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BDM
BDM
BDM - Buildmax Limited - Trading statement
Buildmax Limited
(Registration No. 1995/012209/06)
Share Code: BDM ISIN Code: ZAE000011250
("Buildmax" or the "group")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they are reasonably satisfied that the
financial results for the reporting period will differ by 20% or more from prior
year results. Shareholders are referred to Buildmax`s 2010 annual report and
numerous circulars issued by Buildmax in which Buildmax stated that the results
for the first six months of the financial year would be poor as a result of the
restructuring of the Mining Services SBU which would only be completed towards
the end of the first six months of the financial year.
Core headline loss per share ("Core HLPS")
Core HLPS is based on headline loss per share ("HLPS") excluding non-cash flow
items relating to amortisation of intangibles (including mining rights), and the
implied/actual interest incurred on a deferred vendor consideration as required
in terms of International Financial Reporting Standards("IFRS").
Shareholders are advised that the Core HLPS and HLPS for the six months ended 31
August 2010 are expected to be approximately 7.0 cents and 7.70 cents
respectively.
Key contributing factors to the Core HLPS and HLPS are:
- The restructuring of the Mining Services SBU including the closure of
Vukuza Earthworks;
- A further decline in the value of second hand equipment and the scarcity of
bank finance for new equipment forced the mining services business unit to
continue to hire in equipment at punitive rates and to continue the use of
sub-contractors;
- The Mining Services SBU has had to extend the life of its yellow metal
fleet, resulting in increased maintenance costs and reduced plant
availability and productivity;
- The continued slowdown in the construction industry during the period under
review.
As a result of the ongoing critical review by management, the group expects to
report impairment to the carrying value of its fleet of R 37.9 million (before
tax). In addition it is anticipated that there will be appropriate impairments
to the carrying value of goodwill and intangible assets of R 255.8 million.
Taking into account the impact of the impairments to property plant and
equipment, goodwill and intangible assets and the HLPS, the group expects to
report a basic loss per share of approximately 32.0 cents for the six months
ended 31 August 2010.
The information on which this trading statement has been based has not yet been
reviewed or reported on by the company`s auditors.
The group`s reviewed financial results for the interim period ended 31 August
2010 are expected to be released on or about 17 November 2010.
5 November 2010
Sponsor
Java Capital
Investor relations
Envisage (Pty) Ltd
Date: 05/11/2010 15:39:01 Produced by the JSE SENS Department.
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