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Restatement of Interim Results and Trading Statement
GLOBAL ASSET MANAGEMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/003192/06)
Share Code: GAM ISIN: ZAE000173498
("Global" or “the company”)
RESTATEMENT OF INTERIM RESULTS AND TRADING STATEMENT
Restatement of interim results
Shareholders are referred to the interim results announcement for the six months ended
31 May 2016, published on SENS on 29 June 2016, and are advised that, pursuant to further
technical interpretation in accordance with IFRS as part of the year end audit procedures,
the previously reported surplus on the partial disposal of a subsidiary should be recognised in
Equity as opposed to Other Income. Accordingly, the Condensed Statement of
Comprehensive Income and the Condensed Statement of Changes in Equity are restated
below:
Condensed statement of comprehensive income
Restated Published
Unaudited Unaudited
6 months ended 6 months ended
31 May 2016 31 May 2016
R’000 R’000
Revenue 86 208 86 208
Cost of sales (58 696) (58 696)
Gross profit 27 512 27 512
Other income 152 5 923
Operating expenses (11 054) (11 054)
Operating profit before interest 16 610 22 381
Interest received 166 166
Finance costs (15 439) (15 439)
Profit before taxation 1 337 7 108
Taxation (318) (1 611)
Profit for the period 1 019 5 497
Total comprehensive Income 1 019 5 497
Per share information:
Basic earnings per share (cents) 1.9 10.3
Headline earnings per share (cents) 1.9 1.9
Headline earnings reconciliation:
Basic earnings 1 019 5 497
Adjusted for:
Profit on partial disposal of a subsidiary (net of
taxation) - (4 478)
Headline earnings 1 019 1 019
The adjustment does not impact on the previously published headline earnings per share.
Condensed statement of changes in equity
Published Common Attributable Non-
Unaudited Share Control Retained to equity controlling Total
6 months ended capital reserve income holders interest equity
31 May 2016 R’000 R’000 R’000 R’000 R’000 R’000
Balance at 30
November 2014 34 795 (6 941) 84 214 112 068 - 112 068
Total
comprehensive
income - - 6 785 6 785 - 6 785
Total changes - - 6 785 6 785 - 6 785
Balance at 30
November 2015 34 795 (6 941) 90 999 118 853 - 118 853
Share issue 23 236 - - 23 236 1 904 25 140
Total
comprehensive
income - - 5 497 5 497 - 5 497
Total changes 23 236 - 5 497 28 733 1 904 30 637
Balance at
31 May 2016 58 031 (6 941) 96 496 147 586 1 904 149 490
Restated Common Attributable Non-
Unaudited Share Control Retained to equity controlling Total
6 months ended capital reserve income holders interest equity
31 May 2016 R’000 R’000 R’000 R’000 R’000 R’000
Balance at 30
November 2014 34 795 (6 941) 84 214 112 068 - 112 068
Total
comprehensive
income - - 6 785 6 785 - 6 785
Total changes - - 6 785 6 785 - 6 785
Balance at
30 November
2015 34 795 (6 941) 90 999 118 853 - 118 853
Share issue 23 236 - - 23 236 - 23 236
Transaction with
non-controlling
interest - - - - 1 904 1 904
Surplus on partial
disposal of a
subsidiary - - 6 021 6 021 - 6 021
Total
comprehensive
income - - 1 019 1 019 - 1 019
Total changes 23 236 - 7 040 30 276 1 904 32 180
Balance at
31 May 2016 58 031 (6 941) 98 039 149 129 1 904 151 033
It has further been confirmed as part of the audit procedures that no deferred taxation is
required to be provided on the above surplus on partial disposal of a subsidiary.
Trading Statement
In terms of the JSE Listings Requirements, companies are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported will differ by at least 20% from the financial
results for the previous corresponding period or a profit forecast previously provided to the
market in relation to such period.
Whilst the results of the asset finance business continue to be profitable despite tough trading
conditions in 2016, the group is still incurring operating costs on young businesses in the group
in line with the long term strategy of Global, which businesses are expected to only start
generating solid revenues during 2017. Accordingly, the Group expects to incur a loss for the
year ended 30 November 2016.
Shareholders are accordingly advised as follows:
- the loss per share is expected to be between breakeven and a loss of (2.9) cents per
share for the year ended 30 November 2016, which will be between 100% and 120%
lower than the prior year’s earnings per share of 14.7 cents; and
- the headline earnings per share is expected to be between 0.8 and (0.8) cents per
share for the year ended 30 November 2016, which will be between 90% and 110%
lower than the prior year’s headline earnings per share of 16.1 cents per share.
The net asset value per share is expected to exceed 270 cents per share, which will be higher
than the prior year’s net asset value per share of 258.1 cents per share.
The financial information on which this trading statement is based has not been reviewed or
reported on by the company’s auditors.
By order of the board
22 February 2017
Designated Advisor
Arbor Capital Sponsors Proprietary Limited
Date: 22/02/2017 04:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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