SLM - Sanlam Trading Statement For The Six Months Ended 30 June 2008
SLM
SLM
SLM - Sanlam Trading Statement For The Six Months Ended 30 June 2008
Sanlam Limited
(Registration number 1959/001562/06)
JSE share code: SLM
NSX share code: SLA
ISIN number: ZAE000070660
("Sanlam" or "the Sanlam group")
Sanlam trading statement for the six months ended 30 June 2008
In terms of the JSE Limited Listings Requirements on trading statements, a
listed company is required to issue a trading statement as soon as it becomes
reasonably certain that the financial results for the current reporting period
will differ by at least 20% from the previous corresponding reporting period.
Shareholders are referred to the Sanlam operational update released on SENS on 4
June 2008 that indicated the impact that adverse market conditions had on the
Group`s earnings for the four months to April 2008, in particular on headline
and normalised headline earnings. The extreme volatility in debt and equity
markets, combined with the under performance of financial and industrial stocks,
continued during May and June 2008. Notwithstanding this challenging business
environment, the Sanlam group achieved satisfactory operating results for the
six months to 30 June 2008. Core earnings per share are expected to be slightly
up on the comparable period in 2007.
The adverse performance of global equity and debt markets, however, had a
negative effect on the investment return earned on shareholder funds relative to
2007, in particular given the Group`s underweight exposure to the stronger
performing resources sector. Headline earnings per share for the six months to
30 June 2008 are consequently expected to decrease by between 20% and 25% on the
corresponding period in 2007. Normalised headline earnings per share, which
exclude certain IFRS related adjustments, are anticipated to be down between 55%
and 60%.
Shareholders are also referred to the trading statement issued by Santam Limited
on 4 August 2008.
The information in this trading statement has not been reviewed or reported on
by Sanlam`s auditors. Sanlam`s interim results for the six months to 30 June
2008 are due to be released on 4 September 2008.
Bellville
19 August 2008
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 19/08/2008 16:00:01 Produced by the JSE SENS Department.
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