Abridged audited consolidated financial results for the year ended 28 Feb 2021 distribution of IAR and notice of AGM
Abridged audited consolidated financial results for the year ended 28 Feb 2021 distribution of IAR and notice of AGM Acsion Limited Incorporated in the Republic of South Africa (Registration number 2014/182931/06) Share code: ACS ISIN: ZAE000198289 (“Acsion” or the “Company”) Short-Form Announcement: Abridged audited consolidated financial results for the year ended 28 February 2021, distribution of integrated report and details of the annual general meeting Further to Acsion’s reviewed summarised provisional consolidated results for the year ended 28 February 2021 (“reviewed results”), published on SENS on 1 June 2021, the Group’s and Company’s audited annual financial statements for the year ended 28 February 2021 have been published on the Company’s website and contain changes to the reviewed results. This has necessitated the release of the abridged audited consolidated financial results for the year ended 28 February 2021 (“abridged audited financial results”). Audited Audited Movement 2021 2020 R’000 R’000 Revenue (millions) R697.3 R687.0 1.5% increase Headline earnings per share (cents) 71.32 65.61 8.7% increase Earnings per share (cents) 6.01 123.40 95.1% decrease Net asset value per share (cents) 1 795.40 1 789.43 0.3% increase No dividends were declared for both the 2021 and 2020 financial years. The auditors, RSM South Africa Incorporated, have issued an unmodified audit opinion. The audit opinion, containing key audit matters, together with the annual financial statements are available on the Company’s website at https://www.acsionsa.co.za/results.htm Distribution of integrated report The integrated report, containing the audited annual financial statements and the notice of annual general meeting, has been distributed to shareholders today and is also available on the Company’s website at https://www.acsionsa.co.za/integrated_reports.htm. Detailed explanation of changes The following table highlights the changes between the reviewed results and the abridged audited financial results: Summarised consolidated statement of profit and loss and other comprehensive income for the year ended 28 February 2021 Reviewed Audited Movement 2021 2021 2021 R’ 000 R’000 R’ 000 Revenue from tenants and customers 697 310 697 309 (1) Other operating income 348 1 877 1 529 Expected credit loss allowance --- (71 952) (71 952) Operating expenses (304 503) (327 655) (23 152) Operating profit 393 155 299 579 (93 576) Finance costs (44 682) (38 405) 6 277 Investment income 13 863 7 586 (6 277) Foreign exchange gains 14 641 14 641 --- Fair value changes (181 259) (181 259) --- Profit before taxation 195 718 102 142 (93 596) Taxation (43 401) (34 457) 8 944 Profit for the year 152 317 67 685 (84 632) Other comprehensive income Losses attributable to owner occupied hotel property (122 084) (28 508) 93 576 revaluations Taxation attributable to revaluation changes 34 184 25 240 (8 944) Foreign exchange gains from translation differences attributable to foreign operations 1 790 1 790 --- Net other comprehensive income (86 110) (1 478) 84 632 Total comprehensive income for the year 66 207 66 207 --- Profit for the year is attributable to: Parent company shareholders 108 263 23 631 (84 632) Non-controlling interests 44 054 44 054 --- Total profit for the year 152 317 67 685 (84 632) Comprehensive income for the year is attributable to: Parent company shareholders 22 153 22 153 --- Non-controlling interests 44 054 44 054 --- Total comprehensive income for the year 66 207 66 207 --- Weighted average number of shares (Million) 393.3 393.3 --- Basic earnings per share (cents) 27.52 6.01 (21.51) Diluted earnings per share (cents) 27.52 6.01 (21.51) In addition, the statement of financial position and statement of changes in equity has also been affected by the aforementioned changes to the statement of profit and loss and other comprehensive income as follows: 1. Statement of financial position – the decrease in total profit of R84 632 000 has lead to a decrease in retained income of R84 641 000 and an increase in reserves of R84 632 000, the net effect being a decrease in total equity balance to R7 165 706 000 from R7 165 720 000 and an increase in total liabilities to R2 663 460 000 from R2 663 449 000. 2. Statement of changes in equity - reserves have now increased by R84 632 000 and retained income has decreased by R84 641 000. The total reserves and retained income balances are now R18 461 000 and R3 074 942 000 respectively. Equity attributable to parent shareholders is now R7 060 621 000 and total equity is now R7 165 720 000. The reasons for the above changes are the following: 1. The owner-occupied hotel devaluation for the current year was in excess of past revaluation profit amounts recognised in Other Comprehensive Income. This impairment resulted in negative equity values which is now recognised in profit or loss of R93 million and a tax reduction of R8.9 million. 2. Expected credit loss allowance of R72 million was taken out of Operating Expenses in line with IFRS required disclosure as a separate item on the face of the Statement of Profit or Loss. 3. The remainder relates to allocation matters finalised during the finalisation of the audit, mostly between investment income and finance costs and an expense item offsetting against other income of R1.5 million. Annual general meeting (“AGM”) The AGM of Acsion shareholders will be held at 09:00 on Thursday, 19 August 2021 at the Acsion Offices, 1st Floor, Mall@Reds, Cnr Rooihuiskraal and Hendrik Verwoerd Drives, Rooihuiskraal ext. 15, Centurion, to transact the business as stated in the notice of AGM forming part of the integrated report. As a result of the COVID-19 outbreak and guidance from authorities regarding social distancing, shareholders are encouraged to participate electronically in the AGM. Full details of electronic participation are set out in the notice of AGM. The salient dates for the AGM are as follows: 2021 Record date for receipt of notice of AGM purposes Friday, 25 June Notice of AGM distributed on Thursday, 1 July Last date to trade for voting purposes at the AGM Tuesday, 10 August Record date for voting purposes at the AGM Friday, 13 August Last day to lodge forms of proxy for the AGM at 09:00 Tuesday, 17 August GM held at 09:00 Thursday, 19 August Results of AGM released on SENS by Friday, 20 August Short form announcement This short form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details and was released on SENS on 1 July 2021. The full announcement can be found on the Company’s website (https://www.acsionsa.co.za/sens.php) and on the JSE’s website at https://senspdf.jse.co.za/documents/2021/jse/isse/ACSE/AY2021.pdf. Any investment decision should be based on the consideration of the full announcement published on the JSE’s website and on the company’s website, as a whole. The full announcement is available for inspection, at no charge, at the registered office of Acsion at Mall@Reds Shopping Centre, Corner Hendrik Verwoerd and Rooihuiskraal Drive, Rooihuiskraal Ext 15, Centurion, from 08:00 to 17:00 on business days or Copies of the full announcement are available on request by emailing firstname.lastname@example.org. 1 July 2021 Sponsor Nedbank Corporate and Investment Banking, a division of Nedbank Limited Date: 01-07-2021 05:35:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
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