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Trading statement for the year ended 31 July 2019
EOH HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/014669/06)
JSE share code: EOH ISIN: ZAE000071072
(“EOH” or “the Group”)
TRADING STATEMENT FOR THE YEAR ENDED 31 JULY 2019
In accordance with JSE Listings Requirements shareholders are advised that the earnings per share (“EPS”)
and headline earnings per share (“HEPS”) for the Group for the year ended 31 July 2019 (“FY2019”) will
decrease meaningfully from the audited EPS and HEPS as previously reported for the year ended 31 July 2018
(“FY2018 audited”).
Following the financial statement review initiated in early 2019, the EPS loss per share from continuing
operations in FY2019 of at least 2 700 cents per share should be seen in the context of the EPS loss per
share from continuing operations of 2 073 cents per share in the unaudited results for the six months ended
31 January 2019 (“H12019”), as already communicated to the market.
The FY2019 and prior year restated comparatives for the year ended 31 July 2018 (“FY2018 restated”) are
expected to be impacted by:
1. The IFRS classification of certain businesses as either continuing or discontinued operations including
assets held for sale; and
2. Impairments to be recognised in the current financial period or prior financial period,
both of which are the subject of ongoing discussions with the Group’s external auditors.
The table below sets the anticipated EPS and HEPS for the Group for FY2019 (before the unaudited
restatement disclosed for the six months ended 31 January 2018).
Anticipated EPS and EPS and HEPS for EPS and HEPS for FY2018
HEPS for FY2019 HY2019 (as per the audited full
(as per the unaudited year results)
interim results)
From continuing operations
EPS: Loss of at least 2 700 cents Loss of at least 2 073 cents Profit of 202 cents per share
per share per share
HEPS: Loss of at least 1 800 cents Loss of at least 973 cents Profit of 278 cents per share
per share per share
Including discontinued operations
EPS: Loss of at least 2 700 cents Loss of at least 2 099 cents Loss of 70 cents per share
per share per share
HEPS: Loss of at least 1 800 cents Loss of at least 993 cents Profit of 283 cents per share
per share per share
The figures as stated do not include the potential impact of the findings of the ENSafrica forensic investigation
into suspicious transactions that predate the existing EOH management team. The Group expects at the time
of releasing the FY2019 results to provide more clarity around the impact on the financial statements.
The Group continues to focus on building a more appropriate capital structure, and has already realised more
than R400 million of cash from its debtors book and approximately R566 million from the sale of assets
between 1 February 2019 and 31 July 2019. This enabled a settlement of the outstanding R250 million bridge
loan facility and a payment of about R455 million into existing banking facilities at year end. Further
deleveraging of the balance sheet is expected. As at 31 July 2019, the Group had cash of approximately
R1 350 million.
While the Group remains under sales and margin pressure as a result of recent governance issues as well as
the slow-down in the economy, good progress has been made on key strategic initiatives. The benefit of these
initiatives will only be seen in the next financial year.
The financial information on which this trading statement is based has not been reviewed and reported on by
the Group’s external auditors. EOH will publish a further trading statement once it has the reasonable degree
of certainty required to confirm the exact extent of the difference from the financial results of FY2018.
The Group is currently finalising its financial results for FY2019 and such results are expected to be published
on or about 15 October 2019, when a strategic update, as well as an update on the status of the ENSafrica
forensic investigation will be provided.
18 September 2019
Sponsor
Java Capital
Date: 18/09/2019 10:00:00
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