TRUSTCO GROUP HOLDINGS LIMITED - Short-Form Announcement: Reviewed Consolidated Provisional Results for the 18 Month Period Ended 30 September 2020

Short-Form Announcement:  Reviewed Consolidated Provisional Results for the 18 Month Period Ended 30 September 2020

TRUSTCO GROUP HOLDINGS LIMITED
Incorporated in the Republic of Namibia
(Registration number 2003/058)
Registered as an external company in South Africa
(External registration number 2009/002634/10)
NSX share code: TUC
JSE share code: TTO
OTCQX share code: TSCHY
ISIN Number: NA000A0RF067
(“Trustco” or “the Group”)


SHORT-FORM ANNOUNCEMENT: REVIEWED PROVISIONAL CONSOLIDATED RESULTS FOR THE 18
MONTH PERIOD ENDED 30 SEPTEMBER 2020


1.       Highlights

     •    A decrease in headline earnings by 146% to a NAD 254 million headline loss compared to the
          headline earnings of NAD 550 million profit as per the restated results for the year ended 31
          March 2019 (“31 March 2019 Restated Results”).
     •    A decrease in basic earnings by 148% to a NAD 266 million loss compared to earnings of NAD
          559 million profit as per the 31 March 2019 Restated Results.
     •    Revenue decreased by 57% to NAD 618 million compared to revenue of NAD 1 450 million as
          per the 31 March 2019 Restated Results.
     •    Profit before tax decreased by 160% to a loss of NAD 305 million compared to operating profit
          of NAD 515 million as per the 31 March 2019 Restated Results.
     •    Net cash used in operating activities increased by 229% to NAD 192 million compared to NAD
          -149 million as per the 31 March 2019 Restated Results.
     •    Headline earnings per share (“HEPS”) decreased by 130% to a headline loss per share of 19.06
          cents compared to EPS of of 64.21 cents as per the 31 March 2019 Restated Results.
     •    Earnings per share (“EPS”) decreased by 131% to a loss per share of 19.95 cents compared to
          EPS of 65.21 cents as per the 31 March 2019 Restated Results.
     •    No dividends have been declared for the 18 month period ending 30 September 2020 which
          is unchanged from the dividends declared as per the 31 March 2019 Restated Results.
2.    Reviewed results

        The provisional annual financial statements for the 18 months ended 30 September 2020
        (“Reviewed September 2020 Results”) were reviewed by Nexia SAB&T (“JSE Accredited
        Auditors”), who expressed an unmodified review opinion, containing an Emphasis of Matter
        paragraph related to the valuations of investments properties, the JSE Limited proactive
        monitoring process and the litigation with Helios Oryx Limited.

In this regard, the Company wishes to inform shareholders that the full announcement in respect of
the      Reviewed        September       2020       Results      have      been       published   at
https://senspdf.jse.co.za/documents/2021/jse/isse/tto/rev2020.pdf and on the Company's website
at https://www.tgh.na/investors/results-centre/


The Company's JSE Accredited Auditors, are in process with their audit for the 18 month period ended
30 September 2020.


3.    Statement of Compliance and Basis of Preparation



This short-form announcement contains only a summary of the information in the full announcement
and does not contain the full and complete details and is the responsibility of the directors.


The Reviewed September 2020 Results were reviewed by Nexia SAB&T whose unmodified
review opinion has been issued on the provisional annual financial statements for the 18 months
ended 30 September 2020.


Please refer to the full announcement released on SENS for additional information. In addition,
electronic copies of the full announcement may be requested and obtained, at no charge during office
hours from from the company secretary at komada@tgh.na, or from the sponsor at
sponsor@vunanicapital.co.za.


Any investment decisions by investors and/or shareholders should be based on consideration of the
full announcement made on Trustco’s website.


Windhoek, Namibia,
29 January 2021
Komada Holdings (Pty) Ltd
Company Secretary and Investor Relations Services to Trustco Group Holdings Limited


JSE Sponsor
Vunani Sponsors – Johannesburg


NSX Sponsor
Simonis Storm Securities Proprietary Limited – Windhoek


OTCQX Sponsor
J.P Galda & Co – New York

Date: 29-01-2021 05:34:00
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