Afgri Limited - Revised Trading Statement
Afgri Limited
Incorporated in the Republic of South Africa)
Registration number: 1995/004030/06
Share Code: AFR
ISIN : ZAE000040549
(`the company`)
REVISED TRADING STATEMENT
Shareholders are referred to the trading statement released on SENS on 31
January 2005, whereby the directors expected the headline earnings per share for
the year ended 28 February 2005 to be between 20% and 30% lower than the
adjusted pro forma headline earnings for the 2004 year of 73.3 cents. Earnings
per share were expected to be marginally up on the adjusted pro forma earnings
of 62.9 cents for 2004.
During January and February 2005, the rand strengthened further against the US
dollar and indications of a higher than expected maize crop and persistent lower
grain prices, culminated in lower than expected sales and margins. Additional
stock write offs and increased provisions for short term debtors were also
necessary.
Based on the above, the directors expect headline earnings per share for the
year ended 28 February 2005 to be between 35% and 45% lower than the adjusted
pro forma headline earnings for the 2004 year of 73.3 cents. Earnings per share
are expected to be 20% to 30% lower than the adjusted pro forma earnings of 62.9
cents for the 2004 year.
The directors expect the total dividend for the year (together the interim and
final dividends) to be between 24 and 28 cents per share.
The results for the year ended 28 February 2005 are expected to be released on
SENS on Wednesday,18 May 2005.
The forecast financial information on which this trading statement is based has
not been reviewed and reported on by the company`s auditors.
Johannesburg
25 April 2005
Merchant Bank and Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)CORPORATE FINANCE
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