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Afrox - Restatement Of Comparative Figures As A Result Of The First-time

Release Date: 11/01/2006 14:09:24      Code(s): AFX
Afrox - Restatement of comparative figures as a result of the first-time        
        adoption of International Financial Reporting Standards                 
African Oxygen Limited                                                          
(Incorporated in the Republic of South Africa)                                  
(Registration number 1927/000089/06)                                            
JSE  code: AFX                                                                  
NSX code: AOX                                                                   
ISIN: ZAE000067120                                                              
("Afrox" or "the company" or "the Group")                                       
RESTATEMENT OF COMPARATIVE FIGURES AS A RESULT OF THE FIRST-TIME ADOPTION OF    
INTERNATIONAL FINANCIAL REPORTING STANDARDS ("IFRS")                            
Afrox has reported results to 30 September 2005 according to SA Generally       
Accepted Accounting Practice (SA GAAP).  For the financial year ending 30       
September 2006, the Group is required, in terms of the Listings Requirements of 
the JSE Limited, to report its results in accordance with IFRS.                 
The Group"s opening balance sheets on 1 October 2004 and 1 October 2005 and the 
comparative information for the year ended 30 September 2005 have accordingly   
been restated to comply with IFRS.                                              
The following significant changes in terms of IFRS have been made:              
1.   Share based payments                                                       
     The group has applied IFRS 2 from 1 October 2004 to those Share            
     Appreciation Rights, which had been issued but not vested by 1 October     
     2004. The full liability for these amounts has been raised in the opening  
balance sheet and in the 2005 comparative income statement.                
2.    Leases                                                                    
     Certain long term operating leases of buildings have been reclassified as  
     finance leases. This reclassification relates to Afrox Healthcare. The     
fixed assets and the loan finance has been recognised on the balance sheet.
As a result of this the profit on sale of investment has been restated.         
3.   Taxation                                                                   
     Taxation has been provided on the restatement of reserves resulting from   
restatement of income statement amounts.                                   
Deferred taxation has been provided against revaluation reserves arising on the 
revaluation of fixed assets.                                                    
SUMMARISED BALANCE SHEET        As at 1 October 2004                            
30 Sept 2004  Total         1 October           
                                                            2004                
                                Audited                                         
                                Restated*                                       
R"000                           SA GAAP       IFRS effects  IFRS                
ASSETS                                                                          
Non-current assets              3,530,712     263,916       3,794,628           
Property, plant and equipment   3,048,255     263,916       3,312,171           
Intangibles                     4,149          -            4,149               
Goodwill                        170,685        -            170,685             
Associate investment            120,925        -            120,925             
Other Investments               22,239         -            22,239              
Non-current Receivables         55,212         -            55,212              
Retirement Benefit Asset        32,198         -            32,198              
Deferred Tax                    77,049         -            77,049              
Current assets                  2,100,642      -            2,100,642           
Inventories                     406,544        -            406,544             
Trade and Other Receivables     1,198,927      -            1,198,927           
Group Companies                 14,222         -            14,222              
Cash and cash equivalents       480,949        -            480,949             
Total assets                    5,631,354     263,916       5,895,270           
EQUITY AND LIABILITIES                                                          
Capital and reserves            2,663,079     (84,666)      2,578,413           
Share Capital                   17,143         -            17,143              
Share premium                   537,314        -            537,314             
Accumulated profits and         2,108,622     (84,666)      2,023,956           
reserves                                                                        
Minority interest               752,594       (17,802)      734,792             
Non-current liabilities         538,910       377,756       916,666             
Interest Bearing Borrowings     370,533        -            370,533             
Property finance leases         44,570        380,614       425,184             
Deferred Tax                    123,807       (2,858)       120,949             
Current liabilities             1,676,771     (11,372)      1,665,399           
Trade and other payables        1,078,408      -            1,078,408           
Provisions                      220,912       (11,372)      209,540             
Current portion of borrowings   237,056        -            237,056             
Group Companies                 6,777          -            6,777               
Taxation                        130,554        -            130,554             
Bank overdraft                  3,064          -            3,064               
Total equity and liabilities    5,631,354     263,916       5,895,270           
Net Asset Value per Share        777          (25)          752                
 (cents)                                                                        
 *These figures were adjusted / extended to                                     
 take account of the revised or new                                             
accounting standards implemented by the                                        
 Group in 2005 relating to AC128 (impairment                                    
 of assets), AC129 (intangible assets) as                                       
 well as the adoption of straight line rental                                   
expenses of leases.                                                            
 SUMMARISED BALANCE SHEET     Opening Balance Sheet 1 October                   
                              2005                                              
                              30 Sept     Total       1 October                 
2005                    2005                      
                              Audited                                           
                              SA GAAP     IFRS        IFRS                      
                                          effects                               
ASSETS                                                                         
 Non-current assets           2,180,244   (1,300)     2,178,944                 
 Property, plant and          1,664,795    -          1,664,795                 
 equipment                                                                      
