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CHANGE STATEMENT AND ANNUAL GENERAL MEETING
Cadiz Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/007258/06
ISIN: ZAE000017661
JSE Share code: CDZ
("Cadiz”, "the company" or “the group”)
CHANGE STATEMENT AND ANNUAL GENERAL MEETING
Shareholders are advised that Cadiz' integrated annual report,
containing the group's condensed annual financial statements for
the year ended 31 March 2012, was posted to shareholders on 31
July 2012 and contains certain changes to the reviewed preliminary
condensed financial results which were published on SENS on 4 June
2012.
After the release of the group's reviewed preliminary condensed
financial results on 4 June 2012, Cadiz Asset Management received
notice regarding the reduction of a client mandate by R4.7
billion. This reduction was a result of an active asset management
decision by the client, who remains invested with Cadiz Asset
Management and with whom Cadiz continues to have a good working
relationship. This is an adjusting post balance sheet event, and
as such the estimates to test goodwill for impairment were
updated. This resulted in a goodwill impairment loss of R38.7
million being recognised for the year ended 31 March 2012.
Details relating to the estimates used to test goodwill for
impairment are provided in the annual financial statements.
The financial impact of the above post balance sheet event on the
previously reported reviewed preliminary condensed results for 31
March 2012 is noted below:
CONDENSED GROUP STATEMENT Audited Reviewed
OF COMPREHENSIVE INCOME 12 months 12 months Difference
31-Mar-12 31-Mar-12
R '000 R '000 R '000
Continuing operations
Gross operating revenue 180 547 180 547 -
Interest income 13 353 13 353 -
Net investment income 35 529 35 529 -
Net income from investments 32 135 32 135 -
Foreign exchange gains 3 394 3 394 -
Income attributable to linked
assets - - -
Net fair value gains on
linked financial instruments 252 369 252 369 -
Linked liability adjustment (252 369) (252 369) -
Fair value adjustment on third
party mutual fund interests (6 827) (6 827) -
Operating expenses (251 840) (213 098) (38 742)
Operating (loss)/ profit (29 238) 9 504 (38 742)
Finance costs (831) (831) -
Share of loss of associate (5 746) (5 746) -
(Loss)/ profit before taxation (35 815) 2 927 (38 742)
Taxation (571) (571) -
Total comprehensive
(loss)/income from continuing
operations (36 386) 2 356 (38 742)
Discontinued operation
Profit from discontinued
operation 180 961 180 961 -
Total comprehensive income 144 575 183 317 (38 742)
(Loss)/earnings per share
(cents)
Basic
–from continuing operations (15.8) 1.0 (16.8)
-from discontinued operation 78.4 78.4 -
62.6 79.4 (16.8)
Diluted
–from continuing operations (15.5) 1.0 (16.5)
-from discontinued operation 77.1 77.1 -
61.6 78.1 (16.5)
Notes to the condensed
statement of comprehensive
income
Reconciliation of headline
earnings:
Profit attributable to equity
holders of the company 144 575 183 317 -
Surplus on disposal of
subsidiary (191 909) (191 909) -
Taxation impact 10 495 10 495 -
Goodwill impairment 38 742 - 38 742
Loss on disposal of plant and
equipment 11 11 -
Taxation impact (3) (3) -
Headline earnings 1 911 1 911 -
Headline earnings per share
(cents)
Basic 0.8 0.8 -
Diluted 0.8 0.8 -
Share information
Issued number of shares ('000) 253 070 253 070 -
Consolidated number of shares
('000) 232 751 232 751 -
Weighted average number of
shares ('000) 230 927 230 927 -
Diluted weighted average
number of shares ('000) 234 678 234 678 -
CONDENSED GROUP STATEMENT Audited Reviewed Difference
OF FINANCIAL POSITION 31-Mar-12 31-Mar-12
R '000 R '000 R '000
ASSETS
Non-current assets 3 781 495 3 820 237 (38 742)
Investment in associate 75 662 75 662 -
Plant and equipment 4 476 4 476 -
Intangible assets 236 011 274 753 (38 742)
Deferred taxation 20 846 20 846 -
Investments backing linked
funds 3 337 733 3 337 733 -
Financial assets 96 154 96 154 -
Receivables and prepayments 10 613 10 613 -
Current assets 481 230 481 230 -
Financial assets 138 906 138 906 -
Receivables and prepayments 57 157 57 157 -
Taxation 8 333 8 333 -
Cash and cash equivalents 276 834 276 834 -
Total assets 4 262 725 4 301 467 (38 742)
EQUITY
