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MOMENTUM METROPOLITAN HOLDINGS LIMITED - Trading statement for the twelve months ended 30 June 2019

Release Date: 23/08/2019 08:10
Code(s): MTM MMIG02 MMIG04 MMIG05 MMIG03 MMIG07 MMIG06     PDF:  
 
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Trading statement for the twelve months ended 30 June 2019

Momentum Metropolitan Holdings Limited
Incorporated in the Republic of South Africa
Registration number 2000/031756/06
JSE share code: MTM
NSX share code: MMT
ISIN Code: ZAE000269890
(“Momentum Metropolitan” or “the Group”)

Momentum Metropolitan Holdings Life Limited
Incorporated in the Republic of South Africa
(Registration No. 1904/002186/06)
Company code: MMIG

Trading statement for the twelve months ended 30 June 2019

Momentum Metropolitan is currently in the process of finalising its results
for the full year ended 30 June 2019, which will be released on 4 September
2019. Pursuant to paragraph 3.4(b) of the JSE Limited Listings Requirements,
shareholders are advised that the Group’s basic earnings per share, basic
headline earnings per share and diluted normalised headline earnings per
share are expected to be within the ranges set out below:

                                            F2019         F2018         Percentage
                                            (cents)       (cents)       change
Basic earnings per share                    146 to 163    88            65%-85%
Basic headline earnings per share           154 to 172    93            65%-85%
Diluted normalised headline earnings
                                            182 to 207    126           45%-65%
per share*
* In line with diluted normalised earnings reported in 1Q2019, 1H2019 and 3Q2019, the
prior period numbers were restated to provide meaningful comparisons for the primary
earnings measure adopted from the start of F2019

The basic earnings per share, basic headline earnings per share and diluted
normalised headline earnings per share, are expected to grow strongly on the
comparative period. The results from the comparative period were negatively
impacted by large negative basis changes and investment variances across the
South African Retail businesses and the rest of Africa. However, the strong
growth in 2019 was also underpinned by a resilient operational performance in
most business units, supported by efficiency improvements and good
underwriting results. This underlying growth was partly offset by an increase
in the Group’s share of losses, in line with business plans, on new
initiatives such as our health insurance joint venture in India.

Diluted normalised headline earnings adjust the standard JSE definition of
headline earnings for the impact of treasury shares, the amortisation of
intangible assets arising from business combinations and BEE costs. Momentum
Metropolitan is of the opinion that these adjustments present a more
realistic picture of the underlying performance of the group and remove
distortions that might arise from elimination of treasury shares (potential
distortions that are peculiar to financial institutions that invest in own
securities on behalf of clients). The definition of diluted normalised
headline earnings remains unchanged.

The financial information on which this trading statement has been based has
not yet been audited or reviewed by the company's auditors.

Centurion
23 August 2019

Sponsor in South Africa
Merrill Lynch South Africa (Pty) Limited

Sponsor in Namibia
Simonis Storm Securities (Pty) Limited

Date: 23/08/2019 08:10:00
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