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Trading Statement
Stefanutti Stocks Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/003767/06)
Share code: SSK ISIN: ZAE000123766
(“Stefanutti Stocks” or “the Group”)
TRADING STATEMENT
In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited, the board of
directors of Stefanutti Stocks hereby provides shareholders with a trading update of the Group’s
results for the year ended 28 February 2017.
Earnings per share is expected to be a loss of between 70,00 cents and 90,00 cents per share and
headline earnings per share a profit of between 0,00 cents and 20,00 cents per share. The
corresponding period reflected earnings per share and headline earnings per share of 104,31
cents and 89,62 cents respectively.
The key aspects contributing to the above decrease in earnings can be summarised as follows:
- The recording of a once-off present value charge of R138,8m relating to the Settlement
Agreement concluded with the South African Government, as disclosed in the SENS
announcement released on 11 October 2016. This charge is not reversed for purposes of
calculating headline earnings per share. However, should this isolated charge be eliminated
then the adjusted headline earnings per share would be expected to be a profit of between
80,00 cents and 100,00 cents per share.
- The Group is required to test goodwill for impairment at each reporting period or when there
is an indicator of impairment. At 28 February 2017, based on tests performed relating to the
goodwill attributable to the Cycad Pipelines Proprietary Limited acquisition, R154,8m of
goodwill has been impaired in the current financial year. This impairment is reversed in
determining headline earnings per share.
- In line with Group policy, land and buildings are independently valued every five years.
Based upon these latest valuations, an impairment charge of R14,2m has been recognised in
the current year, which is reversed in the calculation of headline earnings per share.
- The strengthening of the Rand during this reporting period and the weakening of African
currencies in which Stefanutti Stocks operates has had a significant negative effect on the
Group’s results for the year by approximately R80,9m.
Operations with the Group’s business units have performed in line with management’s
expectations.
The financial information on which this trading statement is based has not been reviewed or
reported on by the Group’s auditors.
The release of the results for the year ended 28 February 2017 is anticipated to be published
on 18 May 2017.
Johannesburg
19 April 2017
Sponsor: Bridge Capital Advisors Proprietary Limited
Date: 19/04/2017 02:15:00 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
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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.
