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Trading statement in terms of the JSE Listings Requirements
MMI Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MMI
NSX share code: MIM
ISIN: ZAE000149902
("MMI" or "the company")
Trading statement in terms of the JSE Listings Requirements
MMI will be releasing interim results for the six months ended 31
December 2014 on 4 March 2015.
Shareholders are advised that the group`s basic and diluted core
headline earnings is expected to be between 110 and 125 cents per
share, an increase of between 5 and 15 percent compared to the
previously reported interim results.
Core headline earnings is a measure of performance used by MMI in
addition to earnings and headline earnings. Core headline
earnings is regarded by the directors of MMI as an appropriate
measure of longer-term operational performance, given that items
of both a once-off and an inherently volatile nature are
eliminated. These items include changes to the valuation basis,
investment variances, fair value movements on investment assets
and the amortisation of any intangible assets recognised due to
business combinations.
Earnings and headline earnings include fair value movements on
shareholder assets and investment variances that reflect
investment market movements. The JSE All-share index fell 2%
during the half-year to December 2014, compared with an increase
of 17% in the half-year to December 2013.
Shareholders are also advised that the group’s basic and diluted
earnings per share and headline earnings per share are expected to
be between 80 and 95 cents per share, a decrease of between 20 and
30 percent on the previously reported comparative results due to
the impact of investment markets.
The overall annualised return on embedded value, however, is
expected to be between 10 and 14 percent - in line with the
group’s minimum target of exceeding nominal GDP plus three
percent.
The financial information on which this trading statement is based
has not been reviewed and reported on by MMI`s external auditors.
Centurion
26 February 2015
Sponsor:
Merrill Lynch South Africa (Pty) Ltd
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