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Change Statement And Notice Of Annual General Meeting
Grand Parade Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the Company" or “the Group”)
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
CHANGE STATEMENT
Shareholders are hereby advised that the abridged integrated annual report for
the year ended 30 June 2012 is being posted to shareholders today, 5 October
2012 and save for the changes set out below, contains no material modifications
to the reviewed results which were published on the Securities Exchange News
Service of the JSE on Tuesday, 28 August 2012.
STATEMENT OF COMPREHENSIVE INCOME
Audited Reviewed
30 June 30 June
Note 2012 2012 R change
R’000s R’000s R’000s
Revenue 435 667 435 667 -
Cost of sales (231 248) (231 248) -
Gross profit 204 419 204 419 -
Operating costs 1 (107 599) (146 209) 38 610
Profit from operations 96 820 58 210 38 610
Profit from equity-accounted
investments 2 131 072 130 465 607
Profit on disposal of investments 60 248 60 248 -
Reversal of impairment of
investments 336 336 -
Realisation of fair value reserve 35 588 35 588 -
Depreciation 1 (35 987) - (35 987)
Amortisation 1 (2 623) - (2 623)
Profit before finance costs and
taxation 285 454 284 847 607
Finance income 1 781 1 781 -
Finance costs (24 225) (24 225) -
Profit before taxation 263 010 262 403 607
Taxation (11 598) (11 598) -
Profit for the year 251 412 250 805 607
Other comprehensive income
Unrealised fair value loss on
available-for-sale investments, net
of tax (5 676) (5 676) -
Realisation of fair value reseve (35 588) (35 588) -
Total comprehensive income for the
year 210 148 209 541 607
Profit for the year attributable
to:
Ordinary shareholders 251 412 250 805 607
Total comprehensive income
attributable to:
Ordinary shareholders 210 148 209 541 607
Basic and diluted earnings per
share (cents) 53.58 53.45 0.13
Headline and diluted headline
earnings per share (cents) 34.88 34.75 0.13
Adjusted and diluted adjusted
headline earnings per share (cents) 29.23 29.09 0.14
Dividend per share 70.00 70.00 -
GROUP STATEMENT OF FINANCIAL POSITION
Note Audited Reviewed
30 June 2012 30 June 2012 R change
R’000s R'000s R'000s
ASSETS
Non-current assets 2 1 406 521 1 405 914 607
Current assets 461 805 461 804 1
Total assets 1 868 326 1 867 718 608
EQUITY AND LIABILITIES
Total equity 1 617 477 1 616 869 608
Shareholders' interest 1 617 477 1 616 869 608
Non-current liabilities
- Provisions 173 173 -
- Deferred tax liabilities 11 525 11 525 -
- Interest-bearing borrowings
and loans 37 134 37 134 -
- Cumulative redeemable
preference shares 101 670 101 670 -
Current Liabilities 100 347 100 347 -
Total Equity & liabilities 1 868 326 1 867 718 608
Tangible net asset value
(before deducting treasury
shares)(cents) 312 312 -
Adjusted tangible net asset
value (after deducting
treasury shares)(cents) 314 313 1
Net asset value (before
deducting treasury
shares)(cents) 351 351 -
Adjusted net asset value
(after deducting treasury
shares) (cents) 352 352 -
GROUP STATEMENT OF CASH FLOW
Audited Reviewed
30 June 2012 30 June 2012 R change
Cash flows from operating activities R’000s R'000s R'000s
Profit before taxation 263 010 262 403 607
Non cash flow items
- Depreciation and amortisation 38 610 38 610 -
- Loss on sale of property, plant and
equipment 447 447 -
- Profit on disposal of investments (60 248) (60 248) -
- Reversal of impairment of
investments (336) (336) -
- Realisation of fair value reserve (35 588) (35 588) -
- Impairment of loans 217 217 -
- Profit from equity-accounted
investments (131 072) (130 465) (607)
- Realisation of expenses previously
recognised against share premium 1 189 1 189 -
Adjustments for
- Finance costs as per the statement
of comprehensive income 24 225 24 225 -
- Finance income per the statement of
comprehensive income (6 797) (6 797) -
- Dividends received per the
statement of comprehensive income (26 971) (26 971) -
- Net working capital changes (18 342) (18 342) -
- Income taxes paid (25 704) (25 704) -
- Finance income - operations 1 781 1 781 -
Net cash inflow from operating
activities 24 421 24 421 -
Cash flows from investing activities
Acquisition of plant and equipment (35 647) (35 647) -
Acquisition of land and buildings (25 002) (25 002) -
Acquisition of intangible assets (3 672) (3 672) -
Consideration from the disposal of
plant and equipment 117 117 -
Proceeds from the disposal of
investments 733 935 733 935 -
Finance income – investments 5 016 5 016 -
Dividends received 182 686 182 686 -
Net cash inflow from investing
activities 857 433 857 433 -
Cash flows from financing activities
Finance cost (20 735) (20 735) -
Shares bought back (24 321) (24 321) -
Preference share redeemed (125 726) (125 726) -
Loans advanced (1 257) (1 257) -
Loans repaid by employees 1 110 1 110 -
Dividends paid (322 405) (322 405) -
Repayment of interest-bearing
borrowings (52 000) (52 000) -
Consideration from finance leases
advanced 424 424 -
Repayment of finance leases (1 045) (1 045) -
Net cash outflow from financing
activities (545 955) (545 955) -
Net cash increase in cash and cash
equivalents 335 899 335 899 -
Cash and cash equivalents at the
beginning of the year 69 248 69 248 -
Cash and cash equivalents at the end
of the year 405 147 405 147 -
The difference between the audited annual financial statements and the reviewed
results arise from the change in disclosure of the following items. There has not
been any material change in the amounts.
Note 1: Depreciation and amortisation were included in operating costs in the
reviewed results and have been separately disclosed in the annual financial
statements.
Note 2: The equity-accounted earnings from Akhona GPI recognised in the reviewed
results was based on the unaudited financial information of Akhona GPI whereas the
audited financial information contains earnings based on the audited financial
information of Akhona GPI resulting in a an increase in the earnings.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of GPI
will be held on Wednesday, 12 December 2012, at 18:00 at Market Hall, GrandWest
Casino, Goodwood, Cape Town to transact the business stated in the notice of
annual general meeting, which notice forms part of the abridged integrated
annual report.
The date on which shareholders must be recorded in the share register of the
Company for purposes of being entitled to attend and vote at the annual general
meeting is Friday, 7 December 2012, with the last day to trade being Friday, 30
November 2012.
5 October 2012
Cape Town
Sponsor
PSG Capital (Pty) Limited
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