Wrap Text
Summary consolidated results for the year ended 31 August 2016
PURPLE GROUP 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")
ACTIVE CLIENTS up 94% (2015: 56%)
CLIENTS ASSETS up 41% to R1.3bn (2015: R921m)
PARTNER ASSETS up 100% to R159m (2015: nil)
EASY EQUITIES REVENUE up R7.8m (2015: loss of R0.5m)
EASY EQUITIES DIRECT & PARTNER ASSETS up 461% to R870m (2015: R155m)
EASY EQUITIES ACCOUNTS OPENED up 275% to 30 000+ (2015: 8 000+)
SUMMARY CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 AUGUST 2016
CHAIRMAN'S LETTER
2016 has proven to be a landmark year for clients, management and Purple
shareholders alike. A year of building new products and crossing new frontiers in
the worlds of investing, trading and asset management, whilst, at the same time,
back-filling some of our foundations and defining our purpose.
Asset management as you knew it, stockbroking as you knew it, will never be the
same again. To survive, let alone remain relevant, modern day businesses bring
their goods and services to their customers, in an easy as you like it, personal way.
The days of expecting your clients to come to you, the days of staying with the "if it
ain't broke, don't fix it" philosophy of yore, just won't cut it in the modern era.
Technology and attitude come together nowadays to enable a much wider
demographic, ranging from the so much younger to the so much older, enabled
people who today know so much more than we did, with expectations to match.
People have infinite, real time access to information and comparison – they know
the price, they understand and demand value, they have alternatives. All of us carry
real time world access around in our pockets, on our smartphones, 24/7. We live in
the ether, we communicate on social media.
The old worlds of stockbroking, investment and asset management were stuffy,
arrogant, mysterious, almost secret, apparently complex, heavily guarded for the
few, by the few. Insiders shared amongst one another the reciprocal rights to the
creation of wealth. They made the rules of access and defined the yardsticks of
performance for themselves, amongst themselves. Consider yourself lucky to be
included, amongst the whiskey and cigar smoke, only a very, very small fraction of
South Africans were. It is, thankfully, no longer so.
EasyEquities has changed all of that. In essence, the challenge started with asking
people what they wanted, listening to them and then providing access, at the
right price. Choosing shares for an investment portfolio does not require a deep
understanding of classical investment analysis (although bespoke research is
available for those who want it). You don't need to know about DCF's and NAV's and
P/E's and CAPM's to buy shares, as it turns out. Two rules beat all of that – buy the
brands you love and the shares where you shop, and you'll be okay. You also don't
need tons of money. It's far more important to start early with a little than to wait
until you're old with a lot, maybe.
Purple provides access to the world of wealth creation for everyone – from novice,
first time investors through to the most seasoned derivatives trader. Integrated
economic models within the group will help you on your journey through
EasyEquities, GT247.com, Emperor Asset Management and GT Private Broking
towards financial independence.
2016 was a year of investing, for Purple. What we've expensed through the income
statement in technology, people and marketing, is not yet visible, not yet recorded
in the balance sheet, in the brand, or in the value of Purple. We are however well
beyond proof of concept, well into market acceptability – not only measured by the
awards management have won from the objective assessment of professionals
and peers in the industry, but as evidenced in the growth in our clients and assets
under management.
I have never been more convinced of our plan, never more clearly understood our
purpose. I congratulate our management team, on targets reached, accolades
earned and energy applied. Expectations remain high. Well done.
Mark Barnes
Chairman
CHIEF EXECUTIVE OFFICER'S LETTER
Just two years ago the somewhat naïve idea that we could democratise share
ownership by abandoning failed industry practices and addressing customer
barriers may have elicited the odd chuckle from old world asset managers and
stockbrokers alike.
Today EasyEquities, a multi-award winning platform, is proving in the result and
the choice to invest our income statement in our people, platforms, partnerships
and promotions is delivering a world of new opportunities to the Purple Group.
