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ASSORE LIMITED - Trading Statement

Release Date: 14/02/2019 16:20
Code(s): ASR     PDF:  
 
Wrap Text
Trading Statement

Assore Limited
(Incorporated in the Republic of South Africa)
Registration number: 1950/037394/06
Share code: ASR
ISIN: ZAE000146932
("Assore", “the group” or “the Company”)

TRADING STATEMENT

Shareholders of Assore (“Shareholders”) are advised that market conditions for most of its
products were generally stronger over the six months ended 31 December 2018 (“the current
period” or H1 FY19) compared to those which prevailed over the six months ended 31 December
2017 (“the previous period” or H1 FY18). Prices for iron and manganese ores were higher, while
those for chrome ore and manganese alloys were lower. Revenues were further enhanced by a
weakened exchange rate, with the average Rand/US dollar rate being 5% weaker than H1 FY18.

Based on these trading conditions, headline earnings for the first half of the financial year to 31
December 2018 are anticipated to increase to between R2 770 million (increase of 14%) and
R3 000 million (increase of 24%) compared to R2 429 million recorded in the first half of the
previous financial year. Attributable earnings are anticipated to increase to between
R2 770 million (increase of 13%) and R3 000 million (increase of 22%) compared to
R2 454 million recorded in the first half of the previous financial year. The increased earnings are
anticipated to increase headline earnings per share for the six months ended 31 December 2018
to between R26,85 (increase of 14%) and R29,08 (increase of 23%) per share from R23,55 per
share for the six months ended 31 December 2017 and attributable earnings per share to between
R26,85 (increase of 13%) and R29,08 (increase of 22%) per share from R23,79 per share for the
six months ended 31 December 2017. Earnings per share calculations are based on a weighted
average number of 103,15 million (six months ended 31 December 2017: 103,16 million) shares
in issue.

The above information has not been reviewed or reported on by Assore's auditors. The results
for the six months ended 31 December 2018 are expected to be published on or about Tuesday,
26 February 2018.

Illovo Boulevard
Johannesburg
14 February 2019

Contact details:
Kieran Daly
011 770 6940
E-mail: kierandaly@assore.com
Singular Systems IR
Financial Communications Advisor
Jacques de Bie, 082 691 5384

Sponsor
The Standard Bank of South Africa Limited

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