Friday, 29 March 2024

Announcement

ANNREP: WTL: WIndflow Technology Limited Annual Report

03 Nov 2017 08:31NZX
2017 Annual Report

The directors of Windflow Technology Ltd are pleased to release the 2017
Annual Report, which sets out the Company''s position amid difficult trading
conditions, along with some important recent developments.

Following the release of its unaudited financial statements on 14 September
2017, Windflow''s management was advised by its auditors, William Buck
Christmas Gouwland Audit Limited, that the way discontinued activities were
disclosed did not comply with IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations. The Annual Report has been adjusted to reflect the
requirements of this standard on pages 7-9 and notes 4-6. The directors wish
to point out that this was a technical disclosure adjustment and did not
affect the underlying trading result or cash position of the Group. This
detailed adjustment has led to the delay in filing this year''s annual return
which was due  on the 31 October 2017.

Furthermore, in discussion with the auditors the management agreed to
depreciate its Work in Progress over a 3 year period. This has resulted in an
adjustment of $513,000, leading to a decrease in both the value of tangible
fixed assets and further increase in the negative equity in the Balance Sheet
of the Group.

The directors wish to emphasise that the adjustment has no impact on the
underlying trading result or cash position of the Group.

For further information please contact:
Geoff Henderson
Chief Executive Officer
Phone 03 365 8960
End CA:00309738 For:WTL    Type:ANNREP     Time:2017-11-03 08:31:10
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Windflow Technology
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