Wrap Text
Audited summary consolidated results for the year ended 31 August 2014
PURPLE GROUP LIMITED
(formerly Purple Capital Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE ISIN: ZAE000185526
("Purple Group" or "the Company" or "the Group")
AUDITED SUMMARY CONSOLIDATED RESULTS
for the year ended 31 August 2014
- R20,8 million
EBITDA* increased by 56,4%
- R572,2 million
Client funds increased by 35,1%
- One cent
Capital distribution per share
- R93,9 million
Revenue from continuing operations increased by 13,3%
*Earnings before interest, tax, depreciation, amortisation, fair value and
impairment adjustments.
CHAIRMAN'S LETTER
In 2014 Purple Group found the firm ground on which we intend to build our future.
Purple Group is where people come in pursuit of their own financial independence.
There is no higher goal in your personal financial development.
Personal financial independence is not about how much money you start with, it is
about being in control of your economic life – that's our cause.
Financial independence doesn't elude you because you don't start with money – it
eludes you because you don't have the knowledge or understanding to take charge of
your own financial future.
Owners of wealth hold on to it because of paternal caution, because of control, and
because the keys to wealth creation are guarded closely by their practitioners, as if it
was a mystery. We don't buy that, it isn't.
So often, when money is finally passed on, it is without knowledge – an inheritance or
allowance of one form or another. By then it is too late for the recipient to do much
more than preserve the capital and hope that its yield will keep you going. Even if there
is plenty, many have never been empowered to know what to do with it when they get
it. We can't accept that.
The barriers to financial independence are time and knowledge, not money.
Our sole purpose within the Purple Group is to accompany you on your journey towards
financial independence, that's it.
We like to start early in your life and we start by teaching you, well before you actually
invest your money. We are the 2014 savvy person's personal investment partner. We
tailor our offering to your risk profile, and we engage.
Because we have GT247.com's derivatives platform systems and Emperor's quantitative
momentum investing strategy in the same house, we can integrate real-time technology
and fundamental analysis. You get choice, you participate – in a transparent, real time
and interactive involvement with your money. Not now and again, not only when you call
us, not seven days after month end – we're on your mobile, not in the post. Investment
is personal, all of us at Purple get that.
Purple Group provides access to trading and investment, at your fingertips, at the
cheapest rate in town. What's Stopping You?
I work with a great team. I thank them for a year of remarkable delivery into our strategy.
I look forward to another year of growth, with our clients.
Mark Barnes
Chairman
CHIEF EXECUTIVE OFFICER'S REPORT
Purple Group has achieved much this year and I am extremely proud of the team
effort that has led us to this year's results. Our success has not been restricted to the
numbers in our income statement, we have won over considerable public, media and
competitor recognition for our efforts which culminated in GT247.com being awarded
in three categories in this year's Business Day Investors Monthly Stockbroker of the
Year awards 2014.
Purple Group is a retail focused financial services group that engages with clients who
are aspirational about their wealth. Commonly referred to as the mass and emerging
affluent, this target audience holds much promise for the group, not only because of
its strong forecast growth prospects but also because it is an under-serviced sector.
The strategy of the Group is focused on these key pillars:
- Building brand trust and loyalty;
- Increasing the effectiveness and agility of our sales, service and marketing approach;
- Empowering investment education and financial independence; and
- Reducing trading and investment barriers and making products and platforms easy.
The continued exclusionary practices of the broader financial services sector have offset
a large portion of the growth opportunities that have existed for more than two decades.
Our response has been to innovate. Products and services that engage, educate,
inspire, include, simplify and, most importantly, cast aside barriers and present a new
friendly face for the future of financial services. I am convinced that the growth that the
industry left behind can be captured if we just focus on making things easier. An easy
strategy if you like.
Since launching Emperor Asset Management we have made much progress and the
significant client growth experienced by this business has given us further confidence
in our "make it easy" approach. Perhaps the largest stride was taken this year through
the launch of our EasyEquities platform. Share investing is the foundation of almost
everything investing and so it presented the greatest opportunity for us to make easy.
The goal is to design an easy, affordable, secure, share investing platform for everyone
that creates a friendly and rewarding user experience.
The brief was simple: think Amazon, Twitter, Facebook and Uber for investing in shares.
If it's been done before don't do it.
