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Nobel Design revises FY14 financial statements, following shareholders' concerns at AGM

Friday, May 22, 2015 - 17:44

FURNITURE company Nobel Design Holdings has revised its FY14 financial statement, following concerns raised by shareholders at its annual general meeting in late April, it announced on Thursday night.

Under the financial reporting standards 111, the group has reclassified its "relevant entities" as "joint ventures", after further discussions with its special adviser, PricewaterhouseCoopers LLP, as well as clarifications with its joint arrangement partners.

The group has re-presented an amount of S$8.09 million in relation to a loan to an associated company. It was previously classified as "cash flows from operating activities", and has now been reclassifed as "cash flows from investing activities" to better reflect the nature of the amount. This reclassification has no impact on the net cash flows of the group, the company said in a note.

Based on the unaudited revised FY14 financial statements, the group's net tangible assets per share, total net assets, earnings per share and profit after tax remain unchanged from the FY14 financial statements, the company said.

Nobel Design will later convene an extraordinary general meeting for the audited financial revised FY14 financial statements to be laid before shareholders in an ordinary resolution.

On Friday, the counter closed unchanged at S$0.425.

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