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CRM - Ceramic Industries Limited - Trading statement for the financial year ended 31 July 2011 CERAMIC INDUSTRIES LIMITED Registration number 1982/008520/06) (Incorporated in the Republic of South Africa) Share code: CRM ISIN: ZAE000008538 ("Ceramic" or "the Group") TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 31 JULY 2011 Ceramic is currently finalising its results for the year ended 31 July 2011. In terms of section 3.4(b) of the Listings Requirements of the JSE Limited, companies are required to publish a trading statement as soon as a reasonable degree of certainty exists that the financial results for the period will differ by at least 20% from those for the previous corresponding period. Accordingly, shareholders are advised that the Group`s operating profit will be between 20% and 25% lower than the prior comparable reporting period. Headline earnings per share ("HEPS") and basic earnings per share ("EPS") are expected to be between 28% and 33% lower than the prior comparable period. The larger decline in HEPS and EPS in relative terms is due to the STC on the R304 million special dividend paid on 13 June 2011. Weak demand, exacerbated by the influx of cheap imported product (facilitated by the strong local currency), led to an under-utilisation of the Group`s factories and put pressure on unit costs. In addition, a rise in input costs during the period driven by above-CPI increases in energy and glaze expenses was not able to be recovered through price increases. This has resulted in a negative impact on margins. Notwithstanding this disappointing performance, the Group remains cash- generative. In addition, all of its factories are in a good state of repair. Management is therefore satisfied that Ceramic is well positioned to take advantage of any improvement in the trading environment when that materialises. REVIEW OF RESULTS The information on which this announcement is based has not been reviewed or reported on by Ceramic`s auditors. PUBLICATION OF RESULTS The Group`s results for the year ended 31 July 2011 are expected to be published on SENS on or about 08 September 2011. Vereeniging 29 August 2011 Sponsor One Capital Date: 29/08/2011 12:15:01 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.
