Page 13 - Riding On Autumn 2022
P. 13
,1'(3(1'(17 $8',725¶6 5(3257
72 7+( 0(0%(56 2)
8O\VVHV &OXE ,QFRUSRUDWHG
5HSRUW RQ WKH )LQDQFLDO 5HSRUW
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ ILQDQFLDO UHSRUW RI 8O\VVHV &OXE ,QFRUSRUDWHG ZKLFK FRPSULVHV WKH
,1'(3(1'(17 $8',725¶6 5(3257
VWDWHPHQW RI ILQDQFLDO SRVLWLRQ DV DW 'HFHPEHU DQG WKH VWDWHPHQW RI FRPSUHKHQVLYH LQFRPH
72 7+( 0(0%(56 2)
IRU WKH \HDU WKHQ HQGHG D VXPPDU\ RI VLJQLILFDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ QRWHV DQG
8O\VVHV &OXE ,QFRUSRUDWHG
WKH 6WDWHPHQW E\ &RPPLWWHH RI 8O\VVHV &OXE ,QFRUSRUDWHG
,1'(3(1'(17 $8',725¶6 5(3257
5HSRUW RQ WKH )LQDQFLDO 5HSRUW 72 7+( 0(0%(56 2)
&RPPLWWHH RI WKH $VVRFLDWLRQ IRU WKH )LQDQFLDO 5HSRUW
8O\VVHV &OXE ,QFRUSRUDWHG
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ ILQDQFLDO UHSRUW RI 8O\VVHV &OXE ,QFRUSRUDWHG ZKLFK FRPSULVHV WKH
VWDWHPHQW RI ILQDQFLDO SRVLWLRQ DV DW 'HFHPEHU DQG WKH VWDWHPHQW RI FRPSUHKHQVLYH LQFRPH
7KH FRPPLWWHH RI WKH $VVRFLDWLRQ DUH UHVSRQVLEOH IRU WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKH
5HSRUW RQ WKH )LQDQFLDO 5HSRUW
ILQDQFLDO UHSRUW LQ DFFRUGDQFH ZLWK WKH $VVRFLDWLRQ ,QFRUSRUDWLRQ $FW 16: 7KLV UHVSRQVLELOLW\
IRU WKH \HDU WKHQ HQGHG D VXPPDU\ RI VLJQLILFDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ QRWHV DQG
WKH 6WDWHPHQW E\ &RPPLWWHH RI 8O\VVHV &OXE ,QFRUSRUDWHG
LQFOXGHV HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO FRQWURO UHOHYDQW WR WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ
RI WKH ILQDQFLDO UHSRUW WKDW LV IUHH IURP PDWHULDO PLVVWDWHPHQW ZKHWKHU GXH WR IUDXG RU HUURU VHOHFWLQJ PSULVHV WKH
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ ILQDQFLDO UHSRUW RI 8O\VVHV &OXE ,QFRUSRUDWHG ZKLFK FR
VWDWHPHQW RI ILQDQFLDO SRVLWLRQ DV DW 'HFHPEHU DQG WKH VWDWHPHQW RI FRPSUHKHQVLYH LQFRPH
&RPPLWWHH RI WKH $VVRFLDWLRQ IRU WKH )LQDQFLDO 5HSRUW
DQG DSSO\LQJ DSSURSULDWH DFFRXQWLQJ SROLFLHV DQG PDNLQJ DFFRXQWLQJ HVWLPDWHV WKDW DUH UHDVRQDEOH LQ
WKH FLUFXPVWDQFHV
IRU WKH \HDU WKHQ HQGHG D VXPPDU\ RI VLJQLILFDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\ QRWHV DQG
7KH FRPPLWWHH RI WKH $VVRFLDWLRQ DUH UHVSRQVLEOH IRU WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKH
WKH 6WDWHPHQW E\ &RPPLWWHH RI 8O\VVHV &OXE ,QFRUSRUDWHG
ILQDQFLDO UHSRUW LQ DFFRUGDQFH ZLWK WKH $VVRFLDWLRQ ,QFRUSRUDWLRQ $FW 16: 7KLV UHVSRQVLELOLW\
$XGLWRU¶V UHVSRQVLELOLW\
LQFOXGHV HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO FRQWURO UHOHYDQW WR WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ
