Page 203 - 2021 Issue 2

SUMMARY OF
UNAUDITED RESULTS

FOR THE SIX MONTHS ENDED 31 DECEMBER 2020 AND
CASH DIVIDEND DECLARATION
Registration number 1968/006415/06
SALIENT FEATURES ISIN ZAE000026480 Share code REM
HEADLINE EARNINGS PER INTRINSIC NET ASSET
SHARE FROM CONTINUING TOTAL HEADLINE EARNINGS INTERIM DIVIDEND VALUE PER SHARE AS AT
OPERATIONS EARNINGS PER SHARE PER SHARE PER SHARE 31 DECEMBER 2020
247.4 cents 247.4 cents 221.2 cents 30 cents R161.98
down by 52.7% down by 67.1% down by 71.1%

COVID-19 DECLARATION OF CASH DIVIDEND NO. 41
The second wave of Covid-19 in the second half of 2020 hit South Africa harder Notice is hereby given that an interim gross dividend of 30 cents
than expected, bringing with it a new variant with higher infection rates and (2019: 215 cents) per share has been declared out of income reserves in respect
greater severity of symptoms. This led to the imposition of further lockdown of both the ordinary shares of no par value and the unlisted B ordinary shares of
measures in order to slow down the spread of the disease and ease pressure on no par value, for the six months ended 31 December 2020. The interim dividend
the healthcare system. All this has had a devastating effect on millions of South was adjusted downwards to take into account the RMH Unbundling and the
Africans with lives and livelihoods being lost, household finances decimated
and many going hungry in large parts of the country. impact of the Covid-19 pandemic.
Managing within this crisis continues to be Remgro and its investee companies’ A dividend withholding tax of 20% or 6 cents per share will be applicable,
single biggest priority. Remgro’s focus is on the factors within its control, the resulting in a net dividend of 24 cents per share, unless the shareholder
health and well-being of its people, ensuring that its investments have the most concerned is exempt from paying dividend withholding tax or is entitled to a
robust financial positions to support business continuity and ensuring that the reduced rate in terms of an applicable double-tax agreement.
underlying investee companies that are in a position to offer help to the country,
are empowered to do so. As a response to the call for the support of all social The issued share capital at the declaration date is 529 217 007 ordinary shares
partners in finding effective solutions for a vaccination programme, Remgro, and 39 056 987 B ordinary shares. The income tax number of the Company is
together with its investee companies in the medical and logistics sectors have 9500-124-71-5.
been actively assisting Government in its efforts to urgently establish and
execute an effective vaccination programme for all South Africans.
DATES OF IMPORTANCE
RESULTS IN CONTEXT Last day to trade in order to participate
The results for the six months to 31 December 2020 are not directly comparable in the dividend Tuesday, 20 April 2021
with the six months to 31 December 2019, which related to a pre-Covid-19
period. Headline earnings for the period under review was significantly affected Shares trade ex dividend Wednesday, 21 April 2021
by the decreased contribution of Mediclinic International plc (Mediclinic) (down
by 80.2%), which includes the full impact of the Covid-19-related lockdown Record date Friday, 23 April 2021
measures on its results for the six months to 30 September 2020. Furthermore, Payment date Monday, 26 April 2021
due to the accounting reclassification of FirstRand Limited (FirstRand) from
an equity accounted investment to an investment at fair value through other
comprehensive income, no earnings from FirstRand were accounted for in the
period under review, whereas R548 million was included in the comparative Share certificates may not be dematerialised or rematerialised between
period. As a result of the Covid-19 pandemic, FirstRand did not pay any Wednesday, 21 April 2021, and Friday, 23 April 2021, both days inclusive.
dividends during the period under review. Excluding Mediclinic and FirstRand,
the rest of Remgro’s investment portfolio had a resilient performance during In terms of the Company’s Memorandum of Incorporation, dividends will
the Covid-19 pandemic with their contribution to Remgro’s headline earnings only be transferred electronically to the bank accounts of shareholders. In
decreasing by only 7.7%. the instance where shareholders do not provide the Transfer Secretaries with
their banking details, the dividend will not be forfeited, but will be marked as
RESULTS “unclaimed” in the share register until the shareholder provides the Transfer
For the period under review, total headline earnings decreased by 67.0% from Secretaries with the relevant banking details for payout.
R4 242 million to R1 398 million, while total headline earnings per share (HEPS)
decreased by 67.1% from 750.9 cents to 247.4 cents. During June 2020, Remgro DIRECTORS’ STATEMENT
unbundled its 28.2% interest in RMB Holdings Limited (RMH) (RMH Unbundling) The directors, who take responsibility for the contents of this short-form
and, consequently, the investment in RMH was treated as a discontinued announcement, present the unaudited results of Remgro for the six months
operation for the year ended 30 June 2020. As a result, headline earnings is
also presented for continuing operations and discontinued operations for ended 31 December 2020. The preparation of the Group’s consolidated results
the period under review and, accordingly, discontinued operations for the was supervised by the Chief Financial Officer, Neville Williams CA(SA).
comparative six months to 31 December 2019 include the equity accounted
income of RMH. The financial information in this short-form announcement is a summary only
and does not contain full details of the financial results. Accordingly, any
Headline earnings from continuing operations decreased by 52.6% from investment decisions should be based on information contained in the full
R2 952 million to R1 398 million, while HEPS from continuing operations announcement, which can be found on SENS, or on the Company’s website
decreased by 52.7% from 522.5 cents to 247.4 cents. The decrease in headline at www.remgro.com.
earnings from continuing operations is mainly due to lower contributions by
Mediclinic and FirstRand, as well as lower interest income, due to the 300 basis Signed on behalf of the Board of Directors.
points reduction in interest rates since January 2020.
Johann Rupert Jannie Durand
INTRINSIC NET ASSET VALUE Chairman Chief Executive Officer
Remgro’s intrinsic net asset value per share increased by 4.9% from R154.47
at 30 June 2020 to R161.98 at 31 December 2020. The closing share price at Stellenbosch
31 December 2020 was R96.20 (30 June 2020: R99.90) representing a discount Approved by the Board: 24 March 2021
of 40.6% (30 June 2020: 35.3%) to the intrinsic net asset value. SENS release date: 25 March 2021
DIRECTORATE BUSINESS ADDRESS AND REGISTERED OFFICE
NON-EXECUTIVE DIRECTORS Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)
Johann Rupert (Chairman), F Robertson* (Deputy Chairman), S E N De Bruyn*,
N P Mageza*, J Malherbe, P J Moleketi*, M Morobe*, P J Neethling, TRANSFER SECRETARIES
G G Nieuwoudt*, K M S Rantloane*, A E Rupert Computershare Investor Services Proprietary Limited
(* Independent) Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
EXECUTIVE DIRECTORS (Private Bag X9000, Saxonwold 2132)
J J Durand (Chief Executive Officer), M Lubbe, N J Williams AUDITORS
PricewaterhouseCoopers Inc.
CORPORATE INFORMATION Stellenbosch
SECRETARY SPONSOR
D I Dreyer Rand Merchant Bank (A division of FirstRand Bank Limited)
LISTING
JSE Limited ACCESS TO INFORMATION
Sector: Financials – Financial Services – Investment Banking and Brokerage Services – The financial results:
Diversified Financial Services • can be viewed on www.jse.co.za;
• can be viewed online at www.remgro.com;
• are available for inspection at the Company’s registered office and the offices of the
sponsor at no charge, during normal business hours from 25 March 2021; or
For more information: www.remgro.com • may be requested in printed format from Ms D I Dreyer, tel: +27 21 888 3373.
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