DISTRIB. AND WAREHOUSING NETWORK LD - Trading statement

Trading statement

Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
(“DAWN” or “the Company”)

TRADING STATEMENT

In compliance with section 3.4 (b) of the Listings Requirements of the JSE Limited, a listed company
is required to publish a trading statement as soon as it becomes reasonably certain that the financial
results for the period to be reported on next will show a 20% or more difference from the previous
corresponding period.

Following a year-end change from June to March in the previous reporting period, shareholders are
advised that for the six months ended 30 September 2015:
     *Headline earnings per share (“HEPS”) will be 192% to 210% higher than those achieved for the
     six months ended 31 December 2014.

    This translates to a HEPS of between 25,5 cents and 30,5 cents compared to the Headline loss
    per share of 27,8 cents for the comparative six months ended 31 December 2014.

    *Earnings per share (“EPS”) will be 87% to 89% lower than those achieved for the six months
    ended 31 December 2014, largely due to the once off net gain on the Grohe transaction
    included in the comparative period.

    This translates to EPS of between 25,5 to 30,5 cents compared to 231,9 cents per share for the
    comparative six months ended 31 December 2014.

On an operating performance level, group earnings improved as committed at the last set of results
announced in June 2015. The group committed to:
              *Cutting back cost structures in line with lower anticipated volumes;
              *Simplifying the group (internal restructuring measures); and
              *Drive productivity from recent systems investments in Logistics.
These initiatives were successfully achieved. Furthermore, benefits of the Grohe transaction and an
improved statement of financial position have started to flow through during the first half of the
2016 financial year.

The financial results on which this trading statement has been based, have not been reviewed and
reported on by DAWN’s auditors. Further information will be provided in the results announcement
for the period ended 30 September 2015 which will be published on SENS on or about 12 November
2015.

12 October 2015
Johannesburg

Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd

Date: 12/10/2015 02:18:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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