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JSE
JSE
JSE - JSE Limited - Trading statement
JSE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: JSE
ISIN Code: ZAE000079711
("JSE")
TRADING STATEMENT
Stakeholders are advised that the earnings per share ("EPS") of the JSE Limited
Group ("Group") for the year ended 31 December 2008 ("the period") are expected
to be between 43% and 53% higher than the previous year`s 321.3 cents per share
and headline earnings per share ("HEPS") are expected to be between 60% and 70%
higher than the previous year`s 292.1 cents per share.
The EPS and HEPS for the Group for the year ended 31 December 2008 have been
impacted by a number of factors.
These include (before tax):
* the highly volatile world equities market resulting in an increase in
equity trades on the JSE which contributed to an increase in revenue of
between 17% and 27% for the period;
* the final tranche of options issued to qualifying black shareholders in
terms of the Black Shareholder Retention Scheme, amounting to a cost of
approximately R38 million. The actual current impact of this on cash flow
is zero. There will be a small positive impact on cash flow when the
options are exercised in 2011. This concludes the equity cost in respect of
the JSE`s BBBEE initiative, implemented when it listed in June 2006;
* the impact of the "mark to market" of the participation interests issued
under the first tranche of the Employee Scheme approved by JSE
shareholders. This has resulted in a reduction in expenses in the current
period of approximately R33 million but the continuing accrual for this
tranche amounted to a charge of R13 million. The net effect of the first
tranche is thus expected to be a reduction in expenses of approximately R20
million;
* the impact of the issue of approximately 1 million participation interests
under the second tranche of the Employee Scheme approved by the JSE
shareholders and the acquisition of call options to economically hedge this
liability over the life of the tranche. This resulted in a net charge of
approximately R28 million; and
* the impact of impairments to the System Replacement Project amounting to an
estimated R9 million, resulting from additional work to software design and
development in order to ensure that it delivers full value.
And in the comparable period, ended 31 December 2007:
* a once-off receipt, in 2007, of R75 million, from a contractor, releasing
the contractor from its further obligations with regard to its agreements
with the JSE;
* the impact of the acceleration of 25% of the first tranche of the Employee
Scheme due to be paid in December 2008 but brought forward to December
2007, resulting in the bringing forward in 2007, of a cost of R20 million
in recognition of Participants` agreement to cap the JSE`s liability under
the first tranche, resulting in cash outflow then of R53 million; and
* the final issue of shares at par value to the JSE Empowerment Fund,
amounting to a cost of approximately R30 million in that period.
Stakeholders are advised that the information provided in this trading statement
has not been reviewed and/or reported on by the Group`s auditors.
Gary Clarke
Company Secretary
Sandton
23 February 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/02/2009 14:41:35 Produced by the JSE SENS Department.
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