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CLICKS GROUP LIMITED - Trading Statement for the six months ended 28 February 2022

Release Date: 24/03/2022 14:30
Code(s): CLS     PDF:  
Wrap Text
Trading Statement for the six months ended 28 February 2022

Clicks Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1996/000645/06
JSE share code: CLS
ISIN: ZAE000134854
CUSIP: 18682W205
(“the group”)


As disclosed in the group’s 2021 annual financial statements, the group received
a second interim payment of R250 million (including VAT) from the South African
Special Risks Insurance Association (“SASRIA”) on 29 October 2021 as part of
its political risk insurance claim relating to the civil unrest in July 2021.

This second interim insurance payment will be accounted for in the group’s
financial results for the six months ended 28 February 2022 (“the period”). An
amount of R130.4 million will be reflected in other income and R87.0 million
included as income of a capital nature related to property, plant and equipment.

The insurance payment is expected to increase earnings per share (“EPS”) for
the period by 64.2 cents and headline earnings per share (“HEPS”) by 38.3

Owing to the inclusion of the second interim insurance payment, the group’s EPS
and HEPS for the period are expected to exceed the prior period’s EPS of 358.9
cents and HEPS of 370.6 cents by more than 20%. The earnings for the prior
period include Musica which closed in May 2021 and was classified as a
discontinued operation for the year ended 31 August 2021.

The directors expect the earnings for the period to increase over the prior period
as follows:

                                                            Increase range
                                    Increase range (%)
                                                           (cents per share)
 EPS - Total group                        30 - 40            466.6 – 502.5
 HEPS - Total group                       20 - 30            444.7 – 481.8
 EPS - Continuing operations              25 - 30            484.9 – 504.3
 HEPS - Continuing operations             17 - 22            455.0 – 474.5

Subsequent to the half year ended 28 February 2022, SASRIA has advised the
group that a full and final insurance settlement of R317 million (including VAT)
relating to the civil unrest insurance claim will be made during March 2022, which
the group has accepted. This payment will be accounted for in the group’s full
year results to 31 August 2022.
Clicks Group’s interim results for the period will be released on SENS on
Thursday, 28 April 2022.

The financial information in this trading statement is the responsibility of the
directors and has not been reviewed or reported on by the group’s independent

Cape Town
24 March 2022

Investec Bank Limited

Date: 24-03-2022 02:30:00
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