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Release Date: 04/12/2019 14:32
Code(s): BEL     PDF:  
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Trading Statement

(Incorporated in the Republic of South Africa)
Registration number 1968/013656/06
ISIN: ZAE000028304
Share Code: BEL
(“the Company”)


In terms of the JSE Limited Listing Requirements (“Listings
Requirements”), companies are obliged to publish a trading
statement as soon as they are satisfied that a reasonable degree
of certainty exists that the financial results for the period to
be reported upon next will differ by at least 20% from the
financial results for the previous corresponding reporting period.

Shareholders are accordingly advised that the Company’s earnings
per share (“EPS”) and headline earnings per share (“HEPS”) are
expected to be at least 25% (71 cents) lower for the year ended 31
December 2019 when compared to the EPS and HEPS of 283 cents and
278 cents respectively for the year ended 31 December 2018. A
further trading statement for the year ended 31 December 2019 will
be released on SENS once the Company has reasonable certainty
regarding the extent of the expected decrease in its results for
the year ended 31 December 2019.

The expected decrease in earnings is mainly due to the following:

  • A slow-down in market demand and strong pricing competition
     in the markets in which the group is active, especially in
     South Africa, in the second half of 2019.
  • High interest costs on higher than planned inventory levels.

The financial information on which this trading statement is based
has not been reviewed and reported on by the Company’s external

The results for the year ended 31 December 2019 are expected to be
announced on SENS on or about 30 March 2020.

Richards Bay
4 December 2019


Date: 04-12-2019 02:32:00
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