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Trading Update
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/030045/06)
Share code: CGR ISIN: ZAE000109203
(“Calgro M3” or “the company”)
TRADING UPDATE
In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes aware, with a reasonable degree of
certainty, that the financial results for the next period to be reported on are likely to vary by more
than 20% from the previous corresponding period.
Calgro M3 wishes to advise shareholders that the company’s Headline earnings per share (“HEPS”)
for the six months ending 31 August 2017, is expected to be 47.71 cents per share compared to 65.13
cents per share reported in the previous corresponding period. This equates to a decrease of 26.74%.
Earnings per share (“EPS”) for the six months ending 31 August 2017, is expected to be 47.71 cents
per share compared to 65.11 cents per share as reported in the previous corresponding period. This
equates to a decrease of 26.72%.
The Group’s profit after tax was impacted by the construction of units for the AFHCO Calgro M3
Consortium (Pty) Ltd (REIT JV), in which Calgro M3 has a 49% shareholding. The Group’s shareholding
in the REIT JV has resulted in 49% of the development profit (construction and other services) being
eliminated on consolidation as an unrealised profit, as prescribed by International Financial
Reporting Standards (IFRS). This unrealised profit is carried on the balance sheet until it realises in
future financial years, once the units are completed, tenanted and the portfolio has been revalued.
The impact of this unrealised profit is substantial to the financial performance and has necessitated
the Group to institute new metrics to measure operational performance between reporting periods,
as well as to give all stakeholders an indication of the Group’s performance that is consistent
between periods. The below two metrics are described as follows:
Core Earnings per share (“Core EPS”) – Earnings per share before elimination of unrealised profits
from development of units for the REIT JV
Core Headline Earnings per share (“Core HEPS”) – Headline Earnings per share before elimination of
unrealised profits from development of units for the REIT JV
Core earnings per share (“Core EPS”), is expected to be 77.1 cents per share compared to 65.11 cents
per share in the previous corresponding period. This equates to an increase of 18.42%.
Core headline earnings per share (“Core HEPS”) is expected to be 77.1 cents per share compared to
65.13 cents per share in the previous corresponding period. This equates to an increase of 18.38%.
The Memorial Parks business is showing pleasing results and an update on the continued
construction in the Western Cape will be detailed in the interim results commentary.
The financial information on which this trading statement is based has not been reviewed or
reported on by the company’s auditors.
The interim results for the 6 months ended 31 August 2017 are expected to be released during the
week of 16 October 2017.
Johannesburg
9 October 2017
Sponsor
Grindrod Bank Limited
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