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Stock Market & Financial Investment News

News Breaks
August 1, 2014
09:11 EDTCBDECBD Energy Limited secures $112M solar project
CBD Energy Limited announced an agreement with Environmental Engineering Group Thailand to construct a 64MW solar park with a projected development cost of approximately $112M. The project is supported by a 25-year power purchase agreement with the Thai Provincial Electricity Authority. CBDE estimates it will earn pre-tax profit of $6.08M from the projectís construction, which is expected to be pre sold to a Singapore-based financial institution. These estimated pre-tax profits are in line with those derived from a previous project completed by CBDE in Thailand. CBDE anticipates these earnings will be recognized during the 2015 calendar year.
News For CBDE From The Last 14 Days
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October 24, 2014
08:48 EDTCBDECBD Energy Limited announces non-reliance on financial statements
CBD Energy Limited announced in a filing with the SEC on Form 6-K that the company, through its Audit Committee, and in concert with PricewaterhouseCoopers, its independent registered public accounting firm, has determined that its audited Financial Statements for the 2012 and 2013 Fiscal Years, and its unaudited interim financial statements as of and for the six months ended December 31, 2013 cannot be relied upon, and revisions are required. In the case of the audited financial statements for Fiscal Years 2012 and 2013, the determination of non-reliance is related solely to uncertainty about the completeness and accuracy of disclosures with respect to related party transactions. It is anticipated that revisions will impact footnotes to the financial statements, and that no material revisions will be required to be made to the Statements of Operations or Balance Sheets related to those periods. With respect to the December Statements, in addition to uncertainty about disclosures of related party transactions, there are also uncertainties as to whether: the full (or any) value is recoverable in connection with a deposit of approximately $680,000 recorded as a current asset; some or all of approximately £575,000 of expenditures capitalized in connection with the Company's offering of Secured Energy Bonds should have been expensed under the highly technical requirements of AASB139 Financial Instruments: Recognition and Measurement; disclosures regarding goodwill were adequate and some impairment should have been recognized; certain expenses should have been classified in different categories. The Company's Audit Committee is conducting a review of the foregoing issues and the Company is not currently aware of any other accounting errors requiring adjustment to any prior period Financial Statements; however, the possibility remains that adjustments or supplementary disclosures will be required in addition to those noted. As a consequence of the review, the Company expects a delay in completing its audit of 2014 Fiscal Year Financial Statements and to file its annual report on Form 20-F after the regulatory deadline. Nevertheless, the Company intends to do so as soon as practicable.

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