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ADR
ADR
ADR - Adcorp - Trading statement for the 8 months ended 31 August 2007
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
("Adcorp" or "the company")
Share code: ADR & ISIN: ZAE000000139
TRADING STATEMENT FOR THE 8 MONTHS ENDED 31 AUGUST 2007
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they become aware that the financial
results for the period to be reported upon next will differ by at least 20% from
the financial results for the previous corresponding period.
Adcorp accordingly advises that for the 8 months ended 31 August 2007 earnings
have been buoyant and it is expecting Earnings Per Share ("EPS") to be 25% to
30% above those for the previous corresponding period. Excluding non cash flow
International Financial Reporting Standards ("IFRS") charges from the
determination of Headline Earnings Per Share ("HEPS"), the result is that
earnings are expected to be 23% to 28% above those for the previous
corresponding period. If one includes the non cash flow IFRS charges in the
determination of HEPS, the result is that earnings are expected to be 55% to 60%
below those for the corresponding period in 2006. IFRS non cash flow
adjustments have had a significant impact on the determination of EPS and HEPS
for the current period and result primarily from the Broad Based Black Economic
Empowerment ("BBBEE") transaction concluded in May 2007 and the resulting IFRS 2
Share based payment charge combined with the amortisation of intangible assets
related to the recent acquisitions. These charges have been partially offset by
the capital profit arising from the disposal of certain businesses as previously
advised. The determination of EPS includes profits arising on the sale of
businesses.
As a result of the above, there will be an improvement in EPS to between 124 to
129 cents per share compared with the previous period of 99.4 cents per share
and an improvement in HEPS excluding non cash flow IFRS adjustments to between
186 and 194 cents per share compared with 151.4 cents for the corresponding
previous period. Including IFRS non cash flow adjustments HEPS is expected to
be 59 to 66 cents per share compared with 146.8 cents per share for the same
period in 2006.
Shareholders attention is drawn to the fact that HEPS is determined in
accordance with Circular 8/2007 issued by The South African Institute of
Chartered Accountants and which is effective for financial periods ending on or
after 31 August 2007.
The financial results on which this trading statement has been based have not
been reviewed or reported on by the company`s auditors. The financial results of
the company will be published on or about 17 October 2007.
12 October 2007
Bryanston
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Registration number 1996/000034/07)
Date: 11/10/2007 10:55:01 Produced by the JSE SENS Department.
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