Peermont Global Limited - Trading Update
Release Date: 01/08/2005 17:01:09 Code(s): PTG
Peermont Global Limited - Trading Update
Peermont Global Limited
(Incorporated in the Republic of South Africa)
Registration number 1995/004449/06
Share code: PTG
ISIN: ZAE000058053
(`Peermont Global`)
Peermont Global Limited - Trading Update
During the six months ended 30 June 2005, Peermont Global benefited from
continued favourable trading conditions and its increased stake in the Emperors
Palace operation, following the successful buyout of the Caesars Entertainment
Inc. interest (`the CEI buyout`) in Emperors Palace with effect from 31 March
2005.
The exercise of US dollar options associated with the CEI buyout (announced on
SENS on 30 March 2005) resulted in an attributable accounting profit before
taxation of R36,5 million.
Peermont Global has adopted International Financial Reporting Standards (`IFRS`)
with effect from 1 January 2005. Certain accounting policies are therefore not
consistent with those applied in the annual financial statements for the year
ended 31 December 2004. The comparative results for the six months ended 30
June 2004 and the year ended 31 December 2004 have been restated on the adoption
of IFRS in the interim financial reporting statements, which are expected to be
published on or about 5 September 2005.
As a consequence of increased gaming and non-gaming revenues, improved margins
and the above mentioned option profit, headline earnings per share (`HEPS`) for
the six months ended 30 June 2005 are anticipated to be between 45% and 55%
higher than both the reported and restated HEPS for the same period in the
previous year. Attributable earnings per share (`EPS`) are anticipated to be
between 60% and 70% higher than reported EPS for the comparative period and 45%
and 55% higher than restated EPS for the comparative period.
This financial information has not been reviewed or reported on by Peermont
Global`s auditors.
Bryanston
1 August 2005
Sponsor
Standard Bank
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
