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Trading statement
Assore Limited
(Incorporated in the Republic of South Africa)
Registration number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932
(“Assore” or “the Group”)
TRADING STATEMENT
Shareholders of Assore are advised that headline earnings for
the current financial year (“2014”) are anticipated to
increase to between R4,0 billion and R4,5 billion compared to
R3,5 billion recorded in the previous financial year (“2013”).
Compared to 2013, average prices in US dollars for the Group’s
products were marginally lower for 2014. Prices for iron ore
showed higher levels of volatility and declined significantly
during the second half of 2014. These declines in prices were
more than offset by a weaker Rand/US dollar exchange rate
during 2014, which resulted in turnover for Assmang
Proprietary Limited (“Assmang”) increasing by 12%, compared to
2013, with a corresponding improvement in commissions earned
by the Group on Assmang’s sales. Assore’s 50% interest in
Assmang is accounted for on the equity accounting basis.
Based on the trading conditions set out above, earnings per
share for the year ended 30 June 2014 are anticipated to
increase to between R36,78 and R41,63 per share from R33,20
(restated) per share for the year ended 30 June 2013 and
headline earnings per share are expected to increase to
between R38,76 and R43,60 per share from R34,24 (restated) per
share for the year ended 30 June 2013. Earnings per share
calculations are based on a weighted average number of
103,21 million (year ended 30 June 2013: 103,21 million)
shares in issue.
The above information has not been reviewed or reported on by
Assore's auditors and the results for the Group for the year
ended 30 June 2014 are expected to be published on or about 4
September 2014.
Illovo Boulevard
Johannesburg
8 August 2014
Contact details:
Ross Davies
Switchboard: +27 (0)11 770 6800
Direct line: +27 (0)11 770 6815
E-mail: rossdavies@assore.com
Financial Communications Advisor
Magna Carta, Jacques de Bie, +27(0)11 784 2598
Sponsor
The Standard Bank of South Africa Limited
Date: 08/08/2014 12:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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