African and Overseas Enterprises Limited - Trading Statement
AFRICAN AND OVERSEAS ENTERPRISES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/027461/06)
(Share code: AOO ISIN: ZAE000000485)
(Share code: AON ISIN: ZAE000009718)
(Share code: AOVP ISIN: ZAE000000493)
(`AOE` or `the Company`)
TRADING STATEMENT
AOE shareholders are referred to the trading statement, that was published
today, of the principal subsidiary of AOE, Rex Trueform Clothing Company Limited
(`Rex Trueform`).
In terms of the JSE Limited Listings Requirements, the Company is required to
publish a trading statement as soon as it is reasonably certain that the
financial results for the current reporting period will be more than 20%
different from that of the previous corresponding period.
As a consequence of the press release issued by The South African Institute of
Chartered Accountants on Friday, 29 July 2005 and Circular 7/2005 - Operating
Leases, and the accounting for a fundamental error arising from the provision of
post retirement benefits, the prior year results for the year ended 30 June 2004
have been restated to earnings and headline earnings of R1,796 million (a total
adjustment of R567 000 with R371 000 being attributable to the operating lease
adjustment and R196 000 being attributable to the fundamental error adjustment),
being 15,8 cents per share in comparison to the previously reported earnings and
headline earnings of 20,8 cents per share. The negative effect of the lease
accrual and the accounting for the fundamental error on opening retained income
at 1 July 2003 is R4,5 million (with R900 000 being attributable to the
operating lease adjustment and R3.6 million being attributable to the
fundamental error adjustment).
AOE accordingly advises that it expects to announce headline earnings per share
for the year ended 30 June 2005 of between 54 and 58 cents per share compared
with restated headline earnings of 15,8 cents for the prior comparative period.
As a result of the closure of Rex Trueform`s Salt River factory, after taking
into account associated retrenchment and other costs, earnings for the year will
be negative, a loss of between (105) and (115) cents per share compared to
positive restated earnings of 15,8 cents per share for the comparative period.
Shareholders are advised that the above information has not been reviewed or
reported on by AOE`s external auditors and that the company`s results for the
year ended 30 June 2005 are expected to be published on or about 8 September
2005.
.
Cape Town
6 September 2005
Sponsor
Nedbank Capital
Date: 06/09/2005 05:04:58 PM
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