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Trading Statement
CADIZ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/007258/06)
JSE share code: CDZ
ISIN: ZAE000017661
(“Cadiz Holdings” or “the group”)
CADIZ HOLDINGS – TRADING STATEMENT
Further to the trading statement released on SENS on 2 March
2015 where we advised that basic and diluted earnings and
headline earnings per share for the year ended 31 March 2015
(“the period”) were anticipated to be more than 20% (0.54 cents)
lower than last year (2.7 cents).
* Basic and diluted losses per share are expected to be 111.4
cents (representing a 4,556% decrease) compared to basic and
diluted earnings per share of 2.5 cents last year.
*Basic and diluted headline losses per share are expected to be
23.0 cents (representing a 952% decrease)compared to basic and
diluted headline earnings per share of 2.7 cents for last year.
The main reason for the above decline is the R195.4 million of
impairments against Goodwill, Associates and the group’s loan to
Makana Investment Corporation (Pty) Ltd (the group’s empowerment
partner) already reported in our interim results in November
2014. An additional R10.4 million impairment of Associates was
recorded at year end.
Cadiz Holdings incurred operating losses for the six months to
31 March 2015, while the restructuring was being implemented.
The costs of the restructuring of R40.4 million in respect of
staff retrenchments, rationalization of offices, write down of
software and onerous contracts are included in the 31 March 2015
results.
The restructuring has significantly lowered Cadiz’ overall cost
base and made the cost base more variable to assets under
management. Staff numbers in the group were reduced from 90 in
September 2014 to 50 by year end.
Assets under management at 31 March 2015 are R20.7 billion.
The group’s results for the year ended 31 March 2015 will be
announced on SENS on Monday 1 June 2015.
The financial information on which this trading statement is
based has not been reviewed or reported on by the group’s
independent auditors.
Cape Town
28 May 2015
Sponsor
Investec Bank Limited
Date: 28/05/2015 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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