Wrap Text
Results for the Year ended 28 February 2021
LONG4LIFE LIMITED
("Long4Life", "the group", or "the company")
Incorporated in the Republic of South Africa
Registration number: 2016/216015/06
Share code: L4L
ISIN: ZAE000243119
Results for the year ended
28 February 2021
Balance sheet Pleasing recovery Enhanced focus Covid-19 trading
and cash flows in second half on funds disruptions for
remain solid of the year employed most of the year
"Over the past year, the group's management has focused on containing costs and asset management while improving and expanding online sales
platforms and efficiencies. This has ensured that our businesses are strongly positioned to take advantage of more stable markets and economic
activity which lies ahead."
Brian Joffe, CEO
COMMENTARY
F2021 F2020 % change
Revenue (R'm) 3 583 4 091 (12)
Trading profit (R'm) 367 520 (29)
Cash flows from operating activities (R'm) 674 588 15
Earnings per share (cents) 31.9 43.0 (26)
Headline earnings per share (cents) 31.9 43.4 (26)
Net asset value per share (cents) 701.3 607.4 15
Overview
The pandemic and resultant national lockdown restrictions in South Africa had a significant impact on the operating and financial
performance of the group over the past year. Trade in the three group divisions, Sport and Recreation, Beverages and Personal Care and
Wellness, was severely restricted for the majority of the first half of the financial year.
The group recovered well in the second six months of the financial year, with revenue for the six months ended 28 February 2021 amounting
to R2.162 billion against the comparable prior period revenue of R2.254 billion. Despite the further lockdown restrictions and alcohol
sales in the period, strong performances from the Sport and Recreation and Beverages divisions in the second half resulted in trading profit
of R318.0 million overall, at similar levels to the comparable period (six months to 28 February 2020: R319.4 million).
Overall, the group has emerged relatively unscathed, and in certain respects more resilient and with more efficient employment of funds
in the businesses.
Strategic review
As set out in the trading statement on 20 April 2021, the company is currently undertaking a review of its corporate structure and strategic
focus. Whilst underlying value has been created in the current Long4Life format, various alternatives are being evaluated by the Board in order to
maximise shareholder value over the medium term. These alternatives include, inter alia, retaining the status quo, a possible delisting from
the JSE or the unbundling of certain focussed assets. Feedback will be provided to shareholders when the Board has had the opportunity to
evaluate all the various alternatives.
Outlook
While it is anticipated that the possibility of disrupted operations and reduced consumer demand will persist for some time, there has been a
strong rebound in the markets in which the group operates. Consumer trends are aligned to the group's product and service offerings - sport,
recreation, health, wellness, beauty and outdoor activity - and are more relevant and popular in a post pandemic environment. This bodes well
for the group going forward.
This outlook statement has not been reviewed or reported on by the Company's external auditors.
Dividend
Given the strategic developments and in light of the share repurchase programme undertaken by the company, the board has resolved not to
declare a dividend for the year (2020: nil).
About this announcement
This short-form announcement which is the responsibility of the Long4Life directors is only a summary of the information in the full
announcement and does not contain full or complete details. Any investment decision should be based on the full announcement
published on SENS on 13 May 2021. The full announcement can be found at: https://senspdf.jse.co.za/documents/2021/jse/isse/l4le/FY21.pdf
The full announcement is also available for viewing on the company's website at: https://www.long4life.co.za/investors/#results or a copy
may be requested in person, at the company's registered office or the office of the sponsor, at no charge, during office hours. Copies of the full
announcement may also be requested from Long4Life's group investor relations at info@long4life.co.za.
Deloitte & Touche, the group's independent auditor, has audited the consolidated financial statements of Long4Life and has issued an
unmodified audit opinion on the consolidated financial statements. The independent audit report (including the key audit matter) issued
on the consolidated financial statements and the actual consolidated financial statements can be accessed at: https://www.long4life.co.za/investors/#results.
The short-form announcement itself is not audited.
Signed on behalf of the board
Brian Joffe Mireille Levenstein
Chief executive officer Chief financial officer
Johannesburg, South Africa
13 May 2021
CORPORATE INFORMATION
REGISTERED OFFICE
7th Floor, Rosebank Towers
13 - 15 Biermann Avenue
Rosebank, Johannesburg, 2196
Box 521870, Saxonwold, 2132
SPONSOR
The Standard Bank of South Africa Limited
30 Baker Street, Rosebank
South Africa, 2196
Further information regarding our group can be found on the Long4Life website: www.long4life.co.za
Date: 13-05-2021 07:05:00
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