having the principal responsibility, was re-elected by the AGM 2019 as auditor of the Company for the term that will continue until the end of the next Annual General Meeting.

The fees paid in 2018 to the external auditor for auditing Exel Group companies totaled EUR 219 (168) thousand, while the fees paid for tax services totaled  EUR  29 (34) thousand and for non-audit services totaled EUR 174 (30) thousand.

The Company has one auditor that shall be an audit firm referred to in the Auditing Act with a KHT certified auditor acting as the auditor with principal responsibility. The auditor's term of office ends at the close of the first Annual General Meeting following election.

Ultimate responsibility for accounting and financial management lies with the Board. The auditor gives a statutory report to the shareholders in connection with the closing of the company accounts each year. The purpose of the auditing process throughout the year is to ensure that the financial statements give a true and fair view of the Group's financial performance and status during the financial year. Foreign subsidiaries are included in the yearly audit programs.
The Board meets the auditor at least once a year.

Apart from this, the auditor carries out supervisory audits as he deems necessary and as agreed on with the Company.


Updated 21 March 2019

Exel Composites Oyj, Vantaa head office, Mäkituvantie 5, FI-01510 Vantaa, Finland