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Restatement of financial information
AFROCENTRIC INVESTMENT CORPORATION LIMITED
Incorporated in the Republic of South Africa
Registration Number: 1988/000570/06
JSE Code: ACT
ISIN: ZAE 000078416
(“AfroCentric” or “the Company” or “the Group”)
RESTATEMENT OF FINANCIAL INFORMATION
Introduction
Shareholders are referred to the “Revised Trading Statement and Restatement of Financial
Information” announcement released on SENS on 27 March 2017 wherein shareholders were advised
of the restatement to the financial results for the year ended 30 June 2016 due to the incorrect
accounting treatment of the interest accrued on the Sanlam Put Option Obligation which was
recognised through the Conditional Put Option Reserve and Obligation rather than the Statement of
Comprehensive Income.
Further to the above, shareholders are hereby advised of additional restatements to previously
published financial information as detailed below.
Restatement 1: Classification of the cash flows
In the prior financial year, loans to Group companies were incorrectly disclosed as a separate line
under investing activities instead of financing activities. Due to its materiality a decision was taken to
restate the prior year statement of cash flows.
Year ended 30
June 2016 Year ended 30
(as previously June 2016
reported) (Restated)
R’000 R’000
Consolidated Statement of cash flows
Cash flows from investing activities
Decrease in loans to Group companies - (31 686)
Cash flows from financing activities
Decrease in loans to Group companies (31 686) -
This incorrect classification was identified during the audit for the financial year ended 30 June 2017.
Restatement 2: Earnings per share and headline earnings per share
In the prior years, AfroCentric calculated the earnings per share (“EPS”) and headline earnings per
share (“HEPS”) using the total comprehensive income attributable to the parent instead of profit and
loss attributable to the parent and added back impairment of loans for HEPS purposes. From
management’s analysis the change in the EPS and HEPS is immaterial. The restated results from
2013, 2014 and 2015 have also been provided from a completeness perspective.
The need for this restatement was identified during the audit for the financial year ended 30 June
2017.
Effects on previously published interim financial results
Six month
Six months ended 31 ended 31
December (as December Change
previously reported) (restated) (%)
2013
EPS (cents) 23.51 23.45 (0.3)
HEPS (cents) 26.09 26.03 (0.2)
2014
EPS (cents) 20.25 20.04 (1.0)
HEPS (cents) 21.84 21.62 (1.0)
2015
EPS (cents) 17.98 17.05 (5.2)
HEPS (cents) 18.10 17.16 (5.2)
2016
EPS (cents) 17.69 18.23 3.1
HEPS (cents) 17.22 18.21 5.7
Effects on previously published year-end financial results
Year ended 30 June (as Year ended 30 Change
previously reported) June (restated) (%)
2013
EPS (cents) 60.75 60.04 (1.2)
HEPS (cents) 48.15 47.44 (1.5)
2014
EPS (cents) 40.00 39.98 (0.1)
HEPS (cents) 47.83 47.81 -
2015
EPS (cents) 33.08 32.92 (0.5)
HEPS (cents) 38.43 38.26 (0.4)
2016
EPS (cents) #26.28 25.38 (3.4)
HEPS (cents) #28.43 26.33 (7.4)
#Please note these figures were restated as announced on 27 March 2017
The financial results for the year ended 30 June 2017 are expected to be published on SENS today,
19 September 2017.
Johannesburg
19 September 2017
Sponsor
Sasfin Capital (a member of the Sasfin group)
Date: 19/09/2017 09:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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