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BWK
BWK
BWK - Buildworks Group Limited - Trading Statement For The Year Ended 31 August
2009
Buildworks Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
Share code: BWK ISIN: ZAE000110219
("Buildworks" or "the group")
TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2009
Buildworks announces that it expects headline earnings per share to be 35% to
40% lower than that of the year ended 31 August 2008 ("the prior year") and due
to an impairment of goodwill at West End Claybrick, a result of the
deterioration in the residential construction sector, basic earnings per share
is expected to be 50% to 55% lower than that of the prior year.
Core headline earnings per share (based on headline earnings after adding back
an amortisation charge raised against intangible assets) is expected to be 20%
to 25% lower than that of the prior year while pro-forma core headline earnings
per share is expected to be 10% to 15% lower than core headline earnings per
share of the prior year.
Headline earnings for the year ended 31 August 2009 is expected to be 3% to 8%
higher than that of the prior year and core headline earnings is expected to be
20% to 25% higher than that of the prior year. The pro-forma core headline
earnings (including the results of Consolidated Power Project (Pty) Ltd ("Conco)
for the year ended 31 August 2009) is expected to be 85% to 90% higher than the
core headline earnings of the prior year. Basic earnings is expected to be 20%
to 25% lower than the prior year.
Although headline earnings is expected to increase, it has been negatively
impacted by the under performance of the Building Materials Division as a result
of the slowdown experienced in the residential and commercial sectors as well as
the IFRS amortisation charge raised against the intangible assets acquired as
part of the acquisition of Conco.
The decline in basic earnings per share and headline earnings per share is
mainly due to the increased number of Buildworks shares in issue resulting from
the acquisition of Conco.
Nevertheless, the acquisition of Conco has made a positive contribution to the
group`s earnings and enhanced the future prospects of the group.
The financial information on which this trading statement is based has not been
reviewed or reported on by Buildworks` external auditors. The release of the
announcement of the results for the year ended 31 August 2009 is expected to be
published on or about November 17 2009.
By order of the board
12 November 2009
Designated advisor
Java Capital (Proprietary) Limited
Date: 12/11/2009 17:30:01 Produced by the JSE SENS Department.
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