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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")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, a company must publish
a trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported on
will differ by at least 20 percent from that of the previous corresponding
period.
Earnings per share (EPS) and headline earnings per share (HEPS) for the
financial year to 31 March 2009 ("the period") are expected to be as follows:
Expected Annualised Reported Reported
Cents per 12 months 12 months 15 months 6 months
share to to to to
31/3/2009 31/3/2008* 31/3/2008 30/9/2008
*
Basic EPS 25.7 - 30.3 46.4 58.0 7.3
Diluted EPS 25.7 - 30.3 44.9 56.1 7.3
Basic HEPS 30.5 - 35.1 47.4 59.3 8.5
Diluted
HEPS 30.5 - 35.1 45.8 57.3 8.5
* In the 2008 financial year Cadiz changed its year end from 31 December to 31
March.
While diluted HEPS for the period are expected to be 23% to 33% lower than the
previous corresponding period, Cadiz has recorded a significantly improved
performance in the second half of the period. Diluted HEPS for the second half
are expected to improve by 159% to 213% over the first half.
Cadiz`s operating businesses have continued to generate strong annuity income
and cash flows, and all businesses are trading profitably. Securities had
another strong year, leveraging off the growth in new businesses and lifted by a
solid performance in the equity derivatives business. Asset management
stabilised in the second half, while structuring continues to deliver sound
performance despite the difficult trading environment.
Returns on the group`s investment capital have improved significantly in the
second half. This is mainly as a result of a strategic decision implemented in
October 2008 to repatriate all foreign currency investments. This removed the
need for the liquidity facility put in place after the acquisition of African
Harvest and has removed all leverage from the Cadiz balance sheet.
The funds were repatriated when the Rand was weaker and applied to operating
activities and local investments, while also enhancing liquidity. However,
revenue from investment capital is still well below the levels reported for the
previous financial year which included significant exchange gains, and is a
major contributing factor to lower earnings for the period.
Owing to the strength of the Cadiz brand the group will be adopting a single
brand strategy and no longer using the African Harvest brand in the asset
management business.
The trademark acquired through the purchase of African Harvest has therefore
been impaired by R9 million. This impacts the group`s earnings per share but
does not affect the headline earnings performance.
The results for the period will be announced on SENS on Monday 1 June 2009.
The financial information on which this trading statement is based has not been
reviewed or reported on by the group`s auditors.
Cape Town
28 April 2009
Sponsor
Investec Bank Limited
Date: 28/04/2009 09:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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