Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
PURPLE CAPITALINTEGRATED ANNUAL REPORTfor the year ended 31 August 2013
PURPLE CAPITALINTEGRATED ANNUAL REPORTfor the year ended 31 August 2013
Stakeholder Value
PurSuit of excellence
leaderShiP
PaSSion
diVerSityeducation
relationShiPS
hard work
team work
Product offering
extraordinary returnS
truSt
tranSParency
SerVice excellence
embracing change
reSPect
commitment
relationShiPentrePreneurial SPirit
innoVationriSk control
Pride
Stakeholder Value
PurSuit of excellence
leaderShiP
PaSSion
diVerSity
education
relationShiPS
hard work
team work
Product offering
extraordinary returnS
truSt
embracing change
reSPect
relationShiP
entrePreneurial SPirit
innoVation
riSk control
Pride
Stakeholder Value
PurSuit of excellence
Value creation
PaSSion
diVerSity
education
relationShiPS
hard work
team work
Product offering
extraordinary returnS
tranSParency
relationShiPentrePreneurial SPirit
innoVationriSk control
Stakeholder Value
PurSuit of excellence
leaderShiP
diVerSity
education
relationShiPS
hard workteam work
Product offering
extraordinary returnS
SerVice excellence
embracing change
reSPect
commitment
relationShiPentrePreneurial SPirit
innoVation
InvestIng Is Personal – we get It
gt Is a team sPort
leadershIP
PassIon
dIversIty
team work
Product offerIng
extraordInary returns
trust
transParency
servIce excellence
relatIonshIP
InnovatIon
rIsk control
contents
Chairman’s letter 1
Group at a glance 2
Salient features 3
How we work 4
Chief Executive Officer’s report 6
GT247.com review 8
GT Private Broking review 9
Emperor Asset Management review 10
Chief Financial Officer’s report 12
Ethical leadership and corporate citizenship 14
Financial statements 18
Notice of annual general meeting 72
Shareholder rights 78
Brief curriculum vitae of directors standing for election 79
Corporate information 80
Form of proxy Attached
Form of surrender Attached
Our team ibc
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 1
PURPLE CAPITALINTEGRATED ANNUAL REPORTfor the year ended 31 August 2013
chaIrman’s letterInvestment strategies, trading decisions and price discovery used to emerge from late afternoon dining rooms
where stock brokers and clients shared rare whiskey, cigars and information reserved for the select few. Not
any more. We’re in the age of computers and cleverness now – equal, instant information access, probability
matrices, risk management and mathematics. You have to be involved.
Stock selection, timing, and of course time itself are still the foundations of successful investment. Discipline,
objectivity, risk management and technology still define the successful trader. These things will not change. What
has changed already are the engines and expertise that deliver relative advantage and drive outperformance.
Most asset managers don’t beat the Indices they invest in. We have.
Most investors can’t cross the trading divide. You can.
GT247.com and Emperor Asset Management bring technology and experience together to offer you the best of
both worlds :
real time, all the time (24/7) access to your portfolio;
next day access to your cash, no questions, no forms;
quantitative, algorithm driven objectivity in the investment process;
leveraged trading in CFDs and Spreads across shares, commodities, indices and currencies; and
individual portfolio refinement, stock selection or exclusion and gearing choices.
Purple Capital is all of this, under one roof, within the same relationship.
GT247.com is a leading retail derivatives trader in South Africa. Emperor Asset Management has returned more
than double the JSE Top 40 return over nine years.
This is what individuals have been waiting for – an expert skipper but a hand on the tiller of your own investing
and trading expectations.
REAL TIME ACCEss
LONG TERM PERfORMANCE
what’s stopping you?
Mark BarnesChairman
grouP at a glanceMarkets
Shares
Indices
Commodities
Forex
Bonds
Investment strategy
Long/short equity
Leverage
Quantitative
Momentum
Yield/value
Blue Chips
Products Spreads
Contracts for Difference
(CFDs)
Binary Options
Investment philosophy
Transparent
Innovative
Disciplined
Bespoke
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 20132
Purple Capital also has an empowerment stake in Real People.
salIent features
CLIEnT fUnds
r423,4Mn
REvEnUE
r82,9MnConTInUIngoPERATIons
EBITDA* of R17,9 million prior to restructuring costs of R4,6 million
Capital distribution of two cents per share
Client funds increased by 93% to R423,4 million
Revenue from continuing operations increased by 5,7% to R82,9 million
Unprofitable Gaming and Treasury interests were sold during the year
PURPLE CAPITAL IS A DERIvATIvES TRADING AND ASSET MANAGEMENT BUSINESSPurple Capital Limited, registered and incorporated in the Republic of South Africa, is a financial services company listed on the “Financial
– general finance” sector of the Johannesburg Stock Exchange.
EBITdA*
r17,9MnConTInUIngoPERATIons
dIsTRIBUTIon
two CEnTsPER shARE
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 3
* Earnings before interest, tax, depreciation, amortisation, fair value adjustments and restructuring costs.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 20134
how we work
sALEs And MARkETIng
foREX
IndICEs
AssET MAnAgEMEnT
sTRATEgIEs
CoMModITIEs
fInancIalmarkets
shAREs
CLIEnT sERvICE
Our core assets enable the business to cater to the investing needs of our clients through providing them with ease of access to a wide range of financial markets through three distinct client offerings. Each offering is designed to satisfy the specific investing requirements of our clients, from those that prefer to self invest, or maybe require the input of a private broker, or those that prefer the more traditional route of investing in a proven asset management strategy.
Our DNA is built around our six core assets, all of which are aimed at servicing our clients and providing them with ease of access to the financial markets in a manner in which they are comfortable and equipped.
TechnologyOur technology base, developed over a decade to service our online trading business, has enabled us to now offer a unique asset management product in the form of Emperor Asset Management.
Risk managementOur risk management processes and systems enable the business to identify risk on a real time basis with the two primary risks being client credit risk and market risk.
Client credit risk
Client credit risk arises when a client’s total funds on deposit are insufficient to cover trading losses. Our tiered margining policy and real time monitoring of client risk are our primary tools for mitigating client credit risk. This essentially involves holding a margin on every open client position which is sufficient to absorb sudden movements in a client’s open positions, thereby providing the client with the opportunity to top up his margin in order to hold the position or alternatively allowing the business sufficient time to close out the client’s positions prior to any loss being incurred.
Our online platforms allow clients to manage their own exposures through guaranteed and non-guaranteed stop and other order types.
Market risk
Market risk arises as a result of general market price movement. Our risk department monitors all client positions on a real time basis to ensure adherence to market risk limits set by the Risk Committee. The business operates within these limits by hedging our market risk exposure with our prime broker as and when required. Due to the size of our book, client positions often offset each other, creating a natural hedge. All positions taken by our Asset Management Division are hedged 100% with our prime broker, despite potential offsetting opportunities.
People and experienceOur people are continuously developing their skill sets to ensure that we are equipped to support and grow the business, while servicing the needs of our clients.
Asset management strategiesEmperor Asset Management currently runs a long-short equity fund with an algorithm-based quantitative strategy. Although this is the first fund that we have offered to the public, Emperor Asset Management plans to launch, at least one additional fund during the next financial year.
Client serviceWe are committed to providing our clients with the requisite administrative, technical and educational support required to trade confidently and with ease.
sales and marketingThe business has a two pronged approach to acquiring clients, comprising an outbound sales force in Johannesburg, Cape Town and Durban and an online sales team based in Johannesburg, both supported by the Group’s marketing strategy.
Through our various products, clients are able to take positions on movements
in financial markets.
The financial markets offered by the business include:
shares: performance of shares of companies listed on the Johannesburg Stock Exchange, that satisfy pre-determined liquidity requirements;
Indices: the movements in various local and international stock indices such as the ALSI, S&P and Dow Jones;
Commodities: the prices of major resources like gold and silver; and
forex: the relative strength of one currency in relation to another such as the USD versus the Euro.
Bonds: the interest rate of the most liquid local and international government Treasuries.
RIsk MAnAgEMEnT
core assets
TEChnoLogy
PEoPLE And EXPERIEnCE
Bonds
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 5
hIgh nET woRTh
clIents
RETAIL
sELf InvEsTIng
sPREAds
ConTRACTs foR
dIffEREnCE
Revenue is primarily derived through charging dealing spreads and commissions on each transaction. These charges are determined with reference to the asset type and the product. A funding charge is applied to positions held overnight, being a charge for the leverage offered.
Revenue is driven by the amount of client funds on deposit with the business and the level of client trading activity. Although client funds on deposit can be directly influenced by sales and marketing efforts, the level of client activity is largely driven by market conditions. Periods of prolonged investor confidence, or alternatively high volatility, result in higher levels of client trading activity.
The products offered by the business allow our clients to take advantage of upward or downward movements infinancial markets without needing to own the underlying asset or lay out the full value for the underlying asset (providing the client with leverage). Each of our client offerings utilise and leverage off the core products offered by the business.
spreads
Financial spread trading provides clients with exposure to the price movement of an asset. The size of the client’s profit or loss is driven by the extent and direction of the price movement. Clients can obtain exposure to the movement in a wide range of international and local indices, commodities and currencies.
Contracts for difference (Cfds)
CFDs are leveraged instruments that allow clients to take advantage of a change in share prices, through placing a fraction of the value of the underlying share’s price with the business. We offer CFDs on shares listed on the Johannesburg Stock Exchange that satisfy our predetermined liquidity requirements.
Binary options
Binary Options are instruments that provide a client with the opportunity to predict whether the price of a specific asset will behave in a specific way during a specified period, for instance, “Will the price of the asset go up or down during the day?”.
The business operates under three distinct business units, each with its own brand and tailored client offering. The business has evolved over the past few years through extending its client offering, from a pure online self investing service provider, to include a Private Broking and Asset Management offering.
self investingThe self investing offering, operating under the brand GT247.com, enables clients to interact with the business online from opening an account, to depositing funds, trading and withdrawing funds. Our social trading community, “The Wire” allows our self investing clients to communicate with other like minded traders tracking each other’s performance, sharing investing ideas and debating certain trades. This along with various initiatives to educate our clients, competitive pricing and client service has resulted in GT247.com being ranked second in the Business Day Investors Monthly Stockbroker Awards in the CFD Provider category;
Private brokingOur Private Broking division, operating under the brand GT Private Broking, services the needs of High Net Worth clients, that prefer a high touch personalised service.
Our experienced traders tailor their service offering depending on the client’s requirements, preferences and needs, which would include the following:
Advice and opinions regarding certain trades being considered by the client;
Providing the client with trade ideas and strategies;
Servicing the clients via telephone or email in order to keep them updated on existing trades or to enable them to open or close trades; and
Ensuring all queries are resolved promptly.
This service is provided at a slight premium to our self investing offering due to its high touch personalised nature, however, the trading results of our GT Private Broking clients have historically surpassed those of our self investing clients.
Asset managementOur most recent addition to our client offering is our asset management product, offered under the brand Emperor Asset Management. Not only does this product enable us to participate in a broader sector of the investing market, it also leverages off the core assets, cost base and products (specifically CFDs) of the existing business, enabling the business to benefit from its traditional revenue streams in addition to general asset management fees.
clIentofferIng
AssET MAnAgEMEnT
PRIvATE BRokIng
ProductofferIng
BInARy oPTIons
hEdgE fUnds
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 20136
chIef executIve offIcer’s rePortI am pleased to report another year of Group revenue growth and a solid set of financial results from our core businesses in 2013. Whilst Group revenue growth posted was modest at just 5,74%, revenue from our core derivative trading and asset management operations increased by 8,61% and produced an EBITDA of R17,9 million (before restructuring costs of R4,6 million) recording strong growth of 34,5% over the same period in 2012.
strategy reviewIn February 2013 the executive and shareholders of Purple Capital agreed that the time was right to re-focus and align the forward strategy of the Group around its core retail financial operating divisions in GT247.com, GT Private Broking (GTPB) and Emperor Asset Management (EAM).
Time, capital and resources invested in other operating businesses had run their course and it was appropriate for the Group to realise value and shut down unprofitable lines of business.
It is worth pausing on the result and paying attention to why we are confident of the real synergies, value and opportunity created in the outcome.
To fully appreciate this transformation, which started back in 2010, you need to understand that GT247.com was primarily built to cater to the demanding requirements of active day traders and self-directed investors. Over the last 12 years we have invested hundreds of millions of rands in successfully meeting and marketing to this target audience. A large portion of this investment has enriched our technology platforms, built out our brand, sharpened our sales approach and secured an impressive retail distribution network. Importantly, it has provided us with the foundation and platform to launch new initiatives and evolve our business model.
The fact is that in South Africa self-directed investors represent the smallest and slowest growing group of all investor archetypes; many more instead continue to seek out an asset manager to look after their investments. This is not true in more mature markets where over the last decade, thanks to advances in technology and the staggering reach of the internet, strong growth has been achieved in self-directed investment.
We discovered that investing is not what it used to be either; gone are the days of waiting ages for statements and even longer for meaningful returns. The world continues to change faster, we are more connected and advances in financial instruments and technology have enabled us to shorten our time frames whilst raising our expectations of asset management services, structures and returns.
Our insight from all of this was that the traditional asset managers were not evolving at the same rate, were reluctant to innovate and had largely under invested in the technology advances of the last decade. At the same time they seemed unwilling to be early adopters of derivate instruments, like CFDs, and continued to approach alternative asset management strategies, like those employed by hedge funds, with caution. In the result creating a niche for the emergence of a new breed of asset managers under the hedge fund banner.
Hedge fund managers seeking to gain exposure to equities in South Africa largely trade in CFDs. CFDs finance shares exactly
as mortgage bonds finance houses. They are conceptually almost identical and practically just as useful and they are fast gaining broad market acceptance in South Africa (the JSE recently launched a listed CFD contract) following the trend set in markets like the UK where they continue to drive the largest part of exchange liquidity and are the de facto way to trade a broad range of financial asset classes like stocks, currencies, commodities, indices and bonds.
This provided GT247.com, in 2010, with a unique opportunity to establish an alternative asset manager, Emperor Asset Management, where we could leverage off our extensive understanding and experience of CFDs, our comprehensive and real time approach to trading platforms and risk management, our trusted analytics of highly successful hedge fund managers and finally one of the largest distribution networks in SA of retail investors already participating in derivative trading and investing activities.
From the potential clients that were drawn to us as a result of our sales and marketing activities only 20% were interested and equipped to engage directly in trading and investing, the rest were seeking investment products. It therefore made strategic sense for us to consider catering to this demand.
We were now capable of addressing the investing and trading requirements of both ends of the client spectrum and have significantly increased our target audience and with it, the opportunity to grow Group revenue. Until recently an important part of our strategy was still under construction, addressing the needs of the assisted trading community. This group, who straddle the extremes of active day trading and long-term investing were previously serviced by stock brokers. Over the last decade they have been polarised into two distinct groups across technology and value divide that either casts them online traders or private clients.
In catering to online traders GT247.com has launched several initiatives that provide investors seeking assistance with the opportunity to stand behind successful traders and learn from their every move. Some of these include:
The Wire: Africa’s first online financial social network;
smart Profiles: an online destination to follow, track and trade the recommendations of recognised market professionals from trade origination through entry and exit; and
www.followhotstoxx.com: an extension of CNBC Africa’s most popular TV show, Hot Stoxx; followers are given the opportunity to track the show’s “Trade of The Day” from entry to exit including portfolio performance and instructional video and educational updates.
Catering to private clients, GT247.com launched GT Private Broking in 2013, established to focus on the delivery of personal investment and trading services that are tailored to meet the unique trading preferences of high touch clients. The division pairs high value clients with the extensive experience of our
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 7
trading team and provides personal access to the resources and services available from the rest of the Group. The benefits and synergies created in the outcome are starting to show in the results as clients continue to benefit from achieving above market returns through this personal assisted trading model.
The Group has combined the old world practices of traditional long only asset management, stock broking and proprietary trading to deliver a platform for investment and trading in shares and derivatives, through mobile, telephone and online dealing channels that are risk aware, real time and uniquely tailored to meet our clients’ personal preferences.
Today the Purple Capital Group is capable of servicing the entire universe of investor archetypes from the active day trader through to the passive long-term investor and almost everybody in between; this is an exciting outcome and one that we are confident will deliver even stronger results moving forward.
financial reviewTrading conditions are underpinned by market volatility. This key driver of trading turnover fell to multi decade lows which saw it decline by more than 30% from the levels experienced in our previous reporting period.
Operating conditions were also challenging as the Group made the decision in February 2013 to focus its forward strategy around GT247.com, GT Private Broking (GTPB) and Emperor Asset Management (EAM). It required significant time, effort and resources to sell off or shut down non-core operations whilst rationalising the cost base and reorganising the executive and management teams to best support the core operations.
It is worth highlighting the very encouraging revenue growth posted by our two youngest operating divisions in GTPB and EAM which grew revenue by 54,6% and 206,3% respectively. These two divisions hold much promise for the Group as they further diversify our income and find broader market acceptance for their offering. EAM in particular is a division that is challenging the asset management industry whilst delivering extraordinary results to its clients.
Further evidence of the strength of these results is highlighted in the 93,2% growth in client funds placed with the Group; whilst active client numbers reduced by 6,6%. This was dwarfed by the fact that our average funds per client increased impressively by 106,9% over the period. In the outcome we are now servicing clients of a much higher value. Confidence in the Group continues to grow strongly.
I am confident that shareholders will reflect on this set of results as the strongest posted in several years and share my optimism for the future. It is commendable and I am appreciative for the support and strength of character shown by team GT247.com this year.
Charles savageChief Executive Officer
Trading and asset management revenue by division
r82,4Mn2012: R75,9Mn
2012R’000
2013R’000
GT247.com 62 699 60 457
GT Private Broking 12 163 18 803
Emperor Asset Management 1 036 3 174
Total revenue 75 898 82 434
Client funds by division
r423,4Mn2012: R219,1Mn
2011R’000
2012R’000
2013R’000
GT247.com 59 972 53 894 46 966
GT Private Broking 36 280 51 684 113 376
Emperor Asset Management 39 658 113 541 263 092
Total net asset value 135 910 219 119 423 434
Active clients by division
4 7342012: 5 069
2011 2012 2013
GT247.com 2 815 4 259 3 317
GT Private Broking 266 305 296
Emperor Asset Management 229 505 1 121
Total clients 3 310 5 069 4 734
Group revenue
2012
R’m
2013
R’m
Trading and asset management revenue 75 898 82 434
Growth (%) 8,6
Other income 2 519 487
Total group revenue 78 417 82 921
Growth (%) 5,74
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 20138
The revenue mix highlights the increasing impact that EAM is having on Group revenue through the symbiotic relationship it shares with GT247.com. This source of income is less influenced by market volatility and is enjoying considerable growth. The strategic alignment of GT247.com with EAM, and in future other alternative asset managers, is proving to be a rewarding opportunity.
Over the last two years GT247.com has demonstrated that it is highly capable of providing all of the execution, risk management, reporting and regulatory capabilities that alternative fund managers require whilst providing a level of client engagement and service that is setting the standard for the industry. In addition, and perhaps uniquely, GT247.com has proven that it has sales and marketing capacity, tools, aptitude and distribution channels to access, educate and successfully raise funds from retail clients.
GT247.com was proud to improve its survey score, being amongst the top stock brokers in South Africa in the annual Business Day Investors Monthly Stockbroker Awards. Most notably GT247.com ranked joint second in the Top CFD Provider category. The result highlighted the fact that we are the only South African provider in the top three and out of this group we ranked first for “client education and resources” and joint first for “transparency”, both important determinants in building a sustainable and trusted CFD industry.
More importantly, the survey established that 86% of our clients rated our level of service as being good or excellent and 82% rated the quality of our trading platforms as either good or excellent. Further to this, areas of improvement were noted and we look forward to addressing these in the year ahead.
As the CFD industry in South Africa gains broader market acceptance and continues to post strong growth over other forms of derivative trading it is reasonable to expect that we will face increasing competition from international peers, local brokers and banks alike. It is therefore important that we ensure that we remain highly competitive when ranked against our peers and make the right strategic choices to best position ourselves to benefit from this industry growth.
In this regard we have considered and agreed our three year forward strategy which will see us unveil some exciting developments in the years ahead and position us well to defend our number one position amongst our South African peers but as important, equip us better to challenge our international peers for overall top spot.
ChIEf ExECUTIvE OffICER’s REPORT continued
revIew
GT247.com, the online trading division of the Group, posted a year on year reduction in revenue of 3,57%; this moderate decline does no justice to the full year achievements and result.
Revenue
r37,6Mnr26,4Mn
30%r25,1Mn r34,0Mn
x35%
volatility index – average
28 1643%
18 1421%
2012 h1 2013 h1 2012 h2 2013 h2
Nominal traded
r113,6Bn r68,5Bn
40%r100,4Bn r76,1Bn
24%
2012 h1 2013 h1 2012 h2 2013 h2
2012 h1 2013 h1 2012 h2 2013 h2
In unpacking the half year comparatives an important trend reversal emerges when the comparative half year revenue periods are analysed.
Both h1 and h2 2013 periods suffered significantly from depressed trading conditions that saw volatility decrease 43% and 21% respectively from their comparative periods in 2012. Despite this, in h2 2013 GT247.com managed to increase revenue markedly by 35% from h2 2012.
Online Emperor Asset Management (EAM)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 9
GT Private Broking (GTPB), the private client division of GT247.com, posted its second consecutive year of 50%+ revenue growth in 2013. The outcome is more impressive when revealing the underlying numbers that are driving the result.
Half year comparatives were up impressively across all scorecard metrics despite the effects of lower levels of market volatility, which saw client activity levels falling significantly per the comparative H1 and H2 reporting periods of 2013. Despite this, H1 and H2 scorecard comparatives against 2012 saw a range of growth that started at an impressive 49%. This growth was primarily driven by increasing client funds rather than an increase in client activity, positioning GTPB for a significant pick up in revenue when this activity returns to historic levels.
The decision to establish a private client division under GT247.com is proving worthwhile. The division focuses on the delivery of high touch personal execution and other trading related services that are tailored to meet the client’s unique trading profile and preferences. Pairing high value clients with the extensive experience and resources available from our GTPB trading team is also yielding higher client profitability; on average our clients posted above market returns (ALSI) of ±25% for the period under review.
The industry standard comparative for measuring growth for a business like GTPB always comes back to nominal (value) traded which posted 100% growth over the reporting period. Considering that the JSE reported growth in value traded over the same period at a modest 5,11% for equities and 2,94% for equity derivatives the only conclusion can be that GTPB is winning market share away from our competitors as it outstrips growth over the industry; this is indeed an encouraging sign.
GTPB is strategically well positioned to continue to win market share and post strong growth as competitor focus seems to have shifted to the delivery of online services over traditional good service and considered advice.
Revenue
r6,1Mn r9,1Mn
x49%r6,1Mn r9,7Mn
x60%
2012 h1 2013 h1 2012 h2 2013 h2
Client funds
2012 h1 2013 h1 2012 h2 2013 h2
r44,9Mn r87,1Mn
x94%r51,7Mn r113,4Mn
x119%
2012 h1 2013 h1 2012 h2 2013 h2
Nominal traded
r3,6Bn r6,9Bn
x93%r4,6Bn r9,4Bn
x103%
volatility index – average
2012 h1 2013 h1 2012 h2 2013 h2
28 1643%
18 1421%
revIew
Business Day - sa Top Broker awarDs 201325 September – 29 October
GT247.com ranked joint 2nd in the Top CFD Provider category.
“An established player in the CFD and spread trading space, GT247.com (formerly Global Trader) also offers trading in equities, warrants, index options and commodity futures. It is a Safex derivatives member. Although not an equities member of the JSE, it allows clients to trade equities through a relationship with Sanlam iTrade. A highly innovative firm, it offers, among other things, an interactive social trading platform, The Wire, and it has developed the MobiTrader mobile spread trading application.
GT247.com is an example of one broker that has implemented a fully-integrated social platform on top of its trading platform, with the idea being to build its community of investors.
2011 2012 2013
Cost 3,5 4,5 3,5Range of instruments 3,5 4 3Trading tools 4 4 4Client education and resources 4 4.5 5Value-added services 2 3 4Transparency 4 4 5Total score 21 24 24,5Top CFD Provider Ranking N/A N/A 2nd
GT247.com’s strength lies in its superior client education focus and innovative trading tools and resources.”
whAT wAs sAId…
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201310
ChIEf ExECUTIvE OffICER’s REPORT continued
This was supported by very strong client growth of 122% and
impressive client returns of 31,5% (after costs) over the reporting
period. Whilst revenue relative to the other operating divisions of
the Group remains small at 3,83% (2012: 1,32%) the significance
and role that EAM is expected to play in the future of the Group
should not be underestimated.
The alternative asset management industry (hedge fund industry)
continues to mature as a relevant and meaningful sector of the
asset management landscape. Increasing regulatory support for
this sector looks set to drive the next wave of capital flows and
with it the next phase of growth of the industry. Last year saw the
industry surpass the R40 billion* assets mark, reaching a new all-
time high on the back of strong returns and just over R5 billion
of new capital.
Industry opinion on growth highlighted*:
41,1% expect regulatory change to lead to industry growth;
A further 29,9% were of the opinion that expanding
distribution channels could increase assets;
10,3% indicated that customised solutions for each client
could attract additional capital; and
Other options included increasing capacity in current
offerings (6,5%), launching new hedge fund strategies (6,5%),
managing long-only capital (2,8%), and growth through a
strategic partnership or acquisition (2,8%).
* SA Hedge Fund Survey 2013 compiled by Novare investments.
Emperor Asset Management is well positioned to benefit from
growth in the hedge fund industry with its highly differentiated
and compelling offering:
Disciplined quantitative stock selection strategy that allocates
capital to three investment sectors (momentum, value and
blue chips) across 16-25 of the most liquid JSE shares;
Proprietary market timing, valuation and option protection
models that are deployed to enhance returns and protect
investor capital;
Segregated portfolio structure that allows for:
– Individual tailoring of investment level, utilising derivatives,
that is uniquely matched to meet the client’s own risk and
return profile;
– Stock exclusion and inclusion capabilities allowing for
investor bias and/or stock restrictions based on religious
or other rule sets (e.g. Sharia compliant); and
Complete and real time transparency to your investment
portfolio, strategy and daily returns.
Emperor Asset Management, the alternative asset management division of GT247.com, posted very encouraging revenue growth of 206,28% in 2013. Assets under management (AUM) in our Robert falcon scott fund (Rfs fund) grew by 174% and 132% over the respective h1 and h2 periods from 2012 to 2013.
Revenue
r0,25Mnr1,0Mn
x300%r0,8Mn r2,1Mn
x160%
Client funds
r65,1Mn r178,3Mn
x174%r113,5Mn r263,1Mn
x132%
2012 h1 2013 h1 2012 h2 2013 h2
2012 h1 2013 h1 2012 h2 2013 h2
Performance Management
Portfolio – sector weights
Food and Health 16,93%
Technology, Media and
Telecommunications 16,53%
Financial 15,15%
Consumer 14,31%
Industrial 13,41%
Resources 10,94%
Services 9,53%
Platinum 2,46%
Put Option 0,74%
60 month risk vs return
Re
turn
s p
er
ann
um
Downside deviation per annum
30%
25%
20%
10%
15%
5%
0%5% 10% 15%
SteFIALBI
SWIX FTSE/JSE Top 40
revIew
Robert Falcon Scott
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 11
Looking forward to the year ahead these are EAM’s key strategic initiatives that will further enhance and differentiate our offering.
h1 2014 Launch the Robert Falcon Scott (RFS) fund as a unit trust. The
investment strategy and resultant stock selection continues to
deliver strong Alpha and demand for a long-only, Regulation
28 compliant version of the benchmark RFS fund is high.
Structure the operations of EAM to best meet the anticipated
regulatory changes in order to benefit from expected
institutional capital flows.
Roll out our Independent Financial Adviser partnership and
education programme to further increase our distribution
network, awareness and understanding of EAM and its funds.
h2 2014 Launch a version of the RFS Fund focused on an investment
universe comprising stocks from the S&P500. Back testing
of the quantitative strategy deployed on this stock universe
has yielded very positive results and client demand for an
offshore version of the benchmark fund strategy is high.
Implement new back office systems capable of delivering
higher levels of client control, differentiation and real time
access.
I’m sure that you agree that Emperor Asset Management is decidedly different from any other asset manager and nowhere is this more apparent than in the high goals we set for ourselves:
To add a zero to your investment every 10 years. To achieve
this we need to achieve an annual return rate of 25,9% (since
inception in October 2004 we have achieved an annual
return of 24,7% and a total return of 640%)**;
To never record a negative return year. (Over the last eight
completed calendar years we have only recorded a single
negative annual return of -14,5% (2008), however since then
we have worked tirelessly to implement new models that we
are confident will prepare us better the next time); and
To outperform the benchmark index (FTSE/JSE Top 40) by
a factor of 2x over any given investment period. (We have
managed to achieve this 62,5% of the time or five out of the
eight completed calendar years).
Our goals as an asset manager are bold but they are delivered
off a strong and improving track record that is highly disciplined
in its execution, objectively back tested and operationally robust
to ensure that we are capable of delivering positively against our
client expectations.
fund performance as at 31 October 2013**
Total return Rfs fund fTsE/JsE Top 40
This month 7,3% 3.1%
Last 12 months 39,6% 23,2%
Last three years 123,6% 50,3%
Last five years 250,7% 113,1%
Since inception 640,0% 277,2%
Annualised returns to 31 October 2013**
Total return Rfs fund fTsE/JsE Top 40
Year-to-date 36,1% 20,5%
Last 12 months 39,6% 23,2%
Last three years 30,8% 14,5%
Last five years 28,5% 16,3%
Since inception 24,7% 15,7%
** Returns quoted are to 31 October 2013 and are net of all fees.
fund performance
Robert Falcon Scott
FTSE/JSE Top 40
640,0%
277,2%
700%
600%
500%
300%
400%
200%
100%
0%Oct 2004 Oct 2013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201312
chIef fInancIal offIcer’s rePort
this distribution channel is introducing a lower proportion of the new clients.
Research costs mainly comprise third party generated trading tips and analysis that is provided to our clients in order to increase their trading activity. The expected results have not been realised from this initiative which has resulted in the majority of this expense being cut towards the end of the financial year.
Operating expenses
2013
R’000
2012
R’000
%
change
Employment costs 33 009 34 330 (3,8)
IT costs 10 571 9 151 15,5Marketing 6 575 3 352 96,1Office costs 4 797 6 297 (23,8)Other 7 811 3 047 156,4Total 62 763 56 177 11,7Normalised expenses 57 363 56 177 2,1
2013
R’000
2012
R’000
Group headcount
Core operations/head office 49 66Treasury – 8Gaming – 15Total 49 89
Employment costs
The rationalisation of the Group’s core operations and head office was completed on 30 April 2013. Through attrition and the rationalisation process, the headcount has been reduced from 66 at 31 August 2012 to 49 at 31 August 2013. Retrenchment costs of R1,7 million are included in employment costs in the current year.
IT costs
IT costs primarily include hosting and connectivity fees, various datafeed and licensing costs. The 15,5% increase in the current year included R0,8 million of non-recurring costs incurred in upgrading system infrastructure and development of our mobile trading platform. Although we do not expect significant savings in this area we have implemented a number of initiatives towards the end of the financial year that could result in some savings.
Marketing
The marketing spend during the 2012 year was low due to a larger share of the Group marketing budget being directed at the gaming business during 2012. The marketing spend incurred during the current year, amounting to 7,9% of revenue, is at our target level.
Office costs
The Group relocated to new offices during the current year resulting in a significant reduction in the monthly rental expense. The once-off relocation costs that have been expensed in the current year amount to R0,5 million.
Other operating expenses
Other operating expenses include professional fees, travel and entertainment expenses and compliance fees.
This section provides a detailed analysis of the financial results of the Group for the year ended 31 August 2013.
summarised group statement of income2013
R’000
2012
R’000
%
change
Revenue 82 921 78 417 5,7Trading expenses (7 109) (9 457)Net trading revenue 75 812 68 960 9,9 Operating expenses (62 763) (56 177) 11,7 Other income 259 502 EBITDA* 13 308 13 285 (0,2)Net interest expense (716) (971)Depreciation and
amortisation (1 797) (1 617)Profit from core operations 10 795 10 697 0,9 Fair value adjustments (15 324) 3 356 GTE distribution – 5 832 (Loss)/profit before tax (4 529) 19 885 Current and deferred tax 2 391 (2 222)Profit for the period from
continued operations (2 138) 17 663 Discontinued operationsLoss from discontinued
operations (17 310) (14 449)Profit on sale of
discontinued operations 21 713 –Profit for the period 2 265 3 214 Basic earnings per share
(cents) 0,28 0,48 Headline (loss)/earnings per
share (cents) (2,25) 0,48
* Earnings before interest, tax, depreciation and amortisation of core trading
and asset management businesses.
RevenueAn overview of revenue has been provided in the preceding sections of this report.
Trading expenses
2013
R’000
2012
R’000
%
change
IA broker commissions 3 324 4 163 (20,2)Sales commissions 2 477 3 777 (34,4)Research costs 1 308 1 517 (13,8)Total 7 109 9 457 (24,8)% trading revenue 8,6 12,1
Trading expenses comprise introducing agent (IA) commissions, sales commissions and third party research costs.
IAs are paid a percentage of all revenue generated by the Company from clients introduced by the IA. The decrease in these commissions during the current year is indicative of the lower levels of trading activity during the year by the IA’s clients and that
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 13
Other operating expenses reflect the increased levels of legal, audit and compliance fees incurred in relation to our asset management business during the current year, however, once off professional fees of R2,4 million were incurred during the rationalisation process and the disposal of the Treasury and Gaming businesses in the current year.
Normalised expenses The operating expenses for 2013 excluding the non-recurring items referred to above would amount to R57,4 million, being an increase of 2,1% compared to 2012.
EBITDA EBITDA from core operations decreased by 0,2% to R13,3 million for the year ended 31 August 2013, however, normalised EBITDA (excluding the once off restructuring costs of R4,6 million) amounts to R17,9 million, 34,5% higher than the prior year.
Net interest expenseThe decrease in the net interest expense was due to a decrease in the Company’s medium-term loan from R9,3 million to R7,5 million at 31 August 2013.
Depreciation and amortisationDepreciation and amortisation increased by 11,1% during the current year following spend in respect of the office move and software development.
fair value adjustmentsNet fair value adjustments for the current year, totalling R15,3 million included an R18,7 million write down of Purple Capital’s investment in an empowerment vehicle holding a stake in Real People Investment Holdings Proprietary Limited, in line with its publicly listed peers. The long-term valuation prospects remain good. This write down was partially off-set by an upward revaluation of Purple Capital’s investment in the Cipla Medpro Limited empowerment structure.
Current and deferred tax
2013Current
R’000
deferred
R’000
Total
R’000
Purple Capital – 4 654 4 654
First World Trader (3 079) 816 (2 263)Total (3 079) 5 470 2 391
The tax credit of R2,4 million for the year ended 31 August 2013 mainly comprises current tax of R3,1 million paid by First World Trader Proprietary Limited in respect of current year profits and the deferred tax effects of the fair value write downs and losses incurred in the Purple Capital entity.
Discontinued operationsThe Group sold Purple Capital Treasury and Powerbet Gaming during the year. The results of these operations have been included in the profit for the year from discontinued operations. The profits realised on the sale of Purple Capital Treasury and Powerbet Gaming of R0,3 million and R21,4 million respectively have similarly been included in the profit for the year from discontinued operations. The sale proceeds of R30 million in respect of the sale of Powerbet Gaming has been shown under trade and other receivables.
Profit for the periodBasic earnings per share for the year ended 31 August 2013 has decreased from 0,48 cents to 0,28 cents per share, compared to the prior period. The profit realised on the disposal of the discontinued operations of R21,7 million is required to be excluded from the calculation of headline earnings resulting in headline earnings per share decreasing from a profit of 0,48 cents to a loss of 2,25 cents.
group statement of financial positionNon-current assetsThe fair value write down in Real People Investment Holdings along with the disposal of Powerbet Gaming and Purple Capital Treasury has resulted in a decrease in non-current assets of R19,2 million for the year ended 31 August 2013.
Net current assetsCurrent assets at 31 August 2013 exceed current liabilities by R8,5 million.
2013
R’000
2012
R’000
Current assets 156 934 68 001
Current liabilities (148 397) (79 387)Net current assets/(liabilities) 8 537 (11 386)
Non-current liabilitiesThe Group has no long-term borrowings.
Equity attributable to ownersThe equity attributable to owners increased by 0,9%.
Gary van DykChief Financial Officer
2013 2012Treasury
R’000
Powerbet
R’000
Total
R’000
Treasury
R’000
Powerbet
R’000
Total
R’000
Discontinued operations
Operating loss after tax (3 231) (14 079) (17 310) (5 681) (8 768) (14 449)Profit on disposal 321 21 392 21 713 – – –(Loss)/profit for the year (2 910) 7 313 4 403 (5 681) (8 768) (14 449)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201314
The Group recognises that the shareholders own the business
and that the board is required to act in the best interests of
the Company. The board subscribes to the highest level of
professionalism and integrity in conducting its business and in
dealing with all its stakeholders. In adhering to its code of ethics,
the board will be guided by the following broad principles:
Businesses should operate and compete in accordance with
the principles of free enterprise;
Free enterprise will be constrained by the observance
of relevant legislation and generally accepted principles
regarding ethical behaviour in business;
Ethical behaviour is predicated on the concept of utmost
good faith and characterised by integrity, reliability and a
commitment to avoid harm;
Business activities will benefit all participants through a fair
exchange of value or satisfaction of needs; and
Equivalent standards of ethical behaviour are expected
from individuals and companies with whom business is
conducted.
The Group has formed a social and ethics committee in line with
the requirements of the Companies Act. Craig Carter (Chairman),
Thembeka Gwagwa and Gary van Dyk are its members. A formal
charter has been adopted that governs the objective of the
committee and how its business shall be conducted.
The board of directorsComposition of the board
The board currently consists of three executive and four non-
executive directors. It is the board’s intention to always have
more non-executive than executive directors on the board. The
board is satisfied that it has the requisite number of directors with
the skills, knowledge and resources to conduct the business of
the Group.
Role and function of the board
The board is responsible for the effective management and
control of the Group and participates in the determination of
the strategic direction and policy of the Group, discussions
regarding transactions and disposals, approval of major capital
expenditure, diverse financial and administrative activities and
any other matters that may materially impact on the business
of the Group. Day-to-day management vests in the executive
teams of the businesses themselves. Management will supply
the board in a timely manner with information in a form and
of a quality appropriate to enable it to discharge its duties. The
directors have unrestricted access to all Group information,
records, documents and property, which they may require for
the fulfilment of their duties. Directors will furthermore have the
ability to delegate certain functions, either internally or externally,
in order to assist them in the performance of their duties and
the decision-making process. The Chairman will have the power
to review the content and implementation of such delegated
functions and will report on this to the board.
Independence of the board
Recognising that the Executive Chairman is not an independent
non-executive director, it is the intention of the board to maintain
a majority of non-executive directors to provide independent and
objective input into the decision-making process. The majority
of the non-executive directors are independent.
All directors have access to the services of the Group Secretary
and will be entitled to seek independent professional advice
regarding the affairs of the Group, at the Group’s expense, with
the prior approval of a majority of the non-executive directors.
Appointment and re-election of the board
Directors are subject to retirement by rotation and re-election
by shareholders in accordance with the Memorandum of
Incorporation. The identification of suitable candidates to fill
vacancies on the board and to re-appoint directors on retirement
by rotation is conducted by the full board based on the suitability
of available candidates and the requirements of the Group.
Remuneration committee
The board of directors has established a remuneration
committee which will make recommendations to the board
within agreed terms of reference, on the Group’s framework
of executive remuneration and its costs. The remuneration
committee will ensure that levels of remuneration are sufficient
to attract and retain directors and executives needed to run the
Group successfully. The remuneration committee will meet as
required and comprises Ronnie Lubner and Mark Barnes.
The remuneration committee has developed a performance-
orientated remuneration philosophy which fairly rewards
executives and employees for their respective contributions
to achieving the Group’s strategic, financial and operational
objectives. The remuneration structures are to encourage
sustainable, long-term wealth creation. The following factors
regarding the remuneration structures are highlighted:
The remuneration philosophy is supportive of the Group’s
strategy;
The cost of employment is managed while, at the same time,
employees are rewarded in order to retain and motivate
talented, skilled and high-calibre executives and employees;
The Group promotes a performance-based culture; and
The Group strives to align executive rewards with the
interests of shareholders.
The remuneration committee acknowledges the importance
of motivating individual and team performances and therefore
applies the remuneration policy equitably, fairly and consistently
in relation to job responsibilities, the markets in which the Group
operates and personal performance.
The Group rewards executive directors and employees as
follows:
Market-related, fair annual packages (base salary and
benefits), which are competitive owing to the portability of
skills;
ethIcal leadershIP and corPorate cItIzenshIP
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 15
Market information is sourced from industry and executive
remuneration surveys to benchmark executive remuneration
in comparable positions;
Annual performance bonus related to specific Company and
personal objectives; and
Participation in the employee share option scheme.
For non-executive directors’ fees, the remuneration committee
takes cognisance of market norms and practices as well as the
additional responsibilities placed on board members by new
legislation and corporate governance rules. Non-executive
director remuneration is fee-based and not linked to the share
price of Purple Capital. Purple Capital non-executive directors
do not receive bonuses or share options to ensure actual and
perceived independence.
Group secretary
The Group Secretary acts in a support capacity to the directors
and Chairman and is suitably qualified, competent and
experienced to provide the board with guidance and advice
regarding directors’ responsibilities, duties and powers and to
ensure that the board is aware of all the legislation relevant to
or affecting the affairs of the Group. The Group Secretary is
required to ensure that the Group complies with all applicable
legislation regarding its affairs including the necessary recording
of meetings of the board or shareholders.
Audit committee
The board of directors has established an audit committee
whose primary objective is to provide the board with additional
assurance regarding the efficiency and reliability of the financial
information used by the directors, and assurance that the
regulatory structures are maintained in compliance with the
applicable legislative frameworks. The audit committee will meet
at least twice a year and comprises Craig Carter, Thembeka
Gwagwa and Dennis Alter. The Chairman, Financial Director
and representatives of external audit attend audit committee
meetings by invitation.
Other functions of the audit committee include:
nomination of the external auditor for appointment;
approval of the terms and remuneration of the external
auditor;
approval of non-audit services by the external auditor;
communication with shareholders regarding the external
auditors;
overseeing integrated reporting; and
satisfying itself that the finance function is appropriately
staffed.
As required by the JSE, the Company has a Financial Director.
The position is currently held by Gary van Dyk, who is an
executive director and is deemed competent by the committee.
The committee is satisfied that the external audit function
and designated auditor are accredited and have acted with
unimpaired independence and free from any scope restriction.
Details of fees paid are disclosed on page 41 of the financial
statements together with the fees paid for non-audit services
provided.
governance of riskThe Group has formed a risk management committee that is
responsible for the governance of risk and to set levels of risk
tolerance and risk appetite. The committee comprises Mark
Barnes (Chairman), Charles Savage (CEO), Gary van Dyk (Chief
Financial and Operations Officer) and Andrew Kinsey (Head of
Risk) and meets on an ad hoc basis (four meetings during 2013)
when the risk position of the various companies warrants it.
This committee has as its responsibility to:
design, implement and monitor the risk management plan;
ensure risk is assessed on a continual basis;
ensure that there are appropriate risk responses implemented;
and
ensure that there are processes in place enabling complete,
timely, relevant, accurate and accessible risk disclosure.
The board is of the view that the risk management process is
effective in managing the risks that the business is faced with and
in responding to unusual or abnormal risks.
governance of ITIT forms an integral part of most of the business units in the
Group, most notably Global Trader, Purple Capital Treasury and
Voltbet. IT governance, therefore, forms an integral part of the
Company’s risk management to ensure that the systems are
able to support our clients’ needs and our own internal control
systems. While the board is ultimately responsible for the
governance of IT, this has been delegated to the Group Chief
Information Officer, who is responsible for the implementation of
an IT governance framework and for monitoring and evaluating
significant IT expenditure.
Compliance with relevant laws, rules, codes and standardsThe board is responsible for ensuring the Group complies with
all applicable laws that affect the different business units. This is
achieved through effective delegation to management and the
Group Compliance function that monitors the Group’s compliance
with the relevant rules and laws. During the year a regulatory
committee was formed to monitor the Group’s compliance
with the acts relevant to its various businesses, most importantly
FICA and FAIS. The committee comprises Charles Savage (CEO)
and Gary van Dyk (Chief Financial and Operations Officer) and
meetings are attended by the Group Compliance Officer.
governing stakeholder relationshipsThe board is responsible for ensuring that all the Group’s
stakeholders are dealt with in an equitable manner and that there
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201316
EThICAL LEADERshIP AND CORPORATE CITIZENshIP continued
is transparent and effective communication with them. The
board has identified the important stakeholders in the Group and
strives to achieve a balance between their various expectations.
There were no requests for information lodged with the
Company in terms of the Promotion of Access to Information
Act, No 2 of 2000 that were denied during the year.
The main stakeholders in Purple Capital and the primary channels
of communication with each of them, are as follows:
Communication channels
Employees: HR function, performance management systems,
management structures, team and staff meetings.
Customers: Website, emails, seminars, training, social media and
sales team.
shareholders: Integrated report, annual general meeting, one-
on-one meetings, circulars and announcements.
Partners: IA brokers programme, rebate reporting, meetings and
reporting.
Regulators: Submission of annual reports and returns, audits
and compliance with the rules and regulations of the individual
regulatory bodies (JSE, FSB, WCGB).
Media: Interviews, providing content to TV shows and magazines.
Integrated reportingThis is the third year that an integrated report has been produced
by the Group. The board was responsible for ensuring that the
report conveyed the appropriate level of detail in relation to
the Group’s financial and sustainability performance. The table
below summarises the Group’s compliance with King III and
explains why and where it does not comply.
Apply
Partially
apply Explain
Ethical leadership and corporate citizenship
Board provides effective
leadership based on an ethical
foundation
^
Responsible corporate citizen ^
Appreciate that strategy, risk,
performance and sustainability
are inseparable
^
Effective management of the
Company’s ethics
^
The board of directors
Leads the Group ethically ^
Is the focal point for governance ^
Directs strategy for the Group ^
Majority of independent non-
executive directors
^
Has a formal charter ^
One-third of non-executive
directors rotate each year
^
Chairman of the board is an
independent non-executive
director
^1
Apply
Partially
apply Explain
The board of directors continued
No non-executive directors
serving for more than nine years
^
Directors are appointed through
a formal process
^2
Chief Executive Officer and
Financial Director
^
Adequate skills, knowledge and
resources to manage the Group
^
Meets at least four times a year ^3
Directors act in the best interests
of the Company
^
Suitable, qualified and
experienced Company Secretary
^
Regular performance evaluations
of directors
^4
Directors and executives are fairly
remunerated
^
Remuneration of directors is
disclosed
^
Appropriate committees have
been appointed
^5
Agreed governance structure
between the holding and
subsidiary companies
^
Audit committee
Effective and independent ^
Suitably skilled ^
Consists of three independent
non-executive directors
^
Meets at least twice a year ^
Meets with external auditors
once a year without
management
^
Oversees external audit process ^
Ensures finance functions have
sufficient skills and resources
^
Internal audit
Effective internal audit function ^6
governance of risk
Setting of risk tolerance ^
Risk committee with at least
three members
^
Risk policy, processes and
procedures
^
Risk assessments are performed
on a continual basis
^
Management considers and
implements appropriate risk
responses
^
Sufficient risk disclosure to
stakeholders
^
governance of IT
Board is responsible for IT
governance
^
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 17
Apply
Partially
apply Explain
governance of IT continued
Monitors and evaluates
significant IT expenditure
^
Management is responsible for
the IT governance framework
^
IT assets are managed effectively ^
IT is aligned to performance and
sustainability objectives
^
Compliance with laws, codes, rules and standards
The board ensures the Company
complies with the relevant laws
^
The board and directors have a
working understanding of the
effect the rules and laws have on
the Company
^
Compliance risk forms
an integrated part of risk
management
^
Compliance framework
delegated to management
^
governing stakeholder relationships
Appreciation that stakeholder
perceptions affect the Group’s
reputation
^
Management deals proactively
with stakeholder relationships
^
Appropriate balance between
stakeholder groupings
^
Board treats different
stakeholders equitably
^
Transparent and effective
communication with
stakeholders
^
Integrated reporting and disclosure
Ensure integrity of Group’s
integrated report
^
Sustainability reporting and
disclosure integrated with
financial reporting
^
Explanation1. Recognising that the Executive Chairman is not an
independent non-executive director, it is the intention of the
board to maintain a majority of non-executive directors to
provide independent and objective input into the decision-
making process. The majority of the non-executive directors
are independent. Ronnie Lubner has been appointed as the
lead non-executive director. The Company has an Executive
Chairman as Mark Barnes was the founder of the Group and
is still involved in day-to-day operations. When the Group
requires it, and can attract a suitably qualified candidate, a
non-executive Chairman will be appointed.
