Standard Bank - Trading statement in respect of th
SBK
SBK
Standard Bank - Trading statement in respect of the year ended
31 December 2005
Standard Bank Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1969/017128/06)
South African Share Code: SBK
Namibian Share Code: SNB
ISIN: ZAE000057378
("Standard Bank" or "the company")
Trading statement in respect of the year ended 31 December 2005
Standard Bank"s results for the year ended 31 December 2005 will be released on
9 March 2006.
In terms of the Listings Requirements of the JSE Limited ("the JSE Listing
Requirements") a listed company is required to publish a trading statement as
soon as it becomes apparent that the financial results for the next period to be
reported on are expected, with a reasonable degree of certainty, to differ by at
least 20% from those of the previous corresponding period. Indications are that
growth in earnings per share and headline earnings per share is likely to be
between 20% and 25%. Growth in normalised headline earnings per share for the
year to 31 December 2005 is likely to be between 15% and 20%.
In terms of International Financial Reporting Standards (IFRS), Standard Bank
and Liberty Holdings shares held by Liberty Life on behalf of policyholders are
deemed to be treasury shares. Accordingly, any fair value adjustments on these
shares are eliminated from the group"s income statement without a corresponding
elimination in policyholder liabilities, resulting in a mismatch in the group"s
income statement. The weighted average number of Standard Bank shares in issue
is reduced by approximately 50 million shares for the period under review. As
reported in 2004, shares held by the participants in the group"s Black Ownership
Initiative are also deemed treasury shares, which further reduces the weighted
average number of shares in issue by approximately 100 million shares.
The adjustments required to arrive at normalised headline earnings per share
reverse these IFRS consequences and ensure the results reflect the legal and
economic substance of the Black Ownership Initiative concluded in October 2004
and, from 2005, group shares held for the risk and reward of Liberty
policyholders.
The above information has not been reviewed or reported on by the company"s
auditors.
Johannesburg
21 February 2006
Sponsor
Standard Bank
Date: 21/02/2006 02:33:17 PM Produced by the JSE SENS Department
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