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GPL - Grand Parade Investments Limited - Audited results for the year ended 30 June 2009 - Change statement and notice of annual general meeting Grand Parade Investments Limited (Incorporated in the Republic of South Africa) (Registration number: 1997/003548/06) Share code: GPL ISIN: ZAE000119814 ("GPI" or "the Company" or "the Group") CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING CHANGE STATEMENT Shareholders are advised that the annual report for the year ended 30 June 2009 was posted to shareholders on Monday, 5 October 2009, and contains no material modifications to the reviewed final results published on SENS on Thursday, 3 September 2009. However it does contain some minor changes as detailed below. AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2009 INCOME STATEMENT Audited 30 June 2009 Note R`000s Revenue 1 27 246 Operating costs (14 932) Profit from operations 1 12 314 Share of profit from associates 118 191 Impairment in investment in associates - Negative goodwill from associates 80 623 Net income before finance costs and taxation 1 211 128 Finance costs (31 939) Net profit before tax 1 179 189 Taxation (7 470) Net profit for the year 1 171 719 Attributable to ordinary shareholders 171 719 Reconciliation of earnings per share Basic earnings 171 719 Preference dividend - Attributable profit after preference dividend 171 719 Negative goodwill from associates (80 623) Loss on disposal of plant and equipment 13 Profit on sale of subsidiary (213) Tax on above 56 Associates 5 548 - (Gain)/Loss on disposal of plant and equipment 53 - (Gain) on disposal of investments recycled to income statement (869) - Impairment of casino licence 3 613 - Provision for pension fund exposure 2 751 Tax effect of above (28) Headline earnings 1 96 472 Reversal of employee share trust consolidated 1 43 Adjusted headline earnings 96 515 Headline earnings and dividend per share Shares in issue (`000s) 443 761 Weighted average shares (`000s) 462 033 Adjusted weighted average shares (`000s) 462 033 Basic earning per share (cents) 1 37,17 Diluted earnings per share (cents) 1 37,17 Headline earnings per share (cents) 1 20,88 Adjusted headline earnings per share (cents) 20,89 Reviewed 30 June 2009 R change R`000s R`000s
Revenue 27 451 (205) Operating costs (14 932) - Profit from operations 12 519 (205) Share of profit from associates 118 191 - Impairment in investment in associates - - Negative goodwill from associates 80 623 - Net income before finance costs and taxation 211 333 (205) Finance costs (31 939) - Net profit before tax 179 394 (205) Taxation (7 470) - Net profit for the year 171 924 (205) Attributable to ordinary shareholders 171 924 (205) Reconciliation of earnings per share Basic earnings 171 924 (205) Preference dividend - Attributable profit after preference dividend 171 924 (205) Negative goodwill from associates (80 623) - Loss on disposal of plant and equipment 13 - Profit on sale of subsidiary (213) - Tax on above 56 - Associates 5 548 - - (Gain)/Loss on disposal of plant and equipment 53 - - (Gain) on disposal of investments recycled to income statement (869) - - Impairment of casino licence 3 613 - - Provision for pension fund exposure 2 751 - Tax effect of above (28) - Headline earnings 96 677 (205) Reversal of employee share trust consolidated (162) 205 Headline earnings and dividend per share Adjusted headline earnings 96 515 - Shares in issue (`000s) 443 761 - Weighted average shares (`000s) 462 033 - Adjusted weighted average shares (`000s) 462 033 - Basic earning per share (cents) 37,21 0,04 Diluted earnings per share (cents) 37,21 0,04 Headline earnings per share (cents) 20,92 0,04 Adjusted headline earnings per share (cents) 20,89 - Note 1: In the reviewed results for the year ended 30 June 2009, the profit of R204 700 made by the Grand Parade Share Incentive Trust from the sale of the Trust`s GPI shares to key executives was incorrectly included in the Group`s profit on sale of investments. This amount has since been reversed to share premium as required by IAS 32 paragraph 33, in the audited financial statement as a consolidation entry. BALANCE SHEET Audited 30 June 2009 Note R`000s
ASSETS Non-current assets 2 1 872 354 Current assets 2 84 018 Total assets 1 956 372 EQUITY AND LIABILITIES Capital and reserves Shareholders` interest 1 639 715 Non-current liabilities 287 496 Current liabilities 29 161 Total equity and liabilities 1 956 372 Net asset value (cents) 370 Reviewed
30 June 2009 R change R`000s R`000s ASSETS Non-current assets 1 876 137 (3 783) Current assets 80 235 3 783 Total assets 1 956 372 - EQUITY AND LIABILITIES Capital and reserves Shareholders` interest 1 639 715 - Non-current liabilities 287 496 - Current liabilities 29 161 - Total equity and liabilities 1 956 372 - Net asset value (cents) 370 - Note 2: The loans made to employees were initially disclosed as a non-current asset. However, with the finalisation of the loan agreement terms, the loans have been agreed as payable on demand, which makes them a current asset. The balance has therefore been reclassified as a current asset. CASH FLOW STATEMENT Audited 30 June 2009
Note R`000s Cash and cash equivalents at beginning of year 81 834 Cash flows from operating activities 3 353 Cash flows from investing activities 3 (122 199) Cash flows from financing activities 3 92 766 Cash and cash equivalents at end of year 55 754 Reviewed R change 30 June 2009
R`000s R`000s Cash and cash equivalents at beginning of year 81 834 - Cash flows from operating activities 3 353 - Cash flows from investing activities (133 664) 11 465 Cash flows from financing activities 104 231 (11 465) Cash and cash equivalents at end of year 55 754 - Note 3: The outflow in respect of the treasury shares bought back amounting to (R15,2 million) and the inflow from the issuing of shares amounting to R3, 7 million to key executives has been reclassified from investing activities to financing activities. NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the annual general meeting of shareholders of GPI will be held on Wednesday, 9 December 2009, at 18:00 at Market Hall, GrandWest Casino, Goodwood, Cape Town to transact the business stated in the notice of annual general meeting, which notice forms part of the annual report. 5 October 2009 Cape Town Sponsor PSG Capital (Pty) Limited Date: 06/10/2009 09:50:26 Supplied by www.sharenet.co.za 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.
