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ESOR LIMITED - Trading Update

Release Date: 14/11/2014 07:15:00      Code(s): ESR       PDF(s):  
Trading Update

(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000133369
(“Esor” or “the company”)


Esor is currently finalising its interim results for the six
months ended 31 August 2014 (“the interim period”) and
shareholders are advised that the company expects a basic loss
per share of between 6.0 and 7.2 cents and a headline loss per
share of between 6.2 and 7.4 cents for the interim period,
compared to earnings per share of 0.6 cents and headline earnings
per share of 0.01 cent in the previous corresponding interim
period. The previous corresponding period includes the results of
the Geotechnical business, which has since been sold.

The loss has largely resulted from the N4 contract which has
incurred a further R50 million loss during the interim period.
The loss on the N4 contract is mainly due to the late completion
of the works compared to final estimates at February 2014. This
contract has since been completed post the interim period end and
the road has been opened. All costs to completion have been

Esor’s claim on the Eskom Kusile underground terraces contract
has been finalised and settled. This settlement was insufficient
to cover the amount traded and the company has incurred a R20
million loss on the settlement of this claim. There are still
significant variations that are currently being substantiated.
The balance of the cash, in excess of the R150 million that was
previously paid on account, has been received. This removes the
balance sheet risk associated with the advance payments.

Work on hand and future pipeline remain healthy, with a secured
outstanding 2 year order book of R2.4 billion and imminent
pending awards of approximately R500 million.

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

The company’s interim results for the six months ended 31 August
2014 are expected to be released on SENS during the week ending
28 November 2014.

14 November 2014

Vunani Corporate Finance

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