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Trading Statement
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 YEAR ENDED 31 JULY 2012
Ceramic is currently finalising its results for the year ended 31
July 2012.
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 is expected to be between 32% and 35% lower than the prior
comparable reporting period.
Headline earnings per share ("HEPS") are expected to be between 21%
and 24% lower than the prior comparable period and basic earnings
per share ("EPS") are expected to be between 14% and 17% lower than
the prior comparable period.
South African tile operation
Record sales volumes were achieved during the period; however
profitability was reduced as a result of above-CPI input cost
increases and a deliberate strategy in the first half of the year to
contain product price increases to combat price pressure in the
local market.
Whilst CPI-linked selling-price increases were implemented in the
latter half of the year, the impact on the division’s margins was
not material.
Australian tile operation
This business continues to under-perform. Inability to deliver
consistently high quality fashionable product eroded the division’s
customer base and the resulting under-utilisation of manufacturing
capacity impacted on production costs. Remedial measures
implemented in the operation during the period failed to effect the
urgent turnaround required.
Centaurus reported an operating loss of R44.7 million (2012: R3.7
million) for the period.
Sanitaryware operation
This division improved on the sound performance delivered in the
prior year, despite subdued market conditions. Production and sales
volumes increased in the review period. Intensive cost containment
and increased sales of higher value products resulted in an improved
margin.
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 2012 are expected to
be published on SENS on or about 06 September 2012.
Vereeniging
31 August 2012
Sponsor
One Capital
Date: 31/08/2012 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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