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Change Statement And Notice Of Annual General Meeting
Grand Parade Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the Company" or “the Group”)
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
CHANGE STATEMENT
Shareholders are hereby advised that the Integrated Annual Report for the year
ended 30 June 2014 was posted to shareholders today, 02 October 2014, and save
for the changes set out below, contains no material modifications to the
reviewed results which were published on the Stock Exchange News Service of the
JSE Limited on Monday, 28 August 2014.
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2014
GROUP STATEMENT OF COMPREHENSIVE INCOME
Audited Preliminary
results reviewed
results
Note 30 June 30 June R Change
2014 2014
Continuing operations
Revenue 134 976 134 976 -
Cost of sales (85 107) (85 107) -
Gross profit 49 869 49 869 -
Operating costs (165 385) (165 385) -
Loss from operations (115 516) (115 516) -
Loss from equity-accounted 1 (528) (255) 273
investments
Remeasurement of investment 32 838 32 838 -
Gain on acquisition of investment 23 637 23 637 -
Depreciation and amortisation 2 (8 755) (15 531) (6 776)
Loss before finance costs and (68 324) (74 827) (6 503)
taxation
Finance income 8 621 8 621 -
Finance costs (18 026) (18 026) -
Loss before taxation (77 729) (84 232) (6 503)
Taxation 2 18 846 20 744 (1 898)
Loss for the year from continuing (58 883) (63 488) (4 605)
operations
Profit after tax from discontinued 121 972 121 972 -
operations
Profit for the year 63 089 58 484 4 605
Other comprehensive income
Items that will be reclassified
subsequently to profit/loss
Unrealised fair value loss on (5 189) (5 189) -
available-for-sale investments, net
of tax
Total comprehensive income for the 57 900 53 295 4 605
year
Loss for the year from
continuing operations
attributable to:
- Ordinary shareholders (51 042) (52 937) (1 895)
Profit for the year from
discontinued operations
attributable to:
- Ordinary shareholders 121 972 122 972 -
Non-controlling interest 3 (7 841) (10 551) (2 710)
63 089 58 484 4 605
Total comprehensive income
attributable to:
- Ordinary shareholders 65 741 63 846 1 895
- Non controlling interest (7 841) (10 551) (2 710)
57 900 53 295 4 605
Cents cents Cents
change
Basic earnings per share 15.20 14.79 0.41
Diluted earnings per share 15.13 14.73 0.40
Headline earnings per share 3.17 2.76 0.41
Diluted headline earnings per share 3.15 2.75 0.40
Adjusted headline earnings per 22.91 22.50 0.41
share
Diluted adjusted headline earnings 22.82 22.41 0.41
per share
Ordinary dividend per share 15.00 15.00 -
Special ordinary dividend per share - - -
GROUP STATEMENT OF FINANCIAL POSITION
Note Audited Preliminary
results reviewed
results
30 June 2014 30 June 2014 R change
R’000s R'000s R'000s
ASSETS
Non-current assets 2 301 692 293 873 7 819
Assets classified as held for 4 1 655 335 1 640 743 14 592
sale
Current assets 5 218 203 210 483 7 720
Total assets 2 175 230 2 145 099 30 131
EQUITY AND LIABILITIES
Total equity 1 682 715 1 681 277 1 438
Non-controlling interest 3 (9 407) (12 575) (3 168)
Total shareholder’s equity 1 673 308 1 668 702 4 606
Non-current liabilities
- Provisions 490 490 -
- Deferred tax liabilities 2 18 557 16 660 1 897
- Finance lease liabilities 945 945 -
- Interest-bearing borrowings 60 000 60 000 -
- Cumulative redeemable
preference shares 132 691 132 691 -
Liabilities classified as 4
held for sale 170 124 155 532 14 592
Current Liabilities 5 119 115 110 079 9 036
Total equity & liabilities 2 175 230 2 145 099 30 131
Cents Cents Cents change
Tangible net asset value per
share 293 292 1
Adjusted tangible net asset
value per share 307 304 3
Net asset value per share 345 344 1
Adjusted net asset value per
share 361 358 3
GROUP STATEMENT OF CASH FLOW
Audited Preliminary
results reviewed
results
30 June 2014 30 June 2014 R change
R’000s R'000s R'000s
Cash flows from operating activities Note
Net cash utilised in operations (98 937) (100 341) (1 404)
Income tax paid (1 950) (1 950) -
Finance income 8 621 8 621 -
Net cash from operating activities
from discontinued operations 106 711 106 711 -
Net cash inflow from operating
activities 14 445 13 041 1 404
Cash flows from investing activities
Acquisition of plant and equipment (76 207) (75 118) 1 089
Acquisition of land and buildings (42 172) (41 858) 314
Acquisition of intangible assets (4 286) (4 286) -
Proceeds from the disposal of
property, plant and equipment 24 24 -
Cash acquired through business
combinations 5 930 5 930 -
Investments made (43 331) (43 331) -
Consideration from the sale of
investments 229 229 -
Dividends received 4 916 4 916 -
Net cash from investing activities
from discontinued operations 34 087 34 087 -
Net cash outflow from investing
activities (120 810) (119 407) 1 403
Cash flows from financing activities
Finance costs (17 702) (17 702) -
Increase in loans received 9 595 9 595 -
Acquisition of treasury shares (10 770) (10 770) -
Share issue expenses (134) (134) -
Dividends paid (68 564) (68 563) 1
Net cash from financing activities
from discontinued operations (32 109) (32 109) -
Net cash outflow from financing
activities (119 684) (119 683) 1
Net cash increase in cash and cash
equivalents (226 049) (226 049) -
Cash and cash equivalents at the
beginning of the year 403 218 403 218 -
Cash and cash equivalents at the end
of the year 177 169 177 169 -
Cash included in discontinued
operations (31 687) (31 687) -
Total cash and cash equivalents from
continuing operations 145 482 145 482 -
The difference between the audited annual financial statements and the
preliminary reviewed results arose due to the following items.
Note 1: GPI recognised a profit from Mac Brothers Catering Equipment (Pty) Ltd
(Mac Brothers of R194k in the preliminary reviewed results. The signed annual
financial statements of Mac Brothers reflected a loss after tax for the four
month period from April 2014 to June 2014, resulting in GPI having to recognise
a loss from this investment of R80k.
Note 2: As the residual values of the properties for the Group exceeded its
carrying amounts, the depreciation on the properties were reversed for the year.
This resulted in a lower amount recognised by the Group for depreciation. This
adjustment also affected the deferred tax amount and decreased the amount of tax
recognised by the Group.
Note 3: An adjustment was processed at the Slots Group level to non-controlling
interest due to the de-recognition of deferred tax assets.
Note 4: Trade debtors and trade creditors, including VAT receivables and Vat
payables within the Slots Group were reclassified between current assets and
current liabilities.
Note 5: Trade debtors and trade creditors, including VAT receivables and Vat
payables were reclassified between current assets and current liabilities.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of GPI
will be held on Wednesday, 10 December 2014, at 18:00 at The Roof Terrace Room,
Cape Town Convention Centre, Foreshore, Cape Town, Western Cape to transact the
business stated in the notice of annual general meeting, which notice forms part
of the abridged annual report.
The date on which shareholders must be recorded in the share register of the
Company for purposes of being entitled to attend and vote at the annual general
meeting is Friday, 5 December 2014, with the last day to trade being Friday, 28
November 2014.
02 October 2014
Cape Town
Sponsor
PSG Capital (Pty) Limited
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