JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)
During the year ended 30 June 2019, the group continued to
operate in adverse South African trading conditions, with low
economic growth and a volatile Rand. This particularly impacted
the second half of the financial year.
In these conditions, management took a number of corrective
actions, which had once-off negative impacts on earnings.
These once-off items included:
1. Goodwill impairments in ICT-Carriers and Power & Renewables
2. Impairment of loans in the Middle East and East Africa on
the decision to close down or dispose of these operations
3. Costs related to the F2018 audit and restatement of the
F2017 results and the Reflex arbitration
4. The reversal of deferred taxation assets related to
assessed losses in Power & Renewables
These costs, as well as the impact of tough market conditions,
is expected to result in:
An earnings per share (“EPS”) loss for the year ended 30 June
2019 of -12.9 cents per share compared to a -3.3 cents loss per
share for the previous corresponding period.
A headline earnings per share (“HEPS”) loss for the year ended
30 June 2019 of -10.7 cents per share compared to the -1.5 cents
loss per share for the previous corresponding period.
The weighted average number of shares in issue for the period
decreased from 229 068 853 to 226 280 586 due to the increase in
the number of shares held by the Jasco Share Incentive Trust.
The information in this trading statement has not been reviewed
or reported on by the company’s external auditors.
Shareholders are further advised that Jasco’s audited annual
results for the year ended 30 June 2019 will be announced on or
around 11 October 2019.
10 October 2019
Grindrod Bank Limited
Date: 10/10/2019 05:00:00
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