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Trading Statement in Respect of the Year Ended 31 December 2019
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 Group")
TRADING STATEMENT IN RESPECT OF THE YEAR ENDED 31 DECEMBER 2019
Shareholders are advised that Liberty Holdings is currently in the process of compiling its
results for the year ended 31 December 2019. This trading statement provides an indication
of a range for normalised headline earnings per ordinary share, headline earnings per ordinary
share and basic earnings per ordinary share pending finalisation of the year end process.
Liberty Holdings’ final results will be released on the Stock Exchange News Service of the
JSE Limited on 27 February 2020.
Shareholders are advised that normalised headline earnings(1) per ordinary share, the Group’s
primary earnings measure, is expected to be between 1 145,1 cents and 1 226,9 cents per
ordinary share, which is between 40% to 50% higher than the year ended 31 December 2018
(“the comparative period”).
Progress is being made towards re-building a competitive and sustainable business, resulting
in improved operating earnings whilst the focus on new business volumes continues. The
Shareholder Investment Portfolio (“SIP”) benefitted from improved investment market returns,
particularly in respect of foreign and local equities, in 2019. The current risk profile of the SIP
is similar to a conservative balanced portfolio and is managed with a long-term through the
cycle investment horizon.
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, shareholders are
further advised that headline earnings(2) per ordinary share is expected to be between
1 177,8 cents and 1 276,0 cents per ordinary share, which is between 20% to 30% higher than
the comparative period. Basic earnings(3) per ordinary share is expected to be between
1 111,4 cents and 1 200,3 cents per ordinary share, which is between 25% to 35% higher than
the comparative period.
The financial information on which this trading statement has been based has not been audited
or reviewed by the company's auditors.
(1) Normalised headline earnings reflects the economic substance rather than the technical accounting treatment
under IFRS of the consolidation of the listed Liberty Two Degrees REIT and the Black Economic Empowerment
transaction.
(2) Headline earnings includes the adjustments required in terms of the technical accounting treatment under IFRS
for the Black Economic Empowerment transaction and includes the accounting mismatch arising on consolidation
of the listed Liberty Two Degrees REIT.
(3) Basic earnings includes the adjustments required in terms of the technical accounting treatment under IFRS for
the Black Economic Empowerment transaction and includes the accounting mismatch arising on consolidation of
the listed Liberty Two Degrees REIT. Basic earnings also includes the remeasurement of disposal groups classified
as held for sale and the profit arising on disposal of subsidiaries.
Queries:
Investor Relations
Sharon Steyn 011 408 3063
www.libertyholdings.co.za
20 February 2020
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 20-02-2020 07:05:00
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