AP Eagers Limited : Market Guidance
01/16/2012 | 06:25pm
16 January 2012
Company Announcements Office
ASX Limited
2011 Financial Year Profit Update
The strong third quarter trading performance experienced by
A.P. Eagers Limited (ASX:APE) continued and strengthened in
the final quarter of 2011.
The company's profit before tax, excluding any impact which
may arise from finalisation of asset fair value assessments,
for the full year is expected to be approximately $61
million. This compares to a profit before tax for 2010 of
$45.3 million and market guidance for the current year
(issued on 12 October
2011) of between $54 and $57 million.
This profit update remains subject to finalisation of the
asset fair value assessments and external audit. Based on a
preliminary assessment of asset fair values, no material
impairment of intangible asset
values and investments is expected. The value of the
company's total property portfolio is also expected to remain
stable, although movement in the values of certain individual
properties is likely - some
positive and others negative.
In relation to property fair values, Accounting Standards
require any increase (net of tax) in the value of certain
individual properties to be recognised in a reserve in the
statement of financial position without increasing the
company's reported profit; whereas any decrease in the value
of other individual properties (in excess of any previous
revaluation increment remaining in equity) is required to be
recorded as an impairment charge, thereby reducing profit in
the income statement.
It is therefore anticipated that lower valuations for certain
individual properties will reduce the company's statutory
profit before tax by approximately $3 million to $58 million
upon finalisation of asset fair value assessments, even
though no material change to the overall value of the
company's $323 million property portfolio is expected.
The company's Preliminary Final Report will be released in
late February 2012 after finalisation of the asset fair value
assessments and external audit.
ENDS
For more information, contact: Martin Ward
Chief Executive Officer
(07) 3248 9455
or visit www.apeagers.com.au
A. P. EAGERS LIMITED
ABN 87 009 680 013
Registered Office
80 McLachlan Street Fortitude Valley Q 4006
P.O. Box 199 Fortitude Valley Q 4006
Telephone (07) 3248 9455 Fax (07) 3248 9459
Email corporate@apeagers.com.au
