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GRAND PARADE INVESTMENTS LIMITED - Abridged Audited Financial Statements For The Year Ended 30 June 2017

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Abridged Audited Financial Statements For The Year Ended 30 June 2017

Grand Parade Investments Limited
Registration number: 1997/003548/06
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the Company" or "the Group")

ABRIDGED AUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017

SALIENT FEATURES

25% increase in revenue (R'millions)
30 June 2017      30 June 2016
        R963              R772

331% decrease in headline (loss)/ earnings (cents per share)
30 June 2017      30 June 2016
       (4.59)             1.99

90% decrease in basic earnings (cents per share)
30 June 2017      30 June 2016
        4.39             43.01

2.5% increase in intrinsic NAV (cents per share)
30 June 2017      30 June 2016
         698               681

38% decrease reduction in debt equity ratio
30 June 2017      30 June 2016
       16.8%             27.1%

INTRODUCTION

GPI's major investments in the Food and Gaming and Leisure industries continued to face significant pressure from the South African consumer during the year. South
Africa is currently in the midst of economic and political uncertainty which was evidenced by the ratings downgrades which occurred during the financial year. Consumer
spending will continue to be strained in the short to medium term due to the impact of these downgrades starting to negatively affect food and fuel prices through
higher inflation and import costs.

GPI has remained focussed on driving operational efficiencies and identifying opportunities to increase revenues across its Food operations. Total revenue for the year 
has increased by 25% from R772 million in the prior year to R963 million in the current year. The increase is largely driven by the commencement of trading in Dunkin Brands 
and an increase in revenue in Burger King driven from higher traffic across the stores resulting from more consumer-focussed value offerings. Our operational efficiencies 
focus stemming from a management restructure as well as an integrated approach to procurement has resulted in a reduction in costs, the benefits which will be fully realised
in the coming years.

GPI's limited exit from the Gaming and Leisure investments has continued in the current year with the disposal of a 19.9% equity interest in Sun Slots (Pty) Ltd (Sun
Slots), being the third and final tranche of the staged disposal. After these disposals, GPI's Gaming and Leisure investment portfolio consists of a 15.1% holding in
Sunwest (Pty) Ltd (SunWest) and Worcester Casino (Pty) Ltd (Worcester) and a 30% holding in Sun Slots.

Overall headline earnings per share have reduced to a loss of 4.59 cents per share from 1.99 cents per share profit in the prior year, which is as result of the reduced
stake in SunWest which contributed 9.20 cents per share to the decrease.

INVESTMENT ACTIVITIES

During the past financial year, the Group continued to restructure its investment portfolio in line with its strategy of increasing its investments in food, moving
towards strategic investments in gaming and leisure and completely divesting from its non-core investments. Details of these transactions are set out below.

FOOD

The recently acquired brands, namely Dunkin' Donuts and Baskin-Robbins, were successfuly launched in the Western Cape and were received exceptionally well by the local
consumer.

GAMING AND LEISURE

The Group's exit from its gaming assets is indicative of the Group's intention to remain a strategic investment player with significant minority stakes in its Assets.
The final disposal of Sun Slots during the year, reduced the Group's holding down to 30% with Sun International holding 70%.

The transaction to dispose of a 10.0% holding in both SunWest and Worcester Casino to Tsogo Sun Gaming (Pty) Ltd (Tsogo), concluded in the prior year, with a deferred
payment arrangement was accelerated in the current year. 

The details of these transactions are as follows:

Sun Slots Disposal

On 16 November 2016, GPI concluded the disposal of a 19.9% equity interest in Sun Slots, being the third and final tranche of the staged deal to dispose of a 70%
equity investment in Sun Slots to Sun. GPI received proceeds of R262.5 million and recognised a profit on disposal of R32.4 million, net of Capital Gains Tax, in 
profit or loss for the period.

Payment of deferred proceeds from disposal of casino assets

In terms of the disposal of 10.0% of SunWest and Worcester, Tsogo had agreed to pay a total of R675.0 million for the investments by way of an upfront payment 
of R112.5 million and the balance by way of 15 equal monthly instalments of R37.5 million ending September 2017. GPI received the R112.5 million upfront payment 
during the prior financial period and R187.5 million in installments up to 30 November 2016. On 30 November 2016, GPI concluded an agreement with Tsogo to accelerate 
the payment of the remaining R375.0 million in deferred proceeds. A total payment of R360.0 million was made by Tsogo, which represented a R15.0 million discount on 
the outstanding balance of R375.0 million.

NON-CORE INVESTMENTS

During the year the Group entered into an agreement to dispose of the Mac Brothers properties located in Epping and Sebenza. Both properties were sold for a total
consideration of R59.5 million. This resulted in a profit on sale of R4.5 million before tax, net of attorneys fees of R1.5 million and other costs to sell
of R1.6 million.

The Group also disposed of its property situated in Atlantis for a total consideration of R35 million, resulting in a profit before tax, after selling costs, of 
R12.9 million.

GPI exited two non-core investments during the period by concluding sale agreements in respect of Grand Linkstate (Pty) Ltd and Grand Sport (Pty) Ltd. Subsequent to
year end GPI also concluded an agreement to sell its 51% share in Grand Tellumat Manufacturing (Pty) Ltd. Furthermore the Group also entered into a agreement to swap 
its stake in Atlas Gaming Australia for a 26% stake in a local company called Infinity Gaming Africa (Pty) Ltd (IGA). The sale of these non-core investments will enable
GPI to dedicate resources efficiently to its core investments in the coming financial year.

GROUP FINANCIAL REVIEW

The Group uses headline earnings to assess the underlying investment contributions to the Group's earnings. The reason for using headline earnings is that it
eliminates the once-off effects of the Group's investment activities and therefore provides a comparable view of the Group's continuing earnings.

