| Tue 5 Jun 2012, 15:29 | | LAB - Labat Africa Limited - Reconciliation of headline earnings and |
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LAB
LAB
LAB - Labat Africa Limited - Reconciliation of headline earnings and
clarification of review opinion
LABAT AFRICA LIMITED
Incorporated in the Republic of South Africa
(Registration number 1986/001616/06)
JSE code: LAB ISIN: ZAE000018354
("Labat" or "the company")
RECONCILIATION OF HEADLINE EARNINGS AND CLARIFICATION OF REVIEW OPINION
Further to the reviewed results announcement published on SENS on 31 May
2012, the reconciliation of headline earnings for the year ended 29 February
2012 as required by paragraph 8.58 of the JSE Listings Requirements was not
disclosed and accordingly the company now provides this reconciliation to
shareholders as detailed below:
GROUP CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Reviewed Restated Audited
12 months 12 months 12 months
29 February 28 February 28 February
2012 2011 2011
R`000 R`000 R`000
Total basic earnings per 12,82 6,65 5,82
share
Continuing operations 13,00 3,83 3,0
Discontinued operations (0,18) 2,82 2,82
Total headline earnings per (3,63) 7,01 6,2
share
Continuing operations (3,45) 3,30 2,6
Discontinued operations (0,18) 3,72 3,6
Reconciliation of weighted average number of shares
Reviewed Restated Audited
12 months 12 months 12 months
29 February 28 February 28 February
2012 2011 2011
R`000 R`000 R`000
Issued shares at the 197,154 197,154 197,154
beginning of the year
Weighted average number 197,154 197,154 197,154
Of shares
Determination of headline (loss)/earnings:
Profit attributable to 25,636 13,108 11,474
Equity holders of Labat
Sale of assets (952) (1,050) (1,050)
Impairment of intangible 1,716 - -
assets
Impairment of other financial 288 - -
Assets
Impairment of investments 169 - -
Reversal of fair value (34,020) 1,780 1,780
adjustment
other financial liabilities
Headline profit/(loss) (7,163) 13,838 12 204
Headline profit/(loss) per (3.63) 7.01 6.2
share
The Company wishes to clarify that the statement "except for the possible
effects of the matter described in the Emphasis of Matter paragraph below"
contained in the review opinion in the results announcement published on SENS
on 31 May 2012 which statement may deem the opinion to be a qualification,
should be removed as the review opinion contained an emphasis of matter and
not a qualification.
The revised review conclusion is as follows:
"Based on our review, nothing has come to our attention that causes us to
believe that the annual financial statements do not present fairly, in all
material respects the financial position of Labat Africa Limited as at 29
February 2012 and its financial performance and cash flows for the year then
ended, in accordance with the International Financial Reporting Standards and
the requirements of the Companies Act of South Africa.
Emphasis of matter
Without qualifying our conclusion, we draw attention to the fact that the
Groups current liabilities exceed its current assets by R 14,3 million and
that, as mentioned by the directors in the going concern paragraph, a
liability of R 34 million has been written back to profit and loss during the
period under review."
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
5 June 2012
Date: 05/06/2012 15:29:01 Produced by the JSE SENS Department.
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