Consolidated statement of financial position
as at 31 August 2021
| 2021 | 2020 |
| '000 | '000 |
ASSETS
Non-current assets | 990 573 | 805 533 |
| Property, plant and equipment | 50 792 | 91 110 |
| Right-of-use of assets | 117 209 | 35 292 |
| Goodwill | 144 593 | 131 152 |
| Intangible assets | 157 636 | 82 783 |
| Investments in equity-accounted joint ventures | 43 502 | 18 963 |
| Loans to related party companies | 222 252 | 120 165 |
| Other Loans receivable | 84 356 | 192 411 |
| Investments at fair value through profit or loss | 125 141 | 62 921 |
| Other financial assets | - | 1 000 |
| Finance lease receivables | 22 854 | 25 189 |
| Deferred tax assets | 22 238 | 44 547 |
| 3 176 223 | 4 183 370 |
| Current assets | | |
| Inventories | 148 875 | 142 364 |
| Loans to related party companies | 38 542 | 65 898 |
| Other loans receivable | 168 661 | 12 670 |
| Trade and other receivables | 487 512 | 692 926 |
| Other financial assets | 146 904 | 23 228 |
| Finance lease receivables | 13 474 | 18 052 |
| Current tax receivable | 8 533 | 3 061 |
| Cash and cash equivalents | 2 163 722 | 3 225 171 |
| Non-current assets held for sale and assets of disposal groups | 59 790 | - |
| Total assets | 4 226 586 | 4 988 903 |
Equity and liabilities
Equity | | |
| Stated capital | 4 444 410 | 4 444 410 |
| Reserves | (31 581) | (39 847) |
| Retained income | (938 353) | (227 111) |
| Equity attributable to shareholders of AYO | 3 474 476 | 4 177 452 |
| Non-controlling interest | 125 651 | 118 640 |
| Total equity | 3 600 127 | 4 296 092 |
Liabilities
Non-current liabilities | 116 506 | 30 903 |
| Derivatives financial liability | 19 953 | 7 587 |
| Lease liabilities | 90 673 | 16 190 |
| Employee benefit obligation | 5 476 | 6 375 |
| Deferred income | 404 | 751 |
| Current liabilities | 486 300 | 661 908 |
| Trade and other payables | 312 312 | 523 665 |
| Loans from related party companies | 10 601 | - |
| Other financial liabilities | 2 136 | 887 |
| Lease liabilities | 34 979 | 24 395 |
| Deferred income | 32 848 | 47 889 |
| Current tax payable | 7 349 | 11 628 |
| Provisions | 33 502 | 35 541 |
| Dividend payable | 28 344 | 9 382 |
| Contingent consideration liability | 24 228 | 5 097 |
| Bank overdraft | 1 | 3 424
|
| Liabilities directly associated with assets classified as held for sale | 23 653 | - |
| Total liabilities | 626 459 | 692 811 |
| Total equity and liabilities | 4 226 586 | 4 988 903 |
Consolidated statement of profit or loss and other comprehensive income
for the year ended 31 August 2021
| 2021 | 2020 |
| Figures in Rand | '000 | '000 |
| Revenue | 1 699 492 | 2 885 214 |
| Cost of sales | (1 252 890) | (2 259 858) |
| Gross Profit | 446 602 | 625 356 |
| Other operating income | 10 873 | 68 569 |
| Other operating gains/losses | (33 798 | (82 562) |
| Other operating expenses | (783 024) | (692 846) |
| Movement in expected credit losses | (84 422) | (59 827) |
| Finance income | 164 639 | 241 794 |
| Finance costs | (13 529) | (17 429) |
| Profit from equity-accounted investments | 24 539 | 20 571 |
| (Loss)/Profit before taxation | (200 524) | 103 626 |
| Taxation | ((57 579)) | (70 846) |
| (Loss)/profit before taxation | (258 103) | 32 780 |
| Other comprehensive income: | | |
| Items that will be subsequently reclassified to profit or loss: | | |
| Exchange differences on translating foreign operations | 3 776 | (834) |
| Income tax relating to items that may be reclassified | - | - |
| Total items that will not subsequently be reclassified to profit or loss: | 3 776 | (834) |
| Other comprehensive income for the year net of tax | 3 776 | (834) |
| Total comprehensive (loss)/income for the year | (254 327) | 31 946 |
| Profit attributable to: | | |
| Shareholders of AYO | (259 146) | 21 343 |
| Non-controlling interests | 1 043 | 11 437 |
| Total (loss)/profit after taxation | (258 103) | 32 780 |
| Total comprehensive income attributable to: | | |
| Shareholders of AYO | (255 370) | 20 509 |
| Non-controlling interest | 1 043 | 11 437 |
| Total comprehensive (loss)/income | (254 327) | 31 946 |
| Earnings per share (cents) | | |
| Basic earnings per share (cents) | (75.31) | 6.20 |
| Diluted earnings per share (cents) | (75.31) | 6.20 |
Consolidated statement of changes in equity
for the year ended 31 August 2021
| | Stated
capital
| Share
premium
| Total
share capital
| Foreign
currency
translation
reserve
| Revaluation
reserve
| NCI put
options
reserve
|
| Figures In Rand | | '000 | '000 | '000 | '000 | '000 | '000 |
| Balance at 1 September 2019 | | 4 270 965 | 173 445 | 4 444 410 | (250) | 221 | (14 795) |
| Adoption of IFRS 16 on 1 September 2019 | | - | - | - | - | - | - |
| Restated balance on 1 September 2019 | | 4 270 965 | 173 445 | 4 444 410 | (250) | 221 | (14 795) |