The Group's headline earnings have continued to come under pressure since its initial investment into food during the 2013 financial year with the total headline 
earnings per share declining from 18.23 cents per share for the year ended 30 June 2013 to a headline loss of 4.59 cents per share in the current year. The decline 
in headline earnings is largely due to the commencement of trading in respect of Dunkin' Donuts and Baskin-Robbins which collectively contributed a R35.7 million 
headline loss for the period but was offset by an improvement in Burger King for the period which reduced its loss to R11.0 million. The decreased holding in SunWest
of 15.1% (2016: 25.1%) also contributed to the decline in earnings, with SunWest contribution decreasing by R40.3 million to R70.3 million.

GPI showed an overall decrease in its headline earnings from core investments for the year, which declined by R60.0 million from a profit of R96.3 million last year 
to R36 million this year. The core investment headline earnings decrease is attributed to the sale of the 10% stake in SunWest.

During the current year, Grand Sport and Grand Linkstate was sold which is in line with the Group's strategy to divest of non-core investments and subsequent to year
end GPI signed a sale agreement in respect of Grand Tellumat subject to certain conditions. These non-core investments collectively contributed R12.4 million losses to 
the headline loss in the financial year.

The table below shows the contribution each investment made to the Group headline earnings:
       
                                                                                                               
                                                                                               30 June          30 June
                                                                                                  2017             2016        Movement
Company                                                                                         R'000s           R'000s          R'000s            %
Food                                                                                           (67 657)         (33 895)        (33 762)        (100)
Burger King                                                                                    (10 953)         (29 938)         18 985           63
Dunkin'Donuts                                                                                  (22 254)          (3 713)        (18 541)        (499)
Baskin-Robbins                                                                                 (13 481)          (1 856)        (11 625)        (626)
Mac Brothers                                                                                    (8 051)           7 493         (15 544)        (207)
Spur                                                                                            (4 939)          (5 816)            877           15
Grand Foods Meat Plant                                                                          (7 979)             (65)         (7 914)     (12 175)        

Gaming and Leisure                                                                             103 755          130 209         (26 454)         (20)
SunWest                                                                                         70 354          110 665         (40 311)         (36)
Sun Slots                                                                                       30 102           27 734           2 368            9
Worcester Casino                                                                                 3 299           (8 190)         11 489          140

Central costs                                                                                  (43 816)         (73 508)         29 692          40%
GPI properties                                                                                   2 158           (6 241)          8 399         135%
Central costs                                                                                  (45 974)         (67 267)         21 293          32%

Non-core Investments                                                                           (12 408)         (13 421)          1 013            8
GTM                                                                                             (9 350)          (5 118)         (4 232)         (83)
Grand Sport                                                                                     (3 058)          (7 455)          4 397           59
Grand Linkstate                                                                                      -             (848)            848          100

Headline (loss)/earnings                                                                       (20 126)           9 385         (29 511)        (314)

INTRINSIC NET ASSET VALUE (iNAV)

As at 30 June 2017, GPI's management has valued the GPI Group on a sum of the parts (SOTP) basis at 698 cents per share (excluding head office costs and CGT impact).
This represents a 2.5% increase in the intrinsic net asset value in the year since 30 June 2016, where management's valuation of the Group was 681 cents per share
(excluding head office costs and CGT impact).

The GPI closing share price at 30 June 2017 was 291 cents per share, which when compared against the year-end iNAV implies it is trading at a 58% share price discount.

The values of most of the investments held by GPI are not regarded as complex valuations. The Group attributes the discount to its share mainly to the early stage food
investment which is still at the bottom of the J-curve, save for Burger King, which recently has started to move into the early growth phase of its life cycle. The GPI
management team are confident that the forecasts used in determining the discounted cash flows for Food Assets are both conservative and achievable.

The table below provides a detailed breakdown of the 30 June 2017 iNAV by investment:

                                                                                                               GPI     Related                  % of
                                                           Valuation           100%          GPI            Equity  Holding co      Intrinsic  port-
                                                         methodology   Equity value    Holding %             value  borrowings            NAV  folio
Company                                                       R'000s         R'000s       R'000s            R'000s      R'000s         R'000s      %
Food                                                               -              -            -         1 514 212    (240 742)     1 273 470     42
BKSA                                                             DCF        854 236         91,1           778 209           -        778 209     26
Dunkin' Donuts                                                   NAV         35 681        100,0            35 681           -         35 681      1
Baskin-Robbins                                                   NAV         16 371        100,0            16 371           -         16 371      1
Spur                                                    Traded price      3 048 314         17,5           514 650    (240 742)       273 908      9
Mac Brothers                                                     DCF        120 429        100,0           120 429           -        120 429      4
Grand Foods Meat Plant                                           DCF         50 435         96,6            48 872           -         48 872     22

Gaming and Leisure                                                 -              -            -         1 539 142           -      1 539 142     51
SunWest                                                    EV/EBITDA      5 737 496         15,1           866 362           -        866 362     29
Worcester Casino                                           EV/EBITDA        180 571         15,1            27 266           -         27 266      1
GPI Slots                                                  EV/EBITDA      2 151 715         30,0           645 514           -        645 514     22

Other investments                                                  -              -            -           235 800     (74 903)       160 897      5
GPI properties                                               Various        235 800          100           235 800     (74 903)       160 897      5

Other Group companies cash and
cash equivalents                                                                                                                        22 020     
Other Group companies net assets                                                                                                         5 946     
iNAV: Ordinary shareholders (pre-head
office costs)                                                                                                                        3 001 475     

Number of issued ordinary shares ('000s) 
excluding treasury shares                                                                                                              429 989     
iNAV per share (cents)                                                                                                                     698     

DIVIDENDS

On 25 November 2016 GPI declared a dividend of 25.0 cents per share in respect of the 2016 financial year, which amounted to R122.2 million of which R9.1 million
related to GPI shares held as treasury shares. GPI is committed to remaining dividend-active. Any distribution relating to 2017 profits will be considered once future cash
flows can be determined with more certainty.

