ShareData Online Alert Service
Company : Rolfes Holdings Ltd.
News Type : Official Announcement
Rolfes - trading statement and restatement
Shareholders are advised that during the finalisation of results for the year to 30 June 2017, accounting errors and understatements of impairments relating to prior periods have been identified by the new auditors and the acting CFO that are considered material. Accordingly the results for the year ended 30 June 2016 and the interim results for the six months ended 31 December 2016 will be restated.
The understatements of impairments and accounting errors primarily relate to the Botswana water business and the previously manufactured lead chrome pigment product ranges disposed of since plant closure and during the interim period at a negative margin. In addition the Group's Silica mining operations were discontinued in the current reporting period as a result of the useful life of mine and the economic environment and accordingly the current year results will be stated to show continuing and discontinued operations separately.
The directors believe that normalised headline earnings per share from continuing operations of between 47.8c and 56.3c is a meaningful measure for evaluating the group's operational performance.
Normalised earnings are defined as earnings from continuing operations excluding non-recurring items and once off adjustments.
A final gross cash dividend of 4c per share will be considered by the Board making a total of 8c per share for the 2017 financial year (2016: 6c per share).
Release of results
The results for the 2017 financial year and the restated results for the 2016 financial year are expected to be published by the end of September 2017.