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Release Date: 30/01/2019 10:20
Code(s): ARH     PDF:  
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Trading Update

(Registration number: 1986/002975/06)
Share code: ARH      ISIN: ZAE000109435
(“ARB” or “the company”)


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.

Shareholders are advised that ARB expects its earnings per share
(“EPS”,) and headline earnings per share (“HEPS”), for the six
months ended 31 December 2018, to be between 22.62 cents and
24.50 cents which is between 35% and 40% lower than the EPS and
HEPS reported for the six months ended 31 December 2017, of
37,70 and 37.62 cents respectively.

While earnings in the electrical division have been negatively
affected by the reduction in the number of large projects;
decreased spending from Eskom and copper supply shortages
affecting the supply of power cables, the majority of the
expected decrease arises from an IFRS adjustment. This non-cash
IFRS adjustment resulted from an increase in the valuation of
the PUT Option Liability issued to the non-controlling interests
in Eurolux, of between R9m and R11m, as compared to the R13,8m
income (or decrease in valuation) in the comparative period last
year. This represents a decrease in the EPS and HEPS of between
9,70 cents and 10,55 cents per share. This increase in the
valuation of the PUT Option liability is primarily as a result
of the increase in the price earnings ratio applicable in terms
of the PUT Option.

Shareholders are again cautioned that the valuation of the PUT
Option Liability is sensitive to the ARB share price.

ARB’s results for the six months ended 31 December 2018 are
expected to be released on or about Friday, 8 February 2019.

The information on which this trading update has been based has
not been reviewed or reported on by the company’s auditors.
30 January 2019
Grindrod Bank Limited

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