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Trading Statement
SOUTH OCEAN HOLDINGS
(Registration number 2007/002381/06)
Incorporated in the Republic of South Africa
('South Ocean Holdings', 'the Group' or 'the Company')
Share code: SOH ISIN: ZAE000092748
South Ocean Holdings Limited
Trading Statement
South Ocean Holdings’ headline earnings per share for the 12 months ended
31 December 2013 are expected to be between 35% to 45% lower than for the corresponding
prior year and earnings per share are expected to be between 0% and 10% lower
than for the corresponding prior year. The decrease in earnings relates to an impairment
charge of R148 million for goodwill that arose on the acquisition of the Radiant Group in
2007, resulting in the goodwill amount being impaired in full. The directors have taken
the decision that the impairment of the goodwill is prudent based on the earnings history of
Radiant Group and the subdued market conditions at present. As reported in the
corresponding prior year, headline earnings per share were 36.3 cents and earnings per
share loss were 75.6 cents.
The financial information on which this trading statement is based has not been reviewed or
reported on by South Ocean Holdings’ external auditors. The audited results for the 12
months ended 31 December 2013 are expected to be published on or about
10 March 2014.
By order of the board
27 February 2014
Alrode
Sponsor
Investec Bank Limited
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