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Trading statement for the six months ended 31 August 2013
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
("Adcorp" or "the company")
Share code: ADR & ISIN: ZAE000000139
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 AUGUST 2013
In terms of the Listings Requirements of the JSE Limited, companies are required to publish a
trading statement as soon as they become aware that the financial results for the period to be
reported upon next will differ by at least 20% from the financial results for the previous
corresponding period.
Adcorp shareholders are advised that for the six months ended 31 August 2013 earnings per share
(“EPS”) are expected to decrease by 80% to 84% and headline earnings per share (“HEPS”) are
expected to decrease by 80% to 84%, compared to the corresponding period. EPS and HEPS are
therefore expected to be between 20 cents and 25 cents per share and between 20 cents and 25
cents per share, respectively.
The decrease in earnings and headline is due to International Financial Reporting Standards (“IFRS”)
accounting whereby R87 million has been charged to the statement of comprehensive income in
respect of the IFRS 2 share based payment expense relating to the 2013 Broad Based Black
Economic Empowerment transaction that was finalised and implemented with effect 27 August
2013.
On a normalised trading position, where non-cash flow IFRS adjustments are eliminated,
normalised earnings per share are expected to be between 4% and 8% higher than those for the six
months ended 31 August 2012. As a result, normalised earnings per share are expected to be
between 173 cents and 180 cents.
The financial results on which this trading statement has been based have not been reviewed or
reported on by the company`s auditors. The financial results of the company will be published on or
about 17 October 2013.
For further information please contact:
Anthony Sher
Chief Financial Officer
Tel: (011) 244-5316
Email: cfo@adcorp.co.za
10 October 2013
Bryanston
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
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