Telkom says it expects\u00a0headline earnings per share (HEPS) for the six months ended September 2013\u00a0to be 622 to 628 cents per share higher than the stated figure for the prior corresponding period.<\/p>\n
Basic earnings per share (BEPS)\u00a0is expected to be 546 to 550 cents per share higher than the restated BEPS for the prior corresponding period.<\/p>\n
Telkom noted that BEPS was restated to 17.8\u00a0cents per share from 30.2 cents per share and HEPS to 24.9 cents per from 37.2 cents per share.<\/p>\n
The increase in BEPS and HEPS is mainly as a\u00a0result of a net non-cash curtailment and settlement gain of approximately R2.2\u00a0billion on the group’s Post-Retirement Medical Aid liability.<\/p>\n
Additional impacts included:<\/p>\n
Excluding the above impacts, Telkom said it expects\u00a0BEPS to be 37 to 56 cents per share higher than the restated BEPS for\u00a0the prior period, while HEPS is expected to be 113 to 133 cents per share higher than in 2012.<\/p>\n
Telkom said that depreciation, amortisation, impairments and write offs reflected a year on year increase of approximately\u00a0R125 million, despite a depreciation saving relating to the R12 billion impairment to the asset base in\u00a0March 2013.<\/p>\n
“The saving in depreciation has been offset by accelerated depreciation emanating from the\u00a0review of the useful lives of drop wires installed at customer premises and the impairment of spare\u00a0parts and service equipment reclassified from inventory to property plant and equipment,” the group said.<\/p>\n
In the interim period in 2012, Telkom announced basic earnings per share of 85.2 cents, while headline\u00a0earnings per share from continuing operations decreased by 35.5% to 191.7 cents.<\/p>\n
Telkom is expected to publish its results for the six months ended September, next week (18 November 2013).<\/p>\n
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