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Letshego Holdings Limited Notice on 2020 Condensed Financial Statements
Letshego Holdings Limited
Incorporated in the Republic of Botswana
Registration number 98/442
(JSE Code: “BILETS”)
(“Letshego Holdings” or “the Company” or “the issuer”)
This announcement is being released on the Johannesburg Stock Exchange for
information purposes only in respect of Letshego Holdings Limited’s Note
Programme.
NOTICE ON 2020 CONDENSED FINANCIAL STATEMENTS
Letshego Holdings Limited ("LHL") was incorporated in 1998, is headquartered in
Gaborone and has been publicly listed on the Botswana Stock Exchange (BSE) since
2002. Letshego is a pan-African financial institution offering microfinance and
consumer lending solutions across eleven subsidiaries in sub-Saharan Africa.
Shareholders are advised that Letshego Holdings Limited ("LHL") will be restating
its full year 2018 and 2019 reviewed financial results. This is to rectify a loan
to preference share conversion transaction done in March 2018, between LHL and
its subsidiary in Namibia, Letshego Micro Financial Services Namibia Ltd (LMFSN).
During 2019, it was determined that the conversion had not been completed in
accordance with the Companies Act 2004 and the Listing Requirements of the
Namibia Stock Exchange, thereby making the transaction irregular and therefore
null and void. Having looked at various options to regularise the transaction,
and through consultation with regulators and lawyers, the LHL Board opted to
reverse the transaction and restate the LHN and LHL company financial statements
for the years 2018 and 2019.
The impact of the restatement is as follows:
At 31 Dec At 31 Dec At 31 Dec At 31 Dec
2018 2018 2019 2019
Audited - (as Audited - (as Restated
previously Increase/ Restated previously Increase/
Statement of financial position - extract stated) Decrease stated) Decrease
Balance Sheet P million P million P million P million P million P million
Income tax receivable 19 26 45 39 43 83
Deferred tax asset 212 (11) 201 145 - 145
Total assets 10,656 15 10,671 10,867 43 10,911
Trade and other payables 492 0.4 493 553 1 554
Total liabilities 6,582 0.4 6,582 6,289 1 6,290
Foreign currency translation reserve (696) 43 (653) (713) 38 (676)
Retained earnings 3,500 (46) 3,455 3,837 (13) 3,823
Total equity attributable to equity holders of the parent c 3,758 (2) 3,756 4,206 24 4,230
Non-controlling interests 316 17 333 373 18 391
Total shareholders' equity 4,075 15 4,089 4,579 42 4,621
At 31 Dec At 31 Dec
2019 2019
Audited - (as previously Increase/ Restated
Statement of profit or loss and other comprehensive income - extract stated) Decrease
P million P million P million
Effective interest expense (931) 7 (924)
Profit before taxation 1,130 7 1,138
Taxation (439) 27 (411)
Profit for the year 692 35 726
Basic earnings per share (thebe) 29.2 1.5 30.7
Fully diluted earnings per share (thebe) 28.6 1.5 30.1
Basic and diluted earnings per share for the prior year have also been restated.
The amount of the correction for both basic and diluted earnings per share was an
increase of 1.5 thebe per share.
By order of the Group Board
Andrew F. Okai Enos Banda
Group Chairman Group Chief Executive
3 March 2021
Debt sponsor in South Africa
Kea Sape: 0117215594 or kea.sape@standardbank.co.za
The Standard Bank of South Africa Limited, acting through its Corporate and
Investment Banking division
Date: 03-03-2021 10:05:00
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