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Network Healthcare Holdings Limited - Restatement Of Interim Results For The Six
Months Ended 31 March 2005 And Trading Statement In Respect Of The Year Ended 30
September 2005
NETWORK HEALTHCARE HOLDINGS LIMITED
(Registration number 1996/008242/06)
Code: NTC
ISIN number: ZAE000011953
("Netcare" or "the Group")
RESTATEMENT OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2005
AND TRADING STATEMENT IN RESPECT OF THE YEAR ENDED 30 SEPTEMBER 2005
1. Withdrawal and restatement of interim results for the six months ended 31
March 2005
The JSE Limited, based upon the recommendations of the GAAP Monitoring Panel,
has requested Netcare to restate its interim results for the six months ended 31
March 2005. The effect of the adjustment is to reduce headline earnings per
share for that period by 0,9 cents or 3.5%, which adjustment amounts to R12.6
million at attributable earnings level and is not considered material. Neither
the results for the six months ended 31 March 2004 nor for the year ended 30
September 2004 are affected.
The restatement effectively removes from Netcare"s attributable earnings, its
interest in mark-to-market gains on Netcare shares held by its associate
company, Netpartner Investments Limited. Such gains are considered by the GAAP
Monitoring Panel to arise from transactions with Netcare"s own shareholders and
accordingly are not to be included in the income of Netcare.
The restatement now includes in Netcare"s attributable earnings the effect of
the cross-holding between Netcare and Netpartner as required by paragraph 22 of
GAAP statement AC110.
A summary of the effect of the restatement is as follows -
Rm
(a) effect on Netcare"s attributable earnings of its
interest in mark-to-market gains on Netcare shares held
by Netpartner 29.8
(b) less inclusion in Netcare"s attributable earnings of
the effect of the cross-holding between itself and
Netpartner 17.2
Difference (a-b) 12.6
Restatement of interim As Amended Difference %
results for the six months previously Change
ended 31 March 2005 reported
Attributable earnings from 34.4 21.8 (12.6) (36.6%)
associates (Rm)
Attributable earnings (Rm) 352.4 339.8 (12.6) (3.6%)
Headline earnings (Rm) 364.7 352.1 (12.6) (3.5%)
Earnings per share (cents)
Headline - Basic (3.5%)
25.6 24.7 (0.9)
- diluted (3.5%)
24.8 23.9 (0.9)
Attributable - basic (3.6%)
24.7 23.8 (0.9)
- diluted (3.6%)
23.9 23.1 (0.9)
2. Trading Statement in respect of the year ended 30 September 2005
This trading statement is issued in compliance with the Listings Requirements
(section 3.4(b)) of the JSE Limited.
Netcare"s earnings per share and headline earnings per share for the year ended
30 September 2005 are expected to increase by between 30% and 40% compared to
the year ended 30 September 2004.
The financial information on which this trading statement is based has not been
reviewed nor reported on by the company"s auditors. The results for the year
ended 30 September 2005 are expected to be released on SENS on Wednesday, 16
November 2005.
Sandton
11 November 2005
Sponsor
Merrill Lynch
Date: 11/11/2005 03:21:24 PM Produced by the JSE SENS Department
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