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AOO/AON/AOVP - African And Overseas Enterprises Limited - Business update AFRICAN AND OVERSEAS ENTERPRISES LIMITED Incorporated in the Republic of South Africa) Registration number 1947/027461/06 Share code: AOO ISIN: ZAE000000485 Share code: AON ISIN: ZAE000009718 Share code: AOVP ISIN: ZAE000000493 "AOE" or "the Company" Shareholders are advised that the principal operating subsidiary of the company today announced as follows: "BUSINESS UPDATE The company advises that total group turnover for the period 1 July 2011 to 31 October 2011 decreased by 2.5%. This decrease in turnover is largely a result of the discontinued manufacturing operation which ceased on 30 June 2011. Retail sales from continuing operations (Queenspark) were impacted by the closure of three non-performing stores during the past twelve month period which contributed to a decrease of 1.4% in retail trading space relative to the prior corresponding period. This restricted retail sales from continuing operations to an increase of 4.9% for the first four months of the 2012 financial year. However, due to the withdrawal of the Duty Credit Certificate (DCC) benefits, profits for the first half of the 2012 financial year are expected to be negatively impacted. Shareholders are referred to the comments in the 2011 Integrated Annual Report regarding the negative impact which the withdrawal of the DCC will have on operating profit in the current (2012) financial year. In the 2011 financial year the retail segment operating profit was improved by an amount of R14,3 million in this regard. We further anticipate that in the second half of the financial year there will be a deterioration in margins due to escalating expenses and currency volatility which we anticipate will negatively impact profits in respect of that period. This is in addition to the negative impact of the withdrawal of the DCC noted above. Shareholders are advised that this update does not constitute an earnings forecast, and that the financial information on which this business update is based has neither been reviewed nor reported on by the external auditors. The interim results for the six month period ending December 2011 are scheduled for release in March 2012." 16 November 2011 Cape Town JSE Sponsor: Java Capital Date: 16/11/2011 11:43:00 Supplied by www.sharenet.co.za 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.
