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Topic History of: Selected highlights from Maltby Capital's Annal Report for the EMI Music Group
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DJones |
From the INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF
MALTBY CAPITAL LIMITED by H Green (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
"In forming our opinion on the financial statements, which is not
qualified, we have considered the adequacy of the disclosure
made in note 1 to the financial statements concerning the
Group’s ability to continue as a going concern. The Group
incurred a net loss of £512 million during the year ended
31 March 2010 and, at that date, the Group’s current liabilities
exceeded its current assets by £3,255 million much of which
is the result of the reclassification of the Bank term loans from
Non-current liabilities to Current liabilities."
"No agreement has yet been reached with the Company’s
shareholders for such further equity injections, nor is there any
certainty that such an agreement will eventually be reached,
or will be reached within the time available under the Group’s
banking facilities."
"Furthermore, a satisfactory funding agreement with the
Trustees of the EMI Group Pension Fund has not been reached."
"These conditions, along with the other matters explained in note
1 to the financial statements, indicate the existence of a material
uncertainty which may cast significant doubt on the Group’s
ability to continue as a going concern. The financial statements
do not include the adjustments that would result if the Group was
unable to continue as a going concern." |
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