|
FWD
FWD
FWD - Freeworld Coatings Limited - Trading Statement
FREEWORLD COATINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/021624/06)
ISIN: ZAE000109450
Share code: FWD
TRADING STATEMENT
Considering the difficult economic circumstances, Freeworld Coatings Limited
("the Group") continued to perform competitively during the year to 30 September
2009. Turnover was stable and EBITDA, excluding fair value adjustments, is
expected to be between 2.5% and 7.5% lower than last year`s record of R449.1m.
Earnings per share ("EPS") and headline earnings per share ("HEPS") of the Group
for the year ended 30 September 2009 are however expected to be between 25% and
35% lower than that of the previous corresponding period due to:
- The strengthening of the Rand, which is expected to result in the Group
recording negative mark to market fair value adjustments of approximately
R26 million, as against last year`s favourable adjustments of R15.5 million
before tax
- After tax income from Associates which is expected to be between 55% and
65% lower than last year`s reported R22.3 million. This is mainly due to
DuPont Freeworld (Pty) Ltd, which supplies coatings to the motor
manufacturers, being adversely impacted by a substantial reduction in the
vehicle unit builds.
In the prior comparable period, ended 30 September 2008:
- the Group benefited from the reduction in the corporate tax rate, which
resulted in an R8.7m lower tax charge
- there was a reduced average weighted number of shares for the year (201.1m
as against the current year`s 203.9m), due to shares having to be issued at
listing to bring the unbundling to a one for one basis.
Shareholders are advised that the information provided in this trading statement
has not been reviewed and reported on by the Group`s auditors.
The company expects to report its final results for the year to 30 September
2009 on 17 November 2009.
Eleanor Chamberlain
Company Secretary
Paulshof
29 October 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 29/10/2009 07:05:02 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.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
