AFE - AECI Limited - Revised trading statement Release Date: 07/02/2011 08:00:04 Code(s): AFE
AFE - AECI Limited - Revised trading statement
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
7 February 2011
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07/02/2011 08:00:04 Supplied by www.sharenet.co.za
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