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UBU
UBU
UBU - Ububele Holdings Limited - Trading Statement
Ububele Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1998/011074/06)
Share code: UBU
ISIN Code: ZAE000144739
("Ububele" or "the Company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes aware that the
financial results for the next period to be reported on will show a 20% or more
difference from those of the previous corresponding period.
Ububele hereby advises that a reasonable degree of certainty exists that, for
the year ended 30 June 2011:
* headline earnings per share from continuing operations will be between 4.6
cents and 5 cents per share or between 35% to 45% lower than that for the
year ended 30 June 2010; and
* basic earnings per share from continuing operations will be between 4.5
cents and 4.9 cents per share or between 15% to 25% lower than that for the
year ended 30 June 2010;
* headline earnings per share from all operations will be between 1.2 cents
and 1.4 cents per share or between 79% to 89% lower than that for the year
ended 30 June 2010; and
* basic earnings per share from all operations will be between 1.2 cents and
1.4 cents per share or between 72% to 82% lower than that for the year
ended 30 June 2010.
Notwithstanding the decrease in headline earnings per share and basic earnings
per share from continuing operations and from all operations, the board is
pleased to advise that a reasonable degree of certainty exists that, for the
year ended 30 June 2011:
* revenue from continuing operations will be between 10% to 20% higher than
that for the year ended 30 June 2010; and
* operating profit from continuing operations will be between 65% to 75%
higher than that for the year ended 30 June 2010; and
* profit after tax from continuing operations will be between 1% to 11%
higher than that for the year ended 30 June 2010.
The decrease in headline earnings per share and basic earnings per share can be
primarily attributed to losses incurred by the wholesale division of Just Fruit
and Veg (Pty) Limited ("Just Fruit and Veg") due to syndicated theft in the
wholesale division that was uncovered during the reporting period. Following a
forensic audit, the problems have been identified and appropriate action taken
against those parties involved. In light of the above, management have
discontinued a portion of the wholesale business, have restructured the
remainder of the Just Fruit and Veg business and are focusing on the profitable
processed business. The restructuring entailed the relocation of the Just Fruit
and Veg business to new premises, the appointment of new management and the
strengthening of internal controls. The aim of the restructuring is to reduce
costs, return the business to profitability and prevent the business from
falling victim to syndicated theft once again.
This financial information upon which this announcement is based has not been
reviewed or reported on by the auditors of Ububele. The results for the year
ended 30 June 2011 will be published on or about 14 September 2011.
8 September 2011
Cape Town
Designated Adviser
PSG Capital (Pty) Limited
Date: 08/09/2011 17:26:12 Produced by the JSE SENS Department.
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