01 Jul - 6 min read

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 sandarie@acsionsa.co.za.



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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