| Thu 10 Sep 2009, 10:09 | | PNG - Pinnacle - Abridged Consolidated Balance Sheets Income Statements |
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PNG - Pinnacle - Abridged Consolidated Balance Sheets, Income Statements,
Audit Report For The Year Ended 28 February 2009 And Notice Of Annual General
Meeting
PINNACLE POINT GROUP LIMITED
(Formerly Acc-Ross Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2000/000059/06)
JSE Share code: PNG
NSE Share code: PNG
ISIN: ZAE000127122
("Pinnacle" or "the company")
ABRIDGED CONSOLIDATED BALANCE SHEETS, INCOME STATEMENTS, AUDIT REPORT FOR THE
YEAR ENDED 28 FEBRUARY 2009 AND NOTICE OF ANNUAL GENERAL MEETING
In compliance with the Nigerian Stock Exchange Listings Requirements, please
see below the Company`s abridged balance sheet, income statement and audit
report for the year ended 28 February 2009:
CONSOLIDATED BALANCE SHEETS
Audited Restated
28 February 29 February
2009 2008
R`000 R`000
Assets
Non-current assets
Property, plant and 27 863 6 742
equipment
Investment property 6 075 -
Inventory / Freehold land
and stands 854 160 110 628
Goodwill 17 504 17 504
Other intangible assets 1 621 -
Loans and receivables at
amortised cost 59 520 7 535
Deferred tax assets 85 261 12 952
Total non-current assets
1 052 004 155 361
Current assets
Inventory / Freehold land
and stands 398 569 134 307
Loans and receivables at
amortised cost 154 248 91 844
Trade and other
receivables 21 347 6 077
Current tax receivable 1 532 -
Cash and cash equivalents
54 686 1 563
Total current assets 630 382 233 791
Total assets 1 682 386 389 152
Equity and Liabilities
Capital and reserves
Issued capital 813 866 1
Foreign currency
translation reserve (11 615) -
Accumulated loss (50 738) (48 004)
Equity attributable to
equity holders of the
parent 751 513 (48 003)
Minority interest 16 100 27
Total equity 767 613 (47 976)
Non-current liabilities
Platinum Club obligations
2 500 -
Borrowings 165 473 37 300
Finance leases and other
arrangements 15 983 2 818
Deferred tax liabilities
235 192 3 538
Total non-current
liabilities 419 148 43 656
Current liabilities
Platinum Club obligations
40 625 -
Trade and other payables
137 009 56 520
Borrowings 247 000 302 906
Finance leases and other
arrangements 7 344 1 289
Operating lease liability
107 174
Current tax payable 8 730 67
Provisions 14 073 -
Bank overdraft 40 737 32 516
Total current liabilities
495 625 393 472
Total equity and
liabilities 1 682 386 389 152
CONSOLIDATED INCOME STATEMENTS
Audited
Year ended Restated
28 February Year ended
2009 29 February
R`000 R`000
Revenue 102 713 50 936
Cost of sales (66 254) (41 867)
Gross profit 36 459 9 069
Other gains 36 165 31 030
Investment revenue 37 079 23 972
Marketing and sales
expenses (15 948) (9 197)
Impairment charges - (32 023)
Other expenses (60 643) (53 992)
Finance costs (35 344) (14 858)
Loss before tax (2 232) (45 999)
Income tax expense (844) 6 786
Loss for the year (3 076) (39 213)
Attributable to:
Ordinary shareholders of
the parent (2 734) (39 213)
Minority interest (342) -
Loss per share
Basic loss (cents per
share) (0.09) (2.01)
Diluted loss (cents per
share) (0.09) (2.01)
FUTURE PROSPECTS
The challenging economic conditions are set to continue as the uncertainty
created by the global financial crisis impacts on global growth and the
lending policies of banks. We expect these factors to adversely affect
performance, particularly in the first half of the 2010 financial year.
The Group intends to focus on its two international developments in Lagos and
the Seychelles. Both developments offer unique opportunities and we believe
that they will be successful, even in the current market situation, as they
are aimed at high net worth individuals. It is expected that the Lagos Keys
development will commence shortly and that it will be the largest contributor
to the Group`s performance for the year ahead.
In the South African market the Group intends to focus on completing certain
of its existing projects and ensuring that these will be well positioned to
take advantage of any improvement in market conditions and certain projects
will be land banked.
The ability of the Group to continue as a going concern is dependent on the
successful conclusion of the negotiations with the Group`s funders as
mentioned above. The board advises that on this basis the preparation of the
financial statements on a going concern basis is appropriate.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF PINNACLE POINT GROUP
LIMITED
We have audited the accompanying group annual financial statements of
Pinnacle Point Group Limited, which comprise the balance sheet as at 28
February 2009, the directors` report, the income statement, statement of
changes in equity and cash flow statement for the year then ended, and a
summary of significant accounting policies and other explanatory notes as set
out on pages 28 to 73.
Management`s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these
financial statements in accordance with International Financial Reporting
Standards.
This responsibility includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to
fraud or error; selecting and applying appropriate accounting policies; and
making accounting estimates that are reasonable in the circumstances.
Auditors` Responsibility
Our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with International
Standards on Auditing. Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
amounts and disclosures in the financial statements. The procedures selected
depend on the auditor`s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the entity`s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity`s internal control.
An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the group annual financial statements and group financial
statements present fairly, in all material respects, the financial position
of Pinnacle Point Group Limited as at 28 February 2009, and of its financial
performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards and in the manner required by the
Companies Act in South Africa.
Emphasis of Matter
We draw attention to the Directors` report to the annual financial statements
which indicates that the group incurred a net loss of R3 076 000 for the year
ended 28 February 2009 (2008: R39 213 000) and, as at that date, the group`s
accumulated losses amount to R50 738 000 (2008: R48 004 000). The directors`
report also indicates that these conditions, along with other matters,
indicate the existence of a material uncertainty which may cast significant
doubt on the group`s ability to continue as a going concern.
Deloitte & Touche
Registered Auditors
221 Waterkloof Road, Waterkloof, 0181
Per Zuleka Jasper, Partner
21 August 2009
National Executive: GG Gelink Chief Executive, AE Swiegers Chief Operating
Officer, GM Pinnock Audit, DL Kennedy Tax Legal & Risk Advisory, L Geeringh
Consulting, L Bam Corporate Finance, CR Beukman Finance, TJ Brown Clients &
Markets, NT Mtoba Chairman of the Board, CR Qually Deputy Chairman of the
Board
A full list of partners is available on request.
Member of Deloitte Touche Tohmatsu
The company`s Annual Report is available for inspection at the Company`s
registered office at Arcay House II, Number 3 Anerley Road, Parktown,
Johannesburg, South Africa and at the offices of Goldbanc Management
Associates, Nigeria.
NOTICE OF ANNUAL GENERAL MEETING
Shareholders are that annual general meeting will be held at 10h00 on Friday,
02 October 2009 at Arcay House II, Number 3 Anerley Road, Parktown,
Johannesburg, South Africa.
BY ORDER OF THE BOARD
Johannesburg
10 September 2009
Chairman Chief Executive Officer
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Corporate Advisor, Nigeria
Goldbanc Management Associates
Date: 10/09/2009 10:09:01 Produced by the JSE SENS Department.
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