In just two years, from South Africa to Africa and now Asia, the Purple Group
has been awarded everything from best online stockbroker and most innovative
business concept (South Africa), to best InvestTech and FinTech company (Africa)
and we've just won the Financial Inclusion category of the BankTech Asia Fin5ive
Challenge which will see us presenting our EasyEquities platform in front of 100+
banks from Asia Pacific in November.
These awards give flight to our ambitions as they provide us with a global platform
to share our innovation, partner new opportunities and collaborate with leading
industry players around the world. Growing the Group by partnering our disruptive
platform and capabilities with the best opportunities is central to our strategy.
Demonstrably evidenced through our proud partnership with Satrix, to launch
SatrixNow, taking the best of what we do and partnering it with the best of what
others do has the opportunity to create exponential outcomes and I am confident
that our future success is more easily won in partnership with others.
Looking beyond the awards to our greatest asset, our clients, they continue to
reach new highs and post impressive growth rates along the way. Across the group
active client numbers are up 94% and client assets have run up strongly by 41%.
Exponential growth in customers and assets remains our core focus and to this
end the most powerful force is proving to be our very own happy, engaged clients
who are responsible for 44% of all new client on boarding through referral and
vouchering mechanism built into the platform.
Ask anyone who has visited us and they will tell you of the infectious culture that
warms the corridors of this wonderful organisation, the diversity of our team
and clients and the energy, togetherness and talent of the Purplistas on whose
shoulders our success stands. It is our people that I am proudest of, their growing
contribution to our development and success and their determination to make a
significant impact every day.
I am struck by the incredible success we are achieving, the awards we are winning,
the platform we are creating and the people and culture we are building.
Thank you Purplistas for being brave enough to fail, so that we might innovate,
disrupt and succeed.
Charles Savage
Group CEO
CHIEF FINANCIAL OFFICER'S REPORT
The Purple Group has taken significant strides forward over the past year towards
proving the disruptive nature of its EasyEquities Investment platform. From being
widely recognised as an OTC derivatives provider, servicing a very niche and
relatively small segment of the South African investing landscape, to a Group that
is providing investment solutions for every single South African, whether you have
R10 or R1 million to invest. From being a business that is vaguely understood,
to a business now widely recognised as one of the best Financial Technology
("FinTech") companies in Africa, focused on providing investment solutions that
include everyone. This is what the future of the Purple Group holds and this is
where the Group has achieved resounding success over the past financial year.
The Group has invested, significantly over the past two years, in furthering our
ambitions in this regard, as reflected in the increase in operating expenses during
FY 2015 and FY 2016 of 17.1% and 24.8% respectively. This investment in People,
IT and Marketing is proving in the result, as follows:
- Total active clients across the Group's products increased 94% (FY2015: 56%):
- An additional 22 000 customers opened EasyEquities accounts during the year,
with total accounts opened in excess of 30 000 at 31 August 2016;
- EasyEquities generated net revenue of R7.8 million compared to a loss of
R0.5 million in the prior year.
- Total client assets across the Group increased by 41% to R1.3 billion (FY2015:
R0.92 billion) with EasyEquities direct client assets totalling R711 million at
31 August 2016 (FY2015: R155 million), an increase of 360%;
- Partner assets secured, totalled R158.6 million, compared to zero in the prior year;
- Additional functionality has been incorporated into the platform, comprising
recurring investments, baskets and bundles, with significant progress having
been made in respect of numerous others, which will be launched over the next
12 months; and
- The platform and its associated features have gained widespread recognition
as one of the most innovative and more importantly, the most inclusive
investment platforms in Africa.
The revenue generated by GT247.com, GT Private Broking ("GTPB") and
Emperor Asset Management ("EAM") was down by 26.8%, 12.5% and 45.1% respectively.
This result was primarily driven by poor trading and investing conditions for
our trading and asset management clients, as indicated by a 7.4% decrease in
trading volumes across GT247.com and GTPB (which was compounded by
lower commission rates introduced during January 2015) and client outflows
experienced by EAM, as reflected by the 25% decrease in client funds managed
by EAM. In addition, the EAM segregated client portfolios have been conservatively
positioned (from a leverage perspective) since December 2015, as dictated by our
proprietary asset management models, resulting in lower asset management
execution revenue earned by GT247.com.
