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EQS
EQS
EQS - Eqstra Holdings Limited - Trading statement
Eqstra Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
Share code: EQS & ISIN: ZAE000117123
("Eqstra")
TRADING STATEMENT
In compliance with section 3.4(b) of the JSE Listings Requirements, issuers are
required to publish a trading statement as soon as they are satisfied, with a
reasonable degree of certainty that the financial results for the period
reported on will differ by at least 20% from those of the previous corresponding
period.
The corresponding period`s pro-forma results refer to the ten months` trading
for the period to 30 April 2008 that represents the divisional financial
statements of the Leasing and Capital Equipment division of Imperial Holdings
Limited prior to unbundling and two months audited financial statements from 1
May 2008 to 30 June 2008 of Eqstra.
On 27 February 2009 Eqstra advised shareholders that the prospects for the
remaining six months would be very challenging by stating that "... effects of
the depressed commodities prices, slowing economic growth, inclement weather and
stricter financing criteria required by banks for financing capital equipment".
These predictions have materialised and resulted in earnings and headline
earnings per share for the financial year ended 30 June 2009 expected to be
between 85% and 95% lower than the previous corresponding period`s pro-forma
earnings and pro-forma headline earnings per share of 170.4 cents and 158.7
cents respectively.
Management has implemented appropriate corrective measures to further minimise
the effects of this downturn. Our construction and mining division has recently
been awarded three opencast mining and rehabilitation contracts in coal which
will replace the platinum contracts that ended. Two of these contracts have
recently commenced whilst the other will start as soon as the mining licence is
granted.
Eqstra is pleased to announce that the South African bank funding package has
been confirmed and covenants renegotiated to incorporate a change of its
interest cover ratio covenant methodology from EBIT (earnings before interest
and taxation) to EBITDA (earnings before interest, taxation, depreciation and
amortisation).
The projected financial information in this trading statement has not been
reviewed or reported on by Eqstra`s auditors. The statement is based on
available information at the time of this publication. Eqstra`s financial year
end results are expected to be released on SENS on or about 26 August 2009.
Johannesburg
30 June 2009
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 30/06/2009 17:00:03 Produced by the JSE SENS Department.
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