| Thu 30 Apr 2020, 17:10 | | AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Abridged Consolidated Results for the Year Ended 31 August 2019 and Supplementary Announcement |
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Abridged Consolidated Results for the Year Ended 31 August 2019 and Supplementary Announcement: https://senspdf.jse.co.za/documents/2020/jse/isse/aee/ABRIDGED.pdf
Abridged Consolidated Results for the Year Ended 31 August 2019 and Supplementary Announcement
AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: AEE
ISIN: ZAE000195731
("AEEI" or “the Company”)
SHORT-FORM ANNOUNCEMENT: ABRIDGED SUMMARISED CONSOLIDATED RESULTS FOR
THE YEAR ENDED 31 AUGUST 2019 AND SUPPLEMENTARY ANNOUNCEMENT TO THE
ANNOUNCEMENT DATED 31 JANUARY 2020
1. Highlights
- Revenue increased by 239% from R701m to R2,4bn
- Headline earnings increased by 316% from R119m to R496m
- Headline earnings per share increased by 316% from the 24.24c to 100.89c
- Normalized headline per share increased by 339% from 25.09c to 109.95c
- Net cash generated from operating activities increased by 9% from R131m to R143m
- Total assets at year-end have grown to R7.5bn
- Net asset value per share increased by 12% from 1152.98c to 1304.15c
- Gross final dividend of 6 cents per share declared to shareholders, which equates to a total
dividend of 17 cents for the 2019 financial year, an increase of 11% from prior year.
- A total dividend to shareholders for the 2019 financial year equates to R83.5m
The board of directors (Board) hereby presents the 2019 audited abridged financial results to stakeholders.
2. Revised audited financial statements for the year ended 31 August 2019
Shareholders are advised that subsequent to releasing the annual financial statements for the year ended
31 August 2019 (“AEEI Audited Results”), AYO Technology Solutions (“AYO”) and its auditors noted that
certain disclosure changes were not incorporated into the annual financial statements for the year ended 31
August 2019 (“AYO Audited Results”) by the printers of AYO which had an effect on the disclosure
incorporated by AEEI into the AEEI Audited Results. This was disclosed to AYO shareholders in a SENS
announcement released on 11 March 2020.
AYO subsequently released a supplement (“AYO Supplement”) to the AYO Audited Results as a result of the
disclosure changes which were not incorporated into the AYO Audited Results.
As AEEI consolidates AYO as its subsidiary for IFRS reporting purposes, which includes the consolidation of all
note disclosures, the AYO Supplement would have an impact on the AEEI Audited Results. However, as per an
announcement released on SENS on 15 April 2020, AEEI confirmed that the AYO Supplement will have no
impact on the statement of financial position, the statement of profit or loss and other comprehensive income,
the statement of changes in equity, the statement of cash flows, earnings per share and headline earnings per
share in respect of the AEEI Audited Results. The AYO Supplement will only affect the disclosure made in
certain notes to the AEEI Audited Results.
As a result of the disclosure changes the Company has revised the AEEI Audited Results (“Revised Results”).
The Revised Results have been distributed to shareholders today 30 April 2020. The Revised Results are also
available on the Company’s website at http://aeei.co.za/integrated-report/
Shareholders are referred to note 56 Changes to Notes of the Revised Results for a summary of the changes
to the notes to the annual financial statements which were published on 31 January 2020.
The auditors of the Company have issued an updated audit opinion which include an Emphasis of Matter. The
emphasis of matter highlights the disclosure changes which were made to the audited financial statements
that were published on 31 January 2020.
3. Supplementary announcement to the announcement dated 31 January 2020
Shareholders are referred to the announcement (“Announcement”) released on SENS on Friday, 31 January
2020 regarding a change statement, notice of annual general meeting and publication of the integrated annual
report.
The Announcement contained a “change statement” (“the Statement”) which detailed the differences
between Reviewed Consolidated Results for the Year Ended 31 August 2019 published on SENS on 23
December 2019 (“the Reviewed Results”) and the AEEI Audited Results.
Following a review by management and AEEI’s sponsors of all the documents submitted to the JSE and
announced on SENS, it was noted that the Statement highlighted changes between the Reviewed Results and
the AEEI Audited Results and detailed explanations for the differences were provided. However, a revised
abridged report, prepared in accordance with section 8.57 – 8.61 of the JSE Listings Requirements, was not
published. The Statement is accurate and only the abridged report containing the disclosures as required by
the Listings Requirements was omitted.
In order to comply with section 8.57 – 8.61 of the JSE Listings Requirements the Company has today 30 April
2020 made available on its website a revised abridged report at http://aeei.co.za/integrated-report/.
For further details on the Company’s financial position and performance during the year please refer to the
full announcement.
The full announcement is available at https://senspdf.jse.co.za/documents/2020/jse/isse/aee/ABRIDGED.pdf
and on the Company website at http://aeei.co.za/integrated-report/. Copies of the full
announcement may also be requested at the Company's registered office or the office of the sponsor, being
Vunani Sponsor at no charge, during office hours.
This short-form announcement is the responsibility of the board of directors. This announcement is a summary
of the information in the full announcement and does not contain full or complete details. Any investment
decision by investors and/or shareholders should be based on consideration of the full announcement which
has been released on SENS and available for viewing on the Company's website.
While this report, in itself, is not audited, the audited consolidated annual financial statements from which
the summarised consolidated financial statements were derived have been audited by BDO South Africa Inc.
Their unqualified audit report, including key audit matters relating to the emphasis of matter highlighting the
disclosure changes which were made to the Revised audited financial statements that were published on 30
April 2020, along with the audited consolidated annual financial statements are available for inspection at the
Company's registered office and on the Company website at http://aeei.co.za/integrated-report/.
Supplementary information (unreviewed)
Normalised earnings are defined as earnings from continuing operations excluding non-recurring items and
once-off fair value adjustments.
Normalised headline earnings before tax reconciliation R'000 R'000
Headline earnings 495 565 119 085
Fair value adjustments 57 871 5 414
Deferred tax on fair value adjustments (12 963) (1 213)
Share-based payment - 11
Net impairments, impairment reversals and write-offs (400) -
Normalised headline earnings 540 073 123 297
Normalised headline earnings per share 109.95 25.09
Cape Town
30 April 2020
Sponsor
Vunani Sponsors
Date: 30-04-2020 05:10:00
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