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Pinnacle - Restated Audited Financial Results For The Year Ended 30 June 2003

Release Date: 15/12/2003 13:17
Code(s): PNC
Wrap Text

Pinnacle - Restated Audited Financial Results For The Year Ended 30 June 2003 Pinnacle Technology Holdings Limited (Registration number 1986/000334/06) Share code: PNC ISIN: ZAE000022570 ("Pinnacle" or "the company") RESTATED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2003 Following the publication of the provisional audited financial statements of Pinnacle in respect of the year ended 30 June 2003 on SENS on 29 September 2003, it has come to the attention of the company in the course of the preparation of the annual report that a number of errors were discovered particularly pertaining to the deferred tax calculation and allocations of items in the cash flow statement. The errors have been corrected as set out in these restated financial statements and will be incorporated in the annual report which will be mailed to shareholders on or about 22 December 2003. The explanations for the adjustments and their financial implications are detailed in paragraphs 1 through to 4 below. The consolidated financial statements are prepared in accordance with South African Statements of Generally Accepted Accounting Practice, the South African Companies Act, as amended, and the disclosure requirements of the JSE Securities Exchange South Africa. The consolidated financial statements have been prepared on the fair value and going concern basis. The principal accounting policies are consistent with those applied in the restated annual financial statements for the year ended 30 June 2002. The revised unqualified audit report prepared by the company"s auditors IAPA Johannesburg, Chartered Accountants (SA), is available for inspection at the registered office of the company. All the other information pertaining to the company contained in the 29 September 2003 announcement remains applicable to this announcement. Explanations for the adjustments to the financial results 1. Errors in the calculation of the deferred taxation movement for the year and the normal taxation computation. 1.1 The Restated Financial Results reflect an increase in the net normal taxation charge from R1 646 999 to R4 306 554, being an increase of R2 659 546. 1.2 The Net Profit for the year has been restated at an amount of R2 412 507 as opposed to the amount of R4 851 574 previously reflected, being a decrease of R2 439 067. The Net Profit Attributable to minority shareholders has accordingly been adjusted from an amount as previously stated of R1 730 005, to an amount of R1 509 526, being a decrease of R220 479. 1.3 The Headline Earnings per Share has been restated at an amount of 4,78 cents compared to the amount as previously reflected of 6,33 cents. 1.4 The Earnings per Share has been restated at an amount of 1,62 cents compared to the amount as previously reflected of 3,26 cents. 1.5 The necessary changes have been reflected in the Balance Sheet and Cash Flow Statement to reflect the effect of the above changes. 2. Reallocations between the various categories within the Cash Flow Statement. These reallocations do not affect the net cash inflow for the year as previously stated, of R3 309 476. The reallocations are as follows: 2.1 Cash flow from operating activities - reallocation to investing activities of an amount of R2 962 638 (See 2.2 below) and a reallocation of an amount of R204 182 to financing activities (See 2.3 below). 2.2 Cash flow to investing activities - reallocation of investing activities amounting to R2 962 638, that were previously included in operating activities. 2.3 Cash flow from financing activities - reallocation of R204 182 in respect of the movement in the current portion of long-term liabilities previously included in operating activities. 3. Reallocation of current portion of long-term liabilities The current portion of long-term liabilities amounting to R2 285 696 has been reallocated to current liabilities. 4. Outside shareholders" share of movement in non-distributable reserve The outside shareholders" share of the non-distributable reserve has been restated by an amount of R92 562, to correctly reflect their share in the movement in the revaluation reserve relating to the properties. For and on behalf of the board C D Biddlecombe A J Fourie (Chairman) (Chief Executive Officer) Midrand 15 December 2003 Registered Office: Transfer Secretaries: Pinnacle Park, 269 Computershare Limited 16th Road Ground Floor Randjespark 70 Marshall Street Midrand Johannesburg, 2001 Directors: C D Biddlecombe* (Chairman), A J Fourie (Chief Executive Officer), T Maraga-Tshivhase, A Tugendhaft* *Non-executive Sponsor: LPC Manhattan Sponsors (Pty) Ltd Auditors: IAPA Johannesburg, Chartered Accountants (SA) INCOME STATEMENT Audited Audited 30 Jun 30 Jun 2003 Audited
