| Tue 11 Nov 2008, 10:00 | | TBS - Tiger Brands Limited - Trading statement |
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TBS
TIIH
TBS - Tiger Brands Limited - Trading statement
TIGER BRANDS LIMITED
("Tiger Brands" or "the Company")
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN code: ZAE000071080
TRADING STATEMENT
Shareholders are advised that, having considered the latest financial
information in respect of the year ended 30 September 2008, it is expected
that headline earnings per share ("HEPS") from continuing operations will
reflect an improvement of between 32% and 37% compared to that achieved in the
previous financial year. The recognition of pension fund surpluses following
regulatory approval of the relevant surplus apportionment schemes, accounts
for 6.6 percentage points of the aforesaid increase. Earnings per share
("EPS") from continuing operations for the twelve months ended 30 September
2008 is expected to be between 3% and 6% above that achieved in the 2007
financial year.
The lower percentage improvement in EPS compared to HEPS is primarily due to
the inclusion in abnormal items, in March 2008, of an amount of R112,3 million
relating to the impairment of the carrying value of the goodwill associated
with the Beverage business. The comparative period included the gain of R272
million arising on the disposal of the Company`s Dairy business. These two
items are excluded for the purposes of determining HEPS in the respective
reporting periods.
Total HEPS for the year, including the results of recently unbundled Adcock
Ingram for the eleven months ended August 2008, will reflect an improvement of
between 15% and 20% compared to that achieved in the previous year. Total EPS
for the twelve months ended 30 September 2008 is expected to be between 0% and
3% above that achieved in the 2007 financial year. As a result of the
unbundling of Adcock Ingram on 29 August 2008, the 2008 consolidated group
results include only eleven months of trading of Adcock Ingram compared to a
full year`s trading in 2007. For this reason, both total HEPS and EPS are not
directly comparable with the previous year.
The results for the twelve months ended 30 September 2008 will be released on
25 November 2008, at which time a detailed analysis of the performance of the
Company will be provided. The information in this trading statement has not
been reviewed or reported upon by the Company`s auditors.
Bryanston
Date:
11 November 2008
Sponsor
JP Morgan Equities Limited
Date: 11/11/2008 10:00:01 Produced by the JSE SENS Department.
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