Dorbyl Limited - Trading Update
Dorbyl Limited
(Incorporated in the Republic of South Africa)
(Registration no. 1911/001510/06)
Ordinary share code: DLV
ISIN: ZAE000002184
(`Dorbyl`)
Trading Update
Dorbyl hereby advises that for the six months ending 30 September 2005, it is
expected that earnings per share will be between 1600 and 1900 cents (compared
to 133,3 cents per share for the previous comparative six month period ended 30
September 2004) and headline loss per share is expected to be between 180 and
220 cents (compared to headline earnings of 165,2 cents per share for the
previous comparative period). The main reason for the expected increase in the
earnings per share is the exceptional profit realised on the disposal of Alpine
Engineered Products Inc (`Alpine`). Offset against this profit is an impairment
of R55 million in respect of the assets of certain of the Dorbyl Automotive
Technologies` operations.
The expected decline in headline earnings results from Secondary Tax on
Companies (STC) of about R110 million relevant to the R26 special dividend and
lower earnings from Alpine due to the disposal of that operation during the
period. Excluding the STC effect, headline earnings would have declined by
between 10% and 30%.
Alpine`s trading results have been included for the period to 13 July 2005, i.e.
for a period of 31/2 months out of the 6-month period under review. In order to
give an indication of the expected profits for the current period of the ongoing
business, if the trading results of Alpine, together with both the STC effect
and the interest earned on the sale proceeds prior to their distribution as a
special dividend are excluded, expected headline earnings per share would have
declined by between 80% and 100% when compared to the previous comparable
period.
Changes in accounting policies relevant to both International Financial
Reporting Standards and the method of accounting for leases on a straight line
basis do not have a material impact on earnings for the period, and will be
dealt with fully in the interim profit statement expected to be released on or
about 22 November 2005.
The information in this trading statement has not been reviewed or reported on
by Dorbyl`s auditors.
Johannesburg
15 September 2005 Sponsor: PSG Capital Limited
Date: 15/09/2005 10:05:02 AM
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