SBV SVN
SBV
SBV / SVN - Sabvest Limited - Trading Statement
SABVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/003753/06)
Ordinary shares: Share code: SBV ISIN: ZAE000006417
N Ordinary shares: Share code: SVN ISIN: ZAE000012043
("Sabvest" or "the group")
TRADING STATEMENT
Shareholders are advised that the following results are expected for the
twelve months ended 31/12/2008:
2008 2007 Change
EPS 14,8 c 100,8 c - 85%
HEPS 86,5 c 108,3 c - 20%
DPS 14,0 c 14,0 c -
Intrinsic value 1004 c 1050 c - 4 %
per share
HEPS and EPS for the period were affected by negative IFRS fair value
adjustments to the carrying value of the group`s three listed investments and
one private equity investment that are accounted for on a fair value basis.
The group`s six equity accounted associates have produced satisfactory
earnings growth for the year.
The significant reduction in EPS is also the result of the one-off payment
made to settle the group`s outstanding legal actions as explained in detail
in the SENS announcement dated 22 August 2008.
Dividends have been maintained as the fair value adjustments are non-cash
charges and one of the group`s associates has agreed to pay special dividends
in 2008 and 2009 which are sufficient to fully fund the costs of the legal
settlement.
Intrinsic value per share is calculated using the directors` valuation of
investments less a provision for deferred CGT.
The figures contained in this trading statement have not been audited.
Reviewed results for the year are expected to be published at the end of
February 2009.
Sandton
10 February 2009
Sponsor
RAND MERCHANT BANK (A division of FirstRand Limited)
Date: 10/02/2009 13:06:36 Produced by the JSE SENS Department.
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