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Trading Statement
enX Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
JSE share code: ENX ISIN: ZAE000222253
("enX" or ''the Company'' or ''the Group'')
General Segment
TRADING STATEMENT
In terms of the JSE Listings Requirements, companies are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists that the
financial results for the period to be reported on next, will differ by at least 20% from the
financial results for the previous corresponding period.
Shareholders are advised that the Company anticipates results for the six months ended 28
February 2025 (''Current Range'' or "Current Period'') to differ by more than 20% compared
to the six months ended 29 February 2024 (''Prior Period''), as follows:
Current Range Prior Period Percentage
change range
enX Group
EPS (40c) to (48c) 86c -
Diluted EPS (40c) to (48c) 86c -
HEPS 37c to 57c 196c (71%) to (81%)
Current Range Prior Period Percentage
(Restated #) change range
Continuing
EPS 20c to 24c 31c (23%) to (35%)
Diluted EPS 20c to 24c 31c (23%) to (35%)
HEPS 20c to 24c 31c (23%) to (35%)
Discontinued
EPS (60c) to (72c) 55c -
Diluted EPS (60c) to (72c) 55c -
HEPS 17c to 33c 165c (80%) to (90%)
# The Prior Period has been restated due to the classification of enX's Lubricant segment, AG
Lubricants, as a disposal group held for sale and discontinued operation as at 1 December 2024.
The Prior Period EPS, Diluted EPS and HEPS remain unchanged on a total enX Group basis.
The split between continuing and discontinued operations has, however, changed due to AG
Lubricants being classified as a disposal group held for sale and discontinued operation. See
Discontinued operations below.
Trading commentary
Revenue from continuing operations is expected to decrease by approximately 10% mainly
due to lower demand in the Power segment with minimal loadshedding in the Current Period.
The Prior Period included significant opportunities arising from loadshedding.
Profit before taxation from continuing operations is expected to decrease between 17% and
21%.
Discontinued operations
Current period
Shareholders are referred to the SENS announcement dated 13 December 2024 announcing
the disposal of the Lubricants Segment as a single, indivisible transaction to Abakhulu
Investments Proprietary Limited (''Abakhulu''). Shareholders are also referred to the SENS
announcement on 11 March 2025, indicating that the transaction had become unconditional
and had closed. As a result, AG Lubricants was classified as a disposal group held for sale
and discontinued operation in terms of IFRS 5 with effect from 1 December 2024, the date that
the conditions to be classified as such. The transaction was assessed for loss of control in
terms of IFRS 10, where management concluded that enX lost control with effect from 1 March
2025. In terms of IFRS 5, AG Lubricants was required to cease depreciation and amortisation
from 1 December 2024 and assess the carrying value of the disposal group held for sale
relative to the transaction value. Consequently, depreciation and amortisation from 1
December 2024 to 28 February 2025 of R4.1 million was not recorded in the current period
and the disposal group held for sale was impaired by R165 million relative to the transaction
value.
Prior Period
Shareholders are referred to the SENS announcement dated 12 December 2023 announcing
the disposal of Eqstra to Nedbank Group Limited (''the Transaction''), wherein definitive
transaction agreements were concluded between the parties. The suspensive conditions to
the Transaction were fulfilled and the Transaction became unconditional on 19 April 2024.
Shareholders are referred to the SENS announcement dated 13 June 2024, wherein it was
advised that the Transaction was implemented in full on that date.
In terms of IFRS 5, Eqstra has been reported as a disposal group held for sale and
discontinued operation from 31 August 2023, the date that the conditions were met to be
classified as such. In terms of IFRS 5, Eqstra was required to cease depreciation and
amortisation from 1 September 2023 and assess the carrying value of the held for sale assets
relative to the transaction value. Consequently, depreciation and amortisation from 1
September 2023 to 29 February 2024 amounting to R273 million (after tax R200 million) was
not recorded in the current period and the disposal group held for sale was impaired by R200
million. The total HEPS in the prior year would have been 86c per share had Eqstra not been
classified as a disposal group held for sale and discontinued operation. This is primarily due
to depreciation ceasing on assets within Eqstra at the point of classification as held for sale.
The financial information on which this trading statement is based has not been reviewed or
reported on by the Company's auditors.
8 May 2025
Sponsor:
The Standard Bank of South Africa Limited
Date: 08-05-2025 10:00:00
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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