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RAR
RAR
RAR - RARE HOLDINGS LIMITED - Errata: Annual financial statements for the 12
months ended 30 June 2010
RARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2002/025247/06
Share Code: RAR ISIN: ZAE000092714
("the Company" or "RARE")
ERRATA: ANNUAL FINANCIAL STATEMENTS FOR THE 12 MONTHS ENDED 30 JUNE 2010
Shareholders are hereby advised that, following the annual general meeting ("the
meeting") of shareholders of RARE held on 11 November 2010, it has appeared that
in the Consolidated Annual Financial Statements an intercompany debtor and
creditor amounting to R14,024,464 was not eliminated.
The non-elimination of these balances did not have an effect on the reported
losses, related earnings per share nor the Company`s net asset value. The net
effect is a reduction in the reported Accounts Receivable and Accounts Payable
of R14 024 464.
The correct position including the adjustment is reflected as follows:
STATEMENT OF FINANCIAL POSITION
Published Adjustment After
30-Jun-10 Adjustment
ASSETS
Non-Current Assets 120 131 638 120 131 638
-
Property,plant and 96 226 594 96 226 594
equipment -
Goodwill 6 088 557 6 088 557
-
Intangible assets 11 850 220 11 850 220
-
Investment in 900 049
associates - 900 049
Other financial 662 526
assets - 662 526
Deferred tax 4 160 612 4 160 612
-
Prepayments 243 080
- 243 080
Current Assets 375 232 112 -14 632 210 360 599 902
Loan to group 3 070 751 3 070 751
companies/associates -
Other financial 5 223 699 5 223 699
assets -
Current tax 714 547
receivable - 714 547
Inventories 161 568 369 161 568 369
-
Trade and other 153 237 839 -14 632 210 138 605 629
receivables
Construction 14 424 065 14 424 065
contract and
receivables
Prepayments 729 241
- 729 241
Cash and cash 36 263 601 36 263 601
equivalents -
Total Assets 495 363 750 -14 632 210 480 731 540
EQUITY AND
LIABILITIES
Equity 116 580 641 116 580 641
-
Issued share capital 72 598 495 72 598 495
-
Non distributable 15 046 162 15 046 162
reserves -
Retained income & 38 248 498 38 248 498
reserves -
Minority interest -9 312 514 -9 312 514
-
Non- current 116 350 302 116 350 302
liabilities -
Loan owing to group 2 282 490 2 282 490
companies/minority -
shareholders
Other financial 110 043 063 110 043 063
liabilities -
Operating lease 102 047
liability - 102 047
Deferred tax 3 922 702 3 922 702
-
Current liabilities 262 432 807 -14 632 210 247 800 597
Other financial 48 343 998 48 343 998
liabilities -
Current tax payable 438 925
- 438 925
Operating lease 13 332
liability - 13 332
Trade and other 213 614 627 -14 632 210 198 982 417
payables
Bank overdraft 21 925
- 21 925
Total Equity and 495 363 750 -14 632 210 480 731 540
Liabilities
Accordingly, the above changes necessitate the following amendments to the notes
as reflected in the annual financial statements:
NOTE 12
GROUP
Trade and other receivables
Published Adjustment After
30-Jun-10 Adjustment
Trade receivables
129 512 615 129 512 615
Prepayments
865 410 865 410
Deposits
2 629 523 2 629 523
Value added tax
141 694 141 694
Accrued income
14 632 210 -14 632 210 -
Other receivables
5 456 387 5 456 387
153 237 839 -14 632 210 138 605 629
The carrying amounts of trade and other receivables are denominated in the
following currencies:
Published Adjustment After
30-Jun-10 Adjustment
Rand
97 280 443 97 280 443
US$
55 957 396 -14 632 210 41 325 186
Total
153 237 839 -14 632 210 138 605 629
NOTE 15
GROUP
Financial assets by category
Loans and Available- Total
receivables for-sale
Trade and other 129 512 615.00 152 230 735.00
receivables - 22 718 120.00
previously reported
Amendment -14 632 210.00
-14 632 210.00
Trade and other 129 512 615.00 137 598 525.00
receivables - after 8 085 910.00
adjustment
NOTE 24
GROUP
Published Adjustment After
Trade and other payables 30-Jun-10 Adjustment
Trade payables
124 559 101 -14 632 210 109 926 891
Amounts received in advance
6 849 387 6 849 387
Value added tax
2 723 642 2 723 642
China Construction Bank
64 434 532 64 434 532
Accrued leave pay
1 442 882 1 442 882
Accrued bonus
1 271 273 1 271 273
Accrued expense
5 863 498 5 863 498
Other payables
6 470 312 6 470 312
213 614 627 -14 632 210 198 982 417
The carrying amounts of trade and other payables are denominated in
the following currencies:
Published Adjustment After
30-Jun-10 Adjustment
Rand
140 034 932 - 140 034 932
US$
71 858 875 -14 632 210 57 226 665
Euro
1 307 391 - 1 307 391
GB Pound
413 429 - 413 429
Total
213 614 627 -14 632 210 198 982 417
NOTE 25
GROUP Published Adjustment After
30-Jun-10 Adjustment
Financial
liabilities
at amortised
cost
Loans from shareholders
2 282 490 - 2 282 490
Other financial
liabilities 158 387 061 - 158 387 061
Trade and other payables
210 890 985 -14 632 210 196 258 775
Bank overdraft
21 925 - 21 925
TOTAL
371 582 461 -14 632 210 356 950 251
NOTE 34
Trade and other 32 594 196 14 632 210 47 226 406
receivables
Trade and other payables -10 561 317 -14 632 210 -25 193 527
NOTE 42
GROUP Published Adjustment After
LIQUIDITY RISK 30-Jun-10 Adjustment
Trade and other payables 210 890 985 -14 632 210 196 258 775
FOREIGN EXCHANGE
RISK
Current assets
Trade receivables - ZAR 55 957 396 -14 632 210 41 325 186
Trade receivables - USD 7 354 783 -1 923 190 5 431 593
Current
liabilities
Trade payables - ZAR -71 858 875 14 632 210 -57 226 665
Trade payables - USD -9 444 800 1 923 190 -7 521 610
NOTE 43 -
Segement report
Chemicals segment
Total assets 95 476 477 -15 979 163 79 497 314
Total liabilities 56 608 778 -14 632 210 41 976 568
Energy segment
Intersegmental assets 89 081 053 -1 346 953 87 734 100
Management further advises that they have taken the following steps to ensure
that all individuals in receipt of the previously issued Annual Financial
Statements will be notified of the errata through the:
1) Issue of this announcement with a revised balance sheet and related
disclosure notes as set out above; and
2) Issue of a circular to all shareholders of the revised balance sheet,
related disclosures and updated audit report.
Johannesburg
19 November 2010
Designated Adviser: PSG Capital (Proprietary) Limited
Date: 19/11/2010 17:08:01 Produced by the JSE SENS Department.
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