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Trading Statement
ORION REAL ESTATE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000075651
("Orion Real Estate" or “the Company”)
TRADING STATEMENT
In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock
Exchange, listed companies are required to publish a trading statement as soon as they
become reasonably certain that the financial results for the next period to be reported
on will be more than 20% different from those of the previous corresponding period or
from a profit forecast previously provided to the market in relation to such period.
Following a protracted and acrimonious levy dispute between the Elma Park trustees
and Orion Real Estate Limited, the High Court placed Erf 195 Elma Park Limited (“Elma
Park”) in final liquidation on 22 September 2016. The impact of this resulted in a write-
down of property values amounting to R74.1 million. However, future earnings and cash
flow of the group is expected to increase as Orion was previously incurring significant
losses in relation to this property. Other than the impact described above, Orion and its
subsidiaries will not be adversely affected by the above event going forward.
The Board would like to advise shareholders that the basic and diluted earnings per
share have decreased from 0.33 cents for the year ended 30 June 2016 to a loss of 0.62
cents per share for the year ended 30 June 2017, a decrease of 288%. This decrease is
mainly due to the write-off of Elma Park and the downward valuation adjustment of the
adjacent undeveloped land amounting to a total write-down of R74.1 million.
The headline and diluted headline earnings per share have increased to 1.24 cents per
share for the year ended 30 June 2017 from a headline loss per share of 2.78 cents per
share for the year ended 30 June 2016, an increase of 145%. This increase was due to
property revenue increasing by 10%, other income increasing by 172%, costs reducing
by 9%, finance costs reducing by 24% and finance income increasing by 14%.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Company’s auditors.
The Company expects its results for the year ended 30 June 2017 to be released on
SENS before 30 November 2017.
Johannesburg
16 November 2017
Sponsor
Arbor Capital Sponsors Proprietary Limited
Date: 16/11/2017 12:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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