Adcorp Holdings Limited provided earnings guidance for the six months ended August 31, 2013. For the six months ended August 31, 2013, earnings per share (EPS) are expected to decrease by 80% to 84% and headline earnings per share (HEPS) are expected to decrease by 80% to 84%, compared to the corresponding period. EPS and HEPS are therefore expected to be between 20 cents and 25 cents per share and between 20 cents and 25 cents per share, respectively.

The decrease in earnings and headline is due to International Financial Reporting Standards (IFRS) accounting whereby ZAR 87 million has been charged to the statement of comprehensive income in respect of the IFRS 2 share based payment expense relating to the 2013 Broad Based Black Economic Empowerment transaction that was finalised and implemented with effect 27 August 2013. On a normalised trading position, where non-cash flow IFRS adjustments are eliminated, normalised earnings per share are expected to be between 4% and 8% higher than those for the six months ended August 31, 2012. As a result, normalised earnings per share are expected to be between 173 cents and 180 cents.