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Trading statement for the year ended 28 February 2014
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 YEAR ENDED 28 FEBRUARY 2014
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 year ended 28 February 2014 earnings per share
(“EPS”) are expected to decrease by 18% to 22% and headline earnings per share (“HEPS”) are
expected to decrease by 18% to 22%, compared to the corresponding period. EPS and HEPS are
therefore expected to be between 173 cents and 182 cents per share and between 185 cents and
194 cents per share, respectively.
The decrease in earnings and headline earnings 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 finalized, previously reported to
shareholders 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 11% and 14%
higher than those for the year ended 28 February 2013. As a result, normalised
earnings per share are expected to be between 379 cents and 389 cents per share.
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 28 May 2014.
For further information please contact:
Anthony Sher
Chief Financial Officer
Tel: (011) 244-5316
Email: cfo@adcorp.co.za
13 May 2014
Bryanston
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
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