87FZ Aeci 5 1/2% Prf

 
TIDM87FZ 
 
AECI LIMITED 
Incorporated in the Republic of South Africa 
(Registration No. 1924/002590/06) 
Share code: AFE ISIN No. ZAE000000238 
("AECI" or "the Company") 
 
TRADING STATEMENT 
 
In compliance with the JSE Listings Requirements, shareholders are advised 
that, for the six months to 30 June 2012, AECI's headline earnings per share 
("HEPS") and earnings per share ("EPS") are expected to be more than 20% lower 
than those for the prior corresponding period as a result of the following: 
 
- AECI's Broad-based Black Economic Empowerment transactions were effected 
during the period, as reported in AECI's results for the 2011 financial year 
published on SENS on 21 February 2012, and in its Integrated Report for 2011, 
issued on 19 April 2012. 
 
HEPS and EPS will be reduced by the recognition of costs in terms of 
International Financial Reporting Standards ("IFRS"). An IFRS 2 cost of about 
R148 million will be recognised in respect of the AECI Community Education and 
Development Trust and the accrual of a portion of the IFRS 2 cost in respect of 
the AECI Employees Share Trust. The combined effect of these two charges alone 
will be a reduction in HEPS of 138cps. Furthermore 4,7 million AECI ordinary 
shares were issued in terms of the KTH transaction, with this additional 
weighted average number of shares diluting HEPS and EPS. 
 
- Mining and manufacturing production have remained volatile in a demanding 
global operating environment, with mining in South Africa experiencing a number 
of disruptions. 
 
- AEL Mining Services has experienced some raw material and production 
difficulties at its nitric acid plants in Modderfontein and has also not met 
the production targets set for its ISAP plant. Although the business has 
responded appropriately, it expects that operating profit will be lower than 
that achieved in the prior corresponding period. 
 
AECI's results for the half-year to 30 June 2012 are expected to be released on 
SENS on or about Wednesday, 25 July 2012. 
 
The forecast financial information on which this trading statement is based has 
not been reviewed and reported on by the Company's external auditors. 
 
Woodmead, Sandton 
 
1 June 2012 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 
 
 
 
END 
 

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