TREMATON CAPITAL INVESTMENTS LIMITED - Trading Statement

Release Date: 13/04/2018 08:30
Code(s): TMT
 
Wrap Text
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 Company")

TRADING STATEMENT

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 interim financial results for the
6 months ended 28 February 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.

Shareholders are advised that Trematon’s earnings per share
for the 6-month period ended 28 February 2018 will decrease
by approximately 85% and headline earnings per share will
decrease by approximately 150% from the previous comparable
interim period ended 28 February 2017 (“previous interim
period”).   Earnings are expected to be approximately 7.1
cents per share and a headline loss of approximately 0.9
cents per share, compared to earnings of 46.4 cents per
share and headline earnings of 1.8 cents per share for the
previous interim period. The decrease in earnings compared
to the previous interim period is mainly a result of the
disposal of the Company’s interest in the Mykonos Casino in
the prior interim period which had resulted in a large
once-off profit of R91.8 million. The decrease in headline
earnings is mainly due to expenses related to the take-on
and refurbishment of properties which were vacant during
the period as well as increased school costs in preparation
of the expansion of our current schools.

The intrinsic net asset value (“INAV”)- which the directors
consider to be the most important measure of shareholder
value - is expected to increase by approximately 24% to 446
cents per share from 361 cents per share . The increase is
mainly due to the the sale of mature properties within the
Resi Investment Group and development sales at Club Mykonos
Langebaan, both of which realised values in excess of the
director’s valuations, as well as fair value adjustments on
some of the remaining properties and investments. The book
net asset value is expected to increase by approximately
30% to 389 cents per share from 299 cents per share at the
previous   interim    period.   The   pro  forma  financial
information included in INAV above has been compiled using
a   combination    of    listed   market  values,  external
professional valuations, and/or directors valuations, where
applicable.


The financial information in this trading statement has not
been reviewed and reported on by the auditors of the
Company.   Trematon’s interim results will be published on
or about 23 April 2018.



Cape Town
13 April 2018
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited

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