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Johnnic - Posting Of Annual Report, Effect Of AC105, Consequent Restatements And
Details Of Annual General Meeting
Johnnic Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1889/000429/06)
Share code: JNC & ISIN: ZAE000024352
(`Johnnic`)
POSTING OF ANNUAL REPORT, EFFECT OF AC105, CONSEQUENT RESTATEMENTS AND DETAILS
OF ANNUAL GENERAL MEETING
POSTING OF ANNUAL REPORT
Further to the Johnnic audited preliminary results for the year ended 31 March
2005 published on the Securities Exchange News Service (SENS) on 22 June 2005,
shareholders are advised that the Johnnic annual report for the year ended 31
March 2005 was posted today.
EFFECT OF AC105
Subsequent to the 22 June 2005 release of the preliminary results the South
African Institute of Chartered Accountants (`SAICA`) issued its Circular 7/2005
on 2 August 2005. This Circular deals with Operating Leases and refers to the
requirements of AC105, in terms of which operating leases with fixed rental
increases must be accounted for on the straight-line basis. In South Africa the
accounting treatment of such leases was generally not consistent with the
requirements of AC105.
The accounting for operating leases on the straight-line basis as opposed to the
cash flow basis has the following effects:
* No effect on Johnnic`s cash flows;
* No effect on Johnnic`s cash position;
* A reduction in headline earnings in respect of the financial year ended 31
March 2005 net by R2m (1 cent per share), and by R4m (3 cents per share) in the
comparative year; and
* A downward adjustment of R60m in the opening accumulated profits as at 1 April
2003.
The adjustments described are shown in the restated consolidated income
statements below, and the full restated financial results are included in the
annual report.
CONSEQUENT RESTATEMENT OF FINANCIAL INFORMATION
The restated annual financial statements have been audited by Johnnic`s
auditors, Deloitte & Touche, and their report is available for inspection at
Johnnic`s registered office.
Restated consolidated income statement
for the year ended 31 March 31 March
2005 2004
Rm Rm
Revenue 4 226 2 789
Cost of sales (2 479) (1 667)
Gross profit 1 747 1 122
Operating expenses (1 261) (919)
Earnings before interest, taxation,
depreciation and amortisation (EBITDA) 486 203
Depreciation (85) (82)
Amortisation of intangibles (18) (8)
Impairment and amortisation of goodwill (4) (5)
Profit from operations before exceptional 379 108
items
Exceptional items 2 422 3 779
Profit from operations 2 801 3 887
Finance costs (37) (35)
Finance income 115 61
Share of profits of associates (after 151 375
taxation and minority interests)
Profit before taxation 3 030 4 288
Taxation (386) (30)
Profit after taxation 2 644 4 258
Minority interests (185) (66)
Attributable earnings 2 459 4 192
Headline earnings 379 376
Basic earnings per ordinary share (cents)
Attributable 1 477 2 525
Headline 228 226
Number of ordinary shares in issue
At year end (`000) 166 470 166 466
Restated unaudited pro forma consolidated income statement
for the year ended 31 March 31 March
2005 2004
Rm Rm
Revenue 113 91
Cost of sales (23) (22)
Gross profit 90 69
Operating expenses (99) (65)
Depreciation (5) (5)
Loss from operations before exceptional (14) (1)
items
Exceptional items 1 014 111
Profit from operations 1 000 110
Finance costs - (16)
Finance income 85 28
Share of profits (losses) of associates 28 (15)
(after taxation and minority interests)
Profit before taxation 1 113 107
Taxation 26 (1)
Profit after taxation 1 139 106
Minority interests (7) 7
Attributable earnings 1 132 113
Headline earnings 126 11
Basic earnings per ordinary share (cents)
Attributable 680 68
Headline 76 6
Restated summarised consolidated balance sheet
as at 31 March 31 March
2005 2004
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 228 333
Goodwill and intangible assets 6 (66)
Interests in associated companies 181 885
Investments and loans 21 25
Deferred taxation assets 35 153
471 1 330
Current assets 1 557 3 116
Bank balances, deposits and cash 1 506 686
Equities held as current assets - 1 443
Other current assets 51 987
Total assets 2 028 4 446
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders` interest 1 605 2 603
Minority interests 2 636
Total equity 1 607 3 239
Non-current liabilities 37 289
Long-term liabilities 15 29
Provision for post-retirement benefits - 121
Operating leases equalisation liability 22 134
Deferred taxation liabilities - 5
Current liabilities 384 918
Non-interest bearing liabilities 383 812
Interest bearing liabilities 1 106
Total equity and liabilities 2 028 4 446
Restated summarised group statement of changes in equity
for the year ended 31 March 31 March
2005 2004
Rm Rm
Restated opening balance at 1 April* 2 603 5 765
Operating leases recognition adjustment - (60)
AC140 business combination adjustment 121 -
Restated opening balance 2 724 5 705
Attributable earnings for the year 2 459 4 192
Gains arising on revaluation of listed (1 008) 1 034
equities
Distribution in specie (2 571) (8 223)
Exchange differences arising on translation (2) (112)
of foreign entities
Share capital issued at a premium less share - 46
issue expenses
Goodwill and variation of interests - (41)
Other 3 2
Ordinary shareholders` interest 1 605 2 603
*After taking account of the change in accounting policies in respect of AC133
adjustments
ANNUAL GENERAL MEETING
Shareholders are advised that the annual general meeting of Johnnic will be held
at 14h30 on 27 September 2005 at Gallagher Estate, 19 Richards Drive, Midrand,
1685, to transact the business as stated in the notice of the annual general
meeting included in the annual report.
Johannesburg
2 September 2005
Sponsor
Merrill Lynch South Africa (Pty) Limited
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