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(873) China Taifeng Beddings Holdings Limited: China Taifeng Beddings Holdings Limited delayed announcing its annual results to on or after 21 April 2015.
DELAY IN PUBLICATION OF THE 2014 ANNUAL RESULTS ANNOUNCEMENT The Board wishes to inform the Shareholders the reasons for the delay include that the Company needs more time to ascertain (a) the fair value of the financial guarantee contracts given to banks on certain borrowings of its subsidiary, Shandong Taifeng Textile Co., Ltd. (“Shandong Taifeng”) given to independent third parties; (b) the fair value assessments of the estimation of the recoverable amounts of the Group’s assets which may be impaired as a results of the latest financial position of the Company which will not be available by 31 March 2015; and (c) auditor of the Company has indicated that more time is required to ascertain the cash flow position of the Company and carry out additional work in order to finalise the audit of the consolidated financial statements of the Group for the year ended 31 December 2014 as a result of the latest situation of the Company including the liquidity position of the Company as disclosed in the Company’s announcement dated 12 December and 15 December 2014 respectively. As a result, the publication of the 2014 Annual Results will be delayed, which delay constitutes non-compliance with Rule 13.49(1) of the Listing Rules. The Board and the management of the Company are doing their utmost to assist and cooperate with the Auditors so that the 2014 Annual Results can be available as soon as practicable.
NON-PUBLICATION OF MANAGEMENT ACCOUNTS Rule 13.49(3) of the Listing Rules provides that where an issuer is unable to issue its preliminary results, it must announce its results based on the financial results which have yet to be agreed with the auditor (so far as the information is available). The Board has decided, after due and careful consideration, that it would not be appropriate for the Company to publish the unaudited management accounts of the Group for the year ended 31 December 2014 (the “2014 Unaudited Management Accounts”) at this time as it is expected that there may be significant adjustment on the 2014 Unaudited Management Accounts and hence the 2014 Unaudited Management Accounts do not truly and fairly reflect the financial performance and position of the Group. The Board is therefore of the view that the publication of the 2014 Unaudited Management Accounts at this time would be misleading and confusing to the Shareholders and potential Investors.