INFRASORS HOLDINGS LIMITED - Trading statement the year ended 28 February 2013

Trading statement the year ended 28 February 2013

Infrasors Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/002405/06)
Share Code on the JSE: IRA ISIN: ZAE000101507
("Infrasors" or "the Company")


TRADING STATEMENT

In terms of the JSE Listings Requirements, companies are required to
publish a trading statement as soon as they are satisfied within a
reasonable degree of certainty that the financial results of the period
to be reported upon will differ by 20% or more from the financial
results of the previous corresponding period.

Accordingly, Infrasors shareholders are advised that for the year ended
28 February 2013 (“the year”):

-   Earnings per share (“EPS”) is expected to decrease by between 185.0
    cents per share and 165.0 cents per share, compared to the earnings
    of 2.8 cents per share for the previous corresponding period as
    restated (previously reported profit of 14.9 cents per share);
-   Headline earnings per share (“HEPS”) is expected to decrease by
    between 33.0 cents per share and 23.0 cent per share, compared to
    the loss of 1.8 cents per share for the previous corresponding
    period as restated (previously reported earnings of 10.3 cents per
    share); and
-   Net asset value per share as at 28 February 2013 amounts to 50.4
    cents per share.

The key reasons for the decline in EPS and HEPS include:

-   Impairment of non-core property in use, investment property and
    mineral rights due to a change in future intended use, as a result
    of difficulties in obtaining regulatory approvals by Infrasors and
    tough general market conditions, amounting to R296.4 million. A
    strategy to deal with non-core assets will be developed in due
    course;
-   Change in accounting policy in respect of IFRS 6 expenditure. The
    adoption of the new policy requires the expensing of mine
    development and mineral right-related costs which have previously
    been capitalised. R14.0 million has been expensed for the year (and
    in respect of the previous year as restated, R30.6 million);
-   Write down of obsolete stock and additional costs to supplement the
    shortage of raw materials due to its mineral reserves having been
    depleted to a large extent, amounting to R11.5 million;
-   Impairment of the loan receivable from the Infrasors BEE Empowerment
    Trust to a net realisable value amounting to R46.5 million;
-   Additional depreciation on plant and equipment reaching the end of
    their useful life in mining operations, and obsolete plant and
    equipment amounting to R9.0 million;
-   Lyttelton Dolomite experiencing extraordinarily high repair and
    maintenance costs, amounting to R4.6 million;
-   Write down of deferred tax assets in dormant subsidiaries which are
    unlikely to generate profits in the short term, amounting to R5.8
    million.

The financial information on which this trading statement is based has
not been reviewed, audited and reported on by the Company’s auditors.


Shareholders are advised that the results for the year ended 28 February
2013 will be released mid-May 2013.


By Order of the Board of Directors
Johannesburg
25 April 2013

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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