Jul 2013 Financial News

NEL - Publication of 2012 Audited Consolidated Financial Statements

Jul 12, 2013

National Enterprises Limited (NEL) has informed the Stock Exchange that it was unable to file its 2012 Audited Consolidated Financial Statements as required within the timeframe prescribed under the Securities Act, 2012 due to circumstances beyond the Company’s control.

NEL’s sole revenue generating assets are the shares in its investee companies. In order to compile the captioned statements, NEL requires the 2012 Audited Financial Statements, with appropriate notes, of the Telecommunications Services of Trinidad & Tobago (TSTT), one of its investee companies. TSTT has not, to date, signed off on its 2012 Audited Financial Statements inclusive of the appropriate and applicable notes thereto. While the auditors have completed their audit, TSTT Audit Committee and Board has not signed off on the 2012 financials. NEL expects this to be done before the end of the current month.

Consequently, NEL has been unable to date to complete its 2012 Audited Consolidated Financial Statements because pertinent information from TSTT’s 2012 Audited Financial Statements must be incorporated and/or consolidated into NEL’s 2012 Audited Consolidated Financial Statements and NEL’s auditors PKF advised they could not sign off on its financials without TSTT audited financials.

However, NEL published its 2012 Unaudited Unconsolidated Financial Statements on June 30, 2013 which it has stated that, while unaudited, represents a true picture of the Company’s unconsolidated financials barring any changes TSTT may make in its final audited accounts.

Upon completion of the Company’s 2012 Audited Consolidated Financial Statements, NEL will publish these as required by The Act. NEL expects to do this before the end of July 2013.


Source:
The Trinidad and Tobago Stock Exchange Limited
Friday July 12, 2013