REX TRUEFORM GROUP LIMITED
(Formerly Rex Trueform Clothing Company Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1937/009839/06)
JSE share code: RTO ISIN: ZAE000250387
JSE share code: RTN ISIN: ZAE000250395
JSE share code: RTOP ISIN: ZAE000250403
(“Rex Trueform” or “Group”)
In terms of the Listings Requirements of the JSE Limited, companies are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists that the financial results for
the current reporting period will differ by at least 20% from the financial results for the previous
Shareholders are accordingly advised that:
1. Rex Trueform’s earnings per share (“EPS”) will decrease by 54.0%, from earnings of 179.2 cents per
share reported by Rex Trueform for the six months ended 31 December 2018 to earnings of 82.4 cents
per share for the six months ended 31 December 2019; and
2. Rex Trueform’s headline earnings per share (“HEPS”) will decrease by 15.4%, from headline
earnings of 97.4 cents per share reported by Rex Trueform for the six months ended 31 December
2018 to headline earnings of 82.4 cents per share for the six months ended 31 December 2019.
The decreases in EPS and HEPS are mainly attributable to lower operating profits in the current reporting
period exacerbated by the implementation of the new lease accounting standard (IFRS 16 Leases) (“IFRS
16”) which had a significant impact on the financial results of the Group’s retail segment, as well as once-off
re-measurements occurring in the prior reporting period relating to the Group’s investment in SA Water
Works Holding Company (RF) (Pty) Ltd.
IFRS 16 became effective for year-ends beginning on or after 1 January 2019. Comparative results for the
2019 financial year have not been restated. The financial results before the impact of IFRS 16, based on the
old lease accounting standard (IAS 17 Leases), are as follows:
1. Rex Trueform’s EPS will decrease by 38.4%, from earnings of 179.2 cents per share reported by Rex
Trueform for the six months ended 31 December 2018 to earnings of 110.3 cents per share for the six
months ended 31 December 2019; and
2. Rex Trueform’s HEPS will increase by 13.1%, from headline earnings of 97.4 cents per share reported
by Rex Trueform for the six months ended 31 December 2018 to headline earnings of 110.2 cents per
share for the six months ended 31 December 2019.
The information on which this trading statement has been based has not been reviewed or reported on by the
The interim financial results for the six months ended 31 December 2019 are anticipated to be released on or
about 31 March 2020.
The effects of the COVID-19 pandemic are changing rapidly and, while it is envisaged that there will be a
significant negative impact on the Group’s revenue, performance and cash generation over the remainder of
the financial year, the quantum thereof cannot be reasonably estimated at this time. The Group’s retail
segment will no doubt be the most severely impacted due to the closure of the retail chain during the
lockdown period. The preservation of cash, continuity of all segments of the Group as well as the health and
well-being of our employees remain key focus areas over this period of uncertainty.
30 March 2020
Date: 30-03-2020 05:15:00
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