FSR
FSR
FSR - FirstRand Limited - Trading statement
FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1966/010753/06)
ISIN: ZAE000066304
Share Code: (JSE): FSR
Share Code: (NSX): FST
("FirstRand" or "the Group")
TRADING STATEMENT
Shareholders are reminded that as a result of the unbundling of the
Momentum Group, which was effective 30 November 2010, a significant non-
recurring gain arose as a dividend in specie to FirstRand shareholders
at fair value in terms of IFRIC 17 Distributions of Non-Cash Assets to
Owners.
Also as previously advised, the Group disposed of its 45% share in
OUTsurance Holdings to Rand Merchant Insurance Holdings Limited. The
gain on sale of this investment is excluded from headline earnings in
terms of Circular 3/2009.
These gains impact basic earnings per share, and in accordance with the
Listing Requirements of the JSE Limited, shareholders are advised that
basic earnings per share ("EPS") for the twelve months ended 30 June
2011 will increase by between 110% and 115% from the EPS of the previous
corresponding reporting period.
These gains did not arise from the performance of the Group`s continuing
operations, but from the unbundling of Momentum and the disposal of
OUTsurance and therefore does not impact either headline or normalised
earnings.
The annual results for the twelve months ended 30 June 2011 will be
released on SENS on or about 13 September 2011. The forecast financial
information on which this trading statement is based has not been
reviewed and reported on by the Group`s external auditors.
Sandton
8 September 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 08/09/2011 12:21:01 Produced by the JSE SENS Department.
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