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ASSORE LIMITED - Trading Statement

Release Date: 04/02/2013 16:30
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 US
Dollar selling prices for iron ore for the first half of the
current financial year were significantly lower than those for
the six-month period ended 31 December 2011. The impact of
these lower prices was partly offset by increased sales volumes
of iron ore, higher prices for certain of the Group’s manganese
products and a weaker Rand/US Dollar exchange rate in the
current financial year.

Trading conditions in the iron ore market were volatile due to
weaker Asian demand and continuing sovereign debt issues in
Europe.   Iron ore prices started to recover over the fourth
quarter of 2012 and are currently at levels higher than the
average of the half year under review. Global shortages of
certain grades of manganese ore that the Group produces have
resulted in a slight increase in the prices of these grades.

Based on the trading conditions set out above, earnings for the
six months ended 31 December 2012 are anticipated to decline to
between R1 035 million and R1 145 million compared to R2 129
million recorded in the first half of the previous financial
year.   The lower level of earnings are anticipated to reduce
attributable earnings per share and headline earnings per share
for the six months ended 31 December 2012 to between R10,03 and
R11,09 per share, from R19,78 per share and R19,21 per share
respectively for the six months ended 31 December 2011.
Earnings per share calculations are based on a weighted average
number of 103,21 million (six months ended 31 December 2011:
107,64 million) shares in issue.

The above information has not been reviewed or reported on by
Assore's auditors and the results for the six months ended 31
December 2012 are expected to be published on or about Thursday,
14 February 2013.



Illovo Boulevard
Johannesburg
4 February 2013

Contact details:
Ross Davies
Switchboard: 011 770 6800
Direct line: 011 770 6815
E-mail: rossdavies@assore.com

Financial Communications Advisor
College Hill, Jacques de Bie, 011 447 3030

Sponsor
The Standard Bank of South Africa Limited

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