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CONSOLIDATED INFRASTRUCTURE GROUP LIMITED - Trading statement for the six months ended 28 February 2019 and release of interim results

Release Date: 31/05/2019 15:56
Code(s): CIL     PDF:  
 
Wrap Text
Trading statement for the six months ended 28 February 2019 and release of interim results

CONSOLIDATED INFRASTRUCTURE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
("CIG" or "the Company" or "the Group")

TRADING STATEMENT FOR THE SIX MONTHS ENDED 28 FEBRUARY 2019 AND RELEASE OF INTERIM RESULTS

Shareholders are advised that for the six months ended 28 February 2019, the Group expects to report:

    -   Loss per share ("LPS") of between 415 cents per share and 495 cents per share, being an improvement of
        between 32.30% and 19.25% compared to the six months ended 28 February 2018 ("the prior comparable
        reporting period") of 613 cents LPS and;
    -   Headline loss per share ("HLPS") of between 385 cents per share and 455 cents per share, being an increase
        of between 12.57% and 33.04% higher compared to the prior comparable reporting period of 342 cents
        HLPS.

During the period the Group successfully concluded a rights issue, raising net proceeds of R777 million by issuing
200 million shares. This resulted in an increase in the weighted number of issued shares from 196 million to
266 million on which the current loss per share is based.

    The loss per share for the period, had it been based on the prior weighted number of shares in issue, would have
    been:

    - LPS of between 560 cents per share and 660 cents per share compared to the prior comparable reporting
      period of 613 cents LPS; and
    - HLPS of between 520 cents per share and 620 cents per share compared to the prior comparable reporting
      period of 342 cents HLPS.

The Group thus expects to report a net loss for the period similar to that of the prior comparable reporting period.

The current reporting period has been impacted by a tough macro-economic environment with pressure on most of
the Group’s businesses, especially in the engineering, procurement and construction (EPC) businesses. The results
have also been further impacted by impairments to unrecoverable work in progress and receivables as well as
goodwill and intangibles. These impairments do not represent future cash outflows and does not impact on the
Group’s liquidity forecasts.

The Group expects to release its unaudited consolidated interim results to the market on Monday 3 June 2019.

The information on which this trading statement has been based has not been reviewed or reported on by the
Company’s external auditors.

31 May 2019


Sponsor

Java Capital

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