FSR - FirstRand Limited - Trading statement in respect of the six months to
FSR
FSR
FSR - FirstRand Limited - Trading statement in respect of the six months to
31 December 2011
FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1966/010753/06)
ISIN: ZAE000066304
JSE Share Code: FSR
NSX Share Code: FST
("FirstRand" or "the Group")
TRADING STATEMENT IN RESPECT OF THE SIX MONTHS TO 31 DECEMBER 2011
INTRODUCTION
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE Limited,
an issuer is required to publish a trading statement as soon as it becomes
apparent that earnings per share for the next period to be reported on are
expected, with a reasonable degree of certainty, to differ by at least 20%
from those of the previous corresponding period.
NORMALISED EARNINGS
As previously communicated to shareholders FirstRand considers diluted
normalised earnings per share from continuing operations to most accurately
represent operational performance and this is expected for the six months to
December 2011 to increase by between 24% and 28% from 81.1 cents (adjusted from
84.3 cents to exclude OUTsurance for the six months to December 2010) in the
comparative period.
NON-RECURING PRIOR PERIOD EVENTS
Shareholders are reminded that in the six month reporting period ended
31 December 2010 FirstRand distributed its interest in MMI Holdings Limited
to shareholders as a dividend in specie. This action gave rise to a significant
non-recurring increase, in terms of IFRIC 17, in earnings per share for the
six months reporting period to 31 December 2010 and was disclosed in the Group`s
income statement. As this gain does not arise from the performance of the
Group`s continuing operations, it does not recur in the income statement for
the six months to December 2011.
Consequently, if this item is excluded, earnings per share for the six months
to December 2011 will not differ by more than 20% from the previous comparative
period. Headline earnings per share will also not differ by more than 20% from
the comparative period.
Shareholders are advised that the financial information on which this trading
statement is based has not been reviewed and reported on by the Group`s external
auditors. FirstRand`s interim results for the six months ended 31 December 2011
will be released on SENS on Tuesday 28 February 2012.
Sandton
23 February 2012
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 23/02/2012 08:30:01 Produced by the JSE SENS Department.
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