CML - Coronation Fund Managers - Trading Statement
CML
CML
CML - Coronation Fund Managers - Trading Statement
Coronation Fund Managers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/009318/06)
ISIN: ZAE000047353
Share code: CML
("Coronation")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("Listings
Requirements"), Coronation is required to report to shareholders that earnings
per share ("EPS") and headline earnings per share ("HEPS") for the half year
ended 31 March 2008 are expected to be between 20% to 30% lower than those for
the prior comparative period. Coronation`s interim results for the half year
ended 31 March 2008 will be released on or about 13 May 2008.
The information above needs to be viewed in the context of the following:
It is expected that profit from fund management before tax will be between 15%
to 25% lower, and net income after tax will be between 25% to 35% lower than
that for the prior comparative period. The reason for this variation is that in
the current half year, an STC charge of approximately R15 million was incurred
on the dividend distribution in December 2007. The capital distribution in
December 2006 (previous comparative period) did not attract an STC charge.
The full effect of the share buy-back programme undertaken during the 2006 and
2007 financial years, and now impacting the 2008 half year, has positively
affected the EPS and HEPS figures. The weighted average number of shares in
issue for the six months to 31 March 2008 was 321 597 285 compared to 353 181
887 in the prior comparative period. This translates into a positive 9% effect
on EPS and HEPS.
The financial information on which this trading statement is based has not been
reviewed or reported on by Coronation`s auditors.
Cape Town
30 April 2008
Sponsor to Coronation
Deutsche Securities (SA) (Proprietary) Ltd
Date: 30/04/2008 07:30:01 Produced by the JSE SENS Department.
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