The result has been quite extraordinary and before it even went live EasyEquities
was anointed by Business Day Investors Monthly, in their Stockbroker of the year
awards 2014, as the best platform for the "Young Saver". The product review reported
"EasyEquities is structured to specifically remove traditional barriers …. it is now without
doubt the best value and most convenient offering for entry level investors". Gus Silber,
of the Mail & Guardian, echoed this sentiment when he commented "Trading on the
JSE has always been an intimidating prospect for the small investor. Your easy-as-an-
app platform makes it a viable prospect, and encourages saving and participation in
the broader market economy. With due caution and proper research on the part of the
investor, your platform could go a long way towards the democratisation of the Stock
Exchange. Looking forward to sharing!"
The overwhelming response received has just confirmed that our "make it easy"
approach with your money is on the money. Whilst we recognise that we still have
much to do, across all our products and platforms, there is sufficient evidence that we
are having a strong impact on the industry and winning over more and more support.
In the year ahead our focus remains on building on our key strategic pillars and
continuing to pioneer new alternatives that empower individuals towards greater
understanding and more control over their trading and investments. The foundations
and strategy focus that I communicated in last year's annual report have proved to
be firm.
I am grateful to our shareholders for their resolute support and I am confident that we
will continue to deliver strong earnings growth in the year ahead.
Charles Savage
Group CEO
CHIEF FINANCIAL OFFICER'S REPORT
Revenue
GT247.com
GT247.com is a leading South African discount broker focusing on the provision of low
cost online trading and investing products. Its strategy is focused on innovation that
"makes it easy", reducing barriers to entry and engaging clients to take control of their
trading and investing activities. It provides access to local and international markets
through shares, Contracts for Difference (CFDs), spread trading (Futures), currencies,
commodities, bonds and binary options.
GT247.com posted strong revenue growth of 18,2% during the current year, increasing
from R60,5 million to R71,5 million. This was an impressive result when considered in
context of the continued suppressed levels of market volatility and the progressively
higher stock valuations experienced. These factors impacted negatively on growth
prospects as lower levels of volatility and higher share prices resulted in growing
circumspection, lower investor confidence, less trading opportunities and therefore
lower trading volumes.
Growth in revenue was strongly supported by income attributable to the products and
services provided to asset managers, most notably to the Groups asset management
business, Emperor Asset Management (EAM). In addition a marked increase of 68.5%
in nominal value traded, predominantly on our spread trading platform, supported
revenue growth and whilst there was not a commensurate increase in income, because
of the low cost nature of the product, the trend is notable and a positive indicator for
increased client trust and confidence in our offering.
GT Private Broking
GT Private Broking (GTPB) is a private label of GT247.com. It leverages off the Group
wide products and services and focuses its strategy on the delivery of a high touch
personal execution and trade assisted service that is tailored to meet the clients'
unique trading profile and investment preferences.
GTPB posted a mixed set of results. Ever rising equity valuations and the caution of a
possible strong market retracement drove volumes away from equities and into other
asset classes. This impacted on revenue, which was down 7,4% for the current year.
There was however an increase in nominal value traded of 9,8% in the current year,
however, this was in lower margin products.
Emperor Asset Management
Emperor Asset Management (EAM) provides a unique range of asset management
products, including unit trusts, segregated portfolios and hedge funds. Each of our
investment strategies leverages off our unique, quantitative, momentum style approach,
which has a proven 10-year track record of benchmark beating returns. Tailored risk
and return, real-time access and aligned performance fee structures are some of the
characteristics that set EAM apart.
EAM increased assets under management (AUM) in its segregated managed portfolios
by 54% during the current year, totalling R405 million at 31 August 2014. Revenue
growth of 12,5% was not commensurate with growth in AUM as performance fees were
substantially down from last year.
A key differentiator of our approach is that our fee structure is designed to always be
aligned with our client interests. This is achieved through our performance fee structure
which rewards the manager, beyond management fees earned, for benchmark (JSE/
FTSE Top 40) beating returns. Distinctly, a large portion of performance fees accrued
always remain at risk to future performance. Last year the Robert Falcon Scott Strategy
(RFS) posted 12 months returns to 30th September 2013 of 39,2% over the benchmark
of 25,2% whereas this year it posted 10,9% vs. 11,9%, in the result impacting on the
revenue contribution from performance fees.
