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Trading statement in respect of the 6 months ended 30 September 2014
ALEXANDER FORBES GROUP HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2006/025226/06)
JSE Share Code: AFH
ISIN: ZAE000191516
(“Alexander Forbes” “the group”)
TRADING STATEMENT IN RESPECT OF THE 6 MONTHS ENDED 30 SEPTEMBER 2014
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited, companies are
required to publish a trading statement as soon as they are satisfied that a reasonable
degree of certainly exists that the earnings per share and headline earnings per share
results will differ from the previous corresponding reporting period by at least 20%.
On 31 March 2014, Alexander Forbes completed a comprehensive capital restructure aimed at
redeeming substantially all of the remaining debt instruments and preference share
instruments in the Private Equity funding structure and replacing such outstanding amounts
with ordinary equity. A single, unsecured term loan was introduced. The capital restructure
was in part to facilitate the realisation of the Private Equity shareholding, as well as the
group’s listing on the exchange operated by the JSE Limited (JSE) on 24 of July 2014.
As a result of the significant changes in capital structure, and as disclosed in the pro
forma financial effects on the income statement outlined in the pre-listing statement issued
on 7 July 2014, the group expects earnings per share for the six month ended 30 September
2014 to be between 190% and 210% higher compared to the previous corresponding reporting
period’s loss of 10 cps, resulting in expected earnings per share of between 9 and 11c.
Headline earnings per share is expected to be between 222% and 244% higher compared to the
previous corresponding reporting period's loss of 9 cps, resulting in expected headline
earnings per share of between 11 and 13c.
The significant increase in the earnings per share measurement is largely due to the changes
in capital structure and the related effect on the finance costs in the income statement. The
profit from operations before non-trading and capital items more appropriately reflects the
growth in the core trading results of the operating divisions of the group. The increase in
this trading result is expected to be between 14% and 17% compared to the previous
corresponding reporting period’s profit.
The financial information on which this trading statement is based has not been reviewed and
reported on by the group's external auditors. The six months’ unaudited interim results for
Alexander Forbes will be released on the Stock Exchange News Service on 2 December 2014.
26 November 2014
Sandton
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/11/2014 08:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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