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RMH
RMH
RMH - RMB Holdings Limited - Trading statement in respect of the six months
ended 31 December 2007
RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
Share Code: RMH
(`RMBH` or `the Company`)
TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 31 DECEMBER 2007
Shareholders are referred to the voluntary trading update issued by the Company
on 1 February 2008. In that update, shareholders were advised that RMBH expects
its Normalised Earnings for the six months ended 31 December 2007 to exceed that
of the preceding comparative period by between 9% and 14%. The Company still
expects this operational outcome to arise.
The RMBH Group views Normalised Earnings as a purer indicator of the underlying
operational performance of the Group, as it eliminates the accounting anomalies
and non-operational factors arising from the prescribed application of IFRS to
the manner in which Attributable and Headline Earnings have to be calculated.
RESTATEMENT OF PRIOR PERIOD FINANCIAL INFORMATION
In compliance with the requirements of Circular 8/2007 - "Headline Earnings"
issued by SAICA, RMBH has restated its Headline Earnings for the six months
ended 31 December 2006 as follows:
Restated Original
Headline Earnings (R million) 1 688 1 587
Headline Earnings per share (cents)
- Basic 143.4 134.8
- Diluted 139.6 131.3
The restatement arises from industry specific exclusions applicable to the
Company`s associate, FirstRand Limited ("FirstRand") in terms of which profits
or losses made on the sale of private equity investments (previously excluded in
accordance with the then applicable circular) are now required to be included in
Headline Earnings.
TRADING STATEMENT
In accordance with the JSE Limited Listings Requirements shareholders are
advised that RMBH anticipates that, for the six months ended 31 December 2007:
Attributable Earnings and Attributable Earnings per share will exceed that of
the preceding comparative period by between 20% and 23%; and
After taking cognisance of the prior period restatement recorded above, Headline
Earnings and Headline Earnings per share will exceed that of the preceding
comparative period by between 24% and 28%.
The variation between expected growth in Normalised Earnings and Attributable
and Headline Earnings can in the main be ascribed to adjustments arising from:
As regards Attributable Earnings, changes in the inter period profits on the
sale of available for sale assets and subsidiaries; and
In the case of Attributable Earnings and Headline Earnings, changes in the inter
period adjustment for the elimination of deemed RMBH and FirstRand treasury
shares held by the Group`s share trusts and policyholders.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s external auditors.
Full details of RMBH`s financial results for the six month period to 31 December
2007 are expected to be released on SENS on 5 March 2008 and published in the
press on 6 March 2008.
Sandton
25 February 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 25/02/2008 14:14:24 Produced by the JSE SENS Department.
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