Saudi Cable Co. announced that it is addressing all observations of the external auditor contained in the report on the interim financial statements for the period ending 30/6/2014 as follows:
1- As regards the Company s current liabilities exceeding the current assets by an amount of SR477 million the Company expects that when the financial structure for the bank loans is completed most of the short-term loans will be converted into long term loans whereby the ratio of the current assets to the current liabilities will be improved.
2- As regards the paragraph relating to carrying out changes that may arise from the potential impairment in the value of non-current assets the Company will apply the standard impairment test for the impairment in the value of non-current assets at the time of preparing the financial statements for the full year 2014.
3- As regards the changes that may arise on the impairment of goodwill of Elimsan one of the companies owned by the Company in Turkey we will apply the same standard at the time of preparing the final financial statements for the full year 2014 by carrying out an impairment test for non-current assets of the company.
4- The aim of this plan is to address all the observations of the External Auditor contained in the report on the interim financial statements for the period ending 30/6/2014.The financial effect of this plan will appear at the end of the year 2014.