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ALVIVA HOLDINGS LIMITED - Preliminary reviewed condensed Consolidated financial results for the year ended 30 June 2019

Release Date: 16/09/2019 15:21
Code(s): AVV     PDF:  
 
Wrap Text
Preliminary reviewed condensed Consolidated financial results for the year ended 30 June 2019

ALVIVA HOLDINGS LIMITED
(incorporated in the Republic of South Africa)
Registration number: 1986/000334/06
ISIN: ZAE000227484
Share code: AVV
(“Alviva” or “the Company” or “the Group”)

SUMMARY ANNOUNCEMENT OF THE PRELIMINARY REVIEWED CONDENSED
CONSOLIDATED FINANCIAL RESULTS for the year ended 30 June 2019

AT A GLANCE

REVENUE at R15,9 billion UP 17%
EBITDA at R860 million UP 5%
HEPS at 297 cents UP 9%
CORE EPS at 353 cents UP 17%
GROSS DIVIDEND PER SHARE OF 30 cents UP 11%

Condensed consolidated STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
for the year ended 30 June 2019

                                               2019             2018
                                           Reviewed          Audited
                                              R’000            R’000

Revenue                                   15 922   641    13 628   916
EBITDA*                                      859   784       820   483
Operating profit before interest             669   773       690   129
Profit before tax                            536   724       568   872
Profit for the period                        390   858       417   324
  – Owners of the Company                    394   500       421   707
  – Non-controlling interests                 (3   642)       (4   383)

* Earnings before interest, taxation, depreciation and
  amortisation.

FINANCIAL REVIEW

                                               2019             2018
                                      %    Reviewed          Audited
                                 change       cents            cents

PERFORMANCE PER ORDINARY SHARE
Basic EPS                           0,7       275,3            273,5
Diluted basic EPS                  -0,5       268,1            269,4
Basic HEPS                          8,7       297,1            273,2
Diluted HEPS                        7,5       289,3            269,1
Core EPS                           16,8       352,9            302,2
Diluted core EPS                15,4         343,6         297,7
Net asset value                 14,1       1 658,2       1 453,6
Net tangible asset value        12,2         985,0         877,7
Dividend declared               11,1          30,0          27,0
Dividend cover (times)                         9,7          10,6

EPS: Earnings per ordinary share.
HEPS: Headline earnings per ordinary share.

Condensed consolidated STATEMENT OF FINANCIAL POSITION
as at 30 June 2019

                                            2019            2018
                                        Reviewed         Audited
                                           R’000           R’000

Total assets                           6   494 468   5 826 322
Total liabilities                      4   159 441   3 598 918
Total net asset value *                2   264 844   2 138 091
Investment in working capital          1   380 711     789 222
Debt to equity (%)                            39,1        37,0

* Adjusted for non-controlling interests.

COMMENTARY

OVERVIEW

The Group has endured a difficult trading period over the last
financial year. The vast majority of its operations are exposed
to the South African economy and so, given that there has been
little or no growth in South Africa during this period, it would
be of no surprise to advise shareholders that this has been a
challenging operating environment. Notwithstanding, the
investments made into new businesses have helped increase revenue
and Alviva’s existing businesses have produced a resilient
performance to allow the Group to maintain its returns to
shareholders.

PROSPECTS

The outlook for the year to 30 June 2020 is unclear. The economy
is under huge pressure with little or no apparent appetite for
investment. Much needs to be done to turn around confidence in
the business arena. Notwithstanding these factors, the Group has
well established businesses with solid experienced management in
place that have shown themselves to be adept at growing revenues
during times of hardship. In addition, the new acquisitions that
have been brought into the Group recently offer exciting
prospects. We remain cautiously optimistic albeit that we are
surrounded by despondency.

SHORT-FORM ANNOUNCEMENT

This short-form announcement is the responsibility of the
directors and is only a summary of the information contained in
the full announcement. The information in the short-form
announcement has been extracted from the preliminary reviewed
condensed consolidated financial results for the year ended
30 June 2019 (“the full announcement”) and has not been reviewed
or audited by the Company’s auditors. Any investment decisions by
investors and/or shareholders should be based on the full
announcement which is available