Flour Mills Plc to File Audited Financial Statements On or Before 14th July, 2016


Friday, July 08, 2016/ 12.55pm / NSE

The management of Flour Mills of Nigeria Plc. (FMN) wishes to announce the late filing of its Audited Financial Statements for the year ended 31st March 2016 with the Nigerian Stock Exchange.

The delay was primarily as a result of the following:
1.       The audit exercise has been particularly challenging being the first year audit of our Accounts by Messrs. KPMG professional Services following their appointment as our external Auditors in 2015. KPMG has, during their audit, raised several questions/clarifications on previous year’s financial accounts, which delayed work on the current year reporting. Whereas, we had hoped we would be able to submit the audited financial statement on Thursday 30th June, 2016 based on the assurances given by the auditors, the auditors had reasons to request further disclosures than previously done, which necessitated last minutes delay.

2.      The successful merger of a number of our subsidiaries into FMN plc. In 2015 and the level of disclosures related to this matter, as requested by KPMG, has created unanticipated work from both our side and KPMG’s side.

We regret the late filing and are working assiduously with Messrs. KPMG, our external auditors, to conclude the audit exercise of our Company and Group’s financial statements to enable us file same with the exchange on or before 14th July, 2016.

Related News

1.       FLOURMILL Revenue picks up amidst declining consumer spending and challenging business environment

2.      Flour Mills of Nig Plc Q3 2016 Result - Words from Management

3.      Flour Mills of Nig records negative PBT PAT in Q3-15 16 Downside risks remain

4.      FLOURMILL Declares N19 billion PAT in Q3 16 Result SP N18.05k

5.      FLOURMILL Appoints Joseph Odion Umolu as Company Secretary Effective Jan 1 2016

6.      FLOURMILL Sales Grows by 17 YoY in Q2 16 Results Shares Rated NEUTRAL

7.      FLOURMILL Declares N24.02 billion PAT in Q2 16 Result SP N21.16k

8.     FLOURMILL Stock is heading towards south side with descending triangle formation

9.      FLOURMILL falls back to 2010 price-range on fresh sell pressure


Related News