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York Timber Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1916/004890/06)
Share code: YRK
ISIN: ZAE000133450
('York' or the 'Company' or the 'Group')
UPDATED TRADING STATEMENT AND TRADING UPDATE
York shareholders ('Shareholders') are referred to the initial
trading statement announcement published on SENS on Friday,
15 September 2023 ('Initial Trading Statement'), wherein
Shareholders were, inter alia, advised that a reasonable
degree of certainty existed that both the Groups' earnings
per share ('EPS') and headline earnings per share ('HEPS')
for the year ended 30 June 2023 ('Current Period') are
expected to decrease by at least 90.00 cents from 26.00 cents*
for the year ended 30 June 2022 ('Prior Comparative Period').
Shareholders are hereby advised that the Company is now in a
position to confirm that, for the Current Period, a reasonable
degree of certainty exists that:
- the Group's EPS is expected to decrease from 53.13 cents*
to a loss per share of between 74.81 cents and 78.53 cents
compared to the Prior Comparative Period; and
- the Group's HEPS is expected to decrease from 53.30 cents*
to a loss per share of between 73.27 cents and 77.00 cents
compared to the Prior Comparative Period.
Furthermore, Shareholders are advised that:
- Core EPS (based on EPS attributable to ordinary
Shareholders less the fair value adjustment to the
biological assets, net of tax) is expected to decrease
from 34.12 cents* to a loss per share of between 6.51 cents
and 8.90 cents compared to the Prior Comparative Period.
- Earnings before interest, taxation, depreciation,
amortisation and fair value adjustments on biological
assets is expected to be between 58% and 63% lower than
the Prior Comparative Period amount of R271.3 million*.
- Cash generated from operations is expected to be between
48% and 53% lower than the cash generated from operations
in the Prior Comparative Period of R255.4 million*.
* Further to the Initial Trading Statement, Shareholders
are advised that the Prior Comparative Period figures
were further restated for the following reasons:
- A change in the biological asset accounting policy to
capitalise plantation establishment costs.
- Other restatements were made to the plantation
biological asset which impacted the fair value
adjustment in the Statement of Profit or Loss.
- The issue of York ordinary shares pursuant to the York
rights offer implemented in January 2023, at a discount
to the York share price, resulted in the Prior
Comparative Period weighted average number of ordinary
shares used for the EPS, HEPS and Core EPS calculations
being retrospectively adjusted in terms of International
Accounting Standards (IAS) 33.
A detailed assessment and impact of the above restatements
will be included in the results for the year ended
30 June 2023 to be published on SENS on or about Friday,
29 September 2023.
Shareholders are advised that the information included in
this announcement has not been reviewed or reported on by the
Company's auditors and is the responsibility of the directors
of the Company.
Sabie, Mpumalanga
27 September 2023
Sponsor
One Capital
Date: 27-09-2023 05:42:00
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