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FAMOUS BRANDS LIMITED - Trading statement

Release Date: 08/03/2018 08:01
Code(s): FBR     PDF:  
Wrap Text
Trading statement

 FAMOUS BRANDS LIMITED
 (Incorporated in the Republic of South Africa)
 (Registration number 1969/004875/06)
 Share code: FBR
 ISIN code: ZAE000053328
 (“Famous Brands” or “the Company”)

 Trading statement

 In terms of paragraph 3.4(b) of the JSE Limited (“JSE”) Listings
 Requirements, companies are required to publish a trading statement as
 soon as they have reasonable certainty that the financial results for the
 next period to be reported upon will differ by at least 20% from those of
 the previous corresponding period.

 Shareholders are advised that a decision has been taken by the board of
 directors of Famous Brands (“the Board”) to recognise the following amounts
 in relation to the Company’s investment in GBK Restaurants Limited (“GBK”),
 a wholly owned subsidiary incorporated in the United Kingdom:

 i.    an impairment of intangible assets at Group level, which is estimated
       to be between ZAR241 million and ZAR322 million;
ii.    an impairment of property, plant and equipment at GBK, which is
       estimated to be between GBP3.6 million and GBP4.8 million (the rand
       equivalent being between ZAR59 million and ZAR78 million); and
iii.   a provision for property related expenses at GBK, which is estimated
       to be between GBP2.3 million and GBP3.0 million (the rand equivalent
       being between ZAR37 million and ZAR49 million).

 The exact valuations of the two impairment figures and the provision will
 be determined as part of the year-end process.

 Accordingly, in terms of the annual results of the Company for the twelve
 months ended 28 February 2018, the Board has reasonable certainty that the
 impairments and expenses will result in a decrease of greater than 20% on
 the Company’s earnings per share (EPS) compared to the previous
 corresponding period.

 As the results for the year ended 28 February 2018 are in the process of
 finalisation, the Company does not have the required certainty to be able
 to provide the ranges of the EPS decreases. A further announcement will
 be released as soon as reasonable certainty in this regard has been
 obtained.

 The annual results of the Company for year ended 28 February 2018 will be
 released on or about 24 May 2018.

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


 Midrand
 8 March 2018

 Sponsor
 The Standard Bank of South Africa Limited

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