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Change Statement, Posting of Integrated Report, Notice of AGM & B-BBEE Annual Compliance Report
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat Africa” or “the Company”)
ISIN Code: ZAE000018354 Share code: LAB
LEI 9845000R73DF5EE41J88
CHANGE STATEMENT, POSTING OF INTEGRATED REPORT, NOTICE OF ANNUAL GENERAL MEETING AND BROAD-BASED
BLACK ECONOMIC EMPOWERMENT ANNUAL COMPLIANCE REPORT
Change Statement
Shareholders are advised that Labat Africa’s Integrated Report incorporating, inter alia, the audited annual
financial statements for the nine months ended 31 May 2022 (“the Financial Statements”) and a notice of Annual
General Meeting (“AGM”) is available on the Company’s website, www.labat.co.za.
The Financial Statements contain changes to the previously published Reviewed Provisional Condensed
Consolidated Financial Results for the period ended 31 May 2022, which were published on SENS on 17 October
2022 (“SENS Announcement”). Additional changes arose during the finalisation of the audit, which resulted in a
minor change to the earnings and headline earnings per share information contained in the SENS Announcement
of the 17 October 2022. The reasons for the restatement between the items are outlined below:
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Audited Reviewed Variance Notes
31 May 2022 31 May 2022
R'000 R'000 R'000
Gross profit 8 474 8 473 1 1
Other income 497 496 1 1
Operating expenses (29 625) (28 103) (1 522) 2
Finance costs (1 163) (1 162) (1) 1
Taxation 2 625 3 365 (740) 3
Loss after tax from operations (36 970) (34 709) (2 261)
Attributable to:
Owners of the parent (36 083) (35 626) (459)
Non-Controlling interest (887) 916 (1 803) 4
Earnings per share information(cents)
Basic and diluted basic loss per share (7.0) (6.9) (0.1) 5
Headline and diluted headline loss per shares (6.7) (6.6) (0.1) 5
Notes:
1 Gross Profit and Finance costs - Casting error due to rounding.
2 Operating Expenses - Additional expenses recognized and correction of input VAT.
3 Taxation - Recalculation of the estimate for deferred taxation.
4 Non-controlling interest (NCI) - Correction of NCI in the current period losses and typing error in statement of
equity.
5 Difference as a result of the above adjustments and increase in costs as per the above.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 31 MAY 2022
Audited Reviewed Variance Note
31 May 2022 31 May 2022
R'000 R'000 R'000
ASSETS
Non-current assets
Biological assets - 1 512 (1 512) 1
Intangible assets 111 257 112 913 (1 656) 2
Goodwill 1 248 281 967 3
Deferred taxation 14 875 14 521 354 4
Current assets
Inventories 3 568 3 145 423 14
Biological assets 1 894 382 1 512 1
Trade and other receivables 5 242 7 105 (1 863) 5
South African Revenue Service 52 869 53 988 (1 119) 6
Cash and cash equivalents 2 752 1 824 928 7
Equity
Stated capital 234 255 234 736 (481) 8
Non-controlling interest 9 202 8 952 250 9
Accumulated Loss (157 101) (155 412) (1 689) 16
Non-current liabilities
Other financial liabilities 14 880 14 918 (38) 15
Deferred taxation 27 255 27 702 (447) 10
Current liabilities
South African Revenue Service 37 846 38 039 (193) 11
Trade and other payables 13 699 12 695 1 004 12
Provisions 2 052 2 424 (372) 13
Total Net asset value per share (cents) 15.4 15.7 (0.3) 17
Notes:
1 Biological assets - Re-classification from non-current assets to current assets.
2 Intangible assets - Recalculation of the valuation of intangible assets at acquisition of Lima Romeo Air (Pty) Ltd
trading as Sweetwaters Aquaponics (“Sweetwaters”)
3 Goodwill - Adjustment of the valuation of goodwill at acquisition of Sweetwaters.
4 Deferred taxation - Recalculation of the estimate for deferred taxation.
5 Trade and receivables - Reclassification of deposits held on hand to cash and cash equivalents other
misallocations.
6 South African Revenue Service – Correction of VAT input by a subsidiary in the Healthcare division.
7 Cash and cash equivalents - Reclassification of a deposit held under trade and other receivables to cash and
cash equivalents.
