Sharenet Sites 
Sharenet Sites
RMH - RMBH - Trading Statement: Six Months ended 31 December 2011 RMB HOLDINGS LIMITED (Incorporated in the Republic of South Africa) Registration number: 1987/005115/06 ISIN: ZAE000024591 Share Code: RMH ("RMBH" or "the Group") TRADING STATEMENT: SIX MONTHS ENDED 31 DECEMBER 2011 INTRODUCTION In terms paragraph 3.4(b) of the Listings Requirements of the JSE Limited, an issuer is required to publish a trading statement as soon as it becomes apparent that earnings per share ("EPS") and/or headline earnings per share ("HEPS") 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 reporting period. NORMALISED EARNINGS RMBH considers Normalised EPS from continuing operations to most accurately represent operational performance. On this basis, Normalised EPS for the six months to December 2011 are expected to increase by between 20% and 24% from 110.1 cents for the six months ended 31 December 2010. NON-RECURING PRIOR PERIOD EVENTS Shareholders are reminded that in the interim reporting period ended 31 December 2010("prior period"): - RMBH`s associate, FirstRand Limited ("FirstRand") distributed its interest in MMI Holdings Limited ("MMI") to shareholders as a dividend in specie. This resulted in MMI becoming a directly held associate of RMBH. - In addition, RMBH`s then associate, Discovery Holdings Limited ("Discovery") concluded a business combination whereby it acquired the Standard Life Healthcare Group and merged that with the Pruhealth Group (Discovery`s UK based joint venture). In terms of the accounting conventions applicable, these events gave rise to significant non-recurring increases in both HEPS and EPS for the six months ended 31 December 2010. During the six months ended 30 June 2011: - RMBH increased its shareholding in FirstRand to 33.9%; - RMBH acquired FirstRand`s 45% interest in OUTsurance Holdings Limited ("OUTsurance"); and - RMBH unbundled its shareholding in RMI Holdings Limited ("RMI") to shareholders. RMI holds the insurance operations previously held by RMBH. These include OUTsurance, RMB Structured Insurance, MMI and Discovery. Consequently: - For the six months ended 31 December 2010, both RMBH`s HEPS and EPS comprise the earnings of both its interest in FirstRand and it`s then wholly-owned subsidiary RMI; while - For the current six month period ended 31 December 2011, RMBH`s HEPS and EPS only reflect the outcome of its 33,9% interest in FirstRand. EARNINGS GUIDANCE FOR SIX MONTHS ENDED 31 DECEMBER 2011 Given the impact of the non-recurring prior period items and the changes in the interim to the Group structure, shareholders are advised that the expected outcome for the six months ended 31 December 2011 is as follows: Per Share (cents) December Guidance for 2010 six months to December 2011 Normalised earnings- 110.1 c 20% to 24% From continuing operations increase Headline earnings - 161.0 c 12% to 20% Includes both continuing and decrease unbundled operations in prior period Earnings - 295.5 c 45% to 55% Includes both continuing and decrease unbundled operations in prior period The financial information on which this trading statement is based has not been reviewed and reported on by the Group`s external auditors. RMBH`s interim results for the six months ended 31 December 2011 is expected to be released on SENS on or about Wednesday 29 February 2012. Sandton 23 February 2012 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 23/02/2012 10:36:01 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.
