13.04.2004 - The auditor of RMK is Ernst & Young Baltic AS 29.09

The auditing company Ernst & Young Baltic AS won the procurement organised by the State Forest Management Centre (RMK) for the audit of the annual reports for 2004–2006.

Four tenders were submitted to the procurement, of which the tender of Ernst & Young Baltic AS was declared as successful on the basis of the evaluation criteria. From 1999 to 2003, PriceWaterhouseCoopers AS audited the annual reports of RMK. The need for a new auditor emerged due to the expiry of the contract concluded after the previous procurement.

"RMK has an effectively operating internal audit division with long-term experience and highly-trained auditors. By using the objective information gained from internal audit and the work of an external auditor experienced in the audit of forestry enterprises, the supervisory board of RMK will be able to make the decisions necessary for guaranteeing the sustainable development of the state forest manager and a more effective use of state assets," said Andres Onemar, chairman of the RMK supervisory board.

"For Ernst & Young, the victory of the RMK procurement is a recognition of our skills and reliability," said Hanno Lindpere, an Ernst & Young partner. "The activities of RMK are in the centre of media attention because RMK as the manager of state forests has an important social role. Therefore, its auditor must have good reputation and be a competent advisor."

The state forest manager RMK is a commercial state agency established pursuant to the Forest Act, the principal task of which is the sustainable and effective management of state forest. RMK grows forest renewal material, organises forest works and operates in the sale of forest and timber. Also, RMK creates possibilities for exercising the right of public access in its recreational areas and develops nature educational activities.

The 2003 turnover of the business unit of Ernst & Young Baltic (www.ey.com/ee) was 210 million kroons. The Ernst & Young Estonian office employs 50 people. On the international level, Ernst & Young with its 100 000 employees is the second largest and the fastest growing company offering economic consultations in the world.

Further information:

Martti Siimann
RMK Chief Financial Officer
Telephone +372 628 1572
E-mail martti.siimannrmk.ee

Hanno Lindpere
Ernst & Young Baltic AS Partner, Director of the Estonian company
Telephone +372 631 0610
E-mail hanno.lindpere@ee.ey.com