2. While there is no formal process for the appointment of
directors, all current directors would be consulted before a
new director is appointed to the board. Mike Wilson resigned
as financial director on 15 April 2013 and Gary van Dyk was
appointed to the board as the Chief Financial and Operations
Officer effective 15 April 2013.
3. The board met formally twice during the 2013 financial year
mainly due to the fact that getting all the non-executive
directors together is logistically challenging. Informal
discussions are held with the non-executive directors on an
ongoing basis.
4. Due to the small size of the Group and directors, no formal
evaluation process has been implemented yet.
5. Audit, remuneration, risk and regulation committees have
been appointed. A nominations committee has not been
formed due to the small size of the board and the fact that it
has not changed in recent history.
6. Due to the size and nature of the Group there is no internal
audit function. This will be re-assessed as the Group grows
and an internal audit function becomes necessary.
Sta
ke
ho
lde
r V
alu
e
Pu
rSu
it o
f e
xc
ell
en
ce
Pa
SSio
n
diV
er
Sit
ye
du
ca
tio
n
re
la
tio
nSh
iPS
ha
rd
wo
rk
te
am
wo
rk
Pr
od
uc
t o
ffe
rin
g
ex
tr
ao
rd
ina
ry
re
tu
rn
S
co
mm
itm
en
t
re
la
tio
nSh
iPe
nt
re
Pr
en
eu
ria
l SP
irit
inn
oV
at
ion
riS
k c
on
tr
ol
Pr
ide
Sta
ke
ho
lde
r V
alu
e
Pu
rSu
it o
f e
xc
ell
en
ce
Pa
SSio
n
diV
er
Sit
y
ed
uc
at
ion
ha
rd
wo
rkex
tr
ao
rd
ina
ry
re
tu
rn
S
em
br
ac
ing
ch
an
ge
re
SPe
ct
co
mm
itm
en
t
re
la
tio
nSh
iP
inn
oV
at
ion
riS
k c
on
tr
ol
Pr
ide
Sta
ke
ho
lde
r V
alu
e
Pu
rSu
it o
f e
xc
ell
en
ce
Pa
SSio
n
te
am
wo
rk
Pr
od
uc
t o
ffe
rin
g
ex
tr
ao
rd
ina
ry
re
tu
rn
S
Sta
ke
ho
lde
r V
alu
e
Pu
rSu
it o
f e
xc
ell
en
ce
Pa
SSio
n
diV
er
Sit
y
ed
uc
at
ion
re
la
tio
nSh
iPS
ha
rd
wo
rk
te
am
wo
rk
Pr
od
uc
t o
ffe
rin
g
ex
tr
ao
rd
ina
ry
re
tu
rn
S
Ser
Vic
e e
xc
ell
en
ce
re
la
tio
nSh
iPe
nt
re
Pr
en
eu
ria
l SP
irit
inn
oV
at
ion
ha
rd
wo
rk
ris
k C
on
tr
ol
En
tr
Ep
rE
nE
ur
ial
spir
it
fin
an
cia
l st
at
emen
ts
co
nt
en
ts
Dir
ec
tors
’ re
spo
nsi
bili
ty f
or
fin
anc
ial r
ep
ort
ing
19
Gro
up
Se
cre
tary
’s r
ep
ort
19
Dir
ec
tors
’ re
po
rt
20
Re
po
rt o
f th
e A
ud
it C
om
mit
tee
2
2
Re
po
rt o
f th
e In
de
pe
nd
en
t A
ud
ito
r
23
Gro
up
sta
tem
en
t o
f fi
nan
cia
l po
siti
on
2
4
Gro
up
sta
tem
en
t o
f c
om
pre
he
nsi
ve in
co
me
2
4
Gro
up
sta
tem
en
t o
f o
the
r c
om
pre
he
nsi
ve in
co
me
2
5
Gro
up
sta
tem
en
t o
f c
ash
flo
ws
2
5
Gro
up
sta
tem
en
t o
f c
han
ge
s in
eq
uit
y
26
No
tes
to t
he
Gro
up
fin
anc
ial s
tate
me
nts
2
7
Co
mp
any
stat
em
en
t o
f fi
nan
cia
l po
siti
on
6
1
Co
mp
any
stat
em
en
t o
f c
om
pre
he
nsi
ve in
co
me
6
1
Co
mp
any
stat
em
en
t o
f o
the
r c
om
pre
he
nsi
ve in
co
me
6
2
Co
mp
any
stat
em
en
t o
f c
ash
flo
ws
6
2
Co
mp
any
stat
em
en
t o
f c
han
ge
s in
eq
uit
y
63
No
tes
to t
he
Co
mp
any
fin
anc
ial s
tate
me
nts
6
4
Th
ese
an
nu
al fi
nan
cia
l sta
tem
en
ts h
ave b
een
au
dite
d in
co
mp
lian
ce w
ith t
he
app
licab
le r
eq
uirem
en
ts o
f th
e C
om
pan
ies
Act
No
71
of
20
08
.
Th
e fi
nan
cia
l sta
tem
en
ts h
ave b
een
su
perv
ised
by
the C
hie
f Fi
nan
cia
l an
d
Op
era
ting
Offi
cer, G
ary
van
Dyk
CA
(SA
).
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201318
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 19
DIR
EC
TO
RS
’ RE
SP
ON
SIB
ILIT
Y F
OR
FI
NA
NC
IAL
RE
PO
RT
ING
Th
e d
irecto
rs a
re r
esp
on
sib
le f
or
the p
rep
arat
ion
an
d f
air
pre
sen
tatio
n o
f th
e G
rou
p a
nd
Co
mp
any
ann
ual
fin
ancia
l sta
tem
en
ts o
f Pu
rple
Cap
ital L
imite
d, c
om
pri
sin
g th
e s
tate
men
t of fi
nan
cia
l po
sitio
n
at 3
1 A
ug
ust
20
13,
the s
tate
men
t o
f co
mp
reh
en
sive
in
co
me,
stat
em
en
t o
f o
ther
co
mp
reh
en
sive
inco
me a
nd
th
e s
tate
men
t o
f cas
h fl
ow
s fo
r th
e y
ear
th
en
en
ded
, an
d t
he n
ote
s to
th
e fi
nan
cia
l
stat
em
en
ts,
wh
ich
in
clu
de a
su
mm
ary
of
sig
nifi
can
t ac
co
un
ting
po
licie
s an
d o
ther
exp
lan
ato
ry
no
tes,
an
d t
he d
irecto
rs’
rep
ort
, in
co
nfo
rmity
with
In
tern
atio
nal
Fin
ancia
l R
ep
ort
ing
Sta
nd
ard
s,
the S
AIC
A F
inan
cia
l R
ep
ort
ing
Gu
ides
as i
ssu
ed
by
the A
cco
un
ting
Pra
ctic
es
Co
mm
ittee a
nd
Fin
ancia
l R
ep
ort
ing
Pro
no
un
cem
en
ts a
s is
sued
by
the F
inan
cia
l R
ep
ort
ing
Sta
nd
ard
s C
ou
ncil,
the r
eq
uirem
en
ts o
f th
e C
om
pan
ies
Act,
No
71
of
20
08
an
d t
he L
istin
gs
Req
uirem
en
ts o
f th
e
JSE
Lim
ited
.
Th
e d
irecto
rs’
resp
on
sib
ility
in
clu
des:
desi
gn
ing
, im
ple
men
ting
an
d m
ain
tain
ing
in
tern
al c
on
tro
ls
rele
van
t to
th
e p
rep
arat
ion
an
d fa
ir p
rese
nta
tion
o
f th
ese
fin
ancia
l st
atem
en
ts th
at ar
e fr
ee
fro
m m
ateri
al m
isst
atem
en
t, w
heth
er
du
e t
o f
rau
d o
r err
or;
sele
ctin
g a
nd
ap
ply
ing
ap
pro
pri
ate
acco
un
ting
po
licie
s; a
nd
mak
ing
acco
un
ting
est
imat
es
that
are
reas
on
able
in t
he c
ircu
mst
ances.
Th
e
directo
rs’
resp
on
sib
ility
al
so
inclu
des
mai
nta
inin
g
adeq
uat
e
acco
un
ting
re
co
rds
and
an
eff
ectiv
e s
yste
m o
f ri
sk m
anag
em
en
t. T
he d
irecto
rs h
ave m
ade a
n a
ssess
men
t o
f th
e G
rou
p’s
an
d
Co
mp
any’
s ab
ility
to
co
ntin
ue a
s a
go
ing
co
ncern
an
d h
ave n
o r
eas
on
to
belie
ve t
he b
usi
ness
will
no
t b
e a
go
ing
co
ncern
in
th
e y
ear
ah
ead
. T
he e
xtern
al a
ud
itors
are
en
gag
ed
to
exp
ress
an
ind
ep
en
den
t o
pin
ion
on
th
e a
nn
ual
fin
ancia
l sta
tem
en
ts.
Ap
pro
val o
f G
rou
p a
nd
Co
mp
any
ann
ual
fin
ancia
l sta
tem
en
ts s
et
ou
t o
n p
ages
24 t
o 7
1 o
f P
urp
le
Cap
ital
Lim
ited
, as
id
en
tified
in
th
e fi
rst
par
agra
ph
, w
ere
ap
pro
ved
by
the b
oar
d o
f d
irecto
rs o
n
8 N
ove
mb
er
20
13 a
nd
are
sig
ned
on
th
eir
beh
alf
by:
Mar
k B
arn
es
Gar
y va
n D
ykC
hai
rman
C
hie
f Fi
nan
cia
l an
d O
pera
tion
s O
fficer
GR
OU
P S
EC
RE
TA
RY
’S R
EP
OR
T
To t
he
sh
are
ho
lde
rs o
f P
urp
le C
apit
al L
imit
ed
I h
ave c
on
du
cte
d t
he d
utie
s o
f C
om
pan
y Se
cre
tary
fo
r P
urp
le C
apita
l Lim
ited
an
d it
s su
bsi
dia
ries.
Th
e s
ecre
tari
al m
atte
rs a
re t
he r
esp
on
sib
ility
of
the G
rou
p’s
directo
rs. M
y re
spo
nsi
bili
ty is
pro
vid
ing
the d
irecto
rs c
olle
ctiv
ely
an
d i
nd
ivid
ual
ly w
ith g
uid
ance a
s to
th
eir
du
ties,
resp
on
sib
ilitie
s an
d
po
wers
.
op
inio
nIn
my
op
inio
n, t
he G
rou
p h
as lo
dg
ed
with
th
e R
eg
istr
ar a
ll su
ch
retu
rns
and
no
tices
as a
re r
eq
uired
of
a p
ub
lic c
om
pan
y in
term
s o
f th
e C
om
pan
ies
Act
and
th
at a
ll th
ose
retu
rns
are t
rue, c
orr
ect
and
up
to
dat
e.
Pe
ter
Bar
rab
leR
eg
iste
red
Gro
up
Secre
tary
Joh
ann
esb
urg
8 N
ove
mb
er
20
13
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201320
DIR
EC
TO
RS
’ RE
PO
RT
for
the y
ear
en
ded
31
Au
gu
st 2
013
Th
e d
irecto
rs s
ub
mit
their
an
nu
al r
ep
ort
on
th
e a
ctiv
ities
of
Pu
rple
Cap
ital L
imite
d (
the C
om
pan
y)
and
its
sub
sid
iari
es
(Pu
rple
Cap
ital o
r th
e G
rou
p)
for
the y
ear
en
ded
31
Au
gu
st 2
013
.
Bu
sin
ess
op
era
tio
ns
Pu
rple
Cap
ital
Lim
ited
, re
gis
tere
d a
nd
in
co
rpo
rate
d i
n t
he R
ep
ub
lic o
f So
uth
Afr
ica,
is
a fin
ancia
l
serv
ices
co
mp
any
liste
d o
n t
he “Fi
nan
cia
ls –
Gen
era
l Fin
ancia
l” se
cto
r o
f th
e J
SE. I
t h
as s
ub
sid
iari
es
that
op
era
te in
deri
vativ
es
trad
ing
an
d a
sset
man
agem
en
t.
Fin
anci
al r
evi
ew
Th
e G
rou
p r
eco
rded
an
att
rib
uta
ble
pro
fit o
f R
2,3
mill
ion
(2
012
: p
rofit
of
R3,
9 m
illio
n)
for
the 2
013
finan
cia
l year
. Sh
areh
old
ers
’ fu
nd
s h
ave in
cre
ased
fro
m R
273
,6 m
illio
n in
20
12 t
o R
276
,0 m
illio
n in
20
13. N
ote
6 s
ho
ws
net
pro
fit a
fter
tax
by
op
era
ting
seg
men
t.
sh
are
cap
ital
Th
e t
ota
l au
tho
rise
d s
har
e c
apita
l is
1 2
00
00
0 0
00
ord
inar
y sh
ares
of
R0
,01
eac
h a
nd
th
e t
ota
l
nu
mb
er
of i
ssu
ed
ord
inar
y sh
ares
in is
sue n
et o
f tre
asu
ry s
har
es
is 8
15 5
75 7
23
(20
12: 8
20
65
5 0
22
).
At
31
Au
gu
st t
he d
irecto
rs’ i
nte
rest
s in
th
e is
sued
sh
are c
apita
l of
the C
om
pan
y w
ere
as
follo
ws:
dis
po
sals
Th
e C
om
pan
y d
isp
ose
d o
f P
urp
le C
apita
l Tr
eas
ury
Pro
pri
eta
ry L
imite
d a
nd
Po
werb
et
Gam
ing
Pro
pri
eta
ry L
imite
d d
uri
ng
th
e y
ear
.
Eve
nts
su
bse
qu
en
t to
ye
ar-e
nd
Th
e d
irecto
rs a
re n
ot
awar
e o
f an
y o
ther
mat
ter
or
circu
mst
ance a
risi
ng
sin
ce t
he e
nd
of
the y
ear
up
to
th
e d
ate o
f th
is r
ep
ort
, no
t o
therw
ise d
eal
t w
ith in
th
is r
ep
ort
. Refe
r to
no
te 3
3 o
f th
e fi
nan
cia
l
stat
em
en
ts.
dir
ect
ors
Th
e d
irecto
rs o
f th
e G
rou
p d
urin
g th
e fi
nan
cia
l year
an
d u
p to
the d
ate o
f th
is rep
ort
were
as
follo
ws:
M
ark
Bar
nes
(Ch
airm
an)
C
har
les
Sava
ge (
CE
O)
M
ike W
ilso
n (
CFO
): R
esi
gn
ed
15
Ap
ril 2
013
Gar
y va
n D
yk (C
FOO
): A
pp
oin
ted
15
Ap
ril 2
013
D
en
nis
Alter
(Am
eri
can
)*#
C
raig
Car
ter*
T
hem
beka
Gw
agw
a*#
R
on
nie
Lu
bn
er
(Bri
tish
)*
* N
on
-exe
cu
tive
# In
dep
en
den
t
20
132
012
Ben
efici
aln
on
-ben
efici
alB
en
efi
cial
No
n-b
en
efi
cial
dir
ect
ind
irec
t d
irec
t in
dir
ect
Dir
ect
In
dir
ect
D
ire
ct
Ind
ire
ct
Mar
k B
arn
es
61
072
52
313
0 1
89
58
8
–
–
51
44
7 6
56
13
0 1
89
58
8
–
–
Cra
ig C
arte
r1
93
2 3
66
–
–
–
1
93
2 3
66
–
–
–
Ro
nn
ie L
ub
ner
–
–
–
23
3 5
52
90
8–
–
–
2
33
55
2 9
08
Den
nis
Alter
7 2
00
00
0
–
–
–
7 2
00
00
0
–
–
–
Ch
arle
s Sa
vag
e5
1 0
0 0
1 1
–
–
4 5
40
00
010
0 0
10
–
–
4 5
40
00
0
Gar
y va
n D
yk5
00
0 0
00
–
–
–
–
–
–
–
80
30
4 9
00
13
0 1
89
58
8
–
23
8 0
92
90
86
0 6
80
03
2
130
18
9 5
88
–
2
38
09
2 9
08
At
the d
ate o
f th
is r
ep
ort
, no
ne o
f th
e d
irecto
rs o
f th
e G
rou
p h
ad d
isp
ose
d o
f an
y o
f th
e s
har
es
held
by
them
as
at 3
1 A
ug
ust
20
13.
Du
rin
g t
he y
ear
, Mar
k B
arn
es
pu
rch
ased
9 6
24 8
67
shar
es,
Ch
arle
s Sa
vag
e p
urc
has
ed
5 0
00
00
0 s
har
es
and
Gar
y va
n D
yk p
urc
has
ed
5 0
00
00
0 s
har
es.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 21
DIR
EC
TO
RS
’ RE
PO
RT
co
ntin
ued
for
the y
ear
en
ded
31
Au
gu
st 2
013
sh
are
ince
nti
ve s
che
me
At 3
1 A
ug
ust
20
13 th
e P
urp
le C
apita
l Lim
ited
Em
plo
yee S
har
e O
ptio
n S
chem
e h
ad is
sued
76
,3 m
illio
n
(20
12: 12
5,1
mill
ion
) op
tion
s in
to
tal t
o t
he d
irect
ors
an
d s
taff
of
Pu
rple
Cap
ital.
Deta
ils o
f th
e o
ptio
ns
in is
sue a
re d
iscl
ose
d in
no
te 2
4 t
o t
he fi
nan
cial
sta
tem
en
ts.
Bo
rro
win
gs
In t
erm
s o
f th
e M
em
ora
nd
um
of
Inco
rpo
ratio
n o
f th
e C
om
pan
y, t
he d
irecto
rs m
ay e
xerc
ise a
ll
po
wers
of
the C
om
pan
y to
bo
rro
w m
on
ey,
as
they
co
nsi
der
app
rop
riat
e.
sh
are
ho
lde
r sp
read
Deta
ils o
f th
e C
om
pan
y’s
shar
eh
old
er
spre
ad a
re r
eco
rded
in n
ote
37.
Cap
ital
dis
trib
uti
on
ou
t o
f sh
are
pre
miu
m in
lie
u o
f a
div
ide
nd
T
he d
irecto
rs d
ecla
red
a c
apita
l d
istr
ibu
tion
ou
t o
f sh
are p
rem
ium
, b
y w
ay o
f a
red
uctio
n o
f
co
ntr
ibu
ted
cap
ital
of
2 (
two
) cen
ts p
er
shar
e,
in l
ieu
of
a d
ivid
en
d,
to b
e p
aid
on
17
Decem
ber
20
13 t
o o
rdin
ary
shar
eh
old
ers
reco
rded
in
th
e C
om
pan
y’s
reg
iste
r at
th
e c
lose
of
bu
sin
ess
on
6 D
ecem
ber
20
13.
As
this
cap
ital d
istr
ibu
tion
was
decla
red
aft
er
the r
ep
ort
ing
dat
e, i
t w
ill o
nly
be a
cco
un
ted
fo
r in
th
e
20
14 fi
nan
cia
l year
.
su
bsi
dia
rie
sT
he C
om
pan
y o
wn
s 10
0%
of
the i
ssu
ed
sh
are c
apita
l o
f N
ew
Wo
rld
Tra
der
Lim
ited
(Ir
ela
nd
) an
d
Firs
t Wo
rld
Tra
der
Pro
pri
eta
ry L
imite
d. D
uri
ng
the y
ear
the C
om
pan
y d
isp
ose
d o
f 10
0%
of P
ow
erb
et
Gam
ing
Pro
pri
eta
ry L
imite
d a
nd
10
0%
of
Pu
rple
Cap
ital T
reas
ury
Pro
pri
eta
ry L
imite
d.
Co
rpo
rate
go
vern
ance
an
d s
ust
ain
abil
ity
Th
e c
orp
ora
te g
ove
rnan
ce a
nd
su
stai
nab
ility
rep
ort
is s
et
ou
t o
n p
ages
14 t
o 1
7.
Go
ing
co
nce
rnT
he a
nn
ual
fin
ancia
l sta
tem
en
ts h
ave b
een
pre
par
ed
on
th
e g
oin
g c
on
cern
bas
is. H
avin
g r
evi
ew
ed
the G
rou
p’s
fin
ancia
l p
roje
ctio
ns,
th
e d
irecto
rs b
elie
ve t
hat
th
e G
rou
p w
ill c
on
tinu
e t
rad
ing
as
a
go
ing
co
ncern
in t
he f
ore
seeab
le f
utu
re.
se
cre
tary
T
he s
ecre
tary
of
the C
om
pan
y is
Pete
r B
arra
ble
. P
er
the J
SE L
istin
gs
Req
uirem
en
ts,
the b
oar
d
of
directo
rs h
as d
uri
ng
th
e y
ear
un
der
revi
ew
co
nsi
dere
d a
nd
sat
isfie
d i
tself
of
the c
om
pete
ncy,
qu
alifi
cat
ion
s an
d e
xperi
en
ce o
f th
e C
om
pan
y Se
cre
tary
. T
he b
oar
d o
f d
irecto
rs c
on
firm
s th
at
there
is a
n a
rm’s
-len
gth
rela
tion
ship
with
th
e C
om
pan
y Se
cre
tary
.
Bu
sin
ess
an
d p
ost
al a
dd
ress
of
the
Co
mp
any
Secr
eta
ryB
lock
B, T
he O
ffices
of
Hyd
e P
ark,
Str
ou
tho
s P
lace, H
yde P
ark
219
6.
sp
eci
al r
eso
luti
on
sA
t a
gen
era
l m
eetin
g o
f th
e s
har
eh
old
ers
on
14
Decem
ber
20
12 t
he f
ollo
win
g r
eso
lutio
ns
were
pas
sed
:
G
en
era
l au
tho
rity
to
pla
ce t
he u
nis
sued
sh
ares
of
the C
om
pan
y u
nd
er
the c
on
tro
l o
f th
e
directo
rs;
G
en
era
l au
tho
rity
to
issu
e s
har
es
and
sell
treas
ury
sh
ares
for
cas
h;
G
en
era
l au
tho
rity
fo
r th
e C
om
pan
y to
rep
urc
has
e it
s o
wn
sh
ares;
A
pp
rova
l o
f au
tho
rity
to
directo
rs t
o p
rovi
de fi
nan
cia
l as
sist
ance t
o r
ela
ted
an
d i
nte
r-re
late
d
en
titie
s w
ithin
th
e G
rou
p;
A
pp
rova
l of f
ees
pay
able
to th
e n
on
-exe
cu
tive d
irecto
rs fo
r th
e y
ear
en
ded
31
Au
gu
st 2
013
; an
d
A
pp
rova
l of
the M
em
ora
nd
um
of
Inco
rpo
ratio
n.
sp
eci
al r
eso
luti
on
s b
y tr
adin
g s
ub
sid
iari
es
Ap
pro
val o
f au
tho
rity
to
directo
rs t
o p
rovi
de fi
nan
cia
l ass
ista
nce t
o r
ela
ted
an
d in
ter-
rela
ted
en
titie
s
in o
rder
to e
ffect
the d
isp
osa
l of
Po
werb
et
Gam
ing
Pro
pri
eta
ry L
imite
d a
nd
Pu
rple
Cap
ital T
reas
ury
Pro
pri
eta
ry L
imite
d.
au
dit
ors
BD
O S
A In
co
rpo
rate
d.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201322
RE
PO
RT
OF
TH
E A
UD
IT C
OM
MIT
TE
E
Th
e a
ud
it co
mm
ittee i
s a
pp
oin
ted
by
the s
har
eh
old
ers
. It
ass
ists
th
e b
oar
d b
y ad
visi
ng
an
d
mak
ing
reco
mm
en
dat
ion
s o
n fi
nan
cia
l rep
ort
ing
, ris
k m
anag
em
en
t an
d in
tern
al c
on
tro
ls, e
xtern
al
and
in
tern
al a
ud
it fu
nctio
ns
and
sta
tuto
ry a
nd
reg
ula
tory
co
mp
lian
ce o
f th
e G
rou
p,
bu
t re
tain
s
no
exe
cu
tive p
ow
ers
or
resp
on
sib
ility
. T
here
were
no
new
ap
po
intm
en
ts t
o t
he a
ud
it co
mm
ittee
du
rin
g t
he c
urr
en
t ye
ar a
nd
Den
nis
Alter, C
raig
Car
ter
(au
dit
co
mm
ittee C
hai
rman
) an
d T
hem
beka
Gw
agw
a co
ntin
ued
as
mem
bers
.
Th
e a
ud
it co
mm
ittee m
et
twic
e d
uri
ng
th
e y
ear
. T
he fi
rst
meetin
g w
as o
n 7
No
vem
ber
20
12 t
o
app
rove
th
e 2
012
an
nu
al fi
nan
cia
l sta
tem
en
ts a
nd
ag
ain
on
8 A
ug
ust
20
13 t
o d
eal
with
th
e m
atte
rs
belo
w a
nd
pla
nn
ing
fo
r th
e 3
1 A
ug
ust
20
13 a
ud
it. T
he C
hai
rman
of
the G
rou
p,
Fin
ancia
l D
irecto
r
and
rep
rese
nta
tives
fro
m t
he e
xtern
al a
ud
itors
att
en
d t
he c
om
mitt
ee m
eetin
gs
by
invi
tatio
n.
Th
e
ext
ern
al a
ud
itors
hav
e u
nre
stri
cte
d a
ccess
to
th
e a
ud
it co
mm
ittee a
nd
met
sep
arat
ely
with
th
e
Ch
airm
an o
f th
e a
ud
it co
mm
ittee d
uri
ng
th
e y
ear
.
In e
xecu
tion
of
its d
utie
s d
uri
ng
th
e p
ast
finan
cia
l year
, th
e a
ud
it co
mm
ittee h
as:
n
om
inat
ed
fo
r ap
po
intm
en
t as
au
dito
r o
f th
e G
rou
p a
reg
iste
red
au
dito
r w
ho
, in
th
e o
pin
ion
of
the a
ud
it co
mm
ittee, w
as in
dep
en
den
t o
f th
e G
rou
p;
d
ete
rmin
ed
th
e f
ees
to b
e p
aid
to
th
e a
ud
itor
and
th
e a
ud
itor’s
term
s o
f en
gag
em
en
t;
en
sure
d t
hat
th
e a
pp
oin
tmen
t o
f th
e a
ud
itor
co
mp
lies
with
th
e C
om
pan
ies
Act
and
an
y o
ther
leg
isla
tion
rela
ting
to
th
e a
pp
oin
tmen
t o
f au
dito
rs;
d
ete
rmin
ed
th
e n
atu
re a
nd
ext
en
t o
f an
y n
on
-au
dit
serv
ices
wh
ich
th
e a
ud
itor
may
pro
vid
e t
o
the G
rou
p;
p
re-a
pp
rove
d a
ny
pro
po
sed
co
ntr
act
with
th
e a
ud
itor
for
the p
rovi
sio
n o
f n
on
-au
dit
serv
ices
to
the G
rou
p;
re
ceiv
ed
an
d d
eal
t ap
pro
pri
ately
with
an
y co
mp
lain
ts r
ela
ting
to
th
e a
cco
un
ting
pra
ctic
es
of
the G
rou
p o
r to
th
e c
on
ten
t o
r au
diti
ng
of i
ts fi
nan
cia
l sta
tem
en
ts, o
r to
an
y re
late
d m
atte
r; a
nd
p
erf
orm
ed
oth
er
fun
ctio
ns
as d
ete
rmin
ed
by
the b
oar
d.
Th
e a
ud
it co
mm
ittee is
of
the v
iew
th
at t
he s
ize o
f th
e G
rou
p d
oes
no
t w
arra
nt
the f
orm
atio
n o
f
an in
tern
al a
ud
it d
ep
artm
en
t. T
his
will
be r
evi
ew
ed
on
an
on
go
ing
bas
is t
o d
ete
rmin
e w
heth
er
on
e
will
be r
eq
uired
in t
he f
utu
re.
Per
the C
om
pan
ies
Act
req
uirem
en
ts,
the c
om
mitt
ee h
as c
on
sid
ere
d t
he i
nd
ep
en
den
ce o
f th
e
ext
ern
al a
ud
itors
an
d h
as c
on
clu
ded
th
at t
he e
xtern
al a
ud
itor
has
been
ind
ep
en
den
t o
f th
e G
rou
p
thro
ug
ho
ut
the y
ear
tak
ing
into
acco
un
t al
l oth
er
no
n-a
ud
it se
rvic
es
perf
orm
ed
an
d c
ircu
mst
ances
kno
wn
to
th
e c
om
mitt
ee.
Per
the J
SE L
istin
gs
Req
uirem
en
ts,
the c
om
mitt
ee m
ust
co
nsi
der
and
be s
atis
fied
, o
n a
n a
nn
ual
bas
is,
with
th
e a
pp
rop
riat
en
ess
of
the e
xpert
ise a
nd
exp
eri
en
ce o
f th
e F
inan
cia
l D
irecto
r an
d
the G
rou
p m
ust
co
nfir
m t
his
by
rep
ort
ing
to
th
e s
har
eh
old
ers
in
its
an
nu
al r
ep
ort
th
at t
he a
ud
it
co
mm
ittee h
as e
xecu
ted
th
is r
esp
on
sib
ility
. In
th
is r
esp
ect,
we b
elie
ve t
hat
Gar
y va
n D
yk, t
he C
hie
f
Fin
ancia
l an
d O
pera
ting
Offi
cer, p
oss
ess
es
the a
pp
rop
riat
e e
xpert
ise a
nd
exp
eri
en
ce t
o m
eet
his
resp
on
sib
ilitie
s in
that
po
sitio
n. I
n a
dd
itio
n, t
he fi
nan
ce fu
nctio
n is
ad
eq
uat
ely
sta
ffed
an
d reso
urc
ed
and
is a
ble
to
fu
lfill
its f
un
ctio
n a
deq
uat
ely
.
Fin
anci
al s
tate
me
nts
Follo
win
g o
ur
revi
ew
of
the G
rou
p a
nd
Co
mp
any
ann
ual
fin
ancia
l st
atem
en
ts f
or
the y
ear
en
ded
31
Au
gu
st 2
013
, we a
re o
f th
e o
pin
ion
th
at, i
n a
ll m
ateri
al r
esp
ects
, th
ey
co
mp
ly w
ith In
tern
atio
nal
Fin
ancia
l Rep
ort
ing
Sta
nd
ard
s, t
he S
AIC
A F
inan
cia
l Rep
ort
ing
Gu
ides
as is
sued
by
the A
cco
un
ting
Pra
ctic
es
Co
mm
ittee
and
Fi
nan
cia
l R
ep
ort
ing
P
ron
ou
ncem
en
ts
as
issu
ed
b
y th
e
Fin
ancia
l
Rep
ort
ing
Sta
nd
ard
s C
ou
ncil
and
in
th
e m
ann
er
req
uired
by
the C
om
pan
ies
Act,
No
71
of
20
08
and
th
e L
istin
gs
Req
uirem
en
ts o
f th
e J
SE L
imite
d, a
nd
th
at t
hey
fair
ly p
rese
nt
the fi
nan
cia
l po
sitio
n
at 3
1 A
ug
ust
20
13 f
or
Pu
rple
Cap
ital
Lim
ited
an
d t
he r
esu
lts
of
op
era
tion
s an
d c
ash
flo
ws
for
the
peri
od
th
en
en
ded
.
On
beh
alf
of
the a
ud
it co
mm
ittee
Cra
ig C
arte
r8
No
vem
ber
20
13
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 23
RE
PO
RT
OF
TH
E I
ND
EP
EN
DE
NT
AU
DIT
OR
To t
he
sh
are
ho
lde
rs o
f P
urp
le C
apit
al L
imit
ed
We h
ave a
ud
ited
th
e G
rou
p a
nn
ual
fin
ancia
l sta
tem
en
ts a
nd
an
nu
al fi
nan
cia
l sta
tem
en
ts o
f P
urp
le
Cap
ital L
imite
d, w
hic
h c
om
pri
se th
e c
on
solid
ated
an
d s
ep
arat
e s
tate
men
ts o
f fin
ancia
l po
sitio
n a
s at
31
Au
gu
st 2
013
, th
e c
on
solid
ated
an
d s
ep
arat
e s
tate
men
ts o
f co
mp
reh
en
sive
inco
me, c
on
solid
ated
and
sep
arat
e s
tate
men
ts o
f ch
ang
es
in e
qu
ity, an
d c
on
solid
ated
an
d s
ep
arat
e s
tate
men
ts o
f cas
h
flow
s fo
r th
e y
ear
th
en
en
ded
, a s
um
mar
y o
f si
gn
ifican
t ac
co
un
ting
po
licie
s an
d o
ther
exp
lan
ato
ry
no
tes,
as
set
ou
t o
n p
ages
24 t
o 7
1.
dir
ect
ors
’ re
spo
nsi
bil
ity
for
the
fin
anci
al s
tate
me
nts
Th
e C
om
pan
y’s
directo
rs a
re r
esp
on
sib
le f
or
the p
rep
arat
ion
an
d f
air
pre
sen
tatio
n o
f th
ese
an
nu
al
finan
cia
l st
atem
en
ts i
n a
cco
rdan
ce w
ith I
nte
rnat
ion
al F
inan
cia
l R
ep
ort
ing
Sta
nd
ard
s, t
he S
AIC
A
Fin
ancia
l R
ep
ort
ing
G
uid
es
as is
sued
b
y th
e A
cco
un
ting
P
ractic
es
Co
mm
ittee an
d Fi
nan
cia
l
Rep
ort
ing
Pro
no
un
cem
en
ts a
s is
sued
by
the F
inan
cia
l R
ep
ort
ing
Sta
nd
ard
s C
ou
ncil
and
in
th
e
man
ner
req
uired
by
the C
om
pan
ies
Act,
No
71
of
20
08
. T
his
resp
on
sib
ility
in
clu
des:
desi
gn
ing
,
imp
lem
en
ting
an
d m
ain
tain
ing
in
tern
al c
on
tro
l re
leva
nt
to t
he p
rep
arat
ion
an
d f
air
pre
sen
tatio
n
of
ann
ual
fin
ancia
l st
atem
en
ts t
hat
are
fre
e f
rom
mat
eri
al m
isst
atem
en
t, w
heth
er
du
e t
o f
rau
d o
r
err
or;
sele
ctin
g a
nd
ap
ply
ing
ap
pro
pri
ate a
cco
un
ting
po
licie
s; a
nd
mak
ing
acco
un
ting
est
imat
es
that
are
reas
on
able
in t
he c
ircu
mst
ances.
au
dit
or’
s re
spo
nsi
bil
ity
Ou
r re
spo
nsi
bili
ty i
s to
exp
ress
an
op
inio
n o
n t
hese
an
nu
al fi
nan
cia
l st
atem
en
ts b
ased
on
ou
r
aud
it. W
e c
on
du
cte
d o
ur
aud
it in
acco
rdan
ce w
ith I
nte
rnat
ion
al S
tan
dar
ds
on
Au
diti
ng
. T
ho
se
stan
dar
ds
req
uire t
hat
we c
om
ply
with
eth
ical
req
uirem
en
ts a
nd
pla
n a
nd
perf
orm
th
e a
ud
it to
ob
tain
reas
on
able
ass
ura
nce w
heth
er
the a
nn
ual
fin
ancia
l st
atem
en
ts a
re f
ree f
rom
mat
eri
al
mis
stat
em
en
t.
An
au
dit
invo
lves
perf
orm
ing
p
roced
ure
s to
o
bta
in
aud
it evi
den
ce
abo
ut
the
amo
un
ts
and
dis
clo
sure
s in
th
e a
nn
ual
fin
ancia
l st
atem
en
ts.
Th
e p
roced
ure
s se
lecte
d d
ep
en
d o
n t
he a
ud
itor’s
jud
gem
en
t, in
clu
din
g t
he a
ssess
men
t o
f th
e r
isks
of
mat
eri
al m
isst
atem
en
t o
f th
e a
nn
ual
fin
ancia
l
stat
em
en
ts, w
heth
er
du
e t
o f
rau
d o
r err
or.
In m
akin
g t
ho
se r
isk
asse
ssm
en
ts, t
he a
ud
itor
co
nsi
ders
inte
rnal
co
ntr
ol
rele
van
t to
th
e e
ntit
y’s
pre
par
atio
n a
nd
fai
r p
rese
nta
tion
of
the a
nn
ual
fin
ancia
l
stat
em
en
ts in
ord
er t
o d
esi
gn
au
dit
pro
ced
ure
s th
at a
re a
pp
rop
riat
e in
the c
ircu
mst
ances,
bu
t no
t fo
r
the p
urp
ose
of
exp
ress
ing
an
op
inio
n o
n t
he e
ffectiv
en
ess
of
the e
ntit
y’s
inte
rnal
co
ntr
ol.
An
au
dit
also
inclu
des
eva
luat
ing
th
e a
pp
rop
riat
en
ess
of
acco
un
ting
po
licie
s u
sed
an
d t
he r
eas
on
able
ness
of ac
co
un
ting
est
imat
es
mad
e b
y th
e d
irecto
rs, a
s w
ell
as e
valu
atin
g t
he o
vera
ll p
rese
nta
tion
of th
e
ann
ual
fin
ancia
l sta
tem
en
ts. W
e b
elie
ve t
hat
th
e a
ud
it evi
den
ce w
e h
ave o
bta
ined
is s
uffi
cie
nt
and
app
rop
riat
e t
o p
rovi
de a
bas
is f
or
ou
r au
dit
op
inio
n.
op
inio
nIn
ou
r o
pin
ion
, th
e an
nu
al fi
nan
cial
sta
tem
ents
an
d G
rou
p a
nn
ual
fin
anci
al s
tate
men
ts p
rese
nt
fairl
y,
in a
ll m
ater
ial
resp
ects
, th
e co
nso
lidat
ed a
nd
sep
arat
e fin
anci
al p
osi
tion
of
the
Gro
up
an
d o
f th
e
Co
mp
any
as o
f 31
Au
gu
st 2
013
, an
d o
f th
eir
con
solid
ated
an
d s
epar
ate
finan
cial
per
form
ance
an
d
thei
r co
nso
lidat
ed a
nd
sep
arat
e ca
sh fl
ow
s fo
r th
e ye
ar t
hen
en
ded
in a
cco
rdan
ce w
ith In
tern
atio
nal
Fin
anci
al R
epo
rtin
g S
tan
dar
ds,
th
e SA
ICA
Fin
anci
al R
epo
rtin
g G
uid
es a
s is
sued
by
the
Acc
ou
ntin
g
Pra
ctic
es C
om
mitt
ee a
nd
Fin
anci
al R
epo
rtin
g P
ron
ou
nce
men
ts a
s is
sued
by
the
Fin
anci
al R
epo
rtin
g
Stan
dar
ds
Co
un
cil a
nd
its
succ
esso
r an
d in
the
man
ner
req
uire
d b
y th
e C
om
pan
ies
Act
, No
71
of 2
00
8.
oth
er
rep
ort
s re
qu
ire
d b
y th
e C
om
pan
ies
act
As
par
t o
f o
ur
aud
it o
f th
e fi
nan
cia
l st
atem
en
ts f
or
the y
ear
en
ded
31
Au
gu
st 2
013
, w
e h
ave r
ead
the d
irecto
rs’ r
ep
ort
, th
e a
ud
it co
mm
ittee’s
rep
ort
an
d t
he C
om
pan
y Se
cre
tary
’s d
ecla
ratio
n fo
r th
e
pu
rpo
se o
f id
en
tifyi
ng
wh
eth
er
there
are
mat
eri
al in
co
nsi
sten
cie
s b
etw
een
th
ese
rep
ort
s an
d t
he
aud
ited
fin
ancia
l sta
tem
en
ts. T
hese
rep
ort
s ar
e t
he r
esp
on
sib
ility
of th
e r
esp
ectiv
e p
rep
arers
. Bas
ed
on
read
ing
th
ese
rep
ort
s w
e h
ave n
ot
iden
tified
mat
eri
al i
nco
nsi
sten
cie
s b
etw
een
th
ese
rep
ort
s
and
th
e a
ud
ited
fin
ancia
l sta
tem
en
ts. H
ow
eve
r, w
e h
ave n
ot
aud
ited
th
ese
rep
ort
s an
d a
cco
rdin
gly
do
no
t exp
ress
an
op
inio
n o
n t
hese
rep
ort
s.
