HBGLOB - OTHERS HB GLOBAL LIMITED (formerly known as Sozo Global Limited) (“HB” or “the Company”) - Variance between Audited and Unaudited Results for the Financial Year Ended 31 December 2012
| Company Name | HB GLOBAL LIMITED |
| Stock Name | HBGLOB |
| Date Announced | 8 May 2013 |
| Category | General Announcement |
| Reference No | CC-130508-267CD |
| Type | Announcement | ||||||||||||||||||||||||||||
| Subject | OTHERS | ||||||||||||||||||||||||||||
| Description | HB GLOBAL LIMITED (formerly known as Sozo Global Limited) (“HB” or “the Company”) - Variance between Audited and Unaudited Results for the Financial Year Ended 31 December 2012 | ||||||||||||||||||||||||||||
Reference is made to the Company’s announcement dated 7 May 2013. The Board of Directors of HB Global Limited (formerly known as Sozo Global Limited) (“HB” or “the Company”) wishes to further announce that :- 1) Expensed off feeding cost & death Biological Assets to comply with fair value of Biological Assets The differences between the biological assets as per the announcement of results and the audited accounts are as follows:- Net as shown in the balance sheet of RMB’000 The announcement of results 27,224 The audited accounts 3,658 Difference 23,566 Reclassification of accounts 1,726 Adjustment on accounting treatment 19,532 Adjustment on fair value of biological assets 2,308 The differences between the balance sheet of the announcement of results and the audited accounts was a result of different treatment adopted by the auditor compared to the treatment adopted by the management. The auditor is of the view that the fair value should be better presented with the written off of the costs of feedstock and the cost of duckling that has reported death to the income statement whereas the management has capitalised the feeding cost and the cost of duckling that has reported death as biological assets in the balance sheet. 2) Net under-provision of Fair Value adjustment on Biological Assets The differences between the fair value of biological assets as per the announcement of results and the audited accounts are as follows:- Net as shown in the balance sheet of RMB’000 The announcement of results 27,224 The audited accounts 3,658 Difference 23,566 Reclassification of accounts 1,726 Adjustment on accounting treatment 19,532 Adjustment on fair value of biological assets 2,308 The differences on fair value of biological assets was a result of the valuation adopted by the management based on the valuation report provided by valuer appointed for our biological assets, compared to the valuation adopted by the auditor using discounted cash flow method of valuation based on current market prices of respective value. 3) Net under-provision of expenses The auditor has noted significant expenses related to our branch in Tokyo was not provided prior to the announcement. RMB2.10 million was recorded in the audited accounts which was not earlier on provided in the announcement. This announcement is dated 8 May 2013.
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