EFORA ENERGY LIMITED - Audited Consolidated Annual Financial Statements for the twelve months ended 28 February 2022

Audited Consolidated Annual Financial Statements for the twelve months ended 28 February 2022

EFORA ENERGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1993/000460/06)
JSE Share Code: EEL
ISIN: ZAE000248258
("the Company" or together with its subsidiaries and joint venture "the Group")


AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE TWELVE MONTHS
ENDED 28 FEBRUARY 2022


SALIENT FEATURES

   -   Revenue decreased by 97% to R38.0 million (2021: R1.2 billion).
   -   Headline loss per share decreased by 32.48 cents per share to a headline loss of 1.53 cents
       per share (2021: 34.01 cents per share).
   -   Earnings per share of 20.87 cents per share (2021: loss of 46.52 cents per share).
   -   The board of directors, after careful consideration, has elected to not declare a dividend for
       the year ended 28 February 2022 (2021: nil).

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors of the Company. It contains only
a summary of the information in the full consolidated annual financial statements ("Full AFS") and
does not contain full or complete details.

The Full AFS can be found at:
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/EELE/EELFY22.pdf

Copies of the Full AFS are also available for viewing on the Company's website at
https://www.eforaenergy.com/category/investor-centre/financial-results/.

Any investment decisions by investors and/or shareholders should be based on consideration of
the Full AFS.

The separate and consolidated annual financial statements of Efora for the year ended
28 February 2022 have been audited by SizweNtsalubaGobodo Grant Thornton Inc. who
expressed an unqualified opinion on the separate annual financial statements of the Company. The
auditor's report, however, contains a disclaimer of opinion on the consolidated annual financial
statements due to the internal control deficiencies at Afric Oil Proprietary Limited, a former material
subsidiary of the Company . The full auditor's report includes details of key audit matters and is
available, along with the Full AFS on the Company's website at
https://www.eforaenergy.com/category/investor-centre/financial-results/.

Integrated Annual Report ("IAR")

Shareholders are advised that the Company will not be issuing an IAR for the year ended
28 February 2022. The Company complied with the recommendation to publish an IAR at least
once a year, in terms of the King IV Report on Corporate Governance for South Africa 2016, when
it issued its IAR for the year ended 28 February 2021 in May 2023 ("Last IAR"). The Company is
of the view that the publication of another IAR at this stage will not provide its stakeholders with
information materially different from what was last contained in the Last IAR. The Company has
however published a Corporate Governance and Material Risks Report, including the mandatory
disclosures as required in terms of the JSE Listings Requirements, which is available on the
Company's website at https://www.eforaenergy.com/category/investor-centre/financial-results/.
Annual General Meeting ("AGM")

Shareholders are further advised that the Company will not hold an AGM at this stage since it held
its last AGM in June 2023. The Companies Act 71 of 2008 of South Africa requires a company to
hold an AGM annually and no later than 15 months from the date of the last AGM. Efora will in due
course provide further updates regarding the expected timing of the next AGM.


Johannesburg
27 November 2023

Sponsor
PSG Capital




For further information please contact:

Efora Energy Limited
Darrin Arendse
+27 (0)10 591 2260

Date: 27-11-2023 05:35:00
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