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ESOR LIMITED - Trading Statement

Release Date: 15/05/2015 12:30:00      Code(s): ESR       PDF(s):  
Trading Statement

ESOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/000732/06)
JSE code: ESR
ISIN: ZAE000184669
(“Esor” or “the company”)

TRADING STATEMENT

Esor is currently finalising its financial results for the year
ended   28   February  2015   (“Current   Financial  Year”)   and
shareholders are advised that the company expects a basic loss
per share of between 24,0 and 28,8 cents (“Current Basic Loss Per
Share”) and a headline loss per share of between 17,0 and 20,3
cents (“Current Headline Loss Per Share”) compared to a basic
loss per share of 43,5 cents and a headline loss per share of
11,3 cents from the previous financial year.

The basic and headline losses per share from continuing
operations in the previous corresponding financial year were 56,6
cents and 24,4 cents respectively, therefore the Current Basic
Loss Per Share and Current Headline Loss Per share, which were
generated from the same continuing operations during the Current
Financial Year, represents a marked improvement in financial
performance.

The losses have, to a large extent, resulted from a further loss
on the N4 Mooinooi road contract (R56 million) which was reported
on in the half year results. This project was completed in
November 2014. The fair value adjustment loss of R35,4 million on
the contingent consideration attributable to the disposal of the
geotechnical business in the previous financial year and the
impairment of goodwill in the civil’s business of R29,7 million
also had material effects on these results.

Esor’s work on hand and future pipeline remain healthy, with a
secured outstanding 2 year order book in excess of R1,9 billion
as at 28 February 2015 and imminent pending awards of
approximately R600 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 financial results for the year ended 28 February
2015 are expected to be released on SENS during the week ending
31 May 2015.


Sandton
15 May 2015


Sponsor
Vunani Corporate Finance

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