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Current as of 02/10/14 07:40PM NZST

Company tells NZX 'fudge this' no cause for concern

New Zealand Farming Systems Uruguay (NZFSU) has given an assurance that the words "fudge this" in its annual financial statements published Wednesday should not be a cause for concern.

Note three to the financial statements, regarding depreciation, included the comment "fudge this to equal depn in FA note 11 $2391 - via no ca".

In a letter to NZFSU, NZX Regulation said the comment had caused NZX, and the market, concern that the financial statements might not be accurate.

In a response, PGG Wrightson general counsel and company secretary Julian Daly said NZFSU "would assure NZX and the market that the comment should not be a cause for concern regarding the accuracy of the financial state-ments".

The comment was a personal file note included in an earlier working draft of the notes to the financial statements, the NZFSU reply said.

The file note was made as a prompt to reconcile a minor rounding difference between the cash flow reconciliation note 3 and the fixed assets note 11 in respect of depreciation expense for the period.

- NZPA

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