Azerbaijan Railways

BAKER TILLY
AZ E RBAIJAN
Audit, Tax and Consulting
Demirchi Tower, 16th floor
Khodjaly Avenue, 37
AZ1025, Baku
Azerbaijan
T:+ 994 (12) 404 7 666
F:+ 994 (12) 404 7 667
office@bakertilly.az
www.bakertilly.az
INDEPENDENT AUDITORS' REPORT
To the Management of "Azerbaijan Railways" Closed Joint Stock Company:
We have audited the accompanying International Financial Reporting Standards ("IFRS") based consolidated
financial statements of "Azerbaijan Railways" Closed Joint Stock Company ("ADY" or the "Company") and
its subsidiaries (together referred to as the "Group") which comprise the consolidated statement of financial
position as at December 31, 2015, and consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the year then ended and a summary
of significant accounting policies and other explanatory notes.
Management's Responsibility for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with International Financial Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditors' Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those Standards require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditors' judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the consolidated financial statements 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 entity'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 consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
qualified audit opinion.
An independent member of Baker Tilly International

Stadler Rail findet Lösung für Russland
Weiterer Produktionsaufbau in Osteuropa möglich
bet. Moskau Der Thurgauer Schienenfahrzeug-Hersteller Stadler Rail zieht nach langen Verhandlungen einen Schlussstrich unter einen problembeladenen Grossauftrag aus Russland. Im Jahr 2013 hatte das Moskauer Unternehmen Aeroexpress 24 Kiss-Doppelstockzüge
bestellt, um mit dem neuen Rollmaterial die Anbindung der drei Hauptstadt-Flughäfen an das Zentrum
attraktiver zu machen. Doch die russische Wirtschaftskrise und der RubelZerfall brachten Aeroexpress vergangenes Jahr in Schwierigkeiten; die Firma
bat um Nachverhandlungen. Am Donnerstag verkündeten beide Firmen und die russische Gazprombank schliesslich einen Kompromiss: Aeroexpress erhält insgesamt 11 Züge und kann sich bei Zinsen und Tilgung der Kredite mehr Zeit lassen. Stadlers Rechnung ist bezahlt, die Zugkompositionen sind gebaut und können ausgeliefert werden.