FIRSTRAND LIMITED - FNB NAMIBIA HOLDINGS LIMITED
FIRSTRAND LIMITED
(Registration number: 1966/010753/06)
ISIN: ZAE000014973
Share Code: FSR
(`FirstRand`)
FNB NAMIBIA HOLDINGS LIMITED
Shareholders are referred to the trading statement released today by the 56%
held subsidiary of FirstRand, FNB Namibia Holdings Limited (`FNB Namibia`). FNB
Namibia contributed R185 million, or 3.8% to the headline earnings of the
FirstRand group during the financial year ended 30 June 2003.
The financial results of FNB Namibia as referred to in the FNB Namibia trading
statement were anticipated and will not materially affect the results of
FirstRand for the year ended 30 June 2004.
The following is the trading statement and cautionary announcement as released
by FNB Namibia for ease of reference:
`Shareholders are advised that FNB`s Core Operational Earnings for the year to
30 June 2004 are expected to be similar with the results achieved in the year to
30 June 2003. Shareholders are referred to the 2003 annual report and the
restructuring of the group which led to the creation of FNB Namibia Holdings
Limited. This transaction resulted in a once-off tax benefit of N$80 million and
a reduced tax charge of 5.3%. For comparison purposes, and to illustrate the
sustainable earnings of the group, the Core Operational Earnings Figure, for the
year ended 30 June 2003, was calculated and disclosed, which excluded the effect
of the N$80 million. In the year to 30 June 2004, FNB will revert to a tax rate
in line with historic norms, which will result in a material decrease in
earnings and headline earnings.
As the forecast financial information has not been reviewed or reported on by
the company`s auditors, shareholders are advised to exercise caution when
dealing in FNB`s shares until the release of the results announcement for the
year ended 30 June 2004, which are expected to be published before 30 September
2004.`
Sandton
23 July 2004
Merchant Bank and Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 23/07/2004 03:30:03 PM Produced by the JSE SENS Department
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