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VUN - Vunani Limited - Audited results for the year ended 31 December 2010 and

Release Date: 23/06/2011 17:43
Code(s): VUN
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VUN - Vunani Limited - Audited results for the year ended 31 December 2010 and notice of annual general meeting VUNANI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/020641/06) JSE code: VUN ISIN: ZAE000110359 ("Vunani") AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 AND NOTICE OF ANNUAL GENERAL MEETING Annual financial statements: Shareholders are advised that the audited annual financial statements for the year ended 31 December 2010, which are included in the company`s annual report for that year, will be dispatched to shareholders on 30 June 2011. Detailed below are modifications contained in the audited results when compared to the reviewed results for that year, which were published on SENS on 31 March 2011. All values are expressed as R`000s. Consolidated statement of comprehensive income for the year ended 31 December 2010 Note Published on SENS Adjustment Annual report
on 31 March 2011 Other income 1 14 937 11 673 26 610 Operating expenses 2,5 (144 382) (1 061) (145 443) Fair value 2 (29 654) 1 054 (28 600) adjustments & impairments Net Finance Cost 2 (158 344) (657) (159 001) Taxation 1 724 (1 635) (911) Total comprehensive loss attributable to: Equity holders of (104 926) 9 374 Vunani Limited (95 551)
Basic loss per (2.5) 0.3 (2.2) share Headline loss per (3.0) 0.1 (2.9) share Consolidated statement of financial position at 31 December 2010 Published on Adjustment Annual report SENS on 31 March 2011
Property, plant and 3 29 319 3 195 32 514 equipment Goodwill 5 47 523 (665) 46 858
Investment properties 3 918 818 (3 195) 915 623 Investment in 4 94 957 (1 523) 93 434 associates Other investments (non- 6 385 373 (5 130) 380 243 current) Other non-current 4 3 656 (333) 3 323 assets Other investments 6 175 435 5 130 180 565 (current) Non-current assets 4 146 085 1 854 147 939 held for sale Trade and other 19 323 (70) 19 253 receivables Accumulated loss (361 251) 9 374 (351 877) Other financial 6 935 049 (92 036) 843 013 liabilities (non- current) Deferred tax 1 72 188 1 635 73 823 liabilities Other financial 6 307 888 83 liabilities (current) 937 391 825 Trade and other 6 51 286 (1 181) 50 105 payables Bank overdraft 6 16 829 (2 466) 14 363 Net asset value per 5.1 0.2 5.3 share Tangible net asset 4.0 0.2 4.2 value per share Consolidated statement of Cash flows Net cash inflows from 7 44 657 79 696 124 353 operating activities Net cash inflows from 7 33 269 15 643 48 912 investing activities Net cash outflows from 7 (76 456) (92 872) (169 328) financing activities Segmental reporting Attributable loss for the year Securities broking 8 4 023 10 039 14 062 Total assets Asset management 8 202 475 (9) 202 466 Investment banking and 8 139 693 (3 464) 136 229 advisory Securities broking 8 155 147 3 403 158 550 Notes(all values expressed in R`000s): 1 An additional bargain purchase of R11,673, with deferred tax charge thereon of R1,634, was recognised on the acquisition of Kagiso Securities Limited due to additional information becoming available. This corresponded with a reduction in other financial liabilities. 2 The adjustment relates to the reclassification of amounts between finance costs, operating expenses and fair value adjustments. 3 The adjustment is attributable to reclassification from investment property to property, plant and equipment. 4 The adjustment is attributable to reclassification from investment in associates of R1,854 to non-current assets held for sale and a reclassification from other investments to investment in associates of R333. 5 An incorrect classification of R665 to goodwill was also subsequently corrected to operating expenses. 6 The adjustment is attributable to the reclassification of other investments and other financial liabilities between non-current and current. Where the financial liability was disclosed as current, the related asset was also reclassified. 7 The adjustments to the consolidated statement of cash flows are a result of the reclassifications detailed in notes 1 to 6 above. 8 The adjustments in the segmental reporting are attributable to the adjustment per note 1. Audit opinion The Group`s auditors KPMG Inc. have audited the financial information for the year ended 31 December 2010. Their unmodified audit report is available for inspection at the registered office of the company. Notice of annual general meeting Notice is hereby given that the annual general meeting of shareholders of the company will be held on Friday, 19 August 2011 at 10h00 in the boardroom, Vunani House, 151 Katherine Street, Sandton to transact the business as stated in the notice of annual general meeting forming part of the company`s annual report that will be distributed on 30 June 2011. 23 June 2011 Designated Adviser Grindrod Bank Limited Joint Designated Adviser Vunani Corporate Finance Date: 23/06/2011 17:43:01 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.

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