VALUE GROUP LIMITED - Restatement of Diluted Earnings Per Share

Restatement of Diluted Earnings Per Share

Value Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1997/002203/06
Share code: VLE
ISIN code: ZAE000016507
(“Value” or “the company’)


RESTATEMENT OF DILUTED EARNINGS PER SHARE

Shareholders are advised that it was noted by the JSE’s proactive monitoring process that
the calculation of diluted earnings and diluted headline earnings per share for the years
ended 29 February 2012 and 28 February 2011 were not in accordance with IFRS.
The previous calculations were based on the directors’ interpretation of IAS 33 as it relates
to diluted earnings per share. The Directors still believe that that the previously reported
diluted earnings per share figures more accurately reflected the economic reality of the BEE
transaction entered into in July 2010, in that, at the end of the lock in period, the shares
issued to the BEE entities and BEE Trust would no longer be treated as treasury shares.
Subsequent to various correspondence with the JSE, the company’s auditors and
consultants, the company has amended its diluted earnings per share and diluted headline
earnings per share calculations. These changes are reflected in the table and note below:

                                      Audited                       Audited
                                      Restated         As previously reported           Variance
 Year ended 29/28 February        2012        2011           2012         2011       2012       2011


 Diluted earnings per share
 (cents)                           65,5         54,1         58,7             56,4   11,6%     (4,1%)


 Diluted headline earnings per
 share (cents)                     67,2         55,8         60,2             58,0   11,6%     (3,8)%


 Restated note on the calculation of diluted earnings
 per share

 Year ended 29/28 February                                                           2012      2011
 R’000

 Earnings on which diluted earnings per share were based
 (as previously reported)                                                         110,342   106,808

 Diluted earnings restated for:

 BEE transaction costs                                                              (840)  (12,697)

 Earnings on which diluted earnings per share are based
 (restated)                                                                       109,502    94,111

 Loss on disposal of property, vehicles, plant and
 equipment less taxation                                                            2,746     2,935

 Earnings on which diluted headline earnings per share are
 based (restated)                                                                 112,248    97,046
 Weighted average number of shares outstanding
 (‘000)

 Weighted average shares outstanding for basic and
 headline earnings per share (as previously reported)                              164,992  172,707

 Effect of weighting (restated)                                                         96      306

 Potentially dilutive ordinary    shares   resulting   from
 outstanding options (restated)                                                      2,068      797

 Weighted average shares outstanding for diluted earnings
 per share (restated)                                                              167,156   173,810


Johannesburg

Sponsor: Investec Bank Limited

2 April 2013

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