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GPL
GPL
GPL - Grand Parade Investments Limited - Audited results for the year ended 30
June 2009 - Change statement and notice of annual general meeting
Grand Parade Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the Company" or "the Group")
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
CHANGE STATEMENT
Shareholders are advised that the annual report for the year ended 30 June 2009
was posted to shareholders on Monday, 5 October 2009, and contains no material
modifications to the reviewed final results published on SENS on Thursday,
3 September 2009. However it does contain some minor changes as detailed below.
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2009
INCOME STATEMENT
Audited
30 June 2009
Note R`000s
Revenue 1 27 246
Operating costs (14 932)
Profit from operations 1 12 314
Share of profit from associates 118 191
Impairment in investment in associates -
Negative goodwill from associates 80 623
Net income before finance costs and taxation 1 211 128
Finance costs (31 939)
Net profit before tax 1 179 189
Taxation (7 470)
Net profit for the year 1 171 719
Attributable to ordinary shareholders 171 719
Reconciliation of earnings per share
Basic earnings 171 719
Preference dividend -
Attributable profit after preference dividend 171 719
Negative goodwill from associates (80 623)
Loss on disposal of plant and equipment 13
Profit on sale of subsidiary (213)
Tax on above 56
Associates 5 548
- (Gain)/Loss on disposal of plant and equipment 53
- (Gain) on disposal of investments recycled to
income statement (869)
- Impairment of casino licence 3 613
- Provision for pension fund exposure 2 751
Tax effect of above (28)
Headline earnings 1 96 472
Reversal of employee share trust consolidated 1 43
Adjusted headline earnings 96 515
Headline earnings and dividend per share
Shares in issue (`000s) 443 761
Weighted average shares (`000s) 462 033
Adjusted weighted average shares (`000s) 462 033
Basic earning per share (cents) 1 37,17
Diluted earnings per share (cents) 1 37,17
Headline earnings per share (cents) 1 20,88
Adjusted headline earnings per share (cents) 20,89
Reviewed
30 June 2009 R change
R`000s R`000s
Revenue 27 451 (205)
Operating costs (14 932) -
Profit from operations 12 519 (205)
Share of profit from associates 118 191 -
Impairment in investment in associates - -
Negative goodwill from associates 80 623 -
Net income before finance costs and taxation 211 333 (205)
Finance costs (31 939) -
Net profit before tax 179 394 (205)
Taxation (7 470) -
Net profit for the year 171 924 (205)
Attributable to ordinary shareholders 171 924 (205)
Reconciliation of earnings per share
Basic earnings 171 924 (205)
Preference dividend -
Attributable profit after preference dividend 171 924 (205)
Negative goodwill from associates (80 623) -
Loss on disposal of plant and equipment 13 -
Profit on sale of subsidiary (213) -
Tax on above 56 -
Associates 5 548 -
- (Gain)/Loss on disposal of plant and equipment 53 -
- (Gain) on disposal of investments recycled to
income statement (869) -
- Impairment of casino licence 3 613 -
- Provision for pension fund exposure 2 751 -
Tax effect of above (28) -
Headline earnings 96 677 (205)
Reversal of employee share trust consolidated (162) 205
Headline earnings and dividend per share
Adjusted headline earnings 96 515 -
Shares in issue (`000s) 443 761 -
Weighted average shares (`000s) 462 033 -
Adjusted weighted average shares (`000s) 462 033 -
Basic earning per share (cents) 37,21 0,04
Diluted earnings per share (cents) 37,21 0,04
Headline earnings per share (cents) 20,92 0,04
Adjusted headline earnings per share (cents) 20,89 -
Note 1: In the reviewed results for the year ended 30 June 2009, the profit
of R204 700 made by the Grand Parade Share Incentive Trust from the sale of
the Trust`s GPI shares to key executives was incorrectly included in the
Group`s profit on sale of investments. This amount has since been reversed
to share premium as required by IAS 32 paragraph 33, in the audited
financial statement as a consolidation entry.
BALANCE SHEET
Audited
30 June 2009
Note R`000s
ASSETS
Non-current assets 2 1 872 354
Current assets 2 84 018
Total assets 1 956 372
EQUITY AND LIABILITIES
Capital and reserves
Shareholders` interest 1 639 715
Non-current liabilities 287 496
Current liabilities 29 161
Total equity and liabilities 1 956 372
Net asset value (cents) 370
Reviewed
30 June 2009 R change
R`000s R`000s
ASSETS
Non-current assets 1 876 137 (3 783)
Current assets 80 235 3 783
Total assets 1 956 372 -
EQUITY AND LIABILITIES
Capital and reserves
Shareholders` interest 1 639 715 -
Non-current liabilities 287 496 -
Current liabilities 29 161 -
Total equity and liabilities 1 956 372 -
Net asset value (cents) 370 -
Note 2: The loans made to employees were initially disclosed as a non-current
asset. However, with the finalisation of the loan agreement terms, the loans
have been agreed as payable on demand, which makes them a current asset. The
balance has therefore been reclassified as a current asset.
CASH FLOW STATEMENT
Audited
30 June 2009
Note R`000s
Cash and cash equivalents at beginning of year 81 834
Cash flows from operating activities 3 353
Cash flows from investing activities 3 (122 199)
Cash flows from financing activities 3 92 766
Cash and cash equivalents at end of year 55 754
Reviewed R change
30 June 2009
R`000s R`000s
Cash and cash equivalents at beginning of year 81 834 -
Cash flows from operating activities 3 353 -
Cash flows from investing activities (133 664) 11 465
Cash flows from financing activities 104 231 (11 465)
Cash and cash equivalents at end of year 55 754 -
Note 3: The outflow in respect of the treasury shares bought back amounting
to (R15,2 million) and the inflow from the issuing of shares amounting to
R3, 7 million to key executives has been reclassified from investing activities
to financing activities.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of GPI
will be held on Wednesday, 9 December 2009, at 18:00 at Market Hall, GrandWest
Casino, Goodwood, Cape Town to transact the business stated in the notice of
annual general meeting, which notice forms part of the annual report.
5 October 2009
Cape Town
Sponsor
PSG Capital (Pty) Limited
Date: 06/10/2009 09:50:26 Produced by the JSE SENS Department.
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