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ADR
ADR
ADR - Adcorp Holdings Limited - Trading statement for the twelve months ended 28
February 2009
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 TWELVE MONTHS ENDED 28 FEBRUARY 2009
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. Adcorp reports in
terms of International Financial Reporting Standards ("IFRS")
Due to the change in year end Adcorp previously published earnings for the
fourteen months ended 29 February 2008 as well as for the two months ended 28
February 2007. The earnings for the comparative twelve month period ended 28
February 2008 have been arrived at by deducting the published two month earnings
from the published 14 months earnings. This results in earnings per share of
137.4 cents and headline earnings per share of 166.5 cents for the 12 months
ended February 2008. Core headline earnings per share, which excludes non-cash
flow IFRS adjustments, was 334.0 cents per share for the 12 months ended
February 2008. Adcorp is now back to a 12 month reporting cycle with the final
results currently being reported for the twelve months ended 28 February 2009.
Adcorp shareholders are advised that for the twelve months ended 28 February
2009 earnings per share and headline earnings per share are expected to increase
by between 95% to 100% and 60% and 65% respectively. Earnings per share is
therefore expected to be between 268 cents and 275 cents and headline earnings
per share between 266 cents and 275 cents. The reason for the significant
improvement in the 2009 earnings is that the 2008 earnings were negatively
impacted by non-cash flow IFRS adjustments which were mainly share based
payments emanating from the BBBEE deal concluded in May 2007.
The results have been further impacted by the non-cash flow amortization of
intangibles arising on acquisitions made during the 2008 and 2009 financial
years. 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 19% above those for the 12 months ended February 2008. As a result core
earnings per share is expected to be between 384.1 cents and 397.5 cents.
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 6 May 2009.
23 April 2009
Bryanston
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 23/04/2009 14:46:13 Produced by the JSE SENS Department.
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