WINHOLD LIMITED - Announcement to Shareholders Regarding No Change Statement Released on 28 December 2015

Announcement to Shareholders Regarding No Change Statement Released on 28 December 2015

WINHOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1945/019679/06)
Share Code: WNH      ISIN: ZAE000033916
(“the company”)


ANNOUNCEMENT TO SHAREHOLDERS REGARDING NO CHANGE STATEMENT RELEASED
ON 28 DECEMBER 2015


Shareholders are advised of various differences between the reviewed provisional results released
on 24 November 2015 and the audited results for the year ended 30 September 2015. Details of
these differences were inadvertently omitted from the announcement released on SENS on
28 December 2015.

For the sake of completeness, shareholders are advised that:

1.   in the Statements of Comprehensive Income:
     -    the “Share of after tax profit of associates” in the provisional results has been moved from
          after the “Taxation” line to before the “Taxation” line in the audited results, which results in
          the “Profit before taxation” being R36 436 000 from R35 905 000, an increase of 1,4%.
     -    the “Operating profit” in the provisional results is reduced in the audited results from
          R39 759 000 to R39 610 000, a reduction of 0,37%.
     -    the prior year earnings per share has been changed from 11,4 cents per share to
          10,9 cents per share to correct the calculations
     -    the prior year headline earnings per share have been corrected to 10,9 cents per share in
          order to align with those numbers reported in the prior year, with the total headline earnings
          changed to R13 776 000 to correct the calculations.

2.   in the Statements of Changes in Equity:
     the “Balance at the end of the year” in the provisional results is increased in the audited results
     from R296 628 000 (excluding minorities) to R305 443 000 (which included the minority
     shareholdings), an increase of 2,9%. There was however no effective change in the total equity
     figure.

3.   in the Statements of Cash Flows:
     the “Cash flow used in operating activities” in the provisional results is increased in the audited
     results from R(12 205 000) to R(13 305 000), an increase of 9,01%, due to the separate
     disclosure of the effect of exchange rates on cash in the statement of cash flows. There was
     however no effective change in the net cash flow movement.

By order of the board.

Germiston
28 January 2016

Sponsor
Arbor Capital Sponsors Proprietary Limited

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