Sec Form 20-F - Registration Statement/annual Report/transition Report/shell Company Report Page 15
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69Item 4A.
Unresolved Staff Comments
If the registrant is an accelerated filer or a large accelerated filer, as defined in Rule 12b-2 of the Exchange Act
(§240.12b-2 of this chapter), or is a well-known seasoned issuer as defined in Rule 405 of the Securities Act (§230.405 of this
chapter) and has received written comments from the Commission staff regarding its periodic reports under the Exchange Act
not less than 180 days before the end of its fiscal year to which the annual report relates, and such comments remain
unresolved, disclose the substance of any such unresolved comments that the registrant believes are material. Such disclosure
may provide other information including the position of the registrant with respect to any such comment.
Item 5.
Operating and Financial Review and Prospects
The purpose of this standard is to provide management’s explanation of factors that have affected the company’s financial
condition and results of operations for the historical periods covered by the financial statements, and management’s assessment
of factors and trends which are anticipated to have a material effect on the company’s financial condition and results of operations
in future periods.
Discuss the company’s financial condition, changes in financial condition and results of operations for each year and interim
period for which financial statements are required, including the causes of material changes from year to year in financial statement
line items, to the extent necessary for an understanding of the company’s business as a whole. Information provided also shall relate
to all separate segments of the company. Provide the information specified below as well as such other information that is necessary
for an investor’s understanding of the company’s financial condition, changes in financial condition and results of operations.
A.
Operating results. Provide information regarding significant factors, including unusual or infrequent events or new
developments, materially affecting the company’s income from operations, indicating the extent to which income was
so affected. Describe any other significant component of revenue or expenses necessary to understand the company’s
results of operations.
1.
To the extent that the financial statements disclose material changes in net sales or revenues, provide a narrative
discussion of the extent to which such changes are attributable to changes in prices or to changes in the volume
or amount of products or services being sold or to the introduction of new products or services.
2.
Describe the impact of inflation, if material. If the currency in which financial statements are presented is of a
country that has experienced hyperinflation, the existence of such inflation, a five year history of the annual
rate of inflation and a discussion of the impact of hyperinflation on the company’s business shall be disclosed.
3.
Provide information regarding the impact of foreign currency fluctuations on the company, if material, and the
extent to which foreign currency net investments are hedged by currency borrowings and other hedging
instruments.
4.
Provide information regarding any governmental economic, fiscal, monetary or political policies or factors that
have materially affected, or could materially affect, directly or indirectly, the company’s operations or
investments by host country shareholders.
B.
Liquidity and capital resources. The following information shall be provided:
1.
Information regarding the company’s liquidity (both short and long term), including:
(a)
a description of the internal and external sources of liquidity and a brief discussion of any material unused
sources of liquidity. Include a statement by the company that, in its opinion, the working capital is
sufficient for the company’s present requirements, or, if not, how it proposes to provide the additional
working capital needed.
(b)
an evaluation of the sources and amounts of the company’s cash flows, including the nature and extent
of any legal or economic restrictions on the ability of subsidiaries to transfer funds to the company in
the form of cash dividends, loans or advances and the impact such restrictions have had or are expected
to have on the ability of the company to meet its cash obligations.
15
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