NETCARE LIMITED - Trading Statement

Trading Statement

NETCARE LIMITED
(Registration number 1996/008242/06)
Code: NTC
ISIN number: ZAE000011953
("Netcare" or "the company")


                                       TRADING STATEMENT

In terms of rule 3.4 (b) of the JSE Listings Requirements, companies are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to be
reported upon next will differ by at least 20% from that of the previous corresponding period.

Netcare is in the process of finalising its audited results for the year ended 30 September 2014,
which are expected to be released on SENS on or about 24 November 2014.

Shareholders will recall that a non-recurring, non-cash profit on the deconsolidation of the GHG
Property Businesses (“Profit on Deconsolidation”) in the amount of R3 257 million was reported in
the results of the comparative year ended 30 September 2013. In accordance with accounting
standards, this non-recurring, non-cash Profit on Deconsolidation was included in the calculation of
2013 earnings per share (“EPS”), although it was excluded from the calculation of 2013 headline
earnings per share (“HEPS”). A similar benefit is not recorded in the financial results for the year
ended 30 September 2014.

Accordingly, shareholders are advised that for the year ended 30 September 2014:
   -   Basic EPS are expected to be between 141.0 and 160.0 cents per share, or between 63% and
       58% lower than the 381.2 cents per share reported for the year ended 30 September 2013.
       If the non-recurring, non-cash Profit on Deconsolidation was excluded from the basic EPS for
       2013, basic EPS for 2014 would reflect positive growth over the prior year’s result; and
   -   Basic HEPS, which exclude the non-recurring, non-cash Profit on Deconsolidation, are
       expected to be between 154.8 and 161.5 cents per share, or between 15% and 20% higher
       than the 134.6 cents per share reported for the year ended 30 September 2013.

In order to provide consistent reporting to shareholders on a like-for-like basis, this trading
statement also refers to adjusted HEPS, which excludes from reportable HEPS (in terms of the SAICA
circular 2/2013) items that by their nature do not form part of ongoing, sustainable earnings. A full
list of such items will be provided in the annual results announcement. Accordingly:
     -    Adjusted HEPS for the year ended 30 September 2014 are expected to be between 161.5
          and 168.5 cents per share, or between 15% and 20% higher than the 140.4 cents per share
          reported for the year ended 30 September 2013.

The above information has not been reviewed or reported on by Netcare’s external auditors.


Johannesburg
17 November 2014

Sponsor
Nedbank Capital

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