CULLINAN HOLDINGS LIMITED - Restatement Notification

Restatement Notification

CULLINAN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1902/001808/06)
Share Code: CUL            ISIN: ZAE000013710
Share Code: CULP           ISIN: ZAE000001947
(“the company”)



RESTATEMENT NOTIFICATION



Shareholders are referred to the Condensed Audited Group Results for the
Year Ended 30 September 2016 (“the Results Announcement”) as released
on SENS on Thursday, 15 December 2016 and are advised of the following
restatements to the financial results which were not noted in the Results
Announcement:


(i)   As reported in note 27 in the 2016 Annual Financial Statements, the
      company has restated the Revenue for 2015. An amount of R31.7m,
      being gains realised on foreign exchange transactions and previously
      shown in Revenue has now been restated to reflect in “Other income”.
      The effect of the restatement is to reduce Revenue for the 2015 results
      and increase “Other income” by an equivalent amount, as set out
      below. There is no impact on earnings.

                                                                  Previously
                                                 Restated           reported
       R’000                       2016               2015              2015
       Revenue                1 040 674            894 326           926 075
       Other income              35 798              31749                 -


(ii)   As reported in note 11 in the 2016 Annual Financial Statements, in the
       2015    Annual Financial    Statements,   amounts     outstanding from
       subsidiaries were reflected as group receivables within trade and other
       receivables for the company. For the purposes of more transparent
       disclosure, these amounts have been retrospectively reclassified as a
       part of loans to group companies.

       The effect of the reclassification does not impact earnings for 2015 and
       2014 and only current assets on the balance sheet were restated as
       follows:


                                                         Company
       R’000                                      2016         2015       2014
       Current assets
       Trade and other receivables                   -      (64 096)   (43 167)
       Loans to group companies                      -       64 096     43 167




By order of the board
Johannesburg


19 December 2016


Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 19/12/2016 05:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.