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Trading statement
SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
AIM share code: SAC
ISIN: ZAE0000127460
("SacOil" or "the Company" or “the Group”)
TRADING STATEMENT
As part of the JSE Limited Listings Requirements, companies are required to publish a financial trading statement
as soon as they are reasonably certain that the financial results for the current reporting period will be more than
20% different to that of the prior corresponding period. Given the nature of SacOil’s business, which requires
lump sum upfront capital investment, it is not unusual for there to be significant changes in the financial results
from one period to another. As such SacOil expects:
- the basic loss per share for the year ended 28 February 2013 to be between 5.54 cents and 6.65 cents per
share compared to a reported basic loss per share of 13.35 cents for the year ended 29 February 2012; and
- the headline loss per share for the year ended 28 February 2013 to be between 7.36 cents and 8.84 cents
per share compared to a reported headline loss per share of 4.22 cents for the year ended 29 February
2012.
Restatement of results for the year ended 29 February 2012
In the prior financial period the Group capitalised costs paid by Total RDC (“Total”) on behalf of Semliki Energy
SPRL (“Semliki”), a subsidiary within the Group, in terms of a cost carry arrangement under the farm-in
agreement for Block III. These costs increased the Block III exploration and evaluation asset resulting in a
corresponding increase in liabilities representing the amounts owed to Total and the recognition of a deferred tax
asset associated with the future tax benefits available to Semliki in relation to the carried costs. To align its
accounting practices with IAS 37 - Provisions, Contingent Liabilities and Contingent Assets and with comparable
companies in the industry, the Group has decided not to capitalise these costs. Comparative figures have been
restated to reflect the change in accounting policy. The previously reported comprehensive loss attributable to
SacOil of R95.8 million has therefore been adjusted and restated to a comprehensive loss attributable to SacOil
of R101.5 million for the year ended 29 February 2012. This has resulted in the restatement of the basic loss per
share and the headline loss per share to 14.54 cents and 5.06 cents, respectively for the year ended 29 February
2012.
The above information has not been reviewed or reported on by the Company’s auditors and the Group’s results
for the year ended 28 February 2013 are expected to be published on 31 May 2013.
Johannesburg
28 May 2013
JSE Sponsor
Nedbank Capital
For further information please contact:
finnCap Limited (Nominated Adviser and Broker) +44 (0) 20 7220 0500
Matthew Robinson / Christopher Raggett
FirstEnergy Capital (Joint Broker UK) +44 (0) 20 7448 0200
Majid Shafiq
Travis Inlow
GMP Securities Europe LLP (Joint Broker UK) +44 (0) 20 7647 2800
James Pope
Chris Beltgens
Keyter Rech Investor Solutions (SA)
Vanessa Ingram +27 (0) 11 447 2993
Lynne Bothma
Pelham Bell Pottinger (UK)
Philip Dennis +44 (0) 20 7861 3919
Nick Lambert +44 (0) 20 7861 3936
Rollo Crichton-Stuart +44 (0) 20 7861 3918
Date: 28/05/2013 04:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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