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EFFICIENT GROUP LIMITED - Updated trading statement for the six months ended 28 February 2013

Release Date: 22/04/2013 12:40
Code(s): EFG     PDF:  
Wrap Text
Updated trading statement for the six months ended 28 February 2013

EFFICIENT GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 2006/036947/06)
Share Code: EFG ISIN: ZAE000151841
(“the company” or “EFG”)


UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 28 FEBRUARY 2013

Shareholders are referred to the trading statement released on SENS on 21 February 2013, where it
was stated that EFG expected its earnings per share (“EPS”) and headline earnings per share
(“HEPS”) for the six months ended 28 February 2013 to be at least 20% higher than EPS and HEPS for
the previous corresponding period.

Subsequent to the trading statement released on SENS on 21 February 2013 and the withdrawal of
cautionary announcement, dated 28 February 2013, Efficient and Thebe Investment Corporation
(Pty) Ltd (“TIC”), as joint shareholders in Thebe Stockbroking (Pty) Ltd (“TS”), explored various
avenues regarding the possibility of incorporating the TS business under the Efficient brand,
unfortunately without success. The Efficient board, in the absence of exercising control over TS or a
change in the strategic direction of that company, is not convinced that the future economic benefits
from TS will exceed the carrying value of this investment. It was accordingly resolved to impair the
investment in TS (“the impairment”).

Efficient expects HEPS to be between 5.12 cents and 6.26 cents for the six months ended 28
February 2013, compared to HEPS of 0.32 cents for the six months ended 29 February
2012(“comparative period”).

As a result of the impairment Efficient advises that it expects the loss per share (“LPS”) to be
between 0.52 cent and 0.63 cent compared to EPS of 0.33 cents for the comparative period.

The information on which this trading statement has been based has not been reviewed or reported
on by the company’s auditors.

EFG’s results for the six months ended 28 February 2013 will be announced on SENS on or about 24
April 2013.

22 April 2013

Sponsor
Java Capital

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