Assore Limited : Trading Statement
02/01/2012| 03:36am US/Eastern
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Assore Limited
(Incorporated in the Republic of South Africa) Registration
number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932 ("Assore" or "the Group")
TRADING STATEMENT
Shareholders of Assore ("Shareholders") are advised that the
European sovereign debt crisis continues to have a negative
impact on the demand for the Group's commodities. Except for
iron ore, prices for the Group's commodities were lower in
the first half of the current financial year, in comparison
to those of the same period in the previous financial year.
The impact of these lower prices was mostly offset by
increased sales volumes and a weaker Rand/US Dollar exchange
rate in the current financial year.
Trading conditions in the iron ore market were favourable and
driven mostly by continued Chinese demand. Average prices
were higher, albeit more volatile, in the current financial
year, in comparison to those experienced in the first half of
the previous financial year.
As part of the first phase of the Group's third empowerment
transaction ("Third Empowerment Transaction"), 11,8% of
Assore's issued ordinary shares were acquired by a
special-purpose vehicle ("SPV") on 19 August 2011, and are
recognised as treasury shares in terms of International
Financial Reporting Standards ("IFRS"). The second phase of
the Third Empowerment Transaction was approved by
Shareholders in a general meeting on Thursday, 19 January
2012.
Based on the trading conditions set out above, earnings for
the first half of the financial year are anticipated to
increase to between R1 997 million and R2 207 million
compared to R1 393 million recorded in the first half of the
previous financial year. The increased earnings are
anticipated to increase attributable earnings per share for
the six months ended 31
December 2011 to between R18,55 and R20,50 per share from
R11,64
per share for the six months ended 31 December 2010 and
headline earnings per share to between R18,01 and R19,91 per
share from R11,63 per share for the six months ended 31
December 2010. Earnings per share calculations are based on a
weighted average number of 107,64 million (six months ended
31 December 2010:
119,67 million) shares in issue. The weighted average number
of
shares in issue have decreased as a result of the increase in
the Group's treasury shares referred to above.
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The above information has
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not been reviewed or reported on
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by
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Assore's auditors and the
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results for the six months ended
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31
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December 2011 are expected to be published on or about
Thursday,
16 February 2012.
Illovo Boulevard
Johannesburg
31 January 2012
Contact details: Ross Davies
Switchboard: 011 770 6800
Direct line: 011 770 6815
E-mail: rossdavies@assore.com
Financial Communications Advisor
College Hill, Jacques de Bie, 011 447 3030
Sponsor
The Standard Bank of South Africa Limited
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