AVIOR CAPITAL MARKETS HOLDINGS LIMITED - Restatement of previously published financial results

Release Date: 18/07/2018 16:45
Code(s): AVR
 
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Restatement of previously published financial results

Avior Capital Markets Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 2015/086358/06
JSE Code: AVR
ISIN: ZAE000211637
("Avior Holdings" or “the Company”)

RESTATEMENT OF PREVIOUSLY PUBLISHED FINANCIAL RESULTS

1.   Shareholders of Avior Holdings (“Shareholders”) are hereby advised that during the finalisation of the financial results
     for the year ended 30 April 2018, certain accounting errors were identified by the new auditors and newly appointed
     financial director of the Company. These accounting errors are considered material in nature.

2.   Shareholders should note that the accounting errors primarily affects the Statement of Profit or Loss and Other
     Comprehensive Income and earnings per share value, in that:

     2.1. “Total comprehensive income” was used as a starting point for the earnings per share calculation instead of “profit
          for the year”; and
     2.2. the “other comprehensive income” line item was the year-end balance instead of the year’s movement.

3.   Because of the aforementioned, the board of directors of Avior Holdings (“the Board”) has in the interest of prudency,
     resolved to restate the financial results for the year ended 30 April 2017 and the interim results for the 6 months ended
     31 October 2017, insofar as the accounting errors referred to above are concerned.

4.   RESTATEMENT OF THE INTERIM FINANCIAL RESULTS FOR THE 6 MONTHS ENDED 31 OCTOBER 2017

      Description                                                          31 October 2017                    31 October 2017
                                                                              (Incorrect)                        (Restated)
      Exchange differences on translating                                       (640 542)                         4 920 584
      foreign operations (Rands)
      Earnings per share (cents)                                                     7.36                               7.80

5.   RESTATEMENT OF THE FINANCIAL RESULTS FOR THE YEAR ENDED 30 APRIL 2017

      Description                                                          30 April 2017                      30 April 2017
                                                                             (Incorrect)                         (Restated)
      Exchange differences on translating                                     5 561 126                           6 194 832
      foreign operations (Rands)
      Earnings per share (cents)                                                   12.50                               15.78

6.   The following immaterial reclassifications were also made to the 30 April 2017 numbers, in order to align the layout of
     the financial statements to industry practice:

       Statement of Profit or Loss and Other Comprehensive Income
                                                                          30 April 2017                       30 April 2017
                                                                (Before reclassification)            (After reclassification)
       Revenue                                                              178 505 436                         168 529 868
       Cost of sales                                                        (41 200 138)                                    -
       Other income                                                            2 622 779                          1 731 653
       Operating expenses                                                  (121 810 853)                      (150 276 536)
       Investment revenue                                                      3 220 530                          3 209 026
       Fair value adjustments                                                     11 031                                    -
       Finance costs                                                           (855 168)                          (877 812)
       Foreign exchange losses for the year                -    (1 822 583)



       Profit for the year                       26 793 950     26 793 950
       Other comprehensive income:
       Exchange differences on translating       (5 561 126)    (6 194 822)
       foreign operations
        Other comprehensive income for the       (5 561 126)   (6 194 822)
       year net of taxation
       Total comprehensive income for the        21 232 824     20 599 128
       year


       Statement of Financial Position
       Assets
       Loans to directors, managers and           2 424 767      2 946 505
       employees
       Trade and other receivables                5 653 858      5 519 447
       Amounts receivable in respect of stock    46 970 215     46 973 900
       broking activities
       Total assets                             55 048 840     55 439 852


       Liabilities
       Trade and other payables                 (17 860 309)   (21 468 878)
       Loans from related parties - current                -       (97 235)
       liabilities
       Provisions                                (3 323 061)              -
       Amounts payable in respect of stock      (41 581 728)   (41 589 998)
       broking activities

18 July 2018
Sandton

Designated Advisor:
Pallidus Capital Proprietary Limited

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