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MMIG - Availability of the Annual Financial Statements of MML for the year ended 30 June 2024
MOMENTUM METROPOLITAN LIFE LIMITED
Incorporated in the Republic of South Africa
Registration number: 1904/002186/06
LEI: 378900E0A78B7549C212
Company code: MMIG
("Momentum Metropolitan Life" or "MML" or "MML Group")
Availability of the Annual Financial Statements of MML for the year ended
30 June 2024
Noteholders are advised that the consolidated audited annual financial statements ("AFS") of Momentum
Metropolitan Life for the year ended 30 June 2024 ("F2024"), has been published on the Momentum
Metropolitan Holdings Limited website at https://www.momentumgroupltd.co.za/investor-relations/debt-
investors.
The consolidated AFS for F2024 have been audited by MML's auditors, Ernst & Young Inc. ("EY"), and their
unqualified audit report for F2024, together with the AFS identified in the audit opinion, are available for
inspection through a secure electronic manner at the election of the person requesting inspection.
The following mandatory restatements are disclosed in F2024 financial statements:
1. Unsettled trade receivables and unsettled trade payables were inappropriately reported as part of the
accounts receivable and other payables balances. This resulted in reclassifications between financial assets
and liabilities measured at amortised cost and had no earnings impact. 30 June 2023 and 1 July 2022 have
been restated accordingly.
2. The cost of carry positions were incorrectly included as interest income as opposed interest expense.
Additionally, a portion of the interest paid disclosed on the Statement of cash flows was calculated incorrectly.
30 June 2023 has been restated accordingly, with no impact to earnings.
3. Derivative financial assets and derivative financial liabilities were inappropriately reported as part of unsettled
trade receivables and unsettled trade payables balances. This resulted in reclassifications of financial liabilities
at fair value through profit and loss and financial liabilities measured at amortised cost and had no earnings
impact. 30 June 2023 and 1 July 2022 have been restated accordingly.
4. Creation and liquidation flows within certain funds consolidated by the group occurred on the last day of the
30 June 2023 financial year, however were not processed and recognised in the previous financial year. 30
June 2023 has been restated accordingly. This had no earnings impact.
5. The classification of the margin call accounts associated with derivative financial instruments has been
reassessed. It was determined that these accounts do not meet the definition of cash and cash equivalents as
per IAS 7: Statement of cash flows. This resulted in a reclassification between cash and cash equivalents and
financial assets at FVPL and had no earnings impact. 30 June 2023 and 1 July 2022 have been restated
accordingly.
6. The principles used to determine interest received were reassessed. This resulted in a reclassification
between interest received and cash generated from operations. June 2023 has been restated accordingly, with
no impact to earnings.
The following voluntary restatement is disclosed in F2024 financial statements:
1. Voluntary change in accounting policy relating to business combinations under common control: MML made
a voluntary change in its accounting policy on the measurement of acquisition of subsidiaries and businesses
under common control. Previously, these transactions were measured at the carrying amounts recognised by
the acquiree, which may have resulted in a different carrying value on Momentum Group level and on the MML
company level. With the new accounting policy, the acquired business will reflect the carrying amounts
recognised at a Momentum Group level. This change will provide more reliable and relevant information in the
MML company financial statements.
27 September 2024
Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
Date: 27-09-2024 10:25:00
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