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Sharenet Sites
Correction Announcement
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1974/001804/06)
Share code: ADR
ISIN: ZAE000000139
(“Adcorp” or “Adcorp Group” or “the Group”)
Correction Announcement
Ordinary Shares
Shareholders are referred to the announcement released on SENS on 20 May 2019
which contained the ordinary shares in issue disclosed in the Provisional
Summarised Consolidated financial statements for the year ended 28 February
2019 (“financial statements”). The Shareholders are advised that the number of
shares disclosed were incorrectly stated at 109 043 442 in the section Capital
allocation strategy and dividend payment. The correct number of shares should
be 109,954,675.
Headline Earnings
Shareholders are also referred to the same announcement which contained the
calculation of the headline earnings disclosed in the financial statements.
Shareholders are advised that the headline earnings and headline earnings per
share of R254,622,000 and 233,5 cents respectively, were incorrectly calculated
The correct calculation is R267,116,000 for the headline earnings and 245,0
cents for headline earnings per share. This resulted in a 5% variance on both
the headline earnings and headline earnings per share.
2019 - Corrected 2019 - Reported
R'000 R'000
Continuing operations
Profit for the year 261,850 261,850
Profit on sale of property and equipment (803) (803)
Impairment of intangible assets, goodwill and bonds 6,821 (6,821)
Profits from the sale of associate (574) 574
Headline earnings 267,294 254,800
Headline earnings per share – cents 245.1 233.7
Diluted headline earnings per share – cents 239.2 228.0
Reconciliation of headline earnings from total operations
Profit for the year 261,672 261,672
Impairment of investments, goodwill and loans 6,821 (6,821)
Profit on sale of property and equipment (803) (803)
Profits from the sale of associate (574) 574
Headline earnings 267,116 254,622
Headline earnings per share – cents 245.0 233.5
Diluted headline earnings per share – cents 239.0 227.8
Bryanston
23 May 2019
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
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