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ASSORE LIMITED - Trading statement

Release Date: 22/08/2012 16:21
Code(s): ASR     PDF:  
Wrap Text
Trading statement

Assore Limited
(Incorporated in the Republic of South Africa)
Registration number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932
("Assore" or “the Group”)

TRADING STATEMENT

Shareholders of Assore (“Shareholders”) are advised that
attributable earnings for the current financial year (“2012”)
are anticipated to increase to between R3,8 billion and R4,2
billion compared to R3,2 billion recorded in the previous
financial year (“2011”).    Sales volumes of iron ore for 2012
were 47% higher than those for 2011, resulting in an increase in
the contribution to earnings from the sales of iron ore. While
US Dollar sales prices for all of the Group’s products were
lower, the weaker Rand/US Dollar exchange rate across 2012
maintained Rand prices for the Group’s products at similar
levels to those recorded in 2011.

The Group’s third empowerment transaction was completed during
2012, resulting in the entire BEE ownership of 26% becoming
broad-based.   In terms of the transaction, 11,8% of Assore’s
issued ordinary shares were acquired by a special-purpose
vehicle (“SPV”) on 19 August 2011.      As Assore has provided
security to the SPV in order to repay its debt, these shares are
recognised as treasury shares under International Financial
Reporting Standards (“IFRS”) and the weighted number of treasury
shares has therefore increased to 34.24 million shares from
19,94 million shares in 2011.

Based on the trading conditions set out above, earnings per
share for the year ended 30 June 2012 are anticipated to
increase to between R36,00 and R40,00 per share from R26,91 per
share for the year ended 30 June 2011 and headline earnings per
share to between R33,00 and R37,00 per share from R26,90 per
share for the year ended 30 June 2011.      Earnings per share
calculations are based on a weighted average number of 105,37
million (year ended 30 June 2011: 119,67 million) shares in
issue.   The weighted average number of shares in issue has
decreased as a result of the increase in the Group’s treasury
shares referred to above.

The above information has not been reviewed or reported on by
Assore's auditors and the results for the Group for the year
ended 30 June 2012 are expected to be published on or about 3
September 2012.



Illovo Boulevard
Johannesburg
22 August 2012

Contact details:
Ross Davies
Switchboard: +27 (0)11 770 6800
Direct line: +27 (0)11 770 6815
E-mail: rossdavies@assore.com

Financial Communications Advisor
College Hill, Jacques de Bie, +27 (0)11 447 3030

Sponsor
The Standard Bank of South Africa Limited

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