| Mon 12 Nov 2007, 12:11 | | NTC - Network Healthcare Holdings Limited - Tradin |
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NTC
NTC
NTC - Network Healthcare Holdings Limited - Trading Statement
NETWORK HEALTHCARE HOLDINGS LIMITED
(Registration number 14996/008242/06)
Code: NTC
ISIN number: ZAE000011953
("Netcare" or "the Group")
Trading Statement
This trading statement is issued in compliance with paragraph 3.4(b) of the
Listings Requirements of the JSE Limited.
In the 2006 financial year, the capital costs relating to the reorganization
of long-term debt on the acquisition of General Healthcare were excluded in
arriving at the Group`s headline earnings. In terms of circular 8/2007
"Headline Earnings" ("the circular") published in August 2007 by the South
African Institute of Chartered Accountants, such costs are no longer excluded
for the calculation of headline earnings. Accordingly, in compliance with the
circular, the Group will restate its 2006 headline earnings in the results
announcement for the year ended 30 September 2007 to take this
reclassification into account. Accordingly the 2006 HEPS will be restated from
56,2 cents to 44,3 cents and the fully diluted HEPS will be restated from 53,9
cents to 43,7 cents.
In addition the 2007 headline earnings will be boosted by credit to taxation
of GBP26,5m or R372,4m, as a result of the reduction in the UK corporate tax
rate from 30% to 28%, of which 50.1% will accrue to Netcare shareholders.
Having regard to the above, as well as the favourable trading results for the
year, Netcare`s headline earnings per share (HEPS) for the year ended 30
September 2007 is expected to increase by between 70% and 80% compared to the
HEPS reported for the year ended 30 September 2006, restated as set out above.
Earnings per share (EPS), which does not require restatement for 2006, is
expected to increase by between 45% and 55%.
The Group`s results will be released via SENS on Monday, 19 November 2007.
The financial information on which this trading statement is based has not
been reviewed or reported on by the Company`s auditors.
Johannesburg
12 November 2007
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 12/11/2007 12:11:35 Produced by the JSE SENS Department.
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