AFRICAN & OVERSEAS ENTERPRISES LIMITED - Further trading statement

Further trading statement

AFRICAN AND OVERSEAS ENTERPRISES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/027461/06)
JSE share code: AOO ISIN: ZAE000000485
JSE share code: AON ISIN: ZAE000009718
JSE share code: AOVP ISIN: ZAE000000493
("AOE" or "Group")


FURTHER TRADING STATEMENT


Shareholders are referred to the trading statement released on SENS on 3 September 2020, and are further
advised that AOE is now in a position to inform shareholders that:

-   AOE's earnings per share will decrease by 311.5%, from earnings of 176.7 cents per share, for the year
    ended 30 June 2019, to a loss of 373.7 cents per share for the year ended 30 June 2020; and

-   AOE's headline earnings per share will decrease by 338.5%, from headline earnings of 44.1 cents per
    share, for the year ended 30 June 2019, to a headline loss of 105.2 cents per share for the year ended 30
    June 2020.

The decrease in the Group's earnings per share is mainly attributable to following factors:

-   Lost and subdued trade as a result of the COVID-19 pandemic and the government imposed lockdown
    regulations which negatively impacted the retail segment’s revenues and gross profit margins;

-   Impairment of right-of-use assets and an increased provision for inventory obsolescence in the retail
    segment; and

-   The implementation of the new lease accounting standard (IFRS 16 Leases) on the modified retrospective
    approach with no restatement of comparative results.

The information on which this trading statement has been based, has not been reviewed or reported on by the
Group's auditors.

Further details of the Group's financial position and performance will be made available in the annual financial
results for the year ended 30 June 2020, which are anticipated to be released on or before 26 October 2020.

22 October 2020

Sponsor
Java Capital

Date: 22-10-2020 05:20:00
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