In accordance with paragraph 3.4 (b) of the JSE Limited Listings Requirements, shareholders are advised that headline earnings for the period is likely to be between R2,875 million and R3,090 million, with basic earnings for the period expected to be between R2,840 million and R3,055 million. Headline earnings per share ('HEPS') is likely to be between R8.95 and R9.65, representing an increase of between 14% and 23% from HEPS reported for the six months ended 30 June 2015 ('the comparative period'). Basic earnings per share ('EPS') is expected to be between R8.85 and R9.55, representing an increase of between 13% and 22% from EPS reported for the comparative period.
Reported headline earnings and basic earnings for the comparative period (released on SENS on 21 July 2015) were R2,519 million and R2,508 million respectively, while reported HEPS and EPS for the comparative period were R7.85 and R7.82 respectively.
The expected increase in earnings is largely attributable to the derecognition of a deferred tax asset of R617 million in the comparative period. Normalised EPS, excluding this item, is likely to be between R8.95 and R9.65, representing a decrease of between 1% and 8% from the normalised EPS for the comparative period of R9.78.
More information will be provided in the Company's results to be released on SENS on 26 July 2016.
The financial information, on which this trading statement is based, has not been reviewed or reported on by the group's external auditors.