Growth in AUM was fuelled mostly by strong client acquisition during the first half of
the financial year. The slow-down in growth during the second half of the year reflected
tougher trading conditions and a more considered approach to ever rising equity
valuations. Our own cautious market outlook, set out in our February 2014 market
update to clients, raised caution of a strong possible market retracement, which we
then positioned our client portfolios for. This positioning cost our investors some upside
returns as the market continued unabated. However, the decision to be more cautiously
positioned was well made and since the market top and subsequent retracement in late
September and October we have almost closed the gap in performance against our
benchmark and are optimistic about our return prospects into the calendar year end.
Expenses
Trading expenses, comprising introducing agent commissions, sales commissions
and third party research costs increased by 9,9%. These expenses are predominantly
variable in nature.
The operating expenses of the Group increased by 4,4% during the current year.
Our focus remains on containing costs where we can, through constantly improving
the efficiencies of our back office processes, and spending our money where it
counts, being the front end of the business through additional marketing spend and
sales capacity.
EBITDA
EBITDA from core operations increased by 56,4% to R20,8 million for the year ended
31 August 2014. This increase was driven by the 13,2% increase in revenue with only
a 4,3% increase in operating costs.
The Group's current operating capacity is sufficient to sustain considerable growth in
revenue; hence we would expect that future increases in revenue would flow through to
the bottom line, as it has during the current year.
Net interest expense
The increase in the net interest expense was due to the 75 basis point hike in the
repo rate during the current financial year, as the Group's medium-term borrowings
decreased down to R3,8 million at 31 August 2014 (2013: R7,5 million).
Depreciation and amortisation
Depreciation and amortisation costs increased due to various new product development
costs being capitalised during the year, mainly comprising IT development expenses in
respect of the new EasyEquities product.
Fair value and impairment adjustments
2014 2013
R'000 R'000
Blockbuster Trading (BBT) 25 446 18 754
Umnombo Investment Holdings (UIH) 5 200 –
Total – RPIH related write-down 30 646 18 754
Misty Sea Trading 131 Proprietary Limited – (3 430)
African Independent Retail Finance (AIF) 978 –
Total 31 624 15 324
Purple Group owns a 37,5% shareholding in BBT (an empowerment vehicle which
holds a 7,1% stake in Real People Investment Holdings Proprietary Limited (RPIH). As
announced on SENS on 21 August 2014, Blockbuster Trading reached agreement with
its funders, in terms of which the funding will be fixed, at the amount of the initial loan
advanced, for a further three years.
This indirect investment in RPIH remains non-core to the Purple Group and the revised
funding structure allows for a considered exit over the next three years. In light of
the current concern around values in the unsecured lending industry, the Group's
investment in Blockbuster has been written down to zero.
UIH is an empowerment vehicle in which Purple Group owns a 40% shareholding.
UIH owns an 18% stake in BBT.
UIH's investment in BBT was similarly written down to zero during the current year,
resulting in the Purple Group having to write-down the carrying value of a shareholder
loan, with a carrying value of R5,2 million, advanced to UIH, as the value of UIH's
investment in BBT supported the recoverability of the shareholder loan.
The Group's exposure to AIF has been impaired in the current year to zero as the loan
no longer appears to be recoverable.
Current and deferred tax
The tax debit of R1,4 million for the year ended 31 August 2014 mainly comprises
current tax of R6,8 million paid by First World Trader Proprietary Limited in respect of
current year profits and the deferred tax effects of the fair value write-downs and losses
incurred in the Purple Group Limited entity.
Discontinued operations
Purple Group disposed of its interests in Powerbet and Purple Capital Treasury during
the latter part of the last financial year. The expense of R2,0 million (net of tax) incurred
during the first part of the current financial year related to expenses associated with
the closing of the Powerbet sale. No further expenses have been incurred in respect
of these operations.
Profit for the year
Basic earnings per share for the year ended 31 August 2014 has decreased from a
profit per share of 0,28 cents in the prior year to a loss per share of 2,09 cents. Headline
earnings per share has improved from a loss of 2,25 cents per share in the prior period
(excluded the profit realised on the disposal of the discontinued operations) to a loss of
2,01 cents per share (excludes the write down in AIF).
Summarised Consolidated Statement of Financial Position
The fair value and impairment adjustments in the current year resulted in a decrease in
non-current assets of R31,6 million for the year ended 31 August 2014.
The Group only has R3,8 million outstanding on its medium-term loan.The equity
attributable to owners decreased by R31,3 million comprising the capital distribution
paid to shareholders of R16,3 million and the net loss realised during the year.
