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MTA
MTA
MTA - Metair - Trading Statement
METAIR INVESTMENTS LIMITED
Reg No. 1948/031013/06
(Incorporated in the Republic of South Africa)
Share code : MTA
ISIN code : ZAE000090692
("Metair" or "the Group")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("the Listings
Requirements"), companies are required to publish a trading statement as soon as
they are reasonably certain that the financial results for the current reporting
period will be more than 20% different from that of the previous corresponding
period.
Headline Earnings Per Share
Accordingly, Metair advises that it expects the Group`s headline earnings per
share for the year ended 31 December 2008 to be between 35% and 45% lower
compared to the previous corresponding period. This equates to a headline
earnings per share of between 68 cents and 81 cents per share, compared to the
124 cents for the previous corresponding period.
The period under review proved to be very fluid, with performance in the first
half mostly influenced by conditions in the South African market, local
customers` strategies and Rand volatility as was advised at the interim period.
Performance in the second half of the year was affected by conditions and events
in the global market, especially from October 2008 when the full impact of the
financial crisis resulted in a sharp downturn in world economic activity. The
Rand continued to be volatile during the second half of the financial year and
devalued by a further 32% against the Yen during the last quarter.
The decrease in headline earnings per share was primarily as a result of the
depreciation of the Rand against major currencies and a decline in volumes from
the original equipment manufacturers during the second half of the year.
Earnings Per Share
Earnings per share are estimated to be between 100% and 110% lower compared to
the previous corresponding period. This equates to earnings per share of
between 0 cents and -12 cents per share compared to 123 cents per share for the
previous corresponding period.
Global economic events and the approximately 30% decline in the local production
of vehicles have triggered impairment testing under International Accounting
Standard 36 (IAS36) and impairment charges are the reason for the difference
between the estimates of earnings per share and the estimates of headline
earnings per share respectively. The impairment charges relate to property,
plant, equipment and goodwill at subsidiaries which produce plastic parts,
lights and brake systems.
Shareholders should be aware that the impairment exercise is complex
particularly given the volatility of future market conditions and whilst every
effort has been made to correctly quantify the impairment values, the final
impact on earnings is still subject to review by the Group`s external auditors.
It is anticipated that results for the year ended 31 December 2008 will be
published on or about 23 March 2009.
The above information has not been reviewed or reported on by the Group`s
auditors.
BY ORDER OF THE BOARD
Johannesburg
20 February 2009
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 20/02/2009 15:43:01 Produced by the JSE SENS Department.
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