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EOH HOLDINGS LIMITED - Updated trading statement for the six months ended 31 January 2020

Release Date: 03/04/2020 15:50
Code(s): EOH     PDF:  
 
Wrap Text
Updated trading statement for the six months ended 31 January 2020

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”)


UPDATED TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 JANUARY 2020

Shareholders are referred to the trading statement published on SENS on 19 March 2020, in which EOH
indicated an improvement of at least 64% to the loss per share (“LPS”) and an improvement of at least 47% to the
headline loss per share (“HLPS”) for the Group for the six months ended 31 January 2020 (“H1 2020”) compared to
the previous corresponding period, being the six months ended 31 January 2019 (“H1 2019”).

EOH is now in a position to confirm that the LPS and HLPS for H1 2020, being an improvement from the expected
LPS and HLPS for H1 2020 as previously announced, will be as follows:

                        H1 2020                                  H1 2019 LPS and                 H1 2019
                        Anticipated LPS and HLPS                 HLPS (restated) 2               LPS and HLPS (as
                                                                                                 previously reported)1
    
    LPS: Total          Loss of 687 cents per share, a 67%       Loss of 1 689 cents per         Loss of 2 099 cents per share
    operations          improvement on H1 2019                   share
    
    LPS:                Loss of 527 cents per share, a 75%       Loss of 1 702 cents per         Loss of 2 073 cents per share
    Continuing          improvement on H1 2019                   share
    operations
    
    HLPS: Total         Loss of 395 cents per share, a 60%       Loss of 827 cents per           Loss of 993 cents per share
    operations          improvement on H1 2019                   share
    
    HLPS:               Loss of 381 cents per share, a 61%       Loss of 840 cents per           Loss of 973 cents per share
    Continuing          improvement on H1 2019                   share
    operations
1
    Before taking into account the restatement and the reclassification as detailed in the trading statement published on 19 March 2020.
2
    After taking into account the restatement and the reclassification as detailed in the trading statement published on 19 March 2020.

These numbers are impacted by:

       1. the restatement of the results for the six-month period ended 31 January 2019 in order to align with the
          conclusions and restatements set out in the consolidated annual financial statements for the year ended
          31 July 2019; and
       2. the impairment assessments performed on the Group’s cash-generating units having had an indicator of
          impairment, which, coupled with the sale, and discontinuation of certain non-core business activities, had an
          impact on the carrying value of goodwill.

A detailed assessment of the H1 2020 financial results, including the impact of the restatements, EOH’s ongoing
deleveraging strategy and performance of the Group will be provided on publication of the interim results on Tuesday,
7 April 2020.

COVID-19

On 15 March 2020, the President of South Africa announced a national state of disaster and on 23 March 2020 a
21-day National Lockdown was announced to run from midnight on 26 March 2020 to midnight on 16 April 2020.
The lockdown and the subsequent economic impact of the COVID-19 outbreak are expected to affect the performance
of EOH going forward.

The Group has a COVID-19 management team in place, consisting of representatives from the executive
committee as well as key operational and support functions, to monitor the situation on a daily basis and ensure
adequate risk management and mitigation actions are taken as well as communications and engagement with clients,
staff and other stakeholders. These efforts include a complete review of customer requirements and all costs in the
face of changing operational requirements across the entire business.

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 its interim results on 7 April 2020 and the results will be presented via a webcast in light of the
lockdown.

3 April 2020

Sponsor
Java Capital

Date: 03-04-2020 03:50:00
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