Combined Motor Holdings Limited - Update of tradin
Combined Motor Holdings Limited - Update of trading statement
Combined Motor Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1965/000270/06)
Share code: CMH & ISIN: ZAE000001541
("CMH")
UPDATE OF TRADING STATEMENT
Further to the trading announcement released by the Company on 8 September 2005,
the directors of CMH advise that they have completed their review of the Group"s
results for the six months ended 31 August 2005.
The actual earnings level achieved significantly exceeds that previously
anticipated for a number of reasons:
- far higher than anticipated earnings for the month of August 2005;
- a detailed review of the Group"s used inventory and car hire fleet write-
down provisions, indicated an excess over a prudent requirement;
- provision had been made for the estimated costs of closure of one of the
Group"s under-performing outlets. Subsequent to the 8 September 2005
announcement, negotiations were concluded for the sale of the outlet
subject to the approval of the Competition Commissioner. The provision
has consequently been reversed; and
- the base period (six months ended 31 August 2004) has been restated at a
lower earnings level following the transition to International Financial
Reporting Standards and the change in basis of accounting for lease
payments following the issue by SAICA of circular 7/2005 regarding IAS 17.
The net result after the adjustment is as follows:
Restated
31 August 31 August Change
2005 2004 %
R"000 R"000
Revenue 2 775 015 1 726 515 61
Profit after taxation 56 989 22 439 154
Headline earnings 56 774 22 333 154
Headline earnings per share (cents) 272,4 108,5 151
Earnings per share (cents) 272,4 108,5 151
The full interim report will be published on Thursday, 6 October 2005.
3 October 2005
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 03/10/2005 02:44:07 PM Produced by the JSE SENS Department
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