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Trading Statement And Restatement Of Prior Period Interim Results
African Equity Empowerment Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: AEE
ISIN: ZAE000195731
("AEEI" or “the Company”)
TRADING STATEMENT AND RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS
TRADING STATEMENT
In terms of para 3.4(b) of the JSE Listings Requirements, listed companies
are required to publish a trading statement as soon as the Board of directors
is satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next will vary by 20% or more when
compared to those of the prior reporting period.
For purposes of this trading statement it is necessary to compare the earnings
per share and the headline earnings per share for the six-month period ended
28 February 2019 to the restated figures for the six-month period ended 28
February 2018 as set out below.
Accordingly, the Board of directors is satisfied that a reasonable degree of
certainty exists that the Company expects that the Group’s basic earnings
per share for the six-month period ended 28 February 2019 will be between
92.94 cents and 98.60 cents per share, compared to the restated 28.32 cents
in the prior corresponding period representing an increase in basic earnings
per share of between 229% and 248%.
The Company also expects that the Group’s headline earnings per share for
the six-month period ending 28 February 2019 will be between 35.84 cents and
41.50 cents per share, compared to the restated 28.32 cents in the prior
corresponding period representing an increase in headline earnings per share
of between 27% and 47%.
The Company further expects that the Group’s normalised headline earnings
per share for the six-month period ended 28 February 2019 will be between
36.23 cents and 39.67 cents per share, compared to the restated 17.23 cents
in the prior corresponding period representing an increase in normalised
headline earnings per share of between 110% and 130%.
Normalised earnings are defined as earnings from continuing operations
excluding non-recurring items and once off adjustments.
RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS
Shareholders are advised that subsequent to 28 February 2018, it was assessed
that the effective date of the loss of control of AYO Technology Solutions
Limited (“AYO”) occurred on 24 August 2018. Therefore, for the six months
period ending 28 February 2018, AYO was still a subsidiary within the Group
and not an associate as previously stated.
This error of judgment has been classified as a prior period error, requiring
a retrospective restatement of the interim financial statements for the
period ended 28 February 2018. The above restatement had an effect on the
reported earnings per the statement of profit and loss and other
comprehensive income, statement of financial position and statement of cash
flows. This impact will be disclosed in detail in the interim unaudited
financial results.
The abovementioned financial information on which this trading statement is
based has not been reviewed or reported on by the Company’s auditors. The
interim unaudited financial results for the six-month period of AEEI is
expected to be released on SENS 6 May 2019.
Cape Town
30 April 2019
Sponsor
Vunani Capital
Date: 30/04/2019 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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