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YRK
YRK
YRK - York Timber Holdings Limited - Trading Statement
York Timber Holdings Limited
Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
Share code: YRK
ISIN: ZAE000133450
("York" or "the Company")
TRADING STATEMENT
York is in the process of completing its results for the year ended 30 June 2011
for release prior to 30 September 2011.
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited,
companies are required to publish a trading statement as soon as they become
reasonably certain that the financial results for the period to be reported on
next will differ by at least 20% from those of the previous corresponding
period.
Operating profit for the year ended 30 June 2011 is expected to be between 450%
and 470% higher than that reported in the comparative period.
Accordingly, net cash flow from operating activities is expected to be between
495% and 515% higher than that reported in the comparative period.
Shareholders are reminded that, at 30 June 2010, the discounted cash flow method
was adopted to value the biological asset. The result of this was an increase in
the value of this biological asset of R183 million for that period. The increase
in biological asset value for the year ended 30 June 2011 will represent a
normalised period and is expected to be between 4% and 12% of the adjustment in
the comparative period. The biological asset valuation at 30 June 2011 will
exceed that at 31 December 2010.
Accordingly, shareholders are advised that:
earnings per share ("EPS") for the year ended 30 June 2011 are expected to be
between 57% and 67% lower than those reported in the comparative period as a
result of the adoption of the discounted cash flow biological valuation method
on 30 June 2010. EPS of 10 to 13 cents is expected (year ended 30 June 2010: 30
cents per share); and
headline earnings per share ("HEPS") for the year ended 30 June 2011 are
expected to be between 55% and 65% lower than those reported in the comparative
period as a result of the adoption of the discounted cash flow biological
valuation method on 30 June 2010. HEPS of 14 to 18 cents is expected (year ended
30 June 2010: 40 cents per share).
Shareholders are advised that the information included in this announcement has
not been reviewed or reported on by the Company`s auditors.
Sabie, Mpumalanga
25 August 2011
Sponsor
One Capital
Date: 25/08/2011 16:59:10 Produced by the JSE SENS Department.
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