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Publication Of Audited Consolidated Financial Statements For Year Ended 31 August 2023, IAR & Notice Of Virtual AGM
AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1996/014461/06
JSE share code: AYO
ISIN: ZAE000252441
("AYO" or "the Company")
PUBLICATION OF AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED
31 AUGUST 2023, AVAILABILITY OF INTEGRATED ANNUAL REPORT AND NOTICE OF VIRTUAL
ANNUAL GENERAL MEETING
1. Adjustments
Changes from the SENS announcement containing the reviewed consolidated condensed financial
results published 6 December 2023 compromise of:
• Write back of the VAT receivable asset after the final assessment by auditors. In the SENS it
was previously expensed. The impacted line items in the financial statements are as follows:
-Decrease in operating expenses R26.148 million.
-Increase VAT receivable R26.148 million.
-Decrease in retained loss R26.148 million.
• Put option liability being realised through equity and not income statement. In the SENS, AYO
had derecognised the liability through the income statement and not as according to ISA 32.23.
The impacted line items in the financial statements are as follows:
-Increase in other operating losses R24.221 million.
The overall net impact on the loss before tax amounts to a decrease of R1.927 million from
R640.741 million to R638.814 million resulting in loss per share "LPS" decreasing by 0.56 cents
per share from (180.53) cents to (179.97) cents. The change in headline loss per share "HLPS"
is a increase of 1.17 cents per share from (176.46) cents to (177.63) cents.
• The following notes have changed:
-Operating expenses
-Other operating losses
Please see the financial statements extract below:
Consolidated statement of
financial position
as at 31 August 2023
Audited AFS REVIEWED
31 August 2023 31 August 2023
Notes R'000 R'000 Change
Assets
Non-current assets 872 962 872 962
Property, plant and equipment 3 34 798 34 798 –
Right-of-use of assets 4 43 846 43 846 –
Goodwill 5 75 458 75 458 –
Intangible assets 6 109 524 109 524 –
Investments in equity-accounted joint
ventures and associates 7 60 151 60 151 –
Loans to related party companies 8 137 239 137 239 –
Other loans receivable 9 207 241 207 241 –
Investments at fair value through
profit or loss 10 118 227 118 227 –
Derivatives financial asset 11.1 – – –
Finance lease receivables 12 – – –
Deferred tax assets 13 86 478 86 478 –
Current assets 2 185 338 2 159 190 26 148 1%
Inventories 14 238 659 238 659 –
Loans to related party companies 8 282 848 282 848 –
Other loans receivable 9 8 375 8 375 –
Trade and other receivables 15 1 253 345 1 227 197 26 148 2%
Other financial assets 16 208 300 208 300 –
Finance lease receivables 12 3 131 3 131 –
Current tax receivable 1 023 1 023 –
Cash and cash equivalents 17 189 657 189 657 –
Total current assets 2 185 338 2 159 190 26 148 1%
Total assets 3 058 300 3 032 152 26 148 1%
Equity and liabilities –
Equity –
Stated capital 18 4 441 051 4 441 051 –
Reserves 19 (36 913) (36 913) –
Accumulated loss (2 250 465) (2 276 613) 26 148 -1%
Equity attributable to shareholders
of AYO 2 153 673 2 127 525 26 148 1%
Non-controlling interests 111 673 111 673 –
Total equity 2 265 346 2 239 198 26 148 1%
Liabilities –
Non-current liabilities 32 968 32 968 –
Derivatives financial liability 11.2 – – –
Lease liabilities 20 28 616 28 616 –
Employee benefit obligation 21 3 231 3 231 –
Other financial liabilities 1 121 1 121 –
Current liabilities 759 986 759 986 –
Trade and other payables 23 405 362 405 362 –
Other financial liabilities 8 189 8 189 –
Lease liabilities 20 22 856 22 856 –
Deferred income 22 19 995 19 995 –
Current tax payable 45 330 45 330 –
Provisions 24 218 318 218 318 –
Dividend payable 39 930 39 930 –
Bank overdraft 17 6 6 –
Total current liabilities 759 986 759 986 –
Total liabilities 792 954 792 954 –
Total equity and liabilities 3 058 300 3 032 152 26 148 1%
Consolidated statement of profit or loss and other comprehensive
income
for the year ended 31 August 2023
Audited AFS REVIEWED
31 August
31 August 2023 2023
Notes R'000 R'000 Change
Revenue 26 2 253 494 2 253 494 –
Cost of sales 27 (1 902 233) (1 902 233) –
Gross profit 351 261 351 261 –
Other operating income 28 21 484 21 484 –
Other operating (losses) gains/losses 29 (79 795) (55 574) (24 221) 44%
Other operating expenses 30 (865 808) (891 956) 26 148 -3%
Movement in expected credit losses (193 980) (193 980) –
Finance income 31 150 461 150 461 –
Finance costs (22 402) (22 402) –
Loss from equity-accounted investments (12 541) (12 541) –
