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Restatement of results due to pro-active monitoring process of the JSE
IFA Hotels & Resorts Limited
(Incorporated in the Republic of South Africa)
(Registration number 1919/001318/06)
Share code: IFH
ISIN: ZAE000075669
(“IFA” or “the Group”)
Restatement of results due to pro-active monitoring process
of the JSE
Shareholders are advised that the restatement of the annual
financial statements of the Group for the 18 months ended 31
December 2011, as set out below, arises from the pro active
monitoring process by the JSE and achieves improved
compliance with IFRS by the Group.
The pro active monitoring process identified that the
deferred tax adjustment of R282 512 to the revaluation
reserve reported in the statement of changes in equity and
disclosed in note 17 on page 53 of the annual financial
statements, was not reported as part of other comprehensive
income in the statement of comprehensive income.
The result of this correction is a decline in the basic and
diluted loss per share and the basic and diluted headline
loss per share of 0.13 cents per share.
The pro active monitoring process also identified that
impairments in loans to associates in the sum of R101
750 768 were excluded from the calculation of headline
earnings per share in error as the loans to associates are
reported as financial assets.
This impairment amount was included in the line described as
“Add impairment of shares in associate” as disclosed in note
28 on page 57 of the annual financial statements.
The net result of this correction is an increase in the
basic and diluted headline loss per share of 46.63 cents per
share.
Below is a table reconciling the various line items affected
by the restatement of the financial statements. Comparative
figures for the prior reporting period are disclosed, but
there are no restatements to these figures:
Statement of comprehensive income 18 Months 12 Months
ended ended
31 December 30 June
2011 2010
R R
Other comprehensive income
Restated 282 512 0
Reported 0 0
Movement 282 512 0
Total comprehensive income
Restated (135 966 710) (68 298 321)
Reported (136 279 222) (68 298 321)
Movement 282 512 0
Attributable to equity holders of the parent
Restated (135 966 710) (68 298 321)
Reported (136 279 222) (68 298 321)
Movement 282 512 0
Basic and diluted (loss) per share (cents)
Restated (62.32) (31.24)
Reported (62.45) (31.24)
Movement 0.13 0.00
Earnings per ordinary share (note 28 on pages 56 and 57 of the annual
financial statements)
18 Months 12 Months
ended ended
31 December 30 June
2011 2010
R R
Headline and diluted headline (loss) per share (HEPS)(cents)
Restated (64.61) (26.59)
Reported (18.11) (26.59)
Movement (46.50) 0.00
(Loss) attributable to ordinary shareholders
Restated (135 966 710) (68 298 321)
Reported (136 279 222) (68 298 321)
Movement 282 512 0
Add impairment of shares in associate
Restated 6 176 430 9 361 602
Reported 107 927 198 9 361 602
Movement (101 750 768) 0
Headline (Loss)
Restated (140 989 942) (58 020 377)
Reported (39 521 686) (58 020 377)
Movement (101 468 256) 0
These restatements will be incorporated in the condensed
consolidated results for the six month period ended 30 June
2012 which is to be published and circulated on or about 28
September 2012
Zimbali
26 September 2012
Sponsor: Sasfin Capital (a division of Sasfin Bank Limited)
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