Gary van Dyk
Chief Financial and Operations Officer
OPERATING SEGMENTS
The operating segments are distinguished by the type of business and the management
team responsible for the business unit. The Group comprises the following operating
segments:
- GT247.com (which includes GT Private Broking) and Emperor Asset Management
(EAM): are the derivatives trading and asset management operations of the Group;
- Purple Group: includes the operating costs of the head office;
- Investments: fees and dividends earned on investments and fair value adjustments
made against them;
- Powerbet Gaming Proprietary Limited trading as Voltbet: was the Group's sports
betting operation; and
- Purple Group Treasury Proprietary Limited: was the treasury outsourcing operations
of the business.
GT247.com Purple
and EAM Group Investments Total
R'000 R'000 R'000 R'000
2014
Segment asset
Non-current assets 12 427 230 579 2 699 245 705
Current assets 138 559 – – 138 559
Total assets 150 986 230 579 2 699 384 264
Segment liabilities
Non-current liabilities – – – –
Current liabilities (9 695) (129 870) – (139 565)
Total liabilities (9 695) (129 870) – (139 565)
There are no unallocated amounts. The only material inter-segment revenue is the management fees that Purple Group charged First
World Trader Proprietary Limited of R4 088 000 (2013: R6 211 000) for the year.
Discon- Inter-
Gt247.com Purple Invest- tinued segment
and EAM Group ments Voltbet revenues Total
R'000 R'000 R'000 R'000 R'000 R'000
2014
Revenue 93 897 4 088 – – (4 088) 93 897
Trading expenses (7 814) – – – – (7 814)
Operating expenses* (63 239) (6 340) – (2 514) 4 088 (68 005)
Net income/(loss) 22 844 (2 252) – (2 514) – 18 078
Other income 218 – – – – 218
Impairment and fair value adjustments – – (31 624) – – (31 624)
Profit/(Loss) before interest,
depreciation and amortisation 23 062 (2 252) (31 624) (2 514) – (13 328)
Interest income – 208 – – – 208
Interest expense (112) (963) – – – (1 075)
Depreciation and amortisation (1 973) (9) – – – (1 982)
Profit/(Loss) before tax 20 977 (3 016) (31 624) (2 514) – (16 177)
Current and deferred tax (6 447) 470 4 598 487 – (892)
Profit/(Loss) after tax 14 530 (2 546) (27 026) (2 027) – (17 069)
*Share-based payment expense of R1 905 000 is included in operating expenses. The split per segment is as follows:
- GT247.com and EAM: R1 450 000
- Purple Group: R455 000
Discontinued
Purple Inter-
Gt247.com Purple Invest- Capital segment
and EAM Group ments Voltbet Treasury revenues Total
R'000 R'000 R'000 R'000 R'000 R'000 R'000
2013
Revenue 82 921 6 211 – 5 934 2 023 (6 211) 90 878
Trading expenses (7 109) – – (2 489) (369) – (9 967)
Operating expenses* (60 635) (7 019) (1 320) (18 084) (4 533) 6 211 (85 380)
Net income/(loss) 15 177 (808) (1 320) (14 639) (2 879) – (4 469)
Other income 259 – – – – – 259
Impairment and fair value
adjustments – – (15 324) – – – (15 324)
Profit on sale of subsidiary – – – 21 392 321 – 21 713
Profit/(Loss) before interest,
depreciation and amortisation 15 436 (808) (16 644) 6 753 (2 558) – 2 179
Net interest expense (8) (708) – – – – (716)
Depreciation and amortisation (1 767) (30) – (604) (489) – (2 890)
Profit/(Loss) before tax 13 661 (1 546) (16 644) 6 149 (3 047) – (1 427)
Current and deferred tax (2 263) 911 3 743 1 164 137 3 692
Profit/(Loss) after tax 11 398 (635) (12 901) 7 313 (2 910) _ 2 265
Segment asset
Non-current assets 9 869 223 398 34 224 – – – 267 491
Current assets 126 655 30 279 – – – – 156 934
Total assets 136 524 253 677 34 224 – – – 424 425
Segment liabilities –
Non-current liabilities – – – – – – –
Current liabilities (132 601) (15 796) – – – – (148 397)
Total liabilities (132 601) (15 796) – – – – (148 397)
*Share-based payment expense of R1 980 000 is included in operating expenses. The split per segment is as follows:
- GT247.com and EAM: R906 000
- Purple Group: R887 000
- Voltbet: R149 000
- Purple Caiptal Treasury: R38 000
CAPITAL DISTRIBUTION
The directors declared a capital distribution out of share premium, by way of a reduction of contributed capital of 2 (two) cents per
share, in lieu of a dividend, paid on 17 December 2013 to ordinary shareholders recorded in the Company's register at the close of
business on 6 December 2013.
