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Afgri Limited - Trading update
AFGRI LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/004030/06)
ISIN: ZAE000040549 JSE Code: AFR
("the company")
Trading update
Shareholders are referred to the trading update announcement dated 28 January
2003 and the year-end financial results published on 31 May 2003.
Shareholders are reminded that, as a consequence of the impact of the adoption
of accounting statements AC133, AC112 (reclassification of foreign subsidiaries)
and the losses incurred by the company"s trading division, as disclosed in the
aforementioned announcement and financial results, the reported interim results
for the period ended 31 August 2002 were adjusted as follows:
Six months Twelve
ended months
ended
31 August 31 28 February
2002 August 2003
Previously 2002 Unchanged
reported Adjusted (cents)
(cents) (cents)
Earnings per share 37,4 16,2 84,9
Headline earnings per 37,4 16,2 85,2
share ("HEPS") 424,3 402,7 391,3
Net tangible asset value
per share
Shareholders attention is drawn to the guidance provided in the year-end
financial results published on 31 May 2003, in which it was suggested that HEPS
growth for the year was expected to be approximately 15% - 20% above that
achieved for the twelve months ended 28 February 2003.
As a result of the revision to the previously reported interim results,
shareholders are advised that the expected HEPS for the six months ended 31
August 2003, may increase by more than the company"s stated growth target over
the adjusted results for the corresponding period last year. The directors
expect that the HEPS growth for the six months to 31 August 2003 will be
materially higher (between 20% - 30%) than the adjusted results.
Growth in the business activities of the company"s customers and its target
markets has been slower than was experienced in the corresponding period last
year. Notwithstanding the slower growth and the expected "normal" agricultural
conditions for the balance of the year, the Board of directors is expecting the
company to increase its HEPS by between 15% and 20% for the full year ending 29
February 2004.
The company"s auditors have reviewed the profit forecasts recorded herein in
accordance with SAICA"s Guidelines on Profit Forecasts and their report is
available for inspection at the company"s registered offices.
By order of the Board
JOHANNESBURG
18 September 2003
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 18/09/2003 04:00:41 PM Produced by the JSE SENS Department
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