[NOTICE] CWG explains reason for change of results

Last week Nairametrics reported a change in the results published by CWG on the website of the Nigerian Stock Exchange. The company at the time did not issue any explanation for the change. Thankfully it has now done so. Here is the press release published on the website of the NSE.

Computer Warehouse Group (“CWG”) has notified the Nigerian Stock Exchange (“NSE”) of a slight revision of its 2014 Audited Financial Statements (“AFS”) which have already been submitted to the NSE, in compliance with their post-listing obligations. The revision was necessitated on the need to correctly reflect the value of deferred tax assets in the financial statements as the tax holiday which the company enjoys will lapse in 2015.

As a result of the said revision, there has been a change in the tax impact on the profit for the year. The impact of the change on the overall performance of CWG in the 2014 financial year is an increase in profit after tax (PAT) of about N67 million, bringing the PAT for the year to N120 million, and we feel obligated to immediately bring this change to the notice of the NSE and all other stakeholders.

CWG has this afternoon refiled its 2014 AFS, through the X-Issuer and will on Monday 27 April 2014 address floor-based traders on the NSE.