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GPL - Grand Parade Investments Limited - 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 2011 has been posted to shareholders on Monday, 10 October 2011. There has been no (material) change to basic, headline earnings and adjusted headline earnings per share. The annual report contains the following disclosure modifications to the reviewed results published on SENS on Thursday, 08 September 2011. STATEMENT OF COMPREHENSIVE INCOME Audited Reviewed Note 30 June 30 June R change 2011 2011 R`000s R`000s R`000s
Revenue 1 326 442 316 193 10 249 Operating Costs (184 343) (184 343) - Profit from operations 142 099 131 850 10 249 Other revenue 1 - 10 248 (10 248) Operating costs 2 (88 378) (124 388) (36 010) Profit from operations 53 721 17 710 36 011 Profit from equity - 119 566 1 accounted investments 119 565 Profit from jointly- 88 643 - controlled entities 88 643 Profit from associates 30 923 30 922 1 Impairment of investments 3 - (113 486) (113 486) Impairment of jointly- 3 (32 839) - 32 839 controlled entity Impairment of associate 3 (95 646) - 95 646 Reversal of impairment of 3 15 000 15 000 investment in jointly- controlled entity - Depreciation 2 (34 011) - 34 011 Amortisation 2 (1 999) - 1 999 Profit before finance costs 23 792 3 and taxation 23 789 Finance income 1 745 1 746 (1) Finance Costs (32 916) (32 916) - Loss before taxation (7 379) (7 381) (2) Taxation (15 292) (15 291) 1 Loss for the year (22 671) (22 672) (1) Other comprehensive income Unrealised fair value loss on (4 491) (1) available-for-sale investments, net of tax (4 492) Change in reserves from 13 197 - associated companies, net of tax 13 197 Total comprehensive loss for (13 965) (2) the year (13 967) Net loss for the year attributable to: Ordinary shareholders (22 671) (22 672) (1) (22 671) (22 672) (1) Total comprehensive loss attributable to: Ordinary shareholders (13 965) (2) (13 967) (13 965) (2) (13 967) Basic and diluted earnings (4.89) - per share (cents) (4.89) Headline and diluted headline 19.13 0.01 earnings per share (cents) 19.12 Adjusted and diluted adjusted 22.38 - headline earnings per share (cents) 22.38 GROUP STATEMENT OF FINANCIAL POSITION Note Audited Reviewed
30 June 30 June R change 2011 2011 R`000s R`000s R`000s ASSETS Non current assets 1 631 715 1 631 716 (1) Non-current asset held for sale 451 000 451 000 - Current assets 112 179 112 177 2 Total assets 2 194 894 2 194 893 1 EQUITY AND LIABILITIES Capital and reserves Total equity 1 756 792 1 756 790 2 Shareholders` interest 1 756 792 1 756 790 2 Non-current liabilities - Provisions 126 126 - - Deferred tax liabilities 23 618 23 618 - - Interest-bearing borrowings 88 000 106 436 (18 436) 4 - Cumulative redeemable 193 157 256 961 (63 804) preference shares 4 - Finance lease liabilities 1 500 - 1 500 4
Current Liabilities 4 131 701 50 962 80 739 Total Equity & liabilities 2 194 894 2 194 893 1 Tangibles net asset value 347 347 - (before deducting treasury shares)(cents) Adjusted tangible net asset 349 349 - value (after deducting treasury shares)(cents) Net asset value (before 373 373 - deducting treasury shares)(cents) Adjusted net asset value (after 375 375 - deducting treasury shares) (cents) GROUP STATEMENT OF CASH FLOW Audited Reviewed
30 June 30 June R change 2011 2011 Cash flows from operating R`000s R`000s activities R`000s Loss before taxation (7 379) (7 381) (2) Adjustments for - Depreciation 34 011 34 011 - - Amortisation 1 999 1 999 - - Finance income - investments (3 405) (3 405) - and operations - Finance costs 32 916 32 916 - - Dividends received (2 009) (2 008) 1 - Loss on sale of property, 759 759 - plant and equipment - Profit on sale of investments (151) (151) - - Impairment of investments - 113 486 113 486 - Impairment of investment in 32 839 - 32 839 jointly-controlled entity - Impairment of associate 95 646 - 95 646 - Reversal of impairment of (15 000) - 15 000 investment in jointly- controlled entity - Profit from equity-accounted - (119 565) (119 565) investments - Profit from jointly- (88 643) - 88 643 controlled entities - Profit from associates (30 923) - 30 923 Operating cash flows before 50 660 50 661 (1) working capital changes Net working capital changes - (23 879) (23 879) Increase in inventory (1 034) - 1 034 Increase in trade and other (1 248) - 1 248 receivables Decrease in trade and other (26 209) - 26 209 payables Cash flows from operations 22 169 26 782 4 613 Income taxes paid (11 907) (11 907) - Finance income - operations 1 745 1 746 (1) Net cash inflow from operating 12 007 16 621 4 614 activities Cash flows from investing activities Acquisition of plant and (28 299) (28 299) - equipment Acquisition of intangibles (2 577) (2 578) (1) Consideration from disposal of 127 128 (1) assets Net cash paid for business (5 976) (5 977) (1)) combination Net investments made (32 839) (32 838) (1) Finance income - investments 1 660 - 1 660 Dividends received 143 683 - 143 683 Net cash inflow/ (outflow) from 75 779 (69 564) 145 343 investing activities Cash flows from financing activities Dividends received - 143 682 (143 682) Finance income - investments - 1 659 (1 659) Preference share redeemed (24 163) (24 163) - Ordinary dividends paid to (33 666) (33 667) (1) equity holders of parent Share issue expenses (33) (33) - Finance costs (28 304) (32 916) (4 612) Loans (repaid)/advanced - Consideration from finance 2 915 2 915 - lease advanced - Repayment of finance leases (479) (479) - - Repayment of interest-bearing (16 000) (16 000) - borrowings Net cash (outflow)/inflow from (99 730) 40 998 (140 728) financing activities Net cash decrease in cash and (11 944) (11 945) (1) cash equivalents Cash and cash equivalents at 81 192 81 191 1 the beginning of the year Cash and cash equivalents at 69 248 69 246 2 the end of the year The difference between the audited annual financial statements and the reviewed results arise from the change in disclosure of the following items. There has not been any material change in the amounts. Note 1: Other Operating Revenue, (which includes other LPM operating recoveries as well as Other Investment Revenue, being dividends received and investment interest on positive cash balances), has been included in revenue in the annual financial statements, and not disclosed separately as per the reviewed results. Note 2: Depreciation and amortisation, which were included in operating costs in the reviewed results, has been separately disclosed in the annual financial statements. Note 3: The impairments and reversal of impairment of investments making up the impairment in investment in the reviewed results, has been separately disclosed in the annual financial statements. Note 4: The short-term portion of the cumulative redeemable preference shares, interest-bearing borrowings and finance lease liabilities, has been disclosed separately under current liabilities in the annual financial statements. Notice of Annual General Meeting Notice is hereby given that the annual general meeting of shareholders of GPI will be held on Wednesday, 7 December 2011, 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. The date on which shareholders must be recorded in the share register maintained by the transfer secretaries of the Company for purposes of being entitled to attend and vote at the annual general meeting is Friday, 25 November 2011, with the last day to trade being Friday, 18 November 2011. 10 October 2011 Cape Town Sponsor: PSG Capital Date: 10/10/2011 17:22:00 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.
