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Trading Statement
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1973/007111/06)
(Share code: HCI & ISIN: ZAE000003257)
("the Company")
TRADING STATEMENT
In terms of section 3.4 (b) of the JSE Limited Listings Requirements, companies
are required to publish a trading statement as soon as they are reasonably
certain that the financial results for the current reporting period will be
more than 20% different than that of the previous corresponding period.
Shareholders are hereby advised that a reasonable degree of certainty exists
that for the year ended 31 March 2024, the Company will report basic earnings
(profit) per share of between 606.8 cents and 1 003.3 cents, being a decrease
of between 84.7% and 74.7%, as compared to basic earnings (profit) per share of
3 965.7 cents for the prior year, and headline earnings (profit) per share of
between 1 351.4 cents and 1 556.5 cents, being a decrease of between 34.1% and
24.1%, as compared to headline earnings (profit) per share of 2 050.7 cents for
the prior year.
Headline earnings per share has been negatively impacted by equity losses of
R528 million in respect of Impact Oil and Gas, which included an effective R483
million in equity losses in respect of its investment in Africa Energy Corp.
("AEC"). AEC recognised US$135 million in downward fair value adjustments on
its investment in the Block 11B/12B prospect offshore the South African south
coast following the reassessment of its valuation model.
Basic earnings per share decreased inter alia as a result of casino license
impairments of R2 716 million and property, plant and equipment impairments of
R86 million in respect of gaming operations. Higher interest rates and slower
than previously forecasted income growth have negatively affected casino
precinct valuations, resulting in the impairments above. Carrying values of
casino licenses were previously adjusted upwards as a result of the deemed
acquisition of Tsogo Sun Limited during the 2015 financial year and do not
represent the cash cost of these assets.
The above information has not been reviewed or reported on by the Company`s
auditors. The Company`s financial results are expected to be published on or
about 23 May 2024.
Cape Town
21 May 2024
Sponsor:
Investec Bank Limited
Date: 21-05-2024 01:35:00
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