TAS
TAS
TAS - Taste Holdings Limited - Trading update
Taste Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2000/002239/06)
JSE code: TAS
ISIN: ZAE000081162
("Taste" or "the company")
TRADING UPDATE
Taste is currently finalising its results for the six months ended 31 August
2009 ("2009 period") and shareholders are advised that the directors expect
the earnings per share ("EPS") to decrease by between 70% and 85% and
headline earnings per share ("HEPS") to decrease by between 35% and 50%
compared to those for the six months ended 31 August 2008 ("2008 period").
The difference between the expected decreases in EPS and HEPS mainly relate
to negative goodwill recognised on the acquisition of NWJ Holdings (Pty)
Limited ("NWJ") included in EPS for the 2008 period but excluded in
determining HEPS.
HEPS were negatively impacted by the increase in the weighted average number
of shares in issue as well as additional finance costs and amortisation
charges recognised in the 2009 period as a result of the NWJ acquisition and
conversion of the BJ`s sites to Maxi`s, without the benefit of a pro rata
portion of the annual net profit of NWJ. The seasonal jewellery market in
which NWJ trades traditionally resulted in NWJ generating approximately 70%
of its annual net profit in the second half of the financial year as a
result of the significantly increased sales over the December holiday
period. NWJ was included for one month of the 2008 period and for the
full 2009 period.
In addition, comparable profitability in the food segment was impacted by
lower number of store openings in the 2009 period compared to the 2008
period, and the associated lower comparable store-opening revenue.
The financial information on which this trading update is based has not
been reviewed or reported on by the company`s auditors.
The company`s results for the six months ended 31 August 2009 are expected
to be published on SENS during the week ending 16 October 2009.
Johannesburg
8 October 2009
Designated Adviser
Vunani Corporate Finance
Date: 08/10/2009 15:13:02 Produced by the JSE SENS Department.
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