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financial statements 2011
Auditor’s report
To the Annual General Meeting of
Edita Oyj
We have audited the accounting records, the financial
statements, the report of the Board of Directors, and
the administration of Edita Oyj for the year ended 31
December, 2011. The financial statements comprise the
consolidated statement of financial position, income
statement, statement of comprehensive income, state-
ment of changes in equity and statement of cash flows,
and notes to the consolidated financial statements, as
well as the parent company’s balance sheet, income
statement, cash flow statement and notes to the
financial statements.
Responsibility of the Board of
Directors and the Managing
Director
The Board of Directors and the Managing Director
are responsible for the preparation of consolidated
financial statements that give a true and fair view in
accordance with International Financial Reporting
Standards (ifrs) as adopted by the EU, as well as for
the preparation of financial statements and the report
of the Board of Directors that give a true and fair view
in accordance with the laws and regulations govern-
ing the preparation of the financial statements and
the report of the Board of Directors in Finland. The
Board of Directors is responsible for the appropriate
arrangement of the control of the company’s accounts
and finances, and the Managing Director shall see to
it that the accounts of the company are in compliance
with the law and that its financial affairs have been ar-
ranged in a reliable manner.
Auditor’s Responsibility
Our responsibility is to express an opinion on the
financial statements, on the consolidated financial
statements and on the report of the Board of Direc-
tors based on our audit. The Auditing Act requires
that we comply with the requirements of profes-
sional ethics. We conducted our audit in accordance
with good auditing practice in Finland. Good auditing
practice requires that we plan and perform the audit
to obtain reasonable assurance about whether the
financial statements and the report of the Board of
Directors are free from material misstatement, and
whether the members of the Board of Directors of
the parent company and the Managing Director are
guilty of an act or negligence which may result in liabil-
ity in damages towards the company or have violated
the Limited Liability Companies Act or the articles of
association of the company.
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in
the financial statements and the report of the Board
of Directors. The procedures selected depend on the
auditor’s judgment, including the assessment of the
risks of material misstatement, whether due to fraud
or error. In making those risk assessments, the audi-
tor considers internal control relevant to the entity’s
preparation of financial statements and report of the
Board of Directors that give a true and fair view in
order to design audit procedures that are appropri-
ate in the circumstances, but not for the purpose
of expressing an opinion on the effectiveness of the
company’s internal control. An audit also includes
evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall
presentation of the financial statements and the report
of the Board of Directors.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis
for our audit opinion.
Opinion on the consolidated
financial statements
In our opinion, the consolidated financial statements
give a true and fair view of the financial position,
financial performance, and cash flows of the group
in accordance with International Financial Reporting
Standards (ifrs) as adopted by the eu.
Opinion on the company’s
financial statements and the
report of the Board of Directors
In our opinion, the financial statements and the report
of the Board of Directors give a true and fair view of
both the consolidated and the parent company’s finan-
cial performance and financial position in accordance
with the laws and regulations governing the prepara-
tion of the financial statements and the report of the
Board of Directors in Finland. The information in the
report of the Board of Directors is consistent with the
information in the financial statements.
Other Opinions
We support the adoption of the financial statements.
The proposal by the Board of Directors regarding the
treatment of distributable funds is in compliance with
the Limited Liability Companies Act. We support that
the Board of Directors of the parent company and the
Managing Director be discharged from liability for the
financial period audited by us.
Helsinki, 10 February 2012
kpmg oy ab
Minna Riihimäki
Authorized Public Accountant