ABIL - Upward adjustment of 2002 Headline Earnings
African Bank Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1946/021193/06)
(ISIN: ZA000030060)
(Share code: ABL)
("ABIL" or "the Company")
Upward adjustment of 2002 Headline Earnings from 102,7 cents to 104,4 cents per
share
The South African Institute of Chartered Accountants issued circular 7/2002 on
17 December 2002, which replaces AC 306(Headline earnings) and came into
immediate effect. The Listings Requirements of the JSE Securities Exchange,
South Africa ("the JSE") require all listed companies to comply with this
circular in the next financial information provided to shareholders.
ABIL released preliminary year-end results on 25 November 2002, which complied
with the existing AC 306 basis of calculation of headline earnings. However, as
the published annual financial statements have been released after the circular
date, the effects of circular 7/2002 have had to be adjusted for in its annual
report.
Provisions for retrenchment costs amounting to R8,6 million were raised in 2001
but actually paid in 2002. In accordance with the previous statement, these
costs were added back to 2001 earnings and deducted from 2002 earnings in
calculating headline earnings. In accordance with the new circular, this
adjustment has now been reversed and has the effect of increasing headline
earnings for 2002 to R510,6 million (previously R502,1 million) or 104,4 (102,7)
cents per share and of decreasing headline earnings for 2001 to R753,1 million
(R761,6 million) or 128,4(129,9) cents per share.
Details of the adjustments have been provided in the 2002 annual report, which
will be released today.
Midrand
3 February 2003
Sponsor
Deutsche Securities (SA)
(Proprietary) Limited
Reg. no: 1995/011798/07
Date: 03/02/2003 10:40:02 AM Produced by the JSE SENS Department
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