Auditor's report
To the general meeting of shareholders in ForSea AB, corporate identity number 556990-7198
Report on the annual accounts and consolidated accounts
Opinions
We have audited the annual accounts and consolidated accounts for ForSea AB for 2018.
In our opinion, the annual accounts and consolidated accounts have been prepared in accordance with the Annual Accounts Act and give an essentially true and fair view of the parent company and the group ’s financial position as of 31 December 2018 and of their financial results and cash flow for the year in accordance with the Annual Accounts Act. The Directors’ Report is consistent with the other sections of the annual accounts and the consolidated accounts.
We therefore recommend that the general meeting of shareholders approve the income statement and balance sheet for the parent company and the group.
Basis for opinions
We have conducted the audit in accordance with the International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate as a basis for our opinions.
The Board of Directors’ and Chief Executive Officer’s responsibility
The Board of Directors and Chief Executive Officer are responsible for preparing annual accounts and consolidated accounts which give a true and fair view pursuant to the Swedish Annual Accounts Act. The Board of Directors and Chief Executive Officer are also responsible for such internal control as they deem necessary for the purpose of preparing annual accounts and consolidated accounts that are free from material misstatement, whether due to irregularities or errors.
When preparing the annual accounts and the consolidated accounts, the Board of Directors and Chief Executive Officer are responsible for assessing the company’s and the group’s ability to continue as a going concern. They disclose, as applicable, matters that may affect the ability to continue the business and to use the assumption of continued operation. However, the assumption of continued operation is not applicable if the Board and the Chief Executive Officer intend to liquidate the company, to cease operations or have no realistic alternative but to do so.
The auditor’s responsibility
Our objectives are to obtain reasonable assurance as to whether the annual accounts and the consolidated accounts as a whole are free from material misstatement, whether due to irregularities or errors, and to issue an audit report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISA and generally accepted auditing standards in Sweden will always detect a material error, if any. Errors may arise due to irregularities or mistakes and are considered to be material if individually or together can reasonably be expected to affect the financial decisions that users make in the annual accounts and consolidated accounts.
A further description of our responsibility for the audit of the annual accounts and the consolidated accounts is available on the Swedish Inspectorate of Auditors’ website: www.revisorsinspektionen.se/revisornsansvar. This description is a part of the auditor's report.
Report on other statutory and regulatory requirements
Opinions
In addition to our audit of the annual accounts and consolidated accounts, we have also audited the Board of Directors’ and Chief Executive Officer’s administration of ForSea AB for 2018 as well as the proposed appropriation of the company’s profit or loss.
We recommend that the general meeting of shareholders allocate the profit as proposed in the Directors’ Report and grant release from liability to the Directors and Chief Executive Officer in respect of the financial year.
Basis for opinions
We have conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate as a basis for our opinions.
The Board of Directors’ and Chief Executive Officer’s responsibility
Responsibility for the proposal for appropriation of the company’s profit or loss rests with the Board of Directors. In the case of a proposed dividend, this includes an assessment of whether the dividend is justified in view of the requirements that the company and the group's business, scope and risks impose on the size of the parent company and the group's equity, consolidation needs, liquidity and position in general.
The Board is responsible for the company's organization and management of the company's affairs. This includes, inter alia, continually assessing the company's and the group's financial situation and ensuring that the company's organization is designed so that the accounting, financial management and the company's financial affairs are otherwise controlled in a satisfactory manner. The Chief Executive Officer shall manage the current management in accordance with the Board's guidelines and instructions and, inter alia, take the necessary steps to ensure that the Company's accounts are complied with in accordance with law and in order to ensure the proper management of funds.
The auditor’s responsibility
Our objective concerning the audit of the administration, and thereby our opinion about discharge of liability, is to obtain audit evidence in order to be able to assess with reasonable certainty whether any board member or the Chief Executive Officer in any material respects:
- has undertaken any action or been guilty of any omission which can give rise to liability to the company
- in any other way has acted in contravention of the Companies' Act, the Annual Accounts Act or the articles of association.
Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with a reasonable degree of assurance whether the proposal is in accordance with the Companies' Act.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies' Act.
A further description of our responsibility for the audit of the administration is available on the Swedish Inspectorate of Auditors’ website: www.revisorsinspektionen.se/revisornsansvar.
This description is a part of the auditor's report.
Göteborg, 25 April 2019
PricewaterhouseCoopers AB
Johan Malmqvist
Authorised Public Accountant