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Trading Statement
AFGRI Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1995/004030/06
ISIN: ZAE000040549
JSE share code: AFR
("AFGRI" or "the Company")
Trading Statement
AFGRI shareholders are advised that the Company is expecting a decrease of
between 25% and 40 % in respect of headline earnings per share (“HEPS”)
for the year ending 30 June 2013 compared to that of the previous year.
Earnings per share(“EPS”) is expected to decrease between 5% and 15% for
the year ending 30 June 2013 compared to that of the previous year.
The HEPS are negatively impacted by losses in the Group’s Animal Protein
division as a result of record levels of Poultry imports and high feed raw
material input costs. These factors resulted in considerable reductions in
margins which have placed the South –African Poultry Industry in distress.
As indicated with the release of the Group’s interim results on 13 March
2013, the Board is continuously monitoring the valuation of its Poultry
business due to the distressed poultry industry. The Government is still
in the process of addressing the proposed additional import tariffs and
anti-dumping initiatives to combat the record levels of imports. Should
these initiatives not materialise soon the Board will assess the possible
impairment of the Poultry business which has not been taken into account
in this trading statement. Such possible impairment will impact EPS but
not HEPS.
This trading statement includes the impact of the estimated capital profit
to be realised with the implementation of the recently approved merger of
the Group’s retail business with that of Senwes Limited. This estimated
capital profit will only impact EPS and not HEPS.
This trading statement has not been reviewed or reported on by AFGRI`s
external auditors. The release of the final announcement of results for
the year ending 30 June 2013 is expected to be published on SENS on or
about 4 September 2013.
Centurion
24 April 2013
Sponsor: Investec Bank Limited
Date: 24/04/2013 12:16:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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