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24 Jul 2015 14:30
AECI LTD - Further Trading StatementAECI LTD - Further Trading Statement
PR Newswire
London, July 24
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 21 July 2015, shareholders are advised that for the half-year ended 30 June 2015 (“the period”) AECI’s headline earnings per share (“HEPS”) are expected to be between 43% and 47% (i.e. 168 cents and 183 cents) higher than the 390 cents of the prior corresponding period. Earnings per share (“EPS”) are expected to be between 7% and 11% (i.e. 38 cents and 59 cents) higher than the 537 cents of the prior corresponding period.
The increases are attributable to the effects of the bulk sale of the Group’s surplus property assets at Somerset West to the City of Cape Town (“the transaction”) for a cash consideration of R400 million (excluding VAT).
The transaction was approved on 24 June 2015 by the Competition Tribunal of South Africa and, accordingly, revenue of R400 million and profit from operations of R294 million were recognised.
Earnings in the prior corresponding period were positively impacted by proceeds from the bulk sale of the Group’s surplus property assets in Modderfontein. However, the EPS and HEPS benefits of this were partly offset by the negative effects of the strikes in South Africa’s platinum mining sector on AECI’s businesses between January and June.
The Company is currently finalising its results for the period and it is expected that these will be released on SENS on or about Tuesday, 28 July 2015.
The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.
Woodmead, Sandton
24 July 2015
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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