SACOIL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE share code: SCL
AIM share code: SAC
(“SacOil” or “the Company” or “the Group”)
As part of the JSE Limited Listings Requirements, companies are required to publish a financial trading statement as soon as they are reasonably certain that the financial results for the current reporting period will be more than 20% different to that of the prior corresponding period. SacOil’s financial results are significantly impacted by foreign exchange fluctuations, imputed interest arising from financial assets carried at amortised cost, and fluctuations in finance costs. It is therefore not unusual for there to be significant changes in the financial results from one period to another. As such SacOil expects:
basic earnings per share and headline earnings per share for the six months ended 31 August 2013 to be between 2.51 cents and 3.01 cents per share compared to a reported basic loss per share and headline loss per share of 1.64 cents and 2.63 cents respectively for the six months ended 31 August 2012.
Restatement of results for the six months ended 31 August 2012
In the prior financial period the Group capitalised costs incurred in the execution of the work program for Block III, and paid by Total RDC (“Total”) on behalf of Semliki Energy SPRL (“Semliki”), a subsidiary within the Group, in terms of a cost carry arrangement under the farm-in agreement for Block III. The capitalisation of these costs increased the Block III exploration and evaluation asset resulting in a corresponding increase in liabilities representing the amounts owed to Total. Consequently, the Group recognised a deferred tax asset relating to the future tax benefits available to Semliki as a result of the carried costs. In order to align its accounting practices with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets and with the accounting practice of comparable companies in the industry, the Group decided during the 2013 financial year not to capitalise these costs. Comparative figures have been restated to reflect the change in accounting policy. The previously reported comprehensive loss attributable to SacOil of R12.6 million has therefore been adjusted and restated to a comprehensive loss attributable to SacOil of R12.5 million for the six months ended 31 August 2012. This has resulted in the minor restatement of the basic loss per share and the headline loss per share to 1.62 cents and 2.60 cents, respectively for the six months ended 31 August 2012.
The above information has not been reviewed or reported on by the Company’s auditors and the Group’s results for the six months ended 31 August 2013 are expected to be published on or about 22 November 2013.
20 November 2013
For further information please contact:
finnCap Limited (Nominated Adviser and Broker)
Matthew Robinson / Christopher Raggett
+44 (0)20 7220 0500
FirstEnergy Capital (Joint Broker UK)
+44 (0) 20 7448 0200
Pelham Bell Pottinger (UK)
+44 (0)20 7861 3919
+44 (0)20 7861 3936
+44 (0)20 7861 3918
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