Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZF Group restates first-half results for the second time

NZF Group restates first-half results for the second time after talks with regulator

By Suze Metherell

April 2 (BusinessDesk) - NZF Group, the financial services company fined and suspended from trading on the New Zealand stock exchange last year after a four-and-a-half month delay in filing its annual report, has restated its first half report for the second time.

The Auckland-based company yesterday reissued its financial results for the six months ended Sept. 30 after consultation with the Financial Markets Authority, citing errors in comparative amounts and the disclosure shown in the accounts, it said in a statement. The company initially published the results in November and first restated them in February because of concerns about how it recognised losses of discontinued assets.

NZF Group said the restated accounts didn't change its reported first-half loss of $746,000, compared with the year earlier loss of $853,000. Shares in the company last traded at 1 cent.

In November the regulatory arm of stock exchange operator NZX fined NZF Group $35,000 and censured the company after a delay in filing its 2013 annual report. At the time NZF Group said it was unable to fully value its divestment in its 50 percent stake in MPMH, a holding company for Mike Pero Mortgages, as it no longer had access to the financial statements.

NZF Group established the MPMH joint venture with Australasian firm Liberty Financial in 2006. The venture soured as NZF Group sought to divest, which Liberty disputed. The worth and subsequent impairment to be recognised by the divestment of MPMH was also disputed, with discrepancies between valuations ranging from $2.76 million to NZF's own valuation of $7.51 million.

In its latest accounts, the company repeated that it needs more cash to continue operating beyond 12 months. The company suspended interest payments on its capital notes in May 2012, enabling it to continue operating for the next 12 months, it said.

NZF Group said it had excess liabilities over assets of $15.9 million at Sept. 30 and was in breach of the solvency test under the Companies Act.

Meantime, the company has agreed to sell its holding in New Zealand Mortgage Finance for $95,000, with settlement due last month, it said.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news