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Change statement and notice of annual general meeting
AUSTRO GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
JSE share code: ASO ISIN: ZAE000090882
(“Austro” or “the company”)
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that Austro’s Integrated Annual Report, incorporating the group audited financial statements
for the period ended 31 August 2013 was dispatched to shareholders on 28 February 2014.
The integrated annual report contains a notice of annual general meeting for shareholders of the company, which
annual general meeting will be held at 10:30 on Wednesday, 14 May 2014 at 30?38 Jacoba Street, Alberton North,
Gauteng.
The company's Integrated Annual Report contains immaterial changes to certain information contained in the
reviewed condensed consolidated financial results for the year ended 31 August 2013 (the “condensed results”),
which condensed results were announced on SENS on Friday, 21 November 2013. The changes are as detailed below.
None of the changes detailed below have any impact on the Statements of Comprehensive Income, Statements of
Financial Position or Statements of Changes in Equity and accordingly have no impact on earnings per share, headline
earnings per share or net asset value per share.
The Condensed Consolidated Statements of Cash Flow have been amended as follows:
- additions to plant and equipment for the year ended 31 August 2013 was R13,130 million (R10,728 million per
the condensed results);
- proceeds on disposal of plant and equipment for the year ended 31 August 2013 was R3,452 million (R1,050
million per the condensed results); and
- working capital movements in the 2012 restated column of the condensed results included inventory and trade
payables acquired as part of a business combination. The Integrated Annual Report has taken these balances into
account in Non-cash items and other adjustments in line with the 2012 Integrated Annual Report disclosure.
This reflects in the working capital movement of R10,821 million (R2,825 million per the condensed results).
The number of staff employed by the group at 31 August 2013 was 344 (355 per the condensed results).
The amended condensed consolidated statements of cash flow and extract of the Condensed Segmental Analysis are
set out below:
Condensed Consolidated Statements of Cash Flow
Audited for the Restated for the
twelve months ended twelve months ended
31 August 2013 31 August 2012
R’000 R’000
Profit/(loss) before taxation 4 723 (154 694)
Non-cash items and other adjustments 4 456 159 317
9 179 4 623
Decrease in working capital 18 167 10 821
Cash generated by operations 27 346 15 444
Interest received 1 865 6 015
Interest paid (1 723) (4 065)
Dividends paid - -
Taxation paid (597) (13 651)
Cash inflow from operating activities 26 891 3 743
Additions to plant and equipment (13 130) (7 366)
Proceeds on disposal of plant and equipment 3 452 2 523
Acquisition of business combination - (10 026)
Decrease/(increase) in loans receivable - 482
Cash outflow from investing activities (9 678) (14 387)
Movement in share capital and share premium - (204)
Repayment of interest-bearing liabilities (1 290) (3 725)
Settlement of onerous lease (10 000) -
Cash outflow from financing activities (11 290) (3 929)
Net increase/(decrease) in cash and cash equivalents 5 923 (14 573)
Cash and cash equivalents at beginning of year 34 415 48 988
Cash and cash equivalents at end of year 40 338 34 415
As a result of the above corrections, capital expenditure in the Condensed Segmental Analysis is now:
- R11,136 million in the Power segment (R9,436 million per the condensed results); and
- R1,986 million in the Wood segment (R1,243 million per the condensed results);
and the number of staff in Power is 199 (200 per the condensed results) and in Wood is 140 (150 per the condensed
results).
Condensed Segmental Analysis Extract
Power Wood
Audited Restated Audited Restated
31 August 2013 31 August 2012 31 August 2013 31 August 2012
R’000 R’000 R’000 R’000
Revenue 344 263 262 817 171 586 160 443
Gross profit 98 894 86 046 55 414 40 574
Gross profit % 29% 33% 32% 25%
Profit/(loss) from operations before
impairment of goodwill 6 228 11 722 9 541 (34 888)
EBITDA 16 554 24 509 15 695 (27 048)
Adjusted EBITDA 35 206 37 630 3 238 (8 573)
Capital expenditure 11 136 4 012 1 986 3 342
Depreciation 4 088 9 698 4 655 4 744
Taxation expense/(income) 2 432 4 746 (2 100) (2 215)
Total assets 286 866 297 534 138 915 140 506
Intercompany (30 032) (13 487) (32 154) (33 507)
256 834 284 047 106 761 106 999
Total liabilities 62 031 78 796 169 876 181 613
Intercompany (9 284) (13 317) (124 448) (116 188)
52 747 65 479 45 428 65 425
Net operating assets 178 543 195 974 57 098 49 879
Number of employees 199 180 140 175
28 February 2014
Sponsor
Java Capital
Date: 28/02/2014 05:38:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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