BD
O S
ou
th A
fric
a In
corp
ora
ted
Reg
iste
red
Au
dito
rs
Per:
Fre
d B
ruce-B
ran
d
Directo
r
8 N
ove
mb
er
20
13
22
Welli
ng
ton
Ro
ad, P
arkt
ow
n
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201324
GR
OU
P S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
NA
s at
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
ASS
ET
S
Eq
uip
men
t13
3 0
721
43
9
Inta
ng
ible
ass
ets
an
d g
oo
dw
ill14
20
6 2
23
215
18
9
Inte
rest
s in
ass
ocia
te c
om
pan
ies
155
20
06
15
2
Ava
ilab
le-f
or-
sale
inve
stm
en
t16
–6
4
Oth
er
inve
stm
en
ts16
30
16
74
5 4
85
Lon
g-t
erm
receiv
able
s17
11
8
1 10
2
Defe
rred
tax
ass
ets
18 2
2 7
11
17 2
83
Tota
l no
n-c
urr
en
t as
sets
26
7 4
91
28
6 7
14
Trad
e a
nd
oth
er
receiv
able
s19
33
573
4 3
14
Cas
h a
nd
cas
h e
qu
ival
en
ts2
0 1
23
36
16
3 6
87
Tota
l cu
rre
nt
asse
ts 1
56
93
4
6
8 0
01
Tota
l ass
ets
42
4 4
25
3
54
715
EQ
UIT
Y A
ND
LIA
BIL
ITIE
S
Shar
e c
apita
l an
d p
rem
ium
21
475
00
94
75 9
75
Accu
mu
late
d (
loss
)/p
rofit
(216
19
5)
(217
26
8)
Oth
er
rese
rves
21
17 2
14
14 8
90
Eq
uit
y at
trib
uta
ble
to
ow
ne
rs 2
76 0
28
2
73 5
97
Loan
s an
d b
orr
ow
ing
s2
3–
1 73
1
Tota
l no
n-c
urr
en
t lia
bili
tie
s–
1 73
1
Ban
k o
verd
raft
20
3 8
36
–
Tax
pay
able
46
9
56
0
Loan
s an
d b
orr
ow
ing
s2
37
514
7 8
14
Trad
e a
nd
oth
er
pay
able
s2
5 1
34
88
16
8 7
16
Pro
visi
on
s2
61
69
72
29
7
Tota
l cu
rre
nt
liab
iliti
es
14
8 3
97
79 3
87
Tota
l eq
uit
y an
d li
abili
tie
s 4
24
42
5
35
4 7
15
GR
OU
P S
TA
TE
ME
NT
OF
CO
MP
RE
HE
NS
IVE
IN
CO
ME
For
the y
ear
en
ded
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
Co
nti
nu
ing
op
era
tio
ns
Reve
nu
e8
82
92
1
78 4
17
Trad
ing
exp
en
ses
9(7
10
9)
(9 4
57)
Op
era
ting
exp
en
ses
9(6
2 7
63
)(5
6 1
77)
Ne
t in
com
e13
04
9
12 7
83
Oth
er
inco
me
10 2
59
5
02
Ear
nin
gs
be
fore
inte
rest
, de
pre
ciat
ion
an
d
amo
rtis
atio
n13
30
8
13 2
85
Inte
rest
inco
me
113
68
3
72
Inte
rest
exp
en
se11
(1 0
84
)(1
34
3)
Dep
recia
tion
an
d a
mo
rtis
atio
n9
(1 7
97)
(1 6
17)
Pro
fit
be
fore
fai
r va
lue
ad
just
me
nts
an
d t
ax 1
0 7
95
10
69
7
Fair
val
ue a
dju
stm
en
ts(1
5 3
24
)3
35
6
GT
E d
istr
ibu
tion
10–
5 8
32
(Lo
ss)/
pro
fit
be
fore
tax
(4 5
29
)19
88
5
Cu
rren
t an
d d
efe
rred
tax
12 2
39
1
(2 2
22
)
(Lo
ss)/
pro
fit
fro
m c
on
tin
uin
g o
pe
rati
on
s (
2 1
38
)17
66
3
Dis
con
tin
ue
d o
pe
rati
on
s
Loss
fro
m d
isco
ntin
ued
op
era
tion
s, n
et
of
tax
35
(17
310
)(1
4 4
49
)
Pro
fit o
n s
ale o
f d
isco
ntin
ued
op
era
tion
s3
52
1 71
3–
Pro
fit
for
the
pe
rio
d 2
26
53
214
Pro
fit
attr
ibu
tab
le t
o:
Ow
ners
of
the C
om
pan
y2
26
5
3 9
48
Min
ori
ty in
tere
st–
(7
34
)
2
26
5
3 2
14
Ear
nin
gs
pe
r sh
are
Bas
ic e
arn
ing
s p
er
shar
e2
20
,28
0,4
8
Dilu
ted
ear
nin
gs
per
shar
e2
20
,27
0,4
6
Ear
nin
gs
pe
r sh
are
– C
on
tin
uin
g o
pe
rati
on
s
Bas
ic e
arn
ing
s p
er
shar
e2
2(0
,26
)2
,15
Dilu
ted
ear
nin
gs
per
shar
e2
2(0
,25
)2
,06
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 25
GR
OU
P S
TA
TE
ME
NT
OF
OT
HE
R
CO
MP
RE
HE
NS
IVE
IN
CO
ME
For
the y
ear
en
ded
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
Pro
fit
for
the
pe
rio
d2
26
53
214
Oth
er
com
pre
he
nsi
ve in
com
e
Item
s th
at m
ay b
e r
ecla
ssifi
ed
su
bse
qu
en
tly
to p
rofit
/lo
ss
Fore
ign
cu
rren
cy
tran
slat
ion
rese
rve
(84
7)(4
80
)
Ava
ilab
le-f
or-
sale
reva
luat
ion
s16
42
2
Ava
ilab
le-f
or-
sale
ass
ets
so
ld (
44
)–
Tax
eff
ect
on
th
e a
vaila
ble
-fo
r-sa
le r
eva
luat
ion
s–
–
Tota
l co
mp
reh
en
sive
pro
fit
1 4
162
73
6
Tota
l co
mp
reh
en
sive
pro
fit
attr
ibu
tab
le t
o:
Ow
ners
of
the C
om
pan
y1
416
3 4
70
No
n-c
on
tro
llin
g in
tere
st–
(73
4)
1 4
162
73
6
GR
OU
P S
TA
TE
ME
NT
OF
CA
SH
FLO
WS
For
the y
ear
en
ded
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
Cas
h fl
ow
s fr
om
op
era
tin
g a
ctiv
itie
s
Cas
h g
en
era
ted
by
op
era
tion
s2
9.1
65
817
24 5
98
Tax
pai
d2
9.4
(3 1
70)
(3 3
01)
Cas
h fl
ow
s g
en
era
ted
fro
m o
pe
rati
ng
act
ivit
ies
62
64
72
1 2
97
Cas
h fl
ow
s fr
om
inve
stin
g a
ctiv
itie
s
Inte
rest
receiv
ed
–3
04
Inte
rest
pai
d(9
27)
(1 6
22
)
Acq
uis
itio
n o
f eq
uip
men
t an
d in
tan
gib
les
29.2
(3 5
32
)(5
93
)
Acq
uis
itio
n o
f in
vest
men
ts2
9.3
(1 0
54
)(1
63
9)
Pro
ceed
s fr
om
sal
e o
f in
vest
men
ts6
5–
Pro
ceed
s fr
om
sa
le o
f su
bsi
dia
ry3
61
04
8–
Cas
h s
old
on
sal
e o
f su
bsi
dia
ry3
6(5
93
)–
Cas
h fl
ow
s u
tilis
ed
by
inve
stin
g a
ctiv
itie
s(4
99
3)
(3 5
50
)
Cas
h fl
ow
s fr
om
fin
anci
ng
act
ivit
ies
Pro
ceed
s fr
om
th
e is
sue o
f sh
are c
apita
l8
86
18
Loan
rep
aym
en
ts(1
90
4)
(5 5
55
)
Cas
h fl
ow
s u
tilis
ed
by
fin
anci
ng
act
ivit
ies
(1 8
16)
(4 9
37)
Net
incre
ase in
cas
h a
nd
cas
h e
qu
ival
en
ts 5
5 8
38
12 8
10
Cas
h a
nd
cas
h e
qu
ival
en
ts a
t b
eg
inn
ing
of
peri
od
63
68
75
0 8
77
Cas
h a
nd
cas
h e
qu
ival
en
ts a
t 3
1 A
ug
ust
20
119
52
56
3 6
87
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201326
GR
OU
P S
TA
TE
ME
NT
OF
CH
AN
GE
S I
N E
QU
ITY
For
the y
ear
en
ded
31
Au
gu
st 2
013
No
tes
sh
are
cap
ital
r’0
00
shar
e p
rem
ium
r’0
00
acc
u-
mu
late
d lo
ssr
’00
0
Fore
ign
cu
rren
cy t
ran
slat
ion
re
serv
e*r
’00
0
shar
e-b
ased
pay
men
t r
eser
ver
’00
0
ava
ilab
le-
for-
sale
rese
rve
r’0
00
oth
erre
serv
es#
r’0
00
tota
lr
’00
0
no
n-
con
tro
llin
gin
tere
str
’00
0
tota
leq
uit
yr
’00
0
Bal
ance
at
1 Se
pte
mb
er
20
118
18
24
67
174
(22
1 2
16)
(4 1
57)
17 8
15–
(675
)2
67
123
48
92
67
612
Tota
l co
mp
reh
en
sive
inco
me
fo
r th
e p
eri
od
Pro
fit o
r lo
ss–
–3
94
8–
––
–3
94
8(7
34
)3
214
Oth
er
com
pre
he
nsi
ve in
com
e
Fore
ign
cu
rren
cy
tran
slat
ion
rese
rve
21
––
–(4
80
)–
––
(48
0)
–(4
80
)
Ava
ilab
le-f
or-
sale
rele
ased
to
pro
fit
or
loss
––
––
–2
–2
–2
Co
ntr
ibu
tio
ns
by
and
dis
trib
uti
on
s to
ow
ne
rs
Incre
ased
sh
areh
old
ing
in P
ow
erb
et
––
––
––
(517
)(5
17)
245
(272
)
Shar
es
issu
ed
21
25
59
4–
––
––
619
–6
19
Shar
e-b
ased
pay
men
t exp
en
ses
24–
––
–2
90
2–
–2
90
2–
2 9
02
Bal
ance
at
1 Se
pte
mb
er
20
128
20
74
67
768
(217
26
8)
(4 6
37)
20
717
2(1
19
2)
273
59
7–
273
59
7
Tota
l co
mp
reh
en
sive
inco
me
fo
r th
e p
eri
od
Pro
fit o
r lo
ss–
–2
26
5–
––
–2
26
5–
2 2
65
Oth
er
com
pre
he
nsi
ve in
com
e
Fore
ign
cu
rren
cy
tran
slat
ion
rese
rve
21
––
–(8
47)
––
–(8
47)
–(8
47)
Ava
ilab
le-f
or-
sale
rele
ased
to
pro
fit o
r lo
ss–
––
––
42
–4
2–
42
Sale
of
avai
lab
le-f
or-
sale
recyc
led
to
pro
fit a
nd
loss
––
––
–(4
4)
–(4
4)
–(4
4)
Co
ntr
ibu
tio
ns
by
and
dis
trib
uti
on
s to
ow
ne
rs
Ow
n p
urc
has
ed
sh
ares
21
(55
)(9
99
)–
––
––
(1 0
54
)–
(1 0
54
)
Shar
es
issu
ed
21
48
4–
––
––
88
–8
8
Sale
of
Po
werb
et
Gam
ing
Pro
pri
eta
ry L
imite
d–
–(1
19
2)
––
–1
192
––
–
Shar
e-b
ased
pay
men
t exp
en
ses
24–
––
–1
98
1–
–1
98
1–
1 9
81
Bal
ance
at
31
Au
gu
st 2
013
8 1
56
46
6 8
53
(216
19
5)
(5 4
84
)2
2 6
98
––
276
02
8–
2
76 0
28
* Fo
reig
n c
urr
en
cy
tran
slat
ion
rese
rve is
th
e r
ese
rve c
reat
ed
on
tra
nsl
atio
n o
f fo
reig
n o
pera
tion
s.# O
ther
rese
rves
co
mp
rise
s th
e s
tep
-acq
uis
itio
n o
f 10
0%
of
Po
werb
et
Gam
ing
.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 27
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
For
the y
ear
en
ded
31
Au
gu
st 2
013
1.
re
po
rtin
g e
nti
ty
Pu
rple
Cap
ital L
imite
d (
the
Co
mp
any)
is a
co
mp
any
do
mic
iled
in S
ou
th A
fric
a. T
he
add
ress
of
the
Co
mp
any’
s re
gis
tere
d o
ffice
is
Blo
ck B
, T
he
Offi
ces
of
Hyd
e P
ark,
Str
ou
tho
s P
lace
, H
yde
Par
k 219
6. T
he
finan
cial
sta
tem
ents
of
the
Gro
up
as
at a
nd
fo
r th
e ye
ar e
nd
ed 3
1 A
ug
ust
20
13
com
pris
e th
e C
om
pan
y an
d it
s su
bsi
dia
ries
(to
get
her
refe
rred
to a
s th
e G
rou
p a
nd
ind
ivid
ual
ly a
s
Gro
up
en
titie
s). T
he
Gro
up
is p
rimar
ily in
volv
ed in
fin
anci
al s
ervi
ces
(see
no
te 6
).
2.
Bas
is o
f p
rep
arat
ion
St
ate
me
nt
of
com
plia
nce
T
he fi
nan
cia
l st
atem
en
ts h
ave b
een
pre
par
ed
in
co
nfo
rmity
with
In
tern
atio
nal
Fin
ancia
l
Rep
ort
ing
Sta
nd
ard
s, t
he S
AIC
A F
inan
cia
l R
ep
ort
ing
Gu
ides
as i
ssu
ed
by
the A
cco
un
ting
Pra
ctic
es
Co
mm
ittee a
nd
Fin
ancia
l R
ep
ort
ing
Pro
no
un
cem
en
ts a
s is
sued
by
the F
inan
cia
l
Rep
ort
ing
Sta
nd
ard
s C
ou
ncil,
th
e r
eq
uirem
en
ts o
f th
e C
om
pan
ies
Act,
No
71
of 2
00
8 a
nd
th
e
List
ing
s R
eq
uirem
en
ts o
f th
e J
SE L
imite
d.
T
he
finan
cial
st
atem
ents
w
ere
auth
oris
ed
for
issu
e b
y th
e b
oar
d
of
dire
cto
rs
on
8 N
ove
mb
er 2
013
.
T
he a
cco
un
ting
po
licie
s se
t o
ut
belo
w h
ave b
een
ap
plie
d c
on
sist
en
tly
to a
ll th
e p
eri
od
s
pre
sen
ted
in
th
ese
fin
ancia
l st
atem
en
ts.
Th
e
finan
cia
l st
atem
en
ts
are
pre
par
ed
o
n
the
his
tori
cal
co
st b
asis
exc
ep
t fo
r th
e m
eas
ure
men
t o
f cert
ain
fin
ancia
l in
stru
men
ts a
t fa
ir v
alu
e.
B
asis
of
me
asu
rem
en
t
T
he
finan
cial
sta
tem
ents
hav
e b
een
pre
par
ed o
n th
e h
isto
rical
co
st b
asis
exc
ept f
or t
he
follo
win
g:
Deri
vativ
e fi
nan
cia
l in
stru
men
ts a
re m
eas
ure
d a
t fa
ir v
alu
e;
Fin
ancia
l in
stru
men
ts a
t fa
ir v
alu
e t
hro
ug
h p
rofit
or
loss
are
meas
ure
d a
t fa
ir v
alu
e;
Shar
e-b
ased
pay
men
ts a
re m
eas
ure
d a
t fa
ir v
alu
e;
Ava
ilab
le-f
or-
sale
fin
ancia
l ass
ets
are
meas
ure
d a
t fa
ir v
alu
e;
and
Ven
ture
cap
ital a
sso
cia
tes
are c
arri
ed
at
fair
val
ue.
T
he m
eth
od
s u
sed
to
meas
ure
fai
r va
lues
are d
iscu
ssed
fu
rth
er
in n
ote
4.
Fu
nct
ion
al a
nd
pre
sen
tati
on
cu
rre
ncy
T
hese
fin
ancia
l st
atem
en
ts a
re p
rese
nte
d i
n S
ou
th A
fric
an R
and
, w
hic
h i
s th
e C
om
pan
y’s
fun
ctio
nal
cu
rren
cy.
All
finan
cia
l in
form
atio
n p
rese
nte
d i
n S
ou
th A
fric
an R
and
has
been
rou
nd
ed
to
th
e n
ear
est
th
ou
san
d.
U
se o
f e
stim
ate
s an
d ju
dg
em
en
ts
T
he p
rep
arat
ion
of
finan
cia
l st
atem
en
ts i
n c
on
form
ity w
ith I
FRS
req
uires
man
agem
en
t to
m
ake j
ud
gem
en
ts,
est
imat
es
and
ass
um
ptio
ns
that
aff
ect
the a
pp
licat
ion
of
po
licie
s an
d
rep
ort
ed
am
ou
nts
of a
ssets
an
d li
abili
ties,
inco
me a
nd
exp
en
ses.
Th
e e
stim
ates
and
ass
ocia
ted
as
sum
ptio
ns
are b
ased
on
his
tori
cal
exp
eri
en
ce a
nd
var
iou
s o
ther
facto
rs t
hat
are
belie
ved
to
be r
eas
on
able
un
der
the c
ircu
mst
ances,
th
e r
esu
lts
of
wh
ich
fo
rm t
he b
asis
of
mak
ing
th
e
jud
gem
en
ts a
bo
ut
car
ryin
g v
alu
es
of
asse
ts a
nd
lia
bili
ties
that
are
no
t re
adily
ap
par
en
t fr
om
o
ther
sou
rces.
Actu
al r
esu
lts
may
diff
er
fro
m t
hese
est
imat
es.
In
form
atio
n o
n s
ign
ifican
t ar
eas
of
est
imat
ion
un
cert
ain
ty c
an b
e f
ou
nd
in
th
e f
ollo
win
g
no
tes:
no
te 4
(d
ete
rmin
atio
n o
f fa
ir v
alu
es)
, no
te 1
6 (o
ther
inve
stm
en
ts a
nd
ava
ilab
le-f
or-
sale
in
vest
men
ts),
no
te 1
8 (
defe
rred
tax
) an
d n
ote
24
(sh
are-b
ased
pay
men
ts).
V
alu
atio
n o
f fi
nan
cial
inst
rum
en
ts
T
he G
rou
p m
eas
ure
s fa
ir v
alu
es
usi
ng
th
e f
ollo
win
g f
air
valu
e h
iera
rch
y th
at r
efle
cts
th
e
sig
nifi
can
ce o
f th
e in
pu
ts u
sed
in m
akin
g t
he m
eas
ure
men
ts:
Leve
l 1: Q
uo
ted
mar
ket
pri
ce (u
nad
just
ed
) in
an
activ
e m
arke
t fo
r an
iden
tical
inst
rum
en
t;
Leve
l 2:
Val
uat
ion
tech
niq
ues
bas
ed
on
ob
serv
able
inp
uts
, eith
er
dire
ctly
(i.e
. as
pric
es)
or
ind
irect
ly (i
.e. d
eriv
ed
fro
m p
rices)
. Th
is c
ateg
ory
incl
ud
es
inst
rum
en
ts v
alu
ed
usi
ng
: qu
ote
d
mar
ket p
rices
in a
ctiv
e m
arke
ts fo
r si
mila
r in
stru
men
ts; q
uo
ted
pric
es
for
iden
tical
or
sim
ilar
inst
rum
en
ts in
mar
kets
th
at a
re c
on
sid
ere
d le
ss t
han
act
ive;
or
oth
er
valu
atio
n t
ech
niq
ues
wh
ere
all
sig
nifi
can
t in
pu
ts a
re d
irect
ly o
r in
dire
ctly
ob
serv
able
fro
m m
arke
t d
ata;
an
d
Leve
l 3
: V
alu
atio
n
tech
niq
ues
usi
ng
si
gn
ifican
t u
no
bse
rvab
le
inp
uts
. T
his
cat
eg
ory
in
clu
des
all
inst
rum
en
ts w
here
th
e v
alu
atio
n t
ech
niq
ue i
nclu
des
inp
uts
no
t b
ased
on
o
bse
rvab
le d
ata
and
th
e u
no
bse
rvab
le in
pu
ts h
ave a
sig
nifi
can
t eff
ect
on
th
e in
stru
men
t’s
valu
atio
n.
Fa
ir v
alu
es
of
finan
cia
l as
sets
an
d l
iab
ilitie
s th
at a
re t
rad
ed
in
activ
e m
arke
ts a
re b
ased
on
q
uo
ted
mar
ket
pri
ces
or
deal
er
pri
ce q
uo
tatio
ns.
Fo
r al
l oth
er
finan
cia
l in
stru
men
ts t
he G
rou
p
dete
rmin
es
fair
val
ues
usi
ng
val
uat
ion
tech
niq
ues
(see n
ote
4).
Fa
ir v
alu
es
of
finan
cia
l as
sets
an
d l
iab
ilitie
s th
at a
re t
rad
ed
in
activ
e m
arke
ts a
re b
ased
on
q
uo
ted
mar
ket
pri
ces
or
deal
er
pri
ce q
uo
tatio
ns.
Fo
r al
l oth
er
finan
cia
l in
stru
men
ts t
he G
rou
p
dete
rmin
es
fair
val
ues
usi
ng
val
uat
ion
tech
niq
ues
(see n
ote
4).
T
he
Gro
up
u
ses
wid
ely
re
co
gn
ised
va
luat
ion
m
od
els
fo
r d
ete
rmin
ing
th
e
fair
va
lue
of
co
mm
on
an
d
mo
re
sim
ple
fin
ancia
l in
stru
men
ts.
Ob
serv
able
p
rices
and
m
od
el
inp
uts
are u
sual
ly a
vaila
ble
in
th
e m
arke
t fo
r lis
ted
deb
t an
d e
qu
ity s
ecu
ritie
s, e
xch
ang
e t
rad
ed
deri
vativ
es
and
ove
r th
e c
ou
nte
r d
eri
vativ
es.
Ava
ilab
ility
of
ob
serv
able
mar
ket
pri
ces
and
mo
del i
np
uts
red
uces
the n
eed
for
man
agem
en
t ju
dg
em
en
t an
d e
stim
atio
n a
nd
als
o r
ed
uces
the u
ncert
ain
ty a
sso
cia
ted
with
dete
rmin
atio
n o
f fa
ir v
alu
es.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201328
2.
Bas
is o
f p
rep
arat
ion
co
ntin
ued
U
se o
f e
stim
ate
s an
d ju
dg
em
en
ts c
on
tinu
ed
V
alu
atio
n o
f fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
A
vaila
bili
ty o
f o
bse
rvab
le m
arke
t p
rices
and
in
pu
ts v
arie
s d
ep
en
din
g o
n t
he p
rod
ucts
an
d
mar
kets
an
d i
s p
ron
e t
o c
han
ges
bas
ed
on
sp
ecifi
c e
ven
ts a
nd
gen
era
l co
nd
itio
ns
in t
he
finan
cia
l mar
kets
.
Fo
r m
ore
co
mp
lex
inst
rum
en
ts,
the G
rou
p u
ses
pro
pri
eta
ry v
alu
atio
n m
od
els
, w
hic
h a
re
usu
ally
deve
lop
ed
fro
m r
eco
gn
ised
val
uat
ion
mo
dels
. So
me o
r al
l o
f th
e s
ign
ifican
t in
pu
ts
into
th
ese
mo
dels
may
no
t b
e o
bse
rvab
le in
th
e m
arke
t, a
nd
are
deri
ved
fro
m m
arke
t p
rices
or
rate
s o
r ar
e e
stim
ated
bas
ed
on
ass
um
ptio
ns.
Val
uat
ion
mo
dels
th
at e
mp
loy
sig
nifi
can
t
un
ob
serv
able
in
pu
ts r
eq
uire a
hig
her
deg
ree o
f m
anag
em
en
t ju
dg
em
en
t an
d e
stim
atio
n i
n
the d
ete
rmin
atio
n o
f fa
ir v
alu
e. M
anag
em
en
t ju
dg
em
en
t an
d e
stim
atio
n a
re u
sual
ly r
eq
uired
for
sele
ctio
n o
f th
e a
pp
rop
riat
e v
alu
atio
n m
od
el
to b
e u
sed
, d
ete
rmin
atio
n o
f exp
ecte
d
futu
re c
ash
flo
ws
on
th
e fi
nan
cia
l in
stru
men
t b
ein
g v
alu
ed
, d
ete
rmin
atio
n o
f p
rob
abili
ty o
f
co
un
terp
arty
defa
ult a
nd
pre
pay
men
ts a
nd
sele
ctio
n o
f ap
pro
pri
ate d
isco
un
t ra
tes.
T
he t
able
belo
w a
nal
yses
finan
cia
l in
stru
men
ts m
eas
ure
d a
t fa
ir v
alu
e a
t th
e e
nd
of
the
rep
ort
ing
perio
d, b
y th
e le
vel i
n t
he f
air
valu
e h
iera
rch
y in
to w
hic
h t
he f
air
valu
e m
eas
ure
men
t
is c
ateg
orise
d.
Fin
ancia
l in
stru
men
ts c
ateg
orise
d a
s cu
rren
t h
ave b
een
exc
lud
ed
as
their f
air
valu
es
app
roxi
mat
e c
arry
ing
val
ues
du
e t
o t
he s
ho
rt-t
erm
nat
ure
of
the a
ssets
.
No
tes
leve
l 1r
’00
0le
vel 2
r’0
00
leve
l 3r
’00
0to
tal
r’0
00
31
Au
gu
st 2
013
Loan
s an
d r
eceiv
able
s16
, 17
––
1 2
61
1 2
61
Ava
ilab
le-f
or-
sale
16–
––
–
Oth
er
inve
stm
en
ts16
3 5
77–
25
44
72
9 0
24
3 5
77–
26
70
83
0 2
85
31
Au
gu
st 2
012
Loan
s an
d r
eceiv
able
s16
, 17
––
2 2
39
2 2
39
Ava
ilab
le-f
or-
sale
166
4–
–6
4
Oth
er
inve
stm
en
ts16
148
–4
4 2
00
44
34
8
212
–4
6 4
39
46
65
1
T
he f
ollo
win
g t
able
sh
ow
s a
reco
ncili
atio
n f
rom
th
e b
eg
inn
ing
bal
ances
to t
he e
nd
ing
bal
ances
for
fair
val
ue m
eas
ure
men
ts in
Leve
l 3 o
f th
e f
air
valu
e h
iera
rch
y.
loan
s an
d
rece
ivab
les
r’0
00
oth
erin
vest
men
ts
r’0
00
tota
lr
’00
0
Bal
ance
31
Au
gu
st 2
011
2 5
54
40
20
04
2 7
54
Rep
aym
en
ts(3
15)
–(3
15)
Ad
just
men
t–
4 0
00
4 0
00
Bal
ance
31
Au
gu
st 2
012
2 2
39
44
20
04
6 4
39
Rep
aym
en
ts(1
60
)–
(16
0)
Ad
just
men
t(8
18)
(18
75
3)
(19
571
)
Bal
ance
31
Au
gu
st 2
013
1 2
61
25
44
72
6 7
08
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
T
he a
cco
un
ting
po
licie
s se
t ou
t belo
w h
ave b
een
ap
plie
d c
on
sist
en
tly
to a
ll p
eri
od
s p
rese
nte
d
in t
hese
co
nso
lidat
ed
fin
ancia
l st
atem
en
ts,
and
hav
e b
een
ap
plie
d c
on
sist
en
tly
by
Gro
up
en
titie
s.
B
asis
of
con
solid
atio
n
Su
bsi
dia
rie
s
Su
bsi
dia
ries
are e
ntit
ies
co
ntr
olle
d b
y th
e G
rou
p.
Co
ntr
ol
exi
sts
wh
en
th
e G
rou
p h
as t
he
po
wer
to g
ove
rn th
e fi
nan
cia
l an
d o
pera
ting
po
licie
s o
f an
en
tity
so a
s to
ob
tain
ben
efit
s fr
om
its a
ctiv
ities.
In
ass
ess
ing
co
ntr
ol,
po
ten
tial
votin
g r
igh
ts t
hat
cu
rren
tly
are e
xerc
isab
le a
re
take
n in
to a
cco
un
t. T
he fi
nan
cia
l sta
tem
en
ts o
f su
bsi
dia
ries
are in
clu
ded
in t
he c
on
solid
ated
finan
cia
l sta
tem
en
ts f
rom
th
e d
ate t
hat
co
ntr
ol c
om
men
ces
un
til t
he d
ate c
on
tro
l ceas
es.
Su
bsi
dia
ries
are s
ho
wn
at
co
st le
ss im
pai
rmen
ts in
th
e C
om
pan
y fin
ancia
l sta
tem
en
ts.
Tr
ansa
ctio
ns
wit
h a
sso
ciat
es
A
sso
cia
tes
are t
ho
se e
nte
rpri
ses
in w
hic
h t
he G
rou
p h
old
s a
lon
g-t
erm
eq
uity
in
tere
st a
nd
ove
r w
hic
h it
has
th
e a
bili
ty t
o e
xerc
ise s
ign
ifican
t in
fluen
ce, b
ut
no
t co
ntr
ol,
and
wh
ich
are
neith
er
sub
sid
iari
es
no
r jo
int
ven
ture
s.
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 29
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
B
asis
of
con
solid
atio
n c
on
tinu
ed
Tr
ansa
ctio
ns
wit
h a
sso
ciat
es
co
ntin
ued
A
sso
ciat
es
are c
arrie
d a
t fai
r va
lue th
rou
gh
pro
fit o
r lo
ss a
nd
are
incl
ud
ed
in “O
ther
inve
stm
en
ts”
in th
e s
tate
men
t of fi
nan
cial
po
sitio
n. A
sso
ciat
es
wh
ere
Pu
rple
Cap
ital a
cts
as a
ven
ture
cap
italis
t
are d
esi
gn
ated
at
acq
uis
itio
n t
o b
e t
reat
ed
in t
his
man
ner.
Tr
ansa
ctio
ns
elim
inat
ed
on
co
nso
lidat
ion
In
tra-
gro
up
bal
ances
and
tra
nsa
ctio
ns,
an
d a
ny
un
real
ised
inco
me a
nd
exp
en
ses
aris
ing
fro
m
intr
a-g
rou
p t
ran
sactio
ns,
are
elim
inat
ed
in p
rep
arin
g t
he c
on
solid
ated
fin
ancia
l sta
tem
en
ts.
B
usi
ne
ss c
om
bin
atio
ns
T
he G
rou
p a
cco
un
ts fo
r b
usi
ness
co
mb
inat
ion
s u
sin
g t
he a
cq
uis
itio
n m
eth
od
of
acco
un
ting
.
Th
e c
ost
of t
he b
usi
ness
co
mb
inat
ion
is m
eas
ure
d a
s th
e a
gg
reg
ate o
f th
e fa
ir v
alu
es
of a
ssets
giv
en
, lia
bili
ties
incu
rred
or
assu
med
an
d e
qu
ity in
stru
men
ts is
sued
. Co
sts
directly
attr
ibu
tab
le
to t
he b
usi
ness
co
mb
inat
ion
are
exp
en
sed
as
incu
rred
, exc
ep
t th
e c
ost
s to
issu
e d
eb
t w
hic
h
are a
mo
rtis
ed
as
par
t o
f th
e e
ffectiv
e in
tere
st a
nd
co
sts
to is
sue e
qu
ity w
hic
h a
re in
clu
ded
in
eq
uity
.
C
on
ting
en
t co
nsi
dera
tion
is
inclu
ded
in
th
e c
ost
of
the c
om
bin
atio
n a
t fa
ir v
alu
e a
s at
th
e
dat
e o
f ac
qu
isiti
on
. Su
bse
qu
en
t ch
ang
es
to t
he a
ssets
, lia
bili
ties
or
eq
uity
wh
ich
ari
se a
s a
resu
lt o
f th
e c
on
ting
en
t co
nsi
dera
tion
are
no
t eff
ecte
d a
gai
nst
go
od
will
, un
less
th
ey
are v
alid
meas
ure
men
t p
eri
od
ad
just
men
ts.
T
he a
cqu
iree’s
iden
tifiab
le a
ssets
, lia
bili
ties
and
co
ntin
gen
t lia
bili
ties
wh
ich
meet t
he re
cog
niti
on
con
diti
on
s o
f IF
RS
3 B
usi
ness
Co
mb
inat
ion
s ar
e r
eco
gn
ised
at
their
fair
valu
es
at a
cqu
isiti
on
dat
e.
Co
ntin
gen
t lia
bili
ties
are o
nly
in
clu
ded
in
th
e i
den
tifiab
le a
ssets
an
d l
iab
ilitie
s o
f th
e
acq
uire
e w
here
th
ere
is a
pre
sen
t o
blig
atio
n a
t ac
qu
isiti
on
dat
e.
O
n a
cq
uis
itio
n,
the G
rou
p a
ssess
es
the c
lass
ificat
ion
of
the a
cq
uiree’s
ass
ets
an
d l
iab
ilitie
s
and
recla
ssifi
es
them
wh
ere
th
e c
lass
ificat
ion
is
inap
pro
pri
ate f
or
Gro
up
pu
rpo
ses.
Th
is
exc
lud
es
leas
e a
gre
em
en
ts a
nd
insu
ran
ce c
on
trac
ts, w
ho
se c
lass
ificat
ion
rem
ain
s as
per
their
incep
tion
dat
e.
N
on
-co
ntr
olli
ng
in
tere
sts
aris
ing
fro
m a
bu
sin
ess
co
mb
inat
ion
are
meas
ure
d e
ither
at t
heir
shar
e o
f th
e fa
ir v
alu
e o
f th
e a
ssets
an
d li
abili
ties
of t
he a
cq
uiree o
r at
fair
val
ue. T
he tre
atm
en
t
is n
ot
an a
cco
un
ting
po
licy
ch
oic
e b
ut
is s
ele
cte
d f
or
eac
h in
div
idu
al b
usi
ness
co
mb
inat
ion
,
and
dis
clo
sed
in t
he n
ote
fo
r b
usi
ness
co
mb
inat
ion
s.
G
oo
dw
ill i
s d
ete
rmin
ed
as
the c
on
sid
era
tion
pai
d,
plu
s th
e f
air
valu
e o
f an
y sh
areh
old
ing
held
pri
or
to o
bta
inin
g c
on
tro
l, p
lus
no
n-c
on
tro
llin
g i
nte
rest
s an
d l
ess
th
e f
air
valu
e o
f th
e
iden
tifiab
le a
ssets
an
d li
abili
ties
of
the a
cq
uiree.
G
oo
dw
ill i
s n
ot
amo
rtis
ed
bu
t is
test
ed
on
an
an
nu
al b
asis
fo
r im
pai
rmen
t. I
f g
oo
dw
ill i
s
asse
ssed
to
be im
pai
red
, th
at im
pai
rmen
t is
no
t su
bse
qu
en
tly
reve
rsed
.
Fo
reig
n c
urr
en
cy
Fo
reig
n c
urr
en
cy t
ran
sact
ion
s
Tr
ansa
ctio
ns
in f
ore
ign
cu
rren
cie
s ar
e t
ran
slat
ed
to
th
e r
esp
ectiv
e f
un
ctio
nal
cu
rren
cie
s
of
Gro
up
en
titie
s at
exc
han
ge r
ates
at t
he d
ates
of
the t
ran
sactio
ns.
Mo
neta
ry a
ssets
an
d
liab
ilitie
s d
en
om
inat
ed
in
fo
reig
n c
urr
en
cie
s at
th
e r
ep
ort
ing
dat
e a
re t
ran
slat
ed
to
th
e
fun
ctio
nal
cu
rren
cy
at t
he e
xch
ang
e r
ate a
t th
at d
ate. F
ore
ign
cu
rren
cy
diff
ere
nces
aris
ing
on
tran
slat
ion
are
reco
gn
ised
in p
rofit
or
loss
.
Fo
reig
n o
pe
rati
on
s
T
he a
ssets
an
d li
abili
ties
of
fore
ign
op
era
tion
s, in
clu
din
g g
oo
dw
ill a
nd
fai
r va
lue a
dju
stm
en
ts
aris
ing
on
acq
uis
itio
n,
are t
ran
slat
ed
to
th
e f
un
ctio
nal
cu
rren
cy
at e
xch
ang
e r
ates
at t
he
rep
ort
ing
dat
e.
Th
e i
nco
me a
nd
exp
en
ses
of
fore
ign
op
era
tion
s ar
e t
ran
slat
ed
to
So
uth
Afr
ican
Ran
d a
t exc
han
ge r
ates
at t
he d
ates
of
the t
ran
sactio
ns.
Fo
reig
n
cu
rren
cy
diff
ere
nces
are
reco
gn
ised
in
o
ther
co
mp
reh
en
sive
in
co
me
and
ar
e
accu
mu
late
d w
ithin
eq
uity
in t
he f
ore
ign
cu
rren
cy
tran
slat
ion
rese
rve (F
CT
R).
Wh
en
a f
ore
ign
op
era
tion
is
dis
po
sed
of,
in p
art
or
in f
ull,
th
e r
ele
van
t am
ou
nt
in t
he F
CT
R is
tran
sferr
ed
to
pro
fit o
r lo
ss.
Fi
nan
cial
inst
rum
en
ts
N
on
-de
riva
tive
fin
anci
al in
stru
me
nts
N
on
-deri
vativ
e fi
nan
cia
l in
stru
men
ts c
om
pri
se i
nve
stm
en
ts i
n e
qu
ity a
nd
deb
t se
cu
ritie
s,
trad
e a
nd
oth
er
receiv
able
s, c
ash
an
d c
ash
eq
uiv
alen
ts, l
oan
s an
d b
orr
ow
ing
s, a
nd
tra
de a
nd
oth
er
pay
able
s.
N
on
-deri
vativ
e fi
nan
cia
l in
stru
men
ts a
re r
eco
gn
ised
initi
ally
at
fair
val
ue p
lus,
fo
r in
stru
men
ts
no
t at
fai
r va
lue t
hro
ug
h p
rofit
or
loss
, an
y d
irectly
attr
ibu
tab
le t
ran
sactio
n c
ost
s. S
ub
seq
uen
t
to in
itial
reco
gn
itio
n n
on
-deri
vativ
e fi
nan
cia
l in
stru
men
ts a
re m
eas
ure
d a
s d
esc
rib
ed
belo
w.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201330
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
N
on
-de
riva
tive
fin
anci
al in
stru
me
nts
co
ntin
ued
T
he G
rou
p d
ere
co
gn
ises
a fin
ancia
l ass
et
wh
en
th
e c
on
trac
tual
rig
hts
to
th
e c
ash
flo
ws
fro
m
the a
sset exp
ire, o
r it
tran
sfers
th
e r
igh
ts to
receiv
e th
e c
on
trac
tual
cas
h fl
ow
s o
n th
e fi
nan
cia
l as
set
in a
tra
nsa
ctio
n i
n w
hic
h s
ub
stan
tially
all
the r
isks
an
d r
ew
ard
s o
f o
wn
ers
hip
of
the
finan
cia
l as
set
are t
ran
sferr
ed
. A
ny
inte
rest
in
tra
nsf
err
ed
fin
ancia
l as
sets
th
at i
s cre
ated
or
reta
ined
by
the G
rou
p is
reco
gn
ised
as
a se
par
ate a
sset
or
liab
ility
. Th
e G
rou
p d
ere
co
gn
ises
a fin
ancia
l lia
bili
ty w
hen
its
co
ntr
actu
al o
blig
atio
ns
are d
isch
arg
ed
or
can
celle
d o
r exp
ire.
C
ash
an
d c
ash
eq
uiv
alen
ts c
om
pri
se c
ash
bal
ances
and
cal
l d
ep
osi
ts.
Ban
k o
verd
raft
s th
at
are r
ep
ayab
le o
n d
em
and
an
d f
orm
an
in
teg
ral
par
t o
f th
e G
rou
p’s
cas
h m
anag
em
en
t ar
e
inclu
ded
as
a co
mp
on
en
t o
f cas
h a
nd
cas
h e
qu
ival
en
ts f
or
the p
urp
ose
of
the s
tate
men
t o
f cas
h fl
ow
s.
A
vaila
ble
-fo
r-sa
le fi
nan
cial
ass
ets
T
he G
rou
p’s
inve
stm
en
ts in
cert
ain
eq
uity
secu
ritie
s ar
e c
lass
ified
as
avai
lab
le-f
or-
sale
fin
ancia
l as
sets
wh
ere
rele
van
t. S
ub
seq
uen
t to
initi
al r
eco
gn
itio
n, th
ey
are m
eas
ure
d a
t fa
ir v
alu
e a
nd
ch
ang
es
there
in a
re r
eco
gn
ised
in o
ther
co
mp
reh
en
sive
inco
me a
nd
pre
sen
ted
with
in e
qu
ity
in t
he a
vaila
ble
-fo
r-sa
le r
ese
rve. W
hen
an
inve
stm
en
t is
dere
co
gn
ised
, th
e c
um
ula
tive g
ain
or
loss
in e
qu
ity is
tra
nsf
err
ed
to
pro
fit o
r lo
ss.
Fi
nan
cial
inst
rum
ents
at
fair
val
ue
thro
ug
h p
rofi
t o
r lo
ss
A
n i
nst
rum
en
t is
cla
ssifi
ed
at
fair
val
ue t
hro
ug
h p
rofit
or
loss
if
it is
held
fo
r tr
adin
g o
r is
d
esi
gn
ated
as
such
up
on
initi
al r
eco
gn
itio
n. F
inan
cia
l in
stru
men
ts a
re d
esi
gn
ated
at
fair
val
ue
thro
ug
h p
rofit
or
loss
if t
he G
rou
p m
anag
es
such
inve
stm
en
ts a
nd
mak
es
pu
rch
ase a
nd
sal
e
decis
ion
s b
ased
on
th
eir
fai
r va
lue in
acco
rdan
ce w
ith t
he G
rou
p’s
inve
stm
en
t st
rate
gy.
Up
on
in
itial
reco
gn
itio
n t
he a
ttri
bu
tab
le t
ran
sactio
n c
ost
s ar
e r
eco
gn
ised
in
pro
fit o
r lo
ss w
hen
in
cu
rred
. Fin
ancia
l in
stru
men
ts a
t fa
ir v
alu
e t
hro
ug
h p
rofit
or
loss
are
meas
ure
d a
t fa
ir v
alu
e,
and
ch
ang
es
there
in a
re r
eco
gn
ised
in p
rofit
or
loss
.
O
ther
O
ther
no
n-d
eri
vativ
e fi
nan
cia
l ass
ets
inclu
de t
rad
e a
nd
oth
er
receiv
able
s an
d d
ep
osi
ts.
T
hese
fin
ancia
l as
sets
are
cla
ssifi
ed
as
loan
s an
d r
eceiv
able
s m
eas
ure
d a
t am
ort
ised
co
st
usi
ng
the e
ffectiv
e in
tere
st m
eth
od
, less
an
y im
pai
rmen
t lo
sses.
Oth
er
no
n-d
eri
vativ
e fi
nan
cia
l
liab
ilitie
s in
clu
de l
oan
s an
d b
orr
ow
ing
s, c
lien
t fu
nd
s o
n c
all,
cas
h a
nd
cas
h e
qu
ival
en
ts a
nd
trad
e a
nd
oth
er
pay
able
s. T
hese
fin
ancia
l lia
bili
ties
are m
eas
ure
d a
t am
ort
ised
co
st u
sin
g t
he
eff
ectiv
e in
tere
st m
eth
od
.
D
eri
vati
ve fi
nan
cial
inst
rum
en
ts
D
eri
vativ
es
are
reco
gn
ised
in
itial
ly
at
fair
va
lue
and
at
trib
uta
ble
tr
ansa
ctio
n
co
sts
are
reco
gn
ised
in
pro
fit o
r lo
ss w
hen
in
cu
rred
. Su
bse
qu
en
t to
in
itial
reco
gn
itio
n,
deri
vativ
es
are
meas
ure
d a
t fa
ir v
alu
e, a
nd
ch
ang
es
there
in a
re a
cco
un
ted
fo
r as
desc
rib
ed
belo
w.
Tr
adin
g in
stru
me
nts
D
eri
vativ
e fi
nan
cia
l in
stru
men
ts c
om
pri
se s
pre
ad t
rad
ing
an
d c
on
trac
ts f
or
diff
ere
nce (
CFD
s)
on
fixe
d in
co
me, e
qu
ity, c
om
mo
dity
an
d c
urr
en
cy
mar
kets
.
Tr
adin
g i
nst
rum
en
ts a
re c
lass
ified
as
held
fo
r tr
adin
g a
nd
are
meas
ure
d a
t fa
ir v
alu
e a
t th
e
rep
ort
ing
dat
e. Fa
ir v
alu
e is
bas
ed
on
mar
ket
pri
ces,
hav
ing
reg
ard
to
liq
uid
ity a
nd
an
y o
ther
specia
l fa
cto
rs r
ela
ting
to
th
e p
osi
tion
. R
eal
ised
an
d u
nre
alis
ed
ch
ang
es
in f
air
valu
e a
re
reco
gn
ised
in p
rofit
or
loss
as
par
t o
f re
ven
ue.
Sh
are
cap
ital
O
rdin
ary
shar
es
O
rdin
ary
shar
es
are c
lass
ified
as
eq
uity
. In
cre
men
tal c
ost
s d
irectly
attr
ibu
tab
le t
o t
he is
sue o
f
ord
inar
y sh
ares
and
sh
are o
ptio
ns
are r
eco
gn
ised
as
a d
ed
uctio
n f
rom
eq
uity
, net
of
any
tax
eff
ects
.
R
epu
rch
ase
of
shar
e c
apit
al (
tre
asu
ry s
har
es)
Tr
eas
ury
sh
ares
aris
e
on
co
nso
lidat
ion
w
here
a
sub
sid
iary
h
old
s sh
ares
in
the
ho
ldin
g
co
mp
any.
Th
ese
are
ded
ucte
d f
rom
eq
uity
.
E
qu
ipm
en
t
R
eco
gn
itio
n a
nd
me
asu
rem
en
t
E
qu
ipm
en
t is
sta
ted
at
co
st l
ess
accu
mu
late
d d
ep
recia
tion
an
d a
ccu
mu
late
d i
mp
airm
en
t
loss
es.
C
ost
inclu
des
exp
en
ditu
re th
at is
directly
attr
ibu
tab
le to
the a
cq
uis
itio
n o
f th
e a
sset. P
urc
has
ed
soft
war
e t
hat
is in
teg
ral t
o t
he f
un
ctio
nal
ity o
f th
e r
ela
ted
eq
uip
men
t is
cap
italis
ed
as
par
t o
f
that
eq
uip
men
t.
W
here
co
mp
on
en
ts o
f eq
uip
men
t h
ave d
iffere
nt
use
ful
lives,
th
ey
are a
cco
un
ted
fo
r as
se
par
ate a
ssets
.
G
ain
s an
d l
oss
es
on
dis
po
sal
of
an i
tem
of
eq
uip
men
t ar
e d
ete
rmin
ed
by
co
mp
arin
g t
he
pro
ceed
s fr
om
dis
po
sal
with
th
e c
arry
ing
am
ou
nt
of
eq
uip
men
t, a
nd
are
reco
gn
ised
net
with
in “
Oth
er
inco
me”
in p
rofit
or
loss
.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 31
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
E
qu
ipm
en
t co
ntin
ued
Su
bse
qu
en
t co
sts
T
he c
ost
of
rep
lacin
g p
art
of
an it
em
of
eq
uip
men
t is
reco
gn
ised
in t
he c
arry
ing
am
ou
nt
of
the it
em
if it
is p
rob
able
th
at t
he f
utu
re e
co
no
mic
ben
efit
s em
bo
die
d w
ithin
th
e p
art
will
flo
w
to th
e G
rou
p a
nd
its
co
st c
an b
e m
eas
ure
d r
elia
bly
. Th
e c
arry
ing
am
ou
nt o
f th
e r
ep
laced
item
is d
ere
co
gn
ised
. Th
e c
ost
s o
f th
e d
ay-t
o-d
ay s
erv
icin
g o
f eq
uip
men
t ar
e r
eco
gn
ised
in p
rofit
or
loss
as
incu
rred
.
D
ep
reci
atio
n
D
ep
recia
tion
is r
eco
gn
ised
in p
rofit
or
loss
on
a s
trai
gh
t-lin
e b
asis
, to
th
eir
resi
du
al v
alu
e,o
ver
the e
stim
ated
use
ful
life o
f eac
h a
sset. T
he e
stim
ated
use
ful
lives
for
the c
urr
en
t an
d
co
mp
arat
ive p
eri
od
s ar
e a
s fo
llow
s:
C
om
pu
ter
eq
uip
men
t
3 y
ear
s
P
urc
has
ed
so
ftw
are
3 y
ear
s
Fi
xtu
res
and
fitt
ing
s
6 y
ear
s
O
ffice e
qu
ipm
en
t
5 y
ear
s
Le
aseh
old
imp
rove
men
ts
6 y
ear
s
D
ep
recia
tion
meth
od
s, u
sefu
l liv
es
and
resi
du
al v
alu
e a
re r
evi
ew
ed
at
eac
h r
ep
ort
ing
dat
e.
In
tan
gib
le a
sse
ts
G
oo
dw
ill
G
oo
dw
ill t
hat
ari
ses
up
on
th
e a
cq
uis
itio
n o
f su
bsi
dia
ries
is in
clu
ded
in in
tan
gib
le a
ssets
.
G
oo
dw
ill is
meas
ure
d a
t co
st le
ss a
ccu
mu
late
d im
pai
rmen
t lo
sses.
G
oo
dw
ill h
as a
n in
defin
ite u
sefu
l life
.
R
ese
arch
an
d d
eve
lop
me
nt
E
xpen
ditu
re o
n r
ese
arch
activ
ities,
un
dert
aken
with
th
e p
rosp
ect
of
gai
nin
g n
ew
tech
nic
al
kno
wle
dg
e a
nd
un
ders
tan
din
g, i
s re
co
gn
ised
in p
rofit
or
loss
wh
en
incu
rred
.
D
eve
lop
me
nt
activ
itie
s (s
pe
cific
ally
so
ftw
are d
eve
lop
me
nt)
in
volv
e a
pla
n o
r d
esi
gn
fo
r
the p
rod
uc
tion
of
new
or
sub
stan
tially
im
pro
ved
pro
du
cts
an
d p
roce
sse
s. D
eve
lop
me
nt
exp
en
ditu
re i
s c
apita
lise
d o
nly
if
deve
lop
me
nt
cost
s c
an b
e m
eas
ure
d r
elia
bly
, th
e p
rod
uc
t
or
pro
cess
is t
ech
nic
ally
an
d c
om
me
rcia
lly f
eas
ible
, fu
ture
eco
no
mic
be
nefit
s ar
e p
rob
able
,
and
th
e G
rou
p in
ten
ds
to a
nd
has
su
ffici
en
t re
sou
rce
s to
co
mp
lete
deve
lop
me
nt
and
to
use
or
sell
the a
sset. T
he e
xpe
nd
iture
cap
italis
ed
inclu
de
s th
e c
ost
of
mat
eri
als
and
dire
ct
lab
ou
r
that
are
dire
ctly
att
rib
uta
ble
to
pre
par
ing
th
e a
sset
for
its
inte
nd
ed
use
. O
the
r d
eve
lop
me
nt
exp
en
ditu
re is
re
cog
nis
ed
in p
rofit
or
loss
as
incu
rre
d. C
apita
lise
d d
eve
lop
me
nt
exp
en
ditu
re
is m
eas
ure
d a
t co
st le
ss a
ccu
mu
late
d a
mo
rtis
atio
n a
nd
acc
um
ula
ted
imp
airm
en
t lo
sse
s.
O
the
r in
tan
gib
le a
sse
ts
O
ther
inta
ng
ible
ass
ets
th
at a
re a
cq
uired
by
the G
rou
p,
wh
ich
hav
e fi
nite
use
ful
lives,
are
m
eas
ure
d a
t co
st le
ss a
ccu
mu
late
d a
mo
rtis
atio
n a
nd
accu
mu
late
d im
pai
rmen
t lo
sses.
Su
bse
qu
en
t e
xpe
nd
itu
re
Su
bse
qu
en
t exp
en
ditu
re i
s cap
italis
ed
on
ly w
hen
it
incre
ases
the f
utu
re e
co
no
mic
ben
efit
s em
bo
die
d in
the s
pecifi
c a
sset t
o w
hic
h it
rela
tes.
All
oth
er
exp
en
ditu
re, i
nclu
din
g e
xpen
ditu
re
on
inte
rnal
ly g
en
era
ted
go
od
will
an
d b
ran
ds,
is r
eco
gn
ised
in p
rofit
or
loss
as
incu
rred
.
A
mo
rtis
atio
n
A
mo
rtis
atio
n is
reco
gn
ised
in p
rofit
or
loss
on
a s
trai
gh
t-lin
e b
asis
, to
their
resi
du
al v
alu
es,
ove
r th
e e
stim
ated
use
ful l
ives
of i
nta
ng
ible
ass
ets
, oth
er
than
go
od
will
, fro
m th
e d
ate th
at th
ey
are
avai
lab
le f
or
use
.
T
he e
stim
ated
use
ful l
ives
for
the c
urr
en
t an
d c
om
par
ativ
e p
eri
od
s ar
e a
s fo
llow
s:
C
apita
lised
so
ftw
are d
eve
lop
men
t co
sts
3
year
s
C
ust
om
er
rela
tion
ship
s
5 –
7 y
ear
s
Tr
adem
arks
/bra
nd
s
5 –
7 y
ear
s
W
ork
forc
e
5 y
ear
s
T
he a
mo
rtis
atio
n m
eth
od
s, u
sefu
l liv
es
and
resi
du
al v
alu
es
are r
evi
ew
ed
at
eac
h r
ep
ort
ing
p
eri
od
an
d a
dju
sted
if a
pp
rop
riat
e.