CAPITAL STRUCTURE

The Group has recognised that whilst its food investments are in its early or start-up phase and currently not contributing significantly to the Group's earnings, the
Group will continue to adopt a conservative approach on its gearing for existing operations. Over the past 36 months the Group decreased its gearing levels from 35.5%
to 16.8% as a result of part disposals in its gaming and leisure investments. The proceeds received from its part disposal of SunWest were utilised to repay the full
Standard Bank revolving credit facility of R225.0 million. The Group's targeted debt equity range is set between 20.0% and 35.0%. At 30 June 2017, the debt equity
ratio decrease by 10.3% from 27.1% last year to 16.8%, which is below the targeted range and will potentially allow the Group to raise funding at more preferential
rates.

The continued local political and economic environment has resulted in uncertainty in the credit markets and the Group's exposure to the South African consumer
has created further uncertainty which has resulted in a significant increase over the past year in the cost of debt available. Therefore as part of the debt reduction
process, the Group has identified the facilities which are relatively cheap in comparison to the prevailing market rates and will look to retain those facilities, such
as the Spur preference share facilities. The facilities which are being reduced are the Group's most expensive facilities and are costly in comparison to the prevailing 
market rates.

                                                              30 June       30 June                   
                                                                 2017          2016      Movement
                                                               R'000s        R'000s        R'000s        %

Holding company facilities                                    240 401       459 671      (219 270)     (48)
Burger King          Credit facilities                              -       225 000      (225 000)    (100)
Spur                 Preference shares                        240 401       234 671         5 730        2

Subsidiary facilities                                         113 973       183 191       (69 218)     (38)
GPI Properties       Term loans (Mortgage)                     74 641       131 999       (57 358)     (43)
Mac Brothers         Finance leases                            12 880        16 486        (3 606)     (22)
GF Meat Plant        Finance leases                            24 246        32 235        (7 989)     (25)
Burger King          Finance leases                             1 594         1 898          (304)     (16)
Baskin-Robbins       Finance leases                               146             -           146      100
Dunkin' Donuts        Finance leases                              357           434           (77)     (18)
GPIMS                Finance leases                               109           139           (30)     (22)

Total debt                                                    354 374       642 862      (288 488)     (45)

Debt/Equity                                                      16.8          27.1          10.3      (38)

REVIEW OF INVESTMENT OPERATIONS

FOOD

BURGER KING

Stand Alone Results for the year:
The total number of Burger King restaurants at 30 June 2017 closed at 61. The net restaurant movement included the opening of four new restaurants and closure of five
unprofitable restaurants, located in the Johannesburg CBD and Kwa-Zulu Natal. The average monthly restaurant revenues (ARS) increased by 9.26% from R0.785 million last
year to R0.865 million this year, largely as a result of positive restaurant comparative sales of 1.82% (2016: -27.23%) and a proportional increase in revenue from
Drive Thru sites opened towards the end of the 2016 financial year. Despite a reduction in the net restaurant count, Burger King's total revenue for the year increased
by 22.19% from R485.2 million in the prior year to R623.5 million in the current year.

Burger King continued to improve the restaurant operating model during the financial year with active food cost management and labour cost control. This resulted in an
increase in the restaurant EBITDA margin from 3% in the prior year to 9% in the current year.

Of significant importance is the improvement of Company EBITDA from a loss of R37.5 million to a profit of R11.1 million in the current financial period. Included in
the Company EBITDA are charges that relate to once off lease settlement and de-commission costs of R3.7 million in respect of stores closed during the year.
The depreciation and amortisation costs for the year of R60.9 million was R15.2 million higher than the R45.4 million cost incurred in the prior year. This includes
impairment costs of R11.8 million, before taxation, in respect of the stores closed. The interest expense increased significantly during the year from R20.8 million
last year to R49.3 million this year as a result of interest being charged on the shareholder loan from GPI with effect from 1 January 2016. After the tax charge for
the year this resulted in an increase in the net loss for the year from R76.6 million to R80.9 million.

Investment's contribution to Group headline earnings for the year:
Burger King's contribution to the Group headline earnings for the year amounts to a loss of R11.0 million (2016: R29.9 million loss), which is after the elimination of
depreciation and equity accounted earnings of R8.0 million (2016: R12.5 million) and inter-group interest of R45.6 million (2016: R20.4 million); adding back non-
controlling interests of R7.9 million (2016: R12.4 million), losses on property, plant and equipment of R0.3 million (2016: R0.7 million) and impairment of property,
plant and equipment of R8.5 million.

DUNKIN' DONUTS

Dunkin' Donuts opened its first outlet on 13 October 2016 and the response from the local consumer was overwhelming, with over 330 000 doughnuts sold in the outlet's
first month of trade. A further five outlets were opened subsequently; bringing the total outlets to six at 30 June 2017. All the outlets are corporate-owned.

The outlets reported sales of R24 million and a gross profit of R6.2 million for the period. The gross margin achieved for the period of 25.7% is well below the target
as a result of doughnuts being imported via airfreight due to higher than anticipated demand. Dunkin' Donuts achieved an EBITDA loss of R24.5 million for the period
which was due to the initial marketing and launch costs to build brand awareness and the importation of the majority of the product offerings. Dunkin' Donuts has
subsequently embarked on a programme of localisation to reduce the reliance on foreign suppliers and has commenced the construction of a local bakery to lower the
overall doughnut unit cost.

BASKIN-ROBBINS

Following on the success of the Dunkin' Donuts launch, Baskin-Robbins opened its first store on 9 December 2016. Two additional stores were subsequently opened taking
the total number of stores to three at 30 June 2017.

The three stores reported revenue of R5.5 million and collectively contributed to a Company EBITDA loss for the period of R14.4 million. Similar to Dunkin' Donuts the
majority of the costs incurred in the current year were in relation to marketing and launch cost to build brand awareness.

SPUR

GPI increased its shareholding in Spur by 7.48% to 17.48% by year end. A total dividend of R16.9 million was received during the period with a related finance charge
of R21.7 million, resulting in a R4.9 million reported net loss for the period.

