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Trading statement
B & W INSTRUMENTATION AND ELECTRICAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 2001/008548/06)
Share code: BWI ISIN: ZAE000098687
(“B&W” or “the Company”)
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to publish a
trading statement as soon as they become reasonably certain that the financial results for the
period to be reported on will differ by more than 20% from that of the previous corresponding
period.
Accordingly, a review of the preliminary financial results for the six month period ended 28
February 2013 by management has indicated that basic earnings per share and headline
earnings per share of B&W are expected to be at least 20% lower than the earnings per share
and headline earnings per share of 0.1 cents for the six month period ended 29 February 2012.
A further trading statement will be published once the Company has a greater degree of
certainty with regards to its financial results for the six month period ended 28 February 2013.
The reason for this decrease is that there has been a general reduction in turnover, due to the
postponement of multiple targeted projects, and the Madagascar Operations.
In Madagascar, the Company has accepted a financial settlement substantially lower than had
been accounted for. This decision was taken to avoid costly and protracted litigation, and bolster
the Company’s immediate cash position. The effect of this will be an approximate reduction of 11
cents in earnings per share.
The Company does, however, have a strong order book going forward, at improved margins.
Consequently the Company expects a financial improvement by year-end, extending well into
2014.
The financial information on which this trading statement is based has not been reviewed or
reported on by B&W’s auditors. B&W’s interim financial results are expected to be released on
SENS on or about 22 April 2013.
Johannesburg
21 February 2013
Designated Adviser
Merchantec Capital
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