AFX - African Oxygen Limited - Afrox announces an evaluation of manufacturing
AFX
AFX
AFX - African Oxygen Limited - Afrox announces an evaluation of manufacturing
facilities and trading statement
African Oxygen Limited
(Incorporated in the Republic of South Africa)
(Registration number 1927/000089/06)
JSE code: AFX ISIN: ZAE000067120
NSX code: AOX
("Afrox" or "the Company" or "the Group")
AFROX ANNOUNCES AN EVALUATION OF MANUFACTURING FACILITIES AND TRADING STATEMENT
1 Impairment of Manufacturing Facilities and Related Costs
Shareholders are advised that Afrox will be impairing assets at two of its
manufacturing facilities. These impairments and associated costs will
result in a negative pre-tax impact in 2010 of R112 million. Annualized
savings are estimated at R25 million (effective in 2011) and R50 million
(effective in 2012).
2 Trading Statement
Accordingly, in compliance with the Listings Requirements of the JSE
Limited, the Group hereby advises shareholders that for the year ending 31
December 2010, basic earnings per share are expected to be between 40% and
60% lower than those of the previous corresponding period and headline
earnings per share are expected to be between 10% and 30% lower than those
of the previous corresponding period, after taking into account the
impairment detailed above.
Shareholders are advised that Afrox`s results for the twelve months ending
31 December 2010 are expected to be released on or about 17 February 2011.
Shareholders are advised that the information contained in this
announcement has not been reviewed nor reported on by the Company`s
external auditors.
Johannesburg
11 November 2010
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
Date: 11/11/2010 14:30:46 Produced by the JSE SENS Department.
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