8 Stated Capital – Correct accounting treatment of treasury shares.
9 Non-controlling interest (NCI) - Correction of NCI interest in the current period losses.
10 Deferred taxation - Recalculation of the estimate for deferred tax liabilities
11 South African Revenue Services – Recalculation of the estimate of the liability owing to SARS.
12 Trade and other payables – Reclassification from Provisions and Other financial liabilities as well as recognition
of additional trade and other payables.
13 Provisions - Reclassification of leave accrual to trade and other payables.
14 Inventory – Correction of inventory obsolescence provision.
15 Other financial liabilities – Reclassification between trade and other payables and Other financial liabilities.
16 Accumulated loss – Typing error corrected and increase in operating costs as previously reported.
17 Difference as a result of the adjustments above.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Audited Reviewed Variance Notes
31 May 2022 31 May 2022
R'000 R'000 R'000
Cash flows from operating activities
Cash used in operations (11 360) (16 779) 5 419 1
Interest paid (790) (1 162) 372 2
Net cash from operating activities (12 130) (17 921) 5 791
Cash flows from investing activities
Net cash from investing activities (11 710) (11 668) (42) 3
Cash flows from financing activities
Net proceeds on share issue 19 741 20 222 (481) 4
Repayments of loans to directors (6 759) (702) (6 057) 5
Lease liability payments (839) (1 629) 790 6
Net cash from financing activities 12 143 17 891 (5 748)
Notes:
1 The change in cash used in operations arose from the changes in the statement of comprehensive income
and a more detailed analysis of the items, with the main difference arising from the reclassification of
repayment of other financial liabilities as a financing activity.
2 Interest paid – Correction of actual cash interest paid.
3 The difference primarily arose from a casting error in the published Reviewed results.
4 The net proceeds on shares issues arose due to the correct treatment of the share incentive scheme.
5 Repayment of loan to directors corrected and reclassification of operating activities.
6 Payments relating to lease liability payments were corrected to only reflect only capital repayments. Due to
the impact of the various adjustments above, the condensed consolidated statement of changes in equity
has been represented in its entirety.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (AUDITED)
Attributable Non- Total
Accumulated to owners of Controlling shareholders’
Loss the parent interest equity
R’000 R’000 R’000 R’000
Non–Controlling interest at acquisition - - 376 376
Total Comprehensive loss for the period (36 083) (36 083) (887) (36 970)
Balance at 31 May 2022 – Audited (157 101) 77 250 9 202 86 452
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (REVIEWED)
Attributable Total
Accumulated to owners of Non-Controlling shareholders’
Loss the parent interest equity
R’000 R’000 R’000 R’000
Non–Controlling interest at acquisition - - 35 35
Total Comprehensive loss for the period (34 709) (35 625) 916 (34 709)
Balance at 31 May 2022 – Reviewed (155 727) 77 708 11 247 88 372
Differences (1 374) 459 (2 045) (1 920)
Notes 1 2 3
1. Accumulated loss – Typing error corrected and increase in operating costs as previously reported.
2. Attributable to owners of the parent – As per statement of Comprehensive Income.
3 Non-controlling interest – Correction of NCI in the current period losses and typing error.
The Integrated Report for the year ended 31 May 2022 will be made available on the Company’s website on
30 November 2022 at the following link:
https://labat.co.za/investor-relations/
Notice of AGM and Amendment thereto
Notice is hereby given that the AGM of ordinary shareholders will be held at 10:00 on Wednesday, 18 January 2023,
at 23 Kroton Avenue, Weltevreden Park, Johannesburg, to transact the business as stated in the notice of AGM
forming part of the Integrated Report.
Record Dates
The record date on which shareholders of the Company must be registered as such in the Company’s securities
register in order to attend and vote at the AGM is Friday, 13 January 2023. The last day to trade in order to be
eligible to vote at the AGM will accordingly be Tuesday, 10 January 2023.
The record date for shareholders to receive the Annual Report was Friday, 18 November 2022. The Annual Report
will be distributed by way of electronic distribution on or about 30 November 2022 and will be printed and posted
to those shareholders requesting a printed report during the course of this week.
Availability of Broad-Based Black Economic Empowerment Annual Compliance Report
Shareholders are hereby notified that in accordance with the JSE Listings Requirements, the Company’s annual
compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003
read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, the Company’s BEE
certificate is available on the Company’s website, www.labat.co.za.
Johannesburg
29 November 2022
Sponsor
Acaciacap Advisors Proprietary Limited
Date: 29-11-2022 07:05:00
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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.
