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Availability of the Annual Financial Statements
Evolution Future Flow Securities (RF) Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2013/212028/06)
Company code: EFSI
(“Evolution” or “the Issuer”)
AVAILABILITY OF THE ANNUAL FINANCIAL STATEMENTS
Bondholders are advised that Evolution’s annual financial statements for the year ended 31 March 2017 have
been made available for inspection at the Issuer’s registered office.
The annual financial statements of Evolution have also been made available on the Group’s website at
https://www.realpeoplegroup.co.za/index.php?nav=debt-capital-markets.
Furthermore, bondholders are further advised that during the 2017 financial year audit process, prior year
errors were noted relating to the 2016 financial year. These errors related to the incorrect application of IAS 39
to both the company’s net advances and derivative financial instrument.
For the net advances the carrying amount was not adjusted appropriately as required by IAS 39 AG 8 which
states that an entity is required to adjust the carrying amount of the financial asset if expected cash flows are
revised.
For the derivate financial instrument the fair value was calculated incorrectly as the difference between the
amortised cost value of the net advances on the exercise date and the outstanding notes value which
represents the exercise price instead of the difference between the fair value of the net advances and
outstanding balance of the notes.
The impact of the restatement on the 2016 annual financial results has been as follows:
Statement of financial position
Net advances 68 065 202
Derivative financial instrument (68 812 528)
Retain income (538 076)
Deferred tax 209 250
Statement of profit and loss and other comprehensive income
Revenue 68 065 202
Fair value adjustment on derivative financial instrument (68 812 528)
Taxation 202 250
Loss (538 076)
Statement of change in equity
Loss for the year 2016 (538 076)
29 September 2017
Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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