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ADR
ADR
ADR - Adcorp - Trading Statement
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 14 MONTHS ENDED 29 FEBRUARY 2008
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.
IFRS non cash flow adjustments have had a significant impact on the
determination of Earnings per share ("EPS") and Headline Earnings per
share ("HEPS") for the current period and result primarily from the Broad
Based Black Economic Empowerment ("BBBEE") transaction concluded in May
2007 and the resulting International Financial Reporting Standards
("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.
As a result of the above Adcorp accordingly advises that for the 14
months ended 29 February 2008 EPS are expected to be between 30% to 35%
below those for the 14 months to 28 February 2007 while HEPS is expected
to be between 23% to 28% below those for the corresponding period in
2006/7.
Excluding non cash flow IFRS charges from the determination of HEPS, the
result is that earnings are expected to be between 27% to 32% above those
for the corresponding period in 2006/7.
As a result of the above, there will be a decrease in EPS to between 250
to 269 cents per share compared with the previous period of 384.1 cents
per share and HEPS is expected to be between 190 to 203 cents per share
compared with 263.3 cents per share for the corresponding period in
2006/7.
Excluding non cash flow IFRS adjustments from the determination of HEPS,
the result is that earnings are expected to increase to between 365 and
380 cents per share compared with 287.6 cents per share for the
corresponding period in 2006/7.
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 8 May 2008.
15 April 2008
Bryanston
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
(Registration number 1996/000034/07)
Date: 15/04/2008 12:45:14 Produced by the JSE SENS Department.
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