Audit of SkyWay Technologies Co.

19 April 2016 948

SkyWay Technologies Co. has conducted an audit of the accounting (financial) statements for the year 2015. For these purposes, SkyWay Technologies Co. involved "Auditfinanservice" Ltd. (certificate on state registration is recorded by the decision of the Minsk City Executive Committee dated 07.09.2010).

An audit is an independent examination for the purpose of expressing an opinion on the reliability of financial and accounting records of the company. In addition, it includes also the development of suggestions for improving the accounting of economic activity of the organization. The main objective of the audit is to identify and eliminate drawbacks (if any) so as to avoid later penalties and other undesirable consequences.

According to the audit, "the accounting (financial) statements of SkyWay Technologies Co., formed in accordance with the requirements of the legislation of the Republic of Belarus on accounting and reporting, adequately reflect in all significant aspects the financial state of SkyWay Technologies Co. as on December 31, 2015, as well as the results of the financial performance and changes in the financial state of SkyWay Technologies Co. for the year that ended at that date, in accordance with the requirements of the legislation of the Republic of Belarus".

It should be noted that the audit results are reported only for SkyWay Technologies Co., which was created on February 12, 2015. It should also be considered that in the period from July 2014 till July 2015 the development of SkyWay technology in the Republic of Belarus was carried out by the Unitary Enterprise "Railskywaysystems" created on July 28, 2014, which was joined to SkyWay Technologies Co. in July 2015. Earlier, in April 2015 an audit of UE "Railskywaysystems" was also conducted. Its results are presented separately.

In general, the total financial investment in the development of the technology in the Republic of Belarus and the construction of EcoTechnoPark in Maryina Gorka from July 2014 till March 2016 amounted to the equivalent of USD 5,791.4 thousand, including:

− from July to December 2014 – 961.4 thousand US dollars (UE "Railskywaysystems");

− from January to December 2015 – 3,573.3 thousand US dollars (including

UE "Railskywaysystems" – 1,584.8 thousand US dollars, SkyWay Technologies Co. – 1,988.5 thousand US dollars); 
− from January to March 2016 – 1,256.7 thousand US dollars (SkyWay Technologies Co.). 

The main principles of the SkyWay Group of Companies are transparency and openness. In this regard, we publish the audit report on accounting (financial) statements of SkyWay Technologies Co. for the period from January 1, 2015 till December 31, 2015, as well as the auditor's report on the activities of UE "Railskywaysystems" dated April 7, 2015. The documents will be available for study also in the "Materials" section of the User Account at the following address: https://account.rsw-systems.com.

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Ulyana Orlova

Correspondent of information services for international group of companies SkyWay

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