Last checked at 7 Feb 2011 07:00
AECI LIMITED
Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE ISIN No. ZAE000000220
("AECI" or "the Company")
REVISED TRADING STATEMENT
Shareholders are referred to the trading statement released on SENS on 14 October 2010 advising them that AECI expected that its earnings per share ("EPS") and headline earnings per share ("HEPS"), for the financial year then ending 31 December 2010, would be at least 40% higher than those achieved for the financial year ended 31 December 2009.
In the same announcement, the Company undertook to issue a further trading statement once there was greater clarity on the specific range of the improvement in EPS and HEPS.
Accordingly, shareholders are advised that the range of improvement for EPS is expected to be between 30% and 50%. EPS for the year ended 31 December 2009 were impacted by a surplus on the disposal of the assets and property of SANS Fibres (Pty) Limited whilst, in 2010, EPS were affected by goodwill impairment and corporate restructuring adjustments.
HEPS for the year ended 31 December 2010 are expected to be between 50% and 70% greater than last year.
Despite experiencing a strong year of trading in 2010, the Company's results were adversely impacted by the strong rand/US dollar exchange rate and an abnormally high escalation in the post-retirement medical aid liability.
AECI's financial results, for the year ended 31 December 2010, will be released on SENS on Tuesday, 22 February 2011.
The forecast financial information on which this revised trading statement is based has not been reviewed and reported on by the Company's external auditors.
Woodmead, Sandton7 February 2011Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
vendor