VOX
VOX
VOX - VOX Telecom Limited - Trading update on VOX
VOX TELECOM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/016433/06)
("Vox" or "the Company")
JSE Code: VOX ISIN Code: ZAE000097234
TRADING UPDATE ON VOX
In accordance with paragraph 3.4 (b) of the Listings Requirements of the JSE
Limited ("the JSE"), a listed company is required to publish a trading statement
as soon as it becomes aware, with a reasonable degree of certainty, that the
financial results for the next period to be reported on are likely to vary by
more than 20% from the previous corresponding period.
The Company`s financial results for the six months ended 28 February 2009 are
expected to be announced on or about 24 April 2009.
At the end of 2008 the company prospectively assessed the useful lives of the
acquired customer bases to better align the accounting treatment with industry
best-practice by applying a useful life of 25 years. This was disclosed in the
annual report for the year ended 31 August 2008. This has meant an increase in
the amortisation rate of existing and acquired customer bases from 1.98% to 4%.
This increased amortization rate caused an increase in the amortization charge
of approximately R 13 million before taxation for the period.
In addition, the group has experienced higher than estimated finance charges and
some tougher trading conditions during the period, which have occasioned slower
growth and impacted on group profitability.
Accordingly, shareholders are advised that a reasonable degree of certainty
exists that the company`s earnings per share ("EPS") and headline earnings per
share ("HEPS") are expected to be between 35% to 45% lower than the 4.72 cents
per share reported in the prior period.
This trading statement has not been reviewed or reported on by the Company`s
external auditors.
Johannesburg
20 April 2009
Designated Adviser PSG Capital (Pty) Limited
Date: 20/04/2009 17:01:01 Produced by the JSE SENS Department.
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