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AFE - AECI Limited - Trading Statement

Release Date: 01/06/2012 07:05:01      Code(s): AFE
AFE - AECI Limited - Trading Statement                                          
AECI LIMITED                                                                    
Incorporated in the Republic of South Africa                                    
(Registration No. 1924/002590/06)                                               
Share code: AFE     ISIN No.  ZAE000000220                                      
("AECI" or "the Company")                                                       
TRADING STATEMENT                                                               
In compliance with the JSE Listings Requirements, shareholders are advised that,
for the six months to 30 June 2012, AECI`s headline earnings per share ("HEPS") 
and earnings per share ("EPS") are expected to be more than 20% lower than those
for the prior corresponding period as a result of the following:                
-    AECI`s Broad-based Black Economic Empowerment transactions were effected   
    during the period, as reported in AECI`s results for the 2011 financial     
    year published on SENS on 21 February 2012, and in its Integrated Report    
    for 2011, issued on 19 April 2012.                                          
HEPS and EPS will be reduced by the recognition of costs in terms of        
    International Financial Reporting Standards ("IFRS").  An IFRS 2 cost of    
    about R148 million will be recognised in respect of the AECI Community      
    Education and Development Trust and the accrual of a portion of the IFRS 2  
cost in respect of the AECI Employees Share Trust.  The combined effect of  
    these two charges alone will be a reduction in HEPS of 138cps.  Furthermore 
    4,7 million AECI ordinary shares were issued in terms of the KTH            
    transaction, with this additional weighted average number of shares         
diluting HEPS and EPS.                                                      
-    Mining and manufacturing production have remained volatile in a demanding  
    global operating environment, with mining in South Africa experiencing a    
    number of disruptions.                                                      
-    AEL Mining Services has experienced some raw material and production       
    difficulties at its nitric acid plants in Modderfontein and has also not    
    met the production targets set for its ISAP plant.  Although the business   
    has responded appropriately, it expects that operating profit will be lower 
than that achieved in the prior corresponding period.                       
    AECI`s results for the half-year to 30 June 2012 are expected to be         
    released on SENS on or about Wednesday, 25 July 2012.                       
    The forecast financial information on which this trading statement is based 
has not been reviewed and reported on by the Company`s external auditors.   
Woodmead, Sandton                                                               
1 June 2012                                                                     
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Date: 01/06/2012 07:05:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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information disseminated through SENS.                                          

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