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MMIG - Availability of the Annual Financial Statements for MML for the year ended 30 June 2020
MOMENTUM METROPOLITAN LIFE LIMITED
Incorporated in the Republic of South Africa
Registration number: 1904/002186/06
Company code: MMIG
(“Momentum Metropolitan Life” or “MML”)
Availability of the Annual Financial Statements for MML for
the year ended 30 June 2020
Noteholders are advised that the annual financial statements (“AFS”) for Momentum Metropolitan Life for the
year ended 30 June 2020 (“F2020”), has been published on 30 October 2020 on the group’s website at
https://www.momentummetropolitan.co.za/en/investor-relations/debt-investor.
The consolidated and company AFS for MML are available for inspection by appointment, whilst observing the
necessary Covid-19 restrictions, at MML’s registered office from Monday to Friday during office hours, being
09:00 - 16:00.
The consolidated and company AFS for F2020 have been audited by MML’s auditors, Ernst & Young Inc. (“EY”),
and their unqualified audit report for the year ended 30 June 2020, together with the AFS identified in the audit
opinion, are available for inspection at the registered offices of MML as outlined above. EY was appointed as
MML’s auditors from the F2020 financial year.
MML is an issuer of listed notes and is therefore required to prepare consolidated financial statements in terms
of IFRS 10 – Consolidated Financial Statements. In the past, MML considered themselves exempt from this
requirement due to the reverse acquisition set-up, as a result of the merger between Momentum Group Limited
(now MML) and Metropolitan Holdings Limited (now Momentum Metropolitan Holdings Limited). MML
reconsidered this view and deemed this approach inappropriate. MML has therefore prepared consolidated
financial statements for F2020. Accordingly, the financial information for the comparative periods for the
consolidated AFS are presented for the first time since the merger. These include:
• Opening statement of financial position as at 30 June 2018 (“F2018”);
• Statement of financial position for the year ended 30 June 2019 (“F2019”);
• F2019 statement of changes in equity for the period;
• F2019 statement of profit and loss and other comprehensive income;
• F2019 statement of cashflow; and
• Any related notes thereto.
The listed notes issued by MML are unconditionally and irrevocably guaranteed by its parent, Momentum
Metropolitan Holdings Limited, which is listed on the Johannesburg Stock Exchange.
It should be noted that in South Africa, an audit opinion under International Standards on Auditing 700 relates
only to the current year and does not cover the comparative financial information. The consolidated AFS for
MML for F2020 is prepared for the first time since the merger, and the comparative financial information has
not been audited. Consequently, this financial information has been marked as unaudited in the AFS.
International Financial Reporting Standards (“IFRS”) does not require financial statements to be audited.
Furthermore, the company AFS of MML as well as the AFS for the constituent entities of the MML group for the
F2018 and F2019 comparative periods were audited by the previous auditors, PricewaterhouseCoopers Inc.
EY has noted an “other matters” section in their audit report which highlights the fact that the financial
information for the corresponding numbers in the consolidated MML AFS for F2020 are unaudited.
In the MML company AFS, the following restatements are disclosed:
1. Investments in associates at fair value through profit and loss and derivative financial assets at fair
value through profit and loss are now included within financial assets at fair value through profit and
loss. Derivative financial liabilities at fair value through profit and loss are now included within financial
liabilities at fair value through profit and loss.
These assets and liabilities are all recognised at fair value and are not managed differently from one
another, and therefore this change assists in decluttering of the financial statements. 30 June 2019 and
1 July 2018 have been restated accordingly.
2. A reassessment of control over collective investment schemes under IFRS 10 – Consolidated Financial
Statements resulted in additional funds that are managed by asset managers owned by MML being
consolidated and all funds that are managed by external asset managers being unconsolidated. Where
the funds are managed fund managers owned by MML and MML holds 20% or more in these funds it
is viewed to have control of the fund. Where the control criteria are not met, the criteria for joint control
and significant influence are considered.
30 June 2019 and 1 July 2018 have been restated accordingly.
3. In preparation of the upcoming new standard, IFRS 17 – Insurance Contracts, MML reviewed its
product reclassification, which resulted in the following corrections:
• Products in Momentum Life that provide a guarantee to return premiums on death were not
previously included in the assessment of insurance risk and were accounted for as Investment
contracts designated at fair value through profit and loss as well as Investment contracts with
discretionary participation features (“DPF”). Reclassifying these products as insurance products is
the driver for the increase in Insurance contract liabilities.
• Investment contracts with DPF (including those recognised within Metropolitan Life) have been re-
assessed so that only those with significant discretion are included in this classification. This only
affected the balance between Investment contracts with and without DPF, both which ultimately
reflect increases due to the first effect. 30 June 2019 and 1 July 2018 have been restated
accordingly.
30 October 2020
Debt sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited
Date: 30-10-2020 05:00:00
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