Primeserv Group Limited (JSE:PMV) News - Change statement, notice of Annual General Meeting and availability of B-BBEE Annual Compliance Report 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 Date: 05-08-2022 11:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. 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