GRAND FOODS MEAT PLANT

Stand Alone results for the year:
Grand Foods Meat Plant is exposed to Burger King indirectly through their agreement with Burger King's main supplier, Vector. As a result of Burger Kings's 30%
increase in revenue, Grand Foods Meat Plant's revenue increased by 33% from R69.1 million last year to R92 million this year. Cost of sales in the current year
increased by 55.6% from R53.9 million to R83.9 million. This is a direct result of higher input costs due to increased food inflation. Grand Foods Meat Plant's
earnings for the year resulted in a R9.3 million loss after tax, which was 107% higher than the R1.5 million net loss after tax incurred last year.

Investment's contribution to Group headline earnings for the year:
Grand Foods Meat Plant's net loss after tax for the year of R9.3 million (2016: R1.5 million loss) decreased by R1.3 million after eliminating the inter-group interest
expense. As a result of this adjustment, Grand Foods Meat Plant contributed a loss of R8.0 million (2016: R0.1 million loss) to the Group headline earnings for the
year.

MAC BROTHERS CATERING EQUIPMENT

Stand Alone results for the year:
Amidst tough trading conditions experienced in the manufacturing sector, Mac Brothers revenue decreased by 21.8% to R209.4 million (2016: R267.7 million). Mainly as
a result of a 2% decrease in local catering equipment sales (excluding Grand Foods) which decreased from R71.1 million last year to R27.9 million this year, and a 
51.1% decrease in cold room and extraction sales which decreased from R25.3 million last year to R12.4 million this year. The operating costs for the year amounted to 
R59.6 million which is 10.0% lower than the operating costs of R66.2 million incurred last year. The decrease in costs is mainly attributable to decreases in head count.

The EBITDA for the year of R1.4 million is 92.5% lower than the R18.2 million EBITDA from last year. Depreciation for the year of R4.2 million increased slightly by
R95k and the interest costs of R4.7 million increased by R1.0 million when compared to last year.

Mac Brothers recorded a loss after tax for the year of R5.3 million, representing a 173% decrease from the net profit after tax of R7.3 million in the prior year.

Investment's contribution to Group headline earnings for the year:
Mac Brothers net loss after tax for the year of R5.3 million was increased by R5.2 million (2016: R7.3 million) to eliminate inter-group profits for the year and 
decreased by R2.4 million (2016: R1.3 million) to eliminate the inter-group interest expense. After these adjustments, Mac Brothers contributed a loss of R8.1 million 
(2016: R7.5 million profit) to the Group headline earnings.

GAMING

SUNWEST

Stand-alone results for the year:
SunWest's revenue for the year decreased by 0.4% from R2 488.0 million last year to R2 478.0 million this year. Its EBITDA decreased by 3.1% to R912.2 million for the
year (2016: R941.8 million) and its net profit after tax decreased by 6.4% to R465.9 million for the year (2016: R497.9 million).

Investment's contribution to Group headline earnings for the year:
GPI's remaining 15.1% share of SunWest's earnings for the year amounts to R70.3 million compared to R110.7 million in the prior year. The decrease is due to the sale
of 10% in SunWest in the prior year.

SUN SLOTS

Stand-alone results for the year:
Sun Slots increased their revenue by 9% from R934.7 million last year to R1 019.5 million this year. This was as a result of an addition of 153 Limited Pay-out
Machines (LPMs) being added to the national network during the year and a 4.7% increase in the average Gross Gaming Revenue (GGR) per machine per day from R721.52 last
year to R755.40 this year. Sun Slots EBITDA increased by 10% from R217.2 million in the prior year to R239.6 million in the current year. This resulted in a marginal
increase in their EBITDA percentage increasing from 23.4% last year to 23.5% this year. Their depreciation for the year of R89 million was 19% higher than last year
due to the increase in the number of active LPMs. Their finance costs for the year of R20.1 million decreased by 22.4% when compared to last years' costs of R25.9 million, 
which is due to a decrease in the shareholder loans of R120 million in respect of repayments during the year. Sun Slots Net Profit After Tax decreased by 14% from 
R108 million in the prior year to R92.8 million in the current year.

Investment's contribution to Group headline earnings for the year:
GPI's 30.0% share of Sun Slot's earnings for the year amounted to R30.1 million, which increased by R2.9 million from the prior year of R27.7 million. The current year
earnings includes an impairment recognised for Grand Sport of R2.3 million which was added back in respect of headline earnings.

OTHER

CENTRAL COSTS

The Group's net central costs for the year amounted to R46.0 million, which is 31% lower than the central costs of R67.3 million last year as a result of lowered interest 
expense from reduced gearing for the financial year.

SHARE CAPITAL

The Company bought back 15.0 million shares during the year at a average price of R3.52. These shares were subsequently cancelled. No new shares were issued during the
year.

TREASURY SHARES

At 30 June 2017 a total of 43.8 million GPI shares were held as treasury shares by the Grand Parade Share Incentive Trust, GPI Management Servcices and the GPI Women's
BBBEE Empowerment Trust. These entities are controlled by the Group, with the Grand Parade Share Incentive Trust holding 4.98 million treasury shares, GPI Management
Services holding 24 million shares and the GPI Womens' BBBEE Empowerment Trust holding 14.82 million treasury shares.

DIRECTORS

Tasneem Karriem was previously appointed to the GPI board on 9 September 2016 and on 1 July 2017 has been appointed as Chief Executive Officer of the Group. Alan Keet
resigned as Chief Executive Officer and Director of the Group on 3 April 2017. Dylan Pienaar, who stepped down from Financial Director was appointed as the Chief
Executive Officer of the Food Group whilst still remaining on the GPI Board of Directors as an Executive Director effective 1 July 2017. On 1 July 2017, Shaun Barends
was appointed as Financial Director of the Group.

SUBSEQUENT EVENTS

Disposal of Properties

On 9 March 2017 the Group entered into a sales agreement with UBUD Developments (Pty) Ltd to sell its property, with a carrying value of R40.2 million, situated at 
1 Heerengracht for R52.5 milion. The property was transferred on 18 August 2017. 

On 19 July 2017 the Group entered into a sale agreement to dispose of its property situated on Sandton Drive, with a carrying value of R11.3 million, for R11.5 million.

