EFORA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN: ZAE000248258
(“the Company” or together with its subsidiaries and joint venture “the Group”)

AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE TWELVE MONTHS ENDED 28 FEBRUARY 2023

SALIENT FEATURES

-Revenue decreased by 79% to R8.0 million (2022: R38.0 million).
-Headline earnings per share increased by 2.04 cents per share to headline earnings of 0.51 cents per share (2022: headline loss of 1.53 cents per share).
-Earnings per share decreased by 20.36 cents per share to earnings of 0.51 cents per share (2022: 20.87 cents per share).
-No dividend declaration for the year ended 28 February 2023 (2022: nil).

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Company. It contains only a summary of the information in the full audited consolidated financial statements for the year ended 28 February 2023 (“Full AFS”) and does not contain full or complete details.

The Full AFS can be found at:
https://senspdf.jse.co.za/documents/2024/JSE/ISSE/EELE/EELFY23.pdf

Copies of the Full AFS are also available for viewing on the Company’s website at https://www.eforaenergy.com/category/investor-centre/financial-results/.

Any investment decisions by investors and/or shareholders should be based on consideration of the Full AFS.

The separate and consolidated financial statements of Efora for the year ended 28 February 2023 have been audited by SizweNtsalubaGobodo Grant Thornton Inc. who expressed an unqualified opinion on the separate financial statements of the Company. The auditor’s report on the consolidated financial statements for the year then ended, however, is qualified due to the impact of the prior year internal control deficiencies at Afric Oil Proprietary Limited, a former material subsidiary of the Company, on the comparability of the consolidated annual financial statements. The full auditor’s report includes details of key audit matters and is available, along with the Full AFS on the Company’s website at https://www.eforaenergy.com/category/investor-centre/financial-results/.

Integrated Annual Report (“IAR”)

Shareholders are advised that the Company will not be issuing an IAR for the year ended 28 February 2023. The Company complied with the recommendation to publish an IAR at least once a year, in terms of the King IV Report on Corporate Governance for South Africa 2016, when it issued its IAR for the year ended 28 February 2021 in May 2023 (“Last IAR”). The Company is of the view that the publication of another IAR at this stage will not provide its stakeholders with information materially different from what was last contained in the Last IAR. The Company has however published a Corporate Governance and Material Risks Report, including the mandatory disclosures as required in terms of the JSE Listings Requirements, which is available on the Company’s website at https://www.eforaenergy.com/governance/corporate-governance.

Annual General Meeting (“AGM”)

Shareholders are further advised that the Company will not hold an AGM at this stage since it held its last AGM in June 2023. The Companies Act 71 of 2008 of South Africa requires a company to hold an AGM annually and no later than 15 months from the date of the last AGM. Efora will in due course provide further updates regarding the expected timing of the next AGM.

Johannesburg
30 April 2024

Sponsor
PSG Capital

For further information please contact:

Efora Energy Limited
Darrin Arendse
+27 (0)10 591 2260