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PLD
PLD
PLD - Paladin - Trading Update
PALADIN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2007/032836/06)
Share Code: PLD
ISIN Number: ZAE000138970
("Paladin" or "the Company")
TRADING UPDATE
RECURRING HEADLINE EARNINGS
In the spirit of consistent clear and unambiguous communication to stakeholders,
management introduced the recurring headline earnings concept as the predominant
measure of Paladin`s financial performance. Previously recurring headline
earnings was defined as reportable headline earnings in terms of accounting
standards, excluding any marked-to-market movements and once-off items.
During the past year we revisited and fine-tuned this methodology by now
measuring recurring headline earnings on a see-through basis throughout the
group. Paladin`s recurring headline earnings is the sum of its effective
interest in that of each of its underlying investees, regardless of its
percentage shareholding. The result is that investments in which Paladin or an
investee holds less than 20% and is not allowed to equity account in terms of
accounting standards, are now included in the calculation of our consolidated
recurring headline earnings. This provides management and investors with a more
realistic and simple way of evaluating Paladin`s financial performance.
Having applied the aforesaid principles to the prior year figures, Paladin`s
recurring headline earnings for the year ended 28 February 2009 amounted to 20.0
cents per share as opposed to the 18.9 cents per share previously reported in
terms of the old methodology.
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes reasonably certain
that the financial results for the next period to be reported on will show a 20%
or more difference from those of the previous corresponding period.
Paladin hereby advises that a reasonable degree of certainty exists that, for
the year ended 28 February 2010:
- recurring headline earnings will be between 18.0 cents and 21.0 cents per
share or between 10.0% lower or 5.0% higher than that for the year ended 28
February 2009; and
- headline earnings will be between 42.6 cents and 46.0 cents per share in
comparison to a 4.6 cents headline loss per share for the year ended
February 2009.
The increase in headline earnings per share is mainly as a result of marked-to-
market profits.
The attributable earnings per share figure cannot, at this point, be calculated
with a reasonable degree of certainty and as such an indication of what the
attributable earnings per share would be has not been provided in this
announcement.
This financial information has not been reviewed and reported on by the auditors
of Paladin. The results for the year ended 28 February 2010 will be published on
13 April 2010.
Stellenbosch
31 March 2010
Questco Sponsors (Pty) Limited
Designated Advisor to Paladin
PSG Capital (Pty) Limited
Corporate Advisor to Paladin
Date: 31/03/2010 16:09:02 Produced by the JSE SENS Department.
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