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Interim Results for the six months ended 30 September 2022 and Distribution Declaration
PBT GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1936/008278/06)
JSE share code: PBG ISIN: ZAE000256319
("PBT Group" or "the Company" or "the Group")
INTERIM FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022 AND DISTRIBUTION DECLARATION
Highlights
- Continued organic revenue growth of 14.5% and EBITDA growth of 3.2%. Revenue from the
South African segment, which constitutes 92% of total Group revenue, increased by 16% which
resulted in a 10% EBITDA increase for this segment.
- PBT Group received net proceeds from non-core asset disposals totalling R20.9 million and
returned R39.1 million to shareholders via a special distribution of R31.8 million
(30 cents per share) and share repurchases of R7.3 million. As at 30 September 2022,
PBT Group had R187.1 million (R1.78 per share) of non-core assets.
- Higher than usual operating costs primarily due to increased incentives paid to the sales team
during June 2022, based on the success of the 2022 financial year. These incentives are paid
annually and will not repeat in the second half of the 2023 financial year.
- Although revenue increased by 18% in the European and United Kingdom segment, EBITDA from the
combined international segments decreased, which weighed on the Group's profitability.
- Slower cash conversion of earnings, primarily due to slower trade receivable collections and
increased revenue. The collection rate has largely returned to normal levels post the reporting
period. More than R115.3 million of the R136.9 million outstanding debtors for the South African
segment at period-end, were collected as at the date of this announcement.
- PBT Group management is confident that the slower conversion of earnings was temporary and is
therefore comfortable to declare an interim distribution of 25 cents per share.
INTRODUCTION
PBT Group provides data and analytics solutions and services that capitalise on data-driven
insights, to make well-timed, intuitive business decisions that consistently position our clients
ahead of the curve.
PBT Group takes ownership of clients' challenges - transforming their data into tangible assets that
greatly assist in streamlining operations as well as their predictive and analytical capabilities.
Technological integration is a key enabler in providing clients with custom-made solutions or
services in support of their organisational objectives. As a technology agnostic data specialist
organisation, PBT Group is best positioned to optimise clients' operations without allowing
product or technology to limit their options.
Key financial results
For the six months Percentage
ended 30 September change
2022 2021 %
Revenue (Rm) 536.50 468.69 14.5%
Earnings before interest, taxation, (Rm) 65.18 63.18 3.2%
depreciation and amortisation
Operating profit (Rm) 61.76 59.28 4.2%
Profit before taxation (Rm) 61.16 58.87 3.9%
Profit for the year (Rm) 43.85 41.56 5.5%
Profit attributable to owners of the parent (Rm) 29.72 29.20 1.8%
Cash generated from operations (Rm) 28.25 64.67 (56.3%)
Earnings per share (cents) 35.79 37.09 (3.5%)
Headline earnings per share (cents) 35.78 37.09 (3.5%)
Normalised headline earnings* (Rm) 34.71 33.86 2.5%
Normalised headline earnings per share (cents) 33.02 33.30 (0.8%)
Net asset value per share (cents) 3.27 2.88 13.6%
Special distribution paid (cents) 30.00 - 100%
Interim distribution declared (cents) 25.00 25.00 0%
* Normalised headline earnings adjust for the impact of IFRS 2. This is a more accurate reflection
of the underlying earnings generated by PBT Group.
DISTRIBUTION DECLARATION
The Company's distribution policy is to consider an interim and a final distribution in respect of
each financial reporting period. At its discretion, the Board of Directors may consider a special
dividend, where appropriate. Depending on the perceived need to retain funds for expansion or
operating purposes, the Board of Directors may also elect not to pay distributions.
On Monday, 21 November 2022, the Board of Directors resolved to declare a final distribution of
25 cents per PBT ordinary share for the six-month period ended 30 September 2022. The total
distribution will equate to R26.2 million. Each shareholder will be able to elect to receive the
distribution as either a dividend as defined by the Income Tax Act, Act 58 of 1962 or as a capital
reduction distribution. If no election is made, the default option will be that a dividend will
be paid to such shareholders. An election form (for use by certificated shareholders) is included
in the Interim Results booklet, containing details of the distribution, which was published on
Wednesday, 30 November 2022. The Form of Election will also be available for download on the
Company's website: https://www.pbtgroup.co.za/investor-relations/.
The implications of the elections above are as follows:
- A gross dividend of 25 cents per PBT ordinary share from income reserves will be subject to
dividend withholding tax at a rate of 20%. Consequently, a net final dividend of 20 cents per
share will be distributed to those shareholders who are not exempt from paying dividend tax.
In terms of dividend tax legislation, the dividend tax amount due will be withheld and paid over
to the South African Revenue Service by a nominee company, stockbroker or Central Securities
Depository Participant (CSDP) (collectively the "regulated intermediary") on behalf of the
shareholders. However, all shareholders choosing this option should declare their status to
their regulated intermediary, as they may qualify for a reduced dividend tax rate or exemption.
- A capital reduction distribution of 25 cents per PBT ordinary share is not subject to dividend
withholding tax as the distribution is paid out of capital reserves. As the distribution will be
regarded as a return of capital and may therefore have potential capital gains tax consequences,
shareholders are advised to consult their tax advisers regarding the impact of the distribution.
As at the date of declaration of the distribution there were 104 950 000 PBT ordinary shares in
issue. The company's income tax reference number is 9725148713.
In compliance with the Companies Act, the Directors confirm and have resolved that the Company will
satisfy the solvency and liquidity test immediately after the payment of the distribution.
In accordance with the provisions of Strate Proprietary Limited, the electronic settlement and
custody system used by the JSE Limited, the relevant dates for the distribution are as follows:
Election period opens Wednesday, 30 November 2022
Last day to trade "cum distribution" Tuesday, 20 December 2022
First trading day "ex distribution" Wednesday, 21 December 2022
Record date Friday, 23 December 2022
Election period closes by 12:00 on Friday, 23 December 2022
Payment date Tuesday, 27 December 2022
No share certificates may be dematerialised or rematerialised between Wednesday, 21 December 2022,
and Friday, 23 December 2022, both days inclusive. Only the shareholders recorded in the Company's
share register as at record date are entitled to receive the distribution declared.
Payments for certificated shareholders will be transferred electronically to their bank accounts on
the payment date. Shareholders who hold dematerialised shares will have their accounts at their
CSDP or stockbroker credited on Tuesday, 27 December 2022.
By order of the Board
Tony Taylor Elizna Read
Non-Executive Chairman Chief Executive Officer
This short-form announcement is the responsibility of the Board of Directors of the Company,
is extracted from the Interim Financial Results for the six months ended 30 September 2022
(Interim Report) and is therefore a summary of the financial information in the Interim Report
that does not contain full or complete details of the Company's interim financial results.
Any investment decision by investors and/or shareholders should be based on consideration of the
full Interim Report, which has been published in accordance with paragraph 3.46A of the
JSE Limited Listings Requirements as follows:
Company's website: https://www.pbtgroup.co.za/investor-relations
JSE website: https://senspdf.jse.co.za/documents/2022/JSE/ISSE/PBGE/PBG0922.pdf
Electronic copies of the Interim Report can be requested from the Company Secretary at no charge
via e-mail at the following address: anastassia.sousa@pbtgroup.co.za and are also available for
inspection at the Company's registered office (by appointment) during office hours.
PBT GROUP LIMITED
Registered office
PBT House
2 Mews Close
Waterford Mews
Century City, 7441
Sponsor
Questco Corporate Advisory Proprietary Limited
www.pbtgroup.co.za
Cape Town
30 November 2022
Date: 30-11-2022 09:00:00
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