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DAW - Distribution and Warehousing Network Limited - Trading Statement

Release Date: 29/08/2011 08:00
Code(s): DAW
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DAW - Distribution and Warehousing Network Limited - Trading Statement Distribution and Warehousing Network Limited (Incorporated in the Republic of South Africa) (Registration number 1984/008265/06) Share code: DAW & ISIN code: ZAE000018834 ("DAWN" or "the Group") Trading Statement In compliance with section 3.4(b) of the JSE Listings Requirements, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the period to be reported on will be more than 20% different from that of the previous corresponding period. DAWN shareholders are accordingly advised that , for the year ended 30 June 2011, the Group expects: Headline earnings per share ("HEPS") to be between 14,7 cents per share to 17,1 cents per share, (65%-70% lower) compared to HEPS of 48,9 cents per share for the previous corresponding period and Earnings per share ("EPS") to be between -10,8 cents per share and -16,2 cents per share, (120%-130% lower) compared to the EPS of 54,0 cents per share in the previous corresponding period. The decline in EPS is attributable to the impairments of intangible assets and other once off non-operating adjustments, mainly relating to Vaal Sanitaryware, Libra Bathrooms and Africa Swiss Trading, amounting to R69 million. Operating income before these once-off adjustments is expected to amount to between R95 million and R105 million (a decrease of 50%-55% compared to the published operating income for the previous corresponding period). The continued depressed trading environment in the building sector impacted negatively on the operating performance of the businesses in this segment. The data on Buildings Completed confirmed a further worsening of activity in the building industry. Infrastructure segment delivered a marginally improved performance, but are, however, still in a loss position for the year under review. The financial information on which this trading statement is based has not been reviewed or reported on by DAWN`s auditors. The Group`s results will be released on SENS on16 September 2011. Johannesburg 29 August 2011 Sponsor Deloitte & Touche Sponsor Services (Proprietary) Limited Date: 29/08/2011 08:00:30 Supplied by www.sharenet.co.za 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.

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