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CRM
CRM
CRM - Ceramic Industries Limited - Trading statement for the financial year
ended 31 July 2011
CERAMIC INDUSTRIES LIMITED
Registration number 1982/008520/06)
(Incorporated in the Republic of South Africa)
Share code: CRM
ISIN: ZAE000008538
("Ceramic" or "the Group")
TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 31 JULY 2011
Ceramic is currently finalising its results for the year ended 31 July
2011.
In terms of section 3.4(b) of the Listings Requirements of the JSE Limited,
companies are required to publish a trading statement as soon as a
reasonable degree of certainty exists that the financial results for the
period will differ by at least 20% from those for the previous
corresponding period.
Accordingly, shareholders are advised that the Group`s operating profit
will be between 20% and 25% lower than the prior comparable reporting
period.
Headline earnings per share ("HEPS") and basic earnings per share ("EPS")
are expected to be between 28% and 33% lower than the prior comparable
period. The larger decline in HEPS and EPS in relative terms is due to the
STC on the R304 million special dividend paid on 13 June 2011.
Weak demand, exacerbated by the influx of cheap imported product
(facilitated by the strong local currency), led to an under-utilisation of
the Group`s factories and put pressure on unit costs. In addition, a rise
in input costs during the period driven by above-CPI increases in energy
and glaze expenses was not able to be recovered through price increases.
This has resulted in a negative impact on margins.
Notwithstanding this disappointing performance, the Group remains cash-
generative. In addition, all of its factories are in a good state of
repair. Management is therefore satisfied that Ceramic is well positioned
to take advantage of any improvement in the trading environment when that
materialises.
REVIEW OF RESULTS
The information on which this announcement is based has not been reviewed
or reported on by Ceramic`s auditors.
PUBLICATION OF RESULTS
The Group`s results for the year ended 31 July 2011 are expected to be
published on SENS on or about 08 September 2011.
Vereeniging
29 August 2011
Sponsor
One Capital
Date: 29/08/2011 12:15:01 Produced by the JSE SENS Department.
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JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
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employees and agents accept no liability for (or in respect of) any direct,
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