Last checked at 12 Feb 2013 07:00
AECI LTD - Further Trading StatementAECI LTD - Further Trading Statement
PR Newswire
London, February 11
Further trading statement
Shareholders are referred to the trading statement released on SENS on 12October 2012 advising them that, for the year ended 31 December 2012 ("theyear"), AECI expected its earnings per share ("EPS") and headline earnings pershare ("HEPS") to be more than 20% lower than the prior year owing to:
* strike action in the mining and transport industries. This resulted in significant disruptions across many sectors, with a particularly detrimental effect on mining and manufacturing production which was already under pressure due to prevailing global trading conditions; * AECI's B-BBEE transactions which were effected during the year. EPS and HEPS would be impacted by the recognition of non-cash costs of R168 million in terms of International Financial Reporting Standards ("IFRS"). R30 million of this charge related to the AECI Employees Share Trust component of the transaction and R138 million was a once-off amount pertaining to the AECI Community Education and Development Trust. The combined effect of these charges and the additional 4,7 million AECI ordinary shares issued in terms of the B-BBEE transactions was estimated to reduce HEPS by 151cps for the year.In the same announcement, the Company undertook to issue a further tradingstatement once there was greater clarity on the specific range of the declinein EPS and HEPS. Accordingly, shareholders are advised that including the IFRScharges the decline in EPS and HEPS from the previous corresponding period isexpected to be between 21% and 28%.
AECI's financial results for the year ended 31 December 2012 are expected to bereleased on SENS on or about Tuesday, 26 February 2013.
The financial information on which this further trading statement is based hasnot been reviewed and reported on by the Company's external auditors.
Woodmead, Sandton
12 February 2013
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)