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HOWDEN AFRICA HOLDINGS LIMITED - Trading statement for the period ended 31 December 2018

Release Date: 22/10/2018 17:45
Code(s): HWN     PDF:  
Wrap Text
Trading statement for the period ended 31 December 2018

Howden Africa Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1996/002982/06)
Share code: HWN
ISIN: ZAE000010583
("HAHL" or “the Company”)


Subsequent to the update of results on the 19th July 2018, shareholders are advised that
Howden Africa Holding Ltd (“HAHL”) is expecting earnings per share ("EPS") and headline
earnings per share (“HEPS”) for the period ending 31 December 2018 to be between 222.08
and 307.36 cents and between 222.06 and 307.38 cents respectively, this is a decline of
between 28% and 48% in comparison to the previously reported corresponding period.

The deterioration of the results is as a consequence of entering the year with a lower order
book across all of the HAHL group of companies’ (“Group”) business segments, but primarily
within the power market.

The ongoing financial constraints of customers, subdued economic outlook and general
industry uncertainty has created a challenging trading environment for the Group with a
decline in annuity revenue and pressure on traditional trading margins.

This financial information has not been reviewed and reported on by the auditors of HAHL.

In light of the intended corporate action and to provide shareholders with all available
information to make an informed decision we have decided to release this trading statement
before the expected Firm Intention Announcement.

For the Shareholders to understand the operational results an Adjusted EPS (EPS net of tax
adjusted interest) is expected to be between 143.53 and 211.86 cents a decline of between
38% and 58% in comparison to the corresponding period Adjusted EPS of 341.65 cents.

All amounts stated for December 2017 relate to the Audited EPS and HEPS amounts in the
Annual Report. Restatements relating to IFRS15 have been not been taken into account for
this trading statement review.

22 October 2018

PricewaterhouseCoopers Corporate Finance (Pty) Limited

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