TOR 201702060028A
Trading statement
TORRE INDUSTRIES LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2012/144604/06)
Share code: TOR ISIN: ZAE000188629
(“Torre” or “the Group”)
TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements, listed companies are required to publish a
trading statement as soon as the board of directors is
satisfied that a reasonable degree of certainty exists that
the financial results for the period to be reported on next
will vary by 20% or more when compared to those of the
previous corresponding reporting period.
Torre shareholders are advised that normalised headline
earnings per share (“NHEPS”), headline earnings per share
(“HEPS”) and basic earnings per share (“EPS”) will all be
lower than the previous corresponding reporting period due to
prior period earnings including once off benefits from
deferred purchase consideration adjustments and a specific
once-off contractual sale. Current period earnings will be
adversely affected following once-off restructuring and
relocation costs.
Notwithstanding, the interim results will be much improved
from those of the prior six month period ended 30 June 2016,
as operational improvements began taking effect.
As such, NHEPS, HEPS and EPS for the Group to 31 December 2016
are expected to decrease from the corresponding period as
follows:
6 months to 31 December 2015 6 months to 31 December 2016
Actual Expected range
NHEPS 15.90 cents 8.0 cents to 7.0 cents
(50% to 56% down)
HEPS 15.12 cents 4.25 cents to 3.25 cents
(72% to 79% down)
EPS 15.06 cents 4.0 cents to 3.0 cents
(73% to 80% down)
The financial information on which the trading statement has
been based has not been reviewed or reported on by Torre’s
external auditors.
Torre will release its results for the 6 months to 31 December
2016 on 28 February 2017, along with the results of a
strategic review.
Johannesburg
6 February 2017
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
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