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GPL
GPL
GPL - Grand Parade Investments Limited - 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 2010
was posted to shareholders on Tuesday, 23 November 2010, and contains the
following modifications to the provisional reviewed results published on SENS on
Thursday, 23 September 2010.
STATEMENT OF COMPREHENSIVE INCOME
Audited Reviewed
Note 30 June 30 June R change
2010 2010
R`000s R`000s R`000s
Revenue 6 329 6 329 -
Operating Costs (26 958) (26 958) -
Loss from operations (20 629) (20 629) -
Profit from equity - 117 628 117 626 2
accounted investments
Profit from jointly 82 200 82 199 1
controlled entities
Profit from associates 35 428 35 427 1
Remeasurement of 42 488 -
investment 42 488
Impairment in investment 1 (3 860) - (3 860)
in associates
Net income before 135 627 139 485 (3 858)
finance costs and
taxation
Finance Costs (29 835) (29 834) (1)
Net profit before tax 105 792 109 651 (3 859)
Taxation (1 084) (1 085) (1)
Net Profit For the Year 104 708 108 566 (3 858)
Other comprehensive
income
Unrealised fair value 3 950 3 950 -
gain on available-for-
sale investments, net of
tax
Change in reserves from 22 391 22 391 -
equity accounted
investments, net of tax
Total comprehensive 131 049 134 907 (3 858)
income for the year
Net profit for the year
attributable to:
Non- controlling - -
interest
Ordinary shareholders 104 708 108 566
104 708 108 566
Total comprehensive
income
attributable to:
Non- controlling - -
interest
Ordinary shareholders 131 049 134 907
131 049 134 907
Basic and diluted 23,04 23,89
earnings per share
(cents)
Adjusted basic and 23,34 24,20
diluted earnings per
share (cents)
Headline earnings per 15,45 15,45
share (cents)
Adjusted headline 19,52 19,52
earnings per share
(cents)
Dividends shares (cents) 7,50 7,50
Headline earnings
reconciliation
Basic earnings 104 708 108 566 (3 858)
Remeasurement of (42 488) (42 488)
investment
Impairment of investment 3 860 - 3 860
Adjustments by jointly 1 871 1 871
controlled entities
- Loss on disposal of 682 682
plant and equipment
- Fair value adjustment 1 189 1 189
Adjustments by 3 105 3 105
associates
- Impairment of casino 3 870 3 870
licence
- Impairment of 2 252 2 252
available-for-sale
investment
- Realised investment (664) (664)
profits
- Bargain purchase (788) (788)
- Remeasurement of (1 565) (1 565)
investment
Tax effect of above (830) (830)
Headline earnings 70 226 70 224 2
Reversal of employee 62 62
share trust consolidated
Reversal of transaction 17 307 17 307
costs
Adjusted headline 87 595 87 593 2
earnings
Headline Earnings
calculation
Shares in issue (before 462 331 462 331
deducting treasury
shares) (`000s)
Shares in issue (after 456 511 456 511
deducting treasury
shares) (`000s)
Weighted average shares 454 507 454 507
(`000s)
Adjusted weighted 448 687 448 687
average shares (`000s)
Basic and diluted 23,04 23,89
earning per share
(cents)
Headline Earnings Per 15,45 15,45
Share (cents)
Adjusted headline 19,52 19,52
earnings per share
(cents)
GROUP STATEMENT OF FINANCIAL POSITION
Note Audited Reviewed
30 June 2010 30 June 2010 R change
R`000s R`000s R`000s
ASSETS
Non current assets 1, 2 2 156 127 2 159 964 (3 837)
Current Assets 122 352 122 352 -
Total Assets 2 278 479 2 282 316 (3 837)
EQUITY AND LIABILITIES
Capital and reserves
Total equity 1 772 380 1 776 239 (3 859)
Shareholders` interest 1 767 402 1 771 261 (3 859)
Non- controlling 4 978 4 978 -
interest
Non-current liabilities
- Provisions 94 94 -
- Deferred tax 2 17 111 17 091 20
liabilities
- Interest bearing 120 058 120 058 -
borrowings
- Cumulative redeemable 281 124 281 124 -
preference shares
Current Liabilities 87 712 87 710 2
Total Equity & 2 278 479 2 282 316 (3 837)
liabilities
Tangibles net asset 351 352
value (before deducting
treasury shares)(cents)
Adjusted tangible net 356 357
asset value (before
deducting treasury
shares)(cents)
Net asset value (before 382 384
deducting treasury
shares)(cents)
Adjusted net asset 387 389
value (after deducting
treasury shares)
(cents)
GROUP STATEMENT OF CASH FLOW
Audited Reviewed
30 June 30 June R
2010 2010 change
R`000s R`000s R`000s
Cash outflow from operating (30 775) (30 776) -
activities
Cash outflow from investing (160 573) (160 573) -
activities
Cash inflow from financing 216 786 216 787 -
activities
Net increase for in cash and 25 438 25 438 -
cash equivalents
Cash and cash equivalents at 55 754 55 754 -
beginning of year
Cash and cash equivalents at 81 192 81 192 -
end of year
Note 1: At the time of releasing the June 2010 results on 23 September
2010, the preliminary assessment of the fair value of net identifiable
assets and liabilities of Worcester Casino (Proprietary) Limited
(Golden Valley Casino) had not yet been completed. This exercise has
subsequently been completed and resulted in the impairment of the
investment in Golden Valley Casino of R3 860 000. The aforementioned
impairment has been taken into account in the audited accounts.
Note 2: Deferred tax to the value of R20 000 has been reclassified
from deferred tax liabilities to deferred tax assets.
Notice of Annual General Meeting
Notice is hereby given that the annual general meeting of shareholders
of GPI will be held on Wednesday, 15 December 2010, 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.
24 November 2010
Cape Town
Sponsor:
PSG Capital
Date: 25/11/2010 07:05:02 Produced by the JSE SENS Department.
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