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AFRICAN OXYGEN LIMITED - Trading statement

Release Date: 15/07/2015 16:00:00      Code(s): AFX     
(Incorporated in the Republic of South Africa)
(Registration number 1927/000089/06)
JSE code: AFX
NSX code: AOX
ISIN: ZAE000067120
(?Afrox? or the ?Company?)


In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are satisfied that, with a reasonable degree of certainty,
the financial results for the current reporting period will differ by at least 20% from the financial results
of the previous corresponding period.

Afrox is in the process of finalising their results for the 6 months ended 30 June 2015 (?Results?) and
shareholders are accordingly advised that the Company expects to report:

    -   earnings per share to be between 32 cents and 38 cents per share, the aforementioned being
        39% and 28% lower than the 52.8 cents per share for the previous corresponding period,
        respectively; and
    -   headline earnings per share to be between 37 cents and 42 cents per share, the
        aforementioned being 25% and 15% lower than the 49.5 cents per share for the previous
        corresponding period, respectively.

The decrease in forecast earnings per share is due to one-time costs associated with restructuring
activities necessitated by the ongoing weak demand for our products and the required reduction in our
fixed cost structure to ensure the sustainability of the Company in the medium to longer term.

The main contributors to the reduction in headline earnings are as follows:

    -   a R111 million adjustment to the provision for restructuring costs with further opportunities to
        restructure having been identified ; and
    -   a write down of R15 million of inventory due to product rationalisation as a result of the
        restructuring activities.

The above information has not been reviewed or reported on by the Company?s auditors. The
Company?s Results are expected to be published on or about 27 August 2015.

15 July 2015

One Capital

Date: 15/07/2015 04:00:00 Supplied by www.sharenet.co.za                     
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