TORRE INDUSTRIES LIMITED - Trading statement for the year ended 30 June 2017

Trading statement for the year ended 30 June 2017

TORRE INDUSTRIES LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR     ISIN: ZAE000188629
(“Torre” or “the Group”)


TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2017


In terms of paragraph 3.4(b) of the JSE Limited 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
previous corresponding reporting period.

Torre shareholders are advised that normalised headline
earnings per share (“NHEPS”), headline earnings per share
(“HEPS”) and earnings per share (“EPS”) will all be lower than
the previously reported corresponding period due to:

- Goodwill and other impairments deemed necessary in the
  course of the annual impairment assessments completed in
  terms of IAS 36 as part of the year end reporting
  process;
- The impact of the disposal of Kanu Equipment Limited
  during the year, effective 31 May 2017;
- Significantly lower earnings from discontinued operations
  attributable to the Group;
- Prior year earnings included once off benefits from
  deferred purchase consideration adjustments and a
  specific once-off contractual sale in the Analytical
  Services segment; and
- Current year earnings will be adversely affected
  following once-off restructuring and relocation costs
  incurred in the first half of the financial year.

As such, NHEPS, HEPS and EPS from continuing and discontinued
operations to 30 June 2017 are expected to decrease from the
corresponding period as follows:

      12 months to 30 June 2016     12 months to 30 June 2017
                         Actual                 Expected range
NHEPS               21.40 cents     12.87 cents to 17.15 cents
                                             (40% to 20% down)
HEPS                16.61 cents     9.15 cents to 12.47 cents
                                             (45% to 25% down)
EPS                  5.58 cents     -83.8 cents to -82.9 cents

The expected ranges of NHEPS, HEPS and EPS for continuing
operations have been included in this trading statement to
provide relevant information to shareholders due to the impact
of discontinued operations.

As such, NHEPS, HEPS and EPS for the Group from continuing
operations to 30 June 2017 are expected to vary from the
corresponding period as follows:

     12 months to 30 June 2016          12 months to 30 June 2017
                        Actual                     Expected range
NHEPS               7.95 cents          7.40 cents to 8.99 cents
                                              (7% down to 13% up)
HEPS                4.14 cents          3.58 cents to 4.40 cents
                                              (14% down to 6% up)
EPS                -6.99 cents          -80.78 cents to -79.4 cents


A final gross cash dividend of 3 cents per share will be
considered by the board of directors following no declaration
of an interim dividend in the current financial year
(FY2016: interim 3.5 cents per share, and final 2 cents per
share, representing a total of 5.5 cents per share).

The financial information on which the trading statement has
been based has not been reviewed and reported on by Torre’s
external auditors.

Torre will release its full year results, along with the
results of a strategic review, on 30 August 2017 at 10h00
(South African time) and will update the market in a
presentation and international webcast in Johannesburg on the
same day. The presentation and the audio playback thereof will
be available for all stakeholders on the Group's website,
www.torreindustries.com.
Anyone who wishes to participate in the conference call can
dial the following numbers:

CALL/DIAL-IN DETAILS
South Africa (Toll Free)         :   0 800 200 648
Johannesburg                     :   011 535 3600
USA and Canada (Toll Free)       :   1 855 481 5362
Other Countries                  :   +27 11 535 3600

Johannesburg
16 August 2017

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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