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AFB
AFB
NSX - AFB - Alexander Forbes Limited - Trading Statement
Alexander Forbes Limited
Registration number 1958/001974/06
Share code: AFB
ISIN: ZAE000018230
("Alexander Forbes" or the "Company")
TRADING STATEMENT
In terms of paragraph 3.4 (b) of the JSE Limited listings requirements, a
listed company is required to publish a trading statement as soon as it is
satisfied that a reasonable degree of certainty exists that the financial
results to be reported upon next will differ, by at least 20%, from those
of the previous corresponding period.
Alexander Forbes` financial results for the year ended 31 March 2007 are
planned to be announced on or about 4 June 2007, at which stage full
details will be provided regarding the Company`s results. Shareholders are
advised that a reasonable degree of certainty exists that the Company`s
earnings per share from continuing operations for the year ended 31 March
2007 will range between the following estimates:
Earnings Prior Year Growth rates
per share Actual range between
for year (restated)
ended 31
March
3007
range
between
Earnings per share from
continuing operations:
- Core earnings per
share (cents) 130 120 113 15% 6%
- Headline earnings per
share (cents) 120 110 (3) >100% >100%
-Basic earnings per
share (cents) 113 103 (4) >100% >100%
It should be noted that the International Risk Services business sold
during the year has been classified and accounted for as a discontinued
operation in accordance with International Financial Reporting Standard 5
(IFRS 5). In accordance with IFRS 5, the historical financial results up
to the effective date of disposal and the capital profit realized on the
sale of this business have been excluded from all of the measurements of
earnings per share from continuing operations shown in the table above.
It should further be noted that the main reason for the material difference
between core earnings per share and the other measurements of earnings per
share for the previous year ended 31 March 2006 is the R480 million
provision made for client settlements in respect of the historical bulking
practice and other historical exposures. A full reconciliation of the
differences between the earnings per share measurements shown in the table
above is provided in the Annexure to this trading statement.
In accordance with paragraph 3.4 (b)(vi)(2) of the JSE Limited listing
requirements, we report that this trading statement has not been reviewed
or reported on by the Company`s external auditors.
Johannesburg, South Africa
26 April 2007
Sponsor: JP Morgan
ANNEXURE TO TRADING STATEMENT
A reconciliation of the various EPS measurements shown in the accompanying
trading statement is as follows:
All earnings per share (EPS) Earnings Prior Year
figures are stated in Cents per share Actual
for year (restated)
ended 31
March 2007
range
between
Core EPS as previously reported 116
Less: Core EPS contribution (3)
from International Risk
Services business sold during
year and presented as a
discontinued operation under
International Financial
Reporting Standards (IFRS)
Core EPS from continuing operations 130 120 113
as now reported
Reported gain/(loss) arising (5) (5) (18)
from accounting for
policyholder investments as
treasury shares under IFRS
Exceptional gains/(losses) (10) (10) (104)
Profit from direct marketing 5 5 6
entity in run-off
Headline EPS from continuing 120 110 (3)
operations
Impairment charges and other (7) (7) (1)
capital items excluded from
headline earnings
Basic EPS from continuing 113 103 (4)
operations
Date: 26/04/2007 16:52:31 Produced by the JSE SENS Department.
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