Unifer Announcement Will Not Have A Material Effec
Super Group Limited
(Registration number1943/016107/06)
(Share code: SPG)
(ISIN number: ZAE000011334)
UniFer announcement will not have a material effect on Super Group's HEPS
Super Group has announced that its investment in UniFer, which yesterday
announced a profit warning, would not have a material effect on the
company's headline earnings to end 31 March 2002.
Dr. Larry Lipschitz, Executive Chairman of Super Group, said that recent
foreign exchange gains from a weaker rand would go a long way to ameliorate
the shortfall of equity earnings from UniFer.
"The impact on Super Group would be limited to the extent of its investment
in UniFer. The investment, which is in the region of R150 million, would be
impaired to an appropriate level following the findings of the UniFer
investigation currently in progress. This impairment would be reflected as
an exceptional item in the income statement and would not affect Headline
Earnings Per Share (HEPS)," Dr. Lipschitz said.
Dr. Lipschitz pointed out that for the last two years its UniFer stake had
been a non-core investment and would not effect core operations which were
trading to expectations. He said the effect on the cash flow of the group
would be minimal given that in the year to 31 March 2001, UniFer dividends
contributed only R12 million of the R436 million generated from operatons.
For further information please call Dr. Larry Lipschitz on: (011) 263 7303
January 16, 2001
Ends.
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