JASCO ELECTRONICS HOLDINGS LIMITED - Trading Statement

Trading Statement

JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC     ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)

TRADING STATEMENT


During the year ended 30 June 2020, the first half of the year
experienced continued adverse South African trading conditions,
with the second half severely impacted by the Covid-19 lockdown.

In these conditions, management took a number of corrective
actions, which had once-off negative impacts on earnings.

These once-off items included:

  1. Retrenchment costs on further organisational restructure
  2. Costs related to the Electrical Manufacturers transaction
     cancelled in June 2020
  3. Goodwill and Intangibles impairments in ICT-Enterprise
  4. Provisions for additional exit costs in East Africa on the
     decision to dispose of the operations
  5. The first-time adoption of IFRS 16 (Leases)
  6. The reversal of deferred taxation assets related to
     assessed losses in ICT-Enterprise

These costs, as well as the impact of Covid-19 estimated at
approximately R163 million revenue reduction and a R43 million
earnings reduction, are expected to result in:

An earnings per share (“EPS”) loss for the year ended 30 June
2020 of at least -49.4 cents per share compared to a -12.9 cents
loss per share (a minimum expected decrease in excess of 100%)
for the previous corresponding period.
A headline earnings per share (“HEPS”) loss for the year ended
30 June 2020 of at least -44.5 cents per share compared to the
-10.7 cents loss per share (a minimum expected decrease in excess
of 100%) for the previous corresponding period.
The weighted average number of shares in issue for the period
decreased from 226 280 586 to 224 446 129 due to the increase in
the number of shares held by the Jasco Share Incentive Trust on
forfeiture of shares by participants during the second half of
the previous financial year.
The information in this trading statement has not been reviewed
or reported on by the company’s external auditors.
Shareholders are further advised that Jasco’s audited annual
results for the year ended 30 June 2020 will be announced in due
course.


Midrand
27 November 2020


Sponsor
Grindrod Bank Limited

Date: 27-11-2020 05:00:00
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