ELR / ELRP - ELB Group Limited - Trading Statement
ELR ELRP
ELR
ELR / ELRP - ELB Group Limited - Trading Statement
ELB Group Limited
(Registration number 1930/002553/06)
Ordinary Shares: Share code: ELR & ISIN: ZAE000035101
Preference Shares: Share code: ELRP & ISIN: ZAE000035333
("ELB" or "the Company")
TRADING STATEMENT
ELB is currently finalising its results for the half year ended 31 December
2006 which will be released on SENS by approximately Friday, 16 March 2007.
In this regard, shareholders are advised that headline earnings per share
("HEPS") will be between 40% to 60% higher than that reported in the
corresponding reporting period of the previous year and HEPS in respect of
continuing operations will be approximately 60% to 80% higher than that
reported in the corresponding reporting period of the previous year.
ELB Timbers has been dependent on purchasing logs on the open market in
order to manufacture veneer to produce plywood and furniture components.
With a further increase in the price of logs anticipated for the coming
year of approximately 30%, or 130% over the past three years, ELB Timbers
has not been able to secure logs at low enough prices to be able to trade
profitably. Hence the decision has been made to discontinue operations and
realise the assets of the business.
After providing for losses and closure costs of ELB Timbers, earnings per
share ("EPS") will be approximately 70% to 90% lower than that reported in
the corresponding reporting period of the previous year.
The financial information on which this trading statement is based has not
been reviewed or reported on by the Company`s auditors.
Boksburg
9 March 2007
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 09/03/2007 15:28:49 Produced by the JSE SENS Department.
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