&RPPLWWHH RI WKH $VVRFLDWLRQ IRU WKH )LQDQFLDO 5HSRUW
RI WKH ILQDQFLDO UHSRUW WKDW LV IUHH IURP PDWHULDO PLVVWDWHPHQW ZKHWKHU GXH WR IUDXG RU HUURU VHOHFWLQJ
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH ILQDQFLDO UHSRUW EDVHG RQ WKH DXGLW :H KDYH FRQGXFWHG
DQG DSSO\LQJ DSSURSULDWH DFFRXQWLQJ SROLFLHV DQG PDNLQJ DFFRXQWLQJ HVWLPDWHV WKDW DUH UHDVRQDEOH LQ
DQ LQGHSHQGHQW DXGLW RI WKH ILQDQFLDO UHSRUW LQ RUGHU WR H[SUHVV DQ RSLQLRQ RQ LW WR WKH FRPPLWWHH
WKH FLUFXPVWDQFHV WKH $VVRFLDWLRQ DUH UHVSRQVLEOH IRU WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKH
7KH FRPPLWWHH RI
ILQDQFLDO UHSRUW LQ DFFRUGDQFH ZLWK WKH $VVRFLDWLRQ ,QFRUSRUDWLRQ $FW 16: 7KLV UHVSRQVLELOLW\
2XU DXGLW KDV EHHQ FRQGXFWHG LQ DFFRUGDQFH ZLWK $XVWUDOLDQ $XGLWLQJ 6WDQGDUGV 7KHVH VWDQGDUGV
$XGLWRU¶V UHVSRQVLELOLW\
LQFOXGHV HVWDEOLVKLQJ DQG PDLQWDLQLQJ LQWHUQDO FRQWURO UHOHYDQW WR WKH SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ
UHTXLUH WKDW ZH FRPSO\ ZLWK UHOHYDQW HWKLFDO UHTXLUHPHQWV UHODWLQJ WR DXGLW HQJDJHPHQWV DQG SODQ DQG
RI WKH ILQDQFLDO UHSRUW WKDW LV IUHH IURP PDWHULDO PLVVWDWHPHQW ZKHWKHU GXH WR IUDXG RU HUURU VHOHFWLQJ
SHUIRUP WKH DXGLW WR REWDLQ UHDVRQDEOH DVVXUDQFH DV WR ZKHWKHU WKH ILQDQFLDO UHSRUW LV IUHH IURP PDWHULDO
PLVVWDWHPHQW LW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH ILQDQFLDO UHSRUW EDVHG RQ WKH DXGLW :H KDYH FRQGXFWHG
DQG DSSO\LQJ DSSURSULDWH DFFRXQWLQJ SROLFLHV DQG PDNLQJ DFFRXQWLQJ HVWLPDWHV WKDW DUH UHDVRQDEOH LQ
2XU UHVSRQVLELO
DQ LQGHSHQGHQW DXGLW RI WKH ILQDQFLDO UHSRUW LQ RUGHU WR H[SUHVV DQ RSLQLRQ RQ LW WR WKH FRPPLWWHH
WKH FLUFXPVWDQFHV
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG GLVFORVXUHV LQ
2XU DXGLW KDV EHHQ FRQGXFWHG LQ DFFRUGDQFH ZLWK $XVWUDOLDQ $XGLWLQJ 6WDQGDUGV 7KHVH VWDQGDUGV
WKH ILQDQFLDO UHSRUW 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRU¶V MXGJHPHQW LQFOXGLQJ WKH
$XGLWRU¶V UHVSRQVLELOLW\
DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH ILQDQFLDO UHSRUW ZKHWKHU GXH WR IUDXG RU HUURU
UHTXLUH WKDW ZH FRPSO\ ZLWK UHOHYDQW HWKLFDO UHTXLUHPHQWV UHODWLQJ WR DXGLW HQJDJHPHQWV DQG SODQ DQG
SHUIRUP WKH DXGLW WR REWDLQ UHDVRQDEOH DVVXUDQFH DV WR ZKHWKHU WKH ILQDQFLDO UHSRUW LV IUHH IURP PDWHULDO
,Q PDNLQJ WKRVH ULVN DVVHVVPHQWV WKH DXGLWRU FRQVLGHUV LQWHUQDO FRQWUROV UHOHYDQW WR WKH WUXVWHH¶V
SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKH ILQDQFLDO UHSRUW LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH
PLVVWDWHPHQW
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH ILQDQFLDO UHSRUW EDVHG RQ WKH DXGLW :H KDYH FRQGXFWHG
