Eltel's Annual Report 2016 – auditors advice against discharge from liability for former Chairman Gérard Mohr and former CEO Axel Hjärne

Eltel has published its Annual Report 2016 on the company’s website http://www.eltelgroup.com/en/eltel-annual-report-2016/. The Report is available in Swedish and English. Printed copies of the Annual Report will be available in Swedish and English during week 21 and can be ordered at http://www.eltelgroup.com/en/order-printed-material/.

Eltel has also published its Sustainability Report 2016 in Swedish and English. The report is available at the Group’s website http://www.eltelgroup.com/en/section/about-us/sustainability-reviews/.

Statement in the Auditors’ Report

In the Auditors’ Report, Eltel’s auditors advice against discharge from liability for former Chairman Gérard Mohr and former CEO Axel Hjärne for the financial year 2016.

Statement by Eltel’s Board of Directors regarding the Auditors’ Report:

We have noted the auditors’ statement in the Auditors’ Report regarding discharge from liability. This statement is a recommendation from the auditors to the shareholders and will as such not be commented by the Board of Directors. In the Auditors’ Report, the company’s auditors state, among others, that “former CEO Axel Hjärne has had knowledge of the fact that the reporting of significant projects during 2016 was incorrect and has neglected to inform the Board of Directors in time of errors in the accounting and in general provide adequate information regarding the risks in the company’s project portfolio.”

Eltel AB

For further information:
Ingela Ulfves
VP – IR and Group Communications
Tel: +358 40 311 3009, ingela.ulfves@eltelnetworks.com 

This information is information that Eltel AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication through the agency of the contact person set out above, at 21.10 CET on 2 May 2017.

About Eltel
Eltel is a leading Northern European provider of technical services for critical infrastructure networks – Infranets – in the segments of Power, Communication and Other, with operations throughout the Nordics, Poland and Germany. Eltel provides a broad and integrated range of services, spanning from maintenance and upgrade services to project deliveries. Eltel has a diverse contract portfolio and a loyal and growing customer base of large network owners. In 2016, Eltel net sales amounted to EUR 1.4 billion. The current number of employees is approximately 9,500. Since February 2015, Eltel AB is listed on Nasdaq Stockholm.