TREMATON CAPITAL INVESTMENTS LIMITED - Trading statement

Trading statement

Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
("Trematon" or "the Trematon group")


TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2018

In terms of the Listing Requirements of the JSE, a listed company is
required to publish a trading statement as soon as it becomes
reasonably certain that the financial results for the next period to
be reported on will show a 20% or more difference from those of the
previous corresponding period.

Shareholders are hereby advised that the Trematon group is currently
finalising its annual financial results for the year ended 31 August
2018.

Trematon is an investment holding company and uses earnings,
headline earnings and the intrinsic value model to provide
management and investors with a realistic and transparent way of
evaluating    Trematon’s  performance.   The   pro  forma financial
information has been compiled using a combination of listed market
values,    external   professional   valuations,   and/or directors
valuations, where applicable.

The Trematon group expects:


  -   basic earnings per share for the year ended 31 August 2018 to
      be between 15 cents and 17 cents, which is between 87% and 89%
      lower than that for the year ended 31 August 2017 ("the
      previous comparable period”) of 134.0 cents;
  -   headline earnings per share (“HEPS”) for the year ended 31
      August 2018 to be between 2 cents and 3 cents, which is
      between 90% and 85% lower than that of the previous comparable
      period's HEPS of 20.3 cents;
  -   intrinsic net asset value per share for the year ended 31
      August 2018 to be between 466 cents and 470 cents, which is
      between 8.1% and 9.0% higher than      that   of   the   previous
      comparable period’s 431 cents; and
  -   net asset value per share for the year ended 31 August 2018 to
      be between 405 cents and 409 cents, which is between 3.5% and
      4.6% higher than that of the previous comparable period’s 391
      cents.

The decrease in earnings and headline earnings was due to fair value
adjustments on investment properties being materially lower than the
prior year as well as an increase in operating expenses resulting
from the acquisition of additional properties in Aria Property Group
and the increase in school operating expenses in Generation
Education, which is in line with the growth of these businesses.
The prior year also included the sale of the group’s investment in
the Mykonos Casino.

Trematon’s earnings and headline earnings are inherently volatile
and do not provide an accurate indication of the operations of the
Trematon group. Management considers the intrinsic net asset value
to be the most important financial measure of value for
shareholders.

Further details will be provided in the final Trematon group results
for the year ended 31 August 2018, due to be published on SENS on or
about 19 November 2018.

The Financial information on which this trading statement is based
has not been reviewed or reported on by the Trematon group's
auditors   in   accordance    with   either   3.4b(viii)(1)(aa)    or
3.4b(viii)(1)(bb) of the Listings Requirements of the JSE Limited.

Cape Town
26 October 2018

JSE Sponsor
Sasfin Capital
(a member of the Sasfin Group)

Date: 26/10/2018 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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