ADVTECH LIMITED - Results for the year ended 31 December 2023 and announcement of dividend declaration

Results for the year ended 31 December 2023 and announcement of dividend declaration

ADvTECH Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1990/001119/06)
JSE code: ADH         ISIN number: ZAE000031035
Income taxation number: 9550/190/71/5
("ADvTECH" or "the group" or "the company")

RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 AND ANNOUNCEMENT OF DIVIDEND
DECLARATION

1. Salient features

Revenue increased by 13% to R7 860 million from R6 961 million in the comparable period.

Operating profit before interest and non-trading items increased by 18% to R1 577 million from R1 333
million in the comparable period.

Normalised earnings increased by 20% to R950 million from R790 million in the comparable period.

Normalised earnings per share ("NEPS") increased by 20% to 174.2 cents per share from 145.7 cents per
share in the comparable period.

Headline earnings per share ("HEPS") increased by 19% to 174.2 cents per share from 146.5 cents per
share in the comparable period.

Earnings per share ("EPS") increased by 17% to 174.4 cents per share from 148.6 cents per share in the
comparable period.

A full year dividend of 87.0 cents per share was declared compared to the 60.0 cents per share declared
for the prior corresponding year.

2. Declaration of final dividend no. 27

The significant investments made by the group over an extended period are now contributing meaningfully
to earnings and cash generation. This has resulted in borrowings reducing. The group is now in a position
where it is generating cash in excess of that required to fund its investment programme. Consequently, in
order to better manage the group's capital structure and optimise return on equity, the board has decided
to reduce the dividend cover and increase the dividend payout.

The board is pleased to announce the declaration of a final gross dividend of 57.0 cents (2022: 37.0 cents)
per ordinary share in respect of the year ended 31 December 2023.

This brings the full year dividend to 87.0 cents (2022: 60.0 cents) per share. This is a dividend as defined
in the Income Tax Act, 1962, and is payable from income reserves. The South African dividend taxation
(DT) rate is 20%. The net amount per share payable to shareholders who are not exempt from DT is 45.6
cents per share, while net amount per share is 57.0 cents for those shareholders who are exempt from
DT.

There are 554 750 973 ordinary shares in issue; the total dividend amount payable is R316.2 million.

The salient dates applicable to the dividend referred to above are as follows:

Approval of dividend by the board                                         Wednesday, 20 March 2024
Announcement of annual results and dividend declaration for
2023 on SENS                                                                 Monday, 25 March 2024
Last day to trade in order to participate in the dividend                     Tuesday, 16 April 2024
Trading commences ex-dividend                                               Wednesday, 17 April 2024
Record date                                                                     Friday, 19 April 2024
Payment date                                                                  Monday, 22 April 2024

Share certificates may not be dematerialised and rematerialised between Wednesday, 17 April 2024 and
Friday, 19 April 2024, both days inclusive.
3. Short-form announcement

This short form announcement, which is the responsibility of ADvTECH's directors, is only a summary of
the information in the full announcement and does not contain full or complete details. Any investment
decisions by shareholders and/or investors should be based on consideration of the full announcement
published on SENS on 25 March 2024. The full announcement is available through the following JSE
Cloudlink at:

https://senspdf.jse.co.za/documents/2024/JSE/ISSE/ADH/AFSYE2023.PDF
The full announcement is also available for viewing on the company's weblink at:

https://irp.cdn-website.com/24847d5c/files/uploaded/ADvTECH_Longform_2023.pdf
Copies of the full announcement may also be requested from ADvTECH's group investor relations at
investorrelations@advtech.co.za.

Ernst & Young Inc., the group's independent auditor, has audited the consolidated annual financial
statements of ADvTECH from which this announcement has been derived and has expressed an
unmodified audit opinion on the consolidated annual financial statements.
The auditor report issued on the consolidated annual financial statements and the actual consolidated
annual financial statements can be accessed at:

https://irp.cdn-website.com/24847d5c/files/uploaded/ADvTECH_Limited_Group-Company_AFS_2023.pdf

This short-form announcement itself is not audited or reviewed and therefore the audit report does not
cover this announcement.


25 March 2024
Johannesburg
Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 25-03-2024 07:05:00
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