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Trading Statement for the Year Ended 30 June 2015
ITALTILE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1955/000558/06)
Share code: ITE ISIN: ZAE000099123
(“Italtile” or “the Group”)
TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2015
Italtile is currently finalising its results for the year
ended 30 June 2015.
The Group’s basic earnings per share (“EPS”) will be between
75.1 cents and 76.9 cents (2014: 55.3 cents), reflecting an
increase of between 36% and 39% compared to the previous
corresponding period ended 30 June 2014. Headline earnings
per share (“HEPS”) will be between 70.8 cents and 72.8 cents
(2014: 57.6 cents), reflecting an increase of between 23% and
26% compared to the previous corresponding period ended
30 June 2014.
The Group’s basic EPS from continuing operations will be
between 75.1 cents and 76.9 cents (2014: 57.4 cents),
reflecting an increase of between 31% and 34% compared to the
previous corresponding period ended 30 June 2014. HEPS from
continuing operations will be between 70.8 cents and
72.8 cents (2014: 58.7 cents), reflecting an increase of
between 21% and 24% compared to the previous corresponding
period ended 30 June 2014.
Earnings growth includes the impact of the following:
- An IFRS 2 charge of R12 million (2014: R17 million)
related to the Italtile Staff Share Scheme, of which
R7 million (2014: R11 million) is an accelerated charge
related to franchisee staff;
- The increased contribution of R62 million
(2014: R29 million) to Group profit from associates
Ceramic Industries Ltd and Ezeetile;
- Net finance income of R11 million (2014: net finance cost
of R9 million) attributable to the settlement of long-
term debt and improved net cash holdings of the Group;
- A lower effective tax rate resulting from reduced
consolidated Dividend Withholding Tax charges compared
with the prior corresponding period and the income tax
benefit of share award vestings and payments in the
current period;
- A fair value gain of R14 million derived from the
reclassification of a subsidiary (Ser Export s.p.a.) to
an associate following the disposal by the Group of a
portion of its shareholding in this company;
- A once-off gain of R19 million resulting from the
reclassification to income of Foreign Currency
Translation Reserve related to Italtile Mauritius
Proprietary Limited, previous bearer of certain of the
Group’s non-South African trademarks, following the
liquidation distribution of that company’s net assets to
South Africa; and
- Once-off losses related to discontinued operations in the
prior comparative period of R20 million.
System-wide turnover from continuing operations for the year
ended 30 June 2015 will be between 16% and 19% higher than the
prior comparative period (2014: R4.46 billion).
This performance reported for the year is attributable to
continued implementation of the Group’s Business Optimisation
Programme in key areas across the Group which identified
opportunities for best practice improvement and resulted in
good growth.
REVIEW OF RESULTS
The information on which this announcement is based has not
been reviewed or reported on by Italtile's auditors.
PUBLICATION OF RESULTS
The Group's results for the year ended 30 June 2015 are
expected to be published on SENS on or about 27 August 2015.
Johannesburg
30 July 2015
Sponsor
Merchantec Capital
Date: 30/07/2015 03:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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