Im
pai
rme
nt
Fi
nan
cial
ass
ets
A
fin
ancia
l as
set
(th
at i
s n
ot
meas
ure
d a
t fa
ir v
alu
e t
hro
ug
h p
rofit
an
d l
oss
) is
ass
ess
ed
at
eac
h r
ep
ort
ing
dat
e t
o d
ete
rmin
e w
heth
er
there
is a
ny
ob
jectiv
e e
vid
en
ce t
hat
it is
imp
aire
d.
A fi
nan
cia
l ass
et is
co
nsi
dere
d t
o b
e im
pai
red
if o
bje
ctiv
e e
vid
en
ce in
dic
ates
that
on
e o
r m
ore
eve
nts
hav
e h
ad a
neg
ativ
e e
ffect
on
th
e e
stim
ated
fu
ture
cas
h fl
ow
s o
f th
at a
sset.
A
n im
pai
rmen
t lo
ss in
resp
ect
of
a fin
ancia
l ass
et
meas
ure
d a
t am
ort
ised
co
st is
cal
cu
late
d a
s th
e d
iffere
nce b
etw
een
its
car
ryin
g a
mo
un
t an
d th
e p
rese
nt v
alu
e o
f th
e e
stim
ated
futu
re c
ash
flo
ws
dis
co
un
ted
at
the o
rig
inal
eff
ectiv
e in
tere
st r
ate. F
or
inve
stm
en
ts in
eq
uity
inst
rum
en
ts,
a si
gn
ifican
t o
r p
rolo
ng
ed
declin
e i
n i
ts f
air
valu
e b
elo
w i
ts c
ost
is
ob
jectiv
e e
vid
en
ce o
f im
pai
rmen
t.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201332
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
Im
pai
rme
nt
co
ntin
ued
Fi
nan
cial
ass
ets
co
ntin
ued
In
div
idu
ally
sig
nifi
can
t fin
ancia
l as
sets
are
test
ed
fo
r im
pai
rmen
t o
n a
n i
nd
ivid
ual
bas
is.
All
imp
airm
en
t lo
sses
are r
eco
gn
ised
in p
rofit
or
loss
.
A
n im
pai
rmen
t lo
ss is
reve
rsed
if t
he r
eve
rsal
can
be r
ela
ted
ob
jectiv
ely
to
an
eve
nt
occu
rrin
g
afte
r th
e i
mp
airm
en
t lo
ss w
as r
eco
gn
ised
. Fo
r fin
ancia
l as
sets
meas
ure
d a
t am
ort
ised
co
st,
the r
eve
rsal
is r
eco
gn
ised
in p
rofit
or
loss
. Fo
r av
aila
ble
-fo
r-sa
le fi
nan
cia
l ass
ets
th
at a
re e
qu
ity
secu
ritie
s, t
he r
eve
rsal
is r
eco
gn
ised
in o
ther
co
mp
reh
en
sive
inco
me.
N
on
-fin
anci
al a
sse
ts
T
he c
arry
ing
am
ou
nts
of
the G
rou
p’s
no
n-fi
nan
cia
l ass
ets
, oth
er
than
defe
rred
tax
ass
ets
, are
revi
ew
ed
at e
ach
rep
ort
ing
dat
e to
dete
rmin
e w
heth
er th
ere
is a
ny
ind
icat
ion
of i
mp
airm
en
t. If
any
such
ind
icat
ion
exi
sts
then
th
e a
sset’s
reco
vera
ble
am
ou
nt
is e
stim
ated
. Fo
r g
oo
dw
ill a
nd
inta
ng
ible
ass
ets
th
at h
ave in
defin
ite li
ves
or
that
are
no
t ye
t av
aila
ble
fo
r u
se, t
he r
eco
vera
ble
amo
un
t is
est
imat
ed
at
eac
h r
ep
ort
ing
dat
e.
T
he r
eco
vera
ble
am
ou
nt
of
an a
sset
or
cas
h-g
en
era
ting
un
it is
th
e g
reat
er
of
its v
alu
e in
use
and
its
fair
val
ue le
ss c
ost
s to
sell.
In
ass
ess
ing
val
ue in
use
, th
e e
stim
ated
fu
ture
cas
h fl
ow
s
are d
isco
un
ted
to
th
eir
pre
sen
t va
lue u
sin
g a
pre
-tax
dis
co
un
t ra
te th
at r
efle
cts
cu
rren
t m
arke
t
asse
ssm
en
ts o
f th
e t
ime v
alu
e o
f m
on
ey
and
th
e r
isks
sp
ecifi
c t
o t
he a
sset. F
or
the p
urp
ose
of
imp
airm
en
t te
stin
g,
asse
ts a
re g
rou
ped
to
geth
er
into
th
e s
mal
lest
gro
up
of
asse
ts t
hat
gen
era
te c
ash
inflo
ws
fro
m c
on
tinu
ing
use
th
at a
re la
rgely
ind
ep
en
den
t o
f th
e c
ash
inflo
ws
of
oth
er
asse
ts o
r g
rou
ps
of
asse
ts (
the c
ash
-gen
era
ting
un
it).
Th
e g
oo
dw
ill a
cq
uired
in
a
bu
sin
ess
co
mb
inat
ion
, fo
r th
e p
urp
ose
of
imp
airm
en
t te
stin
g, i
s al
locat
ed
to
cas
h-g
en
era
ting
un
its t
hat
are
exp
ecte
d t
o b
en
efit
fro
m t
he s
ynerg
ies
of
the c
om
bin
atio
n.
A
n i
mp
airm
en
t lo
ss i
s re
co
gn
ised
if
the c
arry
ing
am
ou
nt
of
an a
sset
or
its c
ash
-gen
era
ting
un
it exc
eed
s its
reco
vera
ble
am
ou
nt. Im
pai
rmen
t lo
sses
are r
eco
gn
ised
in p
rofit
or
loss
.
Im
pai
rmen
t lo
sses
reco
gn
ised
in r
esp
ect o
f cas
h-g
en
era
ting
un
its a
re a
llocat
ed
firs
t to
red
uce
the c
arry
ing
am
ou
nt
of
any
go
od
will
allo
cat
ed
to
th
e u
nits
an
d t
hen
to
red
uce t
he c
arry
ing
amo
un
t o
f th
e o
ther
asse
ts in
th
e u
nit
(gro
up
of
un
its)
on
a p
ro r
ata
bas
is.
A
n im
pai
rmen
t lo
ss in
re
spect
of
go
od
will
is
n
ot
reve
rsed
. In
re
spect
of
oth
er
asse
ts,
imp
airm
en
t lo
sses
reco
gn
ised
in
pri
or
peri
od
s ar
e a
ssess
ed
at
eac
h r
ep
ort
ing
dat
e f
or
any
ind
icat
ion
s th
at t
he lo
ss h
as d
ecre
ased
or
no
lon
ger
exi
sts.
An
imp
airm
en
t lo
ss is
reve
rsed
if
there
has
been
a c
han
ge in
th
e e
stim
ates
use
d t
o d
ete
rmin
e t
he r
eco
vera
ble
am
ou
nt.
A
n i
mp
airm
en
t lo
ss i
s re
vers
ed
on
ly t
o t
he e
xten
t th
at t
he a
sset’s
car
ryin
g a
mo
un
t d
oes
no
t exc
eed
th
e c
arry
ing
am
ou
nt
that
wo
uld
hav
e b
een
dete
rmin
ed
, n
et
of
dep
recia
tion
or
amo
rtis
atio
n, i
f n
o im
pai
rmen
t lo
ss h
ad b
een
reco
gn
ised
.
E
mp
loye
e b
en
efi
ts
Sh
ort
-te
rm b
en
efi
ts
Sh
ort
-term
em
plo
yee b
en
efit
s ar
e m
eas
ure
d o
n a
n u
nd
isco
un
ted
bas
is a
nd
are
exp
en
sed
as
the r
ela
ted
serv
ice is
pro
vid
ed
.
A
lia
bili
ty i
s re
co
gn
ised
fo
r th
e a
mo
un
t exp
ecte
d t
o b
e p
aid
un
der
sho
rt-t
erm
cas
h b
on
us
or
pro
fit-s
har
ing
pla
ns
if th
e G
rou
p h
as a
pre
sen
t le
gal
or
co
nst
ructiv
e o
blig
atio
n t
o p
ay t
his
amo
un
t as
a r
esu
lt o
f p
ast
serv
ice p
rovi
ded
by
the e
mp
loye
e a
nd
th
e o
blig
atio
n c
an b
e
est
imat
ed
relia
bly
.
Sh
are
-bas
ed
pay
me
nt
tran
sact
ion
s
T
he s
har
e o
ptio
n p
rog
ram
me a
llow
s se
lect
ed
Gro
up
em
plo
yees
to a
cqu
ire s
har
es
of
the
Gro
up
. Th
e g
ran
t dat
e fa
ir va
lue o
f op
tion
s g
ran
ted
to e
mp
loye
es
is reco
gn
ised
as
an e
mp
loye
e
exp
en
se, w
ith a
co
rresp
on
din
g in
creas
e in
eq
uity
, ove
r th
e p
erio
d t
hat
th
e e
mp
loye
es
beco
me
un
con
diti
on
ally
en
title
d t
o t
he o
ptio
ns.
Th
e f
air
valu
e o
f th
e o
ptio
ns
gra
nte
d is
meas
ure
d u
sin
g
a m
od
ified
bin
om
ial l
attic
e m
od
el,
taki
ng
into
acc
ou
nt
the t
erm
s an
d c
on
diti
on
s u
po
n w
hic
h
the o
ptio
ns
were
gra
nte
d.
Th
e a
mo
un
t re
cog
nis
ed
as
an e
xpen
se i
s ad
just
ed
to
refle
ct t
he
actu
al n
um
ber
of s
har
e o
ptio
ns
that
vest
exc
ep
t w
here
forf
eitu
re is
on
ly d
ue to
sh
are p
rices
no
t
ach
ievi
ng
th
e t
hre
sho
ld f
or
vest
ing
.
P
rovi
sio
ns
A
pro
visi
on
is
reco
gn
ised
if,
as a
resu
lt o
f a
pas
t eve
nt,
th
e G
rou
p h
as a
pre
sen
t le
gal
or
co
nst
ructiv
e o
blig
atio
n t
hat
can
be e
stim
ated
relia
bly
, an
d i
t is
pro
bab
le t
hat
an
ou
tflo
w o
f
eco
no
mic
ben
efit
s w
ill b
e r
eq
uired
to
sett
le t
he o
blig
atio
n.
Pro
visi
on
s ar
e d
ete
rmin
ed
by
dis
co
un
ting
th
e e
xpecte
d f
utu
re c
ash
flo
ws
at a
pre
-tax
rat
e t
hat
refle
cts
cu
rren
t m
arke
t
asse
ssm
en
ts o
f th
e t
ime v
alu
e o
f th
e m
on
ey
and
th
e r
isks
sp
ecifi
c t
o t
he li
abili
ty.
R
eve
nu
e
Se
rvic
es
ren
de
red
R
eve
nu
e f
rom
serv
ices
ren
dere
d i
s re
co
gn
ised
in
pro
fit o
r lo
ss a
t th
e d
ates
serv
ices
are
ren
dere
d,
net
of
valu
e a
dd
ed
tax
atio
n.
No
reve
nu
e i
s re
co
gn
ised
if
there
are
sig
nifi
can
t
un
cert
ain
ties
reg
ard
ing
reco
very
of
the c
on
sid
era
tion
du
e o
r as
socia
ted
co
sts.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 33
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
R
eve
nu
e c
on
tinu
ed
Tr
adin
g in
com
e
Tr
adin
g in
co
me c
on
sist
s o
f th
e real
ised
an
d u
nre
alis
ed
pro
fit o
r lo
ss w
ith resp
ect t
o th
e G
rou
p
actin
g a
s th
e c
ou
nte
rpar
ty t
o c
lien
t tr
ansa
ctio
ns,
an
d t
he r
eal
ised
an
d u
nre
alis
ed
pro
fit o
r lo
ss
on
th
e G
rou
p’s
hed
gin
g tra
nsa
ctio
ns.
Th
ese
are
ch
arg
ed
to
pro
fit o
r lo
ss. A
ll co
un
terp
arty
an
d
hed
gin
g p
osi
tion
s o
pen
at y
ear
en
d a
re m
eas
ure
d a
t fai
r va
lue a
nd
an
y ch
ang
es
take
n to
pro
fit
or
loss
.
Tr
adin
g in
co
me a
lso
co
nsi
sts
of
the n
et
gai
n a
nd
loss
es
fro
m b
ett
ing
activ
ities.
R
eve
nu
e is
reco
gn
ised
to
th
e e
xten
t th
at it
is p
rob
able
th
at t
he e
co
no
mic
ben
efit
s w
ill fl
ow
to
the C
om
pan
y an
d t
he r
eve
nu
e c
an b
e m
eas
ure
d r
elia
bly
. Vat
levi
ed
on
gro
ss g
amin
g r
eve
nu
e
is in
clu
ded
in r
eve
nu
e a
s th
is is
bo
rne b
y th
e C
om
pan
y an
d n
ot
the c
ust
om
er.
M
anag
em
en
t fe
es
M
anag
em
en
t fe
es
are r
eco
gn
ised
as
and
wh
en
serv
ices
are r
en
dere
d.
O
the
r in
com
e
O
ther
inco
me i
nclu
des
un
real
ised
gai
ns
and
lo
sses
aris
ing
fro
m f
air
valu
e a
dju
stm
en
ts t
o
oth
er in
vest
men
ts, p
rofit
or lo
ss o
n s
ale o
f in
vest
men
ts a
nd
pro
fit o
r lo
ss o
n fo
reig
n e
xch
ang
e.
Fore
ign
cu
rren
cy
gai
ns
and
loss
es
are r
ep
ort
ed
on
a n
et
bas
is.
Le
ase
pay
me
nts
P
aym
en
ts m
ade u
nd
er
op
era
ting
leas
es
are r
eco
gn
ised
in p
rofit
or
loss
on
a s
trai
gh
t-lin
e b
asis
ove
r th
e t
erm
of
the le
ase.
In
tere
st in
com
e a
nd
exp
en
ses
In
tere
st i
nco
me c
om
pri
ses
inco
me o
n f
un
ds
inve
sted
. In
tere
st i
nco
me i
s re
co
gn
ised
as
it
accru
es
in p
rofit
or
loss
, usi
ng
th
e e
ffectiv
e in
tere
st m
eth
od
.
In
tere
st
exp
en
ses
co
mp
rise
in
tere
st
exp
en
se
on
b
orr
ow
ing
s.
All
bo
rro
win
g
co
sts
are
reco
gn
ised
in p
rofit
or
loss
usi
ng
th
e e
ffectiv
e in
tere
st m
eth
od
.
In
com
e t
ax
In
co
me t
ax e
xpen
se c
om
pri
ses
cu
rren
t an
d d
efe
rred
tax
. In
co
me t
ax e
xpen
se is
reco
gn
ised
in t
he p
rofit
or
loss
exc
ep
t to
th
e e
xten
t th
at it
rela
tes
to it
em
s re
co
gn
ised
directly
in e
qu
ity o
r
oth
er
co
mp
reh
en
sive
inco
me.
C
urr
en
t ta
x is
th
e e
xpecte
d t
ax p
ayab
le o
n t
he e
stim
ated
tax
able
inco
me f
or
the y
ear
, u
sin
g
tax
rate
s en
acte
d o
r su
bst
antiv
ely
en
acte
d a
t th
e r
ep
ort
ing
dat
e,
and
an
y ad
just
men
t to
tax
pay
able
in r
esp
ect
of
pre
vio
us
year
s.
D
efe
rred
tax
is p
rovi
ded
usi
ng
the li
abili
ty m
eth
od
, pro
vid
ing
for te
mp
ora
ry d
iffere
nce
s b
etw
een
the c
arry
ing
am
ou
nts
of
asse
ts a
nd
liab
ilitie
s fo
r fin
anci
al r
ep
ort
ing
pu
rpo
ses
and
th
e a
mo
un
ts
use
d
for
taxa
tion
p
urp
ose
s.
Defe
rred
ta
x is
n
ot
reco
gn
ised
fo
r th
e
follo
win
g
tem
po
rary
diff
ere
nce
s: t
he in
itial
reco
gn
itio
n o
f as
sets
or
liab
ilitie
s in
a t
ran
sact
ion
th
at is
no
t a
bu
sin
ess
com
bin
atio
n a
nd
th
at a
ffect
s n
eith
er
acco
un
ting
no
r ta
xab
le p
rofit
or
loss
, an
d d
iffere
nce
s
rela
ting
to in
vest
men
ts in
su
bsi
dia
ries
and
join
tly c
on
tro
lled
en
titie
s to
the e
xten
t th
at it
is p
rob
able
that
th
ey
will
no
t re
vers
e in
th
e f
ore
seeab
le f
utu
re. In
ad
diti
on
, d
efe
rred
tax
is n
ot
reco
gn
ised
for
taxa
ble
tem
po
rary
diff
ere
nce
s ar
isin
g o
n t
he in
itial
reco
gn
itio
n o
f g
oo
dw
ill. D
efe
rred
tax
is
meas
ure
d a
t th
e t
ax r
ates
that
are
exp
ect
ed
to
be a
pp
lied
to
tem
po
rary
diff
ere
nce
s w
hen
th
ey
reve
rse,
bas
ed
on
th
e law
s th
at h
ave b
een
en
acte
d o
r su
bst
antiv
ely
en
acte
d b
y th
e r
ep
ort
ing
dat
e. D
efe
rred
tax
ass
ets
an
d li
abili
ties
are o
ffse
t if
there
is a
leg
ally
en
forc
eab
le r
igh
t to
off
set
tax
liab
ilitie
s an
d a
ssets
an
d t
hey
rela
te t
o in
com
e t
axes
levi
ed
by
the s
ame t
ax a
uth
orit
y o
n t
he
sam
e t
axab
le e
ntit
y.
A
defe
rred
tax
asse
t is
reco
gn
ised
to th
e e
xten
t th
at it
is p
rob
able
that
futu
re ta
xab
le p
rofit
s w
ill
be a
vaila
ble
ag
ain
st w
hic
h t
he t
em
po
rary
diff
ere
nce c
an b
e u
tilis
ed
. D
efe
rred
tax
ass
ets
are
revi
ew
ed
at
eac
h r
ep
ort
ing
dat
e a
nd
are
red
uced
to
th
e e
xten
t th
at it
is n
o lo
ng
er
pro
bab
le
that
th
e r
ela
ted
tax
ben
efit
will
be r
eal
ised
.
E
arn
ing
s p
er
shar
e
T
he G
rou
p p
rese
nts
bas
ic a
nd
dilu
ted
ear
nin
gs
per
shar
e (
EP
S) d
ata
for
its o
rdin
ary
shar
es.
Bas
ic E
PS
is c
alcu
late
d b
y d
ivid
ing
th
e p
rofit
or
loss
att
rib
uta
ble
to
ord
inar
y sh
areh
old
ers
of
the G
rou
p b
y th
e w
eig
hte
d a
vera
ge n
um
ber
of o
rdin
ary
shar
es
ou
tsta
nd
ing
du
rin
g th
e p
eri
od
.
D
ilute
d E
PS
is d
ete
rmin
ed
by
adju
stin
g t
he p
rofit
or
loss
att
rib
uta
ble
to
ord
inar
y sh
areh
old
ers
and
th
e w
eig
hte
d a
vera
ge n
um
ber
of o
rdin
ary
shar
es
ou
tsta
nd
ing
for
the e
ffects
of al
l dilu
tive
po
ten
tial o
rdin
ary
shar
es
that
co
mp
rise
sh
are o
ptio
ns
gra
nte
d t
o e
mp
loye
es.
O
pe
rati
ng
se
gm
en
t re
po
rtin
g
O
pera
ting
seg
men
ts a
re d
istin
gu
ish
able
co
mp
on
en
ts o
f th
e G
rou
p t
hat
th
e C
hai
rman
, as
the
ch
ief o
pera
ting
decis
ion
-mak
er
in t
he G
rou
p, r
evi
ew
s o
pera
ting
an
d fi
nan
cia
l rep
ort
ing
for
on
a re
gu
lar
bas
is t
o a
ssess
perf
orm
ance a
nd
to
allo
cat
e r
eso
urc
es.
O
pera
ting
se
gm
en
t re
sults,
as
sets
an
d
liab
ilitie
s in
clu
de
item
s d
irectly
attr
ibu
tab
le
to
a
seg
men
t as
well
as t
ho
se t
hat
can
be a
llocat
ed
on
a r
eas
on
able
bas
is.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201334
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
A
sse
ts h
eld
fo
r sa
le a
nd
dis
con
tin
ue
d o
pe
rati
on
s
A
sse
ts h
eld
fo
r sa
le
N
on
-cu
rren
t as
sets
, or
dis
po
sal g
rou
ps
co
mp
risi
ng
ass
ets
an
d li
abili
ties,
are
cla
ssifi
ed
as
held
-
for-
sale
if it
is h
igh
ly p
rob
able
th
at t
hey
will
be r
eco
vere
d p
rim
arily
th
rou
gh
sal
e o
r d
istr
ibu
tion
rath
er
than
th
rou
gh
co
ntin
uin
g u
se.
Im
med
iate
ly b
efo
re c
lass
ificat
ion
as
held
-fo
r-sa
le,
the a
ssets
are
rem
eas
ure
d in
acco
rdan
ce
with
th
e G
rou
p’s
oth
er
acco
un
ting
po
licie
s. T
here
afte
r, g
en
era
lly t
he a
ssets
, o
r d
isp
osa
l
gro
up
, are
meas
ure
d a
t th
e lo
wer
of t
heir
car
ryin
g a
mo
un
t an
d fa
ir v
alu
e le
ss c
ost
s to
sell.
An
y
imp
airm
en
t lo
ss o
n a
dis
po
sal g
rou
p is
allo
cat
ed
firs
t to
go
od
will
, an
d t
hen
to
th
e r
em
ain
ing
asse
ts a
nd
lia
bili
ties
on
a p
ro r
ata
bas
is,
exc
ep
t th
at n
o l
oss
is
allo
cat
ed
to
fin
ancia
l as
sets
or
defe
rred
tax
ass
ets
, w
hic
h c
on
tinu
e t
o b
e m
eas
ure
d i
n a
cco
rdan
ce w
ith t
he G
rou
p’s
oth
er
acco
un
ting
po
licie
s. I
mp
airm
en
t lo
sses
on
in
itial
cla
ssifi
cat
ion
as
held
-fo
r-sa
le a
nd
sub
seq
uen
t g
ain
s an
d l
oss
es
on
rem
eas
ure
men
t ar
e r
eco
gn
ised
in
pro
fit o
r lo
ss.
Gai
ns
are
no
t re
co
gn
ised
in e
xcess
of
any
cu
mu
lativ
e im
pai
rmen
t lo
ss.
O
nce c
lass
ified
as
held
-fo
r-sa
le, i
nta
ng
ible
ass
ets
an
d e
qu
ipm
en
t ar
e n
o lo
ng
er
amo
rtis
ed
or
dep
recia
ted
.
D
isco
nti
nu
ed
op
era
tio
ns
A
dis
co
ntin
ued
op
era
tion
is
a co
mp
on
en
t o
f th
e G
rou
p’s
bu
sin
ess
, th
e o
pera
tion
an
d c
ash
flow
s o
f w
hic
h c
an b
e c
lear
ly d
istin
gu
ish
ed
fro
m t
he r
est
of
the G
rou
p a
nd
wh
ich
:
rep
rese
nts
a s
ep
arat
e m
ajo
r lin
e o
f b
usi
ness
or
geo
gra
ph
ical
are
a o
f o
pera
tion
s;
is p
art
of
a si
ng
le c
o-o
rdin
ated
pla
n t
o d
isp
ose
of
a se
par
ate m
ajo
r lin
e o
f b
usi
ness
or
geo
gra
ph
ical
are
a o
f o
pera
tion
s; o
r
is a
su
bsi
dia
ry a
cq
uired
exc
lusi
vely
with
a v
iew
to
re-s
ale.
C
lass
ificat
ion
as
a d
isco
ntin
ued
op
era
tion
occu
rs o
n d
isp
osa
l o
r w
hen
th
e o
pera
tion
meets
the c
rite
ria
to b
e c
lass
ified
as
held
-fo
r-sa
le, i
f ear
lier.
W
hen
an
op
era
tion
is
cla
ssifi
ed
as
a d
isco
ntin
ued
op
era
tion
, th
e c
om
par
ativ
e s
tate
men
t o
f
co
mp
reh
en
sive
inco
me is
re-p
rese
nte
d a
s if
the o
pera
tion
had
been
dis
co
ntin
ued
fro
m t
he
star
t o
f th
e c
om
par
ativ
e y
ear
.
N
ew
Sta
nd
ard
s an
d In
terp
reta
tio
ns
T
he f
ollo
win
g S
tan
dar
ds
cam
e in
to e
ffect
in t
he c
urr
en
t ye
ar.
Th
e S
tan
dar
ds
did
no
t h
ave a
mat
eri
al e
ffect
in t
he c
urr
en
t ye
ar.
stan
dar
d/i
nte
rpre
tati
on
E
ffec
tive
dat
e o
n o
r af
ter
IAS
1P
rese
nta
tion
of
Fin
ancia
l Sta
tem
en
ts
New
req
uirem
en
ts t
o g
rou
p t
og
eth
er
item
s w
ithin
oth
er
co
mp
reh
en
sive
inco
me t
hat
may
be r
ecla
ssifi
ed
to
th
e p
rofit
or
loss
sectio
n o
f th
e in
co
me s
tate
men
t in
ord
er
to f
acili
tate
the a
ssess
men
t o
f th
eir
imp
act
on
th
e o
vera
ll p
erf
orm
ance o
f
an e
ntit
y.
1 Ju
ly 2
012
A
t th
e d
ate o
f au
tho
risa
tion
of
the fi
nan
cia
l sta
tem
en
ts f
or
the y
ear
en
ded
31
Au
gu
st 2
013
, th
e
follo
win
g S
tan
dar
ds
and
Inte
rpre
tatio
ns
were
in is
sue b
ut
no
t ye
t eff
ectiv
e:
stan
dar
d/i
nte
rpre
tati
on
E
ffec
tive
dat
e o
n o
r af
ter
IAS
1 P
rese
nta
tion
of
Fin
ancia
l Sta
tem
en
ts
An
nu
al Im
pro
vem
en
ts 2
00
9 –
20
11 C
ycle
: A
men
dm
en
ts
cla
rify
ing
th
e r
eq
uirem
en
ts f
or
co
mp
arat
ive in
form
atio
n
inclu
din
g m
inim
um
an
d a
dd
itio
nal
co
mp
arat
ive in
form
atio
n
req
uired
.
1 Ja
nu
ary
20
13
IAS
16
Pro
pert
y, P
lan
t an
d E
qu
ipm
en
t
An
nu
al Im
pro
vem
en
ts 2
00
9 –
20
11 C
ycle
: A
men
dm
en
ts t
o t
he
reco
gn
itio
n a
nd
cla
ssifi
cat
ion
of
serv
icin
g e
qu
ipm
en
t.
1 Ja
nu
ary
20
13
IAS
19
Em
plo
yee B
en
efit
s
Am
en
dm
en
ts t
o t
he a
cco
un
ting
fo
r cu
rren
t an
d f
utu
re
ob
ligat
ion
s re
sultin
g f
rom
th
e p
rovi
sio
n o
f d
efin
ed
ben
efit
pla
ns.
1 Ja
nu
ary
20
13
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 35
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
3.
sig
nifi
can
t ac
cou
nti
ng
po
lici
es
co
ntin
ued
N
ew
Sta
nd
ard
s an
d In
terp
reta
tio
ns
co
ntin
ued
stan
dar
d/i
nte
rpre
tati
on
E
ffec
tive
dat
e o
n o
r af
ter
IAS
32
Fi
nan
cia
l In
stru
men
ts:
Pre
sen
tatio
n
Am
en
dm
en
ts r
eq
uire e
ntit
ies
to d
isclo
se g
ross
am
ou
nts
sub
ject
to r
igh
ts o
f se
t-o
ff, a
mo
un
ts s
et
off
in a
cco
rdan
ce w
ith
the a
cco
un
ting
sta
nd
ard
s fo
llow
ed
, an
d t
he r
ela
ted
net
cre
dit
exp
osu
re. T
his
info
rmat
ion
will
help
inve
sto
rs u
nd
ers
tan
d
the e
xten
t to
wh
ich
an
en
tity
has
set
off
in it
s b
alan
ce s
heet
and
th
e e
ffects
of
rig
hts
of
set-
off
on
th
e e
ntit
y’s
rig
hts
and
ob
ligat
ion
s. A
nn
ual
Imp
rove
men
ts 2
00
9–
20
11 C
ycle
:
Am
en
dm
en
ts t
o c
lari
fy t
he t
ax e
ffect
of
dis
trib
utio
n t
o h
old
ers
of
eq
uity
inst
rum
en
ts.
1 Ja
nu
ary
20
13
IAS
34
In
teri
m F
inan
cia
l Rep
ort
ing
An
nu
al Im
pro
vem
en
ts 2
00
9 –
20
11 C
ycle
: A
men
dm
en
ts t
o
imp
rove
th
e d
isclo
sure
s fo
r in
teri
m fi
nan
cia
l rep
ort
ing
an
d
seg
men
t in
form
atio
n f
or
tota
l ass
ets
an
d li
abili
ties.
1 Ja
nu
ary
20
13
IFR
S 7
Fin
ancia
l In
stru
men
ts:
Dis
clo
sure
Am
en
dm
en
ts r
eq
uire e
ntit
ies
to d
isclo
se g
ross
am
ou
nts
sub
ject
to r
igh
ts o
f se
t-o
ff, a
mo
un
ts s
et
off
in a
cco
rdan
ce w
ith
the a
cco
un
ting
sta
nd
ard
s fo
llow
ed
, an
d t
he r
ela
ted
net
cre
dit
exp
osu
re. T
his
info
rmat
ion
will
help
inve
sto
rs u
nd
ers
tan
d
the e
xten
t to
wh
ich
an
en
tity
has
set
off
in it
s b
alan
ce s
heet
and
th
e e
ffects
of
rig
hts
of
set-
off
on
th
e e
ntit
y’s
rig
hts
an
d
ob
ligat
ion
s.
1 Ja
nu
ary
20
13
IFR
S 9
Fin
ancia
l In
stru
men
ts
New
Sta
nd
ard
th
at f
orm
s th
e fi
rst
par
t o
f a
thre
e-p
art
pro
ject
to r
ep
lace IA
S 3
9 F
inan
cia
l In
stru
men
ts:
Reco
gn
itio
n a
nd
Meas
ure
men
t.
1 Ja
nu
ary
20
15
IFR
S 13
Fair
Val
ue M
eas
ure
men
t
New
gu
idan
ce o
n f
air
valu
e m
eas
ure
men
t an
d d
isclo
sure
req
uirem
en
ts.
1 Ja
nu
ary
20
13
T
he G
rou
p d
oes
no
t in
ten
d t
o e
arly
ad
op
t an
y o
f th
e S
tan
dar
ds
and
man
agem
en
t is
of
the o
pin
ion
th
at a
do
ptio
n o
f th
ese
Sta
nd
ard
s w
ill n
ot
hav
e a
sig
nifi
can
t eff
ect,
oth
er
than
add
itio
nal
dis
clo
sure
, on
th
e fi
nan
cia
l sta
tem
en
ts.
4.
de
term
inat
ion
of
fair
val
ue
s
A n
um
ber
of
the G
rou
p’s
acco
un
ting
po
licie
s an
d d
isclo
sure
s re
qu
ire t
he d
ete
rmin
atio
n o
f
fair v
alu
e,
for
bo
th fi
nan
cia
l an
d n
on
-fin
ancia
l as
sets
an
d l
iab
ilitie
s. F
air
valu
es
hav
e b
een
dete
rmin
ed
fo
r m
eas
ure
men
t an
d/o
r d
isclo
sure
pu
rpo
ses
bas
ed
on
th
e f
ollo
win
g m
eth
od
s.
Wh
en
ap
plic
able
, fu
rth
er
info
rmat
ion
ab
ou
t th
e a
ssu
mp
tion
s m
ade in
dete
rmin
ing
fai
r va
lues
is d
isclo
sed
in t
he n
ote
s sp
ecifi
c t
o t
hat
ass
et
or
liab
ility
.
E
qu
ipm
en
t
T
he
fair
valu
e o
f eq
uip
men
t rec
og
nis
ed a
s a
resu
lt o
f a b
usi
nes
s co
mb
inat
ion
is b
ased
on
mar
ket
valu
es. T
he
mar
ket
valu
e o
f eq
uip
men
t is
bas
ed o
n q
uo
ted
mar
ket
pric
es fo
r si
mila
r ite
ms.
In
tan
gib
le a
sse
ts
T
he f
air
valu
e o
f cu
sto
mer
rela
tion
ship
s ac
qu
ired
in
a b
usi
ness
co
mb
inat
ion
is
dete
rmin
ed
usi
ng
th
e m
ulti-
peri
od
exc
ess
ear
nin
gs
meth
od
, w
here
by
the s
ub
ject
asse
t is
val
ued
aft
er
ded
uctin
g a
fai
r re
turn
on
all
asse
ts t
hat
are
par
t o
f cre
atin
g t
he r
ela
ted
cas
h fl
ow
s. T
he f
air
valu
e o
f tr
adem
arks
acq
uired
in
a b
usi
ness
co
mb
inat
ion
is
bas
ed
on
dis
co
un
ted
est
imat
ed
roya
lty
pay
men
ts t
hat
hav
e b
een
avo
ided
as
a re
sult o
f it
bein
g o
wn
ed
.
T
he fa
ir v
alu
e o
f oth
er
inta
ng
ible
ass
ets
is b
ased
on
th
e d
isco
un
ted
cas
h fl
ow
s exp
ecte
d to
be
deri
ved
fro
m t
he u
se a
nd
eve
ntu
al s
ale o
f th
e a
ssets
.
O
the
r in
vest
me
nts
T
hese
inve
stm
en
ts a
re d
esi
gn
ated
as
fair
val
ue t
hro
ug
h p
rofit
or
loss
.
U
nlis
ted
in
vest
men
ts a
nd
in
vest
men
ts t
hat
meet
the I
AS
28
sco
pe e
xclu
sio
n a
re c
arri
ed
at
their
est
imat
ed
fai
r va
lue a
s d
ete
rmin
ed
by
the b
oar
d a
t th
e r
ep
ort
ing
dat
e.
Th
e r
esu
ltan
t in
cre
ase o
r d
ecre
ase in
fai
r va
lue is
reco
gn
ised
as
oth
er
inco
me in
pro
fit o
r lo
ss.
Fa
ir
valu
e
rep
rese
nts
th
e
amo
un
t fo
r w
hic
h
an
asse
t co
uld
b
e
exc
han
ged
b
etw
een
kn
ow
led
geab
le,
will
ing
par
ties
in a
n a
rm’s
len
gth
tra
nsa
ctio
n.
In e
stim
atin
g f
air
valu
e,
the
directo
rs u
se a
meth
od
olo
gy
wh
ich
is a
pp
rop
riat
e in
lig
ht o
f th
e n
atu
re, f
acts
an
d c
ircu
mst
ances
of
the i
nve
stm
en
t. D
ue t
o t
he i
nh
ere
nt
un
cert
ain
ties
in e
stim
atin
g t
he v
alu
e o
f u
nlis
ted
in
vest
men
ts, t
he d
irecto
rs e
xerc
ise d
ue c
autio
n in
ap
ply
ing
th
e v
ario
us
meth
od
olo
gie
s.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201336
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
4.
de
term
inat
ion
of
fair
val
ue
s co
ntin
ued
O
the
r in
vest
me
nts
co
ntin
ued
T
he p
rin
cip
al m
eth
od
olo
gie
s ap
plie
d in
val
uin
g u
nlis
ted
inve
stm
en
ts a
re a
s fo
llow
s:
Ear
nin
gs
mu
ltip
le;
Pri
ce o
f re
cen
t in
vest
men
t ac
tiviti
es;
Net
asse
ts;
Dis
co
un
ted
cas
h fl
ow
or
ear
nin
gs
(of
the u
nd
erl
yin
g b
usi
ness
);
Dis
co
un
ted
cas
h fl
ow
(fr
om
th
e in
vest
men
t);
Ind
ust
ry v
alu
atio
n b
en
ch
mar
ks;
and
Ava
ilab
le m
arke
t p
rices.
In
ap
ply
ing
th
e e
arn
ing
s m
ultip
le m
eth
od
olo
gy,
th
e d
irecto
rs a
pp
ly a
mar
ket-
bas
ed
mu
ltip
le
that
is a
pp
rop
riat
e a
nd
reas
on
able
to
th
e m
ain
tain
able
ear
nin
gs
of
the G
rou
p.
W
here
a r
ecen
t in
vest
men
t h
as b
een
mad
e,
this
pri
ce w
ill b
e u
sed
as
the b
est
est
imat
e o
f fa
ir v
alu
e. A
n a
ltern
ativ
e v
alu
atio
n m
eth
od
olo
gy
may
be u
sed
at
any
time if
th
is is
deem
ed
to
p
rovi
de a
bett
er
asse
ssm
en
t o
f th
e f
air
valu
e o
f an
inve
stm
en
t.
Li
sted
inve
stm
en
ts a
re c
arri
ed
at
their
fai
r va
lues,
usi
ng
qu
ote
d p
rices
at t
he r
ep
ort
ing
dat
e.
W
here
an
activ
e m
arke
t d
oes
no
t exi
st f
or
the q
uo
ted
inve
stm
en
t, e
stim
atio
n t
ech
niq
ues
are
use
d t
o d
ete
rmin
e f
air
valu
e. C
han
ges
in f
air
valu
e a
re r
efle
cte
d in
pro
fit o
r lo
ss u
nd
er
oth
er
inco
me.
Tr
ade
an
d o
the
r re
ceiv
able
s
Th
e f
air
valu
e o
f tr
ade a
nd
oth
er
receiv
able
s is
est
imat
ed
as
the p
rese
nt
valu
e o
f fu
ture
cas
h
flow
s, d
isco
un
ted
at
the m
arke
t ra
te o
f in
tere
st a
t th
e r
ep
ort
ing
dat
e.
D
eri
vati
ves
T
he f
air
valu
e o
f d
eri
vativ
es
is b
ased
on
th
eir
list
ed
mar
ket
pri
ce.
N
on
-de
riva
tive
fin
anci
al li
abili
tie
s
Fa
ir v
alu
e,
wh
ich
is
dete
rmin
ed
fo
r d
isclo
sure
pu
rpo
ses,
is
cal
cu
late
d b
ased
on
th
e p
rese
nt
valu
e o
f fu
ture
pri
ncip
al a
nd
inte
rest
cas
h fl
ow
s, d
isco
un
ted
at
the m
arke
t ra
te o
f in
tere
st a
t
the r
ep
ort
ing
dat
e.
Sh
are
-bas
ed
pay
me
nt
tran
sact
ion
s
T
he f
air
valu
e o
f em
plo
yee s
har
e o
ptio
ns
is m
eas
ure
d u
sin
g a
mo
difi
ed
bin
om
ial
latt
ice
mo
del.
Meas
ure
men
t in
pu
ts i
nclu
de s
har
e p
rice o
n m
eas
ure
men
t d
ate,
exe
rcis
e p
rice o
f
the i
nst
rum
en
t, e
xpecte
d v
ola
tility
(b
ased
on
weig
hte
d a
vera
ge h
isto
ric v
ola
tility
ad
just
ed
for
ch
ang
es
exp
ecte
d d
ue t
o p
ub
licly
ava
ilab
le in
form
atio
n),
weig
hte
d a
vera
ge e
xpecte
d li
fe
of
the i
nst
rum
en
ts (
bas
ed
on
his
tori
cal
exp
eri
en
ce a
nd
gen
era
l o
ptio
n h
old
er
beh
avio
ur)
,
exp
ecte
d d
ivid
en
ds,
an
d t
he r
isk-
free in
tere
st r
ate (b
ased
on
go
vern
men
t b
on
ds)
. Serv
ice a
nd
no
n-m
arke
t p
erf
orm
ance c
on
diti
on
s at
tach
ed
to
th
e t
ran
sactio
ns
are n
ot
take
n in
to a
cco
un
t
in d
ete
rmin
ing
fai
r va
lue.
5.
Fin
anci
al r
isk
man
age
me
nt
O
verv
iew
T
he
Gro
up
has
exp
osu
re to
the
follo
win
g ris
ks fr
om
its
use
of fi
nan
cial
inst
rum
ents
(see
no
te 2
7):
Cre
dit
risk
;
Liq
uid
ity r
isk;
an
d
Mar
ket
risk
.
T
he b
oar
d o
f d
irecto
rs h
as o
vera
ll re
spo
nsi
bili
ty f
or
the e
stab
lish
men
t an
d o
vers
igh
t o
f
the G
rou
p’s
ris
k m
anag
em
en
t fr
amew
ork
an
d h
as d
ele
gat
ed
th
is r
esp
on
sib
ility
to
th
e r
isk
man
agem
en
t co
mm
ittee. T
he m
anag
em
en
t o
f th
e v
ario
us
Gro
up
co
mp
anie
s ar
e r
esp
on
sib
le
for
imp
lem
en
ting
th
e r
isk
po
licie
s.
D
iffere
nt
un
its o
f th
e b
usi
ness
req
uire d
iffere
nt
app
roac
hes
to r
isk
man
agem
en
t to
be
deve
lop
ed
. Fo
r exa
mp
le,
the r
isk
man
agem
en
t in
GT
247.
co
m a
nd
Vo
ltb
et
is s
pecifi
cal
ly
tailo
red
fo
r th
e p
rod
ucts
an
d s
erv
ices
eac
h p
rovi
des.
T
he G
rou
p’s
ris
k m
anag
em
en
t p
olic
ies
are e
stab
lish
ed
to
id
en
tify
and
an
alys
e t
he r
isks
fac
ed
by
the G
rou
p,
to s
et
app
rop
riate
ris
k lim
its a
nd
co
ntr
ols
, an
d t
o m
on
itor
risks
an
d a
dh
ere
nce
to l
imits
. R
isk
man
agem
en
t p
olic
ies
and
sys
tem
s ar
e r
evi
ew
ed
reg
ula
rly
to r
efle
ct c
han
ges
in
mar
ket
con
diti
on
s an
d t
he G
rou
p’s
act
iviti
es.
Th
e G
rou
p a
ims
to d
eve
lop
a d
isci
plin
ed
an
d
con
stru
ctiv
e c
on
tro
l en
viro
nm
en
t in
wh
ich
all
em
plo
yees
un
ders
tan
d th
eir
role
s an
d o
blig
atio
ns.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 37
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
5.
Fin
anci
al r
isk
man
age
me
nt
co
ntin
ued
C
red
it r
isk
C
red
it ri
sk is
th
e r
isk
of
finan
cia
l lo
ss t
o t
he G
rou
p if
a c
ust
om
er
or
co
un
terp
arty
to
a fi
nan
cia
l in
stru
men
t fa
ils t
o m
eet
its c
on
trac
tual
ob
ligat
ion
s, a
nd
ari
ses
pri
ncip
ally
fro
m t
he G
rou
p’s
re
ceiv
able
s fr
om
cu
sto
mers
, tra
din
g c
ou
nte
rpar
ties
and
inve
stm
en
ts.
Tr
ade
an
d o
the
r re
ceiv
able
s
G
T24
7.co
m a
nd
GT
Pri
vate
Bro
kin
g’s
(Deri
vativ
es
Bu
sin
ess
) cu
sto
mers
are
req
uired
to
dep
osi
t cas
h b
efo
re t
rad
ing
an
d p
ay in
itial
mar
gin
on
all
trad
es.
Th
e c
lien
t b
alan
ces
are a
dju
sted
an
d
revi
ew
ed
dai
ly a
nd
an
y m
arg
in c
alls
fo
llow
ed
up
im
med
iate
ly.
Wh
ere
a m
arg
in c
all
is n
ot
reso
lved
th
rou
gh
a c
ash
dep
osi
t, t
he c
lien
t’s t
rad
ing
po
sitio
ns
are l
iqu
idat
ed
to
co
ver
the
mar
gin
cal
l.
V
oltb
et’s
cu
sto
mers
are
req
uired
to
dep
osi
t cas
h t
o c
ove
r al
l b
ets
befo
re a
bet
is a
ccep
ted
. N
o c
red
it is
giv
en
.
In
Pu
rple
Cap
ital
and
Pu
rple
Cap
ital
Treas
ury
, tr
ade r
eceiv
able
s ar
e r
est
ricte
d t
o a
few
lar
ge
co
rpo
rate
s w
ho
se li
qu
idity
po
sitio
n is
kn
ow
n t
o t
he G
rou
p.
C
red
it ri
sk is
co
ncen
trat
ed
in S
ou
th A
fric
a. T
he G
rou
p e
stab
lish
es
an a
llow
ance fo
r im
pai
rmen
t th
at r
ep
rese
nts
its
est
imat
e o
f in
cu
rred
loss
es
in r
esp
ect
of
trad
e a
nd
oth
er
receiv
able
s. T
he
mai
n c
om
po
nen
t o
f th
is a
llow
ance i
s a
specifi
c l
oss
co
mp
on
en
t th
at r
ela
tes
to i
nd
ivid
ual
ly
sig
nifi
can
t exp
osu
res.
Tr
adin
g c
ou
nte
rpar
tie
s
T
he D
eri
vativ
es
Bu
sin
ess
has
var
iou
s tr
adin
g c
ou
nte
rpar
ties
and
miti
gat
es
the r
isk
of
defa
ult
thro
ug
h u
sin
g m
ultip
le c
ou
nte
rpar
ties
and
eva
luat
ing
th
e c
ou
nte
rpar
ty c
red
it w
ort
hin
ess
on
an
on
go
ing
bas
is.
C
lien
t exp
osu
re is
co
ntr
olle
d t
hro
ug
h r
isk
limits
an
d t
he m
arg
inin
g p
rocess
.
O
the
r in
vest
me
nts
P
urp
le C
apita
l m
on
itors
th
e c
red
it ri
sk o
f its
var
iou
s in
vest
men
ts o
n a
n o
ng
oin
g b
asis
an
d
will
liai
se w
ith m
anag
em
en
t to
reso
lve a
ny
pro
ble
ms
that
may
ari
se b
efo
re t
hey
cau
se c
red
it p
rob
lem
s.
Li
qu
idit
y ri
sk
Liq
uid
ity r
isk
is t
he r
isk
that
th
e G
rou
p w
ill n
ot
be a
ble
to
meet
its fi
nan
cial
ob
ligat
ion
s as
th
ey
fall
du
e. T
he G
rou
p’s
ap
pro
ach
to
man
agin
g li
qu
idity
is t
o e
nsu
re, a
s fa
r as
po
ssib
le, t
hat
it w
ill
alw
ays
hav
e s
uffi
cien
t liq
uid
ity t
o m
eet
its li
abili
ties
wh
en
du
e, u
nd
er
bo
th n
orm
al a
nd
str
ess
ed
co
nd
itio
ns,
with
ou
t in
curr
ing
un
acce
pta
ble
loss
es
or
riski
ng
dam
age to
th
e G
rou
p’s
rep
uta
tion
.
M
arke
t ri
sk
M
arke
t ri
sk is
th
e r
isk
that
ch
ang
es
in m
arke
t p
rices,
su
ch
as
fore
ign
exc
han
ge r
ates,
inte
rest
rate
s an
d e
qu
ity p
rices
will
aff
ect
the G
rou
p’s
inco
me o
r th
e v
alu
e o
f its
ho
ldin
gs
of
finan
cia
l
inst
rum
en
ts. T
he o
bje
ctiv
e o
f m
arke
t ri
sk m
anag
em
en
t is
to
man
age a
nd
co
ntr
ol m
arke
t ri
sk
exp
osu
res
with
in a
ccep
tab
le p
aram
ete
rs, w
hile
op
timis
ing
th
e r
etu
rn.
