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AUSTRO GROUP LIMITED - Trading Statement

Release Date: 05/11/2013 14:32
Code(s): ASO     PDF:  
Wrap Text
Trading Statement

AUSTRO GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/029771/06)
JSE share code: ASO ISIN: ZAE000090882
(“Austro” 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 that a reasonable degree of certainty exists that the financial results of the period to be
reported upon next will differ by at least 20% from the financial results for the previous corresponding period.

Accordingly, shareholders are advised that, for the year ended 31 August 2013, Austro anticipates earnings per
share (“EPS”) to be between 1 cent per share and 3 cents per share, being between 40.06 cents per share and
42.06 cents per share higher than the loss of 39.06 cents per share reported for the year ended 31 August 2012
and headline earnings per share (“HEPS”) to be between 1 cent per share and 3 cents per share, being between
6.26 cents per share and 8.26 cents per share higher than the headline loss of 5.26 cents per share reported for
the year ended 31 August 2012.

Shareholders should however note that Austro and its subsidiary, New Way Power Proprietary Limited (“New
Way”) (collectively “the Group”), have instituted legal action to interdict and restrain each of Jonathan Freed
(formerly CEO of New Way and director of Austro) and Justin Freed (formerly Sales Director of New Way and
alternate director of Austro) from breaching restraint of trade undertakings, common law and other legal duties
owed to the Group.

The financial results upon which this trading statement is based have been prepared on the assumption that the
Group is successful with the litigation against Jonathan and Justin Freed (the “Freed litigation”) and the
successful conclusion of discussions with John Deere regarding the continuation of the Group’s distributor
arrangements (the details of which are set out in the circular to the company’s shareholders dated 5 November
2013) such that no impairment of goodwill is required. In the event that the Freed litigation and John Deere
distributor arrangements are not favourably resolved from the Group’s perspective, it may require an
impairment of goodwill.

The financial information on which this trading statement is based has not been reviewed or reported on by the
company’s auditors.

The company’s financial results for the year ended 31 August 2013 are expected to be released on SENS on or
about 21 November 2013.


5 November 2013


Sponsor

Java Capital

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