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Change statement, notice of Annual General Meeting and availability of B-BBEE Annual Compliance Report
Primeserv Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/013448/06)
("Primeserv” or “the company”)
Share code: PMV ISIN: ZAE000039277
CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND AVAILABILITY OF B-BBEE ANNUAL
COMPLIANCE REPORT
CHANGE STATEMENT
Shareholders are advised that the company’s Annual Financial Statements, were posted to shareholders today,
5 August 2022 and contain certain changes to the reviewed financial results which were announced on SENS
on Friday, 15 July 2022, as detailed below. The annual financial statements were audited by the company’s
auditors and their unmodified report which includes Key Audit Matters is available for inspection on the
company’s website. The company’s full Integrated Report incorporating the audited Financial Statements for
the year ended 31 March 2022 will also be made available on its website www.primeserv.co.za.
The change statement highlights the changes between the audited annual financial statements and the
reviewed results published on 15 July 2022.
The impact of the change on the financial results is detailed below:
Statement of profit and loss and other comprehensive income
Reviewed Audited
31 March 31 March
2022 2022 Change
Notes R '000 R '000 R '000
Revenue 777,111 777,111 -
Cost of sales 1 (684,068) (686,756) (2,688)
Gross profit 93,043 90,355 (2,688)
Other income 2 4,233 7,512 3,280
Operating expenses 2 (78,390) (81,670) (3,280)
Operating profit 18,886 16,197 (2,688)
Interest income 1,661 1,661 -
Interest expense (658) (658) -
Profit before taxation 19,889 17,200 (2,688)
Taxation 3 (157) 190 347
Profit and total comprehensive income 19,732 17,390 (2,341)
Profit and total comprehensive income attributable to:
Ordinary shareholders of the company 17,618 15,506 (2,111)
Non-controlling interests 4 2,114 1,884 (230)
Profit and total comprehensive income 19,732 17,390 (2,341)
Basic earnings per share and diluted earnings per share (cents) 20.86 18.36 (2.50)
Headline earnings per share (cents) 20.86 18.36 (2.50)
Statement of financial position
Reviewed Audited
31 March 31 March
2022 2022 Change
Notes R '000 R '000 R '000
ASSETS
Non-current assets 38,975 39,181 206
Equipment and vehicles 4,935 4,935 -
Investment property 3,500 3,500 -
Right-of-use assets 5,346 5,346 -
Goodwill and intangible asset 20,886 20,886 -
Deferred tax asset 3 4,308 4,514 206
Current assets 195,892 195,892 -
Inventories 56 56 -
Trade and other receivables 133,477 133,477 -
Contract assets 2,770 2,770 -
Cash and cash equivalents 59,589 59,589 -
Total assets 234,867 235,073 206
EQUITY AND LIABILITIES
Capital and reserves 170,533 169,614 (919)
Ordinary share capital and share premium 2,405 2,405 -
Treasury shares (16,681) (16,681) -
Retained earnings 193,519 192,830 (689)
Equity attributable to equity holders of the company 179,243 178,554 (689)
Non-controlling interests 4 (8,710) (8,940) (230)
Non-current liabilities 3,440 3,440 -
Lease liabilities 2,738 2,738 -
Contingent consideration 702 702 -
Current liabilities 60,894 62,019 1,125
Trade and other payables 53,721 54,986 1,265
Lease liabilities 3,046 3,046 -
Contingent consideration 324 324 -
Taxation payable 3 3,803 3,663 (140)
Bank borrowings -
Total equity and liabilities 234,867 235,073 206
Statement of changes in equity
Reviewed Audited
31 March 31 March
2022 2022 Change
Notes R '000 R '000 R '000
Total equity Total equity
Opening balance at 1 April 2020 as previously reported 5 159,122 160,545 1,423
Balance at 1 April 2020 - restated 5 155,601 157,024 1,423
Restated balances at 1 April 2021 5 158,389 159,812 1,423
Notes
1 (a) Impairment provided against long outstanding receivable
from a government department. Collection process underway. 500
1 (b) Overpayments on disbursements to staff still being
recovered 762
1 (c) Error on recording of carry forward retained income 1,426
2.Reallocation of amortisation charge from other income to
operating expenses 3,280
3.Current and deferred tax adjustment arising from 1 above 347
4.Non-controlling interests share arising from 1 and 3 above 230
5. Error on recording of carry forward opening retained income (refer to 1
(c) above 1,423
During the finalisation process of the audited results certain estimation matters were subject to reconsideration by
management. The effects of the adjustments are presented above.
Shareholders can refer to the detailed notes in the audited annual financial statements which is available on the company’s
website.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of the shareholders of Primeserv will be held through
electronic participation only at 09H30 on Friday 25 November 2022 to conduct the business as stated in the
notice of Annual General Meeting of shareholders circulated together with the annual financial statements.
Proxies must be lodged at or posted to the company or the company’s transfer secretaries to be received not
later than 10H00 on Wednesday, 23 November 2022.
The salient dates and times regarding the Annual General Meeting are set out below:
Issuer name Primeserv Group Limited
Type of instrument Ordinary Shares
ISIN number ZAE000039277
JSE code PMV
Meeting type Annual General Meeting
Meeting venue Electronic participation
Record date for purposes of receiving the Notice
of Annual General Meeting Friday, 29 July 2022
Distribution of the Integrated Annual Report Friday, 5 August 2022
Last day to trade Tuesday, 15 November 2022
Record date for voting purposes Friday, 18 November 2022
Last day to lodge proxy forms 10H00 on Wednesday, 23 November 2022
Date and time of Annual General Meeting 09H30 on Friday, 25 November 2022
Publication of Annual General Meeting results on
SENS on or before Monday, 28 November 2022
Website link www.primeserv.co.za.
B-BBEE ANNUAL COMPLIANCE REPORT
In accordance with paragraph 16.20(g) and Appendix 1 to Section 11 of the JSE Listing Requirements, notice is
hereby given that the annual compliance reports relevant to the Primeserv group, in terms of section 13G(2) of
the Broad-Based Black Economic Empowerment Act, has been published on the company’s website:
http://primeserv.co.za/downloads/
Illovo
5 August 2022
Sponsor
Grindrod Bank Limited
Date: 05-08-2022 11:15:00
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