T
he D
eri
vativ
es
Bu
sin
ess
an
d A
sset
Man
agem
en
t B
usi
ness
bu
ys a
nd
sells
deri
vativ
es,
an
d a
lso
incu
rs fi
nan
cia
l lia
bili
ties,
in o
rder
to m
anag
e m
arke
t ris
ks. A
ll su
ch
tran
sactio
ns
are c
arri
ed
ou
t
with
in t
he g
uid
elin
es
set
by
the b
oar
d a
nd
th
e r
isk
co
mm
ittee.
C
urr
en
cy r
isk
T
he G
rou
p is
exp
ose
d t
o c
urr
en
cy
risk
on
exp
en
ses
that
are
den
om
inat
ed
in a
cu
rren
cy
oth
er
than
th
e r
esp
ectiv
e f
un
ctio
nal
cu
rren
cie
s o
f G
rou
p e
ntit
ies,
pri
mar
ily t
he S
ou
th A
fric
an R
and
.
In
tere
st o
n b
orr
ow
ing
s is
den
om
inat
ed
in c
urr
en
cie
s th
at m
atch
th
e c
ash
flo
ws
gen
era
ted
by
the u
nd
erl
yin
g o
pera
tion
s o
f th
e G
rou
p, p
rim
arily
So
uth
Afr
ican
Ran
d (
ZA
R).
In
resp
ect
of
oth
er
mo
neta
ry a
ssets
an
d l
iab
ilitie
s d
en
om
inat
ed
in
fo
reig
n c
urr
en
cie
s, t
he
Gro
up
en
sure
s th
at it
s n
et
exp
osu
re is
kep
t to
an
accep
tab
le le
vel b
y b
uyi
ng
or
selli
ng
fo
reig
n
cu
rren
cie
s at
sp
ot
rate
s w
hen
necess
ary
to a
dd
ress
sh
ort
-term
imb
alan
ces.
In
tere
st r
ate
ris
k
T
he G
rou
p i
s exp
ose
d t
o i
nte
rest
rat
e r
isk
on
its
lo
ans
and
bo
rro
win
gs,
cas
h a
nd
cas
h
eq
uiv
alen
ts a
nd
oth
er
inve
stm
en
ts t
hat
are
lin
ked
to
pri
me in
tere
st r
ates.
Th
e G
rou
p d
oes
no
t
hed
ge t
hese
pre
sen
tly
bu
t w
ou
ld d
o s
o if
it f
elt t
hat
it w
as n
ecess
ary.
P
urp
le C
apita
l’s i
nve
stm
en
ts a
re s
ub
ject
to v
aria
ble
in
tere
st r
ates
and
are
exp
ose
d t
o a
ris
k
of
ch
ang
e i
n c
ash
flo
ws
du
e t
o c
han
ges
in i
nte
rest
rat
es.
Eq
uity
in
vest
men
ts a
nd
tra
de
receiv
able
s an
d p
ayab
les
are n
ot
exp
ose
d t
o in
tere
st r
ate r
isks
.
O
the
r m
arke
t p
rice
ris
k
E
qu
ity p
rice r
isk
has
an
im
pac
t o
n t
he f
air
valu
e o
f P
urp
le C
apita
l’s i
nve
stm
en
ts.
Mat
eri
al
inve
stm
en
ts a
re c
on
stan
tly
mo
nito
red
an
d b
uy
and
sell
decis
ion
s ap
pro
ved
by
the b
oar
d.
T
he D
eri
vativ
es
Bu
sin
ess
op
era
tion
s ar
e s
ub
ject
to e
qu
ity, co
mm
od
ity, in
dic
es
and
cu
rren
cy
pri
ce m
ove
men
ts. D
eta
iled
val
ue-a
t-ri
sk a
nal
ysis
is p
erf
orm
ed
on
a c
on
tinu
al b
asis
to
en
sure
the D
eri
vativ
es
Bu
sin
ess
lim
its a
re n
ot
bre
ach
ed
an
d a
pp
rop
riat
e h
ed
ges
are in
pla
ce.
E
xpo
sure
to th
ese
risk
s is
als
o m
itig
ated
thro
ug
h th
e b
uyi
ng
an
d s
elli
ng
of d
eriv
ativ
e in
stru
men
ts.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201338
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
5.
Fin
anci
al r
isk
man
age
me
nt
co
ntin
ued
C
apit
al m
anag
em
en
t
T
he b
oar
d’s
po
licy
is t
o m
ain
tain
a s
tro
ng
cap
ital b
ase s
o a
s to
mai
nta
in in
vest
or, c
red
itor
and
mar
ket
co
nfid
en
ce a
nd
to
su
stai
n f
utu
re d
eve
lop
men
t o
f th
e b
usi
ness
. T
he b
oar
d s
eeks
to
mai
nta
in a
bal
ance b
etw
een
th
e h
igh
er
retu
rns
that
mig
ht
be p
oss
ible
with
hig
her
leve
ls o
f
bo
rro
win
gs
and
th
e a
dva
nta
ges
and
secu
rity
aff
ord
ed
by
a so
un
d c
apita
l po
sitio
n.
T
he b
oar
d c
on
sid
ers
its
eq
uity
an
d l
on
g-t
erm
bo
rro
win
gs
(as
per
the s
tate
men
t o
f fin
ancia
l
po
sitio
n) a
s its
cap
ital a
nd
man
ages
this
to e
nsu
re th
e G
rou
p is
ad
eq
uat
ely
fun
ded
to c
on
tinu
e
its g
row
th a
nd
fu
nd
its
in
vest
men
ts.
Th
ere
were
no
ch
ang
es
in t
he G
rou
p’s
ap
pro
ach
to
cap
ital m
anag
em
en
t d
uri
ng
th
e y
ear
.
N
eith
er
the C
om
pan
y n
or
any
of
its s
ub
sid
iari
es
are s
ub
ject
to e
xtern
ally
im
po
sed
cap
ital
req
uirem
en
ts.
6.
op
era
tin
g s
eg
me
nts
T
he o
pera
ting
seg
men
ts a
re d
istin
gu
ish
ed
by
the t
ype o
f b
usi
ness
an
d t
he m
anag
em
en
t te
am
resp
on
sib
le f
or
the b
usi
ness
un
it. T
he G
rou
p c
om
pri
ses
the f
ollo
win
g o
pera
ting
seg
men
ts:
GT
24
7.co
m a
nd
EA
M:
are t
he d
eri
vativ
es
trad
ing
an
d a
sset
man
agem
en
t o
pera
tion
s o
f
the G
rou
p;
Pu
rple
Cap
ital
: in
clu
des
the o
pera
ting
co
sts
of
the h
ead
offi
ce;
Inve
stm
en
ts: f
ees
and
div
iden
ds
ear
ned
on
inve
stm
en
ts a
nd
fai
r va
lue a
dju
stm
en
ts m
ade
agai
nst
th
em
;
Po
we
rbe
t G
amin
g P
rop
rie
tary
Lim
ite
d t
rad
ing
as
Vo
ltb
et:
was
the G
rou
p’s
sp
ort
s b
ett
ing
op
era
tion
; an
d
Pu
rple
Cap
ital
Tre
asu
ry P
rop
rie
tary
Lim
ite
d:
was
th
e t
reas
ury
ou
tso
urc
ing
op
era
tion
s o
f
the b
usi
ness
.
6.
op
era
tin
g s
eg
me
nts
co
ntin
ued
Gt
24
7.co
man
d E
aM
r’0
00
pu
rple
C
apit
al
r’0
00
inve
stm
ents
r’0
00
tota
lr
’00
0
20
13
Seg
me
nt
asse
t
No
n-c
urr
en
t as
sets
9 8
69
22
3 3
98
34
22
4
26
7 4
91
Cu
rren
t as
sets
126
65
53
0 2
79–
1
56
93
4
Tota
l ass
ets
136
52
42
53
677
34
22
44
24
42
5
Seg
me
nt
liab
iliti
es
No
n-c
urr
en
t lia
bili
ties
––
––
Cu
rren
t lia
bili
ties
132
60
115
79
6–
148
39
7
Tota
l lia
bili
tie
s13
2 6
01
15 7
96
–14
8 3
97
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 39
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
6.
op
era
tin
g s
eg
me
nts
co
ntin
ued
T
her
e ar
e n
o u
nal
loca
ted
am
ou
nts
. Th
e o
nly
mat
eria
l in
ter-
seg
men
t re
ven
ue
is t
he
man
agem
ent
fees
th
at P
urp
le C
apita
l ch
arg
ed F
irst
Wo
rld T
rad
er P
rop
rieta
ry L
imite
d o
f R
6 2
11 0
00
(20
12: R
4 0
80
00
0)
for
the
year
.
dis
con
tin
ued
Gt
24
7.co
man
d E
aM
r’0
00
pu
rple
C
apit
al
r’0
00
inve
stm
ents
r’0
00
Vo
ltb
etr
’00
0
pu
rple
C
apit
altr
easu
ry
r’0
00
inte
r-se
gm
ent
reve
nu
esr
’00
0to
tal
r’0
00
20
13
Reve
nu
e8
2 9
21
6 2
11–
5 9
34
2 0
23
(6 2
11)
90
878
Trad
ing
exp
en
ses
(7 1
09
)–
–(2
48
9)
(36
9)
–(9
96
7)
Op
era
ting
exp
en
ses
(60
63
5)
(7 0
19)
(1 3
20
)(1
8 0
84
)(4
53
3)
6 2
11(8
5 3
80
)
Ne
t in
com
e/(
loss
)
15
177
(80
8)
(1 3
20
)(1
4 6
39
)(2
879
)–
(4
46
9)
Oth
er
inco
me a
nd
fai
r va
lue a
dju
stm
en
ts2
59
–(1
5 3
24
)–
––
(15
06
5)
Pro
fit o
n s
ale o
f su
bsi
dia
ry–
––
21
39
23
21
–2
1 71
3
Pro
fit/
(lo
ss)
be
fore
inte
rest
, de
pre
ciat
ion
an
d a
mo
rtis
atio
n15
43
6(8
08
)(1
6 6
44
) 6
75
3 (
2 5
58
)–
2 1
79
Inte
rest
inco
me
–3
68
––
––
36
8
Inte
rest
exp
en
se(8
)(1
076
)–
––
–(1
08
4)
Dep
recia
tion
an
d a
mo
rtis
atio
n(1
76
7)(3
0)
–(6
04
)(4
89
)–
(2 8
90
)
Pro
fit/
(lo
ss)
be
fore
tax
1
3 6
61
(1
54
6)
(16
64
4)
6 1
49
(3
04
7)–
(1
42
7)
Cu
rren
t an
d d
efe
rred
tax
(2 2
63
)9
113
74
31
164
137
–3
69
2
Pro
fit/
(lo
ss)
afte
r ta
x11
39
8
(
63
5)
(12
90
1)7
313
(2 9
10)
– 2
26
5
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201340
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
6.
op
era
tin
g s
eg
me
nts
co
ntin
ued
dis
con
tin
ued
Gt
24
.co
man
d E
aM
r’0
00
pu
rple
C
apit
al
r’0
00
inve
stm
ents
r’0
00
Vo
ltb
etr
’00
0
pu
rple
C
apit
altr
easu
ry
r’0
00
inte
r-se
gm
ent
reve
nu
esr
’00
0to
tal
r’0
00
20
12
Reve
nu
e77
74
64
75
1–
3 8
59
5 1
21
(4 0
80
)8
7 3
97
Trad
ing
exp
en
ses
(9 4
57)
––
(1 9
03
)(9
30
)–
(12
29
0)
Op
era
ting
exp
en
ses
(46
311
)(1
3 9
46
)–
(11
738
)(9
25
0)
4 0
80
(77
165
)
Ne
t in
com
e/(
loss
)2
1 9
78(9
19
5)
–(9
78
2)
(5 0
59
)–
(2
05
8)
Oth
er
inco
me a
nd
fai
r va
lue a
dju
stm
en
ts5
03
5 8
31
3 3
56
––
–9
69
0
Pro
fit/
(lo
ss)
be
fore
inte
rest
, de
pre
ciat
ion
an
d a
mo
rtis
atio
n2
2 4
81
(3 3
64
)3
35
6(9
78
2)
(5 0
59
)–
7 6
32
Net
inte
rest
exp
en
se(1
3)
(95
8)
––
––
(971
)
Dep
recia
tion
an
d a
mo
rtis
atio
n(1
56
3)
(54
)–
(53
9)
(870
)–
(3 0
26
)
Pro
fit/
(lo
ss)
be
fore
tax
20
90
5(4
376
)3
35
6(1
0 3
21)
(5 9
29
)–
3 6
35
Cu
rren
t an
d d
efe
rred
tax
(3 0
85
)(1
38
2)
2 2
45
1 5
53
248
–(4
21)
Pro
fit/
(lo
ss)
afte
r ta
x17
82
0(5
75
8)
5 6
01
(8
768
)(5
68
1)–
3 2
14
No
n-c
on
tro
llin
g in
tere
sts
––
–14
75
87
–73
4
17 8
20
(5 7
58
)5
60
1(8
62
1)(5
09
4)
–3
94
8
Seg
me
nt
asse
t
No
n-c
urr
en
t as
sets
5 6
03
22
9 1
745
0 5
00
1 4
37
––
28
6 7
14
Cu
rren
t as
sets
65
72
210
9–
99
51
175
–6
8 0
01
71 3
25
22
9 2
83
50
50
02
43
21
175
–3
54
715
Seg
me
nt
liab
iliti
es
No
n-c
urr
en
t lia
bili
ties
–1
731
––
––
1 73
1
Cu
rren
t lia
bili
ties
66
84
89
28
1–
2 2
09
1 0
49
–79
38
7
66
84
811
012
–2
20
9 1
04
9–
81
118
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 41
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
02
012
R’0
00
6.
op
era
tin
g s
eg
me
nts
co
ntin
ued
Re
con
cilia
tio
ns
of
rep
ort
able
se
gm
en
t re
ven
ue
s,
exp
en
ses,
pro
fit
or
loss
an
d o
the
r m
ate
rial
ite
ms
Tota
l reve
nu
e f
or
rep
ort
able
seg
men
ts9
0 8
788
7 3
97
Elim
inat
ion
of
dis
co
ntin
ued
op
era
tion
s(7
95
7)(8
98
0)
Re
ven
ue
– c
on
tin
uin
g o
pe
rati
on
s8
2 9
21
78 4
17
Tota
l tra
din
g e
xpen
ses
for
rep
ort
able
seg
men
ts(9
96
7)(1
2 2
90
)
Elim
inat
ion
of
dis
co
ntin
ued
op
era
tion
s2
85
82
83
3
Trad
ing
exp
en
ses
– c
on
tin
uin
g o
pe
rati
on
s(7
10
9)
(9 4
57)
Tota
l op
era
ting
exp
en
ses
for
rep
ort
able
seg
men
ts(8
5 3
80
)(7
7 16
5)
Elim
inat
ion
of
dis
co
ntin
ued
op
era
tion
s2
2 6
172
0 9
88
Op
era
tin
g e
xpe
nse
s –
co
nti
nu
ing
op
era
tio
ns
(62
76
3)
(56
177
)
Tota
l fai
r va
lue a
nd
oth
er
inco
me f
or
rep
ort
able
seg
men
ts(1
5 0
65
)9
69
0
Ad
d f
air
valu
e a
dju
stm
en
ts15
32
4(3
35
6)
Ad
d G
TE
dis
trib
utio
n–
(5 8
32
)
Oth
er
inco
me
– c
on
tin
uin
g o
pe
rati
on
s2
59
50
2
Tota
l tax
per
seg
men
tal r
ep
ort
ing
3 6
92
(42
1)
Elim
inat
ion
of
dis
co
ntin
ued
op
era
tion
s(1
30
1)(1
80
1)
Tax
– c
on
tin
uin
g o
pe
rati
on
s2
39
1(2
22
2)
Tota
l pro
fit o
r lo
ss p
er
seg
men
tal r
ep
ort
ing
2 2
65
3 9
48
Elim
inat
ion
of
dis
co
ntin
ued
op
era
tion
s(4
40
3)
13 7
15
Pro
fit
or
loss
– c
on
tin
uin
g o
pe
rati
on
s(2
13
8)
17 6
63
7.B
usi
ne
ss c
om
bin
atio
ns
Th
ere
were
no
bu
sin
ess
co
mb
inat
ion
s d
uri
ng
20
13.
20
13r
’00
02
012
R’0
00
8.
re
ven
ue
Co
nti
nu
ing
op
era
tio
ns
Trad
ing
an
d a
sset
man
agem
en
t in
co
me
82
43
475
89
8
Oth
er
fee in
co
me
48
72
519
Tota
l re
ven
ue
82
92
178
417
9.
trad
ing
an
d o
pe
rati
ng
exp
en
ses
Co
nti
nu
ing
op
era
tio
ns
Trad
ing
exp
en
ses
7 10
99
45
7
Bro
ker
co
mm
issi
on
3 3
24
4 1
63
Sale
s co
mm
issi
on
2 4
773
777
Rese
arch
co
sts
1 3
08
1 5
17
Pe
rso
nn
el e
xpe
nse
s3
3 0
09
34
33
0
Wag
es
and
sal
arie
s3
1 2
163
1 6
29
Shar
e-b
ased
pay
men
t exp
en
se1
793
2 7
01
Au
dit
or’
s re
mu
ne
rati
on
875
52
9
Au
dit
fees
– c
urr
en
t ye
ar8
755
29
List
ing
exp
en
ses
20
54
25
Leas
e r
en
tals
4 5
81
5 1
90
Pre
mis
es
4 3
155
02
1
Eq
uip
men
t2
66
169
Fee
s p
aid
fo
r se
rvic
es
3 7
35
3 3
98
Co
nsu
ltin
g2
93
79
3
Leg
al79
83
30
5
De
pre
ciat
ion
971
95
5
Co
mp
ute
r eq
uip
men
t3
41
38
1
Furn
iture
an
d fi
ttin
gs
617
54
9
Offi
ce e
qu
ipm
en
t13
25
Am
ort
isat
ion
of
inta
ng
ible
s8
26
66
2
Ava
ilab
le-f
or-
sale
re
cycl
ed
to
pro
fit
and
loss
(44
)–
Imp
airm
en
t lo
ss1
32
0–
Fore
ign
exc
han
ge
loss
60
59
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201342
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
02
012
R’0
00
10.
oth
er
inco
me
Co
nti
nu
ing
op
era
tio
ns
Oth
er
inco
me
25
9
50
2*
Glo
bal
Tra
der
Eu
rop
e d
istr
ibu
tion
–5
83
2*
* T
hese
am
ou
nts
were
dis
clo
sed
in a
gg
reg
ate in
th
e 2
012
Gro
up
fin
ancia
l sta
tem
en
ts. T
hey
are n
ow
dis
clo
sed
sep
arat
ely
to
cla
rify
th
e d
ecre
ase in
oth
er
inco
me in
th
e c
urr
en
t ye
ar. T
he a
bo
ve
ch
ang
e in
pre
sen
tatio
n h
as h
ad n
o e
ffect
on
th
e G
rou
p’s
pro
fit
or
loss
, sta
tem
en
t o
f ch
ang
es
in e
qu
ity o
r st
atem
en
t o
f fin
ancia
l p
osi
tion
.
11.
ne
t in
tere
st e
xpe
nse
Co
nti
nu
ing
op
era
tio
ns
Inte
rest
inco
me o
n b
ank
dep
osi
ts3
68
94
Inte
rest
inco
me o
n d
eb
en
ture
s–
188
Inte
rest
on
lon
g-t
erm
receiv
able
s–
90
Tota
l in
tere
st in
com
e3
68
372
Tota
l in
tere
st e
xpe
nse
(1 0
84
)(1
34
3)
Ne
t in
tere
st e
xpe
nse
(716
)(9
71)
20
13r
’00
02
012
R’0
00
12.
Cu
rre
nt
and
de
ferr
ed
tax
co
ntin
ued
Co
nti
nu
ing
op
era
tio
ns
Re
cog
nis
ed
in t
he
inco
me
sta
tem
en
t
Cu
rren
t ta
x exp
en
se(3
079
)(3
86
1)
Pri
or
year
tax
exp
en
se–
–
(3 0
79)
(3 8
61)
De
ferr
ed
tax
exp
en
se
Ori
gin
atio
n a
nd
reve
rsal
of
tem
po
rary
diff
ere
nces
4 5
39
35
2
Util
isat
ion
of
cu
rren
t ye
ar’s
tax
loss
93
11
28
7
Tota
l de
ferr
ed
tax
5 4
701
63
9
Tota
l cu
rre
nt
and
de
ferr
ed
tax
2 3
91
(2 2
22
)
Re
con
cilia
tio
n o
f e
ffe
ctiv
e t
ax r
ate
:%
%
Inco
me t
ax c
har
ged
to
inco
me s
tate
men
t(5
2,8
)11
,2
Tax
exe
mp
t in
co
me
156
,7 1
0,2
No
n-d
ed
uctib
le e
xpen
ses
(12
2,8
)(2
,1)
Ass
ess
ed
loss
es
no
t re
co
gn
ised
3,1
1,5
Cap
ital g
ain
s ta
x–
(3,1
)
Ch
ang
e in
inclu
sio
n r
ate*
–8
,3
Reve
rsal
of
pri
or
year
pro
visi
on
s(1
2,2
)2
,0
Do
me
stic
tax
rat
e(2
8,0
)2
8,0
*
Th
e in
clu
sio
n r
ate f
or
cap
ital g
ain
s ta
x ch
ang
ed
fro
m 5
0%
to
66
,66
% in
th
e p
rio
r ye
ar.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 43
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
13.
Eq
uip
me
nt
T
he m
ove
men
t in
th
e G
rou
p’s
eq
uip
men
t fo
r th
e y
ear
en
ded
31
Au
gu
st 2
013
is a
s fo
llow
s:
No
te
Co
mp
ute
req
uip
men
tr
’00
0
Fixt
ure
s,fi
ttin
gs
and
leas
eho
ldim
pro
vem
ents
r’0
00
offi
ceeq
uip
men
tr
’00
0to
tal
r’0
00
Co
st
Bal
ance o
n 1
Sep
tem
ber
20
115
73
23
90
42
64
9 9
00
Ad
diti
on
s2
7872
88
43
8
Bal
ance a
t 3
1 A
ug
ust
20
126
010
3 9
763
52
10 3
38
Ad
diti
on
s14
12
46
06
92
670
Sale
of
sub
sid
iary
36
(51)
(30
)–
(81)
Bal
ance
at
31
Au
gu
st 2
013
6 1
00
6 4
06
42
112
92
7
Acc
um
ula
ted
de
pre
ciat
ion
an
d im
pai
rme
nt
loss
es
Bal
ance o
n 1
Sep
tem
ber
20
115
06
42
614
23
57
913
Dep
recia
tion
fo
r th
e y
ear
*9
40
65
55
25
98
6
Bal
ance a
t 3
1 A
ug
ust
20
125
470
3 1
69
26
08
89
9
Dep
recia
tion
fo
r th
e y
ear
*9
35
56
22
139
90
Sale
of
sub
sid
iary
36
(16
)(1
8)
–(3
4)
Bal
ance
at
31
Au
gu
st 2
013
5 8
09
3 7
732
739
85
5
Car
ryin
g a
mo
un
ts
At
1 Se
pte
mb
er
20
116
68
1 2
90
29
1 9
87
At
31
Au
gu
st 2
012
54
08
07
92
1 4
39
At
31
Au
gu
st 2
013
29
12
63
314
83
072
*
Dep
recia
tion
inclu
des
co
ntin
uin
g o
pera
tion
s d
ep
recia
tion
of
R9
71 0
00
(20
12:
R9
55 0
00
) (r
efe
r to
no
te 9
) an
d d
isco
ntin
ued
op
era
tion
s d
ep
recia
tion
of
R19
00
0 (20
12:
R31
00
0).
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201344
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
14.
inta
ng
ible
ass
ets
an
d g
oo
dw
ill
T
he m
ove
men
t in
th
e G
rou
p’s
inta
ng
ible
ass
ets
an
d g
oo
dw
ill f
or
the y
ear
en
ded
31
Au
gu
st 2
013
is a
s fo
llow
s:
No
tes
Go
od
will
r’0
00
Cu
sto
mer
rela
tio
n-
ship
sr
’00
0C
on
trac
tsr
’00
0
soft
war
ed
evel
op
-m
ent
r’0
00
Em
plo
yees
r’0
00
Bra
nd
r’0
00
tota
lr
’00
0
Co
st
Bal
ance a
t 1
Sep
tem
ber
20
112
16 5
774
1 9
26
2 0
36
34
54
13
83
3–
2
98
913
Ad
diti
on
s–
––
155
–2
56
02
715
Bal
ance
at
31
Au
gu
st 2
012
216
577
41
92
62
03
63
4 6
96
3 8
33
2 5
60
3
01
62
8
Bal
ance
at
1 Se
pte
mb
er
20
122
16 5
774
1 9
26
2 0
36
34
69
63
83
32
56
0 3
01
62
8
Ad
diti
on
s–
––
86
2–
–8
62
Dis
po
sal o
f su
bsi
dia
ry3
6(3
578
)(1
18
0)
(270
)–
(3
83
3)
(2 5
60
)(1
1 4
21)
Bal
ance
at
31
Au
gu
st 2
013
212
99
94
0 7
46
1 76
63
5 5
58
––
29
1 0
69
Acc
um
ula
ted
am
ort
isat
ion
an
d im
pai
rme
nt
loss
es
Bal
ance
at
1 Se
pte
mb
er
20
118
43
14
0 9
63
1 8
89
32
415
703
–8
4 4
01
Am
ort
isat
ion
fo
r th
e y
ear
*9
–2
37
135
66
176
72
38
2 0
38
Bal
ance
at
31
Au
gu
st 2
012
8 4
31
41
20
02
024
33
076
1 4
702
38
86
43
9
Bal
ance
at
1 Se
pte
mb
er
20
128
43
14
1 2
00
2 0
24
33
076
1 4
702
38
86
43
9
Am
ort
isat
ion
fo
r th
e y
ear
*9
–16
579
82
75
44
28
51
90
0
Dis
po
sal o
f su
bsi
dia
ry3
6–
(619
)(3
37)
–(2
014
)(5
23
)(3
49
3)
Bal
ance
at
31
Au
gu
st 2
013
8 4
31
40
74
61
766
33
90
3–
– 8
4 8
46
Car
ryin
g a
mo
un
ts
At
1 Se
pte
mb
er
20
112
08
14
69
63
147
2 1
26
3 1
30
–2
14 5
12
At
31
Au
gu
st 2
012
20
8 1
46
726
121
62
02
36
32
32
22
15 1
89
At
31
Au
gu
st 2
013
20
4 5
68
––
1 6
55
––
20
6 2
23
*
Th
e a
mo
rtis
atio
n in
clu
des
the c
on
tinu
ing
op
era
tion
s am
ort
isat
ion
am
ou
nt
of
R8
26
00
0 (20
12:
R6
62 0
00
), (R
efe
r n
ote
9) an
d t
he a
mo
rtis
atio
n f
rom
dis
co
ntin
ued
op
era
tion
s fo
r th
e y
ear
of
R1
074
00
0 (20
12:
R1
34
7 0
00
).
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 45
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
14.
inta
ng
ible
ass
ets
an
d g
oo
dw
ill c
on
tinu
ed
T
he in
tan
gib
le a
ssets
were
acq
uired
as
par
t of t
he G
lob
al T
rad
er
pu
rch
ase in
No
vem
ber
20
07
and
th
e P
ow
erb
et G
amin
g a
nd
Pu
rple
Cap
ital T
reas
ury
acq
uis
itio
ns
on
1 O
cto
ber
20
10. E
ach
was
val
ued
at
the d
ate o
f ac
qu
isiti
on
. P
urp
le C
apita
l Tr
eas
ury
an
d P
ow
erb
et
Gam
ing
w
ere
sold
in t
he c
urr
en
t ye
ar.
P
urp
le C
apita
l Tr
eas
ury
had
a n
eg
ativ
e g
oo
dw
ill o
f R
755
00
0 r
eco
gn
ised
in
pro
fit o
r lo
ss.
Po
werb
et
Gam
ing
had
po
sitiv
e g
oo
dw
ill o
f R
3,6
mill
ion
.
P
er
IAS
38
, wo
rkfo
rce m
ay b
e reco
gn
ised
as
an in
tan
gib
le a
sset i
f th
e k
no
wle
dg
e is
pro
tecte
d
by
a le
gal
rig
ht. P
urp
le C
apita
l exe
rcis
es
co
ntr
ol o
ver
the e
xpecte
d fu
ture
eco
no
mic
ben
efit
s
aris
ing
fro
m t
he t
eam
of
skill
ed
sta
ff a
nd
fro
m t
rain
ing
du
e t
o t
he r
est
rain
t o
f tr
ade n
ote
d in
eac
h e
mp
loye
e’s
co
ntr
act.
Im
pai
rme
nt
test
ing
fo
r ca
sh-g
en
era
tin
g u
nit
s co
nta
inin
g g
oo
dw
ill
Fo
r th
e p
urp
ose
of
imp
airm
en
t te
stin
g,
go
od
will
is
allo
cat
ed
to
th
e G
rou
p’s
op
era
ting
div
isio
ns
wh
ich
rep
rese
nt
the lo
west
leve
l with
in t
he G
rou
p a
t w
hic
h g
oo
dw
ill is
mo
nito
red
for
inte
rnal
man
agem
en
t p
urp
ose
s. T
he a
gg
reg
ate c
arry
ing
am
ou
nts
of
go
od
will
allo
cat
ed
to e
ach
un
it ar
e a
s fo
llow
s:
20
13r
’00
02
012
R’0
00
Glo
bal
Tra
der
20
4 5
68
20
4 5
68
Po
werb
et
Gam
ing
(su
bsi
dia
ry s
old
in t
he c
urr
en
t ye
ar)
–3
578
20
4 5
68
20
8 1
46
T
he im
pai
rmen
t te
sts
were
bas
ed
on
fair
val
ue le
ss c
ost
s to
sell.
Th
e fa
ir v
alu
e w
as c
alcu
late
d
usi
ng
an
eig
ht-
year
(2
012
: 10
-year
) d
isco
un
ted
cas
h fl
ow
mo
del
bas
ed
on
th
e p
roje
cte
d
inco
me a
nd
exp
en
ses
of
the b
usi
ness
dis
co
un
ted
at
an a
pp
rop
riat
e w
eig
hte
d a
vera
ge c
ost
of c
apita
l. T
he r
eco
vera
ble
am
ou
nt o
f eac
h u
nit
was
in e
xcess
of t
he g
oo
dw
ill c
arry
ing
val
ue.
T
he v
alu
es
assi
gn
ed
to
th
e k
ey
assu
mp
tion
s in
th
e d
isco
un
ted
cas
h fl
ow
mo
del
rep
rese
nt
man
agem
en
t’s a
ssess
men
t o
f fu
ture
tre
nd
s in
th
e o
nlin
e t
rad
ing
an
d s
po
rtsb
ett
ing
secto
rs
and
are
bas
ed
on
bo
th e
xtern
al s
ou
rces
and
in
tern
al s
ou
rces
(his
tori
cal
dat
a).
Th
e m
ain
dri
vers
of
the m
od
el
are t
he a
ssu
mp
tion
s ar
ou
nd
in
co
me g
row
th a
nd
mar
gin
s th
at h
ave
been
bas
ed
on
pas
t tr
en
ds
(e.g
. g
ross
mar
gin
s ac
hie
ved
) an
d m
anag
em
en
t’s v
iew
of
futu
re
pro
spects
. Th
e fai
r va
lue m
eas
ure
men
t te
ch
niq
ue w
ou
ld b
e c
ateg
ori
sed
as
Leve
l 3 in
th
e fai
r
valu
e h
iera
rch
y (s
ee n
ote
2).
Th
e v
alu
atio
n t
ech
niq
ue is
co
nsi
sten
t w
ith p
rio
r ye
ars.
14.
inta
ng
ible
ass
ets
an
d g
oo
dw
ill c
on
tinu
ed
K
ey
assu
mp
tio
ns
use
d
20
132
012
Glo
bal
Tra
de
rD
isco
un
t p
eri
od
8 y
ear
s10
year
sTe
rmin
al g
row
th r
ate (
%)
33
Dis
co
un
t ra
te (%
)11
,04
12,9
7
Po
we
rbe
t G
amin
g (
sub
sid
iary
so
ld in
th
e c
urr
en
t ye
ar)
Dis
co
un
t p
eri
od
–10
year
sTe
rmin
al g
row
th r
ate (
%)
–3
Dis
co
un
t ra
te (%
)–
19,3
T
he v
ario
us
sen
sitiv
ity a
nal
yses
perf
orm
ed
by
ch
ang
ing
key
vari
able
s b
y 1%
in t
he c
alcu
latio
n
resu
lted
in t
he r
eco
vera
ble
am
ou
nt
exc
eed
ing
th
e c
arry
ing
am
ou
nts
in a
ll in
stan
ces.
T
he d
isco
un
t peri
od
ch
ang
ed
fro
m 1
0 to
eig
ht y
ear
s si
nce th
is is
the p
eri
od
that
man
agem
en
t co
uld
cal
cu
late
relia
ble
nu
mb
ers
.
15.
inte
rest
in a
sso
ciat
e c
om
pan
ies
20
13r
’00
02
012
R’0
00
Th
e G
rou
p h
as t
he f
ollo
win
g in
vest
men
ts in
ass
ocia
te
co
mp
anie
s:
Un
liste
d
– C
ost
–3
00
– L
oan
s5
20
05
85
2
Un
liste
d s
har
es
5 2
00
6 1
52
Th
e f
ollo
win
g s
ets
ou
t th
e a
sso
cia
te a
ssets
, lia
bili
ties,
inco
me a
nd
exp
en
ses:
Stat
em
en
t o
f fi
nan
cial
po
siti
on
Ass
ets
5 2
00
743
Liab
ilitie
s(6
15
2)
(4 9
32
)
Ne
t lia
bili
ty v
alu
e(9
52
)(4
18
9)
Inco
me
sta
tem
en
t
Reve
nu
e–
–
Exp
en
ses
––
Pro
fit
––
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201346
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
15.
inte
rest
in a
sso
ciat
e c
om
pan
ies
co
ntin
ued
U
mn
om
bo
In
vest
men
t H
old
ing
s is
a
do
rman
t co
mp
any
on
ly
ho
ldin
g
inve
stm
en
ts
in
Blo
ckb
ust
er
Trad
ing
3 P
rop
rieta
ry L
imite
d a
nd
Mis
ty S
ea
Trad
ing
13
1 P
rop
rieta
ry L
imite
d.
dat
e to
wh
ich
eq
uit
y in
com
e a
cco
un
ted
fo
ris
sued
ord
inar
y sh
are
cap
ital
ho
ldin
g
Ass
oci
ate
d c
om
pan
y n
ame
Um
no
mb
o In
vest
men
t
Ho
ldin
gs
Pro
pri
eta
ry L
imite
d
31/
08
/20
1310
04
0%
16.
oth
er
inve
stm
en
ts a
nd
ava
ilab
le-f
or-
sale
inve
stm
en
ts
20
13r
’00
02
012
R’0
00
Th
e G
rou
p h
ad t
he f
ollo
win
g o
ther
inve
stm
en
ts:
Oth
er
inve
stm
en
ts –
sh
ow
n a
t fa
ir v
alu
e
Un
liste
d2
5 4
47
44
20
0
Oth
er
inve
stm
en
ts s
ho
wn
at
fair
val
ue
Stru
ctu
red
inve
stm
en
t in
list
ed
en
tity
3 5
7714
8
Loan
s an
d r
ece
ivab
les
at a
mo
rtis
ed
co
st
Un
liste
d1
143
1 13
7
Tota
l oth
er
inve
stm
en
ts3
0 1
67
45
48
5
A
ssu
mp
tion
s ap
plie
d in
est
imat
ing
th
e f
air
valu
e o
f in
vest
men
ts:
Th
e f
air
valu
es
of
un
liste
d in
vest
men
ts a
re b
ased
on
eith
er
ear
nin
gs
mu
ltip
le (
bas
ed
on
liste
d e
ntit
ies
in t
he in
du
stry
ad
just
ed
fo
r b
ein
g u
nlis
ted
) or
dis
co
un
ted
cas
h fl
ow
mo
del.
Th
e f
air
valu
e o
f lis
ted
inve
stm
en
ts a
re b
ased
on
th
e c
losi
ng
pri
ce a
t th
e r
ep
ort
ing
dat
e
or, w
here
th
ere
are
ext
en
uat
ing
circu
mst
ances,
at
the d
irecto
rs’ v
alu
atio
n.
16.
oth
er
inve
stm
en
ts a
nd
ava
ilab
le-f
or-
sale
inve
stm
en
ts c
on
tinu
ed
Fa
ir v
alu
e t
hro
ug
h p
rofi
t o
r lo
ss
20
13 %2
012 %
Un
liste
d
Afr
ican
Ind
ep
en
den
t R
eta
il Fi
nan
ce P
rop
rieta
ry L
imite
d
15
15
Blo
ckb
ust
er
Trad
ing
3 P
rop
rieta
ry L
imite
d*
37,
5
37,
5
*
Th
is is
th
e e
ntit
y u
sed
fo
r th
e R
eal
Peo
ple
So
uth
Afr
ica
BE
E t
ran
sactio
n.
In
vest
me
nts
he
ld a
t am
ort
ise
d c
ost
Deb
en
ture
s in
Afr
ican
Ind
ep
en
den
t R
eta
il Fi
nan
ce P
rop
rieta
ry L
imite
d
Shar
eh
old
ers
’ lo
ans
to A
fric
an In
dep
en
den
t R
eta
il Fi
nan
ce
Pre
fere
nce s
har
es
in B
lockb
ust
er
Trad
ing
3 P
rop
rieta
ry L
imite
d
O
the
r in
vest
me
nts
P
refe
ren
ce s
har
es
in M
isty
Sea
Trad
ing
131
Pro
prieta
ry L
imite
d t
hat
held
sh
ares
in C
ipla
Med
pro
Lim
ited
, in
dire
ctly
.
A
vaila
ble
-fo
r-sa
le in
vest
me
nts
T
he G
rou
p h
ad t
he f
ollo
win
g a
vaila
ble
-fo
r-sa
le in
vest
men
ts:
20
13r
’00
02
012
R’0
00
Bal
ance 1
Sep
tem
ber
64
23
Fair
val
ue r
eva
luat
ion
s4
22
Real
locat
ion
fro
m o
ther
inve
stm
en
t to
ava
ilab
le-f
or-
sale
–3
9
Sale
of
inve
stm
en
t(1
06
)–
Bal
ance
31
Au
gu
st 2
013
–6
4
Th
e a
vaila
ble
-fo
r-sa
le in
vest
men
ts c
om
pri
se h
old
ing
s in
list
ed
eq
uity
secu
ritie
s th
at p
rese
nt
the G
rou
p t
he o
pp
ort
un
ity f
or
retu
rn t
hro
ug
h d
ivid
en
d a
nd
tra
din
g g
ain
s.
Th
e f
air
valu
es
of
liste
d s
ecu
ritie
s ar
e b
ased
on
qu
ote
d m
arke
t p
rices.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 47
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
02
012
R’0
00
17.
lon
g-t
erm
re
ceiv
able
sR
en
tal d
ep
osi
ts
118
1 10
2
18.
de
ferr
ed
tax
ass
ets
an
d li
abil
itie
sR
eco
gn
ise
d d
efe
rre
d t
ax a
sse
ts a
nd
liab
iliti
es
Bal
ance a
t th
e b
eg
inn
ing
of
the p
eri
od
17 2
83
14 4
02
Inve
stm
en
ts a
t fa
ir v
alu
e4
60
5(6
19)
Pay
able
s an
d a
ccru
als
(16
2)
56
5
Receiv
able
s an
d p
rep
aym
en
ts14
(35
)
Tax
loss
1 9
31
2 5
19
Inta
ng
ible
ass
ets
81
(1 2
05
)
Sale
of
sub
sid
iari
es
(1 0
41)
–
Tax
inclu
sio
n r
ate c
han
ge
–1
65
6
Bal
ance
at
the
en
d o
f th
e p
eri
od
22
711
17 2
83
De
ferr
ed
tax
co
mp
rise
s th
e f
ollo
win
g:
Receiv
able
s an
d p
rep
aym
en
ts(1
46
)(1
60
)
Inta
ng
ible
ass
ets
(14
5)
(1 5
88
)
De
ferr
ed
tax
liab
ility
(29
1)(1
74
8)
Fin
ancia
l ass
ets
at
fair
val
ue
10 6
63
6 0
58
No
n-t
rad
e p
ayab
les
and
accru
als
1 78
71
94
9
Tax
loss
10 5
52
11 0
24
De
ferr
ed
tax
ass
et
23
00
219
03
1
Ne
t d
efe
rre
d t
ax a
sse
ts2
2 7
1117
28
3
T
he d
irecto
rs b
elie
ve t
hat
th
e r
atio
nal
isat
ion
of
the G
rou
p’s
co
st b
ase w
ill e
nab
le t
he G
rou
p
to t
ake a
dva
nta
ge o
f th
e d
efe
rred
tax
ass
ets
as
at 3
1 A
ug
ust
20
13.
No
defe
rred
tax
was
pro
vid
ed
on
cap
ital
loss
es
amo
un
ting
to
R4
6,6
mill
ion
(2
012
: R
54
,3 m
illio
n)
and
reve
nu
e
loss
es
of
R5,
9 m
illio
n (
20
12:
R5,
9 m
illio
n).
20
13r
’00
02
012
R’0
00
19.
trad
e a
nd
oth
er
rece
ivab
les
Trad
e r
eceiv
able
975
2 7
36
Pre
pay
men
ts a
nd
dep
osi
ts4
93
1 16
0
Oth
er
receiv
able
s*3
2 1
05
418
33
573
4 3
14
* O
ther
receiv
able
s in
clu
des
the p
roceed
s o
n th
e s
ale o
f P
ow
erb
et G
amin
g o
f R
30
00
0 0
00
. Ple
ase r
efe
r to
no
te 3
6.
All
of t
he a
bo
ve a
mo
un
ts fa
ll u
nd
er c
urr
en
t ass
ets
. Th
e G
rou
p’s
exp
osu
re to
cre
dit
and
cu
rren
cy
risks
an
d im
pai
rmen
t lo
sses
rela
ted
to
tra
de a
nd
oth
er
rece
ivab
les
is d
iscl
ose
d in
no
te 2
7.
Cu
rren
tr
’00
03
0 d
ays
r’0
00
60
day
sr
’00
09
0 d
ays
r’0
00
>90
day
sr
’00
0to
tal
r’0
00
De
bto
rs a
ge
ing
Trad
e r
eceiv
able
s2
80
20
04
84
47
–9
75
Clie
nt
receiv
able
s4
31
61
770
*8
12
Pro
visi
on
ag
ain
st
clie
nt
receiv
able
s(4
)(3
1)(6
)(1
)(7
70)
(812
)
Tota
l2
80
20
04
84
47
–9
75
* �53,
5%
of
this
bal
ance is
gre
ater
than
tw
o y
ear
s o
verd
ue.
T
here
are
no
tra
de r
eceiv
able
s im
pai
red
du
rin
g t
he c
urr
en
t ye
ar.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201348
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
02
012
R’0
00
20
.C
ash
an
d c
ash
eq
uiv
ale
nts
Cal
l dep
osi
t6
6
Ban
k b
alan
ces
3
3 7
22
36
06
7
Trad
ing
mar
gin
bro
kers
89
63
32
7 6
14
Cas
h a
nd
cas
h e
qu
ival
en
ts12
3 3
61
63
68
7
Ban
k o
verd
raft
(3 8
36
)–
Cas
h a
nd
cas
h e
qu
ival
en
ts in
th
e s
tate
me
nt
of c
ash
flo
ws
119
52
56
3 6
87
T
he G
rou
p’s
exp
osu
re t
o i
nte
rest
rat
e r
isk
and
a s
en
sitiv
ity a
nal
ysis
fo
r fin
ancia
l as
sets
an
d
liab
ilitie
s ar
e d
isclo
sed
in
no
te 2
7. T
he C
om
pan
y h
old
s R
30
1 m
illio
n (
20
12:
R16
0 m
illio
n)
of
clie
nt
fun
ds
wh
ich
are
no
t re
flecte
d o
n t
he s
tate
men
t o
f fin
ancia
l p
osi
tion
. T
hese
are
rest
ricte
d f
un
ds
and
are
no
t av
aila
ble
fo
r u
se b
y th
e e
ntit
y. In
clu
ded
in G
rou
p c
ash
an
d c
ash
eq
uiv
alen
ts a
re c
lien
t fu
nd
s h
eld
in
mar
gin
wh
ose
use
is
rest
ricte
d t
o h
ed
gin
g.
Th
e r
ela
ted
liab
ility
is in
clu
ded
un
der
clie
nt
fun
ds
liab
ility
in t
rad
e a
nd
oth
er
pay
able
s (s
ee n
ote
25
).
T
he G
rou
p h
as a
n o
verd
raft
fac
ility
to
talli
ng
R10
mill
ion
with
Merc
antil
e B
ank.
Th
e o
verd
raft
is s
ecu
red
by
a p
led
ge a
nd
cess
ion
ove
r in
vest
men
ts a
nd
un
limite
d s
ure
tysh
ip b
y P
urp
le
Cap
ital L
imite
d.
A
gu
aran
tee is
in p
lace o
ver
facili
ties
to t
he a
mo
un
t o
f R
59
7 6
00
(2
012
: R
82
2 0
00
) in
fav
ou
r
of
the le
sso
r o
f a
leas
e e
nte
red
into
by
the G
rou
p.
nu
mb
ero
f sh
ares
20
13
Nu
mb
er
of
shar
es
20
12
21.
Cap
ital
an
d r
ese
rve
sT
he n
um
ber
of
shar
es
in is
sue is
as
follo
ws:
Ord
inar
y sh
are
cap
ital
In is
sue a
t 1
Sep
tem
ber
82
0 6
55
02
28
18 2
92
02
2
Shar
e o
ptio
ns
exe
rcis
ed
(14
Dec 2
012
) (2
012
: 14
Dec 2
011
)4
00
00
04
00
00
0
Shar
es
issu
ed
– 1
4 D
ecem
ber
20
12
–1
96
3 0
00
Less
: C
ancelle
d s
har
es
(5 0
29
29
9)
–
In is
sue
at
31
Au
gu
st –
fu
lly p
aid
up
8
16 0
25
72
38
20
65
5 0
22
Less
: Tr
eas
ury
sh
ares
(45
0 0
00
)–
In is
sue
at
year
en
d
815
575
72
38
20
65
5 0
22
T
he m
ove
men
t in
sh
are c
apita
l an
d s
har
e p
rem
ium
is a
s fo
llow
s:
shar
e ca
pit
alr
’00
0
shar
ep
rem
ium
r’0
00
tota
lr
’00
0
Gro
up
Bal
ance a
t 1
Sep
tem
ber
20
118
18
2
46
7 17
4
475
35
6
Shar
e is
sue
25
5
94
6
19
Bal
ance
at
1 Se
pte
mb
er
20
12
8 2
07
46
7 76
8
475
975
Shar
e is
sue
48
48
8
Ow
n p
urc
has
ed
sh
ares*
(55
)(9
99
)(1
05
4)
Bal
ance
at
31
Au
gu
st 2
013
8
15
64
66
85
34
75 0
09
*
In t
he c
urr
en
t ye
ar, P
urp
le C
apita
l Lim
ited
bo
ug
ht
bac
k 5 0
29
29
9 o
f its
ow
n s
har
es
at a
n a
vera
ge p
rice
of
18,9
8 c
en
ts. T
he s
har
es
are im
med
iate
ly c
ancelle
d a
nd
rest
ore
d t
o a
uth
orise
d c
apita
l. G
lob
al T
rad
er
bo
ug
ht
bac
k 4
50
00
0 s
har
es,
at
an a
vera
ge p
rice o
f 0
,22 c
en
ts, in
th
e c
urr
en
t ye
ar w
hic
h a
re t
reas
ury
sh
ares
and
elim
inat
ed
on
co
nso
lidat
ion
.
