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CRM
CRM
CRM - Ceramic - Trading Statement For The Financial Year Ended 31 July 2009
CERAMIC INDUSTRIES LIMITED
Registration number 1982/008520/06)
(Incorporated in the Republic of South Africa)
Share code: CRM
ISIN: ZAE000008538
("Ceramic" or "the Group")
TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 31 JULY 2009
Shareholders are advised that the Group`s basic earnings per share and
headline earnings per share for the financial year ended 31 July 2009 are
expected to be 48% to 53% lower than the previous financial year ended 31 July
2008. Included in this decline is a once off non-cash charge of R49.3 million
which is discussed below.
Basic earnings per share and headline earnings per share excluding this charge
are expected to be 20% to 25% lower than the previous financial year.
MANUFACTURING ENVIRONMENT AND OPERATIONS
Production across the Group`s factories was reduced because of constrained
demand. Operating profit was negatively impacted by the lower capacity
utilization and increased input costs.
BLACK ECONOMIC EMPOWERMENT EQUITY OWNERSHIP TRANSACTION
On 11 December 2008, Ceramic shareholders approved the conclusion of a Black
Economic Empowerment ("BEE") equity ownership transaction, which included the
issue of Ceramic ordinary shares to strategic black shareholders and the
Group`s employees. Suspensive conditions in terms of the BEE transaction have
now been fulfilledand 10% of the issued share capital of Ceramic is now owned
by the BEE shareholders.
Notwithstanding the fact that the BEE shareholders actually own the shares,
IFRS 2 - Share Based Payments, requires that the value of the embedded option
granted to the BEE shareholders should be expensed. Consequently, operating
profit for the year ended 31 July 2009 has been reduced by this once off non-
cash charge of R49.3 million.
REVIEW OF REULTS
Shareholders are advised that the above information has not been reviewed or
reported on by Ceramic`s external auditors.
PUBLICATION OF RESULTS
The Group`s results for the year ended 31 July 2009 are expected to be
published on SENS on or about 07 September 2009.
Johannesburg
25 August 2009
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 25/08/2009 16:15:01 Produced by the JSE SENS Department.
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