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Trading Statement and Publication Date of the Financial Results for the six months ended 31 March 2024
WE BUY CARS HOLDINGS LIMITED
(previously WBC Holdings Proprietary Limited)
Incorporated in the Republic of South Africa
Registration number 2020/632225/06
JSE Share code: WBC
ISIN: ZAE000332789
("WeBuyCars" or "the Company")
TRADING STATEMENT AND PUBLICATION DATE OF THE FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2024
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, a listed company is required
to publish a trading statement as soon as a reasonable degree of certainty exists that the financial results
for the next period to be reported on will differ by 20% or more from the financial results for the previous
corresponding period.
WeBuyCars utilises core headline earnings to measure and benchmark the underlying performance of the
business. Core headline earnings represents headline earnings adjusted for certain non-recurring or non-
cash items that, in the view of the Company's board of directors ("the Board"), may distort the financial
results from period to period.
Accordingly, the Board advises shareholders that it is reasonably certain that the financial results for the six
months ended 31 March 2024, when compared with the results for the six months ended 31 March 2023
("previous corresponding period"), are expected to be as follows:
Total Earnings Six months ended 31 March 2024 Six months ended 31
March 2023
Expected number range Expected percentage Actual reported
change
Core headline earnings i R394 million to R410 24% to 29% increase R318 million
million
Core headline earnings 117,5 to 122,3 cents 24% to 29% increase 95,1 cents
per share i, ii
Basic Earnings -R66 million to -R73 million decrease by more R69 million
than 100%
Basic earnings per -19,7 to -21,7 cents decrease by more 20,7 cents
share ii than 100%
Headline earnings -R66 million to -R73 million decrease by more R67 million
than 100%
Headline earnings per -19,7 to -21,7 cents decrease by more 20,0 cents
share ii than 100%
i. Core headline earnings is a non-IFRS measure which excludes gains/losses, costs and adjustments relating to
acquisitions and disposals of investments; once-off transaction costs which are directly attributable to corporate
activity; and non-cash accounting adjustments to the call option derivative asset relating to non-controlling
interests.
ii. Weighted average number of ordinary shares ("Shares") in issue at 31 March 2024: 335 281 661. Actual number
of Shares in issue at 31 March 2024: 377 181 120. An additional 40 000 000 Shares were issued on 11 April 2024
increasing the total number of Shares in issue post the listing to 417 181 120.
WeBuyCars has resumed its core earnings growth trajectory during the six months ended 31 March 2024.
The growth in earnings was driven by higher volumes, higher average selling prices, improved margins,
and cost efficiencies as a result of economies of scale.
Basic earnings per share and headline earnings per share for the six months ended 31 March 2024 were
impacted by the following non-core, once-off transaction costs and non-cash call option derivative
accounting adjustments:
1. For the six month period ended 31 March 2024, pursuant to the successful listing on the Main Board
of the JSE, the Company incurred once-off professional, legal and JSE listing fees totalling R45,0
million.
2. As set out in the WeBuyCars Pre-Listing Statement, dated 12 March 2024, the Company held various
call options which gave it the right to purchase the 25.1% shareholding in the Company from I VDW
Holdings Proprietary Limited, for which a call option derivative asset was raised in prior periods. Upon
adoption of the new Memorandum of Incorporation (on 25 March 2024) the shareholders' agreement
was cancelled which led to the cancellation of the call options. The call option derivative asset of
R426,5 million (as at 30 September 2023) was consequently derecognised on 25 March 2024. This
fair value loss on derecognition of the call option derivative is once-off in nature, non-core and has
no cashflow impact.
The financial information on which this trading statement is based, has not been reviewed or reported
on by the Company's external auditors. The interim reviewed financial results for the six months ended
31 March 2024 are expected to be published on SENS on or about Monday, 13 May 2024 and a webcast
of the results presentation is scheduled for 09:00 on Monday, 13 May 2024.
Centurion
30 April 2024
Joint Sponsors to WeBuyCars
PSG Capital Pallidus Exchange Services
Date: 30-04-2024 07:05:00
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