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Alexander Forbes - Trading Statement and Cautionary Announcement
Alexander Forbes Limited
(Incorporated in the Republic of South Africa)
(Registration number 1958/001974/06)
Sharecode: AFB ISIN code: ZAE 000018230
("the company")
Trading Statement and Cautionary Announcement
This Trading Statement and Cautionary Announcement is issued in accordance with
the revised JSE Securities Exchange listings requirements ("the revised JSE
requirements") which became effective on 1 September 2003.
Trading Statement
Alexander Forbes" earnings and headline earnings for the six months ending 30
September 2003 are expected to be materially lower (as defined in the revised
JSE requirements) than the earnings for the comparative six month period. The
primary reasons for this are set out below.
Currency
As previously communicated to shareholders, the appreciation of the Rand against
Sterling will have a materially adverse impact on the translation of the results
of the International operations into Rands. The current Rand/GBP exchange rate
of R11.5 to GBP1, compares to a weighted average conversion rate for the
comparative six month period of R15.8 to GBP1.
International operations
The Sterling results of the International operations are expected to be broadly
in line with the results for the comparative six month period excluding the
results of the Direct Marketing business. As communicated to shareholders in
November 2002, the agency agreement for the Direct Marketing business in the UK
was cancelled. As a result, the Sterling results of this business are expected
to be materially lower than the results for the comparative six month period.
The company is in discussions regarding a new agency agreement for this
business.
African operations
The results of the African operations are expected to be broadly in line with
the results for the comparative six month period. This is as a result of a
positive performance by the Risk Services business offset by the impact of
adverse conditions experienced by the Financial Services business.
Based on current currency levels and stable trading conditions, the board
expects growth in earnings and headline earnings for the financial year ending
31 March 2004.
Cautionary Announcement
The above earnings information has not been reviewed and reported on by the
company"s auditors. Shareholders are therefore advised to exercise caution when
dealing in the company"s securities until the publication of the company"s
interim results on 10 November 2003. As a result of this cautionary
announcement, the company has now entered a closed period which will end on 10
November 2003.
By order of the Board
Johannesburg, South Africa
3 September 2003
Date: 03/09/2003 03:32:48 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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