TIW
TIW
TIW - Tiwheel - Trading update
Tiger Wheels Limited
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1970/011662/06)
("TIWHEEL" OR "THE COMPANY")
SHARE CODE: TIW & ISIN NUMBER: ZAE000007407
TRADING UPDATE
The following trading update is issued by the board of Tiwheel which owns 74% of
the ATS group, its global alloy wheel manufacturing businesses. The directors
are acting in compliance with the JSE Ltd`s Listings Requirements.
Shareholders are reminded that Tiwheel`s primarily South African trading
businesses were unbundled and listed separately as Tiger Automotive Limited on
December 11 2006.
The expected loss for the half year to 31 December 2006 is anticipated to be in
the region of 1 cent per share and headline loss in the region of 50 cents per
share. The earnings for the comparative period to 31 December 2005 were earnings
of 56.1 cents per share and headline earnings of 66.0 cents per share. The
earnings for the comparative period to 31 December 2005, after accounting for
the unbundling of Tiger Automotive Limited, is restated as earnings of 3.3 cents
per share and headline earnings of 14.2 cents per share.
The results for the half year will be negatively impacted by losses sustained in
the recently acquired Kentucky plant in the USA. These have mainly been incurred
due to the plant being unable to meet the off-take requirements of a major OEM
customer and the excessive costs incurred in this regard. The rest of the group
as a whole is operating at levels above those of the comparable period in the
previous year.
The attributable loss per share has been reduced due to the unbundling of Tiger
Automotive Ltd which has resulted in a portion of the currency translation
reserve being realised as earnings in the period to 31 December 2006.
The information in this trading statement has not been reviewed or reported on
by Tiwheel`s auditors.
The interim results of Tiwheel is expected to be published on or about 9 March
2007.
Johannesburg
19 December 2006
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 19/12/2006 16:55:01 Produced by the JSE SENS Department.
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