Disposal of GTM

On 1 August 2017, the Group entered into a share sale agreement for its 51% holding in Grand Tellumat Manufacturing for R15.0 million. The conclusion of the disposal
is contingent on obtaining any necessary regulatory approvals, which are expected to be obtained before the end of September 2017.

Disposal of Atlas Gaming Africa

On 29 August 2017, the Group entered into a share swap agreement with DRGT International SARL, for its 4.95% holding in Atlas Gaming Holdings and its 100% holding in
Atlas Gaming Africa in exchange for a 26% stake in DRGT's local wholly-owned subsidiary Infinit-e Gaming Africa. This swap is subject to certain conditions precedent,
including SARB approval, which are expected to be fulfilled by 31 October 2017. Infinit-e Gaming Africa is an industry-leading gaming systems supplier servicing
licenced customers in Africa and the Indian Ocean islands.

RELATED PARTIES

The Group, in the ordinary course of business, entered into various transactions with related parties consistent with those as reported at 30 June 2016.

During the period, employees exercised share options with the strike price settled by loan financing.

PROSPECTS

The Group's focus during the next financial year will be to continue on delivering on its strategy to grow its food business which includes the continued improvement
in the profitability of Burger King, roll out of both Dunkin' Donuts and Baskin-Robbins and unlocking the synergies between the various food investments. In addition
the Group will look to continue investing in food businesses via premium restaurant brands and supply chain services and product to support the restaurant brands.
The Group will remain dividend active and will look to realign its dividend policy to align its ordinary dividends with the Group's earnings profile. Special dividends
will be paid out of surplus proceeds from the realisation of the Group's investments.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2017

                                                                                             2017              2016
                                                                                Notes      R'000s            R'000s
                                                             
Revenue                                                                                   962 998           772 344
Cost of Sales                                                                            (508 724)         (385 229)
Gross Profit                                                                              454 274           387 115
Operating costs                                                                          (515 342)         (462 788)
Loss from operations                                                                      (61 068)          (75 673)
Profit from equity-accounted investments                                                   96 094           144 168
Profit on disposal of investments                                                 3.2      91 929           270 565
Reversal of impairment of investment                                                            -            21 362
Impairment of property, plant, equipment and intangible assets                            (18 549)                -
Impairment of investment                                                                   (8 271)           (3 468)
Impairment of loans                                                                        (4 701)                -
Remeasurement of investments                                                                    -            18 687
Depreciation                                                                              (66 083)          (45 876)
Amortisation                                                                               (4 906)           (2 975)
Profit before finance costs and taxation                                                   24 445           326 790
Finance income                                                                             31 583            23 660
Finance costs                                                                             (50 093)          (72 537)
Profit before taxation                                                                      5 935           277 913
Taxation                                                                                    5 018           (85 394)
Profit for the year                                                                        10 953           192 519

Other comprehensive (loss)/income
Items that will be reclassified subsequently to profit or loss
Unrealised fair value adjustments on available-for-sale investments, net of tax           (51 099)         (37 009)
Total comprehensive (loss)/income for the year                                            (40 146)         155 510

Profit/(loss) for the year attributable to:
- Ordinary shareholders                                                                    19 281          202 809
- Non-controlling interest                                                                 (8 328)         (10 290)
                                                                                           10 953          192 519

Total comprehensive (loss)/income attributable to:
- Ordinary shareholders                                                                   (31 818)         165 800
- Non-controlling interest                                                                 (8 328)         (10 290)
                                                                                          (40 146)         155 510

                                                                                            Cents            Cents
Basic earnings per share                                                             4       4.39            43.01
Diluted earnings per share                                                           4       4.39            42.80
Headline (loss)/earnings per share                                                   4      (4.59)            1.99
Diluted headline (loss)/earnings per share                                           4      (4.59)            1.98
Ordinary dividend per share                                                                 25.00            15.00


CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE YEAR ENDED 30 JUNE 2017
                                                                                             2017             2016
                                                                                 Notes     R'000s           R'000s
                                                                                                      
ASSETS
Non-current assets                                                                      2 361 016        2 189 326
Investments in jointly controlled entities                                                616 099          629 635
Investments in associates                                                                 358 157          327 768
Available-for-sale investment                                                             520 435          307 355
Investment properties                                                                       6 821           69 798
Property, plant and equipment                                                             575 789          626 045
Intangible assets                                                                          44 079           40 599
Goodwill                                                                                   92 508           92 885
Deferred tax assets                                                                       147 128           95 241

Assets classified as held-for-sale                                                   2     40 175          192 479

Current assets                                                                            230 023          842 970
Inventory                                                                                  88 763           91 231
Deferred proceeds                                                                               -          528 445
Trade and other receivables                                                                64 135          106 794
Related party loans                                                                        44 774           36 452
Cash and cash equivalents                                                                  22 911           65 594
Income tax receivable                                                                       9 440           14 454

Total assets                                                                            2 631 214        3 224 775

EQUITY AND LIABILITIES
Capital and reserves
Total equity                                                                            2 141 147        2 397 492
Ordinary share capital                                                                    806 707          859 517
Treasury shares                                                                          (166 286)        (105 971)
Accumulated profit                                                                      1 532 361        1 626 255
Available-for-sale reserve at fair value                                                  (43 044)           8 055
Share based payment reserve                                                                11 409            9 636

Non-controlling interest                                                                  (29 754)         (28 038)
Total shareholder's equity                                                              2 111 393        2 369 454

Non-current liabilities                                                                   337 912          381 448
Preference shares                                                                         238 390          232 560
Interest-bearing borrowings                                                                67 238          102 096
Finance lease liabilities                                                                  25 023           38 103
Deferred tax liabilities                                                                    4 469            6 245
Provisions                                                                                  2 792            2 444

Liabilities associated with assets held-for-sale                                                -           16 690

Current liabilities                                                                       181 909          457 183
Trade and other payables                                                                  103 877          149 955
Provisions                                                                                 17 833           16 636
Bank overdraft                                                                             25 474            7 919
Preference shares                                                                           2 011            2 111
Interest-bearing borrowings                                                                 7 403          254 903
Finance lease liabilities                                                                  14 309           13 089
Dividends payable                                                                           9 744            8 826
Income tax payable                                                                          1 258            3 744

