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CSL
CSL
CSL - Consol Limited - Trading update
Consol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021828/06)
Share code: CSL
ISIN: ZAE000063251
("Consol" or "the Group")
TRADING UPDATE
Consol is releasing the following statement for the five months ended 30
November 2006 ("the period") prior to the commencement of its "closed period" on
20 December 2006. The "closed period" will end with the release of Consol`s
interim results for the six months ending 31 December 2006, which are expected
to be issued on or about 15 March 2007.
Trading conditions and demand within the key beverage and food market segments
remained positive even though Group sales volumes were slightly below the prior
period by 2.1%. Group revenue (R1166 million) increased by 1.5% compared to the
prior period. After adjusting the prior period comparative for the disposal of
the Flexibles and Plastform operations, Group volume decreased by 1.6% whilst
revenue increased by 5.6%.
Within the glass division which accounts for 93.5% of Consol`s revenue, sales
volumes were 1.6% lower than the prior period (2005: 12.8% growth). The decline
is largely due to the unusually high volume growth in the prior period and lower
returnable beer sales. Glass revenue (R1090 million) grew by 5.3% as a result of
selling price increases and a slightly favourable product mix.
Given the volume anomalies in the period and to provide guidance to shareholders
for the full financial year, we expect volume growth for the full year to be
broadly in line with GDP economic growth.
Despite a tightening of Reserve Bank monetary policy, growth in consumer demand
is expected to continue albeit at a lower rate.
The business outlook remains positive provided current market demand
fundamentals prevail and GDP economic growth projections of about 4% to 5% are
realised.
Wadeville
19 December 2006
Sponsor
Standard Bank
Enquiries:
Consol
Mike Arnold, Group Managing Director
Tel: +27 11 874 2228
Cell: +27 83 270 9483
Karuna Nayager, Group Financial Director
Tel: +27 11 874 2272
Cell: +27 83 500 9808
College Hill
Johannes van Niekerk
Tel: +27 11 447 3030
Cell: +27 82 921 9110
Date: 19/12/2006 14:54:06 Produced by the JSE SENS Department.
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