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AER
AER
AER - Amecor - Statement Re IFRS Compliance In The Annual Financial Statements
For 31 March 2007 ("F2007 AFS")
AMALGAMATED ELECTRONIC CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010036/06)
Share code: AER ISIN: ZAE000070587
("Amecor" or "the Company" or the "Group")
STATEMENT RE IFRS COMPLIANCE IN THE ANNUAL FINANCIAL STATEMENTS FOR 31 MARCH
2007 ("F2007 AFS")
This announcement is made at the insistence of the JSE Limited, ("JSE"). Acting
on the advice received from the JSE, Amecor wishes to advise shareholders that
the F2007 AFS incorrectly dealt with certain non-cash items through the cash
flow statement and as a result thereof failed to comply with IFRS 1 and IFRS 8.
On the cash flow line "investment" in treasury shares of R5 713 000 a component
of R5 250 000 was the return of the treasury shares issued pursuant to the super
profit warranty which is now in dispute.
On the cash flow line "net proceeds" from issue of shares of R5 264 000 a
component of R5 250 000 was the "contra" of the above.
This failure to comply with IFRS1 and IFRS8 does not affect the fair
presentation of the financial statements for F2007 AFS as a whole as there is no
effect on EPS or NAV or any significant ratio in the F2007 annual report.
At the cash flow level the items were a contra between cash flows from investing
activities and cash retained by financing activities, resulting in no effect on
net movements in cash balances and no effect on opening and closing cash
balances.
The F2007 cash flow will be restated in the Amecor F2008 AFS, F2007 comparative
figures and will include a note accordingly.
CASH FLOW STATEMENT
Group 2007
As published Correction to
comply with IFRS1 and IFRS8
Notes R`000 R`000
Cash retained from operating
activities 5 991 5 991
Cash generated by/(utilised in)
Operations 19.1 14 771 14 771
Net interest received 572 572
Taxation paid 19.2 (5 225) (5 225)
Dividends paid 19.3 (4 127) (4 127)
Cash flows from investing activities (9 344) (4 094)
Acquisition of FSK Group 19.4 - -
Additions to property, plant
and equipment (1 220) (1 220)
Disposals of property, plant and equipment 24 24
Additions to intangible assets 2 435) (2 435)
Investments - treasury shares 1 5 713) (463)
Cash retained by financing 5 246 (4)
activities
Net proceeds from issue of shares 2 5 264 14
Decrease in non-interest bearing liabilities - -
Movement in convertible loan equity - -
Interest bearing liabilities repaid (18) (18)
Net movement in cash balances 1 893 1 893
Cash at beginning of year 10 098 10 098
Cash acquired 19.4 - -
Cash at end of year 11 991 11 991
Johannesburg
28 May 2008
SPONSOR
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 28/05/2008 16:55:42 Produced by the JSE SENS Department.
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