To view the PDF file, sign up for a MySharenet subscription.

AFE - AECI Limited - Trading Statement

Release Date: 01/06/2012 07:05
Code(s): AFE
Wrap Text

AFE - AECI Limited - Trading Statement AECI LIMITED Incorporated in the Republic of South Africa (Registration No. 1924/002590/06) Share code: AFE ISIN No. ZAE000000220 ("AECI" or "the Company") TRADING STATEMENT In compliance with the JSE Listings Requirements, shareholders are advised that, for the six months to 30 June 2012, AECI`s headline earnings per share ("HEPS") and earnings per share ("EPS") are expected to be more than 20% lower than those for the prior corresponding period as a result of the following: - AECI`s Broad-based Black Economic Empowerment transactions were effected during the period, as reported in AECI`s results for the 2011 financial year published on SENS on 21 February 2012, and in its Integrated Report for 2011, issued on 19 April 2012. HEPS and EPS will be reduced by the recognition of costs in terms of International Financial Reporting Standards ("IFRS"). An IFRS 2 cost of about R148 million will be recognised in respect of the AECI Community Education and Development Trust and the accrual of a portion of the IFRS 2 cost in respect of the AECI Employees Share Trust. The combined effect of these two charges alone will be a reduction in HEPS of 138cps. Furthermore 4,7 million AECI ordinary shares were issued in terms of the KTH transaction, with this additional weighted average number of shares diluting HEPS and EPS. - Mining and manufacturing production have remained volatile in a demanding global operating environment, with mining in South Africa experiencing a number of disruptions. - AEL Mining Services has experienced some raw material and production difficulties at its nitric acid plants in Modderfontein and has also not met the production targets set for its ISAP plant. Although the business has responded appropriately, it expects that operating profit will be lower than that achieved in the prior corresponding period. AECI`s results for the half-year to 30 June 2012 are expected to be released on SENS on or about Wednesday, 25 July 2012. The forecast financial information on which this trading statement is based has not been reviewed and reported on by the Company`s external auditors. Woodmead, Sandton 1 June 2012 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 01/06/2012 07:05:01 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.

Share This Story