The primary strategy of the group is to expand the functionality and offering of its
EasyEquities Investment platform, enabling the group to offer a comprehensive
suite of investment products to all South Africans, whilst maintaining the core
disruptive features of the current platform, being easy, low cost and no minimum
investment size. The Group has adopted a two prong approach to client acquisition,
being a Direct Client Acquisition approach and a Partnership approach, whereby
we will partner with like-minded institutions and individuals.
The EasyEquities platform will be the primary client acquisition brand of the Group
and through specifically targeted conversion campaigns, we will cross sell clients
into the group's other product offerings (where appropriate).
GT247.com
Key revenue drivers FY 2016 FY 2015 % move
Revenue (R'000) 72 809 99 469 (26.8)
Nominal traded (R'bn) 317.0 366.6 (13.5)
Market volatility 17.4 15.5 12.2
GT Private Broking
Key revenue drivers FY 2016 FY 2015 % move
Revenue (R'000) 19 713 22 528 (12.5)
Nominal traded (R'bn) 55.7 35.8 55.6
Client funds (R'm) 96.3 138.6 (30.5)
Market volatility 17.4 15.5 12.2
Emperor Asset Management
Key revenue drivers FY 2016 FY 2015 % move
Management fees (R'000) 3 227 3 782 (14.7)
Performance fees (R'000) 2 222 6 139 (63.8)
Total revenue (R'000) 5 449 9 921 (45.1)
Client funds (R'm) 434.6 579.6 (25.0)
EasyEquities
Key revenue drivers FY 2016 FY 2015 % move
Net trading revenue/(expense) (R'000) 7 840 (485) n/a
Accounts opened 30 000+ 8 000+ 275.0
Client funds (R'm) 711.3 154.7 359.8
TRADING EXPENSES
Trading expenses FY 2016 FY 2015 % move
IA broker commissions 3 438 5 425 (36.6)
Sales commissions 4 138 3 887 6.5
Research costs 2 171 919 136.2
Total 9 747 10 231 (4.7)
% trading revenue 9.2 7.8
The increase in trading expenses as a percentage of revenue is primarily due to the
costs associated with a new research offering that was introduced to clients of the
business in the second half of the 2015 financial year; hence this year includes a
full 12 months of the research cost.
OPERATING EXPENSES
Operating expenses FY 2016 FY 2015 % move
Employment costs 46 749 36 471 28.2
IT costs 16 870 13 716 23.0
Marketing 13 230 9 611 37.7
Office costs 7 592 5 812 30.6
Professional fees 4 718 5 555 (15.1)
Other 6 531 5 511 18.5
Total 95 690 76 676 24.8
We have invested significantly in people, IT and marketing over the past two years
and will continue to do so in order to fulfil the promise and expectations that have
been fuelled by our achievements over the past few years.
The graphs below show the shift in focus and resource allocation over the past
three years, highlighting where existing resources have been allocated and new
resources secured:.
FY 2014 (R'm)
EMPEROR ASSET MANAGEMENT 25.8
GT247.com 38.7
FY 2015 (R'm)
EasyEquities 15.3
EMPEROR ASSET MANAGEMENT 26.8
GT247.com 34.5
FY 2016 (R'm)
EasyEquities 34.1
EMPEROR ASSET MANAGEMENT 26.5
GT247.com 35.1
EBITDA
EBITDA from core operations decreased by 97.1% to R1.3 million for the year ended
31 August 2016. This decrease was driven by the 19.5% decrease in revenue and
24.8% increase in operating costs.
NET INTEREST EXPENSE
The increase in the net interest expense is attributable to the additional funding
facilities secured to part fund Purple Group's R26 million direct investment in
Real People Investment Holdings during January 2015 and the continued cash
requirements of the business.
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 platform.
