JASCO ELECTRONICS HOLDINGS LIMITED - Audited Annual Financial Statements - JAS02

Audited Annual Financial Statements - JAS02

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa with limited liability under
registration number 1987/003293/06)
(“Jasco Electronics” or “Issuer”)


Date: 15 October 2019


JAS02 – ZAG000156761


AUDITED RESULTS AND COVENANT UPDATED FOR PERIOD ENDED 30 JUNE 2019


Audited Annual Financial Statements


Jasco Electronics Holdings Limited (Registration number 1987/003293/06) has
publicly released its Audited Annual Financial Statements for the full year ended
June 2019.
The audited annual financial statements      and   the   auditor’s   report   thereon
available on the Jasco Electronics website
http://www.jasco.co.za/Investor-Relations-Financial-Reports/annual-results and
is also available for inspection at the Jasco Electronics registered office on
Corner Alexandra Avenue and 2nd Street, Midrand, 1685 South Africa.


No Change Statement


Noteholders are advised that the audit report on the financial statements of the
Issuer are unqualified, with no modifications.
Furthermore, the Issuer would like to advise noteholders for the following:
   1. There was a change in accounting policies due to the adoption of the new
      and revised standards that are relevant to its operations and effective
      for annual reporting periods beginning on 1 July 2018. The adoption of
      these new and revised standards and interpretations has not resulted in
      material changes to the company's accounting policies. Please refer to note
      number 32 in the Notes to the Annual Financial Statements for further
      details.
   2. Noteholders are referred to the events after the reporting date section of
      the Audited Results for the year ended 30 June 2019 (note 33 of the
      financial statements), detailing the proposed sale of Electrical
      Manufacturers business in Jasco Trading (Pty) Ltd which is still subject
      to certain conditions precedent.


Financial Covenants Notification


The Issuer’s financial covenants, applicable to the listed notes, is required to
be maintained as follow:
   •   the Interest Cover Ratio is not less than 2 : 1 (two to one);
   •   the Debt to EBITDA Ratio does not exceed 3.5 : 1 (three point five to one);
       and
  •   the Debt to Equity Ratio does not exceed 60% (sixty percent).


The Issuer confirmed that the financial covenant testing for the period ending
30 June 2019 has been completed with the covenant status reported as follow:
  •   Interest Cover Ratio: 0.7 : 1 (zero point seven to one) (not passed –
      please refer to notes 20 & 33 of the financial statements for further
      details)
  •   Debt to EBITDA Ratio: 1.8 : 1 (passed)
  •   Debt to Equity Ratio: 81.4% (compared to covenant of 60%: not passed -
      please refer to notes 20 & 33 of the financial statements for further
      details)



Further information on the Programme please contact:



Redinkcapital
Charlize Wiederkehr
Tel: +27 10 0052014
Email: charlize@red-inc.co.za




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Date: 15/10/2019 01:14:00
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