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INSIMBI INDUSTRIAL HOLDINGS LIMITED - Trading update Year ended 28 February 2019

Release Date: 27/05/2019 14:10
Code(s): ISB     PDF:  
 
Wrap Text
Trading update – Year ended 28 February 2019

Insimbi Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/029821/06)
Share code: ISB ISIN: ZAE000116828
(“Insimbi”)

TRADING UPDATE – YEAR ENDED 28 FEBRUARY 2019

We refer to the Voluntary Performance Update and Trading Statement which was issued on
16 April 2019 and provide the following further Trading Update.

As mentioned, Insimbi Plastics had a difficult trading year which was exacerbated by the
extended strike in the plastics industry. As a result, based on a review of the Goodwill carried
on the Statement of Financial Position it was concluded that the full Goodwill of R8,9 million
attributed to that company be impaired during this financial period.

In addition to this the group also decided to early adopt IFRS 16 – the new standard on
accounting for leases which negatively impacted earnings by R1,9 million. These two aspects
had an impact on earnings of 2.76 cents per share.

Shareholders are advised that Insimbi now expects the following results for the year ended
28 February 2019:

Headline earnings per share (“HEPS”) between 13.46 cents (-27%) and 14.47 cents (-20%) for
the year ended 28 February 2019 when compared to the reported HEPS of 18.45 cents for the
year ended February 2018 (“corresponding period”).

Earnings per share ("EPS") for the year ended 28 February 2019 is expected to be between
12.93 cents (-36%) and 11.82 cents (-30%) when compared to the reported EPS of 18.47 cents
for the corresponding period.

The audited financial results for the year ended 28 February 2019 will be released by 31 May
2019.

27 May 2019
Johannesburg
Sponsor and Corporate Advisor: Bridge Capital Advisors Proprietary Limited

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