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Distribution Of Integrated Report, Change Statement And Notice Of Annual General Meeting
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")
DISTRIBUTION OF INTEGRATED REPORT, CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL
MEETING
Change Statement
Further to the publication of AEEI's reviewed condensed consolidated annual financial results for the
year ended 31 August 2023 ("Reviewed Results") on SENS on 13 December 2023, shareholders are
advised that the Company's 2023 Integrated Report incorporating the condensed audited
consolidated financial statements was distributed to shareholders today, 30 January 2023 and is
available on the Company's website at: https://aeei.co.za/investor-relations/sens-announcements/. The
full audited consolidated annual financial statements for the year ended 31 August 2023 ("Audited
AFS"), including the Auditor's Report, is available on the Company's website and is also available on
the JSE website at: https://senspdf.jse.co.za/documents/2024/jse/isse/aee/lf23aeei.pdf
Changes between the Reviewed Results and the Audited AFS are detailed below:
AEEI Consolidated Statement of 31 August 31 August
Financial Position 2023 2023
Reviewed Audited AFS
Change % Change
Results
R'000 R'000 R'000
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 480 036 480 036 - -
Right of use assets 24 991 24 991 - -
Goodwill 69 514 69 514 - -
Intangible assets 61 105 61 105 - -
Investment in associate 72 872 72 872 - -
Other financial assets 49 029 49 029 - -
Deferred tax 162 895 162 895 - -
Loans receivable 18 18 - -
920 460 920 460 - -
CURRENT ASSETS -
Biological assets 85 915 85 915 - -
Inventories 63 395 63 395 - -
Current tax receivable 8 557 8 557 - -
Trade and other receivables 101 964 101 964 - -
Other financial assets 5 934 5 934 - -
Cash and cash equivalents 235 737 235 737 - -
501 502 501 502 - -
Assets held for sale IFRS 5 290 000 290 000 - -
Total Assets 1 711 962 1 711 962 - -
EQUITY AND LIABILITIES
EQUITY
EQUITY ATTRIBUTABLE TO EQUITY
HOLDERS OF PARENT
Share capital 402 240 402 240 - -
Reserves 8 684 8 684 - -
Retained income 63 285. 63 285 - -
Equity attributable to equity holders of 474 209 474 209 - -
parent
Non-controlling interest 734 068 734 068 - -
1 208 277 1 208 277 - -
LIABILITIES
NON-CURRENT LIABILITIES
Other financial liabilities 696 696 - -
Lease liabilities 18 872 18 872 - -
Employee benefit obligation 1 450 1 450 - -
Loans from related parties 82 890 18 216 (64 674) (78%)
Deferred tax 218 576 218 576 0 -
322 484 257 810 (64 674) (20%)
CURRENT LIABILITIES
Provisions 12 057 12 057 - -
Trade and other payables 99 705 99 705 - -
Other financial liabilities 958 958 - -
Lease liabilities 8 596 8 596 - -
Deferred income 687 1 876 1 189 173%
Current tax payable 1 874 1 874 - -
Dividend payable 13 987 13 987 - -
Contract liabilities 1 189 - (1 189) (100%)
Bank overdraft 1 755 1 755 - -
Loans from related parties 40 393 105 067 64 674 160%
181 201 245 875 64 674 36%
Liabilities held for sale
Total Liabilities 503 685 503 685 -
Total Equity and Liabilities 1 711 962 1 711 962 -
AEEI Group statement of Comprehensive
Income
31 August 31 August
2023 2023
Reviewed Audited
Results AFS Change % Change
R'000 R'000 R'000
Revenue 734 246 734 246 - -
Cost of sales (410 392) (410 392) - -
Gross profit 323 854 323 854 -
Other income 50 252 50 252 - -
Operating expenses (324 532) (324 532) - -
Net impairment changes and (854 775) (854 775) - -
impairment reversals
Fair value adjustments 6 042 6 042 - -
Loss on settlement of liability for (514 798) (512 589) 2 209 0,43%
dividend in specie
Investment income 13 381 13 381 - -
Finance costs (5 815) (5 815) - -
Income from equity accounted 64 972 64 972 - -
investments
Loss before taxation (1 241 419) (1 239 210) 2 209 0,18%
Taxation 22 359 22 359 - -
(Loss)/Profit from continuing (1 219 060) (1 216 851) 2 209 0,18%
operations
Discontinued operations
Loss from discontinued operations (509 782) (484 942) 24 840 4,87%
Loss for the year (1 728 842) (1 701 793) 27 049 1,56%
Other comprehensive income:
Continued operations - -
Discontinued operations (1 731) (1 731) - -
Other comprehensive (loss)/profit for (1 731) (1 731) -
the year net of taxation -
Total comprehensive loss for the year (1 730 573) (1 703 524) 27 049 1,56%
Total comprehensive loss attributable
to:
Owners of the parent
From continuing operations (1 245 690) (1 243 481) 2 209 0,18%
From discontinued operations (180 941) (183 150) (2 209) (1.22%)
Non-controlling interest:
From continuing operations 26 630 26 630 - -
From discontinued operations (330 572) (303 523) 27 049 8,18%
(1 730 573) (1 703 524) 27 049 1,56%
Earnings per share
Per share information
Basic and diluted (loss)/earnings per (2,54) (253,24) (250,70) (9870%)
ordinary share to equity holders of
parent
entity of continuing operations
Basic and diluted loss per ordinary (36,85) (37,30) (0,45) (1,22%)
share to equity holders of parent entity
of discontinued operations
Headline and diluted earnings per share 0,21 21,08 20,87 9938%
(cents) for continuing operations
Headline and diluted earnings per share (34,00) (35,66) (1,66) (4,88%)
(cents) for discontinued operations
Adjustments:
1. Changes from the Reviewed Results published 13 December 2023 compromise of:
- Reversal of VAT receivable in the discontinued operation, AYO Technology Solutions Limited
("AYO"), after the final assessment by management. In the Reviewed Results it was previously
expensed. The impacted line items in the financial statements was a decrease in loss from
discontinued operations R24.840 million.
