| Wed 8 Sep 2010, 10:44 | | ADW - African Dawn Capital Limited - Audited annual financial statements and |
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ADW
ADW
ADW - African Dawn Capital Limited - Audited annual financial statements and
notice of annual general meeting
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE code: ADW
ISIN: ZAE000060703
("the company")
AUDITED ANNUAL FINANCIAL STATEMENTS AND NOTICE OF ANNUAL GENERAL MEETING
AUDITED ANNUAL FINANCIAL STATEMENTS
Shareholders are advised that the annual report for the year ended 28 February
2010 was dispatched to shareholders yesterday (7 September 2010) and contains
the following modifications to the reviewed condensed results for that year,
which were released on SENS on 29 June 2010. Movements greater than R500 000 are
reconciled as follows.
Statement in Financial Position
Audited Reviewed
Annual Annual
Financial Financial
Statements Adjust- Statements
Note 28 Feb 2010 ments 28 Feb 2010
R`000 R`000 R`000
Current assets
Tax receivable 1 6,961 6,961 -
Cash and cash equivalents 2 15,898 (596) 16,494
Non-current liabilities
Borrowings 4 30,460 30,460 -
Lease liabilities 3 1,210 (956) 2,166
Current liabilities
Short term borrowings 4 39,287 (31,799) 71,086
Short term lease 3 956 956 -
Taxation payable 1 17,995 7,005 10,990
Trade and other payables 5 12,732 (15,876) 28,608
Provision 5 16,000 16,000 -
Bank Overdraft 2 743 743 -
Reconciliation of Statement of Cash Flows:
Audited Reviewed
Financial Financial
Statements Adjust- Statements
Note 28 Feb 2010 ments 28 Feb 2010
R`000 R`000 R`000
Cash flows-operating activities 6 (34,710) (10,352) (24,358)
Cash flow from investing activities 6 20,657 20,868 (211)
Cash flow from financing activities 6 5,325 (7,765) 13,090
Net cash flow for period (8,728) 2,751 (11,479)
Cash and cash equivalents at
Beginning of period 23,883 (4,090) 27,973
Cash and cash equivalents at
end of period 7 15,155 (1,339) 16,494
Notes:
1. In terms of IAS 1 income tax receivables and payables are not set-off and
taxation of R6,961,000 has been reclassified out of current liabilities and into
current receivables, the balance of R44,000 has been reclassified from trade
payables.
2. An overdraft facility of R1,339,000 has been reclassified from current
liabilities to bank overdraft of which R743,000 has been reclassified to current
liabilities under overdraft facility. Note the reconciliation of Statement of
Cash Flows for more details.
3. In order to make disclosure more informative certain liabilities have been
reclassified between current and non-current liabilities. A portion of the
finance leases of R956,000 have been reclassified from non-current to current.
4. The borrowings were all classified as current in the Reviewed Annual
Financial Statements but the following have been reclassified to non-current
liabilities: Rural Housing Finance Corporation R19,666,820, Investec Bank bond
R9,841,473 and Absa Bank bond R952,135 to total non-current liabilities of
R30,460,428. In addition R1,339,000 has been reclassified to cash and cash
equivalents from short term borrowings in regard to the Dumont Health overdraft
facility, giving a total movement in current borrowings of R31,799,428.
5. A provision of R16,000,000 which was included in the trade and other payables
has now been separately disclosed as a provision as it is based on management`s
best estimate of the possible liability. The balance of the movement in trade
payables of R124,000 relates to reclassifications in trade and other receivables
as well as equity.
6. These changes are due to reclassification between the various cash flow
activities. These reclassifications were made so as to achieve consistency
throughout the reporting periods.
7. Reclassifications were made between cash and cash equivalents and short term
borrowings of R1 339 000 as some overdrafts facilities became part of cash and
cash equivalents and were no longer part of short term borrowings.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of shareholders will be
held on 17 November 2010 at 10h00 at the JSE Auditorium, One Exchange Square,
Gwen Lane, Sandown, to transact the business as stated in the notice of the
Annual General Meeting.
Johannesburg
08 September 2010
Designated Adviser
Vunani Corporate Finance
Date: 08/09/2010 10:44:01 Produced by the JSE SENS Department.
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