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REM
REM
REM - Remgro Limited - 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 six months ended 30 September
2009, which is due to be released on SENS on or about 30 November 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
66% and 70% lower than the HEPS of the comparative period ended 30 September
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.
As a result * no income from BAT was accounted for during the period under
review, while BAT was still being equity accounted for the six months ended
30 September 2008;
* lower earnings reported by both FirstRand Limited and RMB Holdings Limited
than in the comparative period mainly due to increased bad debts in the
retail lending business of the banking division as well as equity trading
losses;
* lower earnings from Total South Africa (Pty) Limited due to negative stock
revaluations in the period under review compared to material favourable
stock revaluations in the comparative period;
* lower dividends received from the investment in Impala Platinum Holdings
Limited than in the comparative period due to the drop in the price of
platinum in 2009.
HEPS from continuing operations, which excludes the equity accounted income of
BAT, as well as all non-recurring costs relating to the unbundling, is expected
to be between 35% and 39% lower than the HEPS of the comparative period ended 30
September 2008.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s auditors.
Stellenbosch
20 November 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 20/11/2009 17:10:01 Produced by the JSE SENS Department.
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