ADR - Adcorp - Trading Statement For The Six Months Ended 31 August 2008
ADR
ADR
ADR - Adcorp - Trading Statement For The Six Months Ended 31 August 2008
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 SIX MONTHS ENDED 31 AUGUST 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.
Due to the change in year end, Adcorps` comparative reporting period was for the
eight months ended 31 August 2007. Adcorp previously published results for the
eight months ended 31 August 2007 as well as for the two months ended 28
February 2007. By deduction, the results for the six months ended 31 August
2007 are earnings per share of 7.9 cents and headline earnings per share of 38.4
cents. Adcorp is now back to a 12 month reporting cycle with interim results
currently being reported for the six months ended 31 August 2008.
Adcorp shareholders are advised that for the six months ended 31 August 2008
both earnings per share and headline earnings per share are expected to be
between 120 cents and 130 cents. It should be noted that the earnings were
positively affected by non-cash flow IFRS adjustments mainly as a result of the
non-recurring share based payments emanating from the BBBEE deal completed in
May 2007.
In addition to the BBBEE share based payments, the results have been further
impacted by the non cash flow amortization of intangibles arising on
acquisitions made during 2007 and 2008. On a normalised trading position, where
non-cash flow IFRS adjustments are eliminated, core headline earnings per share
is expected to be between 15% and 17% above that for the six months ended 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 23 October 2008.
20 October 2008
Bryanston
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 20/10/2008 07:05:11 Produced by the JSE SENS Department.
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