News/ Article



Tuesday, 21 July 2015

Incorporated in the Republic of South Africa
(Registration No. 1924/002590/06)
Share code: AFE ISIN No. ZAE000000220
(“AECI” or “the Group” or “the Company”)

In compliance with the JSE Limited Listings Requirements, shareholders are advised that for the halfyear ended 30 June 2015 (“the period”) AECI’s headline earnings per share (“HEPS”) are expected to be at least 20% (78 cents) higher than the 390 cents of the prior corresponding period.

The increase is attributable to the effects of the bulk sale of the Group’s surplus property assets at Somerset West to the City of Cape Town (“the transaction”) for a cash consideration of R400 million (plus VAT, if applicable).

The transaction was approved on 24 June 2015 by the Competition Tribunal of South Africa and, accordingly, revenue of R400 million and profit from operations of R294 million were recognised.

Earnings per share (“EPS”) are not expected to be similarly impacted.

The Company is currently finalising its results for the period and it is expected that these will be released on SENS on or about Tuesday, 28 July 2015. A further trading statement, indicating the range of the HEPS increase, will be issued before this date.

The financial information on which this trading statement is based has not been reviewed and reported on by the Company’s external auditors.

Woodmead, Sandton
21 July 2015
Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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