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PLC
PLC
PLC - Placecol Holdings Limited - Audited annual financial statements and notice
of annual general meeting
PLACECOL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/025374/06)
JSE code: PLC
ISIN: ZAE000102307
("the company")
AUDITED ANNUAL FINANCIAL STATEMENTS AND NOTICE OF ANNUAL GENERAL MEETING
AUDITED ANNUAL FINANCIAL STATEMENTS
Shareholders are advised that the audited annual financial statements for the
year ended 29 February 2008 were dispatched to shareholders on 8 September 2008
and contain various re-allocations and adjustments when compared to the reviewed
results for that year, which were published on SENS on 6 June 2008, as follows:
BALANCE SHEET
At 29 February 2008 Audited Reviewed
annual results
financial issued
Notes statements on 6
June
2008
ASSETS
NON CURRENT ASSETS 34 472 33 591
Property, plant and equipment 8 018 8 041
Intangible assets 1 21 010 22 677
Finance lease receivables 69 69
Deferred tax asset 2 141 2 201
Other financial assets 2 3 234 603
CURRENT ASSETS 54 610 60 766
Inventories 3 23 198 21 883
Loans to directors 188 -
Other financial assets 2 2 319 6 933
Finance lease receivables 32 32
Trade and other receivables 3 17 941 20 923
Cash and cash equivalents 10 932 10 995
TOTAL ASSETS 89 082 94 357
EQUITY AND LIABILITIES
EQUITY 56 902 59 202
Share capital 1 47 451 49 473
Retained income 9 451 9 729
LIABILITIES 32 180 35 155
NON CURRENT LIABILITIES 10 604 11 683
Other financial liabilities 8 924 9 487
Finance lease obligations 4 663 2 183
Operating lease liability 4 1 004 -
Deferred tax 13 13
CURRENT LIABILITIES 21 576 23 472
Other financial liabilities 4 4 003 5 866
Current tax payable 5 014 5 728
Finance lease obligation 175 175
Trade and other payables 4 10 283 7 880
Income received in advance 2 101 2 101
Bank overdraft 5 - 1 722
TOTAL EQUITY AND LIABILITIES 89 082 94 357
Net asset value per share 6 45.3 51.4
(cents)
Net tangible asset value per 6
share (cents) 29.1 31.7
Notes:
The commentary below comprises a brief description of the material changes to
the balance sheet items:
Intangible assets and share premium were adjusted as a result of the repurchase
of 11 893 332 shares.
A portion of other financial assets were re-classified from current assets to
non current assets.
Inventories and trade receivables were adjusted as a result of certain franchise
sales being reversed as a result of finance not being obtained by customers
subsequent to year end.
Various liabilities were re-classified and the deferred lease liabilities
corrected.
Correction of a misallocated consolidation entry.
The net asset value and net tangible asset value per share take into account the
repurchase and cancellation of 11 893 332 shares and the 2 400 000 Share
Incentive Scheme shares treated as treasury shares.
INCOME STATEMENT
Year ended 29 February 2008 Audited Reviewed
annual results
financial issued on 6
statements June 2008
REVENUE 115 286 112 698
COST OF SALES (33 988) (33 680)
GROSS PROFIT 81 298 79 018
OPERATING EXPENSES (69 790) (66 480)
OPERATING PROFIT 11 508 12 538
OTHER INCOME 1 256 3 068
DEPRECIATION - (2 720)
INVESTMENT REVENUE 985 985
FAIR VALUE ADJUSTMENT - (202)
FINANCE COSTS (1 443) (1 326)
PROFIT BEFORE TAXATION 12 306 12 343
TAXATION (3 684) (3 443)
PROFIT FOR THE PERIOD 8 622 8 900
Earnings per share (cents) 8.1 8.6
Headline earnings per share 7.2 7.6
(cents)
Notes:
The earnings per share and headline earnings per share take into account the
repurchase and cancellation of 11 893 332 shares and the 2 400 000 Share
Incentive Scheme shares treated as treasury shares.
Changes to the income statement comprise corrections to consolidation
adjustments, the reversal of certain sales transactions as a result of
subsequent events and various immaterial corrections to expenses and tax
calculations.
CASH FLOW STATEMENT
Year ended 29 February 2008 Audited Reviewed
annual results
financial issued on 6
statements June 2008
Net cash from operating (16 051) (10 708)
activities
Net cash from investing 326 (9 244)
activities
Net cash from financial 20 554 23 122
activities
TOTAL CASH AT END OF PERIOD 10 932 9 273
The significant changes to the cash flow statement were as a result of the
various balance sheet adjustments set out above.
SEGMENTAL INFORMATION
There have been changes to the segmental information reported in the reviewed
results published on 6 June 2008 as a result of the immaterial changes to the
income statement which are set out above.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of the
company will be held on Thursday, 2 October 2008 at 10h00 at Placecol, Placecol
Boulevard, Samrand, to transact the business as stated in the notice of annual
general meeting forming part of the annual financial statements.
Midrand
10 September 2008
Designated Adviser
Vunani Corporate Finance
Date: 10/09/2008 14:38:01 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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