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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
("the Group" or "the company")
TRADING STATEMENT
At its annual general meeting held at the beginning of February 2010 the company
said the weaker economic environment experienced in the last quarter of 2009 is
continuing into this year. Expectations were for a weaker economic environment
in this first half than for the first half of 2009, with the weakness and
uncertainty continuing for the balance of the financial year. Whilst trading
conditions have remained difficult, the Group has continued to perform
competitively during the half year to 31 March 2010. Turnover was marginally
higher and EBITDA, excluding fair value adjustments, is expected to be between
10% and 20% lower than the comparative period`s record of R254m.
Earnings per share ("EPS") and headline earnings per share ("HEPS") of the Group
for the half year ended 31 March 2010 are however expected to be between 20% and
30% lower than that of the previous corresponding reporting 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 R10
million, as against last year`s favourable adjustments of R3.9 million before
tax;
- a 10% higher depreciation and amortisation charge, as last year`s capital
expenditure carries a full year`s depreciation charge; and
- a higher effective tax rate as prior period`s assessed losses have been fully
utilized.
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 half year results for the 6 months ended 31
March 2010 on 26 May 2010.
Eleanor Chamberlain
Company Secretary
Paulshof
3 May 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03/05/2010 17:30:01 Produced by the JSE SENS Department.
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