ANDULELA INVESTMENT HOLDINGS LIMITED - Reviewed Provisional Condensed Consolidated Results for the Year Ended 31 December 2019

Reviewed Provisional Condensed Consolidated Results  for the Year Ended 31 December 2019

Andulela Investment Holdings Limited 
(Incorporated in the Republic of South Africa) 
(Registration number: 1950/037061/06)
JSE share code: AND ISIN: ZAE000172870
("Andulela" or "the Company" or "the Group")

Reviewed provisional condensed consolidated results 
for the year ended 31 December 2019

Summary of results
                                        Reviewed        Audited
                                          31 Dec         31 Dec
                                            2019           2018            %
                                           R'000          R'000     movement
Gross revenue                          1 539 391      1 287 509         19,6
Gross profit                             288 566        225 778         27,8
Profit from operations                    73 618         41 053         79,3
Profit/(loss) after tax                   22 444         (4 402)       634,1
Headline profit/(loss)                    26 830         (3 943)       780,4

                                           cents          cents
Net asset value per share                 110,53          93,82         17,8
Net tangible asset value per share         56,48          39,76         42,1
Profit/(loss) and diluted
profit/(loss) per ordinary share           16,71          (4,47)       473,8
Headline profit/(loss) and diluted 
headline profit/(loss) per
ordinary share                             30,61          (4,49)       781,7
Dividends per ordinary share                   -              -            -

Commentary

Overview

Andulela's condensed consolidated results for the year ended 31 December 2019 
reflect a headline profit of R26,8 million compared to a headline loss of 
R3,9 million for the comparative period ended 31 December 2018. This was mainly 
due to the improved results from the Kilken operations during this period.

The loss after tax of R20,8 million (2018: profit after tax of R4,8 million) 
incurred by PRSM includes an impairment of plant and equipment of R12,1 million 
after tax.

Kilken Platinum reported an increase of 172% in revenue from 2018 to 2019 with 
improved production and basket prices for its products over the period, and a 
profit after tax of R47,5 million compared to a loss after tax of R3,0 million 
in 2018.

Short-form announcement

This short-form announcement is the responsibility of the directors and is a 
summary of the information contained in the full announcement. The full 
announcement was made available on SENS on 31 March 2020, and is accessible 
via the following JSE link: 
https://senspdf.jse.co.za/documents/2020/jse/isse/AND/FY2020SENS.pdf and can be 
found on the company's website at at www.andulelaholdings.com.  Copies of the 
full announcement may also be requested from the Company's registered office 
and from the offices of the sponsor, Bridge Capital, at no charge, during 
office hours from Tuesday, 31 March 2020 to Friday, 10 April 2020. Andulela 
has not declared interim or final dividends. Any investment decision should 
be based on the full announcement published on SENS and on the Company's 
website from 31 March 2020.


Johannesburg
31 March 2020
Sponsor: Bridge Capital Advisors Proprietary Limited



Date: 31-03-2020 01:46:00
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