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ASSORE LIMITED - Trading Statement

Release Date: 14/11/2014 10:25
Code(s): ASR     PDF:  
Wrap Text
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 (“USD”) export 
selling prices for iron ore have continued to decline from the levels recorded 
towards the end of the previous financial year. The prices realised for fines 
grade iron ore delivered in China over the last quarter of the Group’s previous
financial year, which averaged approximately USD104 per metric ton, have since 
declined to approximately USD75 per metric ton. The impact of these lower prices 
on earnings has been partly offset by a weaker Rand/USD exchange rate during the 
period to date, compared to the same period in the previous financial year.

Based on the trading conditions set out above, earnings for the six months ended 
31 December 2014 are anticipated to decline to between R912 million and R1 113 
million compared to R2 427 million recorded for the six months ended 31 December 
2013 (“the previous period”). The lower level of earnings is anticipated to result
in declines of attributable earnings per share and headline earnings per share for 
the six months ended 31 December 2014 to between R8,83 and R10,79 per share, from 
R23,52 per share for the previous period, which equates to a decline of between 
37,5% and 45,9% of attributable and headline earnings per share of the previous 
period. Earnings per share calculations are based on a weighted average number of 
103,21 million (six months ended 31 December 2013: 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 2014 are expected to be published 
on or about Wednesday, 11 February 2015.



Illovo Boulevard
Johannesburg
14 November 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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