June 1, 2020 / 10:52 AM / a month ago

BRIEF-Bidvest Says HEPS For FY To June 30 Expected To Be More Than 20% Lower

June 1 (Reuters) - Bidvest Group Ltd:

* JSE: BVT - BIDVEST TRADING UPDATE FOR THE TEN MONTHS TO 30 APRIL 2020 AND TRADING STATEMENT

* BIDVEST - GROUP’S FINANCIAL POSITION REMAINS SOLID

* BIDVEST - DURING MONTH OF APRIL 2020 DEMAND WAS LIMITED

* BIDVEST - DURING LOCKDOWN, ACTIVITY WAS VERY LIMITED WITH A PARTICULARLY DEVASTATING IMPACT ON BIDVEST’S TRADING AND DISTRIBUTION ACTIVITIES

* BIDVEST - DURING APRIL, ONLY HALF REVENUE WAS GENERATED COMPARED TO THIS TIME LAST YEAR

* BIDVEST - ENHANCED ITS LIQUIDITY POSITION BY SECURING R4.5 BILLION ADDITIONAL GENERAL CREDIT FACILITIES WITH SOUTH AFRICAN BANKS

* BIDVEST - FOUR OF SIX TRADING DIVISIONS GENERATED A PROFIT FOR MONTH, ALBEIT AT MUCH REDUCED LEVELS.

* BIDVEST - CONSTRUCTION OF R1 BILLION LPG TERMINAL IN RICHARDS BAY RECOMMENCED POST LOCKDOWN

* BIDVEST - DEMAND WAS LIMITED, EVEN FOR THOSE BIDVEST BUSINESSES REGISTERED AS ESSENTIAL SERVICES DURING LOCKDOWN.

* BIDVEST - HEADLINE EARNINGS PER SHARE AND EARNINGS PER SHARE FOR FINANCIAL YEAR TO 30 JUNE 2020 ARE EXPECTED TO BE MORE THAN 20% LOWER

* BIDVEST - LPG TERMINAL IN RICHARDS BAY EXPECTED TO BE OPERATIONAL IN SEPTEMBER 2020.

* BIDVEST - OPERATING ENVIRONMENT REMAINS VERY UNCERTAIN FOR BALANCE OF FINANCIAL YEAR AND FORECASTING IS IMPRACTICAL

* BIDVEST - DURING FY2020, BIDVEST WILL RECOGNISE A CAPITAL IMPAIRMENT OF R232.2 MILLION (GROSS) AND ITS SHARE OF COMAIR OPERATING LOSSES OF R209.7

* BIDVEST - DURING FY2020, BIDVEST WILL RECOGNISE A CAPITAL IMPAIRMENT OF R232.2 MILLION (GROSS) AND ITS SHARE OF COMAIR OPERATING LOSSES OF R209.7 MILLION

* BIDVEST - OPERATING ENVIRONMENT REMAINS VERY UNCERTAIN FOR BALANCE OF FINANCIAL YEAR AND FORECASTING IS IMPRACTICAL

* BIDVEST - AS AT 30 APRIL 2020, GROUP’S NET DEBT WAS R12.5 BILLION, COMPARED TO R10.0 BILLION AS AT 31 DECEMBER 2019

* BIDVEST - BIDVEST ESTABLISHED A R400 MILLION, BIDVEST COVID-19 FUND

* BIDVEST - 30% SALARY AND FEE SACRIFICE BY EXECUTIVE MANAGEMENT TEAM AND BOARD MEMBERS WILL BE ADDED TO COVID-19 FUND.

* BIDVEST - DUE TO COMAIR IMPAIRMENT NET IMPACT YEAR-ON-YEAR IS NEGATIVE SWING OF R373.7 MILLION ON ATTRIBUTABLE EARNINGS & R467.0 MILLION IN HEADLINE EARNINGS Source text for Eikon: Further company coverage:

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