MDC - Medi-Clinic Corporation Limited - Trading St
MDC
MDC
MDC - Medi-Clinic Corporation Limited - Trading Statement
Medi-Clinic Corporation Limited
Incorporated in the Republic of South Africa
(Registration number: 1983/010725/06)
(Share code: MDC)
(ISIN: ZAE000074142)
("Medi-Clinic" or "the company")
TRADING STATEMENT
Medi-Clinic shareholders are advised that the Group`s earnings for the financial
year ended 31 March 2007 are expected to exceed the previous comparative period
due to the black ownership initiative and the capital restructuring ("the
transactions") implemented by Medi-Clinic in 2005. The transactions continue to
have an effect on the interpretation of the group`s earnings, earnings per
shares ("EPS") and headline earnings per share ("HEPS"). The non-recurring
effect of the transactions manifested in the following two charges to the
group`s income statement for the previous reporting period:
- a net STC charge of R168 million resulting from the special dividend
declared as part of the capital restructuring; and
- a charge of R85 million being the IFRS charge on the share-based portion of
the black ownership initiative.
These charges were fully reflected in the financial results for the year to 31
March 2006. The resulting low base of the group`s earnings, EPS and HEPS in the
previous financial year is the main reason for the following expected increases
in this year`s EPS and HEPS:
- EPS by between 60% and 70%;
- HEPS by between 80% and 90%; and
- core earnings per share by between 1% and 5%.
As previously stated, the group believes that core earnings better reflect the
financial performance of the company.
Core earnings per share include the higher interest charges as a result of the
capital restructuring.
The financial information on which this trading statement is based has not been
reviewed and reported on by the company`s auditors.
The full details of the company`s financial year end results will be released on
SENS on 9 May 2007 and published in the press on 10 May 2007.
4 May 2007
Stellenbosch
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 04/05/2007 14:31:01 Produced by the JSE SENS Department.
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