SLM
SLM
SLM - Sanlam Limited - Trading Statement
Sanlam Limited
(Incorporated in the Republic of South Africa)
(Registration number 1959/001562/06)
JSE share code: SLM
NSX share code: SLA
ISIN number: ZAE000070660
("Sanlam" or the "Sanlam Group")
Trading Statement
In terms of section 3.4(b) of the JSE Limited Listings Requirements, a listed
company is required to publish a trading statement as soon as it is satisfied
that a reasonable degree of certainty exists that the financial results for the
period will differ by at least 20% from that reported for the previous
corresponding period.
Despite the impact of severe market conditions during the 2008 reporting period,
the Sanlam Group achieved satisfactory operating results for the year to 31
December 2008. Core Earnings per share are expected to be broadly in line with
that achieved in 2007.
The 26% decline in the JSE All Share Index during 2008, and an even worse
performance by international investment markets, however, had a negative impact
on the level of investment returns achieved for the year. Sanlam`s Headline
Earnings per share, including the IFRS impact of Sanlam shares held by the
policyholders` funds, are therefore expected to be between 35% and 45% lower
than for the corresponding period in 2007. Normalised Headline Earnings per
share are expected to be between 55% and 65% lower. This is a major improvement
on the change in Normalised Headline Earnings reported in the Operational Update
issued early in December 2008 for the ten months to October 2008, due to the
better relative investment market performance in the last two months of the
year. Notwithstanding the impact of the adverse market conditions, the Sanlam
Group remains well capitalised.
The financial information on which this trading statement is based has not been
reviewed or reported on by Sanlam`s auditors. The audited results for the year
ended 31 December 2008 are expected to be announced on 5 March 2009.
Bellville
6 February 2009
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 06/02/2009 16:33:33 Produced by the JSE SENS Department.
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