| Total comprehensive income for the year | | - | - | - | (663) | - | - |
| Profit for the year | | - | - | - | - | - | - |
| Total other comprehensive income for the year | | - | - | - | (663) | - | - |
| Acquisition of additional shares in subsidiary | | - | - | - | - | - | - |
| Dividends | 39 | - | - | - | - | - | - |
| Change in ownership –Disposal of subsidiary | 43 | - | - | - | - | - | - |
| Changes in ownership – acquisition of minorities | | - | - | - | - | - | - |
| Balance at 1 September 2020 | | 4 270 965 | 173 445 | 4 444 410 | (913) | 221 | (14 795) |
| Total comprehensive Income for the year | | - | - | - | 3 118 | - | - |
| Profit for the year | | - | - | - | - | - | - |
| Total other comprehensive income for the year | | - | - | - | 3 118 | - | - |
| Dividends | 39 | - | - | - | - | - | - |
| Acquisition of shares in subsidiary | 42 | - | - | - | - | - | - |
Changes in ownership - reduction in shareholding of
subsidiary | 43 | - | - | - | - | - | - |
| Balance at 31 August 2021 | | 4 270 965 | 173 445 | 4 444 410 | 2 205 | 221 | (14 795) |
Share-based
payment
reserve |
Changes in
ownership
reserve |
Total
reserves | Retained
income | Total
attributable
to
shareholders
of AYO | Non-controlling
interests | Total
equity |
| '000 | '000 | '000 | '000 | '000 | '000 | '000 |
| 11 809 | (27 455) | (30 470) | (77 457) | 4 336 482 | 134 392 | 4 470 874 |
| - | - | - | 1 012 | 1 012 | (10) | 1 002 |
| 11 809 | (27 455) | (30 470) | (76 445) | 4 337 494 | 134 382 | 4 471 876 |
| - | - | (663) | 21 343 | 20 680 | 11 437 | 32 117 |
| - | - | - | 21 343 | 21 343 | 11 437 | 32 780 |
| - | - | (663) | - | (663) | - | (663) |
| - | - | - | 3 495 | 3 495 | (3 958) | (463) |
| - | - | - | (175 505) | (175 503) | (2 721) | (178 226) |
| - | - | - | - | - | (17 213) | (17 213) |
| - | (8 714) | (8 714) | - | (8 714) | (3 286) | (12 000) |
| 11 809 | (36 169) | (39 847) | (227 112) | 4 177 452 | 118 641 | 4 296 091 |
| - | - | 3 118 | (259 146) | (256 028 | 3 559 | (252 468) |
| - | - | - | (259 146) | (259 146) | 3 559 | (255 587) |
| - | - | 3 118 | - | 3 118 | - | 3 119 |
| - | - | - | (452 096) | (452 096) | (6 801) | (458 897) |
| - | 2 515 | - | - | - | - | - |
| - | 5 148 | 5 148 | - | 5 148 | 10 252 | 15 400 |
| 11 809 | (31 021) | (31 581) | (938 354) | 3 474 476 | 125 651 | 3 600 126 |
Consolidated statement of cash flows
for the year ended 31 August 2021
| 2021 | 2020 |
| Figures in Rand | '000 | '000 |
| Cash flows from operating activities | | |
| Cash receipts from customers | 1 904 906 | 2 494 984 |
| Cash paid to suppliers and employees | (2 189 038) | (2 467 054) |
| Cash generated/(utilised) in operations | (284 132) | 27 930 |
| Finance income | 126 687 | 201 654 |
| Finance costs | (12 929) | (16 354) |
| Dividend income | 1 848 | - |
| Tax paid | (64 387) | (91 986) |
| Net cash from operating activities | (232 913) | 121 244 |
| Cash flows from investing activities | | |
| Acquisition of property, plant and equipment | (25 595) | (23 281) |
| Proceeds from disposal of property, plant, equipment | 5 584 | 4 971 |
| Acquisition of intangible assets | (32 509) | (11 484) |
| Proceeds from disposal of intangible assets | 1 777 | 59 |
| Purchase of additional shares from minority interests | - | (12 000) |
| Acquisition of subsidiaries, net of cash acquired | (55 447) | (187) |
| Loans advanced to related party companies | (94 150) | (58 350) |
| Loans to related parties repaid | 52 050 | |
| Other loans advanced | (117 388) | (70 747) |
| Purchases of investments at fair value through profit or loss | (26 000) | (107 985) |
| Amounts advanced to acquire other financial assets | (110 518) | (13 030) |
| Amounts repaid from other financial assets | 16 378 | 12 805 |
| Funds withdrawn in Trust | 295 521 | - |
| Funds advanced in Trusts | (273 942) | - |
| Finance lease assets receipts | 9 555 | 6 447 |
| Net cash to investing activities | (354 684) | (272 782) |
| Cash flows from financing activities | | |
| Dividends paid | (433 405) | (168 693) |
| Dividends paid to minorities | (3 732) | (2 722) |
| Payments for contingent consideration arrangements | (5 500) | (38 625) |
| Other financial liabilities loans received | 1 006/strong> | - |
| Repayments of other financial liabilities | (11 488) | (38 825) |
| Loans received from related party companies | 10 000 | - |
| Repayment of loans from related parties | - | (21 252) |
| Lease liabilities repayments | (26 583) | (35 430) |
| Payment of long service awards | (727) | (277) |
| Net cash from financing activities | (470 429) | (305 824) |
| Total cash movement for the period | (1 058 026) | (457 362) |
| Cash at the beginning of the period | 3 221 748 | 3 679 110 |
| Total cash at the end of the year | 2 163 722 | 3 221 748 |
