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FSR - Firstrand - Restatement of prior period financial information FIRSTRAND LIMITED (Incorporated in the Republic of South Africa) Registration number: 1966/010752/06 ISIN: ZAE000066304 Share Code: FSR Namibian Share Code: FST ("FirstRand") RESTATEMENT OF PRIOR PERIOD FINANCIAL INFORMATION Circular 8/2007, "Headline Earnings" was issued by the South African Institute of Chartered Accounts ("SAICA") on 1 August 2007, effective for periods ending on or after 31 August 2007. Circular 8/2007 replaced the previous headline earnings circular, Circular 7/2002. Circular 8/2007 includes a provision for sector specific rules ("Rules"), subject to a JSE defined approval process. Two Rules are currently in force, the most recent of which was approved by the JSE on 22 February 2008, both of which are applicable to the results of FirstRand. The first Rule requires the inclusion in headline earnings of profit and losses made on the sale of associates and joint ventures held on a Private Equity portfolio, and is applicable for periods ended on or after 31 August 2007. The second Rule requires the inclusion in headline earnings of revaluation gains or losses on investment property held by long term insurers and is applicable for periods ended on or after 31 January 2008. FirstRand is obliged to adopt the first exception and has elected to early adopt the second exception. In previous periods the profit or losses made on sale of private equity associates and joint ventures were excluded from headline earnings based on the requirements of Circular 7/2002. In line with Industry practice, FirstRand had in the past included revaluation gains or losses on investment property in headline earning numbers. As a consequence of the adoption of Circular 8/2007, and the related exclusions, FirstRand will amend its treatment of profits and losses on the disposal of Private Equity associates, and will maintain it`s previous treatment of revaluation gains and losses on investment property. The table below reflects the restated 31 December 2006 and 30 June 2007 headline earnings to give effect to these changes: Actual For the six months ended For the year ended 31 December 30 June R million 2006 2007 Headline earnings as previously 4 569 10 457 stated Profit on sale of equity 308 397 accounted private equity associates Restated headline earnings 4 877 10 854 Headline earnings per share (cents) as previously stated -Basic 88.1 202.5 -Diluted 85.6 196.8 Headline earnings per share (cents) as restated -Basic 94.1 210.2 -Diluted 91.4 204.2
Weighted average number of 5 183 035 154 5 163 931 035 shares in issue Diluted weighted average number 5 336 501 229 5 314 831 808 of shares in issue In addition pro forma earnings excluding the results of Discovery are provided below: Pro forma For the six For the year months ended ended
31 December 30 June R Million 2006 2007 Normalised earnings 5,319 11,309 Attributable earnings to 5,128 10,838 shareholders Headline earnings 4,647 10,298
Pro forma normalised earnings per share (cents) - Basic 94.4 200.7 - Diluted 94.3 200.6 Pro forma earnings per share (cents) - Basic 98.9 209.8 - Diluted 96.1 203.9 Pro forma headline earnings per share (cents) - Basic 89.6 199.4 - Diluted 87.1 193.7
Weighted average number of 5 183 806 204 5 164 879 381 shares in issue Diluted weighted average 5 337 272 279 5 315 780 154 number of shares in issue Weighted average number of 5 634 536 036 5 634 865 574 shares in issue (normalized earnings) Diluted weighted average 5 638 788 043 5 368 723 274 number of shares in issue (normalized earning)
The financial information on which this trading statement is based has not been reviewed and reported on by the company`s auditors. This announcement does not impact on the voluntary trading update issued on February 1, 2008, in which it was stated that FirstRand`s pro forma normalised earnings following the unbundling of Discovery are expected to grow between 9 and 14% for the six month period to December 31, 2007. Sandton 25 February 2008 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 25/02/2008 14:29:15 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