A
t 31
Au
gu
st 2
013
, th
e a
uth
oris
ed
sh
are c
apita
l co
mp
rised
1 2
00
00
0 0
00
ord
inar
y sh
ares
of
R0
,01
eac
h (2
012
: 1 2
00
00
0 0
00
) an
d 1
7 6
59
610
“A” s
har
es
of R
0,0
1 eac
h (2
012
: 17
659
610
).
T
here
are
no
“A
” sh
ares
in is
sue. T
he h
old
ers
of
the r
igh
ts t
o t
he o
rdin
ary
shar
es
are e
ntit
led
to r
eceiv
e d
ivid
en
ds
fro
m t
ime t
o t
ime a
nd
are
en
title
d t
o o
ne v
ote
per
shar
e a
t m
eetin
gs
of
the C
om
pan
y. T
he h
old
ers
of
“A” sh
ares
are n
ot
en
title
d t
o r
eceiv
e d
ivid
en
ds
and
are
en
title
d
to o
ne v
ote
per
shar
e a
t m
eetin
gs
of
the C
om
pan
y.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 49
nu
mb
ero
f sh
ares
20
13
Nu
mb
er
of
shar
es
20
12
21.
Cap
ital
an
d r
ese
rve
sT
he n
um
ber
of
shar
es
in is
sue is
as
follo
ws:
Ord
inar
y sh
are
cap
ital
In is
sue a
t 1
Sep
tem
ber
82
0 6
55
02
28
18 2
92
02
2
Shar
e o
ptio
ns
exe
rcis
ed
(14
Dec 2
012
) (2
012
: 14
Dec 2
011
)4
00
00
04
00
00
0
Shar
es
issu
ed
– 1
4 D
ecem
ber
20
12
–1
96
3 0
00
Less
: C
ancelle
d s
har
es
(5 0
29
29
9)
–
In is
sue
at
31
Au
gu
st –
fu
lly p
aid
up
8
16 0
25
72
38
20
65
5 0
22
Less
: Tr
eas
ury
sh
ares
(45
0 0
00
)–
In is
sue
at
year
en
d
815
575
72
38
20
65
5 0
22
T
he m
ove
men
t in
sh
are c
apita
l an
d s
har
e p
rem
ium
is a
s fo
llow
s:
shar
e ca
pit
alr
’00
0
shar
ep
rem
ium
r’0
00
tota
lr
’00
0
Gro
up
Bal
ance a
t 1
Sep
tem
ber
20
118
18
2
46
7 17
4
475
35
6
Shar
e is
sue
25
5
94
6
19
Bal
ance
at
1 Se
pte
mb
er
20
12
8 2
07
46
7 76
8
475
975
Shar
e is
sue
48
48
8
Ow
n p
urc
has
ed
sh
ares*
(55
)(9
99
)(1
05
4)
Bal
ance
at
31
Au
gu
st 2
013
8
15
64
66
85
34
75 0
09
*
In t
he c
urr
en
t ye
ar, P
urp
le C
apita
l Lim
ited
bo
ug
ht
bac
k 5 0
29
29
9 o
f its
ow
n s
har
es
at a
n a
vera
ge p
rice
of
18,9
8 c
en
ts. T
he s
har
es
are im
med
iate
ly c
ancelle
d a
nd
rest
ore
d t
o a
uth
orise
d c
apita
l. G
lob
al T
rad
er
bo
ug
ht
bac
k 4
50
00
0 s
har
es,
at
an a
vera
ge p
rice o
f 0
,22 c
en
ts, in
th
e c
urr
en
t ye
ar w
hic
h a
re t
reas
ury
sh
ares
and
elim
inat
ed
on
co
nso
lidat
ion
.
A
t 31
Au
gu
st 2
013
, th
e a
uth
oris
ed
sh
are c
apita
l co
mp
rised
1 2
00
00
0 0
00
ord
inar
y sh
ares
of
R0
,01
eac
h (2
012
: 1 2
00
00
0 0
00
) an
d 1
7 6
59
610
“A” s
har
es
of R
0,0
1 eac
h (2
012
: 17
659
610
).
T
here
are
no
“A
” sh
ares
in is
sue. T
he h
old
ers
of
the r
igh
ts t
o t
he o
rdin
ary
shar
es
are e
ntit
led
to r
eceiv
e d
ivid
en
ds
fro
m t
ime t
o t
ime a
nd
are
en
title
d t
o o
ne v
ote
per
shar
e a
t m
eetin
gs
of
the C
om
pan
y. T
he h
old
ers
of
“A” sh
ares
are n
ot
en
title
d t
o r
eceiv
e d
ivid
en
ds
and
are
en
title
d
to o
ne v
ote
per
shar
e a
t m
eetin
gs
of
the C
om
pan
y.
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
21.
C
apit
al a
nd
re
serv
es
co
ntin
ued
T
he u
nis
sued
sh
ares
were
pla
ced
un
der
the c
on
tro
l an
d a
uth
ori
ty o
f th
e d
irecto
rs u
ntil
th
e
next
an
nu
al g
en
era
l m
eetin
g,
and
th
ey
hav
e b
een
em
po
were
d t
o a
llot,
iss
ue o
r o
therw
ise
dis
po
se o
f th
e s
har
es
as th
ey
may
in th
eir
dis
cre
tion
deem
fit,
su
bje
ct to
th
e p
rovi
sio
ns
of th
e
Co
mp
anie
s A
ct
and
th
e L
istin
gs
Req
uirem
en
ts o
f th
e J
SE. T
he G
rou
p h
as a
lso
issu
ed
sh
are
op
tion
s to
key
man
agem
en
t (s
ee n
ote
24
).
7
32
9 2
99
(2
012
: 1
85
0 0
00
) at
an
ave
rag
e p
rice o
f 0
,18
17 c
en
ts s
har
es
in P
urp
le C
apita
l are
held
by
Pu
rple
Cap
ital a
nd
Glo
bal
Tra
der
and
are
elim
inat
ed
on
co
nso
lidat
ion
.
O
the
r re
serv
es
20
13r
’00
02
012
R’0
00
Fore
ign
cu
rren
cy
tran
slat
ion
rese
rve*
(5 4
84
)(4
63
7)
Shar
e-b
ased
pay
men
t re
serv
e2
2 6
98
20
717
Ava
ilab
le-f
or-
sale
rese
rve
–2
Oth
er
rese
rves
(incre
ase in
Po
werb
et
shar
eh
old
ing
)#–
(1 1
92
)
Bal
ance
31
Au
gu
st 1
7 2
14
14 8
90
* Fo
reig
n c
urr
en
cy
tran
slat
ion
rese
rve is
th
e r
ese
rve c
reat
ed
on
tr
ansl
atio
n o
f fo
reig
n o
pera
tion
s.# O
ther
rese
rves
com
pris
e t
he s
tep
-acq
uis
itio
n o
f 10
0%
of
Po
werb
et
Gam
ing P
rop
rieta
ry L
imite
d w
hic
h h
as b
een
tak
en
to
re
tain
ed
ear
nin
gs
up
on
sal
e o
f th
e s
ub
sid
iary
in t
he c
urr
en
t ye
ar.
22
.E
arn
ing
s p
er
shar
eB
asic
ear
nin
gs
pe
r sh
are
Th
e c
alcu
latio
n o
f b
asic
an
d h
ead
line e
arn
ing
s p
er
shar
e a
t
31
Au
gu
st 2
013
was
bas
ed
on
a G
rou
p p
rofit
att
ribu
tab
le t
o
ord
inar
y sh
areh
old
ers
of
R2,3
mill
ion
(20
12: p
rofit
of
R3,
9 m
illio
n),
a h
ead
line lo
ss p
er
shar
e o
f R
18,4
mill
ion
(20
12: p
rofit
of
R3,
9 m
illio
n) a
nd
a w
eig
hte
d a
vera
ge
nu
mb
er
of
ord
inar
y sh
ares
ou
tsta
nd
ing
du
ring
th
e y
ear
en
ded
31
Au
gu
st 2
013
of
819
927
933 (2
012
: 8
19 9
81
830
),
calc
ula
ted
as
follo
ws:
Pro
fit
attr
ibu
tab
le t
o o
rdin
ary
shar
eh
old
ers
Pro
fit f
or
the p
eri
od
2
26
53
94
8
He
adlin
e (
loss
)/p
rofi
t fo
r th
e p
eri
od
(1
8 4
19)
3 9
48
20
13r
’00
02
012
R’0
00
22
.E
arn
ing
s p
er
shar
e c
on
tinu
ed
We
igh
ted
ave
rag
e n
um
be
r o
f o
rdin
ary
shar
es
Issu
ed
ord
inar
y sh
ares
at 1
Sep
tem
ber
82
0 6
55
02
28
18 2
92
02
2
Eff
ect
of
shar
es
issu
ed
fo
r cas
h
28
4 9
32
1 6
89
80
8
Eff
ect
of
treas
ury
sh
ares
(1 2
33
)–
Eff
ect
of
can
celle
d s
har
es
(1 0
10 7
88
)–
We
igh
ted
ave
rag
e n
um
be
r o
f o
rdin
ary
shar
es
at
31
Au
gu
st
819
92
7 9
33
819
98
1 8
30
Bas
ic p
rofit
per
shar
e (
cen
ts)
0,2
80
,48
Head
line (
loss
)/p
rofit
per
shar
e (
cen
ts)
(2,2
5)
0,4
8
He
adlin
e e
arn
ing
s h
ave
be
en
co
mp
ute
d a
s fo
llow
s:
Pro
fit a
ttri
bu
tab
le t
o o
rdin
ary
shar
eh
old
ers
2 2
65
3 9
48
Recla
ssifi
cat
ion
of
avai
lab
le-f
or-
sale
fin
ancia
l ass
ets
(44
)–
Imp
airm
en
t o
f in
vest
men
ts in
ass
ocia
tes,
net
of
tax
1 0
73–
Ad
just
men
t fo
r p
rofit
on
sal
e o
f d
isco
ntin
ued
op
era
tion
(21
713
)–
Head
line e
arn
ing
s(1
8 4
19)
3 9
48
Dilu
ted
ear
nin
gs
pe
r sh
are
Th
e c
alcu
latio
n o
f d
ilute
d e
arn
ing
s an
d d
ilute
d h
ead
line
loss
per
shar
e a
s at
31
Au
gu
st 2
013
was
bas
ed
on
a G
rou
p
pro
fit a
ttrib
uta
ble
to
ord
inar
y sh
areh
old
ers
of
R2,3
mill
ion
(2
012
: p
rofit
of
R3,
9 m
illio
n),
a h
ead
line lo
ss p
er
shar
e o
f R
18,4
mill
ion
(20
12: p
rofit
of
R3,
9 m
illio
n) a
nd
a d
ilute
d
weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y sh
ares
ou
tsta
nd
ing
d
urin
g t
he y
ear
en
ded
31
Au
gu
st 2
013
of
850
131
88
5
(20
12: 8
57
80
0 5
06
), ca
lcu
late
d a
s fo
llow
s:
Pro
fit
attr
ibu
tab
le t
o o
rdin
ary
shar
eh
old
ers
(d
ilute
d)
Pro
fit a
ttri
bu
tab
le t
o o
rdin
ary
shar
eh
old
ers
(d
ilute
d)
2 2
65
3 9
48
We
igh
ted
ave
rag
e n
um
be
r o
f o
rdin
ary
shar
es
(dilu
ted
)
Weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y sh
ares
at 3
1 A
ug
ust
8
19 9
27
93
38
19 9
81
83
0
Eff
ect
of
shar
e o
ptio
ns
in is
sue
30
20
3 9
52
37
818
676
Weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y sh
ares
(dilu
ted
) at
31
Au
gu
st
85
0 1
31
88
58
57
80
0 5
06
Dilu
ted
pro
fit p
er
shar
e (
cen
ts)
0,2
70
,46
Dilu
ted
head
line (
loss
)/p
rofit
per
shar
e (
cen
ts)
(2,1
7)0
,46
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201350
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
02
012
R’0
00
22
.E
arn
ing
s p
er
shar
e c
on
tinu
ed
Co
nti
nu
ing
op
era
tio
ns
ear
nin
gs
pe
r sh
are
Th
e c
alcu
latio
n o
f co
ntin
ued
ear
nin
gs
per
shar
e a
t
31
Au
gu
st 2
013
was
bas
ed
on
a G
rou
p lo
ss f
rom
co
ntin
ued
op
era
tion
s o
f R
2,1
mill
ion
(20
12:
pro
fit o
f
R17
,6 m
illio
n) an
d a
weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y
shar
es
ou
tsta
nd
ing
du
rin
g t
he y
ear
en
ded
31
Au
gu
st 2
013
of
819
927
933 (20
12:
819
98
1 8
30
), cal
cu
late
d a
s fo
llow
s:
(Lo
ss)/
pro
fit f
or
the p
eri
od
(2
13
8)
17 6
63
Weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y sh
ares
at 3
1 A
ug
ust
8
19 9
27
93
38
19 9
81
83
0
Bas
ic (
loss
)/p
rofit
per
shar
e f
rom
co
ntin
ued
op
era
tion
s (c
en
ts)
(0
,26
)2
,15
Dilu
ted
(lo
ss)/
pro
fit p
er
shar
e (
cen
ts)
(0
,25
)2
,06
Dilu
ted
head
line (
loss
)/p
rofit
per
shar
e (
cen
ts)
(2
,17)
0,4
6
Dis
con
tin
ue
d o
pe
rati
on
s e
arn
ing
s p
er
shar
e
Th
e c
alcu
latio
n o
f d
isco
ntin
ued
ear
nin
gs
per
shar
e
at 3
1 A
ug
ust
20
13 w
as b
ased
on
a G
rou
p p
rofit
fro
m
dis
co
ntin
ued
op
era
tion
s o
f R
4,4
mill
ion
(2
012
: lo
ss o
f
R14
,4 m
illio
n) an
d a
weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y
shar
es
ou
tsta
nd
ing
du
rin
g t
he y
ear
en
ded
31
Au
gu
st
20
13 o
f 8
19 9
27
93
3 (
20
12:
819
98
1 8
30
), cal
cu
late
d a
s
follo
ws:
Pro
fit/(
loss
) fo
r th
e p
eri
od
4
40
3(1
4 4
49
)
Weig
hte
d a
vera
ge n
um
ber
of
ord
inar
y sh
ares
at 3
1 A
ug
ust
8
19 9
27
93
38
19 9
81
83
0
Bas
ic p
rofit
/(lo
ss)
per
shar
e f
rom
dis
co
ntin
ued
op
era
tion
s (c
en
ts)
0,5
4(1
,76
)
Dilu
ted
pro
fit/(
loss
) p
er
shar
e (
cen
ts)
0,5
2(1
,68
)
Dilu
ted
head
line (
loss
) p
er
shar
e (
cen
ts)
(2,1
7)0
,46
Th
ere
are
cu
rren
tly
76,3
mill
ion
(2
012
: 12
5,1
mill
ion
) sh
are o
ptio
ns
in i
ssu
e i
n t
erm
s o
f th
e
Gro
up
’s s
har
e in
cen
tive s
ch
em
e (
see n
ote
24
) o
f w
hic
h 5
6,1
mill
ion
are
exe
rcis
able
.
20
13r
’00
02
012
R’0
00
23
.lo
ans
and
bo
rro
win
gs
Th
is n
ote
pro
vid
es
info
rmat
ion
reg
ard
ing
th
e G
rou
p’s
inte
rest
-bear
ing
bo
rro
win
gs
that
are
meas
ure
d a
t
amo
rtis
ed
co
st. F
or
mo
re in
form
atio
n o
n t
he G
rou
p’s
exp
osu
re t
o in
tere
st r
ate a
nd
liq
uid
ity r
isk
see n
ote
27.
No
n-c
urr
en
t lia
bili
tie
s
Secu
red
ban
k lo
ans
–1
731
Cu
rre
nt
liab
iliti
es
Secu
red
ban
k lo
ans
7 5
147
53
0
Wip
Cap
ital s
har
eh
old
er
loan
s –
28
4
7 5
147
814
Tota
l lo
ans
and
bo
rro
win
gs
7 5
149
54
5
T
he t
erm
s an
d c
on
diti
on
s o
f th
e o
uts
tan
din
g lo
ans
are a
s fo
llow
s:
20
13
20
12
No
min
alin
tere
st r
ate
Ye
ar o
f m
atu
rity
Car
ryin
g
valu
e r
’00
0
Face
va
lue
r’0
00
Car
ryin
g
valu
eR
’00
0
Face
va
lue
R’0
00
Secu
red
ban
k lo
an
Pri
me +
1%2
013
7
514
7 5
179
26
1 9
40
4
Wip
Cap
ital
Shar
eh
old
er
loan
* P
rim
e p
lus
5%
2
013
–
–2
84
2
84
T
he a
bo
ve l
oan
s ar
e s
ecu
red
ag
ain
st P
urp
le C
apita
l’s o
ther
inve
stm
en
ts a
nd
in
tere
sts
in
sub
sid
iari
es.
*
Th
e c
arry
ing
val
ue is
th
e a
mo
un
t o
f th
e lo
an b
ased
on
th
e a
mo
rtis
ed
co
st a
t th
e e
ffectiv
e in
tere
st r
ate.
*
Th
e f
ace v
alu
e is
th
e a
mo
un
t o
f th
e lo
an a
cco
rdin
g t
o t
he lo
an t
erm
s at
Prim
e r
ate p
lus
1%.
In
term
s o
f th
e e
xist
ing
loan
co
ven
ants
, th
e d
eb
t eq
uity
rat
io o
f th
e G
rou
p m
ust
no
t exc
eed
100
%. T
he G
rou
p h
as c
om
plie
d w
ith t
his
.
Se
curi
ty
U
nlim
ited
cess
ion
o
n
the
net
pro
ceed
s fr
om
th
e
sale
o
f B
lockb
ust
er
Trad
ing
3
Pro
pri
eta
ry L
imite
d.
Un
limite
d s
ure
ty b
y al
l co
mp
anie
s in
th
e G
rou
p.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 51
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
24
. s
har
e-b
ase
d p
aym
en
ts
Shar
e-b
ase
d p
aym
en
t e
xpe
nse
s
O
n 1
Feb
ruar
y 2
00
5, a
new
em
plo
yee s
har
e o
ptio
n s
ch
em
e w
as in
tro
du
ced
by
app
rova
l at
the g
en
era
l m
eetin
g o
f th
e C
om
pan
y. T
he t
erm
s an
d c
on
diti
on
s o
f th
e o
ptio
ns,
as
well
as
deta
ils o
f th
e o
ptio
ns
gra
nte
d, a
re a
s fo
llow
s:
Op
tio
ns
gra
nte
d t
o k
ey
man
age
me
nt
nu
mb
er
of
op
tio
ns
Tota
l at
31
Au
gu
st 2
010
8
2 2
74 0
00
Issu
ed
1 O
cto
ber
20
10
1 6
00
00
0
Issu
ed
17
No
vem
ber
20
10
17 0
00
00
0
Tota
l at
31
Au
gu
st 2
011
100
874
00
0
Exe
rcis
ed
1 N
ove
mb
er
20
11
(40
0 0
00
)
Exp
ired
21
Feb
ruar
y 2
012
(5 3
34
00
0)
Issu
ed
27
Feb
ruar
y 2
012
30
00
0 0
00
Tota
l at
31
Au
gu
st 2
012
12
5 1
40
00
0
Exe
rcis
ed
6 D
ecem
ber
20
12(4
00
00
0)
Exp
ired
23
Ap
ril 2
013
(4 5
72 0
00
)
Forf
eitu
re 3
1 A
ug
ust
20
13(4
3 8
54
50
0)
Tota
l at
31
Au
gu
st 2
013
76 3
13 5
00
T
he v
est
ing
co
nd
itio
ns
of
all t
he o
ptio
ns
gra
nte
d t
o d
ate a
re:
Up
to
25%
on
or
afte
r th
e fi
rst
ann
ivers
ary
dat
e o
f ac
cep
tan
ce o
f th
e o
ptio
ns;
Up
to
50
% o
n o
r af
ter
the s
eco
nd
an
niv
ers
ary
of
the a
ccep
tan
ce d
ate;
Up
to
75%
on
or
afte
r th
e t
hird
an
niv
ers
ary
dat
e;
and
Up
to
10
0%
on
or
afte
r th
e f
ou
rth
an
niv
ers
ary
dat
e.
T
he c
on
trac
tual
life
of
all o
ptio
ns
is s
eve
n y
ear
s fr
om
dat
e o
f g
ran
t.
24
. s
har
e-b
ase
d p
aym
en
ts c
on
tinu
ed
T
he o
ptio
ns
gra
nte
d t
o d
irecto
rs a
re:
nu
mb
er
of
op
tio
ns
20
13
Nu
mb
er
of
op
tio
ns
20
12
Mar
k B
arn
es
30
24
5 0
00
34
817
00
0
Ch
arle
s Sa
vag
e
14 0
00
00
014
00
0 0
00
Mik
e W
ilso
n
–
16 5
40
00
0
Gar
y va
n D
yk10
76
8 5
00
10 7
68
50
0
55
013
50
0
76 1
25
50
0
Sh
are
-bas
ed
pay
me
nt
exp
en
ses
20
132
012
wei
gh
ted
aver
age
exer
cise
pri
ce(c
ents
)n
um
ber
of
op
tio
ns
We
igh
ted
ave
rag
ee
xerc
ise
pri
ce(c
en
ts)
Nu
mb
er
of
op
tio
ns
Ou
tsta
nd
ing
at
the
be
gin
nin
g
of
the
pe
rio
d2
012
5 1
40
00
02
010
0 8
74 0
00
Gra
nte
d d
uri
ng
th
e p
eri
od
–24
30
00
0 0
00
Exe
rcis
ed
du
rin
g t
he p
eri
od
22
(40
0 0
00
)–
(40
0 0
00
)
Exp
ired
du
rin
g t
he p
eri
od
30
(4 5
72 0
00
)3
0(5
33
4 0
00
)
Forf
eite
d d
uri
ng
th
e p
eri
od
19(4
3 8
54
50
0)
––
Ou
tsta
nd
ing
at
the
en
d o
f th
e
pe
rio
d19
76 3
13 5
00
20
125
14
0 0
00
Exe
rcis
able
at
the
en
d o
f th
e
pe
rio
d19
56
10
1 0
00
20
62
39
0 0
00
T
he o
ptio
ns
ou
tsta
nd
ing
at
31
Au
gu
st 2
013
hav
e b
een
issu
ed
in a
pric
e r
ang
e f
rom
15 c
en
ts
to 3
0 c
en
ts a
nd
hav
e a
weig
hte
d a
vera
ge e
xerc
ise p
rice o
f 19
cen
ts (
20
12:
20
cen
ts)
and
a
weig
hte
d a
vera
ge c
on
trac
tual
life
of
3,4
0 y
ear
s (2
012
: 4,3
4 y
ear
s).
40
0 0
00
sh
ares
were
exe
rcis
ed
du
ring
th
e y
ear
at
22 c
en
ts.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201352
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
24
. s
har
e-b
ase
d p
aym
en
ts c
on
tinu
ed
N
o a
dd
itio
nal
op
tion
s w
ere
gra
nte
d o
r ac
cep
ted
du
rin
g t
he y
ear
. T
he e
stim
ate o
f th
e f
air
valu
e o
f th
e o
ptio
ns
gra
nte
d in
20
12 w
as m
eas
ure
d o
n a
mo
difi
ed
bin
om
ial t
ree m
od
el.
Th
e
co
ntr
actu
al li
fe o
f th
e o
ptio
n (
seve
n y
ear
s) is
use
d a
s an
inp
ut
into
th
is m
od
el.
Exp
ecta
tion
s o
f ear
ly e
xerc
ise a
re in
co
rpo
rate
d.
20
132
012
Ke
y m
anag
em
en
t p
ers
on
ne
l
Fair
val
ue a
t is
sue d
ate
(R’0
00
)–
3 5
46
Ass
um
pti
on
s
Weig
hte
d a
vera
ge s
har
e p
rice
(cen
ts)
–24
Weig
hte
d a
vera
ge e
xerc
ise p
rice
(cen
ts)
–24
Exp
ecte
d v
ola
tility
(exp
ress
ed
as
weig
hte
d
avera
ge v
ola
tility
use
d u
nd
er
the m
od
ified
bin
om
ial t
ree m
od
el)
(%)
–4
0,0
Op
tion
life
(year
s)–
7
Ris
k-fr
ee r
ate
(%)
–6
,6
Exp
ecte
d d
ivid
en
ds
(%)
––
T
he e
xpecte
d v
ola
tility
is b
ased
on
th
e h
isto
ric v
ola
tility
(cal
cu
late
d b
ased
on
th
e w
eig
hte
d
avera
ge r
em
ain
ing
life
of
the s
har
e o
ptio
ns)
, ad
just
ed
fo
r an
y exp
ecte
d c
han
ges
to f
utu
re
vola
tility
du
e t
o p
ub
licly
ava
ilab
le in
form
atio
n.
Sh
are o
ptio
ns
are g
ran
ted
un
der
a se
rvic
e c
on
diti
on
. Th
is c
on
diti
on
is n
ot ta
ken
into
acco
un
t in
th
e g
ran
t d
ate f
air
valu
e m
eas
ure
men
t o
f th
e s
erv
ices
receiv
ed
. T
here
are
no
mar
ket
co
nd
itio
ns
asso
cia
ted
with
th
e s
har
e o
ptio
n g
ran
ts.
20
13r
’00
02
012
R’0
00
25
.tr
ade
an
d o
the
r p
ayab
les
Trad
e p
ayab
les
12
4 0
44
58
94
2
Oth
er
pay
able
s an
d a
ccru
ed
exp
en
ses
8 7
09
3
02
0
Em
plo
yee r
ela
ted
2 1
28
6
75
4
13
4 8
81
68
716
Th
e G
rou
p’s
exp
osu
re t
o c
urr
en
cy
and
liq
uid
ity r
isk
rela
ted
to
tra
de a
nd
oth
er
pay
able
s is
dis
clo
sed
in n
ote
27.
20
13r
’00
02
012
R’0
00
26
.p
rovi
sio
ns
Leav
e p
ay p
rovi
sio
n1
69
72
29
7
Mo
vem
en
t in
leav
e p
ay p
rovi
sio
n
Op
en
ing
bal
ance
2 2
97
2 1
09
Sale
of
sub
sid
iari
es
(42
8)
–
Leav
e p
ay r
aise
d1
99
72
03
8
Leav
e p
ay u
tilis
ed
(2 1
69
)(1
85
0)
Clo
sin
g b
alan
ce1
69
72
29
7
Pro
visi
on
fo
r le
ave p
ay is
exp
ecte
d t
o r
eal
ise in
th
e n
ext
12
mo
nth
s.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 53
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
27.
Fi
nan
cial
inst
rum
en
ts
Cre
dit
ris
k
E
xpo
sure
to
cre
dit
ris
k
T
he c
arry
ing
am
ou
nt
of
finan
cia
l ass
ets
rep
rese
nts
th
e m
axim
um
cre
dit
exp
osu
re.
T
he m
axim
um
exp
osu
re t
o c
red
it ri
sk a
t th
e r
ep
ort
ing
dat
e w
as:
No
tes
20
13r
’00
02
012
R’0
00
Ava
ilab
le-f
or-
sale
fin
ancia
l ass
ets
16–
64
Lon
g-t
erm
receiv
able
s17
118
1 10
2
Fin
ancia
l ass
ets
at
amo
rtis
ed
co
st16
1 14
31
137
Loan
s an
d r
eceiv
able
s19
33
08
03
15
4
Cas
h a
nd
cas
h e
qu
ival
en
ts2
011
9 5
25
63
68
7
153
86
66
9 1
44
T
he m
axim
um
exp
osu
re t
o c
red
it ri
sk f
or
loan
s an
d r
eceiv
able
s at
th
e r
ep
ort
ing
dat
e
was
in
So
uth
Afr
ica.
Pu
rple
Cap
ital’s
on
ly r
eceiv
able
s ar
e w
ith a
few
lar
ge c
orp
ora
tes
that
m
anag
em
en
t d
eal
s w
ith d
irectly.
In
Glo
bal
Tra
der
cre
dit
risk
is
the r
isk
of
finan
cia
l lo
ss i
f th
e c
ou
nte
rpar
ty f
ails
to
meet
its
co
ntr
actu
al
ob
ligat
ion
s.
Th
ese
co
nsi
st
pri
ncip
ally
o
f u
nse
ttle
d
trad
es
with
b
roki
ng
co
un
terp
artie
s an
d c
ust
om
ers
. Fi
nan
cia
l as
sets
wh
ich
po
ten
tially
su
bje
ct
Glo
bal
Tra
der
to
co
ncen
trat
ion
s o
f cre
dit
risk
co
nsi
st p
rin
cip
ally
of
amo
un
ts o
win
g d
ue t
o u
nse
ttle
d t
rad
es
with
bro
kin
g c
ou
nte
rpar
ties
and
are
lim
ited
to
hig
h c
red
it q
ual
ity fi
nan
cia
l in
stitu
tion
s. T
he
max
imu
m c
red
it ri
sk e
xpo
sure
is
rep
rese
nte
d b
y th
e c
arry
ing
am
ou
nt
of
the a
ssets
, exc
ep
t w
here
oth
erw
ise s
tate
d.
At
year
en
d n
o a
mo
un
ts a
re p
ast
du
e.
All
trad
es
are s
ett
led
dai
ly
thro
ug
h t
he m
ark-
to-m
arke
t p
rocess
.
G
lob
al T
rad
er’s
cre
dit
po
licy
is s
et
by
the b
oar
d o
n a
dvi
ce f
rom
th
e r
isk
man
agem
en
t co
mm
ittee, t
hey
are r
esp
on
sib
le f
or:
form
ula
ting
th
e p
rin
cip
les
and
gu
idelin
es
on
sett
ing
co
un
terp
arty
an
d p
rod
uct
limits
, ap
pro
vin
g t
ran
sactio
ns
with
cre
dit
risk
an
d e
xcess
ap
pro
vals
, cas
h e
qu
ity t
rad
ing
an
d
pri
me b
roki
ng
exp
osu
res.
Th
e p
urp
ose
of
these
po
licie
s is
to
art
icu
late
th
e m
inim
um
st
and
ard
fo
r cre
dit
acro
ss t
he fi
rm a
nd
to
defin
e t
he r
ole
s an
d r
esp
on
sib
ilitie
s n
ecess
ary
for
the m
anag
em
en
t o
f cre
dit
on
a t
imely
, accu
rate
an
d c
om
ple
te b
asis
;
sett
ing
cas
h e
qu
ity tr
adin
g p
olic
y, th
is a
dd
ress
es
the r
isk
of c
ash
trad
ing
with
a s
ett
lem
en
t cyc
le o
f T
+5
; an
d
exc
ess
man
agem
en
t is
th
e r
esp
on
sib
ility
of
Ris
k M
anag
em
en
t.
A
n im
pai
rmen
t of R
1 3
19 7
52
was
rais
ed
ag
ain
st in
vest
men
ts in
ass
ocia
tes
as th
e re
co
vera
bili
ty
of
the lo
an is
lin
ked
to
th
e v
alu
e o
f R
eal
Peo
ple
Inve
stm
en
t H
old
ing
s P
rop
rieta
ry L
imite
d.
27.
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
Li
qu
idit
y ri
sk
T
he
follo
win
g
are
the
co
ntr
actu
al
mat
uri
ties
of
finan
cia
l lia
bili
ties,
in
clu
din
g
est
imat
ed
inte
rest
pay
men
ts a
s at
31
Au
gu
st 2
013
:
No
tes
Car
ryin
gam
ou
nt
r’0
00
Co
ntr
actu
alca
sh fl
ow
sr
’00
0
on
e
year
r’0
00
two
to
five
yea
rsr
’00
0to
tal
r’0
00
Secu
red
loan
s2
37
514
7 5
147
514
–7
514
Trad
e a
nd
oth
er
pay
able
s2
512
4 0
44
124
04
412
4 0
44
–12
4 0
44
131
55
813
1 5
58
131
55
8–
131
55
8
T
he f
ollo
win
g w
ere
th
e c
on
trac
tual
mat
uri
ties
of
finan
cia
l lia
bili
ties,
in
clu
din
g e
stim
ated
in
tere
st p
aym
en
ts a
s at
31
Au
gu
st 2
012
:
No
tes
Car
ryin
gam
ou
nt
r’0
00
Co
ntr
actu
alca
sh fl
ow
sr
’00
0
on
eye
arr
’00
0
two
to
five
yea
rsr
’00
0to
tal
r’0
00
Secu
red
loan
s2
39
54
59
68
87
782
1 9
06
9 6
88
Trad
e a
nd
oth
er
pay
able
s2
55
8 9
42
58
94
25
8 9
42
–5
8 9
42
68
48
76
8 6
30
66
724
1 9
06
68
63
0
T
he G
rou
p m
anag
es
this
exp
osu
re t
hro
ug
h e
nsu
ring
th
ere
are
ad
eq
uat
e c
on
trac
ted
ove
rdra
ft
faci
litie
s av
aila
ble
to
co
ver
any
defic
it b
etw
een
cu
rren
t as
sets
an
d li
abili
ties.
In
clu
ded
in t
rad
e
pay
able
s ar
e c
lien
t fu
nd
s o
n m
arg
in o
f R
123,
1 m
illio
n (2
012
: R
58
,4 m
illio
n).
C
urr
en
cy r
isk
E
xpo
sure
to
cu
rre
ncy
ris
k
T
he G
rou
p’s
exp
osu
re to
fore
ign
cu
rren
cy r
isk
is rest
ricte
d to
cert
ain
exp
en
ses
den
om
inat
ed
in
fore
ign
cu
rren
cies.
Th
ese
are
hed
ged
th
rou
gh
fo
rwar
d e
xch
ang
e c
on
trac
ts w
hen
nece
ssar
y.
A
ll o
f G
lob
al T
rad
er’s
pro
du
cts
bas
ed
on
off
-sh
ore
un
derl
yin
g it
em
s ar
e R
and
-sett
led
. T
here
is
no
fo
reig
n e
xch
ang
e r
isk
on
tra
din
g o
f fo
reig
n in
stru
men
ts.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201354
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
27.
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
In
tere
st r
ate
ris
k
Pro
file
A
t th
e re
po
rtin
g d
ate th
e in
tere
st ra
te p
rofil
e o
f th
e G
rou
p’s
inte
rest
-bear
ing
fin
anci
al in
stru
men
ts
was
:
No
tes
Inte
rest
rate
sap
plic
able
Car
ryin
g
amo
un
t2
013
r’0
00
Car
ryin
g
amo
un
t2
012
R’0
00
Var
iab
le r
ate
inst
rum
en
ts
Fin
ancia
l ass
ets
16
, 17
Pri
me
1 2
61
2 2
39
Cas
h a
nd
cas
h
eq
uiv
alen
ts2
0D
aily
cal
l rat
e12
3 3
61
63
68
7
Fin
ancia
l lia
bili
ties
23
Pri
me +
1%(7
514
)(9
54
5)
Ove
rdra
ft2
0P
rim
e(3
83
6)
–
Fa
ir v
alu
e s
en
siti
vity
an
alys
is f
or
fixe
d r
ate
inst
rum
en
ts
T
he G
rou
p d
oes
no
t h
ave a
ny
fixed
rat
e fi
nan
cia
l as
sets
an
d l
iab
ilitie
s at
fai
r va
lue t
hro
ug
h
pro
fit o
r lo
ss a
nd
th
ere
fore
a c
han
ge in
inte
rest
rat
es
at t
he r
ep
ort
ing
dat
e w
ou
ld n
ot
affect
pro
fit o
r lo
ss.
27.
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
In
tere
st r
ate
ris
k
C
ash
flo
w s
en
siti
vity
an
alys
is f
or
vari
able
rat
e in
stru
me
nts
A
ch
ang
e o
f 10
0 b
asis
po
ints
in
in
tere
st r
ates
at t
he r
ep
ort
ing
dat
e w
ou
ld h
ave i
ncre
ased
/
(decre
ased
) p
rofit
or
loss
by
the a
mo
un
ts s
ho
wn
belo
w. T
his
an
alys
is a
ssu
mes
that
all
oth
er
vari
able
s re
mai
n c
on
stan
t. T
he a
nal
ysis
is p
erf
orm
ed
on
th
e s
ame b
asis
fo
r 2
012
.
20
13p
rofi
t o
r lo
ss2
012
Pro
fit
or
loss
100
bp
incr
ease
r’0
00
100
bp
dec
reas
er
’00
0
100
bp
incr
eas
eR
’00
0
100
bp
de
cre
ase
R’0
00
Var
iab
le r
ate in
stru
men
ts
Fin
ancia
l ass
ets
10
(10
)11
(11
)
Fin
ancia
l lia
bili
ties
84
(83
)15
5
(15
2)
94
(93
)16
6
(16
3)
P
rice
ris
k
G
lob
al T
rad
er
pu
rch
ases
and
sells
deri
vativ
es
in t
he o
rdin
ary
co
urs
e o
f b
usi
ness
an
d in
cu
rs
finan
cia
l lia
bili
ties
in o
rder
to m
anag
e m
arke
t ri
sks.
All
such
tra
nsa
ctio
ns
are c
arri
ed
ou
t
with
in t
he g
uid
elin
es
set
by
the r
isk
man
agem
en
t co
mm
ittee.
M
anag
em
en
t o
f p
rice
ris
k
T
he p
rin
cip
al t
oo
l use
d t
o m
eas
ure
an
d c
on
tro
l mar
ket
risk
exp
osu
re w
ithin
Glo
bal
Tra
der’s
trad
ing
po
rtfo
lios
is v
alu
e a
t ri
sk (V
aR).
Th
e V
aR o
f a
po
rtfo
lio is
th
e m
axim
um
loss
th
at c
ou
ld
aris
e o
n a
giv
en
co
nfid
en
ce le
vel.
Th
e V
aR m
od
el u
sed
by
Glo
bal
Tra
der
is b
ased
on
a 9
5%
co
nfid
en
ce le
vel a
nd
ass
um
es
a tw
en
ty-o
ne d
ay h
old
ing
peri
od
. Th
e V
aR m
od
el i
s b
ased
on
his
tori
cal
sim
ula
tion
usi
ng
mar
ket
dat
a fr
om
th
e la
st 2
50
tra
din
g d
ays
with
a m
axim
um
tim
e
lag
of
on
e m
on
th.
A
lth
ou
gh
VaR
is
an i
mp
ort
ant
too
l fo
r m
eas
uri
ng
an
d m
anag
ing
Glo
bal
Tra
der’s
exp
osu
re
to m
arke
t ri
sk,
there
are
cert
ain
lim
itatio
ns
du
e t
o t
he a
ssu
mp
tion
s o
n w
hic
h t
he m
od
el
is
bas
ed
.
T
his
in
clu
des
the u
se o
f h
isto
rical
dat
a as
a b
asis
fo
r d
ete
rmin
ing
th
e p
oss
ible
ran
ge o
f
futu
re o
utc
om
es
that
may
no
t al
way
s co
ver
all
po
ssib
le s
cen
ario
s, e
specia
lly t
ho
se o
f an
exc
ep
tion
al n
atu
re.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 55
27.
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
P
rice
ris
k co
ntin
ued
M
anag
em
en
t o
f p
rice
ris
k co
ntin
ued
G
lob
al T
rad
er
use
s V
aR a
nal
ysis
fo
r th
e m
eas
ure
men
t an
d m
anag
em
en
t o
f m
arke
t ri
sk. T
he
VaR
lim
its a
re d
ete
rmin
ed
at
a m
anag
em
en
t le
vel a
nd
are
su
bje
ct
to r
evi
ew
an
d a
pp
rova
l by
the r
isk
man
agem
en
t co
mm
ittee. V
aR lim
its a
re a
llocat
ed
to
eac
h t
rad
ing
po
rtfo
lio a
nd
are
meas
ure
d a
nd
mo
nito
red
on
an
in
tra-
day
bas
is.
Dai
ly V
aR r
ep
ort
s ar
e s
ub
mitt
ed
to
sen
ior
man
agem
en
t fo
r re
view
.
A
su
mm
ary
of
the V
aR p
osi
tion
of
the C
om
pan
y’s
trad
ing
po
rtfo
lio a
t 3
1 A
ug
ust
an
d d
uri
ng
the p
eri
od
is a
s fo
llow
s:
at
31
au
gu
str
’00
0
ave
rag
e r
’00
0M
axim
um
r’0
00
M
inim
um
r’0
00
20
12
Oth
er
pri
ce r
isk
4 2
08
4
34
7 9
28
8
1 6
77
20
13
Oth
er
pri
ce r
isk
3 6
53
3 2
768
45
69
21
Se
nsi
tivi
ty a
nal
ysis
– e
qu
ity
pri
ce r
isk
A
ll th
e G
rou
p’s
lis
ted
eq
uity
in
stru
men
ts a
re l
iste
d o
n t
he J
oh
ann
esb
urg
Sto
ck
Exc
han
ge.
For
inve
stm
en
ts c
lass
ified
as
fair
val
ue t
hro
ug
h p
rofit
or
loss
, th
e i
mp
act
on
pro
fit o
r lo
ss
afte
r ta
x o
f a
5%
incre
ase in
th
e p
rice o
f th
e e
qu
ities
at t
he r
ep
ort
ing
dat
e, w
ou
ld h
ave b
een
an
incre
ase o
f R
145
470
(2
012
: R
1 0
83
34
3).
Were
th
e e
qu
ity p
rices
of
the G
rou
p’s
un
liste
d
inve
stm
en
ts t
o in
cre
ase b
y 5
%, t
he im
pac
t o
n p
rofit
or
loss
aft
er
tax
wo
uld
be a
n in
cre
ase o
f R
1,2
mill
ion
(2
012
: R
2,2
mill
ion
).
27.
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
Fi
nan
cial
ass
ets
an
d li
abili
tie
s
T
he t
able
belo
w s
ets
ou
t th
e c
lass
ificat
ion
of
eac
h c
lass
of
finan
cia
l ass
ets
an
d li
abili
ties,
an
d
their
fai
r va
lues
No
tes
20
13r
’00
02
012
R’0
00
Loan
s an
d r
ece
ivab
les
– T
rad
e a
nd
oth
er
receiv
able
s 19
33
08
03
15
4
– L
on
g-t
erm
receiv
able
s 17
118
1 10
2
– O
ther
inve
stm
en
ts
161
143
1 13
7
– C
ash
an
d c
ash
eq
uiv
alen
ts
20
123
36
16
3 6
87
157
702
69
08
0
Ava
ilab
le-f
or-
sale
– In
vest
men
ts
16–
64
–6
4
Inve
stm
en
ts h
eld
at
fair
val
ue
– O
ther
inve
stm
en
ts
163
577
148
3 5
7714
8
Fair
val
ue
th
rou
gh
pro
fit
or
loss
– O
ther
inve
stm
en
ts
162
5 4
47
44
20
0
25
44
74
4 2
00
He
ld a
t am
ort
ise
d c
ost
Loan
s an
d b
orr
ow
ing
s 2
3(7
514
)(9
54
5)
Trad
e a
nd
oth
er
pay
able
s 2
5(1
24
04
4)
(58
94
2)
Ban
k o
verd
raft
20
(3 8
36
)–
(13
5 3
94
)(6
8 4
87)
Tota
l fin
anci
al a
sse
ts a
nd
liab
iliti
es
51
33
24
5 0
05
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201356
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
27.
Fi
nan
cial
inst
rum
en
ts c
on
tinu
ed
Fi
nan
cial
gu
aran
tee
an
d p
ut
op
tio
n is
sue
d
T
he s
har
eh
old
ers
of
Blo
ckb
ust
er
Trad
ing
hav
e jo
intly
and
seve
rally
gu
aran
teed
th
e In
du
stri
al
Deve
lop
men
t C
orp
ora
tion
of
Sou
th A
fric
a Li
mite
d (
IDC
) a
min
imu
m r
etu
rn o
f 8
% r
eal
afte
r ta
x in
resp
ect
of
the e
igh
t-ye
ar c
um
ula
tive r
ed
eem
able
pre
fere
nce s
har
es
sub
scri
bed
for
in B
lockb
ust
er
Trad
ing
3 P
rop
rieta
ry L
imite
d f
or
a co
nsi
dera
tion
of
R9
0,3
mill
ion
. T
he
fun
din
g w
as u
sed
to
su
bsc
rib
e f
or
co
nve
rtib
le r
ed
eem
able
pre
fere
nce s
har
es
in R
eal
Peo
ple
Inve
stm
en
t H
old
ing
s P
rop
rieta
ry L
imite
d. I
n a
dd
itio
n, t
here
is a
pu
t o
ptio
n in
pla
ce in
fav
ou
r
of
the ID
C w
hic
h w
ou
ld o
pera
te in
a s
imila
r m
ann
er
to t
he fi
nan
cia
l gu
aran
tee a
s ab
ove
.
T
he v
alu
e o
f B
lockb
ust
er
at 3
1 A
ug
ust
20
13 i
s m
ore
th
an s
uffi
cie
nt
to c
ove
r th
e m
inim
um
retu
rn o
f th
e ID
C d
ue to
the u
nd
erl
yin
g v
alu
e o
f its
op
tion
to c
on
vert
its
pre
fere
nce s
har
es
into
ord
inar
y sh
ares
in R
eal
Peo
ple
. Th
e li
kelih
oo
d o
f th
e s
har
eh
old
ers
of
Blo
ckb
ust
er
need
ing
to
inje
ct
add
itio
nal
cas
h t
o s
atis
fy t
he m
inim
um
retu
rn o
f th
e ID
C h
as b
een
ass
ess
ed
as
rem
ote
and
th
ere
fore
bo
th t
he g
uar
ante
e a
nd
th
e p
ut
op
tion
hav
e n
il va
lue a
t th
e r
ep
ort
ing
dat
e.
28
. o
pe
rati
ng
leas
es
Le
ase
s as
less
ee
N
on
-can
cella
ble
op
era
ting
leas
e r
en
tals
are
pay
able
as
follo
ws
on
th
e r
en
tal a
gre
em
en
ts f
or
offi
ce p
rem
ises
and
eq
uip
men
t:
20
13r
’00
02
012
R’0
00
Offi
ce e
qu
ipm
en
t
Less
th
an o
ne y
ear
18
22
2
Betw
een
on
e a
nd
five
year
s –
36
0
Mo
re t
han
five
year
s –
–
Offi
ce p
rem
ise
s
Less
th
an o
ne y
ear
2
52
12
479
Betw
een
on
e a
nd
five
year
s 10
30
2–
Mo
re t
han
five
year
s –
–
12 8
41
3 0
61
28
. o
pe
rati
ng
leas
es
co
ntin
ued
Le
ase
s as
less
ee
co
ntin
ued
T
he G
rou
p l
eas
es
a n
um
ber
of
offi
ces
un
der
op
era
ting
leas
es.
Th
e l
eas
es
typ
ical
ly r
un
fo
r
five y
ear
s w
ith a
n o
ptio
n t
o r
en
ew
th
e l
eas
e a
fter
that
dat
e.
All
leas
es
esc
alat
e a
t 8
%.
Th
e
pre
mis
es
are in
Hyd
e P
ark,
Cap
e T
ow
n a
nd
Du
rban
.
O
ffice e
qu
ipm
en
t is
a 3
6 m
on
th le
ase f
or
pri
nte
rs, w
ith a
no
an
nu
al e
scal
atio
n.
