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Trading Statement
Adapt IT Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1998/017276/06)
Share code: ADI ISIN: ZAE000113163
(“Adapt IT”)
TRADING STATEMENT
Key Highlights
• EPS improvement of between 19% and 29% vs reported figures
• EPS improvement of between 32% and 42% vs restated figures
• Cash generated from operations improved 67%
• Cash balance up 93% to R142 million
• Net debt reduced by R140 million
• Net gearing ratio at 42% down from 69% on the comparative period
• All debt covenants were met
Trading statement
In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement as
soon as they become reasonably certain that the financial results for the period to be reported on will differ by more
than 20% from those of the previous corresponding period.
Accordingly, a review by management of the financial results for the six months ended
31 December 2020 has indicated that earnings per share (“EPS”), headline earnings per share (“HEPS”) and
normalised HEPS (“NHEPS”) are all expected to increase, in accordance with the ranges set out in the table below.
Expected Ranges
Six months ended Six months ended 31 Six months ended 31 Six months ended 31
31 December 2020 December 2020 vs December 2019 December 2019
vs Reported Figures Restated Figures (“Reported Figures”) (“Restated Figures”)
(cents)1 (cents)2,3
EPS 19.25 – 20.87 cents 19.33 – 20.79 cents 16.18 14.64
19% – 29% 32% – 42%
HEPS 19.89 – 21.49 cents 19.97 – 21.41 cents 15.93 14.40
24.9% – 34.9% 38.7% – 48.7%
NHEPS4 30.59 – 33.41 cents 30.62 – 33.39 cents 28.18 27.70
8.6% – 18.6% 10.5% – 20.5%
Notes
1. As disclosed on SENS on 24 February 2020.
2. The financial results for the six months ended 31 December 2019 will be restated for the measurement period
adjustment regarding the acquisition of Wisenet, provisionally accounted for in terms of the allowance per IFRS
3 Business Combinations, and correction of an error related to capitalisation of lease incentives identified during
adoption of IFRS 16.
3. This is consistent with the restatements disclosed in the annual financial statements for the year ended 30 June
2020.
4. Consistent with prior financial results announcements, normalised headline earnings is calculated by adding
back to headline earnings the amortisation of acquired intangible assets net of deferred taxation, as a
consequence of the purchase price allocations completed in terms of IFRS 3 Business Combinations and fair
value adjustments to financial liabilities on outstanding contingent purchase considerations.
The financial information on which this trading statement is based has not been reviewed or reported on by Adapt
IT’s auditors.
Adapt IT’s financial results for the six months ended 31 December 2020 are expected to be released on SENS on
9 March 2021 and will be presented via webcast as we continue to adhere to prescribed social distancing regulations
and safety precautions. The webcast will start at 10h00 (SAST) on Wednesday, 10 March 2021.
Please register on the investor page of www.adaptit.com or at:
https://register.gotowebinar.com/register/8157009998060246798
for the live webcast. A copy of the webcast will be available on our website following the event.
Johannesburg
24 February 2021
Sponsor
Merchantec Capital
Date: 24-02-2021 07:05:00
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