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Correction Announcement: Publication of Separate Company Annual Financial Statements For Year Ended 31 August 2024
AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
ISIN: ZAE000252441
("AYO" or "the Company")
CORRECTION ANNOUNCEMENT: PUBLICATION OF SEPARATE COMPANY ANNUAL
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
Shareholders are referred to the announcements released on SENS on 31 March 2025
and 1 April 2025 regarding, inter alia, the publication of the audited consolidated annual
financial statements for the year ended 31 August 2024 ("Group Annual Financial
Statements") and availability of the integrated annual report ("Annual Report"), and on
23 April 2025 regarding the availability of the Company's full audited separate annual
financial statements for the year ended 31 August 2024 ("2024 Separate Company
Results").
The Company wishes to inform shareholders that the 2024 Separate Company Results,
which incorporate the accounting policies and notes to the separate Company statement
of profit or loss, financial position, cash flows and changes in equity set out on pages 94 –
97 of the Annual Report, are available at https://ayotsl.com/investor-centre/2024-2/ and
the JSE's cloudlink at:
https://senspdf.jse.co.za/documents/2025/jse/isse/ayoe/SENSCLF.pdf.
Highlights of 2024 Separate Company Results
• Revenue increased by 105% to R7.2 million from R3.5 million in the prior financial
year.
• Loss before tax increased by 14% from R596 million in the prior financial year to R678
million in the current financial year.
• Shareholders are referred to the Group Annual Financial Statements for the current
financial year loss per share and headline loss per share.
Copies of the 2024 Separate Company Results may also be requested from the Company
Secretary at wazeer.moosa@ayotsl.com and from either of the joint sponsors, being
Vunani Sponsors or Merchantec Capital, at sponsor@vunanicapital.co.za or
sponsorteam@merchantec.com, respectively.
The 2024 Separate Company Results have been audited by the Company's auditor,
Crowe JHB., who issued a qualified audit opinion thereon.
Shareholders are referred to the qualification in the auditor's report in the 2024 Separate
Company Results and Group Annual Financial Statements as detailed in the "Basis for
Qualified Opinion" section. The auditors were unable to obtain sufficient and appropriate
audit evidence regarding the R174.8 million expense in the Separate Company Results,
and R114.5 million in the Group Annual Financial Statements, recorded in the prior
period's consolidated statement of comprehensive income. This amount relates to the
derecognition of certain financial instruments, as disclosed in Note 22 of the 2024
Separate Company Results and Note 27 of the Group Annual Financial Statements.
The accounting treatment applied to these instruments is currently under review by
management based on recommendations to do so from FRIP and the JSE to assess
whether the previously recognised values were misstated. At the time of finalising the
audit, this evaluation remained incomplete. As a result, the auditors could not conclude
whether an adjustment to the reported amount is required.
We wish to inform shareholders that the review process is ongoing. Once finalised, we
will communicate the outcome to the market accordingly.
The full independent auditors' report, which includes an emphasis of matter regarding a
material uncertainty related to going concern, is included in the 2024 Separate Company
Results and is available on the Company's website at https://ayotsl.com/investor-centre/
and can also be requested from the Company Secretary at wazeer.moosa@ayotsl.com.
This results announcement is the responsibility of the board of directors of AYO ("Board").
This announcement is a summary of the information contained in the 2024 Separate
Company Results and does not contain full or complete details. Any investment decision
by investors and/or shareholders should be based on consideration of the 2024 Separate
Company Result, together with the Group Annual Financial Statements released on
SENS on 1 April 2025, and which are available on the Company's website.
Cape Town
25 April 2025
Joint Sponsor
Vunani Sponsors
Joint Sponsor
Merchantec Capital
Date: 25-04-2025 12:32:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
