Wrap Text
ERB - Erbacon Investment Holdings Limited - Correction to unaudited condensed
group interim results for the period ended 31 August 2011
Erbacon Investment Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 2007/014490/06)
Share code: ERB
ISIN: ZAE000111571
("Erbacon" or "the Company")
CORRECTION TO UNAUDITED CONDENSED GROUP INTERIM RESULTS FOR THE PERIOD ENDED 31
AUGUST 2011
Shareholders are referred to the Unaudited Group Interim Results for the period
ended 31 August 2011, which was published on SENS on Friday, 7 October 2011
("the Interim Results announcement").
Shareholders are hereby advised that it has come to the Company`s attention that
the Interim Results announcement contained an error which needs to be rectified.
Although there is no change to the total loss and comprehensive loss for the
period in the Condensed Group Statement of Comprehensive Income, a calculation
error occurred under the section relating to the `Reconciliation of headline
loss` and in the calculation of the core headline loss and the headline loss per
share from discontinued operations. This was due to the reconciling items not
being adjusted for the non-controlling interest portion.
Accordingly shareholders are referred to the table below which sets out the
correction to the Interim Results announcement:
EXTRACT FROM GROUP STATEMENT OF
COMPREHENSIVE INCOME Original Restated
Unaudited Difference
Interim Interim
31 August 31 August
2011 2011
Figures in Rand thousands
Reconciliation of headline loss
Loss attributable to owners of the parent (83 714) (83 714)
Impairment of property, plant and
equipment - -
Loss/(profit) on disposal of plant and
equipment (519) (483) 36
Impairment on re-measurement of assets
held for sale 38 062 32 353 (5 709)
- -
Headline loss (46 171) (51 844) (5 673)
Basic loss per share (cents) (43,19) (43,19)
From continuing operations (13,04) (13,04)
From discontinued operations (30,15) (30,15)
Diluted loss per ordinary share (cents) (30,60) (30,60)
From continuing operations (8,23) (8,23)
From discontinued operations (22,37) (22,37)
Headline loss per share (cents)
Basic headline loss per ordinary share (23,82) (26,74) (2.92)
From continuing operations (13,18) (13,18) (0.00)
From discontinued operations (10,64) (13,56) (2.92)
Diluted headline loss per ordinary share (16,22) (18,40) (2.18)
From continuing operations (8,33) (8,33) (0.00)
From discontinued operations (7,89) (10,07) (2.18)
Weighted average number of shares in issue 193 848 193 848
Diluted weighted average number of shares
in issue 261 258 261 258
Other Information Original Restated
Unaudited Difference
Interim Interim
31 August 31 August
2011 2011
Core Headline loss
Headline loss (46 171) (51 844) (5 673)
Adjustments for non-core items net of
taxation:
Amortisation of contract-based intangible - -
Impairment of Small Plant and Form work
debtors and inventory - -
Impairment on re-measurement of assets
held for sale 15 877 13 495 (2 382)
Erbacon Roads & Earthworks losses 339 339
Interest on convertible redeemable and
participating
preference shares 3 781 3 781
Share-based payments 280 280
Restructuring costs 1 060 901 (159)
Core Headline loss (24 834) (33 048) (8 214)
Core diluted headline loss per ordinary
share (9,51) (12,65) (3.14)
20 December 2011
Durban
Designated adviser:
PSG Capital (Pty) Limited
Date: 20/12/2011 16:00:01 Supplied by www.sharenet.co.za
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