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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”) selling prices for the Group’s iron and manganese products
have declined substantially over the current financial year (“the
current year”) from those achieved in the previous financial year
(“the previous year”). Average index USD prices for 62% iron
content fines grade ore delivered in China over the current year
to date have averaged approximately USD72 per metric ton, compared
to USD123 per metric ton in the previous year. The impact of these
lower prices on earnings has been partly offset by a weaker
Rand/USD exchange rate which predominated over the current year.
In addition, the Group expects to record impairment charges after
taxation against certain of its jointly controlled and owned
smelting and mining operations of R411 million and against
available-for-sale financial assets of R109 million.
Based on the trading conditions set out above, attributable earnings
for the year ended 30 June 2015 are anticipated to decline to between
R1 227 million and R1 500 million compared to R4 005 million recorded
for the previous year, while headline earnings are anticipated to decline
to between R1, 700 million and R2 077 million compared to R4 230 million
recorded for the previous year.
These lower levels of earnings are anticipated to result in declines of
attributable earnings per share for the year ended 30 June 2015 to between
R11,89 and R14,53 from R38,81 per share and headline earnings per share to
between R16,47 and R20,13 per share from R40,98 per share. The decline in
percentage terms of attributable earnings on the previous year is therefore
expected to be between 62,5% and 69,4% and the decline in headline earnings
is expected to be between 50,9% and 59,8%. Earnings per share calculations
are based on a weighted average number of 103,21 million (year ended 30 June
2014: 103,21 million) shares in issue.
The above information has not been reviewed or reported on by Assore's auditors
and the results for year ended 30 June 2015 are expected to be published on
or about Thursday, 27 August 2015.
Illovo Boulevard
Johannesburg
30 June 2015
Contact details:
Ross Davies
Switchboard: 011 770 6800
Direct line: 011 770 6815
E-mail: rossdavies@assore.com
Financial Communications Advisor
Jacques de Bie, 082 691 5384
Sponsor
The Standard Bank of South Africa Limited
Date: 30/06/2015 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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