CLIENTELE LIMITED - Change statement, and notice of AGM, Posting of Annual report and B-BBEE Compliance certificate

            
CLI
Change statement,  and notice of AGM, Posting of Annual report and B-BBEE Compliance certificate

CLIENTELE LIMITED
Incorporated in the Republic of South Africa)
Registration Number: 2007/023806/06)
Share code: CLI
ISIN: ZAE000117438
(?Clientele?)

Change statement, notice of annual general meeting,
publication of Integrated Annual Report and B-BBEE Compliance
Certificate


Integrated Annual report

Shareholders are advised that the company?s integrated annual
report including the audited annual financial statements for
the year ended 30 June 2020 has been published and is
available on the Company?s website:
https://www.clientele.co.za/investor-relations/annual-reports,
and contains modifications to the reviewed results which were
announced on SENS on 19 August 2020.

The annual financial statements were audited by the Company?s
auditors, PricewaterhouseCoopers Inc. and their unmodified
report which includes Key Audit Matters, is included in the
integrated annual report and also available for inspection at
the companies registered office.


Change Statement

The change statement highlights the change between the
integrated annual financial statements and published reviewed
results on 19 August 2020, none of which were major. These
changes had no impact on earnings per share, net asset value,
tangible net asset value and/or the amounts presented in the
statement of financial position and statement of changes in
equity.

The impact of the change on the financial results is detailed
below:



  1) Reclassification of an IFRS16 elimination journal entry
     from ?Other Income? to ?Operating Expenses?

    As buildings are classified as ?owner occupied?, the
    effects of IFRS16 in the operating entities are
    eliminated on consolidation. The elimination entry
    amounting to R16.586 million was incorrectly debited to
    ?Other Income? as opposed to ?Expenses? in the Condensed
    Preliminary Group Results. This has been corrected in
    the Integrated Annual Report. This adjustment has no
    effect on ?Profit before taxation?. The effect of the
    correction is to increase ?Other income? by R16.586
    million and increase ?Expenses? by R16.586 million.

  2) Reclassification of related party ?Other Income? to
     ?Operating Expenses?

    A guarantee fee is paid by the holding company of the
    Group on behalf of its subsidiaries. The subsidiaries
    repay the holding company accordingly. The net effect of
    this on the group is nil. The income received by the
    holding company from its subsidiaries was therefore
    reclassified from ?Other Income? and included in
    ?Operating Expenses?. This adjustment has no effect on
    ?Profit before taxation?. The effect of the correction
    is to reduce ?Other income? by R4.463 million and reduce
    ?Operating Expenses? by R4.463 million.


  3) Reclassification from ?Other Income? to ?Revenue from
     Contracts with Clients?

    Rewards fee income earned was reclassified from ?Other
    Income? to ?Revenue from Contracts with Clients.? This
    adjustment has no effect on ?Profit before taxation?.
    The effect of the correction reduced ?Other income? by
    R6.196 million and increased ?Revenue from Contracts with
    Clients? by R6.196 million.


The effects of Notes 1, 2 and 3 above on ?Other Income? are as
follows:

                     Per        Per      Adjustment
                 preliminary   Annual      R?000
                   results     Report
                    R?000      R?000
Other Income       42,049      47,976      5,927

The effects of Notes 1 and 2 above on ?Operating Expenses? are
as follows:

                     Per        Per        Adjustment
                 preliminary   Annual       R?000
                   results     Report
                    R?000      R?000
Operating         1,385,999    1,398,122    12,123
Expenses

The effects of Note 3 above on ?Revenue from Contracts with
Clients? is as follows:

                     Per           Per       Adjustment
                 preliminary     Annual        R?000
                   results       Report
                    R?000         R?000
Revenue from       117,391       123,587       6,196
Contracts with
Clients



  4) Correction of ?Headline Earnings?, and accordingly
    ?Headline Earnings per share?
    An asset impairment (net of tax) amounting to R0.653
    million that should have been adjusted for in arriving at
    the Headline Earnings within the Condensed Preliminary
    Group Results was erroneously omitted. This adjustment
    has been made in the Integrated Annual Report. The
    effect of this change is as follows:
    - Headline earnings increased by R0.653 million;
    - Headline earning per share increased by 19 cents per share;
    - Diluted headline earnings per share increased by 21 cents
      per share.


The effect of Note 4 above is as follows:

                     Per         Per Annual       Adjustment
                 preliminary       Report           R?000
                   results          R?000
                    R?000
Headline           331,914         332,567              0,653
Earnings
Headline         98.99 cents     99.18 cents      0.19 cents
Earnings per
Share
Diluted          98.88 cents     99.09 cents      0.21 cents
Headline
Earnings per
Share



  5) Reclassification of a financial guarantee liability to
     ?Working capital changes? on the Statement of Cash Flows
    The movement in a financial guarantee liability amounting
    to R20 million was reclassified from ?Profit from
    operations adjusted for non-cash items? to ?Working
    Capital Changes.? The effect of the adjustment was an
    increase in ?Profit from operations adjusted for non-cash
    items? and decrease ?Working Capital Changes.? The
    adjustment did not impact the increase in cash and cash
    equivalents for the period.

  6) Reclassification of useful life adjustment to depreciation

    Useful life adjustments on property and equipment
    amounting to R1.004 million have been reclassified to
    ?Profit from operations adjusted for non-cash items? from
    ?Cash flows from investing activities.? The useful life
    adjustment was incorrectly accounted for as a
    revaluation. The adjustment did not impact the increase
    in cash and cash equivalents for the period.

The effect of Notes 5 and 6 above on the ?Statement of Cash
Flows? is as follows:


                     Per           Per      Adjustment
                 preliminary     Annual       R?000
                   results       Report
                    R?000         R?000
Profit from        652,298       633,302    (18,996)
operations
adjusted for
non-cash items
Working           (134,204)     (114,204)     20,000
Capital
Changes
Cash flows         (49,791)     (50,795)     (1,004)
from investing
activities




Annual general meeting
The annual general meeting of the members of Clientele will be
held in the Boardroom, Building 7, Clientele Office Park,
corner Rivonia and Alon Roads, Morningside on 29 October 2020
at 08:00 to transact the business as stated in the notice of
the annual general meeting forming part of the annual report.

The record date in terms of section 59(1) (b) of the Companies
Act for shareholders to participate in and vote at the annual
general meeting is Friday, 23 October 2020. Accordingly, the
last date to trade in the Company's shares on the JSE Limited
in order to be eligible to participate in and vote at this annual
general meeting is Tuesday, 20 October 2020.

Broad-Based Black Economic Empowerment Amendment Act No.46 of
2013 (?B-BBEE Act?): Annual Compliance Report.

In accordance with paragraph 16.21(g) and Appendix 1 of Section
11 of the JSE listings requirements, notice is hereby given that
Clientele?s annual compliance report, in terms of section 13G(2)
of the B-BBEE Act, is available on the company?s website at
www.clientele.co.za


Johannesburg

25 September 2020

Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Registration number 1970/003711/07)

Date: 25-09-2020 05:00:00
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