| Wed 30 Sep 2009, 15:01 | | LAB - Labat Africa Limited - Audited Annual Financial Statements And Notice |
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LAB
LAB
LAB - Labat Africa Limited - Audited Annual Financial Statements And Notice
Of Annual General Meeting
LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
JSE code: LAB
ISIN: ZAE000018354
("the company")
AUDITED ANNUAL FINANCIAL STATEMENTS AND NOTICE OF ANNUAL GENERAL MEETING
Annual financial statements:
Shareholders are advised that the annual financial statements for the year
ended 28 February 2009, which are included in the company`s annual report
for that year, will be dispatched to shareholders on 1 October 2009 and
contain the following modifications to the reviewed results for that year,
which were published on SENS on 12 June 2009:
Audited Adjustments Reviewed
Notes 28.02.2009 28.02.09
BALANCE SHEET
Financial assets 1 1,632 1,632 -
Trade and other 1 16,278 -1,926 18,204
receivables
Share capital and 2 22,528 -294 22,822
reserves
Trade and other 3 41,391 -4,512 45,903
payables
Provisions 3 4,329 4,329
Taxation payable 3 183 183
STATEMENT OF CHANGES
IN EQUITY
Treasury shares 4 -482 -482 -
Retained 5 -71,447 -11,394 -60,053
earnings/(loss)
Non-distributable 5 43,420 11,582 31,838
reserve
INCOME STATEMENT
Fair value 5 50,072 -17,456 67,528
adjustments
Profit before 5 29,911 -18,100 48,011
taxation
Taxation 6 15,286 5,761 9,525
Profit after 5 45,197 -12,339 57,536
taxation
Earnings per share 7 22.9 -6.3 29.2
Notes:
1 The adjustments were as a result of the re-classification of loan
balances amounting to R1.454 million as they were of a long-term and
not short-term nature. This had no effect on earnings. The balance of
R0.472 million was due to share incentive scheme transactions, which
had to be consolidated into the group`s results in terms of SIC 12.
2 The adjustment was a result of the share incentive scheme transactions,
which had to be consolidated into the group`s results in terms of SIC
12.
3 The adjustments were as a result of re-classification between the
different line items for disclosure purposes. This had no effect on
earnings.
4 The adjustments were as a result of shares held by the share incentive
scheme in the company which have now been dealt with as treasury shares
on group level.
5 The adjustment is materially due to the re-classification of a fair
value adjustment of the group`s land and buildings amounting to R11.582
million after taxation. In accordance with IAS 16 the fair value
adjustment had to be disclosed as non-distributable reserve and not as
a fair value adjustment through the income statement, as the building
is owner-occupied on group level and not as investment property as
disclosed in the subsidiary`s separate financial statements. This
adjustment affected the non-distributable reserve, retained earnings as
a result of the net profit, the net profit for the year and taxation
with amounts indicated above. The balance of R0.757 million was due to
the share incentive scheme transactions, which had to be consolidated
into the group`s results in terms of SIC 12.
6 The adjustment relates to the impact of the deferred taxation on the
fair value adjustment, as mentioned in note 4.
7 Earnings per share were affected as follows:
- Fair value adjustment after taxation amounting to R11.585 million
- Share incentive scheme transactions amounting to R0.757 million
Notice of annual general meeting:
Notice is hereby given that the annual general meeting of shareholders of
the company will be held on Friday, 30 October 2009 at 15h00 at the offices
of the company, 23 Kroton Avenue, Weltvreden Park, to transact the business
as stated in the notice of annual general meeting forming part of the annual
report.
30 September 2009
Sponsor
Vunani Corporate Finance
Date: 30/09/2009 15:01:01 Produced by the JSE SENS Department.
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