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REM
REM
REM - Remgro - Trading Statement
Remgro Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/006415/06)
ISIN: ZAE000026480
Share code: REM
("Remgro" or "the Company")
TRADING STATEMENT
Paragraph 3.4 (b) of the Listings Requirements of the JSE Limited ("JSE
Listings Requirements") requires companies to publish a trading statement as
soon as they become reasonably certain that the financial results for the
period to be reported upon next will differ by at least 20% from that of the
previous corresponding period.
Remgro is currently finalising its results for the year ended 31 March 2009,
which is due to be released on SENS on or about 22 June 2009.
In compliance with the JSE Listings Requirements, shareholders are advised
that Remgro`s reported headline earnings per share ("HEPS") is expected to
be between 35% and 45% lower than the HEPS of the comparative year ended 31
March 2008.
This decrease in HEPS is mainly attributable to the following:
- on 3 November 2008 Remgro distributed its investment in British American
Tobacco Plc ("BAT") to its shareholders as an interim dividend in specie
("the BAT transaction"). As a result the investment in BAT will only be
equity accounted for the seven months to 31 October 2008 compared to twelve
months in the comparative year;
- the BAT transaction has resulted in non-recurring costs amounting to
approximately R720 million that will be accounted for in headline earnings
during the current year;
- lower earnings being reported by both FirstRand Limited and RMB Holdings
Limited than in the comparative year;
- lower earnings from Total South Africa (Pty) Limited resulting from
unfavourable stock revaluations due to the sharp decline in the
international oil price;
- lower earnings from Kagiso Trust Investments (Pty) Limited during the
first half of the financial year mainly attributable to unfavourable fair
value adjustments relating to its holding of Metropolitan Holdings Limited
convertible preference shares.
On a pro forma basis, which excludes the equity accounted income of BAT, as
well as all non-recurring costs relating to the BAT transaction, HEPS is
expected to be between 25% and 35% lower than the HEPS of the comparative
year ended 31 March 2008.
The financial information on which this trading statement is based has not
been reviewed and reported on by the Company`s auditors.
Stellenbosch
11 May 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 11/05/2009 17:02:01 Produced by the JSE SENS Department.
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