CROOKES BROTHERS LIMITED - Trading statement

Trading statement

Crookes Brothers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1913/000290/06)
Share code: CKS ISIN: ZAE000001434
(“the Company”)

TRADING STATEMENT

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

Shareholders are advised that for the six month period ended 30 September 2019:

   •   basic (loss)/earnings per share (“EPS”) is expected to be between (45.6) cents and
       (55.6) cents, being a decline of between 110.9c and 120.9c per share, compared to
       EPS of 65.3 cents in the corresponding prior period; and
   •   headline (loss)/earnings per share (“HEPS”) is expected to be between (48.0) cents
       and (58.0) cents, being a decline of between 100.9 c and 110.9 c per share
       compared to HEPS of 52.9 cents in the corresponding prior period.

The earnings decline is attributable mainly to the downward adjustment required in the fair
value of biological assets, lower prices realised from our deciduous crop and to a lesser
extent the additional finance costs brought to account as a result of adopting IFRS 16
(leases). Our mid-year sugar cane crop, due to unseasonal early flowering in eSwatini and
dry conditions on our Malelane farms accounted for a large part of the adjustment in the
biological assets valuation. The decline in our deciduous sector was primarily due to an
unforeseen higher proportion of smaller fruit in our 2019 harvest resulting in lower average
prices being realised.

The Company’s financial results for the six month period ended 30 September 2019 are
expected to be published on SENS on or about 26 November 2019.

Mount Edgecombe
25 November 2019

Sponsor
Sasfin Capital (a member of the Sasfin group)

Date: 25-11-2019 05:02:00
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