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RMBH - Updated trading statement i.r.o. the financial year ended 30 June 2005
RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1987/005115/06)
ISIN: ZAE000024501
Share Code: RMH
(`RMBH` or `the Company`)
UPDATED TRADING STATEMENT IN RESPECT OF THE FINANCIAL YEAR ENDED 30 JUNE 2005,
IN COMPLIANCE WITH THE JSE LIMITED LISTINGS REQUIREMENTS
Shareholders are referred to:
- the trading statement issued by the Company on 3 June 2005; and
- the updated trading statement issued by the Company`s associate FirstRand
Limited (`FirstRand`) on 12 September 2005.
FirstRand, in its updated trading statement, advised that:
- its headline earnings per share and fully diluted headline earnings per
share for the financial year ended 30 June 2005 are expected to exceed the
comparative period by between 25% and 35% (as opposed to between 20% and
25% forecast in its initial trading statement released on SENS on 3 June
2005). As indicated in its initial trading update, FirstRand ascribes the
increase in its headline earnings to the significant currency translation
loss (R370 million) recorded during the previous financial year changing
into a translation profit for the 2005 financial year, given the change in
the Rand:US Dollar Exchange rate ruling at 30 June 2005.
- FirstRand had also previously announced that, as a result of the gain
arising from its disposal of Ansbacher Holdings Limited, it expected
attributable earnings to increase by between 25% and 30% over that of 2004.
It has now indicated that it expects attributable earnings to exceed that
of 2004 by between 35% and 45%.
As its investment in FirstRand produces the bulk of RMBH`s earnings, it is
anticipated that the impact outlined in FirstRand`s updated trading statement
will, to a large extent, flow through into RMBH`s results for the year ended 30
June 2005.
RMBH disposed of 7,6% of its interest in FirstRand as part of the FirstRand BEE
transaction and realized a net gain on disposal of R554 million. Such amount,
while not included in headline earnings, forms part of RMBH`s attributable
earnings for the year.
RMBH expects that:
- headline earnings per share for the year ended 30 June 2005 will exceed
that of the prior year by between 25% and 35%; while
- attributable earnings per share for the year ended 30 June 2005 will exceed
that of the prior year by between 65% and 75%.
The financial information on which this updated trading statement is based has
not been reviewed and reported on by the Company`s auditors.
Full details of RMBH`s financial results are expected to be released on SENS on
21 September 2005 and published in the press on 22 September 2005.
12 September 2005
Sandton
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 12/09/2005 11:35:09 AM
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