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JSE
JSE
JSE - JSE Limited - Trading Statement
JSE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: JSE
ISIN Code: ZAE000079711
("JSE")
TRADING STATEMENT
Stakeholders are advised that the earnings per share of the JSE Limited Group
("Group") for the six months ended 30 June 2008 ("the period") are expected to
be between 319% and 329% higher than the comparative period`s 47.7 cents per
share and headline earnings per share are expected to be between 409% and 419%
higher than the 38.7 cents per share of the comparative period. The latter
comparative figure has been recalculated to comply with SAICA circular 08/07-
Headline Earnings.
The earnings and headline earnings per share for the Group for the six months
ended 30 June 2008 have been impacted by a number of factors.
These include:
- the robust world equities market performance resulting in an increase in
trades on the JSE and hence in revenue of between 19% and 29% for the period;
- the final tranche of options issued to qualifying black shareholders in terms
of the Black Shareholder Retention Scheme, amounting to a cost of
approximately R38 million. The actual current impact of this on cash flow is
zero. There will be a small positive impact on cash flow when the options are
exercised in 2011;
- the impact of the "mark to market" of the participation interests issued under
the first tranche of the Employee Scheme approved by JSE shareholders. This
has resulted in a write-back to income in the current period of approximately
R13 million but the continuing accrual for this tranche amounted to a charge
of R12 million. The net effect of the first tranche is thus expected to be a
write back of approximately R1 million;
- the impact of the issue of approximately 1 million participation interests
under the second tranche of the Employee Scheme approved by the JSE
shareholders and the acquisition of call options to economically hedge this
liability over the life of the tranche. This resulted in a net charge of
approximately R20 million;
and
- in the comparative period, the final issue of shares at par value to the JSE
Empowerment Fund (JEF), amounted to a cost of approximately R30 million in
that period.
Stakeholders are advised that the information provided in this trading statement
has not been reviewed and/or reported on by the auditors.
Gary Clarke
Company Secretary
Sandton
18 July 2008
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 18/07/2008 15:45:02 Produced by the JSE SENS Department.
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