Ellies : Audited condensed consolidated results for the year ended 30 April 2022

2022 at a glance

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the directors. It is only a summary of the information contained in the full announcement and does not contain full or complete details.

Any investment decision by investors and/or shareholders should be based on the full announcement published on SENS on 29 July 2022 on the JSE website and also available on the Company's website at https://elliesholdings.com/YERes2022.pdf

The full announcement is also available at the Company's registered office (for inspection, at no charge, during office hours on any business day) and at the offices of the sponsor, Java Capital, from 29 July 2022 to 4 August 2022, both days inclusive. Copies of the full announcement may be requested by email to info@elliesholdings.com.

The JSE link is as follows: https://senspdf.jse.co.za/documents/2022/JSE/ISSE/ELI/YE22.pdf

The annual financial statements including the audit opinion of the external auditor, BDO South Africa Incorporated, which sets out the key audit matters and the basis for its unmodified opinion, is available on the Company's website on https://elliesholdings.com/AFS2022.pdf. The audit report on the annual financial s tatements i n respect o f w hich a n unmodified opinion was expressed, notes as key audit matters:

• Recoverability of deferred tax assets - recognition of deferred tax assets: availability of future sufficient taxable profit against which deductible temporary differences and tax losses carried forward can be utilised;
• Valuation of inventory, including the completeness of the provision for obsolete stock, measurement of slow-moving inventory, if items of inventory are still saleable, and key assumptions used on the average usage and expected rate of sale of inventory; and
• Going concern assumption - underlying fundamentals of cash flow projections and forward-looking economic outlook for South Africa.