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LAB - Labat Africa Limited - Reconciliation of headline earnings and

Release Date: 05/06/2012 15:29
Code(s): LAB
Wrap Text

LAB - Labat Africa Limited - Reconciliation of headline earnings and clarification of review opinion LABAT AFRICA LIMITED Incorporated in the Republic of South Africa (Registration number 1986/001616/06) JSE code: LAB ISIN: ZAE000018354 ("Labat" or "the company") RECONCILIATION OF HEADLINE EARNINGS AND CLARIFICATION OF REVIEW OPINION Further to the reviewed results announcement published on SENS on 31 May 2012, the reconciliation of headline earnings for the year ended 29 February 2012 as required by paragraph 8.58 of the JSE Listings Requirements was not disclosed and accordingly the company now provides this reconciliation to shareholders as detailed below: GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Reviewed Restated Audited 12 months 12 months 12 months
29 February 28 February 28 February 2012 2011 2011 R`000 R`000 R`000 Total basic earnings per 12,82 6,65 5,82 share Continuing operations 13,00 3,83 3,0 Discontinued operations (0,18) 2,82 2,82
Total headline earnings per (3,63) 7,01 6,2 share Continuing operations (3,45) 3,30 2,6 Discontinued operations (0,18) 3,72 3,6 Reconciliation of weighted average number of shares Reviewed Restated Audited 12 months 12 months 12 months 29 February 28 February 28 February
2012 2011 2011 R`000 R`000 R`000 Issued shares at the 197,154 197,154 197,154 beginning of the year Weighted average number 197,154 197,154 197,154 Of shares Determination of headline (loss)/earnings: Profit attributable to 25,636 13,108 11,474 Equity holders of Labat Sale of assets (952) (1,050) (1,050) Impairment of intangible 1,716 - - assets Impairment of other financial 288 - - Assets Impairment of investments 169 - - Reversal of fair value (34,020) 1,780 1,780 adjustment other financial liabilities Headline profit/(loss) (7,163) 13,838 12 204 Headline profit/(loss) per (3.63) 7.01 6.2 share The Company wishes to clarify that the statement "except for the possible effects of the matter described in the Emphasis of Matter paragraph below" contained in the review opinion in the results announcement published on SENS on 31 May 2012 which statement may deem the opinion to be a qualification, should be removed as the review opinion contained an emphasis of matter and not a qualification. The revised review conclusion is as follows: "Based on our review, nothing has come to our attention that causes us to believe that the annual financial statements do not present fairly, in all material respects the financial position of Labat Africa Limited as at 29 February 2012 and its financial performance and cash flows for the year then ended, in accordance with the International Financial Reporting Standards and the requirements of the Companies Act of South Africa. Emphasis of matter Without qualifying our conclusion, we draw attention to the fact that the Groups current liabilities exceed its current assets by R 14,3 million and that, as mentioned by the directors in the going concern paragraph, a liability of R 34 million has been written back to profit and loss during the period under review." Sponsor Arcay Moela Sponsors (Proprietary) Limited 5 June 2012 Date: 05/06/2012 15:29:01 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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