PRIMESERV GROUP LIMITED Primeserv Group Limited
(Incorporated in the Republic of South Africa) (Registration number 1997/013448/06) ("Primeserv" or "the company")
Share code: PMV ISIN: ZAE000039277
CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND AVAILABILITY OF B-BBEE ANNUAL COMPLIANCE REPORT
CHANGE STATEMENT
Shareholders are advised that the company's Annual Financial Statements, were posted to shareholders today, 5 August 2022 and contain certain changes to the reviewed financial results which were announced on SENS on Friday, 15 July 2022, as detailed below. The annual financial statements were audited by the company's auditors and their unmodified report which includes Key Audit Matters is available for inspection on the company's website. The company's full Integrated Report incorporating the audited Financial Statements for the year ended 31 March 2022 will also be made available on its website www.primeserv.co.za.
The change statement highlights the changes between the audited annual financial statements and the reviewed results published on 15 July 2022.
The impact of the change on the financial results is detailed below:
Statement of profit and loss and other comprehensive income | |||||
Reviewed | Audited | ||||
31 March | 31 March | ||||
2022 | 2022 | Change | |||
Notes | R '000 | R '000 | R '000 | ||
Revenue | 777,111 | 777,111 | - | ||
Cost of sales | 1 | (684,068) | (686,756) | (2,688) | |
Gross profit | 93,043 | 90,355 | (2,688) | ||
Other income | 2 | 4,233 | 7,512 | 3,280 | |
Operating expenses | 2 | (78,390) | (81,670) | (3,280) | |
Operating profit | 18,886 | 16,197 | (2,688) | ||
Interest income | 1,661 | 1,661 | - | ||
Interest expense | (658) | (658) | - | ||
Profit before taxation | 19,889 | 17,200 | (2,688) | ||
Taxation | 3 | (157) | 190 | 347 | |
Profit and total comprehensive income | 19,732 | 17,390 | (2,341) | ||
Profit and total comprehensive income attributable to: | |||||
Ordinary shareholders of the company | 17,618 | 15,506 | (2,111) | ||
Non-controlling interests | 4 | 2,114 | 1,884 | (230) | |
Profit and total comprehensive income | 19,732 | 17,390 | (2,341) | ||
Basic earnings per share and diluted earnings per share (cents) | 20.86 | 18.36 | (2.50) | ||
Headline earnings per share (cents) | 20.86 | 18.36 | (2.50) |
Statement of financial position | ||||
Reviewed | Audited | |||
31 March | 31 March | |||
2022 | 2022 | Change | ||
Notes | R '000 | R '000 | R '000 | |
ASSETS | ||||
Non-current assets | 38,975 | 39,181 | 206 | |
Equipment and vehicles | 4,935 | 4,935 | - | |
Investment property | 3,500 | 3,500 | - | |
Right-of-use assets | 5,346 | 5,346 | - | |
Goodwill and intangible asset | 20,886 | 20,886 | - | |
Deferred tax asset | 3 | 4,308 | 4,514 | 206 |
Current assets | 195,892 | 195,892 | - | |
Inventories | 56 | 56 | - | |
Trade and other receivables | 133,477 | 133,477 | - | |
Contract assets | 2,770 | 2,770 | - | |
Cash and cash equivalents | 59,589 | 59,589 | - | |
Total assets | 234,867 | 235,073 | 206 | |
EQUITY AND LIABILITIES | ||||
Capital and reserves | 170,533 | 169,614 | (919) | |
Ordinary share capital and share premium | 2,405 | 2,405 | - | |
Treasury shares | (16,681) | (16,681) | - | |
Retained earnings | 193,519 | 192,830 | (689) | |
Equity attributable to equity holders of the company | 179,243 | 178,554 | (689) | |
Non-controlling interests | 4 | (8,710) | (8,940) | (230) |
Non-current liabilities | 3,440 | 3,440 | - | |
Lease liabilities | 2,738 | 2,738 | - | |
Contingent consideration | 702 | 702 | - | |
Current liabilities | 60,894 | 62,019 | 1,125 | |
Trade and other payables | 53,721 | 54,986 | 1,265 | |
Lease liabilities | 3,046 | 3,046 | - | |
Contingent consideration | 324 | 324 | - | |
Taxation payable | 3 | 3,803 | 3,663 | (140) |
Bank borrowings | - | |||
Total equity and liabilities | 234,867 | 235,073 | 206 |
Statement of changes in equity | ||||
Reviewed | Audited | |||
31 March | 31 March | |||
2022 | 2022 | Change | ||
Notes | R '000 | R '000 | R '000 | |
Total equity | Total equity | |||
Opening balance at 1 April 2020 as previously reported | 5 | 159,122 | 160,545 | 1,423 |
Balance at 1 April 2020 - restated | 5 | 155,601 | 157,024 | 1,423 |
Restated balances at 1 April 2021 | 5 | 158,389 | 159,812 | 1,423 |
Notes | |
1 (a) Impairment provided against long outstanding receivable | |
from a government department. Collection process underway. | 500 |
1 (b) Overpayments on disbursements to staff still being | |
recovered | 762 |
1 (c) Error on recording of carry forward retained income | 1,426 |
2.Reallocation of amortisation charge from other income to | |
operating expenses | 3,280 |
3.Current and deferred tax adjustment arising from 1 above | 347 |
4.Non-controlling interests share arising from 1 and 3 above | 230 |
5. Error on recording of carry forward opening retained income (refer to 1 | |
(c) above | 1,423 |
During the finalisation process of the audited results certain estimation matters were subject to reconsideration by management. The effects of the adjustments are presented above.
Shareholders can refer to the detailed notes in the audited annual financial statements which is available on the company's website.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of the shareholders of Primeserv will be held through electronic participation only at 09H30 on Friday 25 November 2022 to conduct the business as stated in the notice of Annual General Meeting of shareholders circulated together with the annual financial statements.
Proxies must be lodged at or posted to the company or the company's transfer secretaries to be received not later than 10H00 on Wednesday, 23 November 2022.
The salient dates and times regarding the Annual General Meeting are set out below:
Issuer name | Primeserv Group Limited |
Type of instrument | Ordinary Shares |
ISIN number | ZAE000039277 |
JSE code | PMV |
Meeting type | Annual General Meeting |
Meeting venue | Electronic participation |
Record date for purposes of receiving the Notice | |
of Annual General Meeting | Friday, 29 July 2022 |
Distribution of the Integrated Annual Report | Friday, 5 August 2022 |
Last day to trade | Tuesday, 15 November 2022 |
Record date for voting purposes | Friday, 18 November 2022 |
Last day to lodge proxy forms | 10H00 on Wednesday, 23 November 2022 |
Date and time of Annual General Meeting | 09H30 on Friday, 25 November 2022 |
Publication of Annual General Meeting results on | |
SENS on or before | Monday, 28 November 2022 |
Website link | www.primeserv.co.za. |
B-BBEE ANNUAL COMPLIANCE REPORT
In accordance with paragraph 16.20(g) and Appendix 1 to Section 11 of the JSE Listing Requirements, notice is hereby given that the annual compliance reports relevant to the Primeserv group, in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act, has been published on the company's website: http://primeserv.co.za/downloads/
Illovo
5 August 2022
Sponsor
Grindrod Bank Limited
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Disclaimer
Primeserv Group Limited published this content on 05 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 August 2022 09:40:03 UTC.
