AFRICAN & OVERSEAS ENTERPRISES LIMITED - Short-form announcement: Unaudited interim condensed consolidated results for the six months ended 31 December 2019

Short-form announcement: Unaudited interim condensed consolidated results for the six months ended 31 December 2019

African and Overseas Enterprises Limited
(Incorporated in the Republic of South Africa - Registration Number:
1947/027461/06)
("AOE" or "the company")


SHORT-FORM ANNOUNCEMENT:
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019

African and Overseas Enterprises Limited is an investment holding company currently invested in Rex Trueform Group Limited
(“Rex Trueform”). Rex Trueform is currently invested in property, retail and water infrastructure. Its interest in retail is 
through its wholly-owned subsidiary, Queenspark Proprietary Limited, and its subsidiary. Rex Trueform’s interest in property 
includes direct property ownership as well as indirect property investment through a subsidiary. Rex Trueform’s investment in 
water infrastructure is through its subsidiary, Ombrecorp Trading (RF) Proprietary Limited, and its investments.


Financial highlights
Revenue increased by 10.3% to R399.0 million (2018: R361.7 million)
Gross profit margin % decreased to 51.0% (2018: 54.6%)
Operating profit increased by 19.1% to R36.9 million (2018: R31.0 million)
Profit after tax decreased by 58.4% to R14.9 million (2018: R35.7 million)
Earnings per share decreased by 57.6% to 70.7 cents (2018: 166.8 cents)
Headline earnings per share decreased by 17.4% to 70.7 cents (2018: 85.6 cents)
Net asset value per share increased by 6.3% to R15.35 (2018: R14.44)
Ordinary dividend per share paid amounted to nil cents (2018: nil cents)


This short-form announcement is the responsibility of the company’s directors. It is a summary of the information in the company’s
full results released on SENS on 31 March 2020 and does not contain full or complete details. Any investment decisions should
be based on the full results which is accessible via the JSE link (refer below) and on the company's website at
www.rextrueform.com. Copies of the full results announcement may be requested at the company’s registered office at no charge,
or from the company secretary directly at legal@rextrueform.com.

MR Molosiwa                                           MA Golding
(Chairman)                                            (Chief Executive Officer)


Cape Town
31 March 2020

JSE SENS Link:

https://senspdf.jse.co.za/documents/2020/jse/isse/AOO/2019HYRes.pdf

JSE share codes: AOO - AON - AOVP ISIN: ZAE000000485 - ZAE000009718 - ZAE000000493
Directors: MR Molosiwa* (Chairman), MA Golding (Chief Executive Officer), WD Nel (Financial Director), HB Roberts*, 
PM Naylor*, LK Sebatane*
*Independent non-executive
Registered office: 263 Victoria Road, Salt River, Cape Town, 7925
Company secretary: AT Snitcher
Transfer secretaries: Computershare Investor Services Proprietary Limited; Rosebank Towers, 15 Biermann Avenue, Rosebank,
2196
Sponsor: Java Capital
Websites: www.rextrueform.com - www.queenspark.com

Date: 31-03-2020 04:10:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.