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NAI NAN
NAI
NAI / NAN - New Africa Investments Limited - Change Statement
NEW AFRICA INVESTMENTS LIMITED ("NAIL")
(Incorporated in the Republic of South Africa)
(Registration number 1993/002467/06)
Share codes: NAI and NAN
ISIN : ZAE000033338 and ZAE000033346
CHANGE STATEMENT
Shareholders are advised that :
The annual report, incorporating a notice convening the annual general
meeting of the company ("the AGM"), was posted to shareholders on 3 May
2007. The following material changes have been made to the reviewed
financial information published in the preliminary report dated 3 May 2006,
as a result of the completion of the audit of the International Financial
Reporting Standards ("IFRS") financial information for the current and
preceding year for Alisa Holdings (Pty) Limited ("Hertz") and Kaya FM (Pty)
Limited ("Kaya") and the finalisation of an exit from the investment in the
African Bank Debtors Book.
Note Audited Reviewed Difference
2005 2005 2005
R`000 R`000 R`000
Income statement
for the year ended
31 December 2005
Revenues 1 114 606 115 181 (575)
Loss for the year 2 (20 871) (23 861) 2 990
Earnings per share
(cents per share) (13.3) (15.7) 2.4
Balance sheet
at 31 December 2005
Retained earnings 3 168 111 164 711 3 400
Provisions for other
liabilities 4 15 318 18 718 (3 400)
Notes
1. Rebates and commissions netted against revenue to comply with the
requirements of IAS18 : Revenue
2. Made up of:
Audited Reviewed Difference
2005 2005 2005
R`000 R`000 R`000
Provision for African Bank
Debtors Book (12 300) (15 700) 3 400
Provision reduced to the
concluded exit price
Profit on sale of Hertz 2 326 2 736 (410)
Prior profits taken from a write back
of depreciation of fully depreciated
assets to comply with the
requirements of IAS 16 : Property,
plant and equipment.
TOTAL 2 990
3. Retained earnings
Adjustment to 2005 loss (see 2 above) 2 990
Adjustment to brought forward retained earnings
for addition profits from Hertz for the write back
of fully depreciated assets (see 2 above) 410
TOTAL 3 400
4. Reduction in provision for the African Bank Debtors Book 3 400
QUALIFIED AUDIT OPINION
The results have been audited by the joint independent auditors,
PricewaterhouseCoopers Inc. and Sizwe Ntsaluba VSP. They have issued a
qualified audit report.
The reasons for the qualifying the financial statements as set out in the
auditors report are:
"As indicated in the directors` report under "Transition to International
Reporting Standards" ("IFRS") the group did not fully comply with IFRS 1:
First-time adoption of International Financial Reporting Standards. IFRS 1
requires an opening IFRS balance sheet to be prepared as at 1 January 2004,
the group`s date of transition to IFRS, and requires that the same
accounting policies applicable to the group at 31 December 2005 should be
applied to the opening IFRS balance sheet and throughout all periods
presented (with certain exemptions and exceptions). The opening balance
sheet was not prepared to restate balances and transactions in respect of
subsidiaries and associates disposed of during the year ended 31 December
2004. It was impracticable for us to determine the effects of the non-
compliance with IFRS 1 on the group financial statements."
AGM
The AGM will be held on Thursday 24 May 2007 at 18h00 at The Parktonian,
120 De Korte Street, Braamfontein, Johannesburg
By order of the Board.
SANDTON
3 MAY 2007
Sponsor
Investec Bank Limited
Date: 03/05/2007 15:56:45 Produced by the JSE SENS Department.
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