NUTRITIONAL HOLDINGS LIMITED - Reviewed Restated Condensed Consolidated Results for the Six Months Ended 31 August 2020

Reviewed Restated Condensed Consolidated Results for the Six Months Ended 31 August 2020

NUTRITIONAL HOLDINGS LIMITED
(Registration number: 2004/002282/06)
(Incorporated in the Republic of South Africa)
(Share Code: NUT ISIN Code: ZAE000156485)
(“Nutritional Holdings” or “the Company”)

SHORT-FORM ANNOUNCEMENT:
REVIEWED RESTATED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED
31 AUGUST 2020


Introduction
Shareholders of the Company (“shareholders”) are referred to the Abridged Audited Consolidated
Financial Statements for the year ended 29 February 2020 published on SENS on 1 September 2020 (“prior
year results”) and the unaudited condensed consolidated interim results for the six months ended
31 December 2020, published on SENS on 14 December 2020 (“interim results”). The Company wishes to
advise shareholders that as a result of the Company’s auditors having expressed a qualified opinion on
the prior year results due to a change in auditors and the current auditors being unable to satisfy
themselves by alternative means concerning quantities of inventory held at 29 February 2020; and in
accordance with the provisions of paragraph 3.18 of the JSE Listing Requirements, the interim results were
required to be reviewed by the Company’s auditors.

The reviewed interim results for the six months ended 31 August 2020 (“reviewed interim results”) were
reviewed by HLB CMA South Africa Inc., who expressed an unmodified review conclusion. The auditor’s
review conclusion is available for inspection at the Company’s registered office. An extract of the review
opinion is set out below:

“Based on our review, nothing has come to our attention that causes us to believe that these
consolidated interim results do not present fairly, in all material respects the financial position of Nutritional
Holdings Limited & it’s subsidiaries as at 31 August 2020, and its financial performance and cash flows for
the six months then ended in accordance with International Financial Reporting Standards and the
requirements of the Companies Act 71 of 2008.”

Salient Features
Extracted from the reviewed interim results:

                                                                     Reviewed          Previously
                                                       restated results - Six           published
                                                           Months 31 Aug 2020       unaudited Six     Unaudited Six
                                                                        R’000              Months     Months 31 Aug
                                                                                      31 Aug 2020              2019
                                                                                            R’000             R’000
 Revenue (1)                                                           20 312              33 724            16 706
 Operating Profit                                                      18 761              16 476            (3 773)
 Earnings/(loss) per share (cents)                                       0.04                0.08             (0.03)
 Headline (loss)/earnings per share (cents)                              0.04                0.08             (0.03)
 Diluted (loss)/headline (loss) per share (cents)                           -                   -                 -
 Dividend paid per ordinary share                                           -                   -                 -
Note 1:– The turnover, Net Profit and HEPS has subsequently changed in the reviewed financial
statements due to the fact that the auditors have taken cognisance of the fact that Nutritional Foods is
now in finality of being disposed and is purely due to accounting policy and disclosure purposes.
Changes to the Board
The following changes to the Board were made during and subsequent to the period under review:

-       Mr Thabo Mokgatlha resigned as a non-executive director with effect from 1 September 2020.
-       Dr Adel Al Tinawi and Mr Tony Kyubwa were appointed as independent non-executive directors
        and Mr Neville Moodley was appointed as an executive director with effect from 1 September
        2020.
-       Ms Suzanne Meyer was appointed as Chief Financial Officer with effect from 29 October 2020,
        but subsequently resigned with effect from 28 February 2021.
-       Mr Nikhyle Dasarath was appointed as an executive director with effect from 17 March 2021.
-       Mr Pieter Watson was appointed as Chief Financial Officer and Mr Sashen Reddy was appointed
        as an executive director with effect from 22 April 2021.
-       Dr Adel Al Tinawi resigned as an independent non-executive director and Mr Manqoba (“Boy”)
        Ngubo was appointed as an independent non-executive director with effect from 10 May 2021.
-       Mr Mohammad Tariq Azum resigned as an executive director and Chief Executive Officer with
        effect from 8 June 2021.

Change in Company Secretary and Designated Advisor

-       Ms Claire Middlemiss was appointed as Company Secretary with effect from 1 October 2020,
        but subsequently resigned with effect from 30 March 2021. Light Consulting Proprietary Limited
        was appointed as Company Secretary with effect from 1 April 2021.
-       Exchange Sponsors Proprietary Limited resigned as Designated Advisor with effect from
        6 March 2021. AcaciaCap Advisors Proprietary Limited was appointed as Designated Advisor
        with effect from 1 April 2021.

Short-Form Announcement
The short-form announcement is the responsibility of the board of directors of Nutritional Holdings and is
only an extract of the information contained in the reviewed interim results.

This announcement does not contain full or complete details of the reviewed interim results. Any
investment decisions by investors and/or shareholders should be based on consideration of the full
announcement which stakeholders are encouraged to review. The full announcement is available on the
Company’s website (www.nutritionalholdingssa.com) and on the JSE Website:
https://senspdf.jse.co.za/documents/2021/jse/isse/NUT/NUTHY21.pdf

Copies of the full announcement may be requested from the Company (androidnikhyle@gmail.com) or
inspected at the registered office and/or the Designated Advisors’ office, at no charge, during office
hours.

JOHANNESBURG
9 June 2021

Non-executive directors:     Mr S. Tinawi, Mr B Ngubo, Mr O. Suping, Mr T Kyubwa
Executive directors:         Mr N Dasarath, Mr P Watson, Mr SN Reddy, Mr N Moodley
Registration number:         2004/002282/06
Registered address:          Unit 20, Boulevard Business Park, 14 Belladona Road, Durban, 4319
Postal address:              PO Box 5026, La Lucia Ridge, 4019
Telephone:                   031 1000 397
Company secretary:           Light Consulting Proprietary Limited
Transfer secretaries:        4 Africa Exchange Registry Proprietary Limited
Designated Advisor:          AcaciaCap Advisors Proprietary Limited
Website                      www.nutritionalholdingssa.com

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 09-06-2021 05:47:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
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,
 information disseminated through SENS.