2003 As previously 30 Jun Restated stated 2002 Notes R R R Revenue 417 818 272 417 818 272 358 547 585 Operating profit before interest 17 363 783 17 363 783 12 529 607 Interest received 700 795 700 795 944 577 Interest paid (5 051 792) (5 051 792) (5 673 542) Net profit before taxation 13 012 786 13 012 786 7 800 642 Normal taxation 1.1 (4 306 545) (1 646 999) (2 641 372) Net profit for year 8 706 241 11 365 787 5 159 270 Share of (loss)/net income from associates (229 902) (229 902) 1 953 178 Net profit attributable to minority shareholders 1.2 (1 509 526) (1 730 005) (598 934) Net profit from ordinary activities 6 966 813 9 405 880 6 513 514 Exceptional items (4 554 306) (4 554 306) - Net profit for year 1.2 2 412 507 4 851 574 6 513 514 Earnings per share (cents) 1.4 1,62 3,26 4,38 Headline earnings per share (cents) 1.3 4,78 6,33 4,38 RECONCILIATION OF HEADLINE EARNINGS Net profit for year 2 412 507 4 851 574 6 513 514 Adjusted for: Exceptional items 4 554 306 4 554 306 - Amortisation of goodwill 142 758 142 758 - Headline earnings 7 109 571 9 405 880 6 513 514 BALANCE SHEET
Audited Audited 30 Jun 30 Jun 2003 Audited 2003 As previously 30 Jun
Restated stated 2002 Notes R R R ASSETS Non-current assets 58 404 523 59 388 047 60 691 228 Fixed assets 34 579 924 34 579 924 28 205 939 Investments 6 909 853 6 909 852 14 413 437 Deferred tax 1.5 15 352 185 16 335 710 16 927 168 Intangible assets 1 562 561 1 562 561 1 144 684 CURRENT ASSETS 106 535 718 106 535 718 123 285 925 Inventories 49 049 335 49 049 335 64 634 381 Accounts receivable 46 042 370 46 042 370 50 517 007 Cash and cash equivalents 11 444 013 11 444 013 8 134 537 Total assets 164 940 241 165 923 765 183 977 153 EQUITY AND LIABILITIES Capital and reserves 79 587 863 82 119 492 70 442 682 Share capital and premium 125 885 817 125 885 817 125 885 817 Non-distributable reserves 4 10 310 208 10 402 770 3 577 534 Accumulated loss 1.5 (56 608 162) (54 169 095) (59 020 669) Outside shareholders" interest 1.5, 4 4 017 978 4 145 895 2 138 134 Non-current liabilities 10 992 426 13 278 121 12 393 082 Interest bearing borrowings 3 10 992 426 13 278 121 12 393 082 Current liabilities 70 341 974 66 380 257 99 003 255 Accounts payable 65 930 913 65 930 913 74 620 907 Short-term loan - - 23 801 689 Current portion of long-term liabilities 3 2 285 696 - - Taxation 1.5 2 125 365 449 344 580 659 Total equity and liabilities 164 940 241 165 923 765 183 977 153 CASH FLOW STATEMENT Audited Audited 30 Jun 30 Jun 2003 Audited
2003 As previously 30 Jun Restated stated 2002 Notes R R R Cash flow from operating Activities 2.1 1 854 027 4 612 484 25 530 921 Cash flow from operations 1.5 6 668 955 11 645 902 30 275 593 Investment income 700 795 700 795 944 577 Interest paid (5 051 792) (5 051 792) (5 673 542) Taxation paid 1.5 (463 931) (2 682 421) (15 707) Cash flow to investing activities 2.2 774 591 (2 188 047) (18 608 690) Net additions to fixed assets (2 327 252) (2 187 947) (5 718 149) Decrease/(Increase) in investments 3 178 074 - (12 310 143) Acquisition of subsidiaries (76 231) (100) (580 398) Cash inflow from financing activities 2.3 680 858 885 039 420 152 Increase in long-term liabilities 680 858 885 039 420 152 Cash flow for year 3 309 476 3 309 476 7 342 383 Cash and cash equivalents at beginning of year 8 134 537 8 134 537 792 154 Cash and cash equivalents at end of year 11 444 013 11 444 013 8 134 537 STATEMENT OF CHANGES IN EQUITY Audited Audited 30 Jun
30 Jun 2003 Audited 2003 As previously 30 Jun Restated stated 2002 Notes R R R
Changes in share capital 1 486 073 1 486 073 1 486 073 Balance at beginning of year 1 486 073 1 486 073 1 480 695 Issue of shares - - 5 378 Changes in share premium 124 399 744 124 399 744 124 399 744 Balance at beginning of year 124 399 744 124 399 744 124 190 004 Premium on shares issued - - 209 740 Non distributable reserves 10 310 208 10 402 770 3 577 534 Balance at beginning of year 3 577 534 3 589 408 3 571 393 Transfer to non-distributable reserve 6 732 674 6 813 362 6 141 Retained earnings (56 608 162) (54 169 095) (59 020 669) Balance at beginning of year (59 020 669) (59 020 669) (65 534 183) Net profit for year 2 412 507 4 851 574 6 513 514 Ordinary shareholders" equity at end of the year 79 587 863 82 119 492 70 442 682 Date: 15/12/2003 01:17:08 PM Supplied by www.sharenet.co.za Produced by the JSE SENS Department

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