Shareholders of Telkom are referred to the trading statement released on the Stock Exchange News Service of the JSE Limited dated 18 March 2014 through which they were advised that the results to be reported on for the year ended 31 March 2014 would be at least 20% higher than those of the prior corresponding period.
Basic earnings per share ("BEPS") and headline earnings per share ("HEPS") for the year ended 31 March 2013 were restated as a result of the adoption of IAS 19R (the International Accounting Standard on accounting for employee benefits), the amendment to IAS 16 (the International Accounting Standard on accounting for property, plant and equipment) and as a result of the reclassification of iWayAfrica as a discontinued operation following the disposal thereof. BEPS from continuing operations for the 2013 financial year have been restated to indicate the loss of 2 282.6 cents per share and HEPS from continuing operations to a profit of 86.2 cents per share.
Basic earnings per share from continuing operations for the 2014 financial year are expected to be between 2,972 and 3,428 cents higher than the restated BEPS for the 2013 financial year. Headline earnings per share from continuing operations for the 2014 financial year are expected to be between 772 to 789 cents higher than the restated HEPS for the 2013 financial year.
The main drivers of the increase in earnings included in the 2014 financial year are:
The following items included in the 2013 financial year also contributed to the increase:
Telkom will release its results for the year ended 31 March 2014 on or about 13 June 2014. This updated trading statement has neither been reviewed nor reported on by the Group's external auditors.
Pretoria
29 May 2014
Sponsor
The Standard Bank of South Africa Limited