| Mon 29 Aug 2011, 8:00 | | DAW - Distribution and Warehousing Network Limited - Trading Statement |
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DAW
DAW
DAW - Distribution and Warehousing Network Limited - Trading Statement
Distribution and Warehousing Network Limited
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Share code: DAW & ISIN code: ZAE000018834
("DAWN" or "the Group")
Trading Statement
In compliance with section 3.4(b) of the JSE Listings Requirements, 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 will be more
than 20% different from that of the previous corresponding period.
DAWN shareholders are accordingly advised that , for the year ended 30 June
2011, the Group expects:
Headline earnings per share ("HEPS") to be between 14,7 cents per share to 17,1
cents per share, (65%-70% lower) compared to HEPS of 48,9 cents per share for
the previous corresponding period and
Earnings per share ("EPS") to be between -10,8 cents per share and -16,2 cents
per share, (120%-130% lower) compared to the EPS of 54,0 cents per share in the
previous corresponding period.
The decline in EPS is attributable to the impairments of intangible assets and
other once off non-operating adjustments, mainly relating to Vaal Sanitaryware,
Libra Bathrooms and Africa Swiss Trading, amounting to R69 million. Operating
income before these once-off adjustments is expected to amount to between R95
million and R105 million (a decrease of 50%-55% compared to the published
operating income for the previous corresponding period).
The continued depressed trading environment in the building sector impacted
negatively on the operating performance of the businesses in this segment. The
data on Buildings Completed confirmed a further worsening of activity in the
building industry.
Infrastructure segment delivered a marginally improved performance, but are,
however, still in a loss position for the year under review.
The financial information on which this trading statement is based has not been
reviewed or reported on by DAWN`s auditors. The Group`s results will be released
on SENS on16 September 2011.
Johannesburg
29 August 2011
Sponsor
Deloitte & Touche Sponsor Services (Proprietary) Limited
Date: 29/08/2011 08:00:30 Produced by the JSE SENS Department.
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