DSSURSULDWH LQ WKH FLUFXPVWDQFHV EXW QRW IRU WKH SXUSRVH RI H[SUHVVLQJ DQ RSLQLRQ RI WKH HIIHFWLYHQHVV
DQ LQGHSHQGHQW DXGLW RI WKH ILQDQFLDO UHSRUW LQ RUGHU WR H[SUHVV DQ RSLQLRQ RQ LW WR WKH FRPPLWWHH
RI WKH $VVRFLDWLRQ¶V LQWHUQDO FRQWUROV $Q DXGLW DOVR LQFOXGHV HYDOXDWLQJ WKH DSSURSULDWHQHVV RI
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG GLVFORVXUHV LQ
DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH FRPPLWWHH DV
WKH ILQDQFLDO UHSRUW 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRU¶V MXGJHPHQW LQFOXGLQJ WKH
ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ RI WKH ILQDQFLDO UHSRUW
DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH ILQDQFLDO UHSRUW ZKHWKHU GXH WR IUDXG RU HUURU
2XU DXGLW KDV EHHQ FRQGXFWHG LQ DFFRUGDQFH ZLWK $XVWUDOLDQ $XGLWLQJ 6WDQGDUGV 7KHVH VWDQGDUGV
,Q PDNLQJ WKRVH ULVN DVVHVVPHQWV WKH DXGLWRU FRQVLGHUV LQWHUQDO FRQWUROV UHOHYDQW WR WKH WUXVWHH¶V
UHTXLUH WKDW ZH FRPSO\ ZLWK UHOHYDQW HWKLFDO UHTXLUHPHQWV UHODWLQJ WR DXGLW HQJDJHPHQWV DQG SODQ DQG
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXIILFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU
SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKH ILQDQFLDO UHSRUW LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH
SHUIRUP WKH DXGLW WR REWDLQ UHDVRQDEOH DVVXUDQFH DV WR ZKHWKHU WKH ILQDQFLDO UHSRUW LV IUHH IURP PDWHULDO
RXU DXGLW RSLQLRQ
DSSURSULDWH LQ WKH FLUFXPVWDQFHV EXW QRW IRU WKH SXUSRVH RI H[SUHVVLQJ DQ RSLQLRQ RI WKH HIIHFWLYHQHVV
PLVVWDWHPHQW
RI WKH $VVRFLDWLRQ¶V LQWHUQDO FRQWUROV $Q DXGLW DOVR LQFOXGHV HYDOXDWLQJ WKH DSSURSULDWHQHVV RI
,QGHSHQGHQFH
DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH FRPPLWWHH DV
ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ RI WKH ILQDQFLDO UHSRUW
$Q DXGLW LQYROYHV SHUIRUPLQJ SURFHGXUHV WR REWDLQ DXGLW HYLGHQFH DERXW WKH DPRXQWV DQG GLVFORVXUHV LQ
,Q FRQGXFWLQJ RXU DXGLW ZH KDYH FRPSOLHG ZLWK WKH LQGHSHQGHQFH UHTXLUHPHQWV RI $XVWUDOLDQ
WKH ILQDQFLDO UHSRUW 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRU¶V MXGJHPHQW LQFOXGLQJ WKH
SURIHVVLRQDO DFFRXQWLQJ ERGLHV
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXIILFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU
DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH ILQDQFLDO UHSRUW ZKHWKHU GXH WR IUDXG RU HUURU
RXU DXGLW RSLQLRQ
$XGLWRU¶V 2SLQLRQ DVVHVVPHQWV WKH DXGLWRU FRQVLGHUV LQWHUQDO FRQWUROV UHOHYDQW WR WKH WUXVWHH¶V
,Q PDNLQJ WKRVH ULVN
