TRUSTCO GROUP HOLDINGS LIMITED - Restatement of results due to pro-active monitoring process of the JSE and early voluntary adoption of IAS 12

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
('the Company' or 'the Group' or 'Trustco')


Restatement of results due to pro-active monitoring process of
the JSE and early voluntary adoption of IAS 12



Shareholders are advised that the restatement of the annual

financial statements of the Group for financial years 2010 and

2011, as indicated here-under, is necessitated as result of a

pro active monitoring process by the JSE requesting compliance

with IFRS and the voluntary early adoption of IAS 12 by the
Group.


The   pro  active   monitoring   process  identified  that  the

acquisition transaction, as disclosed per note 18 on page 72 of

annual financial statements 2011, would be more appropriately

disclosed in compliance with IFRS, if the vendor shares to be

issued as a result of the acquisition, was not accounted for as

a reduction of a receivable by the seller, but rather an
reduction of the bargain purchase.


Although this had no effect on the profits achieved for

financial years 2010 and 2011, the restatement of these

transactions in the respective periods had an influence on the

headline earnings and headline earnings per share, as disclosed.


The net result of this restatement is a decline in headline

earnings per share of 2.21 cents for FY 2010 and an increase in

headline earnings per share of 2.21 cents for FY 2011.



The Group further decided to simultaneously voluntary early

adopt IAS 12(Income Taxes) effective 31 March 2012, which the

Group would have been obliged to adopt in financial year 2013,

therefore incorporating all restatements at the same time.


The adoption of IAS 12 results in the increase of profits of NAD

33.1 million (FY 2012), NAD 21.7 million (FY 2011) and NAD 31.6
million (FY 2010) respectively.

Earnings per share increased by 5.17 cents per share (FY 2012),

3.21 cents per share (FY 2011) and 4.66 cents per share (FY

2010) respectively due to the early adoption of IAS 12.


This restatement will be incorporated in the annual report for

the financial year ended 31 March 2012. The annual report will

be circulated to shareholders circa 15 August 2012.


Below is a table reconciling the various line items affected by
the restatement of the financial statements:




1   Statement        of        financial 2012        2011       2010
    position

                                          NAD '000   NAD '000   NAD '000
    Distributable              reserves
    (Change   due         to   IAS   12
    adoption
    Restated

                                           775 785    556 116    355 230
    Reported

                                           682 435    495 875    316 731
    Movement

                                            93 350     60 241     38 499
    Deferred tax liabilities
    Restated

                                            31 148     27 592     18 583
    Reported

                                           124 498     87 833     57 082
    Movement

                                           -93 350    -60 241    -38 499

2   Statement   of    comprehensive
    income

    Gain on bargain purchase (
    change   due  to   JSE pro
    active monitoring)
    Restated

                                                 -      3 510     14 976
    Reported

                                                 -          -          -
    Movement

                                                 -      3 510     14 976
    Other income
    Restated

                                    4 823      61 634      8 778
    Reported

                                    4 823      65 144     23 754
    Movement

                                         -     -3 510    -14 976
    Taxation(
    change    due
    to IAS 12)


    Restated                     (24 970)    (12 441)      7 641


    Reported                     (58 079)    (34 183)   (23 954)

    Movement

                                   33 109      21 742     31 595


    Profit for the year
    Restated

                                 239   823    211 513    169 139
    Reported

                                  206 714     189 771    137 544
    Movement

                                   33 109      21 742     31 595

3   Earnings, headline earnings and dividends per
    share


    Earnings for the purposes of basic earnings   per
    share (change due to IAS 12)
    Restated

                                  239 823   211   513    169 139
    Reported

                                  206 714   189   771    137 544
    Movement

                                   33 109    21   742     31 595

    Headline earnings (change
    due to pro active
    monitoring process).
    Restated

                                  138 539     146 916     70 356
    Reported

                                  138 539     131 940     85 332
    Movement

                                        -    14 976   -14 976

   Weighted number of shares

                                  683 622   677 240   677 240
   Headline earnings per share (cents)
   Restated

                                    20.27     21.69     10.39
   Reported

                                    20.27     19.48     12.60
   Movement

                                     0.00      2.21     -2.21

   Earnings per share (cents)
   Restated

                                    35.41     31.23     24.97
   Reported

                                    30.24     28.02     20.31
   Movement

                                     5.17      3.21      4.66




By order of the Board


M Gebhardt
Company Secretary.


Windhoek, 18 July 2012


Sponsors:
Namibia
IJG Securities (Pty) Ltd

South Africa
Sasfin Capital (a division of Sasfin Bank Limited)


Date: 18/07/2012 03:42:00 Supplied by www.sharenet.co.za                     
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.