FAIR VALUE AND IMPAIRMENT ADJUSTMENTS AND OTHER INCOME
2016 2015
R'000 R'000
Real People Investment Holdings (RPIH) 862 31 557
Blockbuster Trading 3 (BBT) – –
Provision for financial guarantee – BBT - (31 058)
Total 862 499
Purple Group holds an indirect investment in Real People Investment Holdings
Limited ("RPIH") through Blockbuster Trading 3 Proprietary Limited ("BBT"). BBT,
of which Purple Group owns a 37.5% shareholding, holds a 3.93% (FY 2015: 3.93%)
shareholding in RPIH.
Purple Group holds a direct investment in RPIH comprising 6 471 (FY 2015: 6 471)
ordinary shares and 5 293 (FY 2015: 5 293) compulsory convertible preference
shares. This results in a direct shareholding of 4.26% at 31 August 2016
(FY 2015: 4.26%).
In addition, Purple Group holds 826 (FY 2015: 763) cumulative redeemable
preference shares. During the current year RPIH declared a dividend in specie,
in the form of an additional 63 cumulative redeemable preference shares. The
face value of these preference shares, totalling R0.8 million was debited to other
investments and shown under other income on the face of the consolidated
statement of profit or loss.
In respect of the Company's indirect investment in RPIH held through BBT, the fair
value of BBT's investment in RPIH is lower than the liability owing to the Industrial
Development Corporation ("IDC"), which funded the transaction. In this regard, the
shareholders of BBT granted the IDC a put option, on a joint and several basis,
whereby the IDC may put any unredeemed preference shares (as at 1 September
2017) to the shareholders of BBT at the subscription price. The Company has
provided for the estimated liability in respect of this guarantee.
This investment in RPIH remains non-core to the Purple Group and it will be exited
when appropriate.
CURRENT AND DEFERRED TAX
The tax credit of R0.5 million for the year ended 31 August 2016 comprises current
tax paid of R0.9 million and deferred tax credit of R1.4 million.
PROFIT FOR THE PERIOD
The Group has realised a basic and headline loss per share of 0.37 cents for the
year ended 31 August 2016 compared to a basic and headline profit per share of
3.51 cents in the prior year.
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Current assets and current liabilities have decreased, predominantly due to a
decrease in client funds managed by our asset management business and the
lower leverage currently adopted by our strategies that has resulted in lower levels
of client funds tied up in trades/margin.
The equity attributable to owners decreased by R2.1 million, mainly comprising capital distributions
totalling R16.4 million and the loss realised of R3.2 million during the current year. This has been
partially offset by the issue of shares during the year, totalling R11.1 million and a transfer of
R4.9 million to the share-based payment reserve.
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 and Emperor Asset Management (EAM) which includes GT Private Broking, EasyEquities
and EAM: are the derivatives trading, equity brokerage and asset management operations of the Group;
- Purple Group: manages the treasury and risk for the Group companies and is the Group's head office;
- Investments: fees and dividends earned on investments and fair value adjustments made against them.
GT247.com Purple
and EAM Group Investments Total
R'000 R'000 R'000 R'000
2016
Segment asset
Non-current assets 18 601 232 218 58 418 309 237
Current assets 155 987 520 5 938 162 445
Total assets 174 588 232 738 64 356 471 682
Segment liabilities
Non-current liabilities – – (31 058) (31 058)
Current liabilities (164 681) (12 560) – (177 241)
Total liabilities (164 681) (12 560) (31 058) (208 299)
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 R6 964 000 (2015: R8 496 000)
and Emperor Asset Management Proprietary Limited of R3 093 000 (2015: R0) for the year, which
are included in the GT24.com and EAM segment.
