20 February 2015 8:30
SUR 201502200004A
Trading statement

(Incorporated in the Republic of South Africa)
(Registration number 1998/000828/06)
Share Code: SUR & ISIN: ZAE000022653
("Spur" or "the company")


In terms of the Listings Requirements of the JSE Limited,
companies are required to publish a trading statement as
soon as a reasonable degree of certainty exists that the
financial results for the period to be reported upon next
will differ by at least 20% from the financial results for
the previous corresponding period.

Accordingly, shareholders are advised that Spur is
expecting to report earnings as follows:

               Six months   Six months   %
               to 31        to 31        change
               December     December
               2014         2013
EPS and        59.50 -      84.99        (25)% –
diluted EPS    63.75                     (30)%
HEPS and        58.90 –     84.14        (25)% -
diluted HEPS    63.10                    (30)%
EPS: earnings per share
HEPS: headline earnings per share

The decline in earnings is due to the accounting for the
broad-based black economic empowerment equity transaction
with Grand Parade Investments Limited effected on 30
October 2014 (“the GPI transaction”), in accordance with
International Financial Reporting Standards. The
transaction resulted in the issue of 10 848 093 new
ordinary shares, and a share-based payment expense of
R32.957 million for the period. The issue of shares has
resulted in an increase in the weighted average number of
shares in issue (on which EPS measures are calculated) from
85.633 million in the previous comparable period to 89.178
million shares for the period to 31 December 2014.

Excluding the impact of the GPI transaction, HEPS is
anticipated to increase by between 14.0% and 19.0% from
85.14 cents in the previous comparable period to between
97.05 and 101.31 cents for the period to 31 December 2014.

Shareholders are further advised that, excluding the impact
of the GPI transaction, the impact of the group’s long-term
share-linked retention scheme, foreign exchange gains and
losses and other one-off and exceptional items in the
current and previous comparable periods, profit before
income tax for the period to 31 December 2014 is expected
to increase between 12.5% and 17.5% relative to the
previous comparable period.

The financial information on which this trading statement
is based has not been reviewed or reported on by the
company’s auditors. Spur’s interim consolidated results
for the period ended 31 December 2014 are expected to be
published on 26 February 2015.

Cape Town
20 February 2015

A division of Sasfin Bank Limited

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