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MET
MET
MET / MTD - Metropolitan Holdings Limited - Trading Statement
Metropolitan Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MET
NSX share code: MTD
ISIN: ZAE000050456
("Metropolitan" or "the company")
Trading statement in terms of the JSE Listing Requirements
Metropolitan results for the six month period ended 30 June 2008 will be
released on 3 September 2008.
In terms of 3.4(b)(i) of the JSE Listings Requirements, listed companies must
publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists 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.
During the period under review South African investment market values -
particularly equities and bonds - declined, resulting in a net capital
depreciation on the group`s shareholder funds. This contrasts with the
substantial gain included in the 2007 comparative results. Earnings were also
negatively impacted by the adjustment of discount rates and future expense
inflation expectations. The long-dated interest rates increased significantly up
to 30 June 2008, raising the discount rate used to value actuarial liabilities
by 2.5 percentage points, and resulted in a negative actuarial basis change.
Shareholders are therefore advised that the group`s diluted earnings per share
and diluted headline earnings per share will reflect a decrease of between 60%
and 70% on the comparative 2007 results.
Core headline earnings per share will, however, show an improvement on the
previous period of between 10% and 15%, mainly driven by improved operational
efficiencies and a higher average asset base during the period under review as
compared to last year.
The forecast financial information on which this trading statement is based has
not been reviewed and reported on by Metropolitan`s external auditors.
Diluted earnings per share and core headline earnings per share are defined on
page 27 of the 2007 annual report. Diluted earnings per share are figures that
have been adjusted for convertible redeemable preference shares, staff share
scheme shares and treasury shares in issue. Core headline earnings per share
eliminate items of both a once-off and an inherently volatile nature, such as
changes to the valuation basis and capital appreciation/depreciation.
Bellville
22 August 2008
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 22/08/2008 15:00:01 Produced by the JSE SENS Department.
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