JSE Sens


11 September 2019 - 15:30 PM
Trading Update

(Incorporated in the Republic of South Africa)
(Registration number 2000/002715/06)
Share Code: RLF & ISIN: ZAE000159836
("Rolfes" or "the Company")


In terms of para 3.4 (b) of the JSE Listings Requirements, listed companies
are required to publish a trading statement as soon as the board of directors
is satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next will vary by 20% or more when
compared to those of the prior reporting period.

The group remains positioned for growth even though the trading environment
for 2019 was difficult. The current trading environment and subdued outlook
necessitated impairments in goodwill and IP relating to our Agri and Water

No items have been classified in the current period as being adjustable for
normalised earnings. The results announcement will however reflect this
measure as a comparative.

Shareholders are advised that for the year ended 30 June 2019 the following,
minimum basic and diluted, (loss)/earnings per share and headline earnings
per share are expected. Once reasonable certainty is obtained further
guidance will be provided:

                       30-06-2019          30-06-2018
                        MINIMUM              AUDITED         VARIANCE

per share (EPS)       (29.4)c             0.93c            exceeding 100%
ie.the Loss per share will not be more than

Headline earnings
Per share (HEPS)       22.5c             12.24c            exceeding 84%


The Groups consolidated financial results for the year ended 30 June 2019
will be released on SENS on or about the 27th of September 2019.

The financial information on which this trading statement is based has not
been reviewed or reported on by the Groups auditors.

11 September 2019
Sponsor: Grindrod Bank Limited

Date: 11/09/2019 03:30:00
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