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Results For The Year Ended 31 December 2021
CURRO HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/025801/06)
JSE Alpha Equity Code: COH
LEI: 378900E237CB40F0BF96
ISIN: ZAE000156253
JSE Debt Alpha Code: COHI
(“Curro” or “the Company”)
RESULTS FOR THE YEAR ENDED 31 DECEMBER 2021
1. SALIENT FEATURES
Revenue increased by 14.5% to R3 543 million, from R3 094 million in the prior
corresponding year.
Earnings before interest, taxation, depreciation and amortisation (“EBITDA”) increased by
15.0% to R789 million, from R686 million in the prior corresponding year.
Recurring headline earnings increased by 36.9% to R245 million, from the R179 million in
the prior corresponding year.
Recurring headline earnings per share (“RHEPS”) increased by 7.6% to 40.9 cents per
share, from the 38.0 cents per share in the prior corresponding year.
Headline earnings per share (“HEPS”) increased by 12.4% to 40.9 cents per share, from
the 36.4 cents per share in the prior corresponding year.
Earnings per share (“EPS”) was 43.3 cents for the current year compared to a loss of
6.5 cents in the prior corresponding year.
The results were pleasing considering the circumstances, with many of the 2020
challenges having persisted in 2021. In evaluating these results, shareholders should take
the following matters into account:
- The R1.5 billion rights issue concluded in September 2020 resulted in there being
27% more weighted average shares in issue in this year compared to last year.
- Curro recognised non-headline impairments of property, plant and equipment,
intangibles and goodwill of R207 million (net of tax) relating to lower-yielding schools
in the previous financial year. These impairment charges are included in the
calculation of EPS but are added back for purposes of the calculation of HEPS, and
accordingly accounts for the key difference between HEPS and EPS.
Curro generated R767 million of cash from its operating activities, 49.2% higher than the
prior corresponding year.
2. DIVIDEND DECLARATION
The board has resolved to pay a final gross dividend of 8.20 cents per share from income
reserves for the year ended 31 December 2021 (2020: nil). It is the board’s policy to pay
20% of recurring headline earnings as an annual dividend on the premise that growth in
cash generation shall continue in the future.
The dividend is subject to a South African dividend withholding tax (“DWT”) rate of 20%,
unless the shareholder is exempt from paying dividends tax or is entitled to a reduced rate
in terms of the applicable double-tax agreement. The dividend amount, net of DWT of
20%, is 6.56 cents per share (2020: nil). The number of ordinary shares in issue at the
declaration date is 597 961 595, and the income tax number of the Company is
915/907/00/29.
The salient dates of the dividend declaration are:
Declaration date Wednesday, 23 February 2022
Last day to trade cum dividend Tuesday, 15 March 2022
Trading ex-dividend commences Wednesday, 16 March 2022
Record date Friday, 18 March 2022
Payment date Tuesday, 22 March 2022
Share certificates may not be dematerialised or rematerialised between Wednesday,
16 March 2022 and Friday, 18 March 2022, both days inclusive.
3. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It
contains only a summary of the information in the full announcement (‘Full
Announcement”) and does not contain full or complete details. The Full Announcement
can be found at https://senspdf.jse.co.za/documents/2022/JSE/ISSE/COH/FY_21.pdf
A copy of the Full Announcement is also available for viewing on the Company’s website
at https://www.curro.co.za/investor-relations/financial-results/financial-year-2021/ or may
be requested in person, at the Company’s registered office or the office of the sponsor, at
no charge, during office hours.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
These annual results have been audited by the Company’s auditors,
PricewaterhouseCoopers Inc. who expressed an unmodified audit opinion thereon. The
report also includes communication of key audit matters. This opinion is available, along
with the annual financial statements on the Company’s website at
https://www.curro.co.za/investor-relations/financial-results/financial-year-2021/.
4. RESULTS PRESENTATION
Curro will be hosting a virtual presentation at 10:30 SAST on Wednesday, 23 February
2022 to present the results to investors.
Presentation details:
View and listen mode
Please register at:
https://register.gotowebinar.com/register/1902914198337747216
After registering, you will receive a confirmation email containing information about joining
the webinar.
Presentation slides will be available on the day of the presentation on Curro’s website at:
https://www.curro.co.za
Questions and Answers facility:
Q&A facility will be available during or after the presentation.
Durbanville
23 February 2022
Sponsor
PSG Capital
Independent joint sponsor
UBS South Africa
Date: 23-02-2022 07:05:00
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