Audit Report

To the Annual General Meeting of Systembolaget AB, corporate identity number 556059-9473.

Report on the Annual Accounts

We have audited the annual accounts of Systembolaget AB for the 2015 financial year. The company’s annual accounts are included under the heading Financial reporting.

Responsibilities of the Board of Directors and the President for the Annual Accounts

The Board of Directors and the President are responsible for the preparation and fair presentation of annual accounts in accordance with the Swedish Annual Accounts Act and that give a true and fair view in accordance with the international financial reporting standards, IFRS, as adopted by the EU, and the Swedish Annual Accounts Act, and for the internal controls that the Board of Directors and the President consider are necessary for preparing annual accounts that are free of material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express an opinion on these annual accounts based on our audits. We conducted our audit in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. These standards require that we comply with professional ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the annual accounts are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and other disclosures in the annual accounts. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement in the annual accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls relevant to the company’s preparation and fair presentation of the annual accounts in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal controls. An audit also includes evaluating the appropriateness of accounting principles applied and the reasonableness of the accounting estimates made by the Board of Directors and the President as well as evaluating the overall presentation of the annual accounts.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinions

In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of Systembolaget as of 31 December 2015 and of its financial performance and its cash flows for the year in accordance with the International Financial Reporting Standards, as adopted by the EU, and with the Annual Accounts Act. A corporate governance report was prepared in accordance with the “Government’s ownership policy and guidelines for state-owned companies”. The statutory administration report and corporate governance report are consistent with the other parts of the annual accounts.

We therefore recommend that the Annual General Meeting adopt the income statement and balance sheet for Systembolaget AB.

Report on other legal and regulatory requirements

In addition to our audit of the annual accounts, we have examined the proposed appropriations of the company’s profit or loss and the administration of the Board of Directors and the President of Systembolaget AB for the 2015 financial year.

Responsibilities of the Board of Directors and the President

The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss, and the Board of Directors and the President are responsible for administration under the Companies Act.

Auditor’s responsibility

Our responsibility is to express an opinion with reasonable assurance on the proposed appropriations of the company’s profit or loss and on the administration, based on our audit. We conducted our audit in accordance with generally accepted auditing standards in Sweden.

As a basis for our opinion on the Board of Directors’ proposed appropriations of the company’s profit or loss, we examined the Board of Directors’ reasoned statement and selection of supporting evidence in order to be able to assess whether the proposal is in accordance with the Companies Act.

As a basis for our opinion concerning discharge from liability, in addition to our audit of the annual accounts, we examined significant decisions, actions taken and circumstances of the company in order to determine whether any Member of the Board of Directors or the President is liable to the company. We also examined whether any Member of the Board of Directors or the President have, in any other way, acted in contravention of the Companies Act, the Annual Accounts Act, or the Articles of Association.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.

Opinions

We recommend to the Annual General Meeting that the profit be appropriated in accordance with the proposal in the Statutory Administration Report and that the Members of the Board of Directors and the President be discharged from liability for the financial year.

Stockholm, 17 March 2016

Ernst & Young AB

Åsa Lundvall
Authorised Public Accountant