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Voluntary Update for the Six Months Ended 30 June 2017
Liberty Holdings Limited
Registration number 1968/002095/06
Incorporated in the Republic of South Africa
Share code: LBH
ISIN code: ZAE0000127148
("Liberty Holdings" or "the Company")
VOLUNTARY UPDATE FOR THE SIX MONTHS ENDED 30 JUNE 2017
Shareholders are advised that the Company is currently in the process of compiling its
results for the Group (“the Group”) for the six months ended 30 June 2017. This voluntary
update provides an indication of a range of basic, headline and normalised headline
earnings per ordinary share pending finalisation of the actuarial analysis of surplus and other
half year reporting processes. Liberty Holdings’ interim results will be released on the Stock
Exchange News Service of the JSE Limited on 4 August 2017.
The Group’s six months headline earnings and normalised headline earnings are lower than
the first half of 2016, but reflect a recovery in comparison to the second half of 2016. The
Group remains well capitalised, towards the upper end of the target range at 30 June 2017.
The capital position of Liberty Group Limited, the main long-term insurance licence,
remained strong compared to the 31 December 2016 position, despite the impact of the
recent downgrade of South Africa’s sovereign credit rating. This strong capital ratio
underpins the group’s ability to fulfil its commitments to all its stakeholders.
The tough economic environment continues to manifest in a weaker mix of business from a
margin perspective and lower value of new business in the groups retail operations in South
Africa. STANLIB South Africa has also experienced margin pressure due to the weaker
investment markets. STANLIB’s earnings have been further impacted by certain operational
write-offs.
The shareholders’ investment portfolio delivered returns in line with benchmark, but are
lower than the comparative period due to market movements.
Shareholders are advised that basic earnings per ordinary share and headline earnings per
ordinary share are expected to be between 8% to 18% lower than the six months ended
30 June 2016, resulting in basic headline earnings per ordinary share and headline earnings
per ordinary share expected to be between 546,9 cents and 613,5 cents per ordinary share.
Shareholders are further advised that normalised(1) headline earnings per share are
expected to be 25% to 35% lower than the comparative period, resulting in normalised
headline earnings per share expected to be between 422,5 cents and 487,5 cents per
ordinary share.
The financial information on which this voluntary update has been based has not been
audited or reviewed by the company's auditors. This is a voluntary update in respect of
basic, headline and normalised headline earnings per ordinary share and is not a trading
statement as contemplated in section 3.4(b) of the JSE Limited Listings Requirements.
(1)
Normalised headline earnings reflect the economic reality of the consolidation of the listed REIT Liberty Two
Degrees (L2D) and the Black Economic Empowerment (BEE) transaction which differs from the required IFRS
accounting treatment.
Queries:
Investor Relations
Sharon Steyn 011 408 3063
www.libertyholdings.co.za
26 July 2017
Sponsor
Merrill Lynch South Africa (Pty) Limited
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