DELTA EMD LIMITED - Trading update and trading statement for the year ended 27 December 2017

Release Date: 20/02/2018 09:04
Code(s): DTA
 
Wrap Text
Trading update and trading statement for the year ended 27 December 2017

Delta EMD Limited
(Incorporated in the Republic of South Africa)
Registration number 1919/006020/06
ISIN: ZAE000132817
Share code: DTA
(“Delta EMD” or “the Group”)


TRADING UPDATE AND TRADING STATEMENT FOR THE YEAR ENDED 27 DECEMBER
2017


Trading update
Shareholders are referred to the Group’s statement of unaudited results
for the six months ended 27 June 2017 released on the Stock Exchange
News Service (“SENS”) on 8 September 2017.

During the year remediation of the Group’s former plant site located
in Nelspruit continued in terms of the order received during December
2015 from the Department of Environmental Affairs. Progress reports
on the remediation undertaken in terms of the order were submitted to
the Department of Environmental Affairs as required. An independent
evaluation of the remediation will be undertaken during the first
quarter of 2018. The former plant site is the Group’s only remaining
non-current asset.

The former plant site has been actively marketed during the past 20
months and no substantial, unconditional offers have been received to
date.   Efforts to market and sell the site continue.       Given the
difficulty experienced selling the site, the Group, as it does at each
statement of financial position date, has reviewed the carrying value
of the plant site to determine whether the site has suffered an
impairment loss. An updated valuation of the site was undertaken by
an independent land valuator and indicated that carrying the site at
cost is not inappropriate.

Trading Statement

Paragraph 3.4 (b) of the Listings Requirements of the JSE Limited
requires companies to publish a trading statement in the event that
they are satisfied with a reasonable degree of certainty that the
earnings per share and headline earnings per share for the period to
be reported on next will differ from the previous corresponding
reporting period by at least 20%.

Delta EMD is currently finalising its results for the year ended 27
December 2017 (“the period”). Shareholders are advised that Delta EMD
earnings per share are expected to be between 6 cents and 7 cents,
representing a reduction of between 75% and 79% from the previous
corresponding reporting period (2016: 28.4 cents).

Delta EMD also expects headline earnings per share for the period to
be between 6 cents and 7 cents, representing a reduction of between
75% and 79% from the previous corresponding reporting period (2016:
28.4 cents).

The main contributors to the earnings were interest and the reversal
of certain provisions, as was the case during the prior period.

Delta EMD’s results for the year ended 27 December 2017 are expected
to be released on SENS before the end of February 2018.

The forecast financial information on which this trading statement is
based has not been reviewed and reported on by the Group’s external
auditors.


20 February 2018
Nelspruit

Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited

Date: 20/02/2018 09:04:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story