Sharenet Sites 
Sharenet Sites
Trading Statement
CADIZ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/007258/06)
JSE share code: CDZ
ISIN: ZAE000017661
(“Cadiz Holdings” or “the group”)
CADIZ HOLDINGS – TRADING STATEMENT
Cadiz Holdings’ shareholders are advised that basic and diluted
earnings and headline earnings per share for the year ending 31
March 2015 (“the period”) are anticipated to be more than 20%
(0.54 cents) lower than the corresponding period last year (2.7
cents).
The main reason for the above decline is the R195.4 million of
impairments against Goodwill, Associates and the group’s loan to
Makana Investment Corporation (the group’s empowerment partner)
already reported in our interim results in November 2014 and the
continuation of the operating losses experienced in the interim
results. We will re-consider the valuation of these assets at
year end.
Following the changes to the board announced in November and the
assessment of the business a clear strategy is now being
implemented to return the business to sustainable profitability.
The initial focus has been on aligning our costs to assets under
management. We had previously invested in a large internal
administrative platform which resulted in a high fixed cost
base, while most asset managers our current size outsource their
administration. As a result we are in the process of outsourcing
our administration which will provide us with a lower and more
variable cost base. At the same time we have focused on reducing
other costs.
The non-recurring cost of the above restructuring which includes
retrenchment, office rationalisation and write downs of
intangible software will impact our results for the year ending
31 March 2015.
We have retained all the key employees required to take the
business forward and have not made any changes to our investment
philosophy and process.
The business remains well capitalised and we are confident that
changes will achieve the desired results.
More specific information will be provided to shareholders as
soon as there is reasonable certainty as to the range within 20%
by which basic and diluted earnings and headline earnings per
share have declined.
The group’s results for the year ending 31 March 2015 will be
announced on SENS on Monday 1 June 2015.
The financial information on which this trading statement is
based has not been reviewed or reported on by the group’s
independent auditors.
Cape Town
2 March 2015
Sponsor
Investec Bank Limited
Date: 02/03/2015 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
