| Wed 18 Jul 2012, 15:42 | | TRUSTCO GROUP HOLDINGS LIMITED - Restatement of results due to pro-active monitoring process of the JSE and early voluntary adoption of IAS 12 |
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TTO
Restatement of results due to pro-active monitoring process of the JSE and early voluntary adoption of IAS 12
TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
NSX share code: TUC
JSE share code: TTO
ISIN Number: NA000A0RF067
(?the Company? or ?the Group? or ?Trustco?)
Restatement of results due to pro-active monitoring process of
the JSE and early voluntary adoption of IAS 12
Shareholders are advised that the restatement of the annual
financial statements of the Group for financial years 2010 and
2011, as indicated here-under, is necessitated as result of a
pro active monitoring process by the JSE requesting compliance
with IFRS and the voluntary early adoption of IAS 12 by the
Group.
The pro active monitoring process identified that the
acquisition transaction, as disclosed per note 18 on page 72 of
annual financial statements 2011, would be more appropriately
disclosed in compliance with IFRS, if the vendor shares to be
issued as a result of the acquisition, was not accounted for as
a reduction of a receivable by the seller, but rather an
reduction of the bargain purchase.
Although this had no effect on the profits achieved for
financial years 2010 and 2011, the restatement of these
transactions in the respective periods had an influence on the
headline earnings and headline earnings per share, as disclosed.
The net result of this restatement is a decline in headline
earnings per share of 2.21 cents for FY 2010 and an increase in
headline earnings per share of 2.21 cents for FY 2011.
The Group further decided to simultaneously voluntary early
adopt IAS 12(Income Taxes) effective 31 March 2012, which the
Group would have been obliged to adopt in financial year 2013,
therefore incorporating all restatements at the same time.
The adoption of IAS 12 results in the increase of profits of NAD
33.1 million (FY 2012), NAD 21.7 million (FY 2011) and NAD 31.6
million (FY 2010) respectively.
Earnings per share increased by 5.17 cents per share (FY 2012),
3.21 cents per share (FY 2011) and 4.66 cents per share (FY
2010) respectively due to the early adoption of IAS 12.
This restatement will be incorporated in the annual report for
the financial year ended 31 March 2012. The annual report will
be circulated to shareholders circa 15 August 2012.
Below is a table reconciling the various line items affected by
the restatement of the financial statements:
1 Statement of financial 2012 2011 2010
position
NAD '000 NAD '000 NAD '000
Distributable reserves
(Change due to IAS 12
adoption
Restated
775 785 556 116 355 230
Reported
682 435 495 875 316 731
Movement
93 350 60 241 38 499
Deferred tax liabilities
Restated
31 148 27 592 18 583
Reported
124 498 87 833 57 082
Movement
-93 350 -60 241 -38 499
2 Statement of comprehensive
income
Gain on bargain purchase (
change due to JSE pro
active monitoring)
Restated
- 3 510 14 976
Reported
- - -
Movement
- 3 510 14 976
Other income
Restated
4 823 61 634 8 778
Reported
4 823 65 144 23 754
Movement
- -3 510 -14 976
Taxation(
change due
to IAS 12)
Restated (24 970) (12 441) 7 641
Reported (58 079) (34 183) (23 954)
Movement
33 109 21 742 31 595
Profit for the year
Restated
239 823 211 513 169 139
Reported
206 714 189 771 137 544
Movement
33 109 21 742 31 595
3 Earnings, headline earnings and dividends per
share
Earnings for the purposes of basic earnings per
share (change due to IAS 12)
Restated
239 823 211 513 169 139
Reported
206 714 189 771 137 544
Movement
33 109 21 742 31 595
Headline earnings (change
due to pro active
monitoring process).
Restated
138 539 146 916 70 356
Reported
138 539 131 940 85 332
Movement
- 14 976 -14 976
Weighted number of shares
683 622 677 240 677 240
Headline earnings per share (cents)
Restated
20.27 21.69 10.39
Reported
20.27 19.48 12.60
Movement
0.00 2.21 -2.21
Earnings per share (cents)
Restated
35.41 31.23 24.97
Reported
30.24 28.02 20.31
Movement
5.17 3.21 4.66
By order of the Board
M Gebhardt
Company Secretary.
Windhoek, 18 July 2012
Sponsors:
Namibia
IJG Securities (Pty) Ltd
South Africa
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 18/07/2012 03:42:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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