ABIL - Trading statement in respect of the six mon
ABL ABLP
ABL
ABIL - Trading statement in respect of the six months ended 31 March 2006
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
Ordinary share code: ABL & ISIN: ZAE000030060
Preference share code: ABLP & ISIN: ZAE000065215
("ABIL" or "the Company")
TRADING STATEMENT IN RESPECT OF THE SIX MONTHS ENDED 31 MARCH 2006
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on next will be more than 20%
different from that of the previous corresponding period.
Investors" attention is drawn to a recent announcement by ABIL regarding its
transition to International Financial Reporting Standards (IFRS) for the
financial year ending 30 September 2006. As a result of the IFRS adjustments,
attributable earnings and headline earnings for the 6-month period ending 31
March 2005 were restated to R412 million respectively and earnings per share and
headline earnings per share to 87,5 cents respectively. Furthermore, ABIL
indicated that there would be an additional IFRS 2 charge in the 2006 financial
year as a result of changes to the fair value of the converted option scheme
liability based on the ABIL share price.
For the six months to 31 March 2006, ABIL anticipates that headline earnings
will be approximately 20% higher than the restated R412 million for the
equivalent period in 2005. Headline earnings per share will, however, be
approximately 15% higher due to the dilution from the 21,2 million shares issued
to Eyomhlaba as part of ABIL"s black empowerment programme in August 2005.
Earnings per share will be approximately 23% higher as a result of the
realisation of a capital profit from the previously announced sale of the
Commercial Vehicle Finance division.
The financial information on which this trading statement is based, has not been
reviewed or reported on by the Company"s auditors.
ABIL"s interim results for the six months to 31 March 2006 will be released on
15 May 2006.
For a full discussion of the IFRS changes and copies of the restated financial
statements, please refer to our website at www.africanbank.co.za.
Midrand
5 May 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 05/05/2006 04:12:10 PM Produced by the JSE SENS Department
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