| Mon 21 May 2012, 16:30 | | FGL - Finbond Group Limited - Trading update - year ending 29 February 2012 |
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FGL
FGL
FGL - Finbond Group Limited - Trading update - year ending 29 February 2012
Finbond Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: FGL ISIN: ZAE00013895
("Finbond" or "the Company")
TRADING UPDATE - YEAR ENDING 29 FEBRUARY 2012
In terms of the Listings Requirements of the JSE Limited, companies are
required to publish a Trading Update as soon as they become reasonably
certain that the financial results for the period to be reported on next
will differ by more than 20% from the financial results for the previous
corresponding period.
Shareholders are advised that Finbond expects fully diluted earnings per
share, for the year ended 29 February 2012 of between 3,2 cents and 4,1
cents per share, compared to a loss per share, on a fully diluted basis, of
5,6 cents reported for year ended 28 February 2011.These numbers represent
an increase in earnings per share of between 157% and 173%.
If headline earnings are normalised only for the effect of the recent
increase in the inclusion rate for Capital Gains Tax on opening deferred
tax balances, which results from changes to tax assets first recognised in
prior years`results,such normalised headline earnings per share would be in
the range of between 0.7 and 1.0 cents (2011: normalised headline loss per
share of 1.8 cents). This represents an improvement in normalised headline
earnings per share of between 139% and 156%.
Headline earnings are not affected by fair value adjustments to investment
properties, howevereffects of changes in tax ratesareincluded inheadline
earnings in terms of SAICA`s circular 3/2009 "Headline Earnings",
regardless ofwhether or not such tax effects aredirectly related to
trading/operating activities. The expected range in respect of fully
diluted headline loss per share is between 0.9 cents and 1.3 cents compared
to a fully diluted headline loss per share of 1.8 cents reported for the
year ended 28 February 2011. These numbers represent an improvement in
headline loss per share of between 50% and 28%.
The financial information on which this trading statement is based has not
been reviewed or reported on by Finbond`s auditors. Finbond is currently
preparing its results for the year ended 29 February 2012 and the Company`s
auditors are completing their audit of these results.
Pretoria
21 May 2012
DESIGNATED ADVISER:
GRINDROD BANK LIMITED
Date: 21/05/2012 16:30:01 Produced by the JSE SENS Department.
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