2. Non-controlling interest in AYO was also adjusted after the final assessment by management to the
amount of R27.049 million. The impacted line items in the financial statements are as follows:
- Increase in non-controlling interest from discontinued operations in the income statement of
R27.049 million.
- Decrease in non-controlling controlling interest from discontinued operations in the Statement
of financial position of R27.049 million.
3. As a result of points 1 and 2, the net asset value of AYO decreased which resulted in a decrease in
the loss on dividend in specie upon the disposal of AYO of R2.209 million. The impacted line items
in the financial statements are as follows:
- Decrease in loss on dividend in specie in the income statement of R2.209 million.
- Increase in retained earnings in AEEI of R2.209 million.
- Decrease in retained earnings in AYO for 2.209 million.
4. Loans from related party amounting to R64.674 million have been reclassified from non-current
liabilities to current liabilities. The impacted line items in the financial statements are as follows:
- Increase in current liabilities balance for loans from related parties from R40.393 million to
R105 067 million.
- Decrease in the non-current liabilities balance for loans from related parties from
R82.890 million to R18.216 million.
5. Deferred income amounting to R1.189 million has been reclassified from the contract liabilities line
item to the deferred income line item under current liabilities. The impacted line items in the
financial statements are as follows:
- Increase in deferred income balance from R0.687 million to R1.876 million.
- Decrease in contract liabilities balance from R1.189 million to nil.
6. The headline earnings per share from continuing operations mainly increased due to the decrease
in unbundling loss (refer to note 1). The headline loss per share from discontinued operations
decreased mainly due to the effect of note 2. The change in earnings per share is due to a
reclassification from rands to cents.
Additionally, the 2023 Integrated Report can be obtained in person from the Company's registered
office from Friday, 9 February 2024. The Audited AFS as stated above differs from the Reviewed Results.
This announcement is only a summary of the information in the 2023 Audited AFS. Any investment
decisions should be made based on the 2023 Audited AFS as this announcement does not contain full
or complete details.
The 2023 Audited AFS have been audited by the Company's joint auditors, Thawt Inc. and Crowe Jhb
Inc. who expressed an unmodified audit opinion thereon.
Notice of Virtual Annual General Meeting
Notice is hereby given that the annual general meeting ("AGM") will be conducted solely via electronic
participation at 14:00 on Monday, 27 May 2024.
Any shareholders or their proxies who wish to participate in the AGM via electronic communication
("Participant") should complete the Electronic Participation Form forming part of the 2023 Notice of
Annual General Meeting ("the Application Form") and email same to the Company's transfer
secretaries, JSE Investor Services at meetfax@linkmarketservices.co.za as soon as possible but by no
later than 14:00 on Tuesday, 14 May 2024.
Upon receipt of a duly completed Application, the Company's transfer secretaries will follow a
verification process to verify each Participant's entitlement to participate and/or vote at the AGM. On
successful verification, such shareholder or their duly appointed proxy will receive to their nominated
email address, a Microsoft Teams meeting invitation, which will be required to access the AGM.
Salient details of the AGM are set out below:
Issuer Name African Equity Empowerment
Investments Limited
Type of Instrument "B" Ordinary Shares
ISIN Number ZAE000195731
JSE Code AEE
Meeting Type Annual General Meeting
Meeting Venue Virtual
Record Date – to determine which shareholders are Friday, 19 January 2024
entitled to receive the notice of AGM
Publication date Monday, 30 January 2024
Posting Date of the notice of AGM Wednesday, 10 April 2024
Last day to trade Tuesday, 14 May 2024
Record date – to determine shareholders that are Friday, 17 May 2024
eligible to participate in, speak and vote at the AGM
Meeting Deadline Date (for administrative purposes, 08:00 on Thursday, 23 May 2024
forms of proxy for the AGM to be lodged
Meeting Date 14:00 on Monday, 27 May 2024
Publication of Results of AGM Monday, 27 May 2024
Web Site Link https://aeei.co.za/investor-
relations/notices/
Cape Town
30 January 2024
Joint Sponsor
Vunani Sponsors
Joint Sponsor
Merchantec Capital
Date: 31-01-2024 07:15:00
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