| Fri 30 May 2008, 7:37 | | SNV - Santova - Trading statement IFRS adjustmen |
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SNV
SNV
SNV - Santova - Trading statement, IFRS adjustments and withdrawal of
cautionary announcement
SANTOVA LOGISTICS LIMITED
(Registration Number 1998/018118/06)
Share Code: SNV ISIN: ZAE000090650
("Santova" or "the Company")
TRADING STATEMENT, IFRS ADJUSTMENTS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
TRADING STATEMENT
In terms of the listing requirements of the JSE Limited ("JSE"), a company has
to publish a trading statement if an increase or decrease of more than 20%
(compared to the previous reporting period) in its basic earnings per share or
headline earnings per share is expected.
Shareholders of Santova are advised that group earnings and group headline
earnings per share for the year ended 29 February 2008 will be approximately
0,45 and 0,45 cents per share, respectively, an increase of 31.3% and 34.6%
respectively, to the last published 28 February 2007 results (a fourteen month
period).
This trading statement and SENS announcement has not been reviewed nor audited
by the company`s auditors, Deloitte.
The Group expects to release its reviewed results for the year end 29 February
2008 on 2 June 2008; and its audited statutory annual report in due course.
IFRS AND OTHER ADJUSTMENTS
The reviewed results will reflect certain changes to the previously reported
financial information of the group for the 14 month period to 28 February 2007
and the interim information for the 6 months to 31 August 2008.
These changes arise in the main from an assessment undertaken by the directors
of the application of existing and revised accounting standards in the following
areas:
- reassessing the fair values of the businesses of the recently acquired
subsidiary companies, as well as the valuation placed on the Santova shares
issued and issuable to the vendors of those businesses;
- changing the basis of accounting for the employee share purchase scheme;
- implementing consistent provisioning and impairment policies across the group;
and
- making disclosure changes to achieve compliance with new and revised
International Financial Reporting Standards.
The standardisation of accounting policies across the Santova group has resulted
in increased provisions to reflect possible impairments in accounts receivable.
Where appropriate, the results and balances in prior periods have been restated
to achieve comparability.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement dated 15 April 2008,
and are advised that caution is no longer required to be exercised by
shareholders when dealing in their securities.
Durban
30 May 2008
Designated Advisor
River Group
Date: 30/05/2008 07:37:13 Produced by the JSE SENS Department.
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