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HUGE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge Group” or “the Company”)
TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Listings Requirements, companies are
required to publish a trading statement as soon as a reasonable degree of
certainty exists that the financial results to be reported upon next, being the
financial results for the year ended 28 February 2023 (the current reporting
period), will differ by at least 20% from the financial results for the corresponding
period in the prior year, being the financial results for the year ended 28
February 2022 (FY2022 or the comparative reporting period).
Huge Group is in the process of preparing its financial results for the current
reporting period.
Shareholders are advised that a reasonable degree of certainty exists that
Huge Group’s:
• Net asset value per share for the current reporting period will be
between 940.83 cents and 945.33 cents, which will be between 4.92%
and 5.42% higher than the net asset value for the comparative reporting
period (FY2022: 896.75 cents);
• Headline earnings per share (HEPS) for the current reporting period will
be between 45.10 cents and 47.14 cents, which will be between 23.31%
and 19.84% lower than the HEPS for the comparative reporting period
(FY2022: 58.81 cents).
• Earnings per share (EPS) for the current reporting period will be between
45.10 cents and 47.14 cents, which will be between 84.96% and 84.28%
lower than the EPS for the comparative reporting period (FY2022: 299.85
cents);
On 1 March 2021, the board of directors of Huge Group resolved to account
for Huge Group as an investment entity in accordance with International
Financial Report Standard 10 (IFRS10). The decrease in EPS in the current
reporting period is attributable to the change in accounting treatment of Huge
Group as an investment entity in the prior reporting period, which involved a
deconsolidation of the underlying subsidiaries of Huge Group, the recognition
of a gain on the loss of control of the subsidiaries, and a fair value increase
through profit and loss. Further details relating to the impact of this change in
accounting treatment is disclosed in the Integrated Annual Report for the
twelve months ended 28 February 2022.
This trading statement has not been reviewed or reported on by the
Company’s external auditors.
Johannesburg
30 May 2023
Sponsor
Questco (Pty) Ltd