Capital and reserves
Ordinary share capital and
premium 25 277 25 277 -
Treasury shares (52 869) (52 869) -
Share-based payment reserve 36 430 36 430 -
Retained earnings 775 325 814 067 (38 742)
Total equity 784 163 822 905 (38 742)
LIABILITIES
Non-current liabilities 3 351 810 3 351 810 -
Deferred taxation 5 994 5 994 -
Linked investment contract
liabilities 3 337 733 3 337 733 -
Trade and other payables 8 083 8 083 -
Current liabilities 126 752 126 752 -
Trade and other payables 74 811 74 811 -
Third party financial
liabilities arising on
consolidation of mutual funds 46 333 46 333 -
Taxation 5 608 5 608 -
Total liabilities 3 478 562 3 478 562 -
Total equity and liabilities 4 262 725 4 301 467 (38 742)
Net asset value (cents per
share) 337 354 (17)
Net tangible asset value
(cents per share) 229 229 -
CONDENSED GROUP STATEMENT Audited Reviewed
OF CASH FLOWS 12 months 12 months Difference
31-Mar-12 31-Mar-12
R '000 R '000 R „000
Cash flow from operating
activities (44 528) (44 528) -
Cash generated from operations 23 720 23 720 -
Taxation paid (21 686) (21 686) -
Dividends paid (46 562) (46 562) -
Cash flow from investing
activities 87 112 87 112 -
Cash flow from financing
activities 2 450 2 450 -
Net change in cash and cash
equivalents 45 034 45 034 -
Effect of exchange rate
adjustment 2 2 -
Cash and cash equivalents at
beginning of year 231 798 231 798 -
Cash and cash equivalents at
end of year 276 834 276 834 -
CONDENSED GROUP STATEMENT Reviewed Reviewed
OF CHANGES IN EQUITY 12 months 12 months Difference
31-Mar-12 31-Mar-12
R '000 R '000 R „000
Share capital, share premium
and treasury shares
Opening balance (48 792) (48 792) -
Issue of shares 21 731 21 731 -
Repurchase of A ordinary
shares (19) (19) -
Repurchase of B preference
shares (50) (50) -
Purchase of treasury shares (462) (462) -
(27 592) (27 592) -
Reserves
Opening balance 732 492 732 492 -
Net premium on issue of equity
settled share appreciation
rights 2 2 -
Employee scheme - value of
services provided (18 752) (18 752) -
Total comprehensive income 144 575 183 317 (38 742)
Dividends paid (46 562) (46 562) -
811 755 850 497 (38 742)
Total equity 784 163 822 905 (38 742)
CONDENSED GROUP SEGMENT REPORT
Audited Asset Securities Investments
12 months to management and and Total
31-March-2012 structuring advisory
R'000
Segment revenue 140 764 45 463 62 801 249 028
Segment costs 139 896 47 716 25 679 213 291
Segment profit 868 (2 253) 37 122 35 737
Corporate costs (26 906)
Goodwill
impairment (38 742)
Profit before
tax on
discontinued
operation (158)
Share of loss
of associate (5 746)
Loss before
taxation (35 815)
Gross operating
revenue
(external) 139 096 44 492 29 278 212 866
Reviewed
12 months to Securities Investments
31-March-2012 Asset and and
R'000 management structuring advisory Total
Segment revenue 140 764 45 463 62 801 249 028
Segment costs 139 896 47 716 25 679 213 291
Segment profit 868 (2 253) 37 122 35 737
Corporate costs (26 906)
Profit before
tax on
discontinued
operation (158)
Share of loss
of associate (5 746)
Profit before
taxation 2 927
Gross operating
revenue
(external) 139 096 44 492 29 278 212 866
Difference
R'000
Segment revenue - - - -
Segment costs - - - -
Segment profit - - - -
Corporate costs -
Goodwill
impairment (38 742)
Profit before
tax on
discontinued
operation -
Share of loss -
of associate
Profit before
taxation (38 742)
Gross operating
revenue
(external) - - - -
PricewaterhouseCoopers Inc. audited the results and the annual
financial statements of Cadiz and their unqaulified reports are
available for inspection at the registered offices of the company.
The integrated annual report and full set of annual financial
statements are available online on the group's website
www.cadiz.co.za.
Annual general meeting
Notice is hereby given that the annual general meeting of the
company will be held at 11:00 on Monday, 3 September 2012, in the
boardroom on the 4th Floor, The Terraces, 25 Protea Road,
Claremont, Cape Town to transact the business as stated in the
notice of the annual general meeting.
Cape Town
31 July 2012
Sponsor: Investec Bank Limited
Date: 31/07/2012 03:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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