Intangibles                  18,205       -          18,205                    
 Goodwill                     32,373       -          32,373                    
 Associate investment         378,790     (1,300)     377,490                   
 Other Investments            200          -          200                       
Non-current Receivables      19,153       -          19,153                    
 Retirement Benefit Asset     63,552       -          63,552                    
 Deferred Tax                 3,176        -          3,176                     
 Current assets               1,065,360    -          1,065,360                 
Inventories                  325,706      -          325,706                   
 Trade and Other Receivables  543,554      -          543,554                   
 Group Companies              28,681       -          28,681                    
 Cash and cash equivalents    167,419      -          167,419                   
Total assets                 3,245,604   (1,300)     3,244,304                 
 EQUITY AND LIABILITIES                                                         
 Capital and reserves         1,719,622   (80,235)    1,639,387                 
 Share Capital                15,428       -          15,428                    
Share premium                537,314      -          537,314                   
 Accumulated profits          1,166,880   (80,235)    1,086,645                 
 Minority interest            12,083       -          12,083                    
 Non-current liabilities      612,771     (20,835)    591,936                   
Interest Bearing Borrowings  466,856      -          466,856                   
 Deferred Tax                 145,915     (20,835)    125,080                   
 Current liabilities          901,128     99,770      1,000,898                 
 Trade and other payables     506,191      -          506,191                   
Provisions                   105,685     99,770      205,455                   
 Current portion of           56,923       -          56,923                    
 borrowings                                                                     
 Group Companies              3,486         -         3,486                     
Taxation                     223,653      -          223,653                   
 Bank overdraft               5,190        -          5,190                     
 Total equity and             3,245,604   (1,300)     3,244,304                 
 liabilities                                                                    
Net Asset Value per Share    557         (26)        531                       
 (cents)                                                                        
 SUMMARISED INCOME STATEMENT   12 months to 30 September 2005                   
                              30 Sept     Total        30 Sept                  
2005                     2005                     
                              Audited                                           
 R"000                         SA GAAP    IFRS          IFRS                    
                                          effects                               
Revenue                      5,852,639   -            5,852,639                
 Cost of sales                (3,959,861)  -           (3,959,861)              
 Gross profit                 1,892,778    -           1,892,778                
 Other operating income       11,020       -           11,020                   
Administration and other     (916,737)   (64,245)     (980,982)                
 expenses                                                                       
 Operating profit             987,061     (64,245)     922,816                  
 Net profit on sale of        1,050,726   34,051       1,084,777                
shares in Investment                                                           
 Profit from operations       2,037,787   (30,194)     2,007,593                
 Finance costs                980          -           980                      
 Income from associates       76,163      (1,300)      74,863                   
Profit before taxation       2,114,930   (31,494)     2,083,436                
 Income tax expense           (651,155)   13,689       (637,466)                
 Profit For the Period        1,463,775   (17,805)     1,445,970                
 Attributable to :                                                              
Equity holders of the        1,365,669   (15,279)     1,350,390                
 company                                                                        
 Minority Interest            98,106      (2,526)      95,580                   
                              1,463,775   (17,805)     1,445,970                
Headline Earnings per share  142.6       (14.7)       127.9                    
 Basic Earnings per share     408.2       (4.6)        403.6                    
 (cents)                                                                        
 No of shares in issue                    308,567,602                           
No of shares used for                    334,587,037                           
 Earnings Calculation                                                           
 Headline Earnings Adjustments made up                                          
 of                                                                             
Share Appreciation rights                (56,013)                              
 Lease Expense                            (8,232)                               
 Associates                               (1,300)                               
 Taxation                                 13,689                                
Minorities                               2,526                                 
 Headline Earnings                        (49,330)                              
 Profit on sale of                        34,051                                
 investment                                                                     
Basic Earnings                           (15,279)                              
 Disclaimer:                                                                    
 At this stage, the information provided                                        
 above has not been reviewed or audited by                                      
the Group"s auditors.                                                          
 Although the above information is based on                                     
 management"s best knowledge of expected                                        
 standards and interpretations and current                                      
facts and circumstances, this information                                      
 may change.  Therefore, until the Group                                        
 prepares its first full IFRS financial                                         
 statements in respect of the year ending 30                                    
September 2006, the possibility cannot be                                      
 excluded that this preliminary IFRS                                            
 information may need to be adjusted.                                           
 Johannesburg                                                                   
11 January 2006                                                                
 Sponsor:                                                                       
 Barnard Jacobs Mellet Corporate Finance                                        
 (Pty) Limited                                                                  
Date: 11/01/2006 02:09:40 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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