| Tue 20 Oct 2009, 17:10 | | SAN - Sanyati Holdings Limited - Trading Statement |
|
SAN
SAN
SAN - Sanyati Holdings Limited - Trading Statement
SANYATI HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/002538/06)
JSE Share code: SAN & ISIN: ZAE000081055
("Sanyati" or "the Company")
Trading Statement
In terms of the Listings Requirements of the JSE Limited ("JSE"), companies
are required to publish a trading statement as soon as they are satisfied
that a reasonable degree of certainty exists that the financial results for
the period to be reported on will differ by 20% or more from the financial
results for the previous corresponding period.
Shareholders are advised that Sanyati is currently finalising its interim
results for the six months ended 31 August 2009. Although the earnings before
interest, tax, depreciation and amortisation ("EBITDA") are expected to be
more than R80 million, the results will be negatively impacted by
approximately R50 million which relates to changes in accounting estimates
made in respect of debtors, existing contracts and development properties as
at 28 February 2009. These changes in accounting estimates have been made in
accordance with IAS 8 and are based on changes in circumstances upon which
estimates were based together with the examination of new information
regarding these original estimates.
In addition, Sanyati`s financial performance for the six months was severely
affected by poor trading results from the Buildings Division. Corrective
action in the form of restructuring the Buildings Division and replacing the
previous management team has taken place and the Division has been
incorporated under the Civils Coastal Division.
The expected loss from the Buildings Division has been countered by strong
overall financial performance from Sanyati`s core Civil Construction
businesses in KwaZulu-Natal, Gauteng and the Free State, which collectively
produced EBITDA of approximately R90 million in the period under review.
As a result of the reasons mentioned above, earnings and headline earnings
per share, both basic and fully diluted, are expected to be between 60% and
75% below those of the previous corresponding period. If the changes in
accounting estimates for the period are excluded from the interim results,
normalised earnings per share would be between 11.5 cents and 13.0 cents per
share.
The financial information, on which this trading statement is based, has not
been reviewed or reported on by Sanyati`s auditors.
The results for the six months ended 31 August 2009 are expected to be
published on SENS in the last week of October 2009.
20 October 2009
Durban
Sponsor
Exchange Sponsors
Date: 20/10/2009 17:10:01 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.
