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AECI plans to close SANS Fibres plant
12 Nov '08
3 min read
Estimated Financial Impact
As a result of the contemplated closure and the subsequent disposal of SANS Bellville's assets, the cash from the disposal, after providing for closure costs, will be approximately equal to the carrying value on the balance sheet. This process is expected to be completed in the next 12 to 18 months and will include the sale of the land. The immediate effect of the above is that a provision for closure costs of approximately R150 million will have to be taken against headline earnings in 2008, and this will cause a reduction in HEPS of approximately 140 cents for the financial year ending 31 December 2008.
These figures have not been audited by the Company's auditors.
As a result of the contemplated closure and the subsequent disposal of SANS Bellville's assets, the cash from the disposal, after providing for closure costs, will be approximately equal to the carrying value on the balance sheet. This process is expected to be completed in the next 12 to 18 months and will include the sale of the land. The immediate effect of the above is that a provision for closure costs of approximately R150 million will have to be taken against headline earnings in 2008, and this will cause a reduction in HEPS of approximately 140 cents for the financial year ending 31 December 2008.
These figures have not been audited by the Company's auditors.
AECI Limited
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