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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 higher than those for
the six-month period ended 31 December 2012 (“the previous
period”). The impact of these higher prices on earnings was
exacerbated by a weaker Rand/US Dollar exchange rate during the
period, however, export sales tonnage for iron ore was
marginally lower.
Trading conditions in the Group’s other markets improved over
the previous period, with prices for manganese and chrome ores
remaining consistent, but prices for manganese alloys were
generally lower.
Based on the trading conditions set out above, earnings for the
six months ended 31 December 2013 are anticipated to increase to
between R2 340 million and R2 490 million compared to R1 106
million recorded in the previous period.The higher level of
earnings are anticipated to increase attributable earnings per
share and headline earnings per share for the six months ended
31 December 2013 to between R22,67 and R24,13 per share, from
R10,72 per share. The Group has adopted certain changes to its
accounting policies, following changes to International
Financial Reporting Standards (“IFRS”).There has been no
impact on the earnings of the Group as previously reported due
to these changes. Earnings per share calculations are based on
a weighted average number of 103,21 million (six months ended 31
December 2012: 103,21 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 2013 are expected to be published on or about Thursday,
13 February 2014.
Illovo Boulevard
Johannesburg
3 February 2014
Contact details:
Ross Davies
Switchboard: 011 770 6800
Direct line: 011 770 6815
E-mail: rossdavies@assore.com
Financial Communications Advisor
Magna Carta, Jacques de Bie, 011 784 2598
Sponsor
The Standard Bank of South Africa Limited
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