SUHSDUDWLRQ DQG IDLU SUHVHQWDWLRQ RI WKH ILQDQFLDO UHSRUW LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH
,QGHSHQGHQFH
DSSURSULDWH LQ WKH FLUFXPVWDQFHV EXW QRW IRU WKH SXUSRVH RI H[SUHVVLQJ DQ RSLQLRQ RI WKH HIIHFWLYHQHVV
,Q RXU RSLQLRQ WKH ILQDQFLDO UHSRUW JLYHV D WUXH DQG IDLU YLHZ RI WKH ILQDQFLDO SRVLWLRQ RI 8O\VVHV &OXE
,QFRUSRUDWHG DV DW 'HFHPEHU DQG RI LWV ILQDQFLDO SHUIRUPDQFH DQG LWV FDVK IORZV IRU WKH \HDU
,Q FRQGXFWLQJ RXU DXGLW ZH KDYH FRPSOLHG ZLWK WKH LQGHSHQGHQFH UHTXLUHPHQWV RI $XVWUDOLDQ DWHQHVV RI
RI WKH $VVRFLDWLRQ¶V LQWHUQDO FRQWUROV $Q DXGLW DOVR LQFOXGHV HYDOXDWLQJ WKH DSSURSUL
WKHQ HQGHG LQ DFFRUGDQFH ZLWK $XVWUDOLDQ $FFRXQWLQJ 6WDQGDUGV LQFOXGLQJ WKH $XVWUDOLDQ $FFRXQWLQJ
SURIHVVLRQDO DFFRXQWLQJ ERGLHV
DFFRXQWLQJ SROLFLHV XVHG DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV PDGH E\ WKH FRPPLWWHH DV
,QWHUSUHWDWLRQV
ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ RI WKH ILQDQFLDO UHSRUW
$XGLWRU¶V 2SLQLRQ
6XLWH -RQVRQ 6WUHHW 32 %R[ %<521 %$< 16:
5HSRUW RQ 2WKHU /HJDO DQG 5HJXODWRU\ 5HTXLUHPHQWV
(PDLO WQU#WQUE\URQ FRP DX
)D[
3KRQH
:HEVLWH ZZZ WQUE\URQ FRP DX
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXIILFLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU
,Q RXU RSLQLRQ WKH ILQDQFLDO UHSRUW JLYHV D WUXH DQG IDLU YLHZ RI WKH ILQDQFLDO SRVLWLRQ RI 8O\VVHV &OXE
/LDELOLW\ OLPLWHG E\ D VFKHPH DSSURYHG XQGHU WKH 3URIHVVLRQDO 6WDQGDUGV /HJLVODWLRQ
7KLV UHSRUW KDV EHHQ SUHSDUHG WR FRPSO\ ZLWK 8O\VVHV &OXE ,QFRUSRUDWHG UHSRUWLQJ REOLJDWLRQV XQGHU
RXU DXGLW RSLQLRQ
,QFRUSRUDWHG DV DW 'HFHPEHU DQG RI LWV ILQDQFLDO SHUIRUPDQFH DQG LWV FDVK IORZV IRU WKH \HDU
$VVRFLDWLRQV ,QFRUSRUDWLRQ $FW 16:
$%1
,QGHSHQGHQFH
<RXUV IDLWKIXOO\
6XLWH -RQVRQ 6WUHHW 32 %R[ %<521 %$< 16:
7+20$6 12%/( 5866(//
%<521 %$< RXU
3KRQH DXGLW ZH KDYH FRPSOLHG ZLWK WKH LQGHSHQGHQFH UHTXLUHPHQWV RI $XVWUDOLDQ
,Q FRQGXFWLQJ )D[ (PDLO WQU#WQUE\URQ FRP DX :HEVLWH ZZZ WQUE\URQ FRP DX
SURIHVVLRQDO DFFRXQWLQJ ERGLHV
/LDELOLW\ OLPLWHG E\ D VFKHPH DSSURYHG XQGHU WKH 3URIHVVLRQDO 6WDQGDUGV /HJLVODWLRQ
$%1
$XGLWRU¶V 2SLQLRQ
,Q RXU RSLQLRQ WKH ILQDQFLDO UHSRUW JLYHV D WUXH DQG IDLU YLHZ RI WKH ILQDQFLDO SRVLWLRQ RI 8O\VVHV &OXE
%UDG 7RP 3DUWQHU
,QFRUSRUDWHG DV DW 'HFHPEHU DQG RI LWV ILQDQFLDO SHUIRUPDQFH DQG LWV FDVK IORZV IRU WKH \HDU
,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV
0HPEHU 1R
6XLWH -RQVRQ 6WUHHW 32 %R[ %<521 %$< 16:
3KRQH )D[ (PDLO WQU#WQUE\URQ FRP DX :HEVLWH ZZZ WQUE\URQ FRP DX
/LDELOLW\ OLPLWHG E\ D VFKHPH DSSURYHG XQGHU WKH 3URIHVVLRQDO 6WDQGDUGV /HJLVODWLRQ
$%1
WĂŐĞ Ϯ ŽĨ Ϯ