HUG
HUG
HUG - Huge Group Limited - Trading Statement
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
("Huge" or "the Group" or "the company")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed
company is required to publish a trading statement as soon as it is satisfied
that a reasonable degree of certainty exists that the financial results for the
period to be reported upon next will differ, by at least 20%, from the financial
results for the corresponding period in the prior year.
Huge is currently finalising its financial results for the six months ended 31
August 2011.
Shareholders are accordingly hereby advised that a reasonable degree of
certainty exists that the company`s earnings per share ("EPS") are expected to
decline by between 65% and 75% for the six months ending 31 August 2011, and
that the headline earnings per share ("HEPS") are expected to decline by between
85% and 95% when compared to the EPS and HEPS reported for the six months ended
31 August 2010.
However, shareholders` attention is drawn to the fact that the results for the
two periods include fair value adjustments on derivative instruments which are
fully collateralised. In the prior comparative period, the results included a
positive fair value adjustment of R9.87 million (after tax) whilst the current
period`s results reflect a negative fair value adjustment of R4.4 million (after
tax). Thus the company has effectively shown a substantial operational turn
around. If the effects of the fair value adjustments on derivative instruments
had been excluded from EPS, then the EPS in the prior period would have
reflected a small loss of 0.31 cents per share and EPS for the current period
would be expected to be approximately 4.6 cents per share.
This trading statement has not been reviewed or reported on by the Company`s
external auditors.
Johannesburg
30 November 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 30/11/2011 16:12:11 Produced by the JSE SENS Department.
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