AFE
AFE
AFE - AECI Limited - Trading Statement
AECI LIMITED
(Incorporated in the Republic of South Africa)
Registration No. 1924/002590/06
Share code: AFE
ISIN code: ZAE00000020
("AECI" or "the Company")
TRADING STATEMENT
AECI is currently finalising its results for the year ended 31 December
2007, which are due to be released on SENS on 26 February 2008. In this
regard, shareholders are advised that headline earnings per share are
expected to be 10% to 15% below the lower range (400 cents per share) of the
guidance provided to the market in the SENS announcement dated 28 November
2007.
This is attributable to two property transactions which were in progress but
which were not completed prior to year end as anticipated. It is expected
that both sales will now take place in 2008.
Attributable earnings per share are expected to be approximately 30% below
the lower range (560 cents per share) of the previous guidance. This is the
result of the above property transactions as well as an increase in the
impairment provision for SANS Fibres. The impairment provision is a non-cash
item in which the book value of the fixed assets has been written down to
the projected discounted cashflows of the business units or anticipated
sales value. The provision has been increased to include the PET assets,
based on current trading and outlook, and assets of the nylon businesses in
the USA and South Africa for which indicative sale offers have been
received.
Woodmead, Sandton
1 February 2008
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/02/2008 14:00:01 Produced by the JSE SENS Department.
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