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CDZ
CDZ
CDZ - Cadiz Holdings Limited - Trading Statement
CADIZ HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/007258/06)
JSE share code: CDZ
ISIN: ZAE000017661
("Cadiz" or "the group")
CADIZ HOLDINGS - TRADING STATEMENT
The deterioration in the global and local economic environment over the past
year has proved particularly challenging for the financial services sector,
while trading conditions have been further impacted by recent declines in the
local equity market.
Cadiz shareholders are advised that the group has experienced a slowdown in
trading activities across all business units in the first four months of the
2009 financial year.
In addition, returns on the group`s investment capital have been negative,
mainly as a result of foreign exchange losses on the group`s offshore
investments owing to the recent strengthening of the Rand and poor returns on
local investments.
While the results for the six months to 30 September 2008 ("the period") will
only be announced on 10 November, management has reasonable certainty that as a
result of these factors outlined above basic earnings per share for the period
are expected to be between 10 and 15 cents per share (30 June 2007: 29.8 cents
per share) and diluted headline earnings per share for the period are expected
to be 10 to 15 cents per share (30 June 2007: 28.7 cents per share). The returns
on the group`s investment capital account for more than 50% of the expected
earnings decline. Shareholders are reminded that Cadiz changed its financial
year-end from 31 December to 31 March with effect from 2008 and that June 2007
are therefore the most recently reported interim results.
Despite the extremely difficult environment and significant asset write-downs
across the financial sector, Cadiz`s operating businesses continue to generate
strong annuity income and cash flows and all businesses are trading profitably.
Management continues to follow a prudent approach to growth in the year ahead,
manage its cost base and position the business for the next growth cycle.
The financial information on which this trading statement is based has not been
reviewed or reported on by the group`s auditors.
Cape Town
4 August 2008
Sponsor
Investec Bank Limited
Date: 04/08/2008 08:07:01 Produced by the JSE SENS Department.
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