Nedbank Group - Trading Statement and Revised Fore
Nedbank Group - Trading Statement and Revised Forecasts
NEDBANK GROUP LIMITED
(formerly Nedcor Limited)
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
ISIN: ZAE000004875
(`Nedbank Group` or `the group`)
TRADING STATEMENT AND REVISED FORECASTS
Nedbank Group advised shareholders in a trading statement released on 5 May 2005
that, assuming exchange rates remained at the levels prevailing at the time,
forecasts for the six months to 30 June 2005 would be as follows:
- Headline earnings per share was forecast to be between 15% and 30% higher than
the IFRS restated 245 cents per share reported for the first half of 2004;
- Headline earnings were forecast to be between 38% and 56% higher than the R802
million restated results under IFRS for the first half of 2004; and
- Attributable earnings per share was forecast to be between 16% and 31% higher
than the IFRS restated 247 cents per share reported for the first half of 2004.
Nedbank Group has revised these forecasts mainly as a result of the following
factors:
- The 11% decline in the value of the Rand, which weakened from its level of
R5,97:US$1,00 on 5 May 2005 to R6,67:US$1,00 on 30 June 2005, resulting in
foreign exchange translation gains of approximately R165 million, which is R70
million higher than expected;
- A lower than expected impairment expense; and
- The deferral of approximately R40 million (after tax) of recovery programme
expenses to the second half of the year.
The revised forecasts for the six months to 30 June 2005 are as follows:
- Headline earnings per share will be between 40% and 50% higher than the IFRS
restated 245 cents per share reported for the first half of 2004;
- Headline earnings are expected to be between 68% and 80% higher than the R802
million restated results under IFRS for the first half of 2004; and
- Attributable earnings per share is estimated to be between 39% and 49% higher
than the IFRS restated 247 cents per share reported for the first half of 2004.
These revised forecasts have not been audited or reviewed by the group`s
auditors.
Nedbank Group`s results for the six months to 30 June 2005 will be released on
SENS at approximately 08:00 on Thursday, 4 August 2005.
Sandton
21 July 2005
For further information kindly contact
Tier 1 Investor Relations
Tel: +27 (0)21 702 3102
Sponsors
Merrill Lynch South Africa (Pty) Limited
Nedbank Capital
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