IMPERIAL HOLDINGS LIMITED - Trading Statement for the six months to 31 December 2016
IPL 201701240007A
Trading Statement for the six months to 31 December 2016
Imperial Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number: 1946/021048/06
ISIN: ZAE000067211
Share code: IPL
(”Imperial” or the “Company’ or the “Group”)
TRADING STATEMENT FOR THE SIX MONTHS TO 31 DECEMBER 2016
Shareholders are referred to the CEO’s AGM statement released on the Stock
Exchange News Service on 1 November 2016, where our guidance for the year to
June 2017 was single digit revenue growth and a moderate decline in operating
profit from continuing operations, subject to stable currencies in the economies
in which we operate. This outlook remains unchanged.
For the six months to 31 December 2016 we anticipate that there will be single
digit growth in revenue and operating profit from group operations.
Earnings per Share (‘EPS’), Headline Earnings per Share (‘HEPS’) and Core
Earnings per Share( ‘Core EPS’) will be adversely affected by the following:
- Foreign exchange losses compared to gains in the prior period on various
monetary items including working capital, intergroup loan funding and
hedging instruments;
- Higher finance costs from higher costs of funding and higher debt levels,
which resulted from delays in the receipt of proceeds from assets and
businesses held for sale;
- Higher amortisation of intangible assets arising from acquisitions;
In addition:
- The prior period EPS was enhanced by profit on the sale of Neska partially
offset by impairment of goodwill and other intangible assets which are
eliminated from HEPS;
- The prior period HEPS was enhanced by a foreign exchange gain from an
internal restructuring, while the amortisation of intangible assets
arising from acquisitions is higher in the current period. Neither of
these are included in Core EPS.
As such, EPS, HEPS and Core EPS for the Group to 31 December 2016 are expected
to decrease from the corresponding period as follows:
6 months to 6 months to
31 December 2015 31 December 2016
Actual Expected range
EPS 881 cents 700 cents to 640 cents
(21% to 27% down)
HEPS 801 cents 700 cents to 640 cents
(13% to 20% down)
Core EPS 861 cents 810 cents to 750 cents
(6% to 13% down)
The forecast financial information in this announcement has not been reviewed or
reported on by Imperial’s auditors. This update is based on available
information at the time of publication.
Imperial will release its results for the 6 months to 31 December 2016 on the
21st February 2017.
Bedfordview
24 January 2017
Sponsor: Merrill Lynch South Africa (Pty) Limited
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