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Trading Statement for the Interim Period ended 31 December 2019
ELB GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1930/002553/06)
ISIN: ZAE000035101
JSE Code: ELR
(“ELB” or “the Company”)
TRADING STATEMENT FOR THE INTERIM PERIOD ENDED 31 DECEMBER 2019
In terms of the JSE Limited Listings Requirements companies are required to provide guidance to the
market when they are satisfied that a reasonable degree of certainty exists that the financial results
for the current reporting period will differ by at least 20% from the results of the corresponding
reporting period.
Accordingly, shareholders of the Company are advised that:
• Basic loss per share for the interim financial period ended 31 December 2019 (“current period”) is
likely to be between 317.4 cents and 388 cents, representing:
• an improvement of between 52.4% - 61.0% when compared to the reported basic loss
per share of 814.4 cents for the interim financial period ended 31 December 2018 (“prior
period”); and
• an improvement of between 59.7% - 67.1% when compared to the restated basic loss per
share of 963.5 cents for the prior period.
• Basic headline loss per share for the current period is likely to be between 58.2 cents and 71.1
cents representing:
• an improvement of between 91.3% - 92.9% when compared to the reported basic
headline loss per share of 817.0 cents for the prior period; and
• an improvement of between 92.6% - 94.0% when compared to the restated basic
headline loss per share of 966.7 cents for the prior period.
The restated basic loss per share and headline loss per share is as a consequence of a prior period
error as set out below.
Prior period error
We further draw attention to the fact that the prior period comparatives have been restated. The
Company and its subsidiaries (“the Group”) consolidated annual financial statements for the year
ended 30 June 2017 ("FY2017") were selected for review by the JSE as part of its proactive
monitoring of annual financial statements process. Following a referral to the Financial Reporting
Investigation Panel, the JSE concluded that the Group’s FY2017 consolidated annual financial
statements contained a prior period error, in relation to the accounting treatment of The ELB
Educational Trust for Black South Africans (“the Trust"). In the JSE’s opinion, the Trust should have
been consolidated as part of the Group and a non-controlling interest should not have been
recognised for the Trust's shares in ELB Engineering Proprietary Limited, a subsidiary of the
Company.
The impact of the prior period error, on each line item affected for the prior period, is disclosed below:
Balance Sheet 2018
2018
At 31 December 2018 Previously Adjustment
Restated
reported
R’000 R’000 R’000
Assets
Current assets
Cash and cash equivalents
261 762 212 261 974
1 428 754 212 1 428 966
Total assets 1 780 168 212 1 780 380
Equity and liabilities
Treasury shares (74 531) (44) (74 575)
Reserves 64 691 11 612 76 303
Retained earnings 153 405 (2 582) 150 823
Total equity attributable to equity holders of the 252 743 8 986 261 729
Company
Non-controlling interests 7 856 (8 774) (918)
Total equity 260 599 212 260 811
Liabilities
Total equity and liabilities 1 780 168 212 1 780 380
Statement of comprehensive income
For the period ended 31 December 2018
Operating costs excluding depreciation and amortisation (1 802 238) (376) (1 802 614)
Operating profit before depreciation and amortisation (204 109) (376) (204 485)
Profit from operations (215 060) (376) (215 436)
Finance income 6 347 5 6 352
Profit before income tax (218 244) (371) (218 615)
Profit for the year (271 467) (371) (271 838)
Other comprehensive income
Items that will not be reclassified to profit or loss
Non-controlling interests in foreign currency translation 94 (140) (46)
adjustments
Income tax relating to items that may not be reclassified 234 (4) 230
Total items that will not be reclassified to profit or loss (494) (144) (638)
Items that may be reclassified to profit or loss
Foreign currency translation reserve adjustments attributable 794 140 934
to ordinary shareholders of the Company
Income tax relating to items that may be reclassified 28 4 32
Total items that may be reclassified to profit or loss 822 144 966
Total other comprehensive income for the year 328 - 328
Total comprehensive income for the year (271 139) (371) (271 510)
Profit attributable to:
Ordinary shareholders of the Company (231 034) (42 324) (273 358)
Non-controlling interests (40 433) 41 953 1 520
(271 467) (371) (271 838)
Total comprehensive income attributable to:
Ordinary shareholders of the Company (230 878) (42 106) (272 984)
Non-controlling interests (40 261) 41 735 1 474
(271 139) (371) (271 510)
Earnings per ordinary share (cents)
Basic loss per ordinary share (814.4) (149.1) (963.5)
Diluted loss per ordinary share (814.0) (149.1) (963.1)
Basic headline loss per ordinary share (817.0) (149.7) (966.7)
Diluted headline loss per ordinary share (816.6) (149.6) (966.2)
Statement of cash flows
For the period ended 31 December 2018
Cash flows from operating activities
Cash utilised by operations (204 109) (376) (204 485)
Interest received (3 184) 5 (3 179)
Net cash outflow from operating activities (108 446) (371) (108 817)
Decrease in cash and cash equivalents (117 898) (371) (118 269)
Cash and cash equivalents at the beginning of the year 318 129 583 318 712
Cash and cash equivalents at end of the year 193 570 212 193 782
The consolidated financial results for the interim financial period ended 31 December 2019 will
provide further information on the restatement, which are expected to be released by no later than
31 March 2020.
The financial information on which this trading statement is based and the prior period restated
information have not been reviewed or reported on by the Company’s external auditors.
Johannesburg
13 March 2020
Sponsor
Questco Corporate Advisory Proprietary Limited
Corporate Advisor
Apex Partners Holdings Proprietary Limited
Date: 13-03-2020 03:01:00
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