In respect of the current year, the directors declared that a capital distribution of 1 (one) cent per share be paid to shareholders, by
way of a reduction of share premium on 1 December 2014. The proposed capital distribution is payable to all shareholders on the
Register of Members on 28 November 2014. The total estimated capital distribution to be paid is R8,1million. The payment will not
have any tax consequences for the Group.
As this capital distribution was declared after the reporting date, it will only be accounted for in the 2015 financial year.
Please refer to the announcement released on SENS on 4 November 2014 for the salient dates for the payment of the capital
distribution.
SUBSEQUENT EVENTS
The directors are not aware of any other matter or circumstances arising since year end up to the date of this announcement, not
otherwise dealt with in this announcement.
ANNUAL GENERAL MEETING
The annual general meeting of Purple Group will be held at The Offices of Hyde Park, Block B, Strouthos Place (off 2nd Road), Hyde
Park on Friday, 5 December 2014 at 10:00.
BASIS OF PREPARATION OF THE AUDITED RESULTS
The summary consolidated financial results are prepared in accordance with the requirements of the JSE Limited Listings Requirements
for abridged reports, and the requirements of the Companies Act of South Africa applicable to summary financial statements. The
Listings Requirements require abridged reports to be prepared in accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards Council and
to also, as a minimum, contain the information required by IAS 34 Interim Financial Reporting. The accounting policies applied in
the preparation of the consolidated financial statements from which the summary financial statements were derived are in terms of
International Financial Reporting Standards and are consistent with those accounting policies applied in the preparation of the previous
consolidated annual financial statements, except for the adoption of new, improved and revised standards and interpretations, which
had no material effect on the financial results. This report was compiled under the supervision of Gary van Dyk CA(SA), Chief Financial
and Operations Officer.
The audited summary consolidated financial statements do not include all of the information required for full annual financial statements
and should be read in conjunction with the consolidated annual financial statements for the year ended 31 August 2014. The directors
of take full responsibility for the preparation of the provisional report and that the financial information has been correctly extracted
from the underlying Group financial statements.
REPORT OF THE INDEPENDENT AUDITORS
These summary consolidated financial results for the year ended 31 August 2014 have been audited by BDO South Africa Inc., who
expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the consolidated annual financial
statements from which these summary consolidated financial results were derived. A copy of the auditor's report on the summary
consolidated financial results and of the auditor's report on the consolidated annual financial statements are available for inspection at
the Company's registered office, together with the financial statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all of the information contained in this announcement. Shareholders are therefore
advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's
report together with the accompanying financial information from the Company's registered office. Any reference to future financial
performance included in this announcement has not been reviewed or reported on by the Company's auditor.
On behalf of the board
Mark Barnes (Executive Chairman)
Gary van Dyk (Chief Financial and Operations Officer)
Johannesburg
7 November 2014
SUMMARY CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at 31 August 2014
2013 2014
R'000 R'000
ASSETS
Equipment 2 716 3 072
Intangible assets and goodwill 207 560 206 223
Interests in associate companies – 5 200
Other investments 3 628 30 167
Other financial assets 3 156 118
Deferred tax assets 28 645 22 711
Total non-current assets 245 705 267 491
Trade and other receivables 4 081 33 573
Tax receivable 160 –
Other financial assets 207 –
Cash and cash equivalents 134 111 123 361
Total current assets 138 559 156 934
Total assets 384 264 424 425
EQUITY AND LIABILITIES
Share capital and premium 458 704 475 009
Accumulated loss (233 264) (216 195)
Other reserves 19 259 17 214
Equity attributable to owners 244 699 276 028
Bank overdraft 2 749 3 836
Tax payable – 469
Loans and borrowings 3 844 7 514
Trade and other payables 132 972 136 578
