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AFRICAN DAWN CAPITAL LIMITED - Trading Statement And Restatement Of Prior Year Results

Release Date: 29/06/2018 16:11
Code(s): ADW     PDF:  
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Trading Statement And Restatement Of Prior Year Results

AFRICAN DAWN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/020520/06)
Share code: ADW
ISIN Code: ZAE000060703
(“Afdawn” or “the Company”)

TRADING STATEMENT AND RESTATEMENT OF PRIOR YEAR RESULTS

RESTATEMENT OF PRIOR YEAR RESULTS

Shareholders are advised that due to the Company concluding agreements regarding the disposal of certain
of the Company’s business’ Knife Capital /Grindstone and Candlestick, the prior year figures have been
reclassified to take into account the discontinued operations in the prior year**. The reclassified numbers
also include a prior period error reclassification between revenue and other income*. The total loss has not
changed and has been reclassified to reflect the split between continued and discontinued operations.

The reconciliation below provides a high-level overview of the impact of the aforementioned:

                                        Previously      Reclassification   Reclassification      Restated
                                          reported         Prior period      Discontinued
                                                                  error*       operation**

                        Revenue              36 991                (904)           (14 727)         21 360
                    Cost of sales             (366)                    -                324            (42)
                    Other income              1 387                  904              (519)          1772
             Operating expenses            (44 880)                    -             15 403       (29 477)
              Investment income                  84                    -                (54)             30
          Impairment of goodwill            (3 397)                    -              3 397               -
       Impairment to properties in
                                               (971)                   -               971                -
                      possession
                   Finance costs            (3 245)                    -                685        (2 560)
                         Taxation               632                    -              (606)             26

                   Net movement                                        *             4 874

          Loss from discontinued
                                                    -                  -            (4 874)        (4 874)
                      operations

             Basic loss per share              (55.6)                                               (55.6)
            Continuous operations              (55.6)                                               (33.4)
           Discontinued operations                                                                  (22.2)
          Headline loss per share              (40.1)                                               (40.1)
            Continuous operations              (40.1)                                               (33.3)
           Discontinued operations                                                                   (6.8)


TRADING STATEMENT

In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to be reported
on next will differ by more than 20% from those of the previous corresponding period.

For purposes of this trading statement it is necessary to compare the loss per share and the headline loss
per share for the year ended 28 February 2018 to the restated figures for the year ended 28 February 2017
as set out above.

Afdawn shareholders are advised that a reasonable degree of certainty exists that the results for the year
ended 28 February 2018 are expected to be as follows:


                                                             
                                                  Restated      28 February 2018                
                                          28 February 2017        expected range    28 February 2018
                                           cents per share       cents per share    expected change
                                                                                          
  Basic loss per share                              (55.6)       (9.3) to (14.9)    73.2% to 83.2%
     Continuous operations                          (33.4)       (4.2) to (7.6)     77.3% to 87.3%
     Discontinued operations                        (22.2)       (5.1) to (7.3)     67.0% to 77.0%
  Headline loss per share                           (40.1)       (5.9) to (9.9)     75.4% to 85.4%
     Continuous operations                          (33.3)       (3.3) to (6.6)     80.1% to 90.1%
     Discontinued operations                         (6.8)       (2.6) to (3.3)     52.1% to 62.1%




The financial information on which this trading statement is based has not been reviewed and reported on
by Afdawn’s external auditors. The financial results for the period ended 28 February 2018 will be published
on or about 30 June 2018.


Johannesburg

29 June 2018
Sponsor
PSG Capital

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