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Annual Financial Statements - Mr Price Group …

Annual Financial Statements3 Apr 2016 - 1 Apr 2017 PREVIOUSNEXTPREVIOUSANNUAL Financial STATEMENTSNEXT77SI BirdCEONG PayneCHAIRMAN reasonable judgements and estimates, have been applied; and the Annual Financial Statements fairly present the results and the Financial position of the company and the Annual Financial Statements are prepared on the going concern basis and nothing has come to the attention of the directors to indicate that the company and the Group will not remain a going Annual Financial Statements as at 1 April 2017 have been prepared under the supervision of the chief Financial officer, Mr MM Blair CA (SA). The Annual Financial Statements of the company and the Group were approved by the board on 30 May 2017 and are signed on its behalf by:The preparation and presentation of the Annual Financial Statements and all information included in this report are the responsibility of the directors.

NNUL INNIL STATEENTS PREVIOUS NEXT 78 Nature of business The main business of the group is omni-channel retail distribution through 1 216 corporate-owned stores, 21

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Transcription of Annual Financial Statements - Mr Price Group …

1 Annual Financial Statements3 Apr 2016 - 1 Apr 2017 PREVIOUSNEXTPREVIOUSANNUAL Financial STATEMENTSNEXT77SI BirdCEONG PayneCHAIRMAN reasonable judgements and estimates, have been applied; and the Annual Financial Statements fairly present the results and the Financial position of the company and the Annual Financial Statements are prepared on the going concern basis and nothing has come to the attention of the directors to indicate that the company and the Group will not remain a going Annual Financial Statements as at 1 April 2017 have been prepared under the supervision of the chief Financial officer, Mr MM Blair CA (SA). The Annual Financial Statements of the company and the Group were approved by the board on 30 May 2017 and are signed on its behalf by:The preparation and presentation of the Annual Financial Statements and all information included in this report are the responsibility of the directors.

2 The Annual Financial Statements were prepared in accordance with the provisions of the Companies Act and comply with International Financial Reporting Standards, as issued by the Accounting Practices Board and its successors, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council. In discharging their responsibilities, both for the integrity and fairness of these Statements , the directors rely on the internal controls and risk management procedures applied by management. Based on the information and explanations provided by management and the internal auditors and on comment by the independent auditor on the results of their statutory audit, the directors are of the opinion that: the internal controls are adequate; the Financial records may be relied upon in the preparation of the Annual Financial Statements .

3 Appropriate accounting policies, supported by JP CheadleCOMPANY SECRETARY30 MAY 2017company secretarystatementI hereby certify that the company has lodged with the Companies and Intellectual Property Commission all such returns as are required of a public company in terms of the Companies Act and that all such returns are true, correct and up to of the Annual Financial StatementsPREVIOUSANNUAL Financial STATEMENTSNEXT78 Nature of businessThe main business of the Group is omni-channel retail distribution through 1 216 corporate -owned stores, 21 franchised stores in Africa and its online channels. The retail chains focus on clothing, footwear, sportswear, sporting goods, accessories and homewares.

4 The Financial services division manages the credit, insurance and cellular governanceThe directors subscribe to the values of good corporate governance as set out in the King Report for corporate Governance in South Africa 2009 (King III). By supporting King III the directors have recognised the need to conduct the business with integrity and to account to stakeholders in accordance with International Financial Reporting calendarThe Group reports on the retail calendar of trading weeks incorporating trade from Sunday to Saturday each week. Accordingly the results for the Financial year under review are for a 52-week period from 3 April 2016 to 1 April 2017 (2016: 53-week period from 29 March 2015 to 2 April 2016).

5 Financial resultsThe Financial results of the company and the Group are set out in the income Statements and Statements of comprehensive income on pages 88 to 89. DividendsOrdinary and B ordinary dividendsIt is the Group s policy to make two dividend payments each year, an interim in December and a final in : A cash dividend of cents per share (2016: cents per share) was made payable on 12 December 2016 to shareholders registered on 9 December : A cash dividend of cents per share (2016: cents per share) has been declared payable on 26 June 2017 to shareholders registered on 23 June entitiesThe aggregate amount of Group profits and losses after taxation attributable to consolidated entities was.

6 Net shareholders equityAuthorised and issued share capitalThere were no changes to authorised share capital. During the year, 1 200 000 B ordinary shares were converted to ordinary was a share allotment and issue in May 2016 of 2 312 013 shares to various share options 000 000 shares were repurchased in terms of a special resolution approved by shareholders at the Annual general meeting on 31 August 2016. These shares were subsequently cancelled and returned to the status of authorised and eventsOn 19 May 2017 the company received notification from the National Credit Regulator that it has been referred to the National Consumer Tribunal as a consequence of allegedly contravening sections 90, 100, 101(1)(a) and 102(1) of the National Credit Act, 2005 (refer to note 26).

7 Other than this, no events, material to the understanding of this report, have occurred between the Financial year-end and the date of this Bowman was appointed as an independent non-executive director on 28 February 2017. Particulars of the present directors and company secretary are provided on pages 75 and 124. None of the directors have long-term service contracts with the company or any of its consolidated of emoluments paid to executive and non-executive directors are set out in the remuneration report on pages 57 to m20172016 Profits 11591 Losses(97)(115)18(24) report of the directors for the year ended 1 April 2017 PREVIOUSANNUAL Financial STATEMENTSNEXT79B Ordinary shares20172016 Direct BeneficialIndirect BeneficialHeld By AssociateTotal %Direct BeneficialIndirect BeneficialHeld By AssociateTotal %SB Cohen500 0003 500 000500 0004 500 0004 500 000 - 4 500 000-4 500 Johnston --46 50446 50446 504 - -46 50446 546 546 B ordinary issued share capital9 745 08110 945 081 Ordinary shares20172016 Direct BeneficialIndirect BeneficialHeld By AssociateTotal %Direct BeneficialIndirect BeneficialHeld By AssociateTotal %SI Bird397 460119 000-516 626119 000-484 Blair198 77171 770400270 389100 000400280 Cohen15 875-44 58860

8 00044 588545 Ellis72 17987 401-159 79967 248-135 Getz--20 00020 00020 Johnston --91 25091 25091 Swain -611 670-611 670-611 730 168 ordinary issued share capital255 195 880253 683 867 Notes:1 The 5 198 577 (2016: 6 398 577) B ordinary shares not detailed above belong to:(a) trusts 1 397 618 shares (2016: 1 397 618 shares) of which Mr MR Johnston s major children are beneficiaries. Mr Johnston has no direct or indirect beneficial ownership in these shares and has relinquished all voting rights thereto (b) Laurie Chiappini 3 200 912 shares (2016: 5 000 759 shares) and his daughter Tracey Chiappini-Young 599 847 shares (2016: 599 847 shares)(c) Alastair McArthur 200 shares (2016: 200 shares).

9 2 Tracey Chiapinni-Young converted 69 000 and 200 000 B ordinary shares to ordinary shares on 24 April 2017 and 16 May 2017 respectively. Consequently, the issued B ordinary share capital has reduced by 269 000 to 9 476 081 B ordinary shares and the issued ordinary share capital has increased by 269 000 to 255 464 880 ordinary Other than the change detailed in note 2 above, there have been no changes in the above interests between the year end and the date of approval of these Financial in shares of the companyAt the Financial year end, the directors were interested in the company s issued shares as follows:report of the directors for the year ended 1 April 2017 (continued)PREVIOUSANNUAL Financial STATEMENTSNEXT80To the Shareholders of Mr Price Group LimitedOpinion We have audited the consolidated and separate Annual Financial Statements of Mr Price Group Limited ( the Group )

10 , which comprise the remuneration report, the consolidated and separate Statements of Financial position as at 1 April 2017, and the consolidated and separate Statements of comprehensive income, consolidated and separate statement of changes in equity and consolidated and separate cash flows for the 52 weeks then ended and a summary of significant accounting policies and other explanatory notes, as set out on pages 57 to 74 and pages 83 to our opinion, the accompanying consolidated and separate Financial Statements present fairly, in all material respects, the consolidated and separate Financial position of the Group as at 1 April 2017, the consolidated and separate Financial performance and its consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act, for opinionWe conducted our audit in accordance with International Standards on Auditing (ISAs).


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