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SFH
SFH
SFH - SA French - Trading Update
S A FRENCH LIMITED
Incorporated in the Republic of South Africa
(Registration number 1982/009174/06)
Share code: SFH ISIN: ZAE000108890
("SA French" or "the company")
TRADING UPDATE
In terms of the Listings Requirements of JSE Limited, companies are required
to publish a trading statement as soon as they become reasonably certain that
the financial results for the period to be reported on will differ by more
than 20% from that of the previous corresponding period. Accordingly, a
review of the interim financial results for the six months ended 31 December
2008 by management has indicated that SA French will report a loss per share
of between 2.43 and 3.81 cents per share and a headline loss per share of
between 1.46 and 2.84 cents per share for the period.
Due to the nature of SA French`s business, it is relevant to announce trading
updates using net asset value per share and hence the company will be
adopting this measure for financial periods commencing on/after 1 July 2009.
Accordingly, a review of the interim financial results as at 31 December 2008
by management has indicated that SA French will report net asset value per
share of between 34.11 and 36.16 cents per share for the period.
Trading conditions, particularly in the area of new equipment sales remain
difficult. Positively however, SA French made considerable progress during
the interim period in growing its rental fleet. As recorded in our trading
update of 1 August 2008 and in our annual financial statements, SA French has
concluded a contract for the sale, delivery and erection of two large cranes
on the Medupi power station. Due to specific financing and guarantee
arrangements on the Medupi cranes, the sale of these cranes was recorded in
the interim financial statements. All cash flows relating to the sale of
these cranes were completed and recorded prior to 31 December 2008. The SA
French board had previously anticipated that this sale would only be recorded
in the second half of the June 2009 financial year.
The financial information on which this trading statement is based has not
been reviewed or reported on by the company`s auditors. SA French`s interim
financial results are expected to be released on SENS on or about 31 March
2009.
Johannesburg
26 March 2009
Designated Adviser
Merchantec (Proprietary) Limited
Date: 26/03/2009 15:45:03 Produced by the JSE SENS Department.
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