ELB GROUP LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
ELB Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1930/002553/06)
ISIN: ZAE000035101 and ZAE000035333
Share Code: ELR
("ELR")
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
ELB is currently finalising its results for the six months ended 31 December
2003, which should be released before the end of March 2004. In this regard,
shareholders are advised that earnings will be substantially higher
("substantially" being an increase of 30% or more as defined by the JSE
Securities Exchange South Africa Listings Requirements) than the corresponding
reporting period of the previous year as detailed below.
The corresponding reporting period, for the six months ended 31 December 2002,
included a reversal of a deferred tax accrual on foreign reserves following the
announcement by the Minister of Finance that foreign dividends would no longer
attract tax; and the period also included translation losses relating to certain
foreign operations (now regarded more appropriately as foreign entities) as
charges in the income statement. As disclosed in the annual report for the year
ended
30 June 2003, management decided that it was prudent to continue to accrue in
full for a deferred tax liability on the foreign reserves until legislation in
this regard has been enacted, and that translation adjustments of foreign
entities be disclosed in the statement of changes in capital and reserves.
Accordingly, the corresponding reporting period figures have been adjusted to
accrue in full for the deferred tax liability on the foreign reserves and to
reflect translation adjustments of foreign entities in the statement of changes
in capital and reserves, and thus reflect a headline loss of 18,9 cents per
share. These adjusted figures will appear in the interim results announcement.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Company"s auditors and shareholders are therefore
advised to exercise caution when trading in the Company"s shares until the
results are published.
Boxburg
11 March 2004
Merchant Bank and Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 11/03/2004 05:15:10 PM Produced by the JSE SENS Department
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