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TKG
TKG
TKG - Telkom SA Limited - Trading statement and operational update
Telkom SA Limited
(Registration number 1991/005476/06)
JSE share code: TKG
ISIN: ZAE000044897
("Telkom")
Trading statement and operational update
In terms of paragraph 3.4(b) of the JSE Listings Requirements, companies are
required to publish a trading statement as soon as they become reasonably
certain that the financial results for the period to be reported on next will
differ by at least 20% from those of the previous corresponding period.
It should be noted that Telkom`s results for the year ended 31 March 2011 will
be restated to reflect the entire investment in the Multi-Links business as a
discontinued operation. The restated basic earnings per share from continuing
operations for the year ended 31 March 2011 is 481.2 cents per share and the
restated headline earnings per share from continuing operations is 484.8 cents
per share.
Basic earnings per share from continuing operations for the year ending 31
March 2012 are expected to be at least 90% lower than the prior year.
The decrease is mainly attributable to the following once off items that will
be included:
- the recognition of a net loss of R950 million on the disposal of the
Multi-Links foreign operation, mainly due to the cumulative amount of
exchange differences previously recognised in equity, now recognised in
profit and loss; and
- the impairment of iWayAfrica of approximately R550 million.
Other operational items contributing to the decrease include:
- the EBITDA loss incurred by the mobile business of approximately R2.2
billion;
- higher depreciation of approximately R670 million as a result of the
review of the useful lives of existing network equipment as the Company
invests to transform to a commercially led next generation network.
These items will be partially offset by lower employee expenditure as R739
million was spent on voluntary employee severance packages in the prior year.
Headline earnings per share from continuing operations for the year ending 31
March 2012 are expected to be at least 25% lower than the prior year. The net
loss on disposal of Multi-Links and iWayAfrica impairment do not impact
headline earnings.
Telkom will provide an updated trading statement in terms of the JSE Listings
Requirements once there is reasonable certainty within a 20% range of the
results when compared to the previous year.
Telkom anticipates releasing its results for the year ending 31 March 2012 on
or about 11 June 2012.
This trading statement has neither been reviewed nor reported on by the
company`s external auditors.
Johannesburg
30 March 2012
Sponsor: UBS South Africa (Pty) Ltd
Date: 30/03/2012 13:59:03 Produced by the JSE SENS Department.
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