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MVG MVGP
MVG
MVG/ MVGP - Mvela Group - Trading statement in respect of the six months ended
31 December 2007
MVELAPHANDA GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1995/004153/06
Ordinary share code: MVG
Preference share code: MVGP
Ordinary share: ISIN: ZAE000060737
Preference share: ISIN: ZAE000073540
("Mvela Group" or " the Company")
MVELA GROUP TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 31 DECEMBER
2007
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited
("the JSE") 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 for the period to be reported upon next will differ by at
least 20% from those of the previous corresponding period.
Shareholders are accordingly advised that:
- Mvela Group`s headline loss per share for the six months period ended 31
December 2007 is expected to be between 150% and 160% lower, compared with
the six months ended 31 December 2006 resulting in a headline loss per
share of between 93c and 112c;
- The loss per share for the six months period ended 31 December 2007 is
expected to be between 155% and 165% lower compared to the six months ended
31 December 2006 resulting in a loss per share of between 92c and 108c, as
a result of fair value adjustments on its investments; and
- Mvela Group`s intrinsic NAV is expected to decline between 10% and 15%
compared to the sixth months ended 31 December 2006.
Mvela Group`s major investments, being Absa Group Ltd ("Absa"), Life Healthcare
Group (Pty) Ltd ("Life Healthcare") and Group Five Ltd ("Group Five") are
accounted for at fair value. These investments have been adversely impacted by
the downturn in the equities market and consequently the fair value adjustment
on investments is expected to be between R620 million and R680 million lower for
the six months to 31 December 2007 compared to a R978 increase in the
corresponding period.
Mvela Group is confident that the underlying operations of each of its major
investments will continue to perform well over the medium to long term. This is
consistent with the Company`s investment horizon.
The performance of the three above-mentioned investments in their last reporting
periods is as follows:
- Absa - 19.6% growth in headline earning for the year ended 31 December
2007;
- Group Five - 80% growth in the headline earning per share for the six
months ended 31 December 2007; and
- Life Healthcare - 19% compounding growth in EBITDA over the past three
years.
The financial information on which the trading statement is based has not been
reviewed or reported on by Mvela Group`s external auditors.
The company`s interim results are expected to be released on Wednesday, 27
February 2008.
Enquiries
Mvelaphanda Group 011 290 4200
Ernst Roth 011 290 4230
College Hill 011 447 3030
Johannes van Niekerk 082 921 9110
Sandton
20 February 2008
Sponsor:
Deutsche Securities (SA) (Proprietary) Limited
Date: 20/02/2008 07:39:22 Produced by the JSE SENS Department.
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