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Updated trading statement
BELL EQUIPMENT LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1968/013656/06
ISIN: ZAE000028304
Share Code: BEL
(“Bell Equipment” or “the Company”)
UPDATED TRADING STATEMENT
Shareholders are referred to the trading statement released on
SENS on 8 February 2017 wherein it was reported that the
Company’s earnings per share (“EPS”) and headline earnings per
share (“HEPS”)were expected to be at least 50% lower (at least
89 cents and at least 84 cents lower) for the year ended 31
December 2016 (“the period”), when compared to the EPS and HEPS
of 177 cents and 167 cents, respectively, for the year ended 31
December 2015.
Bell Equipment herewith reports that it expects EPS for the
period to be between 35 and 45 cents (or between 75% and 80%
lower) and HEPS for the period to be between 35 and 45 cents (or
between 73% and 79% lower), compared with EPS and HEPS of 177
cents and 167 cents, respectively, for the year ended 31
December 2015.
Shareholders are referred to the Company’s unaudited interim
results announcement for the six months ended 30 June 2016
(published on the Stock Exchange News Service (“SENS”) on 20
September 2016), in which reported EPS and HEPS for the year
ended 31 December 2015 were restated to 148 cents and 138 cents
respectively. When compared to restated EPS and HEPS, expected
EPS and HEPS for the year ended 31 December 2016 are accordingly
expected to be at least 67% lower (at least 103 cents and 93
cents lower, respectively).
The expected decrease in results is due to fraud and
mismanagement in the Company’s subsidiary in the Democratic
Republic of Congo (DRC), as previously communicated to
shareholders; to continued depressed conditions in the markets
and industries in which the Company operates, and to the
strength of the Rand in the second half of 2016.
Audited results for the period are expected to be announced on
SENS on or about 16 March 2017.
The financial information on which this trading statement is
based has not been reviewed and reported on by the Company's
external auditors.
Richards Bay
14 March 2017
Sponsor
INVESTEC BANK LIMITED
Date: 14/03/2017 02:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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