To view the PDF file, sign up for a MySharenet subscription.

TRUSTCO GROUP HOLDINGS LIMITED - Restatement of results due to pro-active monitoring process of the JSE and early voluntary adoption of IAS 12

Release Date: 18/07/2012 15:42
Code(s): TTO
Wrap Text
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
('the Company' or 'the Group' or 'Trustco')


Restatement of results due to pro-active monitoring process of the JSE and early voluntary adoption of IAS 12
Shareholders are advised that the restatement of the annual
financial statements of the Group for financial years 2010 and
2011, as indicated here-under, is necessitated as result of a
pro active monitoring process by the JSE requesting compliance
with IFRS and the voluntary early adoption of IAS 12 by the Group.
The pro active monitoring process identified that the
acquisition transaction, as disclosed per note 18 on page 72 of
annual financial statements 2011, would be more appropriately
disclosed in compliance with IFRS, if the vendor shares to be
issued as a result of the acquisition, was not accounted for as
a reduction of a receivable by the seller, but rather an reduction of the bargain purchase.
Although this had no effect on the profits achieved for
financial years 2010 and 2011, the restatement of these
transactions in the respective periods had an influence on the
headline earnings and headline earnings per share, as disclosed.
The net result of this restatement is a decline in headline
earnings per share of 2.21 cents for FY 2010 and an increase in
headline earnings per share of 2.21 cents for FY 2011.
The Group further decided to simultaneously voluntary early
adopt IAS 12(Income Taxes) effective 31 March 2012, which the
Group would have been obliged to adopt in financial year 2013,
therefore incorporating all restatements at the same time.
The adoption of IAS 12 results in the increase of profits of NAD
33.1 million (FY 2012), NAD 21.7 million (FY 2011) and NAD 31.6 million (FY 2010) respectively.
Earnings per share increased by 5.17 cents per share (FY 2012),
3.21 cents per share (FY 2011) and 4.66 cents per share (FY
2010) respectively due to the early adoption of IAS 12.
This restatement will be incorporated in the annual report for
the financial year ended 31 March 2012. The annual report will
be circulated to shareholders circa 15 August 2012.
Below is a table reconciling the various line items affected by the restatement of the financial statements:
1 Statement of financial 2012 2011 2010 position
NAD '000 NAD '000 NAD '000 Distributable reserves (Change due to IAS 12 adoption Restated
775 785 556 116 355 230 Reported
682 435 495 875 316 731 Movement
93 350 60 241 38 499 Deferred tax liabilities Restated
31 148 27 592 18 583 Reported
124 498 87 833 57 082 Movement
-93 350 -60 241 -38 499 2 Statement of comprehensive income Gain on bargain purchase ( change due to JSE pro active monitoring) Restated
- 3 510 14 976 Reported
- - - Movement
- 3 510 14 976 Other income Restated
4 823 61 634 8 778 Reported
4 823 65 144 23 754 Movement
- -3 510 -14 976 Taxation( change due to IAS 12)
Restated (24 970) (12 441) 7 641
Reported (58 079) (34 183) (23 954) Movement
33 109 21 742 31 595 Profit for the year Restated
239 823 211 513 169 139 Reported
206 714 189 771 137 544 Movement
33 109 21 742 31 595 3 Earnings, headline earnings and dividends per share
Earnings for the purposes of basic earnings per share (change due to IAS 12) Restated
239 823 211 513 169 139 Reported
206 714 189 771 137 544 Movement
33 109 21 742 31 595 Headline earnings (change due to pro active monitoring process). Restated
138 539 146 916 70 356 Reported
138 539 131 940 85 332 Movement
- 14 976 -14 976 Weighted number of shares
683 622 677 240 677 240 Headline earnings per share (cents) Restated
20.27 21.69 10.39 Reported
20.27 19.48 12.60 Movement
0.00 2.21 -2.21 Earnings per share (cents) Restated
35.41 31.23 24.97 Reported
30.24 28.02 20.31 Movement
5.17 3.21 4.66 By order of the Board M Gebhardt Company Secretary. Windhoek, 18 July 2012 Sponsors: Namibia IJG Securities (Pty) Ltd South Africa Sasfin Capital (a division of Sasfin Bank Limited)
Date: 18/07/2012 03:42:00 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.

Share This Story