| Thu 11 Feb 2010, 7:20 | | BVT - Bidvest - Trading Update For The Six Month Period Ended December 31 2009 |
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BVT
BVT
BVT - Bidvest - Trading Update For The Six Month Period Ended December 31 2009
The Bidvest Group Limited
Incorporated in the Republic of South Africa
(Registration number 1946/021180/06)
Share code: BVT
ISIN: ZAE000117321
("Bidvest" or "the Group")
Trading Update for the six month period ended December 31 2009
Bidvest anticipates headline earnings per share (HEPS) for the six month period
ended December 31 2009 to be up by between 8% and 10% on the previous interim
period, after the expensing of R53,4 million of acquisition costs in respect of
the eastern European acquisitions, Nowaco and Farutex. These acquisition costs
would have been previously capitalised to the cost of investment but in terms of
the revised IFRS3 accounting standard are now included as an expense in headline
earnings. If HEPS were to be adjusted for the impact of these acquisition
costs, HEPS would be up by between 12% and 14%.
Trading profit is similar to the comparative interim period. Trading conditions
in Southern Africa, with the exception of Namibia, were challenging and the
trading results are reflective thereof. Bidvest Asia Pacific has returned a
strong result. Bidvest Europe has held up relatively well in difficult economic
conditions.
The balance sheet remains strong enhanced by a R2,0 billion reduction in the
working capital absorption compared to the previous interim period. As a result
thereof, finance charges for the period are materially lower, assisted by the
benefit of exposure to the short end of the funding market in a falling interest
rate environment.
The average rand exchange rate was stronger versus sterling and the euro with a
corresponding negative impact on translation of foreign operations HEPS of
approximately 3%.
The weighted average number of shares in issue are up by 11,7 million or 4%
compared to the same period in 2008 mainly due to the issue of shares for the
Nowaco and Farutex acquisitions.
Basic earnings per share (EPS) are anticipated to be down by between 6% and 8%
mainly as a result of the inclusion of net capital profits of R209,4 million in
the comparative interim period.
Bidvest will provide shareholders with its customary comprehensive disclosure on
release of the announcement of the results for the six months ended December 31
2009, due to be published on March 1 2010.
This trading statement has not been reviewed or reported on by Bidvest`s
external auditors.
February 10 2010
Johannesburg
Sponsor:
Investec Bank Limited
Date: 11/02/2010 07:20:02 Produced by the JSE SENS Department.
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