|
Cullinan Holdings Limited - Trading Statement
Cullinan holdings limited
(Incorporated in the Republic of South Africa)
(Registration number 1902/001808/06)
Share code: CUL & ISIN: ZAE000013710
("the company")
Trading statement
Shareholders are advised that the profit before tax for the financial year ended
30 September 2005 is expected to be approximately 5% less than that for the
comparable period last year.
Headline earnings per share for the year ended 30 September 2005 are expected to
be 25 to 35% lower than those for the corresponding period last year, while
earnings per share will decline by 40%. The primary cause of the declines is
the necessity of making a provision for taxation in terms of South African
Statements of Generally Accepted Accounting Practice (GAAP). The accounts of the
company will therefore reflect a taxation charge of approximately 30% that will
reduce the attributable and headline earnings.
It should be noted that this provision for taxation is a non-cash charge to the
income statement as the company presently has an assessed loss. It is
anticipated that it will take two financial years for this loss to be fully
utilised.
The increased decline in earnings over headline earnings results from income of
R3 million accounted for in 2004 in the creation of a deferred tax asset.
Impact of AC 105 in respect of operating leases
In prior years, operating lease payments were recognised in the income statement
in the year incurred. Guidance by the South African Institute of Chartered
Accountants, Circular 7/2005 issued in August 2005, requires minimum lease
payments that are subject to fixed escalations to be spread over the life of the
lease instead of as incurred.
R"000
The adjustments resulting from the restatement can
be summarised as follows:
Increase of 2003 accumulated loss opening balance (2,394)
Recognition of deferred operating lease cost accrual:
Increase of 2004 net profit 171
Increase of 2005 net profit 623
------
Deferred operating lease income accrual 2005 (1,600)
------
The increase in earnings and headline earnings per share is:
2004 2005
Cents per share: 0.02* 0.06*
* Based on 718,188,538 shares in issue.
This financial information has not been reviewed and reported on by the auditors
of the company.
By order of the board
Johannesburg
16 November 2005
Sponsor
LPC Manhattan Moela (Proprietary) Limited
(Registration number 2001/009215/07)
Date: 17/11/2005 07:05:36 AM Produced by the JSE SENS Department
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
