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Rolfes Holdings Limited - Trading Statement And Restatements Of Prior Period Results

Release Date: 20/09/2017 09:21:00      Code(s): RLF     
ROLFES HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/002715/06)
Share Code: RLF & ISIN: ZAE000159836
("Rolfes" or "the Company")


TRADING STATEMENT AND RESTATEMENTS OF PRIOR PERIOD RESULTS

In terms of para 3.4 (b) of the JSE Listings Requirements, listed companies
are required to publish a trading statement as soon as the board of directors
is satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next will vary by 20% or more when
compared to those of the prior reporting period.

Shareholders are advised that during the finalisation of results for the year
to 30 June 2017, accounting errors and understatements of impairments
relating to prior periods have been identified by the new auditors and the
acting CFO that are considered material. Accordingly the results for the year
ended 30 June 2016 and the interim results for the six months ended 31
December 2016 will be restated.

The understatements of impairments and accounting errors primarily relate to
the Botswana water business and the previously manufactured lead chrome
pigment product ranges disposed of since plant closure and during the interim
period at a negative margin. In addition the Group?s Silica mining operations
were discontinued in the current reporting period as a result of the useful
life of mine and the economic environment and accordingly the current year
results will be stated to show continuing and discontinued operations
separately.

The directors believe that normalised headline earnings per share from
continuing operations of between 47,8c and 56,3c is a meaningful measure for
evaluating the group?s operational performance.

Normalised earnings are defined as earnings from continuing operations
excluding non-recurring items and once off adjustments.

RESTATED INTERIM RESULTS AT DECEMBER 2016

                                                             PRIOR PERIOD ENDED
                     RESTATED               REPORTED           31 DECEMBER 2015


EPS            25,0 to 29,0 cents             37,8c                      28,3c
HEPS           25,0 to 29,0 cents             37,8c                      28,4c


NORMALISED

HEPS           28,0 to 32,0 cents             37,8c                      28,4c
RESTATED RESULTS FOR THE YEAR ENDED 30 JUNE 2016

                                            PRIOR YEAR ENDED                  YEAR ENDED
                          RESTATED               REPORTED                   30 JUNE 2015


EPS               31,4 to 38,4 cents                53,1c                          36,5c
HEPS              36,9 to 45,1 cents                53,2c                          38,2c


NORMALISED

HEPS              39,9 to 48,1 cents                55,9c                          38,2c



EXPECTED RESULTS FROM CONTINUING OPERATIONS FOR THE YEAR ENDED 30 JUNE 2017

             30-06-2017        30-06-2016       VARIANCE*      30-06-2016       VARIANCE
              EXPECTED          RESTATED       TO RESTATED      REPORTED     TO REPORTED


EPS     37,6 to 46,0c         31,4 to 38,4c        8% to 32%      53,1c      -29% to -13%

HEPS    38,3 to 46,8c         36,9 to 45,1c       -7% to 14%      53,2c      -28% to -12%



NORMALISED

HEPS    47,8 to 56,3c         40,0 to 48,2c        8% to 28%      55,9c        -14% to 1%

* The variance range of expected results to restated prior year results has
been calculated to the midpoint of the 2016 restatement range.



EXPECTED RESULTS FROM DISCONTINUED OPERATIONS FOR THE YEAR ENDED 30 JUNE 2017


                                     30-06-2017                   30-06-2016
                                      EXPECTED                      REPORTED


EPS (loss)                             (26,3c)                            2,7c**

HEPS (loss)                            (13,6c)                            2,7c**

** Profit included in prior year reported results but not separately
disclosed.
EXPECTED RESULTS FROM BOTH CONTINUING AND DISCONTINUED OPERATIONS FOR THE
YEAR ENDED 30 JUNE 2017

            30-06-2017    30-06-2016      VARIANCE*      30-06-2016      VARIANCE
             EXPECTED      RESTATED      TO RESTATED      REPORTED    TO REPORTED


EPS     11,8 to 16,0c    33,4 to 40,4c    -68% to -57%      53,1c     -78% to -70%

HEPS    24,6 to 30,1c    38,9 to 47,1c    -43% to -30%      53,2c     -54% to -43%



DIVIDENDS

A final gross cash dividend of 4c per share will be considered by the Board
making a total of 8c per share for the 2017 financial year (2016: 6c per
share).



RELEASE OF RESULTS

The results for the 2017 financial year and the restated results for the 2016
financial year are expected to be published by the end of September 2017.



The information in this trading update has not been reviewed or
reported on by the Company?s auditors.


Johannesburg
20 September 2017

Sponsor: Grindrod Bank Limited
Investor relations: Singular Systems

Date: 20/09/2017 09:21:00 Supplied by www.sharenet.co.za                     
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