Loss before taxation (651 320) (653 247) 1 927 0%
Taxation 32 12 506 12 506 –
Loss after taxation (638 814) (640 741) 1 927 0%
–
Other comprehensive income: –
–
Items that will be subsequently reclassified to profit
or loss: –
Exchange differences on translating foreign operations (3 006) (3 006) –
Income tax relating to items that will not be reclassified. – –
Total items that will be subsequently reclassified to
profit or loss (3 006) (3 006) –
Other comprehensive (loss)/income for the year net of tax (3 006) (3 006) –
Total comprehensive loss for the year (641 820) (643 747) 1 927 0%
–
Loss after taxation attributable to: –
Shareholders of AYO (617 867) (619 794) 1 927 0%
Non-controlling interests (20 947) (20 947) –
Total loss after taxation (638 814) (640 741) 1 927 0%
–
Total comprehensive loss attributable to: –
Shareholders of AYO (620 873) (620 873) –
Non-controlling interests (20 947) (20 947) –
Total comprehensive loss (641 820) (641 820) –
–
Earnings per share (cents) –
Loss per share (cents) 33 (179,97) (180,53) 0,56
Headline loss per share (cents) 33 (177,63) (176,46) 1.17
2. Notice of Virtual Annual General Meeting
The AGM will be conducted through electronic participation only at 10:00 on Wednesday, 13 March
2024. Any shareholders, or their proxies, who wish to participate in the AGM via electronic
communication ("Participants") should complete the Electronic Participation Form forming part of
the integrated report ("the Application") and email same to the Company's transfer secretaries, JSE
Investor Services at meetfax@linkmarketservices.co.za as soon as possible but by no later than
10:00 on Monday, 11 March 2023. Upon receipt of a duly completed Application, the Company's
transfer secretaries will follow a verification process to verify each participant's entitlement to
participate and/or vote at the AGM. On successful verification, such shareholder or their duly
appointed proxy will receive to their nominated email address, a Microsoft Teams meeting invitation,
which will be required to access the AGM.
The salient details of the AGM are set out below:
Issuer Name Ayo Technology Solutions Limited
Type of Instrument Ordinary Shares
ISIN Number ZAE000252441
JSE Code AYO
Meeting type Annual General Meeting
Meeting venue Virtual
Record Date – to determine which Friday, 2 February 2024
shareholders are entitled to receive the notice
of meeting
Posting date Monday, 12 February 2024
Last day to trade Tuesday, 5 March 2024
Record date – to determine shareholders that Friday, 8 March 2024
are eligible to participate in, speak and vote at
the Meeting
Meeting Deadline Date (for administrative 08:30 on Monday, 11 March 2024
purposes) forms of proxy for the meeting to be
lodged
Meeting date 10:00 on Wednesday, 13 March 2024
Publication of results of AGM Wednesday, 13 March 2024
Web Site Link: https://ayotsl.com/investor-centre/2023-2/
3. Results announcement
The Company wishes to inform shareholders that the full announcement in respect of the audited
consolidated financial statements for the year ended 31 August 2023 ("2023 results") is available
at https://ayotsl.com/investor-centre/2023-2/ and the JSE Website at:
https://senspdf.jse.co.za/documents/2024/jse/isse/ayoe/senslf.pdf
The Integrated Annual Report and the Notice of AGM are available from the Company's website.
Shareholders are kindly requested to note that such Notice of AGM supersedes any prior Notice in
relation to this financial year which may have been received in error.
Copies of the 2023 results may also be requested from the Company Secretary at
wazeer.moosa@ayotsl.com and from either of the joint sponsors, being Vunani Sponsors or
Merchantec Capital, at sponsor@vunanicapital.co.za or sponsorteam@merchantec.com,
respectively.
The 2023 results have been audited by Crowe JHB. and Thawt Inc. who have expressed an
unqualified opinion thereon, which opinion includes an emphasis of matter in respect of a material
uncertainty related to a going concern. The full independent auditors' report is available on the
Company's website at https://ayotsl.com/investor-centre/2023-2/ and can also be requested from
the Company Secretary at wazeer.moosa@ayotsl.com
Any investment decision by investors and/or shareholders should be based on consideration of the
full announcement which has been released on SENS and is available on the Company's website.
Cape Town
31 January 2024
Joint Sponsor
Vunani Sponsors
Joint Sponsor
Merchantec Capital
Date: 31-01-2024 11:05:00
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