Total current liabilities 139 565 148 397
Total equity and liabilities 384 264 424 425
Net asset value per ordinary share (cents) 30,00 33,84
SUMMARY CONDENSED GROUP STATEMENT OF PROFIT OR LOSS
for the year ended 31 August 2014
2013 2014
R'000 R'000
Continuing operations
Revenue 93 897 82 921
Trading expenses (7 814) (7 109)
Operating expenses (65 491) (62 763)
Net income 20 592 13 049
Other income 218 259
Earnings before interest, depreciation and amortisation 20 810 13 308
Interest income 208 368
Interest expense (1 075) (1 084)
Depreciation and amortisation (1 982) (1 797)
Profit before fair value adjustments and tax 17 961 10 795
Fair value and impairment adjustments (31 624) (15 324)
Loss before tax (13 663) (4 529)
Current and deferred tax (1 379) 2 391
Loss from continuing operations (15 042) (2 138)
Discontinued operations
Loss from discontinued operations, net of tax (2 027) (17 310)
Profit on sale of discontinued operations – 21 713
(Loss)/Profit for the year (17 069) 2 265
(Loss)/Profit attributable to:
Owners of the Company (17 069) 2 265
Non-controlling interest – –
(17 069) 2 265
Weighted average number of ordinary shares in Issue at end of year ('000) 815 576 819 928
Earnings per share
Basic (loss)/profit per share (cents) (2,09) 0,28
Diluted (loss)/profit per share (cents) (2,00) 0,27
Earnings per share – continuing operations
Basic loss per share (cents) (1,84) (0,26)
Diluted loss per share (cents) (1,76) (0,25)
Headline earnings
(Loss)/Profit for the year (R'000) (17 069) 2 265
Reclassification of available-for-sale financial assets (R'000) – (44)
Impairment of investments, net of tax (R'000) 703 1 073
Adjustment for profit on sale of discontinued operation (R'000) – (21 713)
Headline loss for the year (R'000) (16 366) (18 419)
Headline loss per share (cents) (2,01) (2,25)
Diluted headline loss per share (cents) (1,91) (2,17)
SUMMARY CONDENSED GROUP STATEMENT OF OTHER COMPREHENSIVE INCOME
for the year ended 31 August 2014
2013 2014
R'000 R'000
(Loss)/Profit for the year (17 069) 2 265
Other comprehensive income 140 (849)
Total comprehensive income (loss)/profit (16 929) 1 416
Total comprehensive (loss)/profit attributable to:
Owners of the Company (16 929) 1 416
Non-controlling interest – –
(16 929) 1 416
SUMMARY CONDENSED GROUP STATEMENT OF CASH FLOWS
for the year ended 31 August 2014
2014 2013
R'000 R'000
Cash flows generated by operating activities 18 355 61 931
Cash flows utilised in investing activities (2 848) (4 066)
Cash flows utilised by financing activities (3 670) (2 027)
Net increase in cash and cash equivalents 11 837 55 838
Cash and cash equivalents at beginning of year 119 525 63 687
Cash and cash equivalents at 31 August 131 362 119 525
SUMMARY CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 31 August 2014
2013 2014
R'000 R'000
Balance at beginning of year 276 028 273 597
Shares issued – 88
Shares purchased* – (1 054)
(Loss)/Profit for the year (17 069) 2 265
Share based payments 1 905 1 981
Revaluation reserve – (2)
Foreign currency translation reserve 140 (847)
Capital distribution (16 305) –
Balance at end of year 244 699 276 028
*In the prior year, Purple Group bought back 5 029 299 of its own shares at an average price of 18,98 cents per share.
The shares are immediately cancelled and restored to authorised capital. GT247com bought back 450 000 shares, at an average
price of 22 cents in the prior year which are treasury shares and eliminated on consolidation.
Readers are referred to the CFO's report for further notes and the full annual report posted on the Company's website:
www.purplegroup.co.za
Directors
Mark Barnes Executive Chairman
Charles Savage Chief Executive Officer
Gary van Dyk Chief Financial and Operations Officer
Dennis Alter Non-executive Director
Craig Carter Non-executive Director
Thembeka Gwagwa Independent Non-executive Director
Ronnie Lubner Non-executive Director
Transfer secretaries
Link Market Services South Africa Proprietary Limited
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, 2001
Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited
Building 8, Deloitte Place, The Woodlands, 20 Woodlands Drive, Woodmead, 2196
Private Bag X6, Gallo Manor, 2052
Registered office
Block B, The Offices of Hyde Park, Strouthos Place, Hyde Park, 2196
Independent auditors
BDO South Africa Incorporated
Chartered Accountants (SA)
Registered Auditors
22 Wellington Road, Parktown, 2193, Private Bag X60500, Houghton, 2041
These audited results are available on the company's website:
www.purplegroup.co.za
Date: 07/11/2014 05:23:00 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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