Total equity and liabilities                                                            2 631 214        3 224 775


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2017
                                                                                                         Available        Share       Capital                                                        
                                                          Ordinary                                        for-sale        based    redemption          Non-                                                                                                                                                                       
                                                             share       Treasury     Accumulated       reserve at      payment       reserve   controlling       Total
                                                           capital         shares         profits       fair value      reserve          fund      interest      equity             
                                                            R'000s         R'000s          R'000s           R'000s       R'000s        R'000s        R'000s      R'000s
Balance at 30 June 2015                                    859 517       (76 222)       1 494 635           45 064       10 289           301       (17 575)  2 316 009
Total comprehensive income/(loss)
for the year                                                     -             -          202 809          (37 009)           -             -       (10 290)    155 510
- Profit/(loss) for the year from continuing operations          -             -          202 809                -            -             -       (10 290)    192 519
- Other comprehensive loss                                       -             -                -          (37 009)           -             -             -     (37 009)
Dividends declared                                               -             -          (71 455)               -            -             -             -     (71 455)
Treasury shares acquired                                         -       (40 330)               -                -            -             -             -     (40 330)
Share based payment reserve expense                              -             -                -                -        1 915             -             -       1 915
IFRS 2 charge relating to equity accounted investments           -             -                -                -          329             -             -         329
Acquisition of non-controlling interest                          -             -           (6 700)               -            -             -         4 700      (2 000)
Decrease of interest in subsidiary                               -             -            4 873                -            -             -        (4 873)          -
Treasury shares allocated to employees                           -        10 581            1 792                -       (2 897)            -             -       9 476
Release of capital redempton reserve                             -             -              301                -            -          (301)            -           -
Balance at 30 June 2016                                    859 517      (105 971)       1 626 255            8 055        9 636             -       (28 038)  2 369 454

Total comprehensive income/(loss) for the year                   -             -           19 281          (51 099)           -             -        (8 328)    (40 146)
- Profit/(loss) for the year from continuing operations          -             -           19 281                -            -             -        (8 328)     10 953
- Other comprehensive loss                                       -             -                -          (51 099)           -             -             -     (51 099)
Dividends declared                                               -             -         (113 070)               -            -             -             -    (113 070)
Shares cancelled(*)                                        (52 810)            -                -                -            -             -             -     (52 810)
Treasury shares acquired                                         -       (69 317)               -                -            -             -             -     (69 317)
Share based payment reserve expense                              -             -                -                -        3 453             -             -       3 453
Sale of subsidiary                                               -             -                -                -            -             -         6 612       6 612
Treasury shares allocated to employees                           -         9 002             (105)               -       (1 680)            -             -       7 217
Balance at 30 June 2017                                    806 707      (166 286)       1 532 361          (43 044)      11 409             -       (29 754)  2 111 393

Notes
* Shares bought back are deducted from share capital at cost.

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2017
                                                                            2017             2016
                                                                 Notes    R'000s           R'000s
                                                                                      
Cash flows from operating activities
Net cash utilised from operations                                        (95 787)         (86 697)
Income tax paid                                                          (60 501)        (145 145)
Finance income                                                            31 583           23 660
Net cash outflow from operating activities                              (124 705)        (208 182)

Cash flows from investing activities
Acquisition of plant and equipment                                       (80 941)        (179 926)
Acquisition of land and buildings                                         (7 799)         (23 027)
Acquisition of investment properties                                         (15)          (7 127)
Acquisition of intangibles                                                (8 694)         (30 269)
Proceeds from disposal of property, plant and equipment                   61 862            1 724
Proceeds from disposal of investment property                             56 000                -
Loans advanced                                                            (6 849)          (4 842)
Loan repayment received                                                    1 128          192 367
Cash paid through business combinations                                        -          (39 259)
Investments made                                                        (266 555)         (35 906)
Consideration received from the disposal of subsidiaries            3.1   10 215                -
Consideration received from the disposal of equity 
accounted investment                                                     790 937          382 760
Dividends received                                                        87 829          170 855
Net cash inflow from investing activities                                637 118          427 350

Cash flows from financing activities
Dividends paid                                                          (112 152)        (70 905)
Consideration on exercise of employee options                                  -           1 658
Treasury shares acquired                                                 (69 317)        (40 330)
Shares bought back for cancellation                                      (52 810)              -
Acquisition of minority interest                                               -          (2 000)
Loans received                                                                 -         400 000
Repayment of loans                                                      (301 754)       (631 439)
Finance costs                                                            (36 618)        (60 786)
Net cash outflow from financing activities                              (572 651)       (403 802)

Net decrease in cash and cash equivalents                                (60 238)       (184 634)
Cash and cash equivalents at the beginning of the year                    57 675         242 309
Total cash and cash equivalents at the end of the year                    (2 563)         57 675

Total cash and cash equivalents at year-end comprises:                    (2 563)         57 675
Cash and cash equivalents                                                 22 911          65 594
Overdraft                                                                (25 474)         (7 919)

NOTES TO THE FINANCIAL INFORMATION
FOR THE YEAR ENDED 30 JUNE 2017

1. BASIS OF PREPARATION AND ACCOUNTING POLICIES

The abridged audited Group financial statements for the period ended 30 June 2017 are prepared in accordance with the requirements of the JSE Listings
Requirements for abridged reports, and the requirements of the Companies Act applicable to summarised financial statements. The Listing 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 abridged Group financial statements do not include all the information required by IFRS for full financial statements and should be read in conjunction 
with the 2017 audited Group annual financial statements. The accounting policies applied in the preparation of the audited Group annual financial statements, 
from which the abridged Group financial statements were derived, are in terms of IFRS and are consistent with the accounting policies applied in the preparation
of previous audited Group financial statements. During the period, various new and revised accounting standards became effective, however, their implementation 
had no impact on the results of either the current or prior year.

These abridged Group financial statements are not audited but are extracted from audited information. The audited Group annual financial statements were
audited by Ernst & Young Inc., who expressed an unmodified opinion thereon. The audited Group annual financial statements and the auditor's report thereon
are available for inspection at the Company's registered office. The Directors take full responsibility for the preparation of these abridged Group financial 
statements and the financial information has been correctly extracted from the underlying audited Group annual financial statements.

These abridged Group financial statements have been prepared under the supervision of the Financial Director, Mr Shaun Barends CA(SA).

2. ASSETS HELD-FOR-SALE
The assets and liabilities included in assets classified as held-for-sale are as follows:

                                                               2017           2016
                                                             R'000s         R'000s
ASSETS
Non-current assets
Investment in associate (Sun Slots)                               -        171 140
Investment property (1 Heerengracht)                         40 175              -
Investment property (21 Friesland Drive)                          -         21 339
Assets classified as held-for-sale                           40 175        192 479

Non-current liabilities
Deferred tax liabilities (Sun Slots)                              -         16 690

Liabilities associated with assets-held-for sale                  -         16 690
Net assets                                                   40 175        175 789

At year end the Group entered into an agreement with UBUD Developments (Pty) Ltd to dispose of its property situated at 1 Heerengracht for R52.5 million. The transfer
of the property was affected on 18 August 2017. The property was previously disclosed as investment property. Non-current assets held-for-sale are measured at the
lower of carrying amount and fair value less cost of sale.

3. DISPOSAL OF BUSINESSES
3.1 DISPOSAL OF BUSINESSES

The profit or loss on disposal of businesses is included in profit/(loss) for the year in the statement of comprehensive income.

                                                                              2017
                                                                            R'000s
Cash inflow on disposal of businesses                                       10 215
Net profit on disposal of investment                                         1 341

3.1.1 DISPOSAL OF GRAND LINKSTATE

The Group disposed of its interest in Grand Linkstate, effective 12 August 2016, for a gross consideration of R1.0 million. The consideration was received on the
effective date.
                                                                              2017
                                                                            R'000s
Property, plant and equipment                                                 (581)
Intangible assets                                                              (10)
Trade and other receivables                                                 (2 579)
Cash and cash equivalents                                                     (629)
Goodwill                                                                      (377)
Trade and other liabilities                                                  1 288
Provisions                                                                     639
Non-controlling interest                                                    (6 612)
GPI's share of net asset disposed of                                        (8 861)
Consideration received in cash and cash equivalents                            961
Loss on disposal of business                                                (7 900)

Net cash inflow on disposal of business                                        
Consideration received in cash and cash equivalents                            961
Less: Cash and cash equivalents balance disposed of                           (629)
                                                                               332
3.1.2 DISPOSAL OF GRAND SPORT

The Group disposed of its interest in Grand Sport (Pty) Ltd, effective 24 January 2017, for a gross consideration of R10.0 million. The consideration was received on
the effective date.
                                                                              2017
                                                                            R'000s
Property, plant and equipment                                                  (30)
Intangible assets                                                             (369)
Trade and other receivables                                                 (1 158)
Cash and cash equivalents                                                     (117)
Trade and other liabilities                                                    817
Provisions                                                                      98
Net asset disposed of                                                         (759)
Consideration received in cash and cash equivalents                         10 000
Profit on disposal of business                                               9 241

Net cash inflow on disposal of business                                    
Consideration received in cash and cash equivalents                         10 000
Less: Cash and cash equivalents balance disposed of                           (117)
                                                                             9 883

                                                                  2017        2016
3.2 PROFIT/(LOSS) ON DISPOSAL OF INVESTMENTS                    R'000s      R'000s
Profit on disposal of Sun Slots                                 90 588      55 258
Loss on disposal of Grand Linkstate                             (7 900)          -
Profit on disposal of Grand Sport                                9 241           -
Profit on disposal of SunWest and Worcester                          -     215 307
                                                                91 929     270 565

4. BASIC AND DILUTED EARNINGS PER SHARE
                                                                   2017        2016
                                                                 R'000s      R'000s
4.1 Reconciliation of the profit for the year
Basic and diluted earnings per share reconciliation
Profit for the year                                              10 953     192 519
Non-controlling interest                                          8 328      10 290
Profit for the year attributable to ordinary shareholders        19 281     202 809

                                                                 R'000s      R'000s
4.2 Reconciliation of headline (loss)/earnings for the year
Profit for the year attributable to ordinary shareholders        19 281     202 809
Profit on sale of investments                                   (59 819)   (158 621)
Impairment of investments                                         4 490       2 691
Reversal of impairments                                               -     (21 362)
Loss on disposal of property, plant, equipment and intangibles   12 910         769
Remeasurement of investment                                           -     (17 023)
Adjustments by jointly-controlled entities                        3 012         122
- Impairment of investment                                        2 889           -
- Loss on disposal of plant and equipment                           123         122

Headline (loss)/earnings                                        (20 126)      9 385

                                                                  '000s       '000s
4.3 Reconciliation of WANOS - net of treasury shares              
Shares in issue at beginning of the year                        461 732     470 076
Shares repurchased during year weighted for period held
by Group                                                        (17 020)       (497)
Shares repurchased and cancelled during the year weighted          
for period held by Group                                         (7 148)          -
Shares issued during the year weighted for period in issue        1 271       2 003
                                                                438 835     471 582

                                                                  '000s       '000s
4.4 Reconciliation of diluted WANOS - net of treasury shares
WANOS in issue - net of treasury shares                         438 835     471 582
Effects of dilution from:
- Share options                                                       -       2 274
Diluted WANOS in issue - net of treasury shares                 438 835     473 856

                                                                  Cents       Cents
4.5 Statistics
Basic earnings per share                                           4.39       43.01
Diluted earnings per share                                         4.39       42.80
Headline (loss)/earnings per share                                (4.59)       1.99
Diluted (loss)/headline earnings per share                        (4.59)       1.98

5. FAIR VALUE MEASUREMENTS

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2: Other techniques for which all inputs which have a significant effect on the recorded fair value and are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

As at 30 June, the Group held the following instruments measured at fair value:

                                                 Level 1        Level 2     Level 3         Total
2017                                              R'000s         R'000s      R'000s        R'000s
Available-for-sale investment - Spur(i)          228 108              -     286 540       514 648
Available-for-sale investment - Atlas Gaming           -              -       5 787         5 787
Total                                            228 108              -     292 327       520 435

                                                 Level 1        Level 2     Level 3         Total
2016                                              R'000s         R'000s      R'000s        R'000s
Available-for-sale investment - Spur(i)                -              -     305 036       305 036
Available-for-sale investment - Atlas Gaming           -              -       2 319         2 319

Available-for-sale investment - Spur(i)                -              -           -             -
Total                                                  -              -     307 355       307 355


(i) Available-for-sale investment - Spur
The carrying value of the investment in Spur at 30 June 2017 of R514.7 million is made up of the original acquisition price of R294.7 million, the acquisition during
current year of R266.6 million and fair value adjustments of R56.9 million (2016: R10.3 million). The Group's initial investment in Spur is subject to a
trading restriction linked to the Group's empowerment credentials. The restriction expires on 29 October 2019, after which the instrument may be traded without
restriction. The fair value of the investment has been measured by applying a tradability discount of 3% per year remaining on the restriction against the market price
of Spur, as quoted on the JSE. The tradability discount was determined with reference to the agreements which govern the trading restrictions and industry standards
applied to empowerment transactions. As the terms of the trading restictions are unobservable the instrument has been classified under level 3, had the trading
restrictions not been in place, the instrument would have been classified under level 1. A change of 1.0% in the discount rate used to determine the fair value at the
reporting date would have increased/decreased other comprehensive income after tax by R2.4 million (2016: R2.6 million). There were no additions to level 3 instruments
in the current year.

6. SEGMENT ANALYSIS

The chief decision makers are considered to be the members of the GPI Executive Committee, who review the Group's internal reporting firstly by industry and secondly
by significant business unit. The chief decision makers do not review the Group's perfomance by geographical sector and therefore no such disclosure has been made.
Listed below is a detailed segment analysis:

                                                                                                                     Equity-
                                  External                Intersegment                 Operating                   accounted
                                    review                   revenue(1)                  costs(2)                   earnings
                              2017        2016          2017        2016            2017        2016             2017        2016
                            R'000s      R'000s        R'000s      R'000s          R'000s      R'000s           R'000s      R'000s
Food                       948 853     743 106        27 919      69 361        (463 284)   (378 995)               -          28
Gaming and leisure               -           -             -           -              836     (3 891)         100 743     149 256
Group costs                 13 506      16 237       247 042     247 731         (51 463)    (64 124)               -           -
Non-core                       639      13 001             -       9 873          (1 431)    (15 778)          (4 649)     (5 116)
                           962 998     772 344       274 961     326 965        (515 342)   (462 788)          96 094     144 168

1 Heerengracht                   -           -             -           -               -           -                -           -
21 Friesland                     -           -             -           -               -           -                -           -
Sun Slots                        -           -             -           -               -           -                -           -
Held-for-sale                    -           -             -           -               -           -                -           -

                                                                 Net                                      
                                                        profit/(loss)                                                     Total 
                                   EBITDA                  after tax                  Total Assets                  Liabilities
                              2017        2016          2017        2016            2017        2016             2017        2016
                            R'000s      R'000s        R'000s      R'000s          R'000s      R'000s           R'000s      R'000s
Food                       (32 119)      2 709       (86 123)    (26 193)      1 297 578   1 063 457         (479 264)   (458 493)
Gaming and leisure         101 580     136 866       101 580      83 014         974 256   1 472 928                -           -
Group costs                 46 037     249 073        15 805     150 856         304 205     464 910          (40 557)   (377 619)
Non-core                   (20 064)    (13 007)      (20 309)    (15 158)         15 000      31 001                -      (2 519)
                            95 434     375 641        10 953     192 519       2 591 039   3 032 296         (519 821)   (838 631)

1 Heerengracht                   -           -             -           -          40 175           -                -           -
21 Friesland                     -           -             -           -               -      21 339                -           -
Sun Slots                        -           -             -           -               -     171 140                -     (16 690)
Held-for-sale                    -           -             -           -          40 175     192 479                -     (16 690)
 
(1) Transactions between segments are concluded at arms length.
(2) Certain costs are presented pre elimination of intergroup charges and therefore net profit are after these eliminations.
(3) The income tax expense is based on the net profit before tax and pre elimination of intergroup charges.

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the annual general meeting of shareholders of GPI will be held on Thursday, 7 December 2017, at 18:00 in the Ballroom, Table Bay
Hotel, Breakwater Boulevard, Victoria Wharf Shopping Centre, V&A Waterfront, Cape Town, Western Cape, to transact the business stated in the notice of
annual general meeting.

The notice of annual general meeting will be despatched to shareholders, together with the abridged audited financial statements for the year ended 30 June
2016, on or around 29 September 2017 and will be available on the Company's website at www.grandparade.co.za from that date.

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, 1 December 2017, with the last day to trade being Tuesday, 28 November 2017.

14  September 2017

Sponsor: PSG Capital Proprietary Limited

Grand Parade Investments Limited will hold the annual results presentation on the following date:
Cape Town: Thursday 14 September 2017 at 10:30

Please refer to the invitation on the Company's website that includes the dial in details and further information regarding the presentation.
www.grandparade.co.za

Live conference call numbers
Live Call Access Numbers for Participants

Country                                 Access Number
South Africa - Johannesburg (Neotel)     011 535 3600
South Africa - Johannesburg (Telkom)     010 201 6800
South Africa - Toll-Free                0 800 200 648
Other Countries (Neotel)              +27 11 535 3600
Other Countries (Telkom)              +27 10 201 6800
UK - Toll-Free                         0 808 162 4061
USA and Canada - Toll Free             1 855 481 5362






Date: 14/09/2017 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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