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Trading update
Wescoal Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/006913/06)
(JSE code: WSL ISIN: ZAE000069639)
(“Wescoal” or “the company”)
Trading update
In terms of paragraph 3.4 (b) of the JSE Limited ("JSE") Listings Requirements, companies are
required to publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20% from the previous
corresponding period.
Shareholders are advised that the company expects, with reasonable certainty that the earnings
per share for the year ended 31 March 2015 to be between 14 and 16 cents per share compared
to 40 cents per share for the comparative period which is a decrease in earnings of between 60%
and 65%.
In this context it must be noted that the earnings per share for the year ended 31 March 2014
included the profit on the sale of the Vlaklaagte reserve.
The earnings have been achieved despite a very challenging business environment especially in
the latter quarter of the financial year and specifically the lack of long term Eskom contracts which
impacted negatively on the profitability of Wescoal Mining. Wescoal Trading’s results have
adversely been affected by significant increases in doubtful debt provisions to cater for debtors
defaulting. .
The results are further affected by the impact of costs related to the settlement of mediated exit
packages.
Shareholders are also advised that a rehabilitation liability relating to a washing plant previously
owned and operated by Wescoal pre 2011 was not recorded in the historical accounts and the
liability has now materialised. The transaction has been recorded as a prior year adjustment. The
impact of this adjustment on opening retained earnings is approximately R12 million net of tax.
The financial information on which this trading statement is based has not been reviewed or
reported on by Wescoal`s auditors. The Company`s financial results for the year ended 31 March
2015 are expected to be released on 23 June 2015.
Johannesburg
19 June 2015
Sponsors
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