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Trading Statement: Six Months Ended 31 December 2012
RAND MERCHANT INSURANCE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/005770/06)
JSE ordinary share code: RMI
ISIN: ZAE000153102
("RMI” or “the group”)
TRADING STATEMENT: SIX MONTHS ENDED 31 DECEMBER 2012
Paragraph 3.4(b) of the Listings Requirements of the JSE Limited
requires an issuer to publish a trading statement as soon as it is
satisfied that a reasonable degree of certainty exists that the
financial results to be reported on next will differ by at least
20% from those of the previous corresponding period.
Guidance for the expected outcome in RMI’s earnings per share
(“EPS”), headline EPS and normalised EPS for the six months ended
31 December 2012 are set out below.
1. RESTATEMENT OF PRIOR PERIOD COMPARATIVE
Shareholders were previously advised of a change in accounting
policy by a subsidiary in the second half of the financial year
ended 30 June 2012, resulting in a restatement of prior period
comparatives.
Consequently, it is necessary for EPS, headline EPS and normalised
EPS for the six months ended 31 December 2011 to also be restated,
as follows:
As originally
published As restated
Per share (cents) 31 Dec 2011 31 Dec 2011
EPS 63.0 65.4
Headline EPS 61.9 64.3
Normalised EPS 69.1 72.7
RMI’s summarised results for the six months ended 31 December 2012
will provide further analysis of the restatement.
2. EARNINGS GUIDANCE FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
The following guidance is provided to shareholders regarding the
expected outcome for the six months ended 31 December 2012:
A. COMPARED TO ORIGINALLY PUBLISHED 31 DECEMBER 2011 RESULTS
As originally Guidance for the
published six months ended
Per share (cents) 31 Dec 2011 31 Dec 2012
20% to 25%
EPS 63.0 increase
20% to 25%
Headline EPS 61.9 increase
8% to 13%
Normalised EPS 69.1 increase
B. COMPARED TO RESTATED 31 DECEMBER 2011 RESULTS
Guidance for the
Restated six months ended
Per share (cents) 31 Dec 2011 31 Dec 2012
15% to 20%
EPS 65.4 increase
15% to 20%
Headline EPS 64.3 increase
2% to 7%
Normalised EPS 72.7 increase
As previously communicated to shareholders, RMI considers
normalised EPS to most accurately represent underlying operational
performance.
The financial information on which this trading statement is based
has not been reviewed and reported on by the group’s external
auditors. RMI’s summarised results for the six months ended
31 December 2012 are expected to be released on SENS on or about
Thursday, 7 March 2013.
Sandton
28 February 2013
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 28/02/2013 05:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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