BVT - Bidvest - Trading Statement For The Year Ended June 30 2009
BVT
BVT
BVT - Bidvest - Trading Statement For The Year Ended June 30 2009
The Bidvest Group Limited
Incorporated in the Republic of South Africa
Registration number 1946/021180/06
Share code: BVT
ISIN: ZAE000117321
("Bidvest")
Trading Statement for the year ended June 30 2009
Bidvest announces that it expects headline earnings per share and basic
earnings per share for the year ended June 30 2009 to be 12% to 14% lower
than those of the prior year.
Headline earnings per share (HEPS)
The decline in headline earnings is in part due to the expensing of one off
closure and reorganisation costs within the motor retail and UK foodservice
and Ontime Automotive businesses. Net of tax these one off costs amount to
40 cents per share.
Basic earnings per share (BEPS)
Basic earnings were positively impacted by the sale of the investment in
Enviroserv Limited but negatively impacted by the impairment of property,
plant and equipment, the disposal and closure of certain subsidiaries and
operations as well as the IFRS impairment of approximately R160 million in
the value of the Group`s listed equity accounted investments.
These decisive actions were deliberately taken to put the Group in a
stronger position at a time of uncertainty and worldwide economic recession.
Difficult times provide opportunity and Bidvest is alert to the potential
this offers.
This trading statement has not been reviewed or reported on by Bidvest`s
external auditors. The release of the announcement of the results for the
year ended June 30 2009 will be published on August 31 2009.
By order of the board
August 12 2009
Sponsor:
Investec Bank Limited
Date: 12/08/2009 09:10:01 Produced by the JSE SENS Department.
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