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CURRO HOLDINGS LIMITED - Trading Statement And Restatement Of Prior Year Interim Results

Release Date: 06/08/2019 12:00
Code(s): COH     PDF:  
 
Wrap Text
Trading Statement And Restatement Of Prior Year Interim Results

CURRO HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/025801/06)
JSE Share Code: COH
ISIN: ZAE000156253
(“Curro” or “the Company”)


TRADING STATEMENT AND RESTATEMENT OF PRIOR YEAR INTERIM RESULTS

In terms of the JSE Limited Listings Requirements, a listed company is required to publish a
trading statement as soon as it becomes reasonably certain that the financial results for the
next period to be reported on will differ by 20% or more from the financial results for the
previous corresponding period.

For purposes of this trading statement it is necessary to compare the earnings per share
(“EPS”) and the headline earnings per share (“HEPS”) for the six-month period ended 30 June
2019 to the restated figures for the six-month period ended 30 June 2018 as set out below.

Accordingly, the Company hereby advises that a reasonable degree of certainty exists that for
the six months ended 30 June 2019:

-     HEPS will be between 49.0 cents and 51.0 cents, representing an increase of between
      41% and 47% compared to the restated headline earnings per share of 34.8 cents for
      the six months ended 30 June 2018; and

-     EPS will be between 56.0 cents and 58.0 cents, representing an increase of between
      61% and 67% compared to the restated earnings per share of 34.8 cents for the six
      months ended 30 June 2018.

Included in the results for the six months ended 30 June 2019 is a non-recurring deferred tax
liability adjustment of R53 million which equates to a once off increase of 12.9 cents per share
for both HEPS and EPS.

Excluding the once off deferred tax liability adjustment as mentioned above, there is a
reasonable degree of certainty that the Company’s recurring HEPS is expected to be between
36.0 cents and 38.0 cents, representing an increase of between 3% and 9% compared to the
restated headline earnings per share of 34.8 cents reported for the six months ended
30 June 2018.

Shareholders are further advised that in current challenging trading conditions the Company
was able to increase revenue and sustain its EBIT and EBITDA margins at levels achieved
in the previous corresponding period.

RESTATEMENT OF PRIOR YEAR INTERIM RESULTS

The Company’s initial assessment on the adoption of IFRS 9 and IFRS 15 (“New Standards”)
as at 30 June 2018 indicated that the transitional adjustments would be immaterial and
accordingly no transitional adjustments were processed in Curro’s interim results for the period
ended 30 June 2018, as published during August 2018.

However, the Company’s subsequent reassessment of the impact of the adoption of the New
Standards resulted in transitional adjustments being processed in Company’s results for year
ended 31 December 2018, as published during February 2019. Therefore the Company’s
results for the six months ended 30 June 2018 had to be restated to account for the impact of
the New Standards as set out below.

                                               Previously reported            Restated results
                                              results 30 June 2018                30 June 2018
                                                             cents                       cents

 EPS                                                          33.6                        34.8

 HEPS                                                         33.6                        34.8



The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The results for the six months ended 30 June 2019
are expected to be published on or about 14 August 2019.

Durbanville
6 August 2019


Sponsor
PSG Capital

Date: 06/08/2019 12:00:00
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