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Altron Business Update, Trading Statement and Renewal of Cautionary Announcement
Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL ISIN: ZAE000191342
Share Code: AEN ISIN: ZAE000191359
(“Altron” or “the company”)
Altron Business Update, Trading Statement and Renewal of Cautionary Announcement
Business Update
The Altron group continues to make pleasing progress regarding the implementation of its new
strategic direction, as set out in its announcement released on SENS on 16 April 2015. This has
included, among others, transitioning from a family managed business to an independent
management structure and identifying non-core assets for disposal. Two important recent
developments in this regard have been the approval of the sale of the Autopage subscribers by
the Competition Tribunal which has resulted in this transaction becoming unconditional and
Altron’s announcement on SENS on 3 December 2015 regarding the sale of the majority of its
equity stake in Aberdare Cables, the due diligence of which was recently signed off by the
purchaser. Various other initiatives to further reduce the Altron group’s exposure to the
manufacturing sector as well as the current debt levels are being pursued and announcements
in this regard will be made in due course.
Since the release of Altron’s interim results on SENS on 7 October 2015, the group’s core IT and
Technology businesses have continued to perform well in what are challenging macroeconomic
conditions and are expected to post results ahead of expectations. As articulated in the
company’s outlook statement published with the interim results announcement on SENS on
7 October 2015, the non-core businesses, which predominantly operate in the manufacturing
sector, have continued to experience the same difficult trading conditions as in the first half. The
recently worsened situation in the South African economy further compounds the challenges
these businesses are facing.
Additional information regarding Altron’s operational performance, differentiating between
continuing and discontinued operations will be provided in a further trading statement to be
released in due course.
Trading Statement
Accordingly, shareholders are advised that a reasonable degree of certainty exists that the
company’s basic earnings per share for the financial year ended 29 February 2016 are expected
to be a loss of more than 170 cents as against the previous financial year’s loss of 3 cents on a
total earnings basis, though various impairment reviews will only be concluded during the year
end process. Headline earnings per share for the financial year ended 29 February 2016 are
expected to be a loss of more than 90 cents (197% down) as against the previous financial
year’s profit of 93 cents.
Basic earnings per share and headline earnings per share at the half-year ended 31 August
2015 were a loss of 151 cents and a loss of 64 cents respectively.
A further trading statement will be released in due course to, among others, provide
shareholders with earnings forecast ranges for basic earnings per share and headline earnings
per share, as required by the JSE Listings Requirements.
Altron’s annual financial results for the financial year ended 29 February 2016 are expected to
be announced on or about 18 May 2016.
This trading statement has not been reviewed or reported on by Altron’s external auditor.
Renewal of Cautionary Announcement
Shareholders are further referred to the renewal of cautionary announcement released by the
company on SENS on 1 February 2016 and are advised that the company remains in
discussions and negotiations, which, if successfully concluded, may have a material effect on
the company’s securities. Accordingly shareholders are advised to continue exercising caution
when dealing in the company’s securities until a further announcement is made.
By order of the board.
Johannesburg
14 March 2016
Sponsor
Investec Bank Limited
Date: 14/03/2016 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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