D
uri
ng
th
e y
ear
en
ded
31
Au
gu
st 2
013
R4
,6 m
illio
n (2
012
: R5,
3 m
illio
n) w
as r
eco
gn
ised
as
an
exp
en
se in
th
e p
rofit
or
loss
in r
esp
ect
of
op
era
ting
leas
es.
29
. n
ote
s to
th
e s
tate
me
nt
of
cash
flo
ws
20
13r
’00
02
012
R’0
00
29
.1R
eco
nci
liati
on
of
cash
uti
lise
d in
op
era
tio
ns
Pro
fit b
efo
re t
axat
ion
an
d n
et
inte
rest
inco
me
(711
)4
60
6
Ad
just
me
nts
fo
r:
– D
ep
recia
tion
an
d a
mo
rtis
atio
n2
89
03
024
– F
air
valu
e lo
sses/
(gai
ns)
on
fin
ancia
l ass
ets
15 3
24
(3 3
98
)
– S
har
e-b
ased
pay
men
t exp
en
se1
98
12
90
2
– F
ore
ign
exc
han
ge lo
sses
(84
7)(4
80
)
– Im
pai
rmen
t o
f in
vest
men
t1
32
0–
– G
ain
on
sal
e o
f d
isco
ntin
ued
op
era
tion
s(2
1 71
3)
–
(1 7
56
)6
65
4
Mo
vem
en
t in
wo
rkin
g c
apit
al
Decre
ase in
tra
de a
nd
oth
er
receiv
able
s3
82
2 4
20
Incre
ase in
tra
de a
nd
oth
er
pay
able
s 6
7 19
115
524
65
817
24 5
98
29
.2A
cqu
isit
ion
of
asse
tsA
dd
itio
ns
to m
ain
tain
op
era
tion
s(2
670
)(4
38
)
Pu
rch
ased
inta
ng
ible
ass
ets
(86
2)
(15
5)
(3 5
32
)(5
93
)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 57
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
29
. n
ote
s to
th
e s
tate
me
nt
of
cash
flo
ws
co
ntin
ued
20
13r
’00
02
012
R’0
00
29
.3In
vest
me
nts
acq
uir
ed
/so
ldIn
vest
men
ts1
05
4(1
63
9)
1 0
54
(1 6
39
)
29
.4Ta
x p
aid
Bal
ance a
t b
eg
inn
ing
of
peri
od
56
0–
Cu
rren
t ta
x3
079
3 8
61
Bal
ance a
t en
d o
f p
eri
od
(46
9)
(56
0)
Tax
pai
d3
170
3 3
01
30
. C
on
tin
ge
nci
es
T
here
are
no
co
ntin
gen
cie
s at
th
e r
ep
ort
ing
dat
e.
31.
r
ela
ted
par
tie
s
Ide
nti
ty o
f re
late
d p
arti
es
T
he G
rou
p h
as r
ela
ted
par
ty r
ela
tion
ship
s w
ith i
ts a
sso
cia
tes,
su
bsi
dia
ries
and
its
directo
rs
and
exe
cu
tive o
fficers
. See n
ote
32
fo
r a
list
of
the G
rou
p e
ntit
ies.
Tr
ansa
ctio
ns
wit
h k
ey
man
age
me
nt
pe
rso
nn
el
T
he k
ey
man
agem
en
t p
ers
on
nel
co
mp
en
satio
n i
s as
fo
llow
s an
d i
s in
clu
ded
in
“p
ers
on
nel
exp
en
ses”
(se
e n
ote
9):
20
13r
’00
02
012
R’0
00
Em
plo
yee
be
ne
fits
No
n-e
xecu
tive
dir
ect
ors
Den
nis
Alter
– f
ees
25
25
Cra
ig C
arte
r –
fees
120
120
Ro
nn
ie L
ub
ner
– f
ees
25
25
Th
em
beka
Gw
agw
a –
fees
150
150
32
03
20
31.
r
ela
ted
par
tie
s co
ntin
ued
Tr
ansa
ctio
ns
wit
h k
ey
man
age
me
nt
pe
rso
nn
el c
on
tinu
ed
20
13r
’00
02
012
R’0
00
Em
plo
yee
be
ne
fits
Exe
cuti
ve d
ire
cto
rs
Mar
k B
arn
es
– s
alar
y 3
18
02
88
0
– r
est
ructu
rin
g f
ee
1 5
50
–
– s
har
e o
ptio
n e
xpen
ses
410
69
2
Ch
arle
s Sa
vag
e
– s
alar
y 2
16
02
56
0
– s
har
e o
ptio
n e
xpen
ses
379
33
0
Mik
e W
ilso
n
– s
alar
y 1
84
71
92
0
– r
etr
en
ch
men
t co
sts
52
5–
– s
har
e o
ptio
n e
xpen
ses
23
64
10
Gar
y va
n D
yk*
– s
alar
y 4
28
–
– s
har
e o
ptio
n e
xpen
ses
42
–
10 7
57
8 7
92
*
Rem
un
era
tion
inclu
ded
fro
m d
ate o
f ap
po
intm
en
t as
a d
irecto
r, b
ein
g 1
5 A
pril 2
013
.
T
he
thre
e h
igh
est p
aid
no
n-d
irect
ors
ear
ned
sal
arie
s o
f R2,
1 m
illio
n, R
1,7
mill
ion
an
d R
1,3
mill
ion
,
resp
ectiv
ely.
O
the
r re
late
d p
arty
tra
nsa
ctio
ns
T
here
were
oth
er
rela
ted
par
ty t
ran
sactio
ns
as f
ollo
ws:
Th
ere
is
a
loan
b
etw
een
P
urp
le
Cap
ital
and
Fi
rst
Wo
rld
Tr
ader
of
R8
,77
mill
ion
(20
12:
R11
,1 m
illio
n).
Th
e l
oan
has
no
set
rep
aym
en
t te
rms
bu
t b
ear
s a
mar
ket
rela
ted
inte
rest
.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201358
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
32
. G
rou
p e
nti
tie
s
Ow
ne
rsh
ip in
tere
st
Ow
ne
rsh
ip in
tere
st
Sub
sid
iari
es
Nam
eC
ou
ntr
y2
013 %
20
12 %
Firs
t W
orl
d T
rad
er
Pro
pri
eta
ry L
imite
d**
So
uth
Afr
ica
100
100
Glo
bal
Tra
der
Can
ada
Lim
ited
C
anad
a 10
0
100
Glo
bal
Tra
der
Eu
rop
e L
imite
d*
UK
100
10
0
New
Wo
rld
Tra
der
Lim
ited
Ir
ela
nd
100
100
Po
werb
et
Gam
ing
Pro
pri
eta
ry L
imite
d#
Sou
th A
fric
a–
10
0
Pu
rple
Cap
ital T
reas
ury
Pro
pri
eta
ry
Lim
ited
#
Sou
th A
fric
a–
10
0
*
C
urr
en
tly
bein
g li
qu
idat
ed
.
#
S
ub
sid
iary
so
ld d
urin
g t
he c
urr
en
t ye
ar (se
e n
ote
36
).
**
In
clu
des
the o
pera
tion
s o
f G
T24
7.co
m, G
T P
riva
te B
roki
ng
an
d E
mp
ero
r A
sset
Man
agem
en
t.
33
. s
ub
seq
ue
nt
eve
nts
T
he d
irecto
rs a
re n
ot
awar
e o
f an
y o
ther
mat
ter
or
circu
mst
ance a
risi
ng
sin
ce y
ear
en
d u
p
to t
he d
ate o
f th
is r
ep
ort
, no
t o
therw
ise d
eal
t w
ith in
th
is r
ep
ort
.
34
. n
et
asse
t va
lue
pe
r sh
are
T
he G
rou
p n
et
asse
t va
lue i
s 3
3,8
4 (
20
12:
33,
34
) cen
ts p
er
shar
e a
nd
is
bas
ed
on
th
e
nu
mb
er
of
ord
inar
y sh
ares
in i
ssu
e n
et
of
treas
ury
sh
ares
at y
ear
en
d o
f 8
15 5
75 7
23
(20
12:
82
0 6
55
02
2)
and
net
asse
ts o
f R
276
,0 m
illio
n (
20
12:
R2
73,4
mill
ion
).
35
. d
isco
nti
nu
ed
op
era
tio
ns
Fo
llow
ing
a s
trat
eg
ic d
ecis
ion
to
pla
ce a
gre
ater
focu
s o
n t
he G
rou
p’s
co
re a
ctiv
ities,
man
agem
en
t so
ld P
urp
le C
apita
l Tre
asu
ry a
nd
Po
werb
et
Gam
ing
(re
fer
no
te 3
6).
T
he a
bo
ve s
eg
men
ts w
ere
no
t p
revi
ou
sly
cla
ssifi
ed
as
held
fo
r sa
le o
r as
dis
co
ntin
ued
op
era
tion
s.
Th
e
co
mp
arat
ive
co
nso
lidat
ed
st
atem
en
t o
f p
rofit
o
r lo
ss
and
o
ther
co
mp
reh
en
sive
in
co
me h
as b
een
rest
ated
to
sh
ow
th
e d
isco
ntin
ued
op
era
tion
sep
arat
ely
fro
m c
on
tinu
ing
op
era
tion
s.
R
esu
lts
of
dis
con
tin
ue
d o
pe
rati
on
– G
rou
p
20
132
012
trea
sury
r’0
00
po
wer
bet
r’0
00
tota
l
r’0
00
Tre
asu
ry
R’0
00
Po
we
rbe
t
R’0
00
Tota
l
R’0
00
Reve
nu
e2
02
35
93
47
95
75 1
21
3 8
59
8
98
0
Exp
en
ses
(4 9
02
)(2
0 5
73)
(25
475
)(1
0 2
12)
(13
64
0)
(2
3 8
52
)
Ear
nin
gs
befo
re in
tere
st,
dep
recia
tion
an
d
amo
rtis
atio
n (
2 8
79)
(14
63
9)
(
17 5
18)
(5 0
91)
(9 7
81)
(14
872
)
Net
inte
rest
Dep
recia
tion
an
d
amo
rtis
atio
n(4
89
)(6
04
) (1
09
3)
(83
7)(5
41)
( 1
378
)
Pro
fit b
efo
re t
ax(3
36
8)
(15
24
3)
(18
611
)(5
92
8)
(10
32
2)
(16
250
)
Inco
me t
ax13
71
164
1 3
01
247
1 554
1 8
01
Re
sult
s fr
om
op
era
tin
g
acti
viti
es,
ne
t o
f ta
x(3
23
1) (
14 0
79)
(17
310
)(5
68
1)(8
76
8)
(1
4
44
9)
Pro
fit o
n s
ale o
f
dis
co
ntin
ued
op
era
tion
32
1 2
1 3
92
21
713
–
––
(Lo
ss)/
pro
fit
for
the
pe
rio
d(2
910
)7
313
4 4
03
(5 6
81)
(8 7
68
)(1
4 4
49
)
Bas
ic e
arn
ing
s p
er
shar
e0
,54
(1,7
6)
Dilu
ted
ear
nin
gs
pe
r
shar
e0
,52
(1,6
8)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 59
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
36
. d
isp
osa
l of
a su
bsi
dia
ry
Th
e G
rou
p d
isp
ose
d o
f P
urp
le C
apita
l Tr
eas
ury
Pro
pri
eta
ry L
imite
d a
nd
Po
werb
et
Gam
ing
Pro
pri
eta
ry L
imite
d d
uri
ng
th
e c
urr
en
t ye
ar.
pu
rple
Cap
ital
trea
sury
r’0
00
po
wer
bet
Gam
ing
r’0
00
Co
nsi
de
rati
on
re
ceiv
ed
Co
nsi
dera
tion
receiv
ed
in c
ash
an
d c
ash
eq
uiv
alen
ts1
25
9–
Co
nsi
dera
tion
receiv
able
– 3
0 0
00
An
alys
is o
f as
sets
an
d li
abili
tie
s o
ver
wh
ich
co
ntr
ol w
as lo
stN
on
-cu
rre
nt
asse
ts
Eq
uip
men
t–
47
Inta
ng
ible
ass
ets
1 6
91
6 2
37
Defe
rred
tax
ass
et
–1
815
Cu
rre
nt
asse
ts
Trad
e a
nd
oth
er
receiv
able
s2
33
3 6
46
Cas
h a
nd
cas
h e
qu
ival
en
ts2
115
93
No
n-c
urr
en
t lia
bili
tie
s
Defe
rred
tax
liab
ilitie
s(4
74)
–
Cu
rre
nt
liab
iliti
es
Trad
e a
nd
oth
er
pay
able
s(7
22
)(3
73
0)
Ne
t as
sets
dis
po
sed
of
93
98
60
8
36
. d
isp
osa
l of
a su
bsi
dia
ry c
on
tinu
ed
pu
rple
Cap
ital
trea
sury
r’0
00
po
wer
bet
Gam
ing
r’0
00
Gai
n o
n d
isp
osa
l of
sub
sid
iary
Co
nsi
dera
tion
receiv
ed
/receiv
able
1
25
93
0 0
00
Net
asse
ts d
isp
ose
d o
f(9
39
)(8
60
8)
Gai
n o
n d
isp
osa
l3
20
21
39
2
Th
e g
ain
on
dis
po
sal i
s in
clu
ded
in t
he p
rofit
fo
r th
e y
ear
fro
m d
isco
ntin
ued
op
era
tion
s (s
ee n
ote
35
).
Ne
t ca
sh in
flo
w o
n d
isp
osa
l of
sub
sid
iary
Co
nsi
dera
tion
receiv
ed
in c
ash
an
d c
ash
eq
uiv
alen
t1
25
9–
Less
: C
ash
an
d c
ash
eq
uiv
alen
t b
alan
ces
dis
po
sed
of
(211
)(5
93
)
1 0
48
(59
3)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201360
37.
s
har
eh
old
er
anal
ysis
nu
mb
er
of
shar
e-
ho
lder
s
% o
f to
tal
shar
e-h
old
ers
nu
mb
er
of
shar
es
% o
f to
tal
issu
edsh
are
cap
ital
An
alys
is o
f sh
are
ho
ldin
gs
1
–
99
917
0
14,6
66
2 0
23
0
,01
1
00
0
–
9 9
99
38
4
33,
101
32
1 3
36
0
,16
10
00
0
–
99
99
93
97
34
,22
11 8
86
90
9
1,4
4
10
0 0
00
an
d o
ver
20
9
18,0
28
09
63
4 7
54
9
8,3
9
Tota
l1
160
10
0,0
08
22
90
5 0
22
10
0,0
0
Maj
or
shar
eh
old
ers
(5%
an
d m
ore
of
the
sh
are
s in
issu
e)
Gaj
od
er
Inve
stm
en
ts P
rop
rieta
ry L
imite
d17
9 6
73 2
73
21,
83
An
go
li In
vest
men
t P
rop
rieta
ry L
imite
d10
0 0
08
32
8
12,1
5
Day
mer
Lim
ited
100
00
0 0
00
12
,15
Mar
k B
arn
es
61
072
52
3
7,4
2
Bro
wn
Bro
thers
Har
rim
an &
Co
. 5
2 2
32
910
6
,35
Shar
eh
old
er
spre
ad
No
n-p
ub
lic:
7 0
,60
54
8 5
87
39
6
66
,66
Directo
rs6
0
,51
44
8 5
87
39
6
54
,51
10%
of
issu
ed
cap
ital o
r m
ore
1 0
,09
100
00
0 0
00
12
,15
Pu
blic
1 15
3
99,4
02
74 3
17 6
26
3
3,3
4
Tota
l1
160
10
0,0
08
22
90
5 0
22
10
0,0
0
37.
s
har
eh
old
er
anal
ysis
co
ntin
ued
nu
mb
er
of
shar
e-
ho
lder
s
% o
f to
tal
shar
e-h
old
ers
nu
mb
er
of
shar
es
% o
f to
tal
issu
edsh
are
cap
ital
Dis
trib
uti
on
of s
har
eh
old
ers
Ind
ivid
ual
s1
00
3
86
,47
20
4 8
97
55
4
24,9
0
No
min
ees
and
tru
sts
57
4,9
15
2 8
23
54
9
6,4
2
Clo
se c
orp
ora
tion
s2
3
1,9
83
018
55
0
0,3
7
Oth
er
co
rpo
rate
bo
die
s2
7 2
,33
1 9
27
703
0
,23
Ban
ks5
0
,43
92
50
2 0
60
11
,24
Pri
vate
co
mp
anie
s3
8
3,2
83
50
78
7 3
53
4
2,6
3
Pu
blic
co
mp
anie
s 7
0,6
011
6 9
48
25
3
14,2
1
1 16
0
100
,00
82
2 9
05
02
2
100
,00
38
. o
the
r d
iscl
osu
res
Go
ing
co
ncern
– r
efe
r to
directo
rs’ r
ep
ort
on
pag
e 2
1.
Cap
ital
dis
trib
utio
n o
ut
of
shar
e p
rem
ium
in
lie
u o
f d
ivid
en
d p
ost
year
en
d –
refe
r to
directo
rs r
ep
ort
on
pag
e 2
1.
NO
TE
S T
O T
HE
GR
OU
P F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 61
CO
MP
AN
Y S
TA
TE
ME
NT
OF
FIN
AN
CIA
L P
OS
ITIO
NA
s at
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
ASS
ET
S
Eq
uip
men
t
2
9
42
Inte
rest
s in
ass
ocia
te c
om
pan
ies
95
20
0
6
15
2
Inte
rest
s in
su
bsi
dia
ries
10
25
4 2
63
26
3 2
08
Oth
er
inve
stm
en
ts11
2
6 4
24
45
48
5
Defe
rred
tax
ass
ets
82
0 4
42
15
78
7
Tota
l no
n-c
urr
en
t as
sets
30
6 3
58
3
30
674
Trad
e a
nd
oth
er
receiv
able
s12
1
5 5
56
1 3
07
Rela
ted
par
ty lo
ans
16–
5 4
43
Cas
h a
nd
cas
h e
qu
ival
en
ts–
92
Tota
l cu
rre
nt
asse
ts
15 5
56
6 8
42
Tota
l ass
ets
32
1 9
143
37
516
EQ
UIT
Y A
ND
LIA
BIL
ITIE
S
Shar
e c
apita
l an
d p
rem
ium
4
75 3
87
4
76 2
53
Accu
mu
late
d (
loss
)/p
rofit
(1
95
89
8)
(18
0 3
08
)
Oth
er
rese
rves
19 0
68
1
8 1
81
Eq
uit
y at
trib
uta
ble
to
ow
ne
rs 2
98
55
7
314
12
6
Loan
s an
d b
orr
ow
ing
s–
1 4
47
Tota
l no
n-c
urr
en
t lia
bili
tie
s–
1
44
7
Ban
k o
verd
raft
3 8
30
1 2
90
Loan
s an
d b
orr
ow
ing
s13
7 5
14
7
814
Rela
ted
par
ty lo
ans
16 8
773
11
08
8
Trad
e a
nd
oth
er
pay
able
s14
3 2
40
1
75
1
Tota
l cu
rre
nt
liab
iliti
es
23
35
7
2
1 9
43
Tota
l eq
uit
y an
d li
abili
tie
s
32
1 9
14
33
7 5
16
CO
MP
AN
Y S
TA
TE
ME
NT
OF
C
OM
PR
EH
EN
SIV
E I
NC
OM
EFo
r th
e y
ear
en
ded
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
Co
nti
nu
ing
op
era
tio
ns
Reve
nu
e1
6 2
11
5 1
95
Op
era
ting
exp
en
ses
2(1
5 5
48
)(1
1 6
70)
Ne
t (l
oss
)/in
com
e(9
33
7)(6
475
)
Oth
er
inco
me
3–
5
83
1
Ear
nin
gs
be
fore
fai
r va
lue
ad
just
me
nts
, in
tere
st,
de
pre
ciat
ion
an
d a
mo
rtis
atio
n(
9 3
37)
(6
44
)
Fair
val
ue a
dju
stm
en
ts3
(9 4
98
)3
35
6
(Lo
ss)/
pro
fit
be
fore
fai
r va
lue
ad
just
me
nts
an
d
taxa
tio
n
(18
83
5)
2 7
12
Inte
rest
inco
me
43
68
1
38
6
Inte
rest
exp
en
se4
(1 3
66
)(1
63
1)
Dep
recia
tion
an
d a
mo
rtis
atio
n2
(30
)(5
2)
(Lo
ss)/
pro
fit
be
fore
tax
(19
86
3)
2
415
Taxa
tion
74
65
6
2 2
63
(Lo
ss)/
pro
fit
for
the
pe
rio
d(1
5 2
07)
4 6
78
Dis
con
tin
ue
d o
pe
rati
on
s
Loss
fro
m d
isco
ntin
ued
op
era
tion
s, n
et
of
tax
5
(3
83
)
–
(Lo
ss)/
pro
fit
for
the
pe
rio
d (
15 5
90
)4
678
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201362
CO
MP
AN
Y S
TA
TE
ME
NT
OF
OT
HE
R
CO
MP
RE
HE
NS
IVE
IN
CO
ME
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
0 2
012
R’0
00
(Lo
ss)/
pro
fit
for
the
pe
rio
d(1
5 5
90
)4
678
Oth
er
com
pre
he
nsi
ve in
com
e
Fore
ign
cu
rren
cy
tran
slat
ion
rese
rve o
n f
ore
ign
op
era
tion
s–
–
Ava
ilab
le-f
or-
sale
reva
luat
ion
s–
–
Ava
ilab
le-f
or-
sale
tra
nsf
err
ed
to
pro
fit o
r lo
ss
––
Inco
me t
ax o
n r
eva
luat
ion
–
–
Tota
l co
mp
reh
en
sive
(lo
ss)/
pro
fit
(15
59
0)
4 6
78
CO
MP
AN
Y S
TA
TE
ME
NT
OF
CA
SH
FLO
WS
For
the y
ear
en
ded
31
Au
gu
st 2
013
No
tes
20
13r
’00
0 2
012
R’0
00
Cas
h fl
ow
s fr
om
op
era
tin
g a
ctiv
itie
s
Cas
h u
tilis
ed
b
y o
pera
tion
s15
.1(1
3 7
13)
(2 4
52
)
Div
iden
ds
receiv
ed
fro
m a
sso
cia
tes
–(3
60
)
Cas
h fl
ow
s u
tilis
ed
by
op
era
tin
g a
ctiv
itie
s(1
3 7
13)
(2 8
12)
Cas
h fl
ow
s fr
om
inve
stin
g a
ctiv
itie
s
Inte
rest
pai
d(2
72)
(1 5
68
)
Inte
rest
receiv
ed
38
373
0
Acq
uis
itio
n o
f eq
uip
men
t an
d in
tan
gib
les
15.2
(16
)(6
)
Rep
aym
en
t/(a
cq
uis
itio
n)
of
inve
stm
en
ts15
.3–
1 2
35
Pro
ceed
s fr
om
sal
e o
f su
bsi
dia
ry6
15 8
36
–
Cas
h fl
ow
s g
en
era
ted
fro
m in
vest
ing
act
ivit
ies
15 9
31
39
1
Cas
h fl
ow
s fr
om
fin
anci
ng
act
ivit
ies
Pro
ceed
s fr
om
th
e is
sue o
f sh
are c
apita
l8
86
20
Pu
rch
ase o
f o
wn
sh
ares
(95
4)
–
Inte
r g
rou
p lo
an p
roceed
s(4
14
4)
3 8
58
AIF
loan
rep
aym
en
ts16
0(6
874
)
Cas
h fl
ow
s u
tilis
ed
by
fin
anci
ng
act
ivit
ies
(4 8
50
)(2
39
6)
Net
decre
ase in
cas
h a
nd
cas
h e
qu
ival
en
ts(2
63
2)
(4 8
17)
Cas
h a
nd
cas
h e
qu
ival
en
ts a
t b
eg
inn
ing
of
peri
od
(1 1
98
)3
619
Cas
h a
nd
cas
h e
qu
ival
en
ts a
t 3
1 A
ug
ust
(3 8
30
)
(1 1
98
)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 63
CO
MP
AN
Y S
TA
TE
ME
NT
OF
CH
AN
GE
S I
N E
QU
ITY
For
the y
ear
en
ded
31
Au
gu
st 2
013
sh
are
cap
ital
r’0
00
shar
ep
rem
ium
r’0
00
acc
u-
mu
late
dp
rofi
t/(l
oss
)r
’00
0
shar
e-b
ased
pay
men
t r
eser
ver
’00
0
tota
leq
uit
yr
’00
0
Bal
ance
at
1 Se
pte
mb
er
20
118
20
14
67
43
4(1
84
98
6)
16 4
96
30
7 14
5
Tota
l co
mp
reh
en
sive
inco
me
fo
r th
e p
eri
od
Pro
fit o
r lo
ss–
–4
678
–4
678
Co
ntr
ibu
tio
ns
by
and
dis
trib
uti
on
s to
ow
ne
rs2
55
93
––
618
Shar
e-b
ased
pay
men
t exp
en
ses
––
–1
68
51
68
5
Bal
ance
at
1 Se
pte
mb
er
20
128
22
64
68
02
7(1
80
30
8)
18 1
81
314
12
6
Tota
l co
mp
reh
en
sive
inco
me
fo
r th
e p
eri
od
Pro
fit o
r lo
ss–
–(1
5 5
90
)–
(15
59
0)
Co
ntr
ibu
tio
ns
by
and
dis
trib
uti
on
s to
ow
ne
rs
Pu
rch
ase o
f o
wn
sh
ares
(50
)(9
04
)–
–(9
54
)
Shar
es
issu
ed
48
4–
–8
8
Shar
e-b
ased
pay
men
t exp
en
ses
––
–8
87
88
7
Bal
ance
at
31
Au
gu
st 2
013
8 1
80
46
7 2
07
(19
5 8
98
)19
06
82
98
55
7
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201364
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
For
the y
ear
en
ded
31
Au
gu
st 2
013
Refe
r to
th
e G
rou
p n
ote
s fo
r ac
co
un
ting
po
licie
s re
late
d t
o t
hese
Co
mp
any
acco
un
ts.
20
13r
’00
02
012
R’0
00
1.r
eve
nu
e –
co
nti
nu
ing
op
era
tio
ns
Man
agem
en
t fe
es*
6 2
114
08
0
Oth
er
fee in
co
me
–1
115
Tota
l re
ven
ue
6 2
115
19
5
* R
efe
r to
no
te 1
6.
2.
op
era
tin
g e
xpe
nse
s –
co
nti
nu
ing
o
pe
rati
on
sP
ers
on
ne
l exp
en
ses
8 0
62
10 8
71
Wag
es
and
sal
arie
s7
175
9 1
86
Shar
e-b
ased
pay
men
t exp
en
se8
87
1 6
85
Au
dit
or'
s re
mu
ne
rati
on
28
32
15
Au
dit
fees
– c
urr
en
t ye
ar2
83
215
List
ing
exp
en
ses
20
54
25
Leas
e r
en
tals
– E
qu
ipm
en
t2
66
169
Fee
s p
aid
fo
r se
rvic
es
Co
nsu
ltin
g2
89
115
Leg
al4
24
2 5
98
De
pre
ciat
ion
30
52
Co
mp
ute
r eq
uip
men
t14
26
Furn
iture
an
d fi
ttin
gs
1119
Offi
ce e
qu
ipm
en
t5
7
3.
oth
er
inco
me
– c
on
tin
uin
g o
pe
rati
on
sG
lob
al T
rad
er
Eu
rop
e d
istr
ibu
tion
–5
83
1
Fair
val
ue a
dju
stm
en
ts(9
49
8)
3 3
56
20
13r
’00
02
012
R’0
00
4.
ne
t in
tere
st e
xpe
nse
– c
on
tin
uin
g
op
era
tio
ns
Inte
rest
inco
me o
n b
ank
dep
osi
ts3
68
1 10
4
Inte
rest
inco
me o
n d
eb
en
ture
s–
188
Inte
rest
on
lon
g-t
erm
receiv
able
s–
94
Tota
l in
tere
st in
com
e3
68
1 3
86
Tota
l in
tere
st e
xpe
nse
(1 3
66
)(1
63
1)
Ne
t in
tere
st e
xpe
nse
(99
8)
(24
5)
5.
dis
con
tin
ue
d o
pe
rati
on
s
Follo
win
g a
str
ateg
ic d
ecis
ion
to
pla
ce a
gre
ater
focu
s o
n t
he G
rou
p’s
co
re o
pera
tion
s,
man
agem
en
t so
ld P
urp
le C
apita
l Tr
eas
ury
an
d P
ow
erb
et
Gam
ing
Pro
prieta
ry L
imite
d (
see
no
te 6
).
T
he a
bo
ve s
eg
men
ts w
ere
no
t p
revi
ou
sly
cla
ssifi
ed
as
held
fo
r sa
le o
r as
dis
co
ntin
ued
op
era
tion
s.
Th
e
co
mp
arat
ive
co
nso
lidat
ed
st
atem
en
t o
f p
rofit
o
r lo
ss
and
o
ther
co
mp
reh
en
sive
in
co
me h
as b
een
rest
ated
to
sh
ow
th
e d
isco
ntin
ued
op
era
tion
sep
arat
ely
fro
m c
on
tinu
ing
op
era
tion
s.
pu
rple
Cap
ital
trea
sury
r’0
00
po
wer
bet
Gam
ing
r’0
00
tota
lr
’00
0
Re
sult
s o
f d
isco
nti
nu
ed
op
era
tio
ns
–
Gro
up
(Lo
ss)/
pro
fit o
n s
ale o
f d
isco
ntin
ued
op
era
tion
(3 8
95
)3
512
(38
3)
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 65
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
6.
dis
po
sal o
f a
sub
sid
iary
T
he C
om
pan
y d
isp
ose
d o
f Pu
rple
Cap
ital T
reas
ury
an
d P
ow
erb
et G
amin
g in
th
e c
urr
en
t ye
ar.
pu
rple
Cap
ital
trea
sury
20
13r
’00
0
po
wer
bet
Gam
ing
20
13r
’00
0
Co
nsi
de
rati
on
re
ceiv
ed
Co
nsi
dera
tion
receiv
ed
/receiv
able
*1
25
914
577
* To
tal p
roceed
s: R
15 8
36
00
0.
An
alys
is o
f as
sets
an
d li
abili
tie
s w
ritt
en
off
Co
st o
f in
vest
men
t1
50
0
7 4
45
Inte
rco
mp
any
loan
3 6
53
3 6
18
Tota
l5
15
311
06
3
Gai
n o
n d
isp
osa
l of
sub
sid
iary
Co
nsi
dera
tion
receiv
ed
1
25
914
577
Net
asse
ts d
isp
ose
d o
f(5
15
3)
(11
06
3)
(Lo
ss)/
pro
fit
on
dis
po
sal
(3 8
94
)3
514
Th
e g
ain
on
dis
po
sal i
s in
clu
ded
in t
he p
rofit
fo
r th
e y
ear
fro
m d
isco
ntin
ued
op
era
tion
s (s
ee n
ote
5).
Ne
t ca
sh in
flo
w o
n d
isp
osa
l of
sub
sid
iary
Co
nsi
dera
tion
receiv
ed
in
cas
h a
nd
cas
h e
qu
ival
en
t1
25
9–
Less
: C
ash
an
d c
ash
eq
uiv
alen
t b
alan
ces
dis
po
sed
of
(211
)(5
93
)
1 0
48
(59
3)
20
13r
’00
02
012
R’0
00
7.C
urr
en
t an
d d
efe
rre
d t
axD
efe
rred
tax
4 6
56
2 2
63
Tota
l4
65
62
26
3
Re
con
cilia
tio
n o
f e
ffe
ctiv
e t
ax r
ate
:%
%
Defe
rred
tax
ch
arg
ed
to
inco
me s
tate
men
t(2
3)
(93,
7)
Tax
exe
mp
t in
co
me
35
,18
4,8
No
n-d
ed
uctib
le e
xpen
ses
(40
,1)
(6,3
)
Inclu
sio
n t
ax r
ate c
han
ge
–6
8,6
Cap
ital g
ain
s ta
x–
(25,
4)
Do
me
stic
tax
rat
e(2
8,0
)2
8,0
20
13r
’00
02
012
R’0
00
8.
de
ferr
ed
tax
ass
ets
an
d li
abil
itie
sR
eco
gn
ised
defe
rred
tax
ass
ets
an
d li
abili
ties:
Bal
ance a
t th
e b
eg
inn
ing
of
the p
eri
od
15 7
87
13 5
24
Inve
stm
en
ts a
t fa
ir v
alu
e3
52
6(6
26
)
Pay
able
s an
d a
ccru
als
198
(55
)
Tax
loss
93
11
28
7
Ch
ang
e in
inclu
sio
n r
ate
–1
65
7
Bal
ance
at
the
en
d o
f th
e p
eri
od
20
44
215
78
7
Defe
rred
tax
co
mp
rise
s th
e f
ollo
win
g:
Inve
stm
en
ts a
t fa
ir v
alu
e9
54
66
02
0
Trad
e p
ayab
les
and
acco
un
ts3
45
147
Tax
loss
10 5
51
9 6
20
De
ferr
ed
tax
ass
et
20
44
215
78
7
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201366
20
13r
’00
02
012
R’0
00
9.
inte
rest
in a
sso
ciat
e c
om
pan
ies
Th
e C
om
pan
y h
as t
he f
ollo
win
g in
vest
men
ts in
ass
ocia
te
co
mp
anie
s:
Un
liste
d
– C
ost
–3
00
– L
oan
s5
20
05
85
2
At
31
Au
gu
st5
20
06
15
2
10.
inve
stm
en
t in
su
bsi
dia
rie
sT
he C
om
pan
y h
as t
he f
ollo
win
g in
vest
men
ts in
sub
sid
iari
es:
Op
en
ing
bal
ance
26
3 2
08
26
4 4
43
Sale
of
sub
sid
iari
es
(8 9
45
)(1
23
5)
At
31
Au
gu
st2
54
26
32
63
20
8
Refe
r to
Gro
up
no
te 3
2 f
or
deta
ils o
f in
vest
men
t in
sub
sid
iari
es.
11.
oth
er
inve
stm
en
tsT
he C
om
pan
y h
as t
he f
ollo
win
g o
ther
inve
stm
en
ts:
Fair
val
ue
th
rou
gh
pro
fit
and
loss
– U
nlis
ted
25
44
74
4 2
00
Oth
er
inve
stm
en
ts s
ho
wn
at
fair
val
ue
–
List
ed
–14
8
Loan
s an
d r
ece
ivab
les
at a
mo
rtis
ed
co
st
– U
nlis
ted
977
1 13
7
Tota
l oth
er
inve
stm
en
ts2
6 4
24
45
48
5
Refe
r to
Gro
up
no
te 1
6 f
or
furt
her
deta
ils.
20
13r
’00
02
012
R’0
00
12.
trad
e a
nd
oth
er
rece
ivab
les
Trad
e r
eceiv
able
s12
01
08
4
Pre
pay
men
ts a
nd
dep
osi
ts–
24
Receiv
able
fro
m s
ale o
f P
ow
erb
et
Gam
ing
14 5
77–
Oth
er
receiv
able
s8
59
199
15 5
56
1 3
07
13.
loan
s an
d b
orr
ow
ing
sT
his
no
te p
rovi
des
info
rmat
ion
on
th
e C
om
pan
y’s
inte
rest
-bear
ing
bo
rro
win
gs
that
are
meas
ure
d a
t
amo
rtis
ed
co
st:
No
n-c
urr
en
t lia
bili
tie
s
Secu
red
ban
k lo
ans
–1
44
7
Cu
rre
nt
liab
iliti
es
Secu
red
ban
k lo
ans
7 5
147
814
7 5
149
26
1
Refe
r to
Gro
up
no
te 2
3 f
or
term
s an
d c
on
diti
on
s an
d t
he
rela
ted
fin
ancia
l in
stru
men
t ri
sk in
no
te 1
7.
14.
trad
e a
nd
oth
er
pay
able
sTr
ade p
ayab
les
795
7
Oth
er
trad
e p
ayab
les
and
accru
ed
exp
en
ses
1 8
06
92
3
Em
plo
yee r
ela
ted
1 3
55
771
3 2
40
1 75
1
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 67
20
13r
’00
02
012
R’0
00
12.
trad
e a
nd
oth
er
rece
ivab
les
Trad
e r
eceiv
able
s12
01
08
4
Pre
pay
men
ts a
nd
dep
osi
ts–
24
Receiv
able
fro
m s
ale o
f P
ow
erb
et
Gam
ing
14 5
77–
Oth
er
receiv
able
s8
59
199
15 5
56
1 3
07
13.
loan
s an
d b
orr
ow
ing
sT
his
no
te p
rovi
des
info
rmat
ion
on
th
e C
om
pan
y’s
inte
rest
-bear
ing
bo
rro
win
gs
that
are
meas
ure
d a
t
amo
rtis
ed
co
st:
No
n-c
urr
en
t lia
bili
tie
s
Secu
red
ban
k lo
ans
–1
44
7
Cu
rre
nt
liab
iliti
es
Secu
red
ban
k lo
ans
7 5
147
814
7 5
149
26
1
Refe
r to
Gro
up
no
te 2
3 f
or
term
s an
d c
on
diti
on
s an
d t
he
rela
ted
fin
ancia
l in
stru
men
t ri
sk in
no
te 1
7.
14.
trad
e a
nd
oth
er
pay
able
sTr
ade p
ayab
les
795
7
Oth
er
trad
e p
ayab
les
and
accru
ed
exp
en
ses
1 8
06
92
3
Em
plo
yee r
ela
ted
1 3
55
771
3 2
40
1 75
1
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
20
13r
’00
02
012
R’0
00
15.
no
tes
to s
tate
me
nt
of
cash
flo
ws
15.1
Re
con
cilia
tio
n o
f ca
sh u
tilis
ed
in o
pe
rati
on
sP
rofit
befo
re t
axat
ion
, net
inte
rest
inco
me
(19
24
8)
2 6
60
Ad
just
me
nts
fo
r:
–
Dep
recia
tion
3
05
2
–
Fair
val
ue g
ain
on
fin
ancia
l ass
ets
9
49
8(3
35
6)
–
Shar
e-b
ased
pay
men
t exp
en
se
88
71
68
6
–
Div
iden
ds
receiv
ed
fro
m v
en
ture
cap
ital
asso
cia
te–
36
0
–
Sale
of
inve
stm
en
t9
40
3–
–
Loss
on
sal
e o
f P
urp
le C
apita
l Tre
asu
ry3
89
5–
–
Pro
fit o
n s
ale o
f P
ow
erb
et
Gam
ing
(3 5
12)
–
95
31
40
2
Mo
vem
en
t in
wo
rkin
g c
apit
al
(Incre
ase)/
decre
ase in
tra
de a
nd
oth
er
receiv
able
s (1
4 2
49
)1
786
Decre
ase in
tra
de a
nd
oth
er
pay
able
s (4
17)
(5 6
40
)
(13
713
)(2
45
2)
15.2
Acq
uis
itio
n o
f e
qu
ipm
en
tA
dd
itio
ns
to m
ain
tain
op
era
tion
s(1
6)
(6
)
15.3
Inve
stm
en
ts a
cqu
ire
dIn
vest
men
ts r
ep
aid
/(ac
qu
ired
) –
1 2
35
20
13r
’00
02
012
R’0
00
16.
re
late
d p
arti
es
Re
late
d p
arty
tra
nsa
ctio
ns
Man
agem
en
t fe
e c
har
ged
6 2
114
08
0
Inte
rest
pai
d2
89
23
0
Re
late
d p
arty
bal
ance
s
Loan
fro
m F
irst
Wo
rld
Tra
der
Pro
pri
eta
ry L
imite
d*
(8 7
73)
(11
08
8)
Loan
to
Po
werb
et
Gam
ing
Pro
pri
eta
ry L
imite
d#
–3
618
Loan
to
Pu
rple
Cap
ital T
reas
ury
Pro
pri
eta
ry L
imite
d#
–1
82
5
* T
he lo
an h
as n
o s
et
rep
aym
en
t te
rms
bu
t b
ear
s a
mar
ket
rela
ted
inte
rest
.# T
he lo
ans
had
no
set
rep
aym
en
t te
rms,
un
secu
red
an
d in
tere
st f
ree.
17.
Fin
anci
al in
stru
me
nts
C
red
it r
isk
E
xpo
sure
to
cre
dit
ris
k
T
he c
arry
ing
am
ou
nt
of
finan
cia
l ass
ets
rep
rese
nts
th
e m
axim
um
cre
dit
exp
osu
re.
T
he m
axim
um
exp
osu
re t
o c
red
it ri
sk a
t th
e r
ep
ort
ing
dat
e w
as:
No
tes
20
13r
’00
02
012
R’0
00
Fin
ancia
l ass
ets
at
amo
rtis
ed
co
st11
977
1 13
7
Rela
ted
par
ty lo
ans
16–
5 4
43
Loan
s an
d r
eceiv
able
s12
15 5
56
1 3
07
16 5
33
7 8
87
T
he m
axim
um
exp
osu
re t
o c
red
it ri
sk f
or
loan
s an
d r
eceiv
able
s at
th
e r
ep
ort
ing
dat
e
was
in
So
uth
Afr
ica.
Pu
rple
Cap
ital’s
on
ly r
eceiv
able
s ar
e w
ith a
few
lar
ge c
orp
ora
tes
that
man
agem
en
t d
eal
s w
ith d
irectly.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201368
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
17.
Fin
anci
al in
stru
me
nts
co
ntin
ued
Li
qu
idit
y ri
sk
T
he
follo
win
g
are
the
co
ntr
actu
al
mat
uri
ties
of
finan
cia
l lia
bili
ties,
in
clu
din
g
est
imat
ed
inte
rest
pay
men
ts:
No
tes
Car
ryin
g a
mo
un
tr
’00
0
Co
ntr
actu
alca
sh fl
ow
sr
’00
01
year
r’0
00
2 –
5 y
ears
r’0
00
As
at 3
1 A
ug
ust
20
13
Secu
red
loan
s13
7 5
147
514
7 5
14–
Rela
ted
par
ty lo
ans
168
773
8 7
738
773
–
Ban
k o
verd
raft
3 8
30
3 8
30
3 8
30
–
Trad
e a
nd
oth
er
pay
able
s14
7979
79–
20
19
62
0 1
96
20
19
6–
As
at 3
1 A
ug
ust
20
12
Secu
red
loan
s13
9 2
61
9 2
61
7 8
141
44
7
Rela
ted
par
ty lo
ans
165
44
35
44
35
44
3–
Ban
k o
verd
raft
1 2
90
1 2
90
1 2
90
–
Trad
e a
nd
oth
er
pay
able
s14
57
57
57
–
16 0
51
16 0
51
14 6
04
1 4
47
T
he G
rou
p m
anag
es
this
exp
osu
re th
rou
gh
en
suri
ng
there
are
ad
eq
uat
e c
on
trac
ted
ove
rdra
ft
facili
ties
avai
lab
le t
o c
ove
r an
y d
efic
it b
etw
een
cu
rren
t as
sets
an
d li
abili
ties.
17.
Fin
anci
al in
stru
me
nts
co
ntin
ued
In
tere
st r
ate
ris
k
P
rofi
le
A
t th
e re
po
rtin
g d
ate th
e in
tere
st ra
te p
rofil
e o
f th
e G
rou
p’s
in
tere
st-b
ear
ing
fin
ancia
l
inst
rum
en
ts w
as:
No
tes
Inte
rest
rate
ap
plic
able
Car
ryin
g
amo
un
t2
013
r’0
00
Car
ryin
g
amo
un
t2
012
R’0
00
Var
iab
le r
ate
inst
rum
en
ts
Fin
ancia
l ass
ets
11
Pri
me
977
1 13
7
Fin
ancia
l lia
bili
ties
13P
rim
e +
1%(7
514
)(9
26
1)
Ban
k o
verd
raft
Pri
me
(3 8
30
)(1
29
0)
C
ash
flo
w s
en
siti
vity
an
alys
is f
or
vari
able
rat
e in
stru
me
nts
A
ch
ang
e o
f 10
0 b
asis
po
ints
in
in
tere
st r
ates
at t
he r
ep
ort
ing
dat
e w
ou
ld h
ave i
ncre
ased
/
(decre
ased
) p
rofit
or
loss
by
the a
mo
un
ts s
ho
wn
belo
w. T
his
an
alys
is a
ssu
mes
that
all
oth
er
vari
able
s re
mai
n c
on
stan
t. T
he a
nal
ysis
is p
erf
orm
ed
on
th
e s
ame b
asis
fo
r 2
012
.
pro
fit
or
loss
Pro
fit
or
loss
100
bp
incr
ease
20
13r
’00
0
100
bp
dec
reas
e2
013
r’0
00
100
bp
incr
eas
e2
012
R’0
00
100
bp
de
cre
ase
20
12R
’00
0
Var
iab
le r
ate
inst
rum
en
ts
Fin
ancia
l ass
ets
10
(10
)11
(11
)
Fin
ancia
l lia
bili
ties
84
(83
)15
5
(15
2)
94
(93
)16
6
(16
3)
P
rice
ris
k
Se
nsi
tivi
ty a
nal
ysis
– e
qu
ity
pri
ce r
isk
A
ll th
e G
rou
p’s
lis
ted
eq
uity
in
stru
men
ts a
re l
iste
d o
n t
he J
oh
ann
esb
urg
Sto
ck
Exc
han
ge.
For
inve
stm
en
ts c
lass
ified
as
fair
val
ue t
hro
ug
h p
rofit
or
loss
, a
5%
in
cre
ase i
n t
he p
rice o
f
the e
qu
ities
at t
he r
ep
ort
ing
dat
e, t
he im
pac
t o
n p
rofit
or
loss
aft
er
tax
wo
uld
hav
e b
een
an
incre
ase o
f R
145
470
(2
012
: R
1 0
83
34
3).
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 69
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
17.
Fin
anci
al in
stru
me
nts
co
ntin
ued
Fi
nan
cial
ass
ets
an
d li
abili
tie
s
T
he t
able
belo
w s
ets
ou
t th
e c
lass
ificat
ion
of
eac
h c
lass
of
finan
cia
l ass
ets
an
d li
abili
ties,
an
d
their
fai
r va
lues.
No
tes
20
13r
’00
02
012
R’0
00
Loan
s an
d r
ece
ivab
les
– T
rad
e a
nd
oth
er
receiv
able
s 12
15 5
56
1 3
07
– R
ela
ted
par
ty lo
ans
16–
5 4
43
– O
ther
inve
stm
en
ts
119
771
137
Fair
val
ue
th
rou
gh
pro
fit
or
loss
– O
ther
inve
stm
en
ts
112
5 4
47
44
20
0
He
ld a
t am
ort
ise
d c
ost
Rela
ted
par
ty lo
ans
16(8
773
)(1
1 0
88
)
Loan
s an
d b
orr
ow
ing
s 13
(7 5
14)
(9 2
61)
Ban
k o
verd
raft
(3 8
30
)(1
29
0)
Trad
e a
nd
oth
er
pay
able
s 14
(79
)(5
7)
Tota
l fin
anci
al a
sse
ts a
nd
liab
iliti
es
21
784
30
39
1
17.
Fin
anci
al in
stru
me
nts
co
ntin
ued
Fi
nan
cial
gu
aran
tee
an
d p
ut
op
tio
n is
sue
d
T
he s
har
eh
old
ers
of
Blo
ckb
ust
er
Trad
ing
hav
e jo
intly
and
seve
rally
gu
aran
teed
th
e In
du
stri
al
Deve
lop
men
t C
orp
ora
tion
of
Sou
th A
fric
a Li
mite
d (
IDC
) a
min
imu
m r
etu
rn o
f 8
% r
eal
afte
r ta
x in
resp
ect
of
the e
igh
t-ye
ar c
um
ula
tive r
ed
eem
able
pre
fere
nce s
har
es
sub
scri
bed
for
in B
lockb
ust
er
Trad
ing
3 P
rop
rieta
ry L
imite
d f
or
a co
nsi
dera
tion
of
R9
0,3
mill
ion
. T
he
fun
din
g w
as u
sed
to
su
bsc
rib
e f
or
co
nve
rtib
le r
ed
eem
able
pre
fere
nce s
har
es
in R
eal
Peo
ple
Inve
stm
en
t H
old
ing
s P
rop
rieta
ry L
imite
d. I
n a
dd
itio
n, t
here
is a
pu
t o
ptio
n in
pla
ce in
fav
ou
r
of
the ID
C w
hic
h w
ou
ld o
pera
te in
a s
imila
r m
ann
er
to t
he fi
nan
cia
l gu
aran
tee a
s ab
ove
.
