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Trading Update
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2005/027663/06)
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.
In line with reporting at its interim period, August 2017, 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. 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 in the
hands of the REIT.
The impact of this unrealised profit on the financial performance 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.
Calgro M3 wishes to advise shareholders that the company’s Headline earnings per share (“HEPS”)
for the 12 months ended 28 February 2018, is expected to be between 87.46 cents per share and
92.78 cents per share, compared to 133.08 cents per share reported in the previous corresponding
period. This equates to a decrease of between -30.28% and -34.28%
Earnings per share (“EPS”) for the 12 months ended 28 February 2018, is expected to be between
91.25 cents per share and 96.57 cents per share, compared to 133.06 cents per share as reported in
the previous corresponding period. This equates to a decrease of between -27.42% and -31.42%.
Core headline earnings per share (“Core HEPS”) is expected to be between 140.79 cents per share
and 146.15 cents per share, compared to 134.12 cents per share as reported in the previous
corresponding period. This equates to an increase of between 4.97% and 8.97%.
Core earnings per share (“Core EPS”), is expected to be between 144.58 cents per share and 149.95
cents per share, compared to 134.10 cents per share as reported in the previous corresponding
period. This equates to an increase of between 7.81% and 11.81%.
We believe current core earnings, despite challenges experienced during the year, are testament to
the effectiveness and resilience of our strategy and proves that the variable operating model is
efficient in uncertain times, as recently experienced during the financial year.
As a Group we remain committed to methodically executing our overall strategy of shareholder
wealth creation (30 % average return on equity) in the medium to long term and not through short-
term gains and profit, while relying on the support and commitment of all our stakeholders.
The company did not undertake any further corporate action during the current 12 months when
compared to the previous year.
The financial information on which this trading statement is based has not been reviewed or
reported on by the company’s auditors.
The final results for the year ended 28 February 2018 are expected to be released during the week of
14 May 2018.
Johannesburg
4 May 2018
Sponsor
Grindrod Bank Limited
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