22 Jul 2014 07:00
AECI LTD - Trading StatementAECI LTD - Trading Statement
PR Newswire
London, July 22
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") TRADING STATEMENT In compliance with the JSE Limited Listings Requirements, shareholders areadvised that for the half-year ended 30 June 2014 ("the period") AECI'searnings per share ("EPS") are expected to be between 45% and 55% higher thanthe 356 cents of the prior corresponding period. Headline earnings per share("HEPS") are expected to be between 5% and 15% higher than the 356 cents of theprior corresponding period. On 20 March 2014, AECI received cash of R1 061 million (including VAT) inconsideration of the disposal by the Group of its surplus property assets atModderfontein. Profit from operations relating to the transaction was R421million before tax. This was included in EPS. Owing to the nature of theproperty sold, only R240 million of the R421 million was recognised as revenueprofit before tax and therefore included in HEPS. The HEPS benefits of the property transaction were offset, in part, by thenegative impact of the strikes in South Africa's platinum mining sector on theGroup's businesses between January and June. The Company is currently finalising its results for the period and it isexpected that these will be released on SENS on or about Tuesday, 29 July 2014. The financial information on which this trading statement is based has not beenreviewed and reported on by the Company's external auditors. Woodmead, Sandton 22 July 2014
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)