GT247.com Inter-
and Purple segment
EAM Group Investments revenues Total
R'000 R'000 R'000 R'000 R'000
2016
Revenue 105 811 10 057 – (10 057) 105 811
Trading expenses (9 747) – – – (9 747)
Operating expenses* (98 713) (7 034) – 10 057 (95 690)
Net (loss)/income (2 649) 3 023 – – 374
Other income 90 – 862 – 952
Profit /(loss) before interest,
depreciation and amortisation (2 559) 3 023 862 – 1 326
Interest expense (251) (1 925) – – (2 176)
Depreciation and amortisation (2 871) – – – (2 871)
(Loss)/profit before tax (5 681) 1 098 862 – (3 721)
Current and deferred tax (2 023) 173 2 381 – 531
(Loss)/profit after tax (7 704) 1 271 3 243 – (3 190)
* Share-based payment expense of R4 613 000 is included in operating expenses. The split per
segment is as follows:
- GT247.com and EAM: R3 942 000.
- Purple Group: R671 000.
One World Trader is registered in Mauritius as a vehicle for foreign currency hedging and has
trading activity that uses the GT247.com platform in South Africa and is therefore not considered as
a separate geographical segment.
Gt247.com Inter-
and Purple Invest- segment
EAM Group ments revenues Total
R'000 R'000 R'000 R'000 R'000
2015
Revenue 131 433 8 496 – (8 496) 131 433
Trading expenses (10 231) – – – (10 231)
Operating expenses* (77 975) (7 197) – 8 496 (76 676)
Net income 43 227 1 299 – – 44 526
Other income 5 – 549 – 554
Impairment and fair value
adjustments – – 499 – 499
Profit before interest, depreciation
and amortisation 43 232 1 299 1 048 – 45 579
Interest income – – – – –
Interest expense (158) (885) – – (1 043)
Depreciation and amortisation (2 251) (14) – – (2 265)
Profit before tax 40 823 400 1 048 – 42 271
Current and deferred tax (12 420) (167) (246) – (12 833)
Profit after tax 28 403 233 802 – 29 438
* Share-based payment expense of R2 719 000 is included in operating expenses. The split per
segment is as follows:
- GT247.com and EAM: R2 231 000.
- Purple Group: R488 000.
Capital distribution out of share premium in lieu of a dividend
The directors declared a capital distribution out of share premium, by way of a reduction of
contributed tax capital of 1.25 (one point two five) cents per share, in lieu of a dividend, paid on
30 November 2015 to ordinary shareholders recorded in the Company's register at the close of
business on 27 November 2015.
The directors also declared a capital distribution out of share premium, by way of a reduction of
contributed tax capital of 0.65 (zero point six five) cents per share, in lieu of a dividend, paid on
25 April 2016 to ordinary shareholders recorded in the Company's register at the close of business
on 22 April 2016.
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,
2 December 2016 at 10:00.
Basis of preparation of the summary consolidated 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.
This announcement does not include the information required pursuant to
paragraph 16A(j) of IAS 34. The full report is available on the issuer's
website, at the issuer's registered offices and upon request.
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 summary consolidated financial statements do not include all
of the information required for full consolidated financial statements and
should be read in conjunction with the consolidated financial statements
for the year ended 31 August 2016. The directors take full responsibility for
the preparation of the abridged report and that the financial information
has been correctly extracted from the underlying Group audited
financial statements.
