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Restatement of results for the year ending 30 June 2015
ADVANCED HEALTH LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/059246/06)
(“the Company” or “Advanced Health”)
ISIN Code: ZAE000189049 JSE Code: AVL
RESTATEMENT OF RESULTS FOR THE YEAR ENDING 30 JUNE 2015
Shareholders are advised that the audited financial statements for the year ended 30 June 2015 were
selected for review as part of the JSE’s pro-active monitoring process. After a series of questions and
responses through the pro-active monitoring process, the JSE has requested a restatement of the results for
the year ended 30 June 2015.
The nature of the restatement relates to the accounting method used for investment property reflected
under non-current assets held for sale, which included transaction costs to dispose of the investment
property, which is not in accordance with the requirements of IFRS 5. The transaction costs for the year
ended 30 June 2015 amounted to R2 332 484 before taxation and R1 632 739 after taxation.
The net fair value gain on investment properties was thus understated.
The restated information as compared to the previously published information is set out below:
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Previously
Restated Published
Year ended Year ended
R’000 30 June 2015 30 June 2015
ASSETS
Non-current assets 113 556 113 556
Property, plant and equipment 59 487 59 487
Goodwill 25 461 25 461
Intangible assets 25 788 25 788
Deferred taxation 2 820 2 820
Current assets 142 942 142 942
Inventories 6 587 6 587
Trade and other receivables 16 053 16 053
Other financial assets 3 382 3 382
Operating lease asset 185 185
Current tax receivable 1 450 1 450
Cash and cash equivalents 115 285 115 285
Non-current assets held for sale 39 035 36 703
Total assets 294 834 293 201
Previously
Restated Published
Year ended Year ended
R’000 30 June 2015 30 June 2015
EQUITY AND LIABILITIES
Capital and reserves 205 868 205 868
Stated capital 137 378 137 378
Foreign currency translation reserve 27 233 27 233
Retained earnings 40 567 38 934
Revaluation reserve - -
Share-based payment reserve 2 323 2 323
Non-controlling interest 19 562 19 562
Total equity 227 063 225 430
Non-current liabilities 26 508 25 809
Other financial liabilities 14 152 14 152
Finance lease obligations 849 849
Operating lease liability 634 634
Provisions 1 993 1 993
Deferred taxation 7 482 8 181
Current liabilities 41 962 41 962
Other financial liabilities 5 597 5 597
Finance lease obligations 6 792 6 792
Trade and other payables 26 143 26 143
Provisions 779 779
Operating lease liabilities 41 41
Current tax payable 2 599 2 599
Bank overdraft 11 11
Total equity and liabilities 295 834 293 201
Notes to statement of financial position
Total number of shares in issue ('000) 221 615 221 615
Net asset value per share (cents) 102.46 101.72
Net tangible asset value per share (cents) 79.33 78.60
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Previously
Restated Published
Year ended Year ended
R’000 30 June 2015 30 June 2015
Revenue 180 144 180 144
Cost of sales (80 529) (80 529)
Gross profit 99 615 99 615
EBITDA (earnings before interest, impairment, tax, depreciation
and amortisation) 37 798 35 566
Investment income 6 861 6 861
Depreciation and amortisation (8 342) (8 342)
Net finance costs (1 805) (1 805)
Profit before taxation 34 612 32 280
Taxation (10 773) (10 074)
Profit for the period 23 839 22 206
Other comprehensive income/(expense) for the period, net of tax (897) (897)
Total comprehensive income for the period 22 942 21 309
Profit attributable to:
Owners of the parent 17 487 15 854
Non-controlling interest 6 352 6 352
Total comprehensive income attributable to:
Owners of the parent 16 590 14 957
Non-controlling interest 6 352 6 352
Per share information:
Earnings per share (cents) 7.89 7.15
Diluted earnings per share (cents) 7.87 7.14
Notes to the statement of comprehensive income
Headline earnings for the period attributable to ordinary
shareholders:
Headline earnings per share (cents) 4.00 3.26
Diluted headline earnings per share (cents) 3.99 3.26
- Total number of shares in issue (‘000) 221 615 221 615
- Diluted weighted average number of shares (‘000) 222 086 222 086
Reconciliation of headline earnings calculation:
Earnings for the period attributable to ordinary shareholders 17 487 15 854
Net fair value gain on Investment properties (15 417) (13 185)
Loss on sale property, plant and equipment 223 223
Tax effects of adjustments 4 588 3 889
Non-controlling-interest effects of adjustments 451 451
Headline earnings for the period attributable to ordinary
shareholders 8 865 7 232
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Foreign
Net based currency Non-
stated Revaluation payment translation Retained controlling Total
capital reserve reserve reserve earnings interest equity
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 July 2014 120 378 2 037 1 286 31 297 17 876 15 462 188 336
Profit for the year - restated 17 487 6 352 23 839
Other comprehensive
income for the year - 3 167 - (4 064) - - (897)
Shares issued for acquisition
of intangible assets 17 000 - - - - - 17 000
Share-based payment
expense - - 1 037 - - - 1 037
Transfer between reserve - (5 204) - - 5 204 - -
Acquisition of subsidiary - - - - - 273 273
Dividends - - - - - (2 525) (2 525)
Balance at 30 June 2015 -
restated 137 378 - 2 323 27 233 40 567 19 562 227 063
By order of the board
15 April 2016
Designated Advisor
Arbor Capital Sponsors Proprietary Limited
Date: 15/04/2016 04:10:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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