Enhanced Investments - Financial Portal

Trading statement for the financial year ended 31 December 2021

Published: 2022-02-23 09:15:00 ET

AECI Limited (JSE:AFE) News - Trading statement for the financial year ended 31 December 2021

AECI LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1924/002590/06)
Share code: AFE ISIN: ZAE000000220
Hybrid code: AFEP ISIN: ZAE000000238
Bond company code: AECI
LEI: 3789008641F1D3D90E85
(AECI or the Company or the Group)

TRADING STATEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

In compliance with the JSE Limited Listings Requirements, shareholders and noteholders are advised that, for the
financial year ended 31 December 2021 (the period or the current period), AECI’s headline earnings per share
(HEPS) is expected to be between 1 090 cents and 1 135 cents, that is between 24% and 29% higher than the
reported 880 cents for the financial year ended 31 December 2020 (the prior corresponding period). Earnings per
share (EPS) is expected to be between 1 110 cents and 1 135 cents, more than 100% higher than the reported 127
cents in the prior corresponding period.

The significant contributors to the expected improvement in the period were as follows:

    •   Trading results reflected a strong recovery from the effects of COVID-19 as the Group returned to near pre-
        pandemic levels of activity. This recovery was achieved notwithstanding steep increases in certain raw
        material prices, supply chain interruptions and volatile demand patterns.

    •   In 2020, R821 million (or 778 cents in EPS terms) of the R1 530 million goodwill recognised at the
        acquisition of AECI Much Asphalt was impaired. There were no goodwill impairments in the current period.

AECI has maintained its solid financial position, with good cash generation, and has repaid a large portion of its
term debt from the cash generated. Net borrowings as a percentage of equity remained stable.

AECI is currently finalising its results for the period and it is expected that these will be released on the Stock
Exchange News Service on or about Wednesday, 2 March 2022.

The financial information on which this trading statement is based has not been reviewed, reported on or audited
by the Company’s external auditor. The information provided does not contain, and should not be construed as
containing, any forward-looking statements or projections of any nature for the financial year ended 31 December
2021.

Woodmead, Sandton
23 February 2022

Sponsor and Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 23-02-2022 11:15:00
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329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.