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EQSTRA HOLDINGS LIMITED - Trading statement and notification of year end results presentation

Release Date: 19/06/2014 14:59
Code(s): EQS     PDF:  
Wrap Text
Trading statement and notification of year end results presentation

Eqstra Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
Share code: EQS, EQS01, EQS02, EQS04, EQS05, EQS06, EQS07, EQS08A, EQS09
ISIN: ZAE000117123
("Eqstra" or "the group")

TRADING STATEMENT AND NOTIFICATION OF YEAR END RESULTS PRESENTATION

Trading statement

In terms of the Listings Requirements of the JSE Limited, 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 for the period to be reported on
will differ by 20% or more from the financial results of the previous corresponding
period.

Shareholders are advised that the group anticipates both headline earnings per
share ("HEPS") and earnings per share ("EPS") to decrease by between 32% and 42%
for the year ended 30 June 2014 when comparing HEPS and EPS as reported at 30 June
2013.

The negative impact of industrial action of R135 million during the first quarter
of the financial year at Eqstra’s Contract Mining and Plant Rental division, as
disclosed in Eqstra’s Stock Exchange News Service ("SENS") announcement on 22
November 2013 and 27 January 2014, has contributed to these forecasted results.
This division’s profitability was furthermore negatively impacted by approximately
R70 million following abnormally high rainfall during the third quarter and a
further R20 million resulting from closure and retrenchment costs of non-profitable
contracts. A slowdown in the South African economy and in the mining sector
negatively impacted the plant rental business unit.

The group anticipates performances from both the Industrial Equipment and Fleet
Management and Logistics divisions to be in line with management expectations for
the year ended 30 June 2014.

Included in the forecast the board has taken a conservative view to impair its
32.8% shareholding in Protech Khuthele Holdings Limited by R64 million to zero
following the suspension of the shares on the JSE Limited. Eqstra is in discussions
with the business rescue practitioner to establish whether opportunities exist to
protect our investment.

The financial information, on which this trading statement is based, has not been
reviewed and reported on by Eqstra’s external auditors. The statement is based on
financial information available at the time of this publication.

Results presentation

Eqstra’s year end results will be released on SENS on or about 2 September 2014.
The group will be updating the market on its business in a presentation in
Johannesburg on the same day, which will also be webcast on www.eqstra.co.za, and
in Cape Town on 3 September 2014. The presentation and dial-in codes will be
available for all stakeholders on the group’s website www.eqstra.co.za

Kempton Park
19 June 2014

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 19/06/2014 02:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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