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Change Statement, Posting of Integrated Report, Notice of Annual General Meeting & BEE Annual Certificate
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat Africa” or “the Company”)
ISIN Code: ZAE 000018354 Share code: LAB
CHANGE STATEMENT, POSTING OF INTEGRATED REPORT, NOTICE OF ANNUAL GENERAL MEETING AND
BROAD-BASED BLACK ECONOMIC EMPOWERMENT CERTIFICATE
Change Statement
Shareholders are advised that Labat Integrated Report incorporating, inter alia, the audited annual
financial statements for the year ended 31 August 2019 (“the Financial Statements”) and a notice of
annual general meeting (“AGM”) will be made available during the course of the day on the
Company’s website, www.labat.co.za.
The Financial Statements contain changes to the Consolidated Group Statement of Comprehensive
Income and the Consolidated Group Statement of Financial Position contained in the Reviewed
Provisional Condensed Consolidated Financial Results for the Year Ended 31 August 2019 published on
SENS on 31 December 2019 (“SENS Announcement”), as disclosed below. These changes resulted in
changes to the earnings and headline earnings per share information contained in the SENS
Announcement.
The reason for the restatements to the items below are set out in the Notes below:
31-Aug-19 31-Aug-19 Variance Notes
R’000 R’000 R’000
Audited Reviewed
Revenue 616 432 614 035 2 397 1
Gains on bargain purchase 715 - 715 2
Other income 7 447 6 625 822 3
Impairments (49 921) (49 206) (715) 4
Operating expenses (69 444) (64 768) (4 676) 5
Operating loss (65 296) (63 840) (1 456) 6
Attributable to:
Owners of the parent:
(Loss)/Profit for the year (72 943) (71 487) (1 456)
Total comprehensive (loss)/income for
the year (72 943) (71 487) (1 456)
Per share information:
Basic and diluted earnings per share
(cents) (25.22) (24.71) (0.51) 7
Weighted average shares in issue (net of 289 257 289 257 -
treasury shares) (‘000)
Notes:
1 Revenue
Reclassification of Revenue to Other Income.
2 Gains on Bargain purchase
Reclassification from Impairments to "Gains on Bargain Purchase".
3 Other Income
Reclassification of Other income to Revenue and Operating expense.
4 Impairments
Reclassification from Impairments to "Gains on Bargain Purchase".
5 Operating Expenses
Some reclassification expenses Revenue and Operating Expenses
Other additional expenses under-provided for had to be adjusted.
Derecognition of motor vehicles
Additional salary provisions for key executives.
7 Basic and diluted earnings per share (cents)
Difference as a result of increase in costs as per point 6 above.
Statement of Financial Position
31-Aug-19 31-Aug-19
Audited Reviewed Variance Notes
R’000 R’000
Property, plant and equipment 27 090 27 614 (524) 1
Trade and other receivables 56 080 55 031 1 049 2
Reserves 214 257 (43) 3
Accumulated loss (108 742) (107 329) (1 413) 4
Other financial liabilities 80 833 73 703 7 130 5
South African Revenue Services 9 232 6 537 2 695 6
Trade and other payables 91 787 90 739 1 048 7
Provisions 13 071 21 965 (8 894) 8
Number of ordinary shares in issue (net
of treasury shares) (’000) 289 699 289 699 (442) 9
Net asset value per share (cents) (11.89) (11.38) (0.51)
Net tangible asset value per share
(cents) (34.14) (33.63) (0.51)
Notes
1. Property, Plant and Equipment
Derecognition of motor vehicles
2. Trade Receivables
Reclassification between Trade Receivables and Trade Payables (Debtors with credit balances)
3. Reserves
Incorrect amount disclosed on SENS (31 Dec)
4. Accumulated Loss
Increase in operating costs as previously reported
5. Other Financial Liabilities
Reclassification between Provisions and Other Financial Liabilities
6. Trade and other payables
Reclassification between Trade Receivables and Trade Payables (Debtors with credit balances)
7. Provisions
Reclassification between Provisions and Other Financial Liabilities
Reclassification between Provisions and Taxation payable
Additional salary provisions
8. No of ordinary shares
Recalculation of weighted number of shares in issue
9. NAV per share
Recalculation of NAV after adjustments
The salient features of the Audited Abridged Consolidated Financial Results for the Year Ended 31 August
2019 highlighting the change to the SENS Announcement are set out below.
Short-Form Announcement
Extracted from the Audited Consolidated Financial Statements
31 August 2019 31 August 2019
Audited Reviewed Difference
R ‘000 R ‘000 R '000
Revenue 616 432 614 035 2 397
Operating (loss)/profit (65 296) (64 772) (524)
(0.32)
Headline earnings per share (cents) (7.89) (7.57)
Earnings per share (cents) (25.22) (24.71) (0.51)
The full audit report is unmodified and is available on the Company’s website at the following link.
https://labat.co.za/investor-relations/
The audit report contains an emphasis of matter relating to a material uncertainty as to going concern
and includes a key audit matter around the impairment of goodwill. The emphasis of matter draws
attention as follows:
“…which indicates that the Group’s total liabilities exceeded its total assets by R 34 million
(2018: total assets exceeded total liabilities by R 25 million), the Group had accumulated losses
of R 109 million (2018: R 35 million), the Group’s current liabilities exceeded its current assets by
R 46 million (2018: current assets exceeded current liabilities by R 7 million) and the Group
incurred a loss after taxation of R 73 million (2018: profit after taxation of R 13 million).
It should be noted that the largest liability in the group is in Force Fuel Proprietary Limited in respect of
Standard Bank, for which separate third party guarantees to the amount of R 103 million are held.
The short-form announcement is the responsibility of the directors and is only a summary of information
in the full announcement which is available on the Company’s website (www.labat.co.za). This
announcement does not contain full or complete details and any investment decisions by investors
and/or shareholders should be based on consideration of the published SENS available on:
https://senspdf.jse.co.za/documents/2020/JSE/ISSE/LAB/LABAUDFY19.pdf
Notice of Annual General Meeting and Amendment thereto
Notice is hereby given that the annual general meeting of ordinary shareholders will be held at 10:00 on
Tuesday, 17 March 2020, at 23 Kroton Avenue, Weltevreden Park, to transact the business as stated in
the notice of annual general meeting forming part of the Integrated Report.
Record Dates
The record date on which shareholders of the Company must be registered as such in the Company’s
securities register in order to attend and vote at the annual general meeting is Tuesday, 17 March 2020.
The last day to trade in order to be eligible to vote at the annual general meeting will accordingly be
Tuesday, 3 March 2020.
The record date for shareholders to receive the Annual Report is Friday, 24 January 2020.
Availability of Broad-Based Black Economic Empowerment Annual Compliance Report
Shareholders are hereby notified that in accordance with the JSE Listings Requirements, the Company’s
annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment
Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013,
the Company’s BEE certificate, which is valid for the 2018/2019 period, is available on the Company’s
website, www.labat.co.za.
Johannesburg
4 February 2020
Sponsor
Arbor Capital Sponsors Proprietary Limited
Date: 04-02-2020 11:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
