AFRICAN DAWN ANNUAL REPORT 2018 32 Directors’ Report The directors have pleasure in submitting their report on the financial statements of Afdawn for the year ended 28 February 2018. 1. Review of activities General information Nature of business Afdawn was formed in 1998 as a micro finance company which, following its listing on the Alternative Exchange of the JSE in 2004, grew into a niche finance provider. The Group, through its wholly owned subsidiaries, Elite and Elite Two, provides unsecured personal loans (micro finance) and provides online consulting to entrepreneurs, investors and advisors through its online YueDiligence platform. Group details The Group’s place of domicile and country of incorporation is the Republic of South Africa and it has an AltX listing on the JSE Limited. The registered office and principal place of business is: 3rd floor The Village at horizon, Cnr Sonop & Ontdekkers Road Horizon View, Gauteng 1724. Information relating to the subsidiaries of the company is in Note 6. Review of operations The operating results and the state of affairs of the Group are fully set out in the attached statements of financial position, statements of profit or loss and other comprehensive income, statements of changes in equity, statements of cash flows and the notes thereto. The Group’s loss attributable to shareholders amounted to (R2.6m)(2017: (R12.18)million). The Net Asset Value decreased to R8million (2017: R10,3million). The Company's loss amounted to ((R3.08m)(2017:R6.65m)). Net Asset Value of the company decreased to R12.5million (2017: R 15.5million). 2. Going concern The consolidated and separate financial statements have been prepared on the basis of accounting policies applicable to a going concern. This basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business. The material uncertainties relating to events or conditions which may cast doubt upon the ability to continue as a going concern are outlined in Note 1.18 3. Major transactions, events and disclosure changes The major transactions and events during the year were: • Cancelation of Dzothe transaction • Candlestick/Greenoaks transaction refer to Note 8 • Knife Capital Restucturing and Knife Capital Disposal Note 12 • Grindstone disposal refer to Note 13 • SARS settlement refer to Note 15 • Related party transactions Note 34 4. Events after the reporting period There are various events after the reporting period. Refer to Note 39.
AFRICAN DAWN 2018 Annual Report
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