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Trading statement for the year ended 30 June 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 YEAR ENDED 30 JUNE 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 earnings per share (“EPS”) for the financial year ended 30 June 2019 (“FY2019”) are likely
to be between a loss of 119.7 cents per share and 108.3 cents per share, being:
• a decrease of between 463.6 cents per share and 452.2 cents per share when compared
to the reported EPS of 343.9 cents per share for the financial year ended 30 June 2018
(“FY2018”); and
• a decrease of between 509.2 cents per share and 497.8 cents per share when compared
to the restated EPS of 389.5 cents per share for FY2018, as set out below.
• Basic headline earnings per share (“HEPS”) for FY2019 are likely to be between a loss of 175.3
cents per share and 158.6 cents per share, being:
• a decrease of between 516.3 cents per share and 499.6 cents per share when compared
to the reported HEPS of 341.0 cents per share for FY2018; and
• a decrease of between 561.4 cents per share and 544.7 cents per share when compared
to the restated HEPS of 386.1 cents per share for FY2018.
Prior period error
We further draw attention to the fact that the FY2018 comparative information has 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 FY2018, is disclosed
below:
Balance Sheet Audited
At 30 June 2018 2018 2018
Adjustment
Previously Restated
reported
R’000 R’000 R’000
Assets
Current assets
Cash and cash equivalents 334 541 583 335 124
2 079 691 583 2 080 274
Total assets 2 426 452 583 2 427 035
Equity and liabilities
Treasury shares (74 587) 16 (74 571)
Reserves 64 152 11 394 75 546
Retained earnings 681 422 89 643 771 065
Total equity attributable to equity holders of the 780 165 101 053 881 218
Company
Non-controlling interests 98 301 (100 470) (2 169)
Total equity 878 466 583 879 503
Liabilities
Total equity and liabilities 2 426 452 583 2 427 035
Statement of comprehensive income
For the year ended 30 June 2018
Operating costs excluding depreciation and amortisation (3 530 690) (972) (3 531 662)
Operating profit before depreciation and amortisation 183 548 (972) 182 576
Profit from operations 163 472 (972) 162 500
Finance income 19 765 22 19 787
Profit before income tax 170 927 (950) 169 977
Profit for the year 111 265 (950) 110 315
Other comprehensive income
Items that will not be reclassified to profit or loss
Non-controlling interests in foreign currency translation 113 (200) (87)
adjustments
Income tax relating to items that may not be reclassified 941 57 998
Total items that will not be reclassified to profit or loss (2 506) (143) (2 649)
Items that may be reclassified to profit or loss
Foreign currency translation reserve adjustments attributable 1 149 200 1 349
to ordinary shareholders of the Company
Income tax relating to items that may be reclassified (316) (57) (373)
Total items that may be reclassified to profit or loss 833 143 976
Total other comprehensive income for the year (1 673) - (1 673)
Total comprehensive income for the year 109 592 (950) 108 642
Profit attributable to:
Ordinary shareholders of the Company 96 821 12 835 109 656
Non-controlling interests 14 444 (13 785) 659
111 265 (950) 110 315
Total comprehensive income attributable to:
Ordinary shareholders of the Company 95 073 12 997 108 070
Non-controlling interests 14 519 (13 947) 572
109 592 (950) 108 642
Earnings per ordinary share (cents)
Basic earnings per ordinary share 343.9 45.6 389.5
Diluted earnings per ordinary share 343.8 45.6 389.4
Basic headline earnings per ordinary share 341.0 (45.1) 386.1
Diluted headline earnings per ordinary share 340.9 (45.1) 386.0
Statement of cash flows
For the year ended 30 June 2018
Cash flows from operating activities
Cash utilised by operations (22 233) (972) (23 205)
Interest received 19 765 22 19 787
Distributions to non-controlling interests (820) 750 (70)
Net cash outflow from operating activities (69 922) (200) (70 122)
Decrease in cash and cash equivalents (117 410) (200) (117 610)
Cash and cash equivalents at the beginning of the year 437 118 783 437 901
Cash and cash equivalents at end of the year 318 129 583 318 712
The consolidated annual financial results for FY2019 will provide further information on the
restatement, which are expected to be released on or about 18 September 2019.
The financial information on which this trading statement is based and the FY2018 restated
information have not been reviewed or reported on by the Company’s external auditors.
Johannesburg
12 September 2019
Sponsor
Questco Corporate Advisory Proprietary Limited
Date: 12/09/2019 05:35:00
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