T
he v
alu
e o
f B
lockb
ust
er
at 3
1 A
ug
ust
20
13 i
s m
ore
th
an s
uffi
cie
nt
to c
ove
r th
e m
inim
um
retu
rn o
f th
e ID
C d
ue to
the u
nd
erl
yin
g v
alu
e o
f its
op
tion
to c
on
vert
its
pre
fere
nce s
har
es
into
ord
inar
y sh
ares
in R
eal
Peo
ple
. Th
e li
kelih
oo
d o
f th
e s
har
eh
old
ers
of
Blo
ckb
ust
er
need
ing
to
inje
ct
add
itio
nal
cas
h t
o s
atis
fy t
he m
inim
um
retu
rn o
f th
e ID
C h
as b
een
ass
ess
ed
as
rem
ote
and
th
ere
fore
bo
th t
he g
uar
ante
e a
nd
th
e p
ut
op
tion
hav
e n
il va
lue a
t th
e r
ep
ort
ing
dat
e.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201370
18.
sh
are
-bas
ed
pay
me
nts
Sh
are
-bas
ed
pay
me
nt
exp
en
ses
O
n 1
Feb
ruar
y 2
00
5, a
new
em
plo
yee s
har
e o
ptio
n s
ch
em
e w
as in
tro
du
ced
by
app
rova
l at
the g
en
era
l m
eetin
g o
f th
e C
om
pan
y. T
he t
erm
s an
d c
on
diti
on
s o
f th
e o
ptio
ns,
as
well
as
deta
ils o
f th
e o
ptio
ns
gra
nte
d, a
re a
s fo
llow
s:
op
tio
ns
gra
nte
d t
o k
ey m
anag
emen
t n
um
ber
of
op
tio
ns
Tota
l at
31
Au
gu
st 2
011
63
32
4 0
00
Exp
ired
21
Feb
ruar
y 2
012
(5 3
34
00
0)
Issu
ed
27
Feb
ruar
y 2
012
16 2
00
00
0
Tota
l at
31
Au
gu
st 2
012
74 1
90
00
0
Exp
ired
23
Ap
ril 2
013
(4 5
72 0
00
)
Forf
eitu
re 3
1 A
ug
ust
20
13(2
5 1
04
50
0)
Tota
l at
31
Au
gu
st 2
013
44
513
50
0
T
he v
est
ing
co
nd
itio
ns
of
all t
he o
ptio
ns
gra
nte
d t
o d
ate a
re:
U
p t
o 2
5%
on
or
afte
r th
e fi
rst
ann
ivers
ary
dat
e o
f ac
cep
tan
ce o
f th
e o
ptio
ns;
U
p t
o 5
0%
on
or
afte
r th
e s
eco
nd
an
niv
ers
ary
of
the a
ccep
tan
ce d
ate;
U
p t
o 7
5%
on
or
afte
r th
e t
hird
an
niv
ers
ary
dat
e;
and
U
p t
o 1
00
% o
n o
r af
ter
the f
ou
rth
an
niv
ers
ary
dat
e.
T
he c
on
trac
tual
life
of
all o
ptio
ns
is s
eve
n y
ear
s fr
om
dat
e o
f g
ran
t.
T
he o
ptio
ns
gra
nte
d t
o d
irecto
rs a
re:
n
um
ber
of
op
tio
ns
20
13
Nu
mb
er
of
op
tio
ns
20
12
Mar
k B
arn
es
30
24
5 0
00
34
817
00
0
Mik
e W
ilso
n
–16
54
0 0
00
Gar
y va
n D
yk10
76
8 5
00
10 7
68
50
0
Ch
arle
s Sa
vag
e3
50
0 0
00
3 5
00
00
0
44
513
50
06
5 6
25
50
0
18.
sh
are
-bas
ed
pay
me
nts
co
ntin
ued
Sh
are
-bas
ed
pay
me
nt
exp
en
ses
co
ntin
ued
wei
gh
ted
aver
age
exer
cise
pri
ce(c
ents
)2
013
nu
mb
ero
f o
pti
on
s2
013
We
igh
ted
ave
rag
ee
xerc
ise
pri
ce(c
en
ts)
20
12
Nu
mb
er
of
op
tio
ns
20
12
Ou
tsta
nd
ing
at
the
b
eg
inn
ing
of
the
pe
rio
d2
074
19
0 0
00
25
63
324
00
0
Gra
nte
d d
uri
ng
th
e p
eri
od
–24
16 2
00
00
0
Forf
eite
d d
uri
ng
th
e p
eri
od
18(2
5 1
04
50
0)
––
Exp
ired
du
rin
g t
he p
eri
od
30
(4 5
72 0
00
)3
0(5
33
4 0
00
)
Ou
tsta
nd
ing
at
the
en
d o
f th
e p
eri
od
194
4 5
13 5
00
20
74 1
90
00
0
Exe
rcis
able
at
the
en
d o
f th
e p
eri
od
153
4 2
63
50
03
010
66
8 0
00
T
he o
ptio
ns
ou
tsta
nd
ing
at
31
Au
gu
st 2
013
hav
e b
een
issu
ed
in a
pri
ce r
ang
e f
rom
15
cen
ts
to 3
0 c
en
ts a
nd
hav
e a
weig
hte
d a
vera
ge e
xerc
ise p
rice o
f 18
cen
ts (
20
12:
20
cen
ts)
and
a
weig
hte
d a
vera
ge c
on
trac
tual
life
of
3,4
0 y
ear
s (2
012
: 4
,34
year
s).
N
o a
dd
itio
nal
op
tion
s w
ere
gra
nte
d o
r ac
cep
ted
du
rin
g t
he y
ear
. T
he e
stim
ate o
f th
e f
air
valu
e o
f th
e o
ptio
ns
gra
nte
d i
n 2
012
is
meas
ure
d o
n a
mo
difi
ed
bin
om
ial
tree m
od
el.
Th
e
co
ntr
actu
al li
fe o
f th
e o
ptio
n (
seve
n y
ear
s) is
use
d a
s an
inp
ut
into
th
is m
od
el.
Exp
ecta
tion
s
of
ear
ly e
xerc
ise a
re in
co
rpo
rate
d.
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 71
18.
sh
are
-bas
ed
pay
me
nts
co
ntin
ued
Sh
are
-bas
ed
pay
me
nt
exp
en
ses
co
ntin
ued
20
13r
’00
02
012
R’0
00
Ke
y m
anag
em
en
t p
ers
on
ne
l
Fair
val
ue a
t is
sue d
ate
R’0
00
–3
54
6
Ass
um
pti
on
s
Weig
hte
d a
vera
ge s
har
e p
rice
(cen
ts)
–24
Weig
hte
d a
vera
ge e
xerc
ise p
rice
(cen
ts)
–24
Exp
ecte
d v
ola
tility
(e
xpre
ssed
as
weig
hte
d a
vera
ge v
ola
tility
use
d u
nd
er
the m
od
ified
bin
om
ial t
ree m
od
el)
(%)
–4
0
Op
tion
life
(year
s)–
7
Ris
k-fr
ee r
ate
(%)
–6
,6
Exp
ecte
d d
ivid
en
ds
(%)
––
T
he e
xpecte
d v
ola
tility
is b
ased
on
th
e h
isto
ric v
ola
tility
(cal
cu
late
d b
ased
on
th
e w
eig
hte
d
avera
ge r
em
ain
ing
life
of
the s
har
e o
ptio
ns)
, ad
just
ed
fo
r an
y exp
ecte
d c
han
ges
to f
utu
re
vola
tility
du
e t
o p
ub
licly
ava
ilab
le in
form
atio
n.
Sh
are o
ptio
ns
are g
ran
ted
un
der
a se
rvic
e c
on
diti
on
. Th
is c
on
diti
on
is n
ot ta
ken
into
acco
un
t
in t
he g
ran
t d
ate f
air
valu
e m
eas
ure
men
t o
f th
e s
erv
ices
receiv
ed
. T
here
are
no
mar
ket
co
nd
itio
ns
asso
cia
ted
with
th
e s
har
e o
ptio
n g
ran
ts.
NO
TE
S T
O T
HE
CO
MP
AN
Y F
INA
NC
IAL
ST
AT
EM
EN
TS
co
ntin
ued
For
the y
ear
en
ded
31
Au
gu
st 2
013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201372
Purple Capital Limited (Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE ISIN: ZAE000071411
(Purple Capital or the Company)
This document is important and requires your immediate
attention. If you are in any doubt as to the action you should
take, please consult your stockbroker, accountant, attorney,
banker or other independent professional adviser immediately.
Notice is hereby given that the annual general meeting of
ordinary shareholders (shareholders) of the Company will be held
at Ground Floor, Block B, The Offices of Hyde Park, Strouthos
Place (Off 2nd Road), Hyde Park on Friday, 13 December 2013
at 10h00.
Attendance and votingIn terms of section 59(1)(a) and (b) of the Companies Act No 71
of 2008, as amended, the board of directors has set the record
date for the purpose of determining which shareholders are
entitled to:
receive notice of the annual general meeting, i.e. the Notice
Record Date (being the date on which a shareholder must be
registered in the Company’s share register in order to receive
notice of annual general meeting) as Friday, 8 November
2013; and
participate in and vote at the annual general meeting, i.e. the
Meeting Record Date (being the date on which a shareholder
must be registered in the Company’s share register in order
to participate in and vote at the annual general meeting) as
Friday, 6 December 2013.
Please note that all participants at the annual general meeting
will be required to provide reasonably satisfactory identification
before being entitled to participate in or vote at the annual
general meeting, Forms of identification that will be accepted
include original and valid identity documents, driver’s licences
and passports.
Electronic attendanceThere will be no provision for electronic participation for
attending and voting at the annual general meeting.
Purpose of the meetingThe purpose of this meeting is for shareholders to consider and
if deemed fit, pass the following ordinary resolutions.
1. To receive, consider and approve the audited financial
statements of the Company for the year ended 31 August
2013, together with the reports of the auditors and directors.
2. To authorise the directors to fix the remuneration of the
auditors for the past audit.
NOTICE OF ANNUAL GENERAL MEETING
3. To authorise the directors to confirm the appointment of
the auditors, BDO South Africa Incorporated, as auditors and Fred Bruce-Brand, as the registered auditor responsible for the audit, until the conclusion of the next annual general meeting and to fix their remuneration.
4. To re-elect directors for positions to the board:
4.1 In terms of the Memorandum of Incorporation, the following directors retire by rotation, but being eligible, hereby offer themselves for re-election:
Craig Carter;
Mark Barnes; and
Thembeka Gwagwa.
A brief curriculum vitae in respect of these directors is contained on page 79 of this annual report.
5. Special business Shareholders will be asked to consider and, if deemed fit, to
pass the following resolutions with or without amendment:
5.1 Ordinary resolution number 5 – Unissued shares to be placed under the control of the directors
“Resolved that, all of the authorised but unissued ordinary shares of the Company be and are hereby placed under the control and authority of the directors of the Company and that the directors be and are hereby authorised and empowered to allot and issue all or any such ordinary shares to such person or persons on such terms and conditions and at such times as the directors may from time to time in their discretion deem fit, subject to the proviso that the aggregate number of shares allotted and issued in terms of this resolution shall be limited to 15% (fifteen percent) of the authorised share capital and subject to the provisions of the Companies Act, 2008 (Act 71 of 2008), as amended (the Act) and the Listings Requirements of the JSE Limited (JSE).”
5.2 Ordinary resolution number 6 – General authority to issue shares and to sell treasury shares for cash
“Resolved that, subject to not less than 75% of the votes exercisable by ordinary shareholders in aggregate of the Company, present in person or by proxy or represented and entitled to vote at the annual general meeting at which this ordinary resolution is to be considered, being cast in favour thereof, the directors of the Company and/or any of its subsidiaries from time to time be and are hereby authorised by way of a general authority to allot and issue all or any of the authorised but unissued ordinary shares in the Company and/or sell or otherwise dispose of or transfer, or issue any options in respect of ordinary shares in the Company, for cash, to such person/s on such terms and conditions and at such times as the directors in their discretion deem fit, subject to the Act,
the Memorandum of Incorporation of the Company
and Listings Requirements of the JSE, which Listings
Requirements currently provide, inter alia, that:
PURPLE CAPITAL
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 73
the equity securities which are the subject of the
issue for cash must be of a class already in issue, or
where this is not the case, must be limited to such
securities or rights that are convertible into a class
already in issue;
the equity securities must be issued to public
shareholders, as defined by the Listings Requirements
of the JSE, and not to related parties;
this general authority is valid and will extend to the
date of the next annual general meeting of the
Company, provided that it will not extend beyond
15 (fifteen) months from the date of this annual
general meeting;
the number of ordinary shares issued for cash shall
not in the aggregate in any one financial year of
the Company exceed 15% (fifteen percent) or
123 435 753 (one hundred and twenty three
million, four hundred and thirty five thousand,
seven hundred and fifty three) of the Company’s
issued ordinary shares, including instruments
which are convertible into ordinary shares. The
number of ordinary shares which may be issued
for cash shall be based on the number of ordinary
shares in issue at the date of the application, less
any ordinary shares issued by the Company
during the current financial year, provided that any
ordinary shares to be issued for cash pursuant to
a rights issue (announced, irrevocable and fully
underwritten) or acquisition (concluded up to the
date of application) may be included as if they were
ordinary shares in issue at the date of application;
a press announcement giving full details, including
the impact on net asset value, net tangible asset
value, headline earnings and earnings per share, will
be published at the time of any issue representing,
on a cumulative basis within any 1 (one) financial
year, 5% (five percent) or more of the number of
ordinary shares in issue prior to such issue;
in determining the price at which an issue of
ordinary shares will be made in terms of this
authority, the maximum discount permitted will
be 10% (ten percent) of the weighted average
traded price on the JSE of such ordinary shares,
as determined over the 30 business days prior to
the date that the price of the issue is determined or
agreed by the directors of the Company; and
whenever the Company wishes to use ordinary
shares, held as treasury stock by a subsidiary of
the Company, such use must comply with the JSE
Listings Requirements as if such use was a fresh
issue of ordinary shares.”
5.3 Ordinary resolution number 7 – Authorised signatories
“Resolved that, any director of the Company or the
Company Secretary be and is hereby authorised to do
all such things and to sign all such documents issued
by the Company to give effect to ordinary resolutions
numbers 5 and 6 and special resolutions numbers 1, 2
and 3.”
5.4 Special resolution number 1 – Acquisition of own
shares
“Resolved that, the Company hereby approves, as a
general approval, the acquisition from time to time, by
the Company and/or any of its subsidiary companies,
of issued shares of the Company upon such terms and
conditions and in such amounts as the directors of the
Company may from time to time decide, subject to
the Memorandum of Incorporation of the Company,
the provisions of the Act and the Listings Requirements
of the JSE and on the basis that the directors will,
at the time of each repurchase undertaken, ensure
that following each repurchase, (a) the Company will
satisfy the solvency and liquidity tests contemplated in
section 46 (1)(b) of the Act and (b) there will be no
subsequent material change to the financial position of
any company in the Purple Capital group, provided that:
any such repurchase of shares is effected through
the order book operated by the JSE trading system
and done without any prior understanding or
arrangement between the Company and the
counterparty (reported trades are prohibited);
the Company is authorised thereto by its
Memorandum of Incorporation;
the general authority shall only be valid until the
Company’s next annual general meeting provided
that it shall not extend beyond 15 (fifteen) months
from the date of passing of this special resolution;
provided that the repurchases may not be made
at a price greater than 10% (ten percent) above the
weighted average of the market value for the issued
shares for the 5 (five) business days immediately
preceding the date on which any acquisition by the
Company and/or any of its subsidiary companies is
effected;
at any point in time the Company may only appoint
one agent to effect any repurchase(s) on the
Company’s behalf;
the Company or its subsidiary may not repurchase
shares during a prohibited period as defined in
paragraph 3,67 of the Listings Requirements of the
JSE;
repurchases of shares, by the Company, and/or
its subsidiaries, in aggregate in any one financial
year may not exceed 20% (twenty percent) of the
Company’s issued share capital pursuant to this
general authority;
subsidiaries of the Company shall not acquire,
in aggregate, more than 10% of the Company’s
issued share capital; and
an announcement will be published as soon as the
Company has cumulatively repurchased 3% of the
initial number (the number of that class of share
in issue at the time that the general authority is
granted) of the relevant class of securities and for
each 3% in aggregate of the initial number of that
class acquired thereafter, containing full details of
such repurchases.”
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201374
NOTICE OF ANNUAL GENERAL MEETING continued
In terms of the Listings Requirements of the JSE, on
the date of this notice the directors consider that were
the Company to effect the maximum repurchase
contemplated above:
the Company and its subsidiaries will be able in the
ordinary course of business to pay its debts as they
become due, for a period of 12 months after the
date of the notice of the annual general meeting;
the consolidated assets of the Company and its
subsidiaries will be in excess of the consolidated
liabilities of the Company and its subsidiaries for a
period of 12 months after the date of the notice
of the annual general meeting, For this purpose,
the assets and liabilities should be recognised and
measured in accordance with the accounting
policies used in the latest annual group financial
statements;
the issued ordinary shares capital and reserves
of the Company and its subsidiaries for a period
of 12 months after the date of the notice of the
annual general meeting will be adequate for the
purpose of the business of the Company and its
subsidiaries;
the working capital available to the Company and
its subsidiaries for a period of 12 months after the
date of the notice of the annual general meeting
will be adequate for the requirements of the
Company and its subsidiaries; and
the Company will provide its sponsor and the JSE
with all documentation as required in Schedule 25
of the Listings Requirements of the JSE, and will
not commence any repurchase programme until
the sponsor has signed off on the adequacy of its
working capital, advised the JSE accordingly and
the JSE has approved this documentation.
Shareholders’ attention is drawn to the following
relevant general information, which is required by the
Listings Requirements of the JSE, with regard to the
resolution granting a general authority to the Company
to repurchase securities:
Directors of the Company: Refer to page 20 of the
Company’s annual report.
Major shareholders: Refer to page 60 of the
Company’s annual report.
Directors’ interest in securities: Refer to page 20
of the Company’s annual report.
Share capital of the Company: Refer to page 20
of the Company’s annual report.
Responsibility statement: The directors, whose
names are given on page 20 of the Company’s
annual report, collectively and individually accept
full responsibility for the information given and
certify that to the best of their knowledge and belief
there are no facts that have been omitted which
would make any statement false or misleading,
and that all reasonable enquiries to ascertain such
facts have been made and that the annual report
and notice of annual general meeting contains all
information required by the Listings Requirements
of the JSE.
Litigation statement: There are no legal or
arbitration proceedings, including any proceedings
that are pending or threatened, of which the
Company is aware, that may have or have had
in the recent past, being at least the previous
12 months, a material effect on the Company’s
financial position.
Material changes: Other than the transactions
mentioned in “Subsequent events” on page 20 of
the Company’s annual report, there has been no
material change in the financial or trading position
of the Company since 31 August 2013.
At the present time the directors have no specific
intention with regard to the utilisation of this authority,
which will only be used if the circumstances are
appropriate.
Reasons for and effect of the special resolution
The reason for and effect of the passing of the aforesaid
special resolution is so as to enable the Company
and/or any of its subsidiary companies to acquire
the issued shares of the Company from time to time
upon the terms and conditions and in the amounts as
the directors of the Company may from time to time
decide, subject to the requirements of the Act and the
Listings Requirements of the JSE at any time while the
general authority exists.
5.5 Special resolution number 2 – Financial assistance to related and inter-related entities
“Resolved that the directors of the Company may,
subject to compliance with the requirements of the
Memorandum of Incorporation of the Company and
the Act, authorise the provision by the Company, at
any time and from time to time during the period of
two (2) years commencing on the date of adoption
of this special resolution, of direct or indirect financial
assistance, by way of a loan, guarantee of a loan or other
obligation or the securing of a debt or other obligation
to any one or more related or inter-related companies
or corporations of the Company and/or to any one
or more members of any such related or inter-related
company or corporation related to any such company
or corporation as outlined in section 2 of the Act, on
such terms and conditions as the directors may deem
fit.”
Reasons for and effect of the special resolution
The reason for the passing of this special resolution
is that, on a strict interpretation of section 45 of the
Act, the Company may not provide the financial
assistance contemplated in such section without a
special resolution. The above resolution gives the
directors the authority to authorise the Company to
provide direct or indirect financial assistance, by way
of a loan, guaranteeing of a loan or other obligation
or securing of a debt or other obligation, to the
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 75
recipients contemplated in special resolution number 2, It is difficult to foresee the exact details of financial assistance that the Company may be required to provide over the next two (2) years, It is essential, however, that the Company is able to organise effectively its internal financial administration, For these reasons and because it would be impractical and difficult to obtain shareholder approval every time the Company wishes to provide financial assistance as contemplated above, it is necessary to obtain the approval of shareholders, as set out in special resolution number 2.
It should be noted that this resolution does not authorise financial assistance to a director or a prescribed officer or any company or person related to a director or prescribed officer.
5.6 Special resolution number 3 – Approval of directors’ remuneration
“Resolved that unless otherwise determined by the Company in general meeting, the fees payable to non-executive directors for their services as directors, for the financial year ending 31 August 2014, as set out below, be approved:
Craig Carter: R120 000 per year.
Ronnie Lubner and Dennis Alter: R25 000 per year.
Thembeka Gwagwa: R150 000 per year.
5.7 Special resolution number 4 – To approve the change of the Company’s name from Purple Capital Limited to Purple Group Limited
“Resolved that, in accordance with section 16(1)(c) of the Companies Act, the Company’s Memorandum of Incorporation be and hereby is amended to give effect to the change of the Company’s name from Purple Capital Limited to Purple Group Limited.”
Reason for and effect of special resolution 4
Historically the main business of Purple Capital was to act as a capital provider which provided funding and facilities to other entities; going forward the Company will be applying its resources and focus to its remaining core businesses necessitating the name to change to Purple Group Limited.
Implementation of the change of name The proposed new name has been reserved by the Companies and Intellectual Property Commission (CIPC). The abbreviated name of the Company for the purposes of the JSE trading system will be “Purple”, the JSE alpha code will be “PPE” and the new ISIN will be ZAE000185526.
For a period of not less than one year, the Company will reflect the former name “Purple Capital Limited” in brackets beneath the new name of “Purple Group Limited” on all documents of title.
The change of name will result in the certificated shareholders of the Company having to exchange their existing share certificates for new share certificates reflecting the new name of the Company. The procedure in respect of the surrender of share
certificates is set out below.
Percentage voting rightsThe minimum percentage of voting rights that is required for this
resolution to be adopted is 75% of the voting rights to be cast on
the resolution.
Salient datesSee the section titled Salient Dates and Times situated on page 76.
Surrender of share certificates1. Procedure for surrendering existing documents of title
1.1 Dematerialised shareholders need not take any action
with regard to the name change as their accounts at
the CSDP or broker will be automatically updated with
the name change by the CSDP or broker.
1.2 It is strongly recommended that certificated shareholders
take this opportunity to dematerialise their shares.
To do this the shareholder should approach a CSD
Participant or their banker or broker as soon as possible
to arrange for the dematerialisation of their shares. In
the event that shareholders wish to retain their shares
in certificated form then the following procedures
should be followed.
1.3 Following the approval of the change of name of the
Company at the AGM, it will be necessary to recall share
certificates from certificated shareholders in order to
replace them with new share certificates reflecting the
change of name which new share certificates will be
sent to certificated shareholders, by registered post, at
the risk of such shareholders.
1.4 To facilitate the timely receipt by certificated
shareholders of replacement share certificates,
certificated shareholders who wish to anticipate the
name change and who do not wish to deal in their
existing shares prior to the name change are required
to surrender their share certificates to the Transfer
Secretaries by completing the attached form of
surrender (blue) in accordance with the instructions
and return it to the Transfer Secretaries.
1.5 Share certificates so received will be held in trust by
the Transfer Secretaries pending the name change
being approved by shareholders at the AGM. In the
event that the name change is not approved at the
AGM, the Transfer Secretaries will, within five business
days thereafter, return the share certificates to the
certificated shareholders concerned, by registered
post, at the risk of such shareholders.
1.6 Those shareholders who surrender their existing share
certificates by 12:00 on Friday, 24 January 2014 will
have their new share certificates posted to them within
five business days of the later of the record date and
the date of receipt by the Transfer Secretaries of their
existing share certificates.
1.7 No receipt will be issued for the certificates lodged,
except that lodging agents for any certificated
shareholders who require special transaction receipts
are requested to prepare such receipts and submit them
for stamping together with the documents/s lodged.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201376
NOTICE OF ANNUAL GENERAL MEETING continued
1.8 Should the name change be approved and implemented shareholders who have not already surrendered their certificates will be required to do so under the cover of the attached form of surrender.
1.9 If any existing documents of title have been lost or destroyed and the certificated shareholder provides evidence to this effect to the satisfaction of the directors then Purple may dispense with the surrender of such documents of title against provision of acceptable indemnity.
1.10 Certificated shareholders whose registered addresses in the Company’s share register are outside the common monetary area or where the relevant share certificates are restrictively endorsed are referred to paragraph 2 below.
1.11 In the event that certificated shareholders do not complete the attached form of surrender (blue) and who later wish to obtain a share certificate in the new name of the Company such shareholders will be required to return their share certificates to the Transfer Secretaries together with certified copies of identity documents, if in own name, or if otherwise, certified copies of company/trust documents.
1.12 The results of the AGM approving the change of name will be released on SENS on Friday, 13 December 2013 and published in the press on Tuesday, 17 December 2013. Additional forms of surrender will be available on request from the office of the transfer secretaries of the Company.
2. Instructions for non-residents
In the case of certificated shareholders whose registered addresses in the Company’s share register in South Africa are outside the common monetary area, or where the relevant certificates are restrictively endorsed in terms of the South African Exchange Control Regulations, the following will apply in the case of shareholders who have not dematerialised their shares with Strate:
2.1. Non-residents who are emigrants from the common monetary area
The replacement share certificate reflecting the change of name will be restrictively endorsed in terms of the South African Exchange Control Regulations and will be sent to the shareholder’s authorised dealer in foreign exchange in South Africa controlling their blocked assets.
2.2 All other non-residents
The replacement share certificate reflecting the change of name will be restrictively endorsed “non-resident” in terms of the South African Exchange Control Regulations.
Shareholders who have dematerialised their shares through a CSDP or broker must not complete the form of surrender as the surrender of the relevant documents of title will be handled by their CSDP or broker in terms of the custody agreement entered into between the
shareholder and the CSDP or broker on their behalf.
Salient dates and times
Record date to receive notice of AGM Friday, 8 November 2013
Notice of AGM to be posted to shareholders on Thursday, 14 November 2013
Last day to trade to be recorded in the register on the record date for participation in the AGM Friday, 29 November 2013
Record date to participate in and vote at the AGM Friday, 6 December 2013
Last day for lodging forms of proxy at 10:00 on Wednesday, 11 December 2013
AGM at 10:00 on Friday, 13 December 2013
Results of AGM released on SENS on Friday, 13 December 2013
Special resolution in respect of change of name expected to be registered by the CIPC by no
later than Thursday, 9 January 2014
Finalisation date in respect of the change of name of the Company Friday, 10 January 2014
Last day to trade in Purple Capital shares in respect of the change of name of the Company Friday, 17 January 2014
Listing of and trading in new shares on the JSE under JSE code PPE and ISIN: ZAE000185526
from commencement of business on or about Monday, 20 January 2014
Record date Friday, 24 January 2014
Date of issue of new replacement share certificates provided that the old share certificates
have been lodged by 12:00 on the record date (share certificates received after this time will
be posted within five business days of receipt) on or about Monday, 27 January 2014
Dematerialised shareholders will have their accounts at their CSDP or broker updated on Monday, 27 January 2014
Note: Any changes to the above dates will be announced on SENS subject to JSE approval.
In compliance with section 62(3)(c) of the Act and/or the Listings Requirements it is confirmed that a voting majority of 50% is required
for the approval of ordinary resolutions number 1 to 7, For the special resolutions a 75% voting majority is required by law and the JSE
Listings Requirements.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 77
Voting and proxiesAll shareholders will be entitled to attend and vote at the annual
general meeting or any adjournment thereof. On a show of
hands, every shareholder of the Company who, being an
individual, is present or is present by proxy at the annual general
meeting or which, being a company or body corporate, is
represented thereat by a representative appointed, shall have
one vote only and on a poll every shareholder of the Company
(whether an individual or a company or a body corporate) or
represented by a proxy at the annual general meeting shall have
one vote for every ordinary share held by such shareholder.
Holders of dematerialised shares, other than with “own name”
registration intending to attend the annual general meeting,
must inform their Central Securities Depository Participant
(CSDP) or broker of their intention and must obtain the necessary
authorisation from their CSDP or broker to attend or, if unable
to attend the annual general meeting in person, should provide
their CSDP or broker with their voting instructions in terms of
their agreement with the CSDP or broker in the manner and time
stipulated therein.
The necessary form of proxy is attached for the convenience
of certificated shareholders and dematerialised shareholders
with “own name” registration who cannot attend the annual
general meeting but who wish to be represented thereat. Any
shareholder entitled to attend and vote at the annual general
meeting may appoint one or more persons to attend, speak
and vote in place of such shareholder. A proxy so appointed
need not be a shareholder of the Company. In order to be valid,
duly completed proxy forms must be received by Link Market
Services South Africa Proprietary Limited, 13th Floor, Rennie
House, 19 Ameshoff Street, Braamfontein, Johannesburg 2001
(P0 Box 4844, Johannesburg 2000) by no later than 10h00 on
Wednesday, 11 December 2013.
Record datesThe posting record date, being the date that shareholders must
be recorded in the register to be eligible to receive this notice of
annual general meeting is Friday, 8 November 2013.
The last day to trade in order to be eligible to vote at the annual
general meeting is Friday, 29 November 2013.
The voting record date, being the date that shareholders must
be recorded in the register to be eligible to speak and vote at the
annual general meeting is Friday, 6 December 2013.
By order of the board
Peter BarrableCompany Secretary
14 November 2013
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201378
ShAREhOLDER RIGhTS
In terms of section 58 of the Companies Act, No. 71 of 2008 (as
amended), shareholders have rights to be represented by proxy
as herewith stated.
1. At any time, a shareholder of the Company may appoint any
individual, including an individual who is not a shareholder of
the Company, as a proxy to:
a. participate in, and speak and vote at, a shareholders
meeting on behalf of the shareholder; or
b. give or withhold written consent on behalf of the
shareholder to a decision contemplated in section 60.
Provided that the shareholder may appoint more than one
proxy to exercise voting rights attached to different shares
held by the shareholder.
2. A proxy appointment:
a. must be in writing, dated and signed by the shareholder;
and
b. remains valid for:
(i) one year after the date on which it was signed; or
(ii) any longer or shorter period expressly set out in
the appointment, unless it is revoked in a manner
contemplated in subsection (4)(c), or expires earlier
as contemplated in subsection (8) (d).
3. Except to the extent that the Memorandum of Incorporation
of the Company provides otherwise:
a. a shareholder of the Company may appoint two or more
persons concurrently as proxies, and may appoint more
than one proxy to exercise voting rights attached to
different securities held by the shareholder;
b. a proxy may delegate the proxy’s authority to act on
behalf of the shareholder to another person, subject to
any restriction set out in the instrument appointing the
proxy; and
c. a copy of the instrument appointing a proxy must be
delivered to the Company, or to any other person on
behalf of the Company, before the proxy exercises any
rights of the shareholder at a shareholders meeting.
4. Irrespective of the form of instrument used to appoint a
proxy:
a. the appointment is suspended at any time and to the
extent that the shareholder chooses to act directly and
in person in the exercise of any rights as a shareholder;
b. the appointment is revocable unless the proxy
appointment expressly states otherwise; and
c. if the appointment is revocable, a shareholder may
revoke the proxy appointment by:
(i) canceling it in writing, or making a later inconsistent
appointment of a proxy; and
(ii) delivering a copy of the revocation instrument to the
proxy, and to the Company.
5. The revocation of a proxy appointment constitutes a
complete and final cancellation of the proxy’s authority to
act on behalf of the shareholder as of the later of:
a. the date stated in the revocation instrument, if any; or
b. the date on which the revocation instrument was
delivered as required in subsection(4) (c) (ii).
6. If the instrument appointing a proxy or proxies has been
delivered to the Company, as long as that appointment
remains in effect, any notice that is required by this Act or the
Company’s Memorandum of Incorporation to be delivered
by the Company to the shareholder must be delivered by the
Company to
a. the shareholder; or
b. the proxy or proxies, if the shareholder has
(i) directed the Company to do so, in writing; and
(ii) paid any reasonable fee charged by the Company
for doing so
7. A proxy is entitled to exercise, or abstain from exercising, any
voting right of the shareholder without direction, except to
the extent that the Memorandum of Incorporation, or the
instrument appointing the proxy, provides otherwise.
8. If the Company issues an invitation to shareholders to
appoint one or more persons named by the Company as
a proxy, or supplies a form of instrument for appointing a
proxy:
a. the invitation must be sent to every shareholder which
is entitled to notice of the meeting at which the proxy is
intended to be exercised;
b. the invitation, or form of instrument supplied by the
Company for the purpose of appointing a proxy, must:
(i) bear a reasonably prominent summary of the rights
established by this section;
(ii) contain adequate blank space, immediately
preceding the name or names of any person or
persons named in it, to enable a shareholder to write
in the name and, if so desired, an alternative name of
a proxy chosen by the shareholder; and
(iii) provide adequate space for the shareholder to
indicate whether the appointed proxy is to vote in
favour of or against any resolution or resolutions to
be put at the meeting, or is to abstain from voting;
c. the Company must not require that the proxy
appointment be made irrevocable; and
d. the proxy appointment remains valid only until the end
of the meeting at which it was intended to be used,
subject to subsection (5).
9. Subsection (8) (b) and (d) do not apply if the Company
merely supplies a generally available standard form of proxy
appointment on request by a shareholder.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 2013 79
Craig CarterCraig has over 25 years’ experience, predominantly in financial
services, including Treasury and Corporate Finance. Craig joined
Purple Capital at its inception as COO and most recently was
COO for Global Trader. He holds a BSc in Computer Science
and Statistics and an MBA from Wits. Craig is taking a break this
year from full-time employment but has remained on the Purple
Capital board and audit committee.
Mark BarnesMark Barnes has over 25 years’ experience in positions of
leadership in the financial services market in South Africa. He
holds a BBusSc (Actuarial Science) from the University of Cape
Town and a PMD from Harvard Business School. Mark joined
Standard Merchant Bank (SMB) in corporate finance, a division
he subsequently led for a number of years. During this period
Mark played a leading advisory role in many major deals in
corporate South Africa.
Mark subsequently took responsibility for SMB’s Treasury
operations and when SMB merged with the corporate areas of the
Standard Bank Group to form SCMB he was appointed as Deputy
Managing Director with operational responsibility for the Standard
Bank Group’s Treasury and Project Finance Divisions. Mark was
involved in significant asset based financing structures; led the
implementation of two gold producer structured funding deals
which were the biggest ever in the world; and led the team which
raised R1 billion of funding by issuing the first ever listed seven
year fixed-rate corporate bond in the local market. Mark was a
BRIEF CURRICULUM vITAE OF DIRECTORS STANDING FOR ELECTION
member of the Standard Bank Group’s Executive Committee until
he resigned in November 1996 to take up the position of Group Chief Executive of Capital Alliance Holdings Limited.
Capital Alliance was an insurance and financial services group listed on the Johannesburg Stock Exchange. Mark led the strategy to merge the banking and asset management interests of Capital Alliance with the leading private equity partnership of Capital Partners to form Brait, an international investment and merchant banking group listed on the London, Luxembourg and Johannesburg Stock Exchanges in 1998. Mark was the Group CEO of Brait until March 2000 when he left to form his own corporate finance and investment banking business, Calajero.
Mark has previously served as a member of the boards of several companies listed on the JSE and he is currently a Trustee of the World Wildlife Fund for Nature and a director of Plate Glass. In February 2005 Mark acquired a significant stake in Purple Capital where, as Executive Chairman, he continues to lead it on its growth strategy.
Thembeka GwagwaThembeka Gwagwa is the General Secretary of DENOSA and is a director of DIHOLD. Thembeka is involved in training in the health care sector and teaching nursing students, community members and workers.
She is involved in planning, organising and designing health and safety courses for workers and management. Thembeka holds a BCur Degree and Diplomas in Nursing Administration and
Nursing Education.
PURPLE CAPITAL LIMITED INTEGRATED ANNUAL REPORT 201380
CORPORATE INFORMATION
Nature of business Purple Capital Limited is a financial services company.
DirectorsMark Barnes Executive Chairman
Charles Savage Chief Executive Officer
Gary van Dyk Chief Financial and Operations Officer
Dennis Alter Independent Non-executive Director
Craig Carter Non-executive Director
Thembeka Gwagwa Independent Non-executive Director
Ronnie Lubner Non-executive Director
Business addressBlock B, The Offices of Hyde Park
Strouthos Place
Hyde Park
2196
Postal addressPO Box 411449
Craighall
2024
BankersMercantile Bank Limited
AuditorsBDO South Africa Incorporated
Registered Auditors
Group Secretary Peter Barrable
Block B, The Offices of Hyde Park
Strouthos Place
Hyde Park
2196
Share registrarsLink Market Services South Africa Proprietary Limited
13th Floor, Rennie House
19 Ameshoff Street
Braamfontein
2001
Company registration number 1998/013637/06
ISINZAE000071411
VAT registration number4640178168
Tax number9552/065/64/2
FORM OF PROXY
Purple Capital Limited (Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE ISIN: ZAE000071411
(Purple Capital or the Company)
FOR USE BY CERTIFICATED SHAREHOLDERS AND DEMATERIALISED SHAREHOLDERS WITH “OWN NAME” REGISTRATION ONLYFor use at the annual general meeting of members to be held in the boardroom, Purple Capital Limited, Ground Floor, Block B, The
Offices of Hyde Park, Strouthos Place (Off 2nd Road), Hyde Park on Friday, 13 December 2013 at 10h00 (the “annual general meeting”)
I/We (Name in block letters)
of (address)
being a member/s of Purple Capital Limited, holding ordinary shares hereby appoint:
1. or, failing him/her,
2. or, failing him/her,
3. or, failing him/her
4. the Chairman of the annual general meeting, as my proxy to vote for me/us and on my/our behalf at the annual general meeting
of the Company to be held at 10h00 on Friday, 13 December 2013 and at any adjournment thereof and to speak and act for me/
us and, on a poll, vote on my/our behalf.
My/Our proxy shall vote as follows:
Number of ordinary shares
In favour of Against Abstain
Ordinary resolution number 1: Adoption of annual financial statements for the year
ended 31 August 2013
Ordinary resolution number 2: Remuneration of auditors
Ordinary resolution number 3: Appointment of auditors
Ordinary resolution number 4: Ratification of re-election of Craig Carter, Mark Barnes
and Thembeka Gwagwa
Ordinary resolution number 5: To place the unissued shares of the Company under the
control of the directors
Ordinary resolution number 6: To authorise the Company to issue shares and to sell
treasury shares for cash under a general authority
Ordinary resolution number 7: To authorise the signature of documentation
Special resolution number 1: To authorise the Company to purchase its own shares
Special resolution number 2: Financial assistance
Special resolution number 3: Directors’ remuneration to 31 August 2014
Special resolution number 4: Approval of the name change to Purple Group Limited
Indicate instruction to proxy by way of a cross in space provided above.
Unless otherwise instructed, my/our proxy may vote as he/she thinks fit.
Signed this day of 2013
Signature
Please read the notes on the reverse side hereof.
PURPLE CAPITAL
NOTES TO ThE FORM OF PROXY
1. Purple Capital shareholders who have dematerialised their
shares through a CSDP or broker must not complete this
form of proxy but must provide their CSDP or broker with their
voting instructions, except for Purple Capital shareholders
who have elected ‘own name’ registration in the subregister
through a CSDP or broker, It is these shareholders who must
complete this form of proxy and lodge it with the transfer
secretaries.
2. Holders of dematerialised Purple Capital shares wishing to
attend the annual general meeting must inform their CSDP
or broker of such intention and request their CSDP or broker
to issue them with the relevant authorisation to attend.
3. A member entitled to attend and vote at the annual general
meeting may appoint one or more proxies to attend, vote
and speak in his/her/its stead at the annual general meeting,
A proxy need not be a member of the Company.
4. A member may insert the name of a proxy or the names
of two alternative proxies of the member’s choice in the
space/s provided, with or without deleting “the Chairman
of the annual general meeting”, but any such deletion
must be initialled by the member, The person whose name
stands first on the form of proxy and who is present at the
annual general meeting will be entitled to act as proxy to the
exclusion of those whose names follow.
5. Please insert an “X” in the relevant spaces according to how
you wish your votes to be cast, However, if you wish to cast
your votes in respect of a lesser number of shares than you
own in the Company, insert the number of shares held in
respect of which you desire to vote, Failure to comply with
the above will be deemed to authorise the proxy to vote or
to abstain from voting at the annual general meeting as he/
she deems fit in respect of all the member’s votes exercisable
thereat, A member or his/her proxy is not obliged to use all
the votes exercisable by the member or by his/her proxy, but
the total of the votes cast and in respect whereof abstention
is recorded may not exceed the total of the votes exercisable
by the member or by his/her proxy.
6. Holders of dematerialised shares, other than with “own name”
registration must inform their CSDP or broker of whether
or not they intend to attend the annual general meeting
and obtain the necessary authorisation from their CSDP or
broker to attend the annual general meeting or provide their
CSDP or broker with their voting instructions should they not
be able to attend the annual general meeting in person.
7. Forms of proxy must be received at the Company’s
transfer secretaries, Link Market Services South Africa
Proprietary Limited, 13th Floor, Rennie House, 19 Ameshoff
Street, Braamfontein, Johannesburg, 2001 (PO Box 4844,
Johannesburg, 2000) by not later than 10h00 on Wednesday,
11 December 2013.
8. The completion and lodging of this form of proxy will not
preclude the relevant member from attending the annual
general meeting and speaking and voting in person thereat
to the exclusion of any proxy appointed in terms hereof.
9. Documentary evidence establishing the authority of a
person signing this form of proxy in a representative capacity
must be attached to this form of proxy unless previously
recorded by the Company’s transfer secretaries or waived by
the Chairman of the annual general meeting.
10. Any alteration or correction made to this form of proxy must
be initialled by the signatory/ies.
11. A minor must be assisted by his/her parent or guardian
unless the relevant documents establishing his/her legal
capacity are produced or have been registered by the
transfer secretaries of the Company.
12. The Chairman of the annual general meeting may reject or
accept a form of proxy which is completed and/or received,
other than in accordance with these notes, if the Chairman
is satisfied as to the manner in which the member wishes to
vote.
Purple Capital Limited (Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE ISIN: ZAE000071411
(Purple Capital or the Company)
Please read the instructions overleaf. Non-compliance with these instructions may result in the rejection of this form.
If you are in any doubt as to how to complete this form, please consult your stockbroker, banker, attorneys, accountant or other professional advisor.
Note: A separate form is required for each shareholder.
To: Purple Capital Limited
c/o, Link Market Services South Africa Proprietary Limited,
13th Floor, Rennie House, 19 Ameshoff Street, Braamfontein, Johannesburg, 2001
(PO Box 4844, Johannesburg, 2000)
TO BE COMPLETED BY PURPLE CERTIFICATED ShAREhOLDERS
I/We hereby surrender and enclose the Purple Capital ordinary share certificate(s) listed below:
Certificate number(s) Number of Purple shares covered by each certificate
Total
I/We irrevocably and in rem suam authorise you to produce the signature of such documents that may be necessary to complete the
replacement of the Purple Capital ordinary shares with shares in the new name of Purple Group Limited.
I/We hereby instruct you to forward the replacement share certificate/s to me/us, by registered post, at my/our own risk, to the address
below and confirm that, where no address is specified, the share certificate/s will be forwarded to my/our address recorded in the share
register of Purple Capital.
My/Our signature(s) on the form of surrender constitutes my/our execution of this instruction.
Assisted by (where applicable)
Name Capacity Signature
The shareholder must complete the following information in BLOCK LETTERS: Date 2013
Surname or Name of corporate body
First names (in full, if applicable)
Title (Mr, Mrs, Miss, Ms, etc.)
Postal address (preferably PO Box address)
Postal code
Telephone number including area code (office hours)
Cell phone number
FORM OF SURRENDER(for use by certificated shareholders only)
PURPLE CAPITAL
Instructions1. A receipt will not be issued for this form of surrender, or
the documents lodged with it. Lodging agents who require
special transaction receipts are requested to prepare such
receipts and submit them for stamping with the other
documents lodged.
2. A shareholder married in community of property or a minor
must ensure this form of surrender is also signed by his/her
spouse or parent or guardian, as the case may be.
3. Where Purple Capital ordinary shares are jointly held, this
form must be signed by joint holders.
4. If this form of surrender is signed under power of attorney,
such power of attorney must be produced, unless it has
already been registered with the transfer office of Purple
Capital.
5. If this form of surrender is signed on behalf of a company,
close corporation, pension or provident fund, it must be
accompanied by a certified copy of the resolution authorising
the signature, unless it has already been registered with the
transfer office of Purple Capital.
Stakeholder Value
PurSuit of excellence
leaderShiP
PaSSion
diVerSityeducation
relationShiPS
hard work
team work
Product offering
extraordinary returnS
truSt
tranSParency
SerVice excellence
embracing change
reSPect
commitment
relationShiPentrePreneurial SPirit
innoVationriSk control
Pride
Stakeholder Value
PurSuit of excellence
leaderShiP
PaSSion
diVerSity
education
relationShiPS
hard work
team work
Product offering
extraordinary returnS
truSt
embracing change
reSPect
relationShiP
entrePreneurial SPirit
innoVation
riSk control
Pride
Stakeholder Value
PurSuit of excellence
Value creation
PaSSion
diVerSity
education
relationShiPS
hard work
team work
Product offering
extraordinary returnS
tranSParency
relationShiPentrePreneurial SPirit
innoVationriSk control
Stakeholder Value
PurSuit of excellence
leaderShiP
diVerSity
education
relationShiPS
hard workteam work
Product offering
extraordinary returnS
SerVice excellence
embracing change
reSPect
commitment
relationShiPentrePreneurial SPirit
innoVation
Romi Appel Mark Barnes Zeyn Bodhanya Hannetjie Campher Paul Chakaduka Crystal Giuricich
Clinton Crawford Aneesa Daniels Pierre Dymant Carlos Fernandes Beverley Ferreira Rogerio
Ferreira Tristan Finnemore Melanie Fourie David Helena Fundiswe Jodwana Simon Kay
Andrew Kinsey Bradley Leather Isabella le Roux Gideon Loots Khotso Machere Thobile
Mahlangu Lerato Makhene Thomas Makofane Craig Margolius Faith Mene Lola Mendes
Ruth Mokolo Ivie Moloi Nilan Morar Lungile Msibi Tanya Naidoo Phindile Ngubane
Sandile Ngwenya Almero Oosthuizen Kyle Pretorius Oliver Russell Charles Savage
Lee Scott Gregory Strachan Thabo Tawarima Zidon Lincoln Vallen Theunis van der
Walt Gary van Dyk Paul Jansen van Vuuren Gavin Viljoen Mark Wilkes
our team
www.purplecapital.com