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Sanlam Trading Statement - Interim Results 2005
Registered name: Sanlam Limited
(Registration number 1959/001562/06)
JSE share code: SLM
NSX share code: SLA
ISIN number: ZAE000028262
Sanlam Trading Statement - Interim Results 2005
The Group`s operating performance is expected to be substantially in line with
that reported in the Financial Update released on 1 June 2005. Group operating
profit net of tax and minority shareholders` interests for the six-month period
to 30 June 2005 is expected to be between 10% and 20% higher than for the
comparable period in 2004.
Recently introduced accounting practice changes, as set out in the Financial
Review in Sanlam`s 2004 Annual Report, require Sanlam to account for its 2005
Headline Earnings in terms of International Financial Reporting Standards
(IFRS). Sanlam`s 2004 results will be restated accordingly. The Financial Review
in the 2004 Sanlam Annual Report set out the anticipated changes to the reported
results (refer to the note below).
As a result of these changes to accounting policies and practices, market
movements will have a material impact on Sanlam`s Headline Earnings and
shareholders need to be aware of the potential volatility in reported earnings.
Equity market movements during the interim period to June 2005 contributed
significantly to an increase in Headline Earnings. As a result, Headline
Earnings per share and Earnings per share for the interim period are expected to
be between 80% and 100% higher than the corresponding period in 2004,
predominantly due to the inclusion of realised and unrealised investment
surpluses, as well as an increase in investment income.
Shareholders are advised that the results referred to in this trading statement
have not been reviewed or reported on by Sanlam`s auditors.
The interim results will be released on 9 September 2005.
Bellville
4 August 2005
Note
Accounting practice changes which impact on the volatility in Headline Earnings.
Headline Earnings will:
- include both realised and unrealised market value changes attributable to
investments held in the shareholders` funds;
- will be reported net of transfers to or from policyholders` funds to
compensate the portfolios for market value changes in respect of Sanlam
shares held in those portfolios (These shares now need to be cancelled in
the consolidated Group accounts);
- will be reported net of transfers to or from policyholders` funds to
compensate the portfolios for changes in the market value of Santam shares
held in those portfolios, to the extent that it differs from changes in
Santam`s net asset value. (The policyholder portfolios are now only allowed
to account for the net asset value of its investment in Santam)
Sponsor:
JP Morgan Equities Limited
Date: 04/08/2005 12:55:12 P
Produced by the JSE SENS Department
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