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Abridged Audited Results For Prefex Co Limited And The J251 Trust
PREFEX CO LIMITED ("PrefEx Co")
INSTRUMENT: PREFEX SECURITIES
ABBREVIATED NAME: PREFEX
SHARE CODE: PREFEX
ISIN CODE: ZAE000164570
Abridged Audited Results For Prefex Co Limited And The J251 Trust
ABRIDGED AUDITED RESULTS FOR PREFEX CO LIMITED FOR THE YEAR ENDED 31 DECEMBER
2012
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December
2012
31 December
2012
R
Operating income 4 016 921
Operating expenditure (4 016 921)
NET PROFIT BEFORE TAXATION -
Taxation -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR -
STATEMENT OF FINANCIAL POSITION
31 December 2012
31 December
2012
R
ASSETS
NON-CURRENT ASSETS
INVESTMENTS 209 736 960
209 736 960
EQUITY AND LIABILITIES
SHARE CAPITAL -
Accumulated profit / (loss) -
EQUITY -
NON-CURRENT LIABILITIES
PREFEX SECURITY 209 736 960
TOTAL EQUITY AND LIABILITIES 209 736 960
STATEMENT OF CHANGES IN
EQUITY
For the year ended 31 December
2012
Share Accumulated
Profit/
Capital (Loss) Total
R R R
Balance at 1 January 2012 - - -
Issued 1000 ordinary shares at nil - - -
Total comprehensive income for the
year - - -
Balance at 31 December 2012 - - -
STATEMENT OF CASH FLOWS
For the year ended 31 December 2012
31 December
2012
R
NET PROFIT/(LOSS) BEFORE TAXATION -
Adjusted for:
Investment Revaluation 4 016 921
Prefex revaluation (4 016 921)
NET PROFIT/(LOSS) BEFORE TAXATION
ADJUSTED FOR WORKING CAPITAL CHANGES -
Net cash inflow/(outflow) from operating activities -
NET CASH INFLOW/(OUTFLOW) FROM INVESTING
ACTIVITIES
Purchase of securities and equities (213 753 881)
NET CASH INFLOW/(OUTFLOW) FROM FINANCING
ACTIVITIES
Proceeds from issue of Prefex securities 213 753 881
NET INCREASE/(DECREASE) IN CASH AND CASH
EQUIVALENTS -
Cash and cash equivalents at the beginning of the year -
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR -
ACCOUNTING POLICIES
31 December 2012
The annual financial statements of the Company are prepared in accordance with International
Financial Reporting Standards ("IFRS") and the Companies Act of South Africa and have been
prepared on the historical cost basis consistent with the prior year.
The principal accounting policies adopted in the preparation of these financial statements are set
out below and are consistent in all material respects with those applied in the previous year.
Adoption of new and revised International Financial Reporting Standards (IFRSs) affecting
presentation and disclosure:
IFRS 7: Financial Instruments: Offsetting financial assets and financial liabilities effective for
annual periods beginning on or after 1 January 2013
IFRS 9: Financial Instruments: Classification and Measurement effective for annual periods
beginning on or after 1 January 2015
IAS 1: Presentation of Financial Statements to revise the way other comprehensive income is
presented effective for annual periods beginning on or after 1 July 2012
IAS 27: Consolidated and Separate Financial Statements effective for annual periods beginning on
or after 1 January 2013
1. Deferred taxation
Deferred tax is accounted for using the balance sheet liability method in respect of temporary
differences arising from differences between the carrying amount of assets and liabilities in the
financial statements and the corresponding tax basis used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
2. Investments
Investments are recognised on a settlement date basis and are initially measured at cost,
including transaction costs, and are remeasured to fair value through profit and loss using
market closing prices at each subsequent reporting date.
ABRIDGED AUDITED RESULTS FOR THE J251 TRUST FOR THE YEAR ENDED 31 MARCH 2013
STATEMENT OF FINANCIAL POSITION
31 March 2013
31 March
2013
R
ASSETS
NON-CURRENT ASSETS
INVESTMENTS 211 943 205
CURRENT ASSETS
DIVIDENDS RECEIVABLE 1 161 826
BANK AND CASH 1 783 931
TOTAL ASSETS 214 888 962
EQUITY AND LIABILITIES
CAPITAL CONTRIBUTIONS 221 952 660
ACCUMULATED PROFIT (7 210 943)
EQUITY 214 741 717
CURRENT LIABILITIES
SUNDRY PAYABLES 147 245
TOTAL EQUITY AND LIABILITIES 214 888 962
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2013
31 March
2013
R
Dividend income 12 796 599
Interest Income 142 911
Investment revaluation realised on sale (817 081)
Investment revaluation unrealised (9 147 595)
OPERATING INCOME 2 974 834
Operating expenses 456 360
NET PROFIT BEFORE TAXATION 2 518 474
Taxation -
NET PROFIT AFTER TAXATION 2 518 474
Other comprehensive income -
TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE
YEAR 2 518 474
STATEMENT OF CHANGES IN
EQUITY
For the year ended 31 March 2013
Capital Accumulated
Contributions Profit/ (Loss) Total
R R R
Balance at 1 April 2012 - - -
Capital contributions received 222 218 087 222 218 087
Capital expenses
- -
Capital contributions repaid (265 427) (265 427)
Total comprehensive income for the year
- 2 518 474 2 518 474
Dividends/distributions
- (9 729 417) (9 729 417)
Balance at 31 March 2013 221 952 660 (7 210 943) 214 741 717
STATEMENT OF CASH FLOWS
For the year ended 31 March 2013
31 March
2013
R
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 11 468 569
Dividends paid (9 729 417)
Net cash (outflow)/inflow from operating activities 1 739 152
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investments (256 822 008)
Proceeds from sale of investments 34 914 127
Net cash outflow from investing activities (221 907 881)
CASH FLOWS FROM FINANCING ACTIVITIES
Contributions received 222 218 087
Contributions repaid (265 427)
Net cash inflow from financing activities 221 952 660
NET INCREASE/(DECREASE) IN CASH 1 783 931
Cash at beginning of year -
CASH AT END OF YEAR 1 783 931
ACCOUNTING POLICIES
31 March 2013
The financial statements have been prepared consistently on the following principal accounting
policies:
Investments
1.
Investments consist of unquoted equity instruments and listed equity instruments. Unquoted
equity instruments are stated at cost due to the fact that the fair value of these equity instruments
cannot be measured reliably. Listed equity instruments are carried at fair value through profit and
loss. Fair value is determined based on the closing market price of the investment at year end.
Where, in the opinion of the Trustees, a permanent diminution in the value of an investment has
occurred, the investment is stated at its written-down value and the related diminution is written-
off through the income statement.
Recognition of investment income
2.
Investment income and dividends are recognised on an accrual basis.
Capital contributions
3.
Capital contributions are accounted for at
cost.
The full financial statements of PrefEx Co Limited and The J251 Trust will be available on
www.grindrodsecurities.co.za.
Johannesburg
28 June 2013
Sponsor:
Grindrod Bank Limited
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