Report of the independent auditors
The auditor expressed an unmodified opinion on the consolidated
financial statements from which these summary consolidated financial
results were derived. A copy of the auditor's unmodified 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 (Non-Executive Chairman)
Gary van Dyk (Chief Financial and Operations Officer)
Johannesburg
2 November 2016
SUMMARY CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at 31 August 2016
2016 2015
R'000 R'000
ASSETS
Equipment 4 003 2 828
Intangible assets and goodwill 216 137 209 637
Investments 58 418 57 556
Other financial assets 954 3 170
Deferred tax assets 29 725 28 275
Total non-current assets 309 237 301 466
Trade and other receivables 8 429 7 479
Tax receivable 2 490 –
Investments 5 938 6 233
Other financial assets 1 749 137
Cash and cash equivalents 143 839 272 352
Total current assets 162 445 286 201
Total assets 471 682 587 667
EQUITY AND LIABILITIES
Share capital and premium 456 669 461 720
Accumulated loss (215 644) (212 454)
Other reserves 22 358 16 251
Equity attributable to owners 263 383 265 517
Financial guarantee 31 058 31 058
Total non-current liabilities 31 058 31 058
Bank overdraft 12 172 9 851
Tax payable – 844
Trade and other payables 165 069 280 397
Total current liabilities 177 241 291 092
Total equity and liabilities 471 682 587 667
Net asset value per ordinary share
(cents) 29.88 30.86
SUMMARY CONDENSED GROUP STATEMENT OF PROFIT OR LOSS
for the year ended 31 August 2016
2016 2015
R'000 R'000
Revenue 105 811 131 433
Trading expenses (9 747) (10 231)
Operating expenses (95 690) (76 676)
Net income 374 44 526
Other income 952 554
Earnings before interest,
depreciation & amortisation 1 326 45 080
Interest expense (2 176) (1 043)
Depreciation and amortisation (2 871) (2 265)
(Loss)/Profit before fair value,
impairment adjustments and tax (3 721) 41 772
Fair value, impairments and guarantee
adjustments – 499
(Loss)/Profit before tax (3 721) 42 271
Current and deferred tax 531 (12 833)
(Loss)/Profit for the period (3 190) 29 438
(Loss)/Profit attributable to:
Owners of the company (3 190) 29 438
Non-controlling interest – –
(3 190) 29 438
Weighted average number of ordinary shares
in Issue at end of year ('000) 863 492 839 121
Earnings per share
Basic (loss)/profit per share (cents) (0.37) 3.51
Diluted (loss)/profit per share (cents) (0.35) 3.38
Headline (loss)/profit for the year (R'000) (3 190) 29 438
Headline (loss)/profit per share (cents) (0.37) 3.51
Diluted headline (loss)/profit per share (cents) (0.35) 3.38
SUMMARY CONDENSED GROUP STATEMENT OF OTHER COMPREHENSIVE INCOME
for the year ended 31 August 2016
2016 2015
R'000 R'000
(Loss)/Profit for the period (3 190) 29 438
Other comprehensive income/(loss)
Items that may be reclassified subsequently
to profit/loss
Foreign currency translation reserve 1 494 (623)
Total other comprehensive income/(loss) 1 494 (623)
Total comprehensive (loss)/income (1 696) 28 815
Total comprehensive (loss)/income
attributable to:
Owners of the company (1 696) 28 815
Non-controlling interest – –
(1 696) 28 815
SUMMARY CONDENSED GROUP STATEMENT OF CASH FLOWS
for the year ended 31 August 2016
2016 2015
R'000 R'000
Cash flows (utilised in)/generated by operating
activities (131 110) 161 349
Cash flows utilised in investing activities (11 113) (32 509)
Cash flows generated by financing activities 11 389 2 299
Net (decrease)/increase in cash and cash
equivalents (130 834) 131 139
Cash and cash equivalents at beginning
of period 262 501 131 362
Cash and cash equivalents at 31 August 131 667 262 501
SUMMARY CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 31 August 2016
2016 2015
R'000 R'000
Balance at beginning of year 265 517 244 699
Shares issued 11 144 6 142
(Loss)/Profit for the year (3 190) 29 438
Share-based payment expense 4 858 2 719
Foreign currency translation reserve 1 494 (623)
Dividend payment - (8 628)
Capital distribution (16 440) (8 230)
Balance at end of year 263 383 265 517
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
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
Group secretary
Trifecta Statutory and Governance Services, a division of Trifecta Capital Services Proprietary Limited
31 Beacon Road, Florida North, 1709
Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited
Building 8, Deloitte Place, The Woodlands, 20 Woodlands Drive, Woodmead, 2196
Private Bag X6, Gallo Manor, 2052
Directors
Mark Barnes Non-Executive Chairman
Charles Savage Chief Executive Officer
Gary van Dyk Chief Financial and Operations Officer
Dennis Alter Independent Non-executive Director
Craig Carter Independent Non-executive Director
Ronnie Lubner Non-executive Director
Date: 02/11/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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