By InvestAdvocate

Lagos (INVESTADVOCATE)-Flour Mills of Nigeria Plc on Friday affirmed it will file its 2016 financial statements for the year ended March 31, 2016, the company said in an issuer’s announcement with the Nigerian Stock Exchange (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 March 31, 2016 with the Nigerian Stock Exchange,” Flour Mills said.

According to the Fast Moving Consumer Goods (FMCG) firm, the delay came on the heels of the audit exercise been challenging as a result of being the first year of audit of its Accounts by Messrs. KPMG Professional Services following their appointment as the company’s 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 June 30, 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,” the company disclosed.

Flour Mill said the successful merger of a number of its subsidiaries into FMN Plc in 2015 and the level of disclosures related to the matter, as requested by KPMG, has created unanticipated work from both its 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,” the company added.

At the close of Friday’s session on the Nigerian bourse, shares of Flour Mills declined 0.27 percent to close at N22.55 compared to N22.61 traded the previous day; losing 0.06 kobo per share.