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ELB GROUP LIMITED - Provisional Summarised Consolidated Financial Results for the year ended 30 June 2020

Release Date: 27/11/2020 15:19
Code(s): ELR     PDF:  
Wrap Text
Provisional Summarised Consolidated Financial Results for the year ended 30 June 2020

ELB Group Limited
(“ELB” or “the Company”)
Incorporated in the Republic of South Africa
Registration number: 1930/002553/06
Share code: ELR
ISIN: ZAE000035101

PROVISIONAL SUMMARISED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2020

Key financials
 • Overall reduction in trading levels across the Group
 • Revenue decreased to R1 764.9 million (2019: R2 206.4 million)
 • Loss before tax deteriorated to R173.3 million (2019: Profit before tax of R40.9 million)
 • Loss per share deteriorated to 839.0 cents (2019: 114.3 cents)
 • Headline loss per share deteriorated to 1 423.2 cents (2019: 167.3 cents)
 • Net asset value per share decreased to 698.8 cents (2019:1 756.9 cents)
 • Effective 6 April 2020, ELB Engineering Services Proprietary Limited was placed under business rescue
 • No dividend was declared (2019: Nil)

The results for the year ended 30 June 2020 were negatively impacted by the depressed trading environment across all
markets in which the Group operates, the COVID-19 pandemic and the implications of ELB Engineering Services
Proprietary Limited entering business rescue.

Audit conclusion
The Company’s auditors, BDO South Africa Inc., conducted an audit of the underlying annual financial statements for the
year ended 30 June 2020 in accordance with International Standards of Auditing and issued an unmodified audit opinion,
with a material uncertainty paragraph related to going concern. The material uncertainty relates to the fact that ELB Group
Limited signed surety over guarantees for the unconditional completion of the projects in ELB Engineering Services
Proprietary Limited. ELB Engineering Services Proprietary Limited has been placed under business rescue. In the event
that these guarantees are called upon, the Group’s going concern status may be compromised. The audit opinion also
includes the requisite disclosure on key audit matters pursuant to the International Standards of Auditing. The full audit
report and annual financial statements are available on the Company’s website https://www.elb.co.za/investor-relations-
2/.

Directors responsibility
This short-form announcement is the responsibility of the ELB board of directors and is a summarised version of the
Group’s full announcement and as such it does not contain full or complete details pertaining to the Group’s results. Any
investment decisions by investors and/or shareholders should be made after taking into consideration the full
announcement. The full announcement is available for viewing on the Group’s website (https://www.elb.co.za/investor-
relations-2/); and at

https://senspdf.jse.co.za/documents/2020/jse/isse/elr/Prov2020.pdf


The full announcement may be requested from the Company’s registered office by contacting +27 (0)11 306 0700 or
emailing the Company Secretary at yvette@seamsec.co.za.


Boksburg
27 November 2020


Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 27-11-2020 03:19:00
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