AMA
AMA
AMA - AMAP - Trading statement
Amalgamated Appliance Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/004130/06)
Share code: AMA ISIN: ZAE000012647
("AMAP" or "the Group")
TRADING STATEMENT
In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE
Limited, shareholders are advised that the Group`s results for the 6 month
period ended 31 December 2008, being loss and headline loss per share from
continuing operations are expected to be between 265% and 285% greater than the
losses of the previous corresponding period.
As a result of the restructuring of the Group, AMAP has reclassified 80% of its
Atlantis Manufacturing Operation assets and its Atlantis Property as assets held
for sale. The remaining 20% of the Atlantis Manufacturing Operation assets will
be held as an investment in associate. This is in line with the requirements of
IFRS 5.
The Group experienced extremely tough trading conditions over the festive season
primarily driven by the global economic downturn. Furthermore, the recent
consistency in power supply has resulted in the Board`s decision to write down
the power inverter stock on hand by R74.5 million to its net realisable value.
Notwithstanding, the Group generated cash from operations for the period of
R71.4 million which was in line with the operational review published in its
last Annual Report. This was driven by targeted restructuring initiatives,
improved debtor management and inventory reduction.
The financial information on which this trading statement has been based, has
not been reviewed or reported on by the Group`s auditors.
The Group`s results for the six months ended 31 December 2008 are expected to be
published on or about 9 March 2009.
Johannesburg
27 February 2009
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 27/02/2009 17:17:02 Produced by the JSE SENS Department.
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