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.