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GO LIFE INTERNATIONAL LIMITED - Abridged Unaudited Consolidated Financial Statements For The Three Months Ended 31 August 2017

Release Date: 13/10/2017 14:30
Code(s): GLI     PDF:  
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Abridged Unaudited Consolidated Financial Statements For The Three Months 
Ended 31 August 2017

GO LIFE INTERNATIONAL LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 098177 C1/GBL)
Primary Listing SEM share code: GOLI.N0000
Secondary Listing JSE share code: GLI ISIN: MU0330N00004
(“the Company” or “Go Life International”)


Abridged Unaudited Consolidated Financial Statements For The Three Months Ended 31 August 2017


DIRECTORS’ COMMENTARY
The Company was incorporated on 1 October 2010 as a public company limited by shares under the 
Mauritian Companies Act and holds a Category 1 Global Business License (License No - C110009034)
issued by the Mauritius Financial Services Commission.

Go Life International is registered in the Republic of Mauritius and was listed on the Stock Exchange
of Mauritius(SEM) on 07 July 2011.

The Company was previously structured as a PCC under the PCC Act and was converted into a limited
company and changed its name to Go Life International Limited by way of a shareholder resolution on
31 March 2015. The name change was approved on 16 June 2015 in anticipation of the inward listing on
the Alternative Exchange (“AltX”) of the Johannesburg Stock Exchange (“JSE”) and the conversion to a
limited company became effective on 03 June 2016.

PRIMARY OBJECTIVE
Go Life International was established to leverage the strength of existing South African nutraceutical
companies, Go Life Health Products and Gotha Health Products (collectively Go Life SA), and to drive
the presence of the South African products and brands across the global nutraceutical market. Go Life
product range prides itself on its natural products and supplements originated in the womb of Africa
which are scientifically developed for the world and enhanced through unique technology. After the
secondary listing on the AltX, new opportunities and strategic partners have come into being which have
now positioned Go Life International to be a full-fledged medical and healthcare services company.

COMPANY OUTLOOK
Go Life Health Products holds 100% of Gotha Health Products, Bon Health Properties (100%) and 49% of
Bon Health Operations.

Go Life Health Products focuses on nutraceuticals which aims to promote good health, aid in the
prevention of certain diseases or helps with recovery from illness. The product is still primarily sold
in the Eastern Cape but initiatives are being pursued to expand distribution channels and areas. This will 
include appointing channel and other strategic partners.

Bon Health has a frail care and retirement village focus which also includes Alzheimer’s and dementia
centres. There is an international need for such facilities and Bon Health has a highly effective and
successful reputation and knowledge in managing such facilities.

On the 22nd of February 2017 the Company signed an agreement with Elysium Healthcare Africa, giving
the Company exclusive access to a full range of health products, generic medicines, services and
equipment; and also to 25 countries in which Elysium Healthcare Africa has access. This relationship 
has attracted significant interest and a number of activities have commenced to progress various 
opportunities.

DIVIDENDS
No dividends were authorized or paid during the period under review.


STATEMENT OF FINANCIAL POSITION
                                    THE GROUP      THE GROUP     THE COMPANY     THE COMPANY
                                  31 Aug 2017    31 May 2017     31 Aug 2017     31 May 2017
                                          USD            USD             USD             USD
ASSETS
Non - Current Assets               36 658 985     36 621 374      34 921 774      34 817 190
Investments in
Associates/Subsidiary                 998 538        957 205      34 921 774      34 817 190
Intangible Assets                  28 857 769     28 857 769               -               -
Property Plant and Machinery        6 802 678      6 806 400               -               -

Current Assets                        717 440        640 154            1831           7 372

Trade and other Receivables           334 642        278 450             451               -
Cash and Cash Equivalents             382 798        361 704           1 380           7 372

TOTAL ASSETS                       37 376 425     37 261 528      34 923 605      34 824 562


EQUITY

Capital and Reserves             34 176 400     34 043 539       34 874 149      34 757 550
Share Capital                    34 965 300     34 965 300       34 965 300      34 965 300
Revenue Deficit                   (795 900)       (921 761)        (91 151)       (207 750)


LIABILITIES

Non - Current Liabilities         2 988 122      2 988 122                -               -
Loan - Shareholders               2 988 122      2 988 122                -               -


Current Liabilities                218 903         229 867          49 456          67 012
Trade and other Payables           218 903         229 867          49 456          67 012

TOTAL EQUITY AND LIABILITIES     37 376 425     37 261 528       34 923 605      34 824 562


STATEMENT OF CASH FLOWS

                                           THE GROUP          THE GROUP     THE COMPANY     THE COMPANY
                                         31 Aug 2017        31 May 2017     31 Aug 2017     31 May 2017
                                                 USD                USD             USD             USD


Profit/ Loss for the Period                  119 304            109 944         117 998         109 188
Share of profit of associate                 (32 393)          (28 535)        (32 393)        (28 535)
Net Cash from Operating activities             86 911            81 409          85 605          80 653


Trade and other receivables                  (334 642)         (278 450)              -               -
Trade and other payables                       218 903           229 867         49 456          67 012
Cash movement for the period                  (28 828)            32 826         36 149          13 641
Cash and cash equivalents - Start of period    415 624           382 798         13 732              91
 Cash and cash equivalents – End of  period    386 796           415 624         49 881          13 732



STATEMENT OF PROFIT / LOSS AND OTHER COMPREHENSIVE INCOME

                                            THE GROUP         THE GROUP     THE COMPANY     THE COMPANY
                                          31 Aug 2017       31 May 2017     31 Aug 2017     31 May 2015
                                                  USD               USD             USD            USD
Revenue                                       438 169           343 723               -              -
Expenses                                    (280 194)          (193 523)         (1 306)          (756)
PROFIT/ (LOSS) FROM OPERATIONS                157 975           150 200          (1 306)          (756)
Share of profits - Associates                  32 393            28 408               -               -
Finance Income                                      -             2 565               -               -


                                              190 368           181 173          (1 306)          (756)
Finance costs                                (71 064)           (71 064)              -               -
PROFIT / (LOSS) BEFORE TAXATION               119 304           110 109         119 304         109 944
Taxation                                            -                 -               -               -
TOTAL COMPREHENSIVE INCOME FOR THE  PERIOD    119 304           110 109         117 998         109 188



SEGMENTAL REPORTING – 3 MONTHS ENDED 31 AUG 2017
                                                                              
                                              Nutraceutical      Property       Frail care            Total
                                                                                 Associate
                                                        USD           USD              USD              USD
Statement of net profit/loss
Revenue                                             216 938       188 838           32 393          438 169
Interest expenses                                         -      (71 064)                -          (71 064)
Income Tax                                                -             -                -                -
Adjusted Headline earnings                         (20 049)       105 654           32 393           117 998
Net profit/(loss) for the period


Statement of financial position
Total Assets                                     29 582 209      6 802 678         998 538        37 383 425
Total Borrowings                                          -     (2 988 122)              -        (2 988 122)


SEGMENTAL REPORTING – 3 MONTHS ENDED 31 MAY 2017
                                                                             
                                                             Frail care           
                                             Nutraceutical     Property         Associate           Total
                                                       USD          USD               USD             USD
Statement of net profit/loss
Revenue                                            147 037      168 458            28 235         343 730
Interest expenses                                        -     (71 064)                 -        (71 064)
Income Tax                                               -            -                 -               -
Adjusted Headline earnings                        (16 441)       97 394            28 235         109 188
Net profit/(loss) for the period


Statement of financial position
Total Assets                                   29 497 923      6 806 400          957 205       37 261 528
Total Borrowings                                        -    (2 988 122)                -      (2 988 122)



RECONCILIATION OF BASIC EARNINGS TO HEADLINE EARNINGS
                                                                    THE GROUP          THE GROUP
                                                                  31 Aug 2017        31 May 2017
                                                                          USD                USD
Basic earnings                                                        117 998            109 188
Headline earnings                                                     117 998            109 188
Adjusted headline earnings / Distributable earnings                   117 998            109 188


Weighted average number of shares                                 900 000 000       900 000 000
Basic and diluted earnings per share (USD cents)                       0.0131            0.0121
Basic and diluted headline earnings per share (USD cents)              0.0131            0.0121
Adjusted headline earnings per share (USD cents)                       0.0131            0.0121


STATEMENT OF CHANGES IN EQUITY

                                                                    Stated       Revenue         Total
THE GROUP                                                          Capital        Deficit       Equity
                                                                       USD           USD           USD
Consolidation adjustment on acquisition of investment           34 965 300             -    34 965 300
Total Comprehensive Income for the period                                -       117 998       117 998
Consolidation adjustments                                                       (918 591)    (918 591)
Balance as at 31 August 2017                                    34 965 300      (800 593)   34 164 707


                                                      Stated     Translation      Revenue        Total
THE COMPANY                                          capital         Reserve      Deficit       Equity
                                                         USD             USD          USD          USD


Balance as at 01 March 2017                       34 956 300               -    (176 250)    9 488 850
Total Comprehensive Income for the period                  -               -     109 188       109 188
Share Capital Issued                                       -               -           -             -
Reclassification adjustment                                -               -           -             -
Balance as at 31 May 2017                         34 956 300               -    (67 062)     9 598 038
Balance as at 01 June 2017                        34 965 300               -    (67 062)     9 598 038
Total Comprehensive Income for the period                  -               -     117 998       117 998
Balance as at 28 February 2017                    34 965 300               -      50 936     9 716 036


Notes
The Company is required to publish financial results for the 3 months ended 31 August 2017 in terms of the 
Listing Rule 12.19 of the SEM. The abridged unaudited consolidated financial statements for the 3 months 
ended 31 August 2017 (“financial statements”) have been prepared in accordance with the measurement and 
recognition requirements of IFRS, the requirements of IAS 34: Interim Financial Reporting and the SEM 
Listing Rules and the JSE Listing requirements. The accounting policies adopted in the preparation of the 
financial statements are consistent with those applied in the preparation of the audited financial statements 
of the year ended 28 February 2017.

Copies of the Abridged Unaudited Consolidated Financial Statements for The 3 Months Ended 31 August 2017 and 
the Statement of direct and indirect interests of each officer of the Company, pursuant to Rule 8(2)(m) of the 
Securities (Disclosure Obligations of Reporting Issuers) Rules 2007, are available free of charge, upon request 
to the Company Secretary at the Registered Office of the Company at Beau Plan business Park, Pamplemousses 21001
, Mauritius.

This communiqué is issued pursuant to SEM Listing Rules 11.3 and 12.20 and section 88 of the Securities Act of 
Mauritius 2005. The Board accepts full responsibility for the accuracy of the information contained in these 
financial statements. The Directors are not aware of any matters or circumstances arising subsequent to the period 
ended 31 August 2017 that require any additional disclosure or adjustment to the financial statement.


By order of the Board
AceTer Global Limited
Company Secretary
13 October 2017

For further information please contact:
AceTer Global Limited                                Arbor Capital Sponsors
(230) 204 080                                        +27 (0) 11 480 8500



SPONSOR
Arbor Capital Sponsors Proprietary Limited






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