Page 203 - Profile's Stock Exchange Handbook 2020 Issue 4

SUMMARY OF AUDITED RESULTS
Registration number 1968/006415/06 FOR THE YEAR ENDED 30 JUNE 2020 AND CASH DIVIDEND DECLARATION
ISIN ZAE000026480 Share code REM
SALIENT FEATURES
TOTAL HEADLINE HEADLINE EARNINGS INTRINSIC NET ASSET
EARNINGS PER SHARE FROM EARNINGS ORDINARY DIVIDEND VALUE PER SHARE AS AT
PER SHARE CONTINUING OPERATIONS PER SHARE PER SHARE 30 JUNE 2020
560.6 cents 307.5 cents 1 176.4 cents 265 cents R154.47
down by 61.3% down by 68.7% down by 9.1% down by 53.0%
COVID-19 The total gross dividend per share for the year ended 30 June 2020 therefore
The Covid-19 pandemic and the resulting lockdown measures have brought amounts to 265 cents, compared to 564 cents for the year ended 30 June 2019.
desperation and devastation upon millions. In South Africa, lives and livelihoods The issued share capital at the declaration date is 529 217 007 ordinary
have been lost, with household finances decimated and many going hungry in shares and 39 056 987 B ordinary shares. The income tax number of the
large parts of our country. This crisis is one of unknown unknowns and managing Company is 9500-124-71-5.
the crisis is the number one priority for Remgro and all of our investee companies.
Our focus is on the factors within our control, the health and well-being of our DATES OF IMPORTANCE
people, ensuring that our investments have the most robust financial positions to Last day to trade in order to
support business continuity and making sure that underlying investee companies participate in the dividend Tuesday, 10 November 2020
that are in a position to offer help to the country are enabled to do so.
Shares trade ex dividend Wednesday, 11 November 2020
RESULTS Record date Friday, 13 November 2020
For the year to 30 June 2020, total headline earnings decreased by 61.4% Payment date Monday, 16 November 2020
from R8 195 million to R3 167 million, while total headline earnings per share
(HEPS) decreased by 61.3% from 1 448.9 cents to 560.6 cents. As a result of the
unbundling of Remgro’s 28.2% interest in RMB Holdings Limited (RMH) (RMH Share certificates may not be dematerialised or rematerialised between
Unbundling), headline earnings is also presented for continuing operations and Wednesday, 11 November 2020, and Friday, 13 November 2020, both days
discontinued operations. The investment in RMH is treated as a discontinued inclusive.
operation and, accordingly, discontinued operations include the equity
accounted income of RMH. For the year under review the investment in RMH In terms of the Company’s Memorandum of Incorporation, dividends will
was equity accounted for the nine months to 31 March 2020 (2019: twelve months only be transferred electronically to the bank accounts of shareholders, while
to 30 June 2019). Headline earnings and HEPS from continuing operations dividend cheques are no longer issued. In the instance where shareholders do
decreased by 68.7% from R5 551 million to R1 737 million and from 981.4 cents not provide the Transfer Secretaries with their banking details, the dividend will
to 307.5 cents, respectively. Headline earnings and HEPS from discontinued not be forfeited, but will be marked as “unclaimed” in the share register until
operations decreased by 45.9% from R2 644 million to R1 430 million and from the shareholder provides the Transfer Secretaries with the relevant banking
467.5 cents to 253.1 cents, respectively. details for payout.
The decrease in headline earnings from continuing operations is mainly due to DIRECTORS’ STATEMENT
the negative impact that the Covid-19 pandemic and the resultant lockdown The directors, who take responsibility for the contents of this short-form
measures had on the earnings of Rand Merchant Investment Holdings Limited, announcement, present the audited results of Remgro for the year ended
FirstRand Limited, Total South Africa Proprietary Limited, Kagiso Tiso Holdings 30 June 2020. The preparation of the Group’s consolidated results was
Proprietary Limited, Distell Group Holdings Limited and RCL Foods Limited, supervised by the Chief Financial Officer, Neville Williams CA(SA).
as well as lower interest income, increased losses from Community Investment
Ventures Holdings Proprietary Limited as they expand their fibre network This financial information is a summary only and does not contain full details
footprint, organically and acquisitively, and a once-off donation of R500 million of the consolidated financial results. Accordingly, any investment decisions
to The South African SME Relief Trust (Sukuma donation). should be based on information contained in the full announcement, which
can be found on SENS, or on the Company’s website at www.remgro.com.
INTRINSIC NET ASSET VALUE
Remgro’s intrinsic net asset value per share decreased by 33.7% from R233.03 at The consolidated Annual Financial Statements (AFS) were audited by
30 June 2019 to R154.47 at 30 June 2020. The decrease reflects the impact PricewaterhouseCoopers Inc., who issued an unmodified audit opinion on the
of the RMH Unbundling and the negative impact of the Covid-19 pandemic consolidated AFS. The consolidated AFS, which includes the auditor’s report
on market values (listeds) and fair values (unlisteds) of underlying investee (with Key Audit Matters) issued on the consolidated AFS, are available on the
companies. The closing share price at 30 June 2020 was R99.90 (2019: R187.90) Company’s website at www.remgro.com.
representing a discount of 35.3% (2019: 19.4%) to the intrinsic net asset value. BASIS OF PREPARATION OF FINANCIAL INFORMATION
DECLARATION OF CASH DIVIDEND NO. 40 These results have been prepared in accordance with Section 3.46 of the Listings
Notice is hereby given that a final gross dividend of 50 cents (2019: 349 cents) per Requirements of the JSE Limited and have been applied consistently to both years.
share has been declared out of income reserves in respect of both the ordinary The Integrated Annual Report will be mailed to those shareholders who requested to
shares of no par value and the unlisted B ordinary shares of no par value, for the receive a hard copy and will be available on the website during October 2020.
year ended 30 June 2020. The final dividend was adjusted downwards to take
into account the RMH Unbundling and the impact of the Covid-19 pandemic. Signed on behalf of the Board of Directors.
A dividend withholding tax of 20% or 10 cents per share will be applicable, Johann Rupert Jannie Durand
resulting in a net dividend of 40 cents per share, unless the shareholder Chairman Chief Executive Officer
concerned is exempt from paying dividend withholding tax or is entitled to a Stellenbosch
reduced rate in terms of an applicable double-tax agreement. 28 September 2020
DIRECTORATE TRANSFER SECRETARIES
NON-EXECUTIVE DIRECTORS Computershare Investor Services Proprietary Limited
Johann Rupert (Chairman), J Malherbe (Deputy Chairman), F Robertson* (Deputy Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
Chairman), S E N De Bruyn*, P K Harris*, N P Mageza*, P J Moleketi*, M Morobe*, (Private Bag X9000, Saxonwold 2132)
P J Neethling, G G Nieuwoudt*, K M S Rantloane* (Alternate), A E Rupert AUDITORS
(* Independent)
PricewaterhouseCoopers Inc.
EXECUTIVE DIRECTORS Stellenbosch
J J Durand (Chief Executive Officer), M Lubbe, N J Williams
SPONSOR
CORPORATE INFORMATION Rand Merchant Bank (A division of FirstRand Bank Limited)
SECRETARY ACCESS TO INFORMATION
D I Dreyer
The financial results:
LISTING • can be viewed on SENS;
JSE Limited • can be viewed online at www.remgro.com;
Sector: Financials – Financial Services – Investment Banking and Brokerage Services • are available for inspection at the Company’s registered office and the offices of the
– Diversified Financial Services sponsor at no charge, during normal business hours from 29 September 2020; or
• may be requested in printed format from Ms D I Dreyer, tel: +27 21 888 3373.
BUSINESS ADDRESS AND REGISTERED OFFICE
Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)
For more information: www.remgro.com
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