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AYO TECHNOLOGY SOLUTIONS LIMITED - Abridged Consolidated Results for the Year Ended 31 August 2019 and Supplementary Announcement

Release Date: 16/03/2020 08:57
Code(s): AYO     PDF:  
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Abridged Consolidated Results for the Year Ended 31 August 2019 and Supplementary Announcement

AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
Share code: AYO
ISIN: ZAE000252441
("AYO" or the “Group” or the “Company”)


SHORT-FORM ANNOUNCEMENT: ABRIDGED SUMMARISED CONSOLIDATED RESULTS FOR THE
YEAR ENDED 31 AUGUST 2019 AND SUPPLEMENTARY ANNOUNCEMENT TO THE ANNOUNCEMENT
DATED 31 JANUARY 2020

1.   Highlights

-    Revenue increased by 207% to R1.9 billion from R639 million in the prior year
-    Profit before tax increased by 39% to R273 million from R196 million in the prior year
-    Earnings per share decreased by 7% to 43.76 cents per share from 47.20 cents per share in the
     prior year
-    Headline earnings per share increased by 10% to 43.40 cents per share from 48.32 cents per
     share in the prior year
-    Total assets increased by 10% to R5.1 billion from R4.7 billion in the prior year
-    Dividends per share increased by 70% to 51 cents per share from 30 cents per share in the prior
     year

The board of directors (Board) hereby presents the 2019 audited abridged financial results to
stakeholders.

2.   Revised audited financial statements for the year ended 31 August 2019

Shareholders are advised that subsequent to releasing the annual financial statements for the year
ended 31 August 2019 (“Audited Results”), the auditors and the Company noted that certain
disclosure changes were not incorporated into the Audited Results by the printers of AYO. The
disclosure changes do not impact the statement of financial position, the statement of profit or loss
and other comprehensive income, the statement of changes in equity, the statement of cash flows,
earnings per share and headline earnings per share of the Company. The disclosure changes only
impact certain notes to the annual financial statements.

As a result of the disclosure changes the company has revised the annual financial statements for the
year ended 31 August 2019 (“Revised Results”). The Revised Results have been distributed to
shareholders today 13 March 2020. The Revised Results are also available on the Company’s website
at https://ayotsl.com/annual-financial-statements/

Shareholders are referred to note 52 of the Revised Results for a summary of the changes to the
notes to the annual financial statements which were published on 31 January 2020.

The auditors of the Company have issued an updated audit opinion which included an Emphasis of
Matter. The emphasis of matter highlights the disclosure changes which were made to the audited
financial statements that were published on 31 January 2020.

3.   Supplementary announcement to the announcement dated 31 January 2020

Shareholders are referred to the announcement (“Announcement”) released on SENS on Friday, 31
January 2020 regarding a change statement, notice of annual general meeting and publication of the
integrated annual report.

The Announcement contained a “change statement” (“the Statement”) which detailed the differences
between Reviewed Consolidated Results for the Year Ended 31 August 2019 published on SENS on 20
December 2019 (“the Reviewed Results”) and the audited 31 August 2019 annual financial
statements.

Following a review by management and AYO’s sponsors of all the documents submitted to the JSE and
announced on SENS, it was noted that the Statement highlighted changes between the Reviewed
Results and the Audited Results and detailed explanations for the differences were provided.
However, a revised abridged report, prepared in accordance with section 8.57 – 8.61 of the JSE Listings
Requirements, was not published. The Statement is accurate and only the abridged report containing
the disclosures as required by the Listings Requirements were omitted.

In order to comply with section 8.57 – 8.61 of the JSE Listings Requirements the Company has today
13 March 2020 made available on its website a revised abridged report at
https://www.ayotsl.com/integrated-reports/

For further details on the Group's financial position and performance during the year please refer to
the full announcement.

The full announcement is available at
https://senspdf.jse.co.za/documents/2020/jse/isse/ayoe/ABRIDGED.pdf and on the Company
website at https://ayotsl.com/annual-financial- statements/.

Copies of the full announcement may also be requested at the Company's registered office or the
office of either of the joint sponsors, being Vunani Sponsor or Merchantec Capital, at no charge,
during office hours.

This short-form announcement is the responsibility of the board of directors. This announcement is
a summary of the information in the full announcement and does not contain full or complete
details. Any investment decision by investors and/or shareholders should be based on consideration
of the full announcement which has been released on SENS and available for viewing on the
Company's website.

While this report, in itself, is not audited, the audited consolidated annual financial statements from
which the summarised consolidated financial statements were derived have been audited by BDO
South Africa Inc.

Their unqualifed audit report, including key audit matter relating to the emphasis of matter
highlighting the disclosure changes which were made to the audited financial statements that were
published on 31 January 2020, along with the audited consolidated annual financial statements are
available for inspection at the Company's registered office and on the Company website at
https://ayotsl.com/annual-financial- statements/.

Cape Town

16 March 2020

Joint Sponsor

Vunani Sponsors

Joint Sponsor

Merchantec Capital


Date: 16-03-2020 08:57:00
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