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VUN
VUN
VUN - Vunani Limited - Audited results for the year ended 31 December 2010 and
notice of annual general meeting
VUNANI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/020641/06)
JSE code: VUN
ISIN: ZAE000110359
("Vunani")
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010 AND NOTICE OF ANNUAL GENERAL
MEETING
Annual financial statements:
Shareholders are advised that the audited annual financial statements for the
year ended 31 December 2010, which are included in the company`s annual report
for that year, will be dispatched to shareholders on 30 June 2011. Detailed
below are modifications contained in the audited results when compared to the
reviewed results for that year, which were published on SENS on 31 March 2011.
All values are expressed as R`000s.
Consolidated statement of comprehensive income for the year ended 31 December
2010
Note Published on SENS Adjustment Annual report
on 31 March 2011
Other income 1 14 937 11 673 26 610
Operating expenses 2,5 (144 382) (1 061) (145 443)
Fair value 2 (29 654) 1 054 (28 600)
adjustments &
impairments
Net Finance Cost 2 (158 344) (657) (159 001)
Taxation 1 724 (1 635)
(911)
Total comprehensive
loss attributable
to:
Equity holders of (104 926) 9 374
Vunani Limited (95 551)
Basic loss per (2.5) 0.3 (2.2)
share
Headline loss per (3.0) 0.1 (2.9)
share
Consolidated statement of financial position at 31 December 2010
Published on Adjustment Annual report
SENS on 31 March
2011
Property, plant and 3 29 319 3 195 32 514
equipment
Goodwill 5 47 523 (665)
46 858
Investment properties 3 918 818 (3 195) 915 623
Investment in 4 94 957 (1 523) 93 434
associates
Other investments (non- 6 385 373 (5 130) 380 243
current)
Other non-current 4 3 656 (333) 3 323
assets
Other investments 6 175 435 5 130 180 565
(current)
Non-current assets 4 146 085 1 854 147 939
held for sale
Trade and other 19 323 (70) 19 253
receivables
Accumulated loss (361 251) 9 374 (351
877)
Other financial 6 935 049 (92 036) 843 013
liabilities (non-
current)
Deferred tax 1 72 188 1 635 73 823
liabilities
Other financial 6 307 888 83
liabilities (current) 937
391 825
Trade and other 6 51 286 (1 181) 50 105
payables
Bank overdraft 6 16 829 (2 466) 14 363
Net asset value per 5.1 0.2 5.3
share
Tangible net asset 4.0 0.2 4.2
value per share
Consolidated statement of Cash flows
Net cash inflows from 7 44 657 79 696 124 353
operating activities
Net cash inflows from 7 33 269 15 643 48 912
investing activities
Net cash outflows from 7 (76 456) (92 872) (169 328)
financing activities
Segmental reporting
Attributable loss for the year
Securities broking 8 4 023 10 039 14 062
Total assets
Asset management 8 202 475 (9) 202 466
Investment banking and 8 139 693 (3 464) 136 229
advisory
Securities broking 8 155 147 3 403 158 550
Notes(all values expressed in R`000s):
1 An additional bargain purchase of R11,673, with deferred tax charge thereon
of R1,634, was recognised on the acquisition of Kagiso Securities Limited
due to additional information becoming available. This corresponded with a
reduction in other financial liabilities.
2 The adjustment relates to the reclassification of amounts between finance
costs, operating expenses and fair value adjustments.
3 The adjustment is attributable to reclassification from investment property
to property, plant and equipment.
4 The adjustment is attributable to reclassification from investment in
associates of R1,854 to non-current assets held for sale and a
reclassification from other investments to investment in associates of
R333.
5 An incorrect classification of R665 to goodwill was also subsequently
corrected to operating expenses.
6 The adjustment is attributable to the reclassification of other investments
and other financial liabilities between non-current and current. Where the
financial liability was disclosed as current, the related asset was also
reclassified.
7 The adjustments to the consolidated statement of cash flows are a result of
the reclassifications detailed in notes 1 to 6 above.
8 The adjustments in the segmental reporting are attributable to the
adjustment per note 1.
Audit opinion
The Group`s auditors KPMG Inc. have audited the financial information for the
year ended 31 December 2010. Their unmodified audit report is available for
inspection at the registered office of the company.
Notice of annual general meeting
Notice is hereby given that the annual general meeting of shareholders of the
company will be held on Friday, 19 August 2011 at 10h00 in the boardroom, Vunani
House, 151 Katherine Street, Sandton to transact the business as stated in the
notice of annual general meeting forming part of the company`s annual report
that will be distributed on 30 June 2011.
23 June 2011
Designated Adviser
Grindrod Bank Limited
Joint Designated Adviser
Vunani Corporate Finance
Date: 23/06/2011 17:43:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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