LENMED AIR 2019.pdf

Special resolutions The following special resolution was passed during the course of the year: Annual general meeting of shareholders + Approval of financial assistance in terms of Section 44 and 45 of the Companies Act. + Future non-executive director fees. Share scheme Particulars of the Group’s share incentive schemes are set out in note 22. Property, plant and equipment During the year the Group acquired property, plant and equipment to the amount of R208 865 030 (2018: R324 619 831). Refer to note 9 for further information. Capital commitments at year end amounted to R38 114 090 (2018: R34 782 437). Refer to note 32.3 for further information. Foreign currency translation reserve The Group incurred a foreign currency translation gain of R76 181 963 (2018: R37 920 013 loss). This arose as a result of the Rand depreciating against the Botswana Pula and the US Dollar. The functional currency of the Maputo Private Hospital SA is US Dollars. Auditors PKF Durban Chartered Accountants (SA), Registered Auditors will continue in office as external auditors of the company in accordance with section 90(1) of the Companies Act of South Africa, subject to shareholder approval at the upcoming Annual General Meeting. Kevin Gertenbachwill be the individual registered auditor who will undertake the audit. Post reporting date events The directors are not aware of any other matter or circumstance arising since the end of the financial year, not otherwise dealt with in the Group and company financial statements which significantly affects the financial position at 28 February 2019 or the result of its operations or cash flows. Directors’ report continued CONSOLIDATED ANNUAL FINANCIAL STATEMENTS 90