Vunani : Unaudited Condensed Consolidated Interim Results for the 6 Months Ended 31 August.pdf

VUNANI LIMITED

(Incorporated in the Republic of South Africa) (Registration number: 1997/020641/06)

JSE code: VUN ISIN: ZAE000163382

("Vunani" or "the company" or "the group")

UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS FOR THE 6 MONTH PERIOD ENDED 31 AUGUST 2016

The Unaudited Condensed Consolidated Interim Results have been prepared under the supervision of the Chief Financial Officer, Aphrodite Judin CA(SA).

Listed on AltX on the JSE Limited ("JSE")

These results are available on our website www.vunanilimited.co.za

SALIENT FEATURES

REVENUE OF R75 million compared to R58.6 million at 30 June 2015

PROFIT FOR THE PERIOD OF R15.4 million compared to R3.8 million at 30 June 2015 BASIC EARNINGS PER SHARE OF 13.4c compared to 3.1c at 30 June 2015

Condensed consolidated statement of comprehensive income for the 6 month period ended

Unaudited	Unaudited
31 August	30 June
2016	2015
Figures in R'000	Note	Re-presented*
Continuing operations
Revenue	1	75 005	58 600
Other income	339	7 541
Investment revenue	1 603	4 145
Interest received from investments	873	152
Net profit on disposal of assets	2 806	108
Fair value adjustments and impairments	2	3 010	1 540
Equity-accounted earnings (net of income tax) *	13 250	2 449
Operating expenses	(77 394)	(71 577)
Results from operating activities	19 492	2 958
Finance income	744	2 656
Finance costs	(893)	(1 183)
Net finance (costs)/income	(149)	1 473
Profit before income tax	19 343	4 431
Income tax expense	(3 951)	(750)
Profit from continuing operations	15 392	3 681
Discontinued operations
Profit from discontinued operations (net of income tax)	-	164
Profit for the period	15 392	3 845
Other comprehensive income
Items that are or may be reclassified to profit or loss
Exchange differences on translating foreign operations	(674)	497
Total comprehensive income for the period	14 718	4 342
Profit from continuing operations attributable to:
Equity holders of Vunani Limited	14 700	3 241
Non-controlling interest	692	440
15 392	3 681
Profit for the period attributable to:
Equity holders of Vunani Limited	14 700	3 371
Non-controlling interest	692	474
15 392	3 845
Total comprehensive income for the period attributable to:
Equity holders of Vunani Limited	14 361	3 510
Non-controlling interest	357	832
14 718	4 342
Basic and diluted earnings per share (cents)	13.4	3.1
Basic and diluted earnings per share from continuing operations (cents)	13.4	3.0
Basic and diluted earnings per share from discontinued operations (cents)	-	0.1
Basic and diluted headline earnings per share (cents)	3	11.5	3.0
Basic and diluted headline earnings per share from continuing operations (cents)	11.5	2.9
Basic and diluted headline earnings per share from discontinued operations (cents)	-	0.1

31 August 2016

* In the current period, the equity-accounted earnings (net of income tax) are presented as part of operating activities, as these are considered to be part of the company's main operations. The prior year comparatives have been re-presented to reflect this change in presentation

Condensed consolidated statement of financial position at 31 August 2016
6 months Unaudited 31 August	14 months Audited 29
Figures in R'000	Note	2016	February 2016
Assets
Property, plant and equipment	8 012	8 655
Goodwill	34 123	34 123
Intangible assets	-	184
Investments in and loans to associates	81 580	76 909
Other investments	4	31 545	34 318
Deferred tax asset	45 530	46 203
Other non-current assets	22 691	22 504
Total non-current assets	223 481	222 896
Other investments	4	3 530	3 769
Other current assets	1 682	1 598
Taxation prepaid	1 178	1 267
Non-current assets held for sale	5	52 923	42 504
Trade and other receivables	36 134	25 186
Accounts receivable from trading activities	698 274	648 817
Trading securities	289	131
Cash and cash equivalents	15 126	17 562
Total current assets	809 136	740 834
Total assets	1 032 617	963 730
Equity
Stated capital	6	631 690	624 888
Treasury shares	(15 915)	(15 571)
Share-based payments reserve	14 458	12 871
Foreign currency translation reserve	(1 572)	(1 233)
Accumulated loss	(364 190)	(365 474)
Equity attributable to equity holders of Vunani	264 471	255 481
Non-controlling interest	3 033	1 670
Total equity	267 504	257 151
Liabilities
Other financial liabilities	4	10 755	10 150
Deferred tax liabilities	2 858	2 152
Total non-current liabilities	13 613	12 302
Other financial liabilities	4	12 092	10 982
Taxation payable	6 560	4 498
Trade and other payables	34 284	30 458
Accounts payable from trading activities	698 503	647 872
Bank overdraft	61	467
Current liabilities	751 500	694 277
Total liabilities	765 113	706 579
Total equity and liabilities	1 032 617	963 730
Shares in issue (000s)	6	118 916	114 665
Net asset value per share (cents)	222.4	222.8
Net tangible asset value per share (cents)	193.7	192.9
Net asset value per share (cents)

Equity attributable to equity holders of Vunani Limited, divided by the total shares in issue, including treasury shares.

Net tangible asset value per share (cents)

Equity attributable to equity holders of Vunani Limited, excluding goodwill and intangible assets divided by the total shares in issue, including treasury shares.

Condensed consolidated statement of changes in equity for the 6 month period ended 31 August 2016

Total

Share- Foreign attribu

based currency table Non-

Figures in R'000

Stated Treasury payment translati

on

Accumulated to equity

controlli

ng

Total

Balance as at 31 December

capital shares reserve reserve loss holders interest equity

2014 - Audited 624 888 (15 571) 13 249 (900) (364 004) 257 662 (2 818) 254844

Total comprehensive income for the period

Profit for the year - - - - 3 371 3 371 474 3 845

Other comprehensive income for - - - 139 - 139 358 497

Total comprehensive income for

theperiod - - - 139 3 371 3 510 832 4 342

Transactions with owners, recorded directly in equity

Dividends paid - - - - (6 014) (6 014) (1 618) (7 632)

Share-based payments - - 772 - - 772 - 772

Total transactions with - - 772 - (6 014) (5 242) (1 618) (6 860)

Balance as at 30 June 2015 - Unaudited

624 888 (15 571) 14 021 (761) (366 647) 255 930 (3 604) 252 326

Total comprehensive income for the period

Profit for the period - - - - 3 379 3 379 945 4 324

Other comprehensive income for the period

Total comprehensive income for

- - - (472) - (472) 117 (355)

the period - - - (472) 3 379 2 907 1 062 3 969

Transactions with owners, recorded directly in equity

Share-based payments - - 856 - - 856 - 856

Transfer between reserves - - (2 006) - 2 006 - -

Acquisition of non-controlling - - - - (4 212) (4 212) 4 212 -

Total transactions with owners,

recorded directly in equity - - (1 150) - (2 206) (3 356) 4 212 856

Balance as at 29 February 2016 - Audited

Total comprehensive income for the period

624 888 (15 571) 12 871 (1 233) (365 474) 255 481 1 670 257 151

Profit for the period - - - - 14 700 14 700 692 15 392

Other comprehensive income for the period

Total comprehensive income for

- - - (339) - (339) (335) (674)

the period - - - (339) 14 700 14 361 357 14 718

Transactions with owners, recorded directly in equity

Share-based payments - - 1 587 - - 1 587 - 1 587 Dividends paid - - - - (503) (503) - (503)

Capitalisation share issue award

Acquisition of non-controlling interests

Total transactions with owners,

6 802 (344) - - (6 458) - - -

- - - - (6 455) (6 455) 1 006 (5 449)

recorded directly in equity 6 802 (344) 1 587 - (13 416) (5 371) 1 006 (4 365)

Balance as at 31 August 2016 - Unaudited

631 690 (15 915) 14 458 (1 572) (364 190) 264 471 3 033 267 504