Last checked at 15 Jul 2016 14:30
AECI LTD - AECI Further Trading StatementAECI LTD - AECI Further Trading Statement
PR Newswire
London, July 15
AECI LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE ISIN No. ZAE000000220
(“AECI” or “the Group” or “the Company”)
FURTHER TRADING STATEMENT
In compliance with the JSE Listings Requirements and following the guidance provided to the market in the Stock Exchange News Service (“SENS”) announcement dated 6 June 2016, shareholders are advised that for the half-year ended 30 June 2016 (“the period”) AECI’s headline earnings per share (“HEPS”) are expected to be between 40% and 60% (i.e. 226 cents and 339 cents) lower than the 565 cents achieved for the half-year ended 30 June 2015 (“the prior corresponding period”). Earnings per share (“EPS”) are also expected to be between 40% and 60% (i.e. 235 cents and 353 cents) lower than the 588 cents of the prior corresponding period. The decreases are attributable to:
in the prior corresponding period the once-off bulk sale of the Group’s surplus property assets at Somerset West contributed 230 cents to HEPS and EPS; as disclosed in the 2015 integrated report, in December 2015 the Group made a voluntary alternative benefit offer to active employees entitled to a post-retirement medical aid (“PRMA”) subsidy. The settlement cost (non-cash) was in excess of the carrying amount of the PRMA liability and the difference will be accounted for in the period as a loss on settlement, in accordance with IAS 19. The estimated loss for the period was R136 million, a 93 cents negative effect on HEPS.The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.
AECI’s results for the period are expected to be released on SENS on or about Tuesday, 26 July 2016.
Woodmead, Sandton
15 July 2016
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)