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PEMBURY LIFESTYLE GROUP LIMITED - Correction to Audited Provisional Consolidated Condensed Results Announcement for the Year Ended 31 December 2017

Release Date: 28/09/2018 15:20
Code(s): PEM     PDF:  
Wrap Text
Correction to Audited Provisional Consolidated Condensed Results Announcement for the Year Ended 31 December 2017

PEMBURY LIFESTYLE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/205899/06)
(“PL Group” or “the Company”)
ISIN Code: ZAE000222949      JSE Code: PEM


CORRECTION TO AUDITED PROVISIONAL CONSOLIDATED CONDENSED RESULTS
ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2017


Shareholders are referred to the Audited Provisional Consolidated Condensed Results
announcement for the year ended 31 December 2017 that was released on
20 September 2018. It should be noted that there was an error in the segment reports for
the year ended 31 December 2017 and for the previous year, which has been corrected
in this announcement.

Segmental information
The reportable segments, which represent the structures used by the Chief Operating
Decision Maker, to make key operating decisions and assess performance are set out
below:

Reportable segment
The Group's reportable segments are operating segments which are differentiated by the
activities that each undertake and markets they operate in.

The Group's reportable segments are operating segments which are identified on a
service basis.

The reportable segments identified and reported on are PLG Properties, PLG Retirement
Villages and PLG Schools.

The revenue earned by the Schools segment is derived from educational services. The
major sources of revenue are school fees, boarding fees, aftercare fees, registration fees
and sundry income. Taxation is assessed by the Chief Operating Decision Makers at a
Group level and not considered separately at a segmental level. The revenue earned
by the Retirement segment is primarily monthly rental and frail care fees.

The revenue of PLG Properties comprises inter-segmental revenue, being rent charged
on own properties.
Segmental revenue, total assets, total liabilities and results
The Executive Directors assess the performance of the operating segments based on the measure of operating profit. The segment information
provided to the Executive Directors is presented below:

Year ended 31 December 2017
                                                                                      PLG Retirement                                  Inter segment
                                          PLG Properties           PLG Schools               Villages                 Other             eliminations                     Total
Revenue                                        3 940 124             52 379 236            28 727 070                     -               (3 940 124)              81 106 306
Other income                                  42 433 640                525 660             8 116 944             2 038 491             (45 963 855)                 7 150 880
Operating expenses                          (16 442 369)           (59 433 684)          (39 310 481)          (10 204 674)               12 107 670            (113 283 538)
EBITDA*                                       29 931 395            (6 528 788)           (2 466 467)           (8 166 183)             (37 796 309)             (25 026 352)
Depreciation and amortisation                   (68 988)              (425 300)           (1 623 509)                12 064                         -             (2 105 733))
Finance cost                                   (155 117)            (3 146 684)              (82 458)              (13 650)                         -              (3 397 909)
Finance income                                         -                155 807                     -               480 081                         -                  635 888
Profit/(Loss) before tax                      29 707 290            (9 944 965)           (4 172 434)           (7 687 688)             (37 796 309)             (29 894 106)
Total assets                                 174 470 309             49 254 904            38 790 976          175 876 443             (175 939 441)              262 453 191
Total liabilities                           (18 116 789)           (38 509 998)          (25 963 470)             (612 934)                 6 901 156            (76 302 035)

Ten-month period ended 31 December 2016
                                                   PLG                                                                             Head Office          PLG
                                        PLG Hartbeespo          PLG          PLG         PLG                PLG           PLG                      Properties
                        Ballito Willow View          ort Mellow Oaks Northriding Allens View            Raslouw       Springs                                           Total
Revenue              7 131 210     5 171 554  8 446 477    5 882 007  4 681 695       70 300             301 000       92 500                                          31 776
Other income                  -           60     44 143            -            -           -                  -             -          31 000              -          75 203
Operating
expenses             (7 968 307) (5 045 762) (8 492 415) (4 088 837) (5 099 857)          (602 957)     (576 792)   (353 970)       (9 052 997)             - (41 281 894)
EBITDA*                (837 097)      125 852       (1 795)     1 793 170    (418 162)    (532 657)     (275 792)   (261 470)       (9 021 997)             - (9 429 948)
Depreciation
and
amortisation           (455 271)     (81 298)     (113 426)       (31 926)    (41 969)       (5 668)      (5 224)      (8 594)                -             -       (743 376)
Interest
received                      93            81        1 376          1 062       1 056            27          74              33              -             -           3 802
Finance cost            (43 273)     (52 834) (2 454 550)          (1 306)     (3 825)             -           -               -              -             -     (2 555 788)
Profit/(Loss)
before tax          (1 335 548)        (8 199) (2 568 395)      1 761 000    (462 900)    (538 298)     (280 942)   (270 031)       (9 021 997)            - (12 725 310)
Total assets             850 347    1 473 063 45 376 020        1 011 716   1 639 327       633 304       507 135     738 923         1 454 897    3 845 034 32 877 380
Total liabilities    (3 192 687) (1 330 673) (25 105 175) (1 296 248) (1 203 985)         (417 215)     (598 534)   (259 310)       (7 260 582)            - (38 380 811)
*EBITDA – refers to Earnings before Interest, Tax, Depreciation and Amortisation.

BY ORDER OF THE BOARD
Johannesburg
28 September 2018

Designated Advisor
Arbor Capital Sponsors

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