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HULISANI LIMITED - Updated Trading Statement And Restatement Of Prior Year Interim Results

Release Date: 25/11/2019 11:00
Code(s): HUL     PDF:  
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Updated Trading Statement And Restatement Of Prior Year Interim Results

HULISANI LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2015/363903/06)
Share code: HUL ISIN: ZAE000212072
(“Hulisani” or “the Company”)

UPDATED TRADING STATEMENT AND RESTATEMENT OF PRIOR YEAR INTERIM
RESULTS

In terms of the JSE Limited Listings Requirements, a listed company is required to publish a
trading statement as soon as it becomes reasonably certain that the financial results for the
next period to be reported on will differ by 20% or more from the financial results for the
previous corresponding period.

For purposes of this trading statement, it is necessary to compare the loss per share and the
headline loss per share for the six-month period ended 31 August 2019 to the restated figures
for the six-month period ended 31 August 2018 as set out below.

Accordingly, and further to the trading statement released on SENS on 8 November 2019, the
Company hereby advises that a reasonable degree of certainty exists that for the six months
ended 31 August 2019:

-     Headline loss per share will be between 15.4 cents and 17.6 cents, representing an
      improvement of between 20% and 30% compared to the restated headline loss per
      share of 22 cents for the six months ended 31 August 2018; and

-     Loss per share will be between 16.1 cents and 18.4 cents, representing an
      improvement of between 20% and 30% compared to the restated loss per share of
      23 cents for the six months ended 31 August 2018.

RESTATEMENT OF PRIOR YEAR INTERIM RESULTS

In the current period it was identified that an existing written put option (the “Put Option”)
was not considered when accounting for an investment in GRI Wind Steel South Africa (Pty)
Ltd (“GRI”). This Put Option obliges GRI Renewable Industry, S.L., Hulisani’s co-shareholder
and the majority shareholder in GRI, to acquire all (and not a portion) of Hulisani’s shares in
GRI, which provides significant downside protection on the investment for Hulisani.
Accordingly, the initial accounting treatment of GRI as ‘an equity investment in associate’
was not correct. The equity investment in GRI has therefore been derecognised and a
derivate financial asset has been recognised. The derivative financial asset is held at fair
value with gains and losses relating to the fair value measurement recognised through profit
and loss.

As a result of the adjustment, loss per share and headline loss per share for the six month
period ended 31 August 2018 have been restated. The restatement has resulted in an
improvement in loss per share and headline loss per share of 20 cents per share.

                                           Previously reported            Restated results
                                        results 31 August 2018              31 August 2018
                                                         cents                       cents
Loss per share                                              43                          23
Headline loss per share                                     42                          22

The financial information on which this trading statement is based has not been reviewed or
reported on by the auditor of the Company. The results for the six months ended 31 August
2019 are expected to be published on or about 26 November 2019.

Johannesburg

25 November 2019


Sponsor
PSG Capital

Date: 25-11-2019 11:00:00
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