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MTN changes earnings forecast

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MTN has published a trading statement about an expected change in earnings for the year ended 30 December.

The group expects an increase of between 18% and 23% in adjusted headline earnings per share (adjusted HEPS) for the year. Attributable earnings per share is expected to differ by between negative 5% and a positive 1% and basic HEPS to decrease by between 3% and 8% for the same period against those reported for the previous corresponding period.
The adjustments between basic HEPS and adjusted HEPS for the year ended December 2010 are the reversal of the impact of the put options that shareholders have on the MTN Nigeria and MTN Afghanistan operations, as well as the impact of MTN Zakhele and the ESOP scheme.
The MTN Zakehele adjustment includes a reversal of all of the costs incurred but does not include the reversal of the impact of the shares issued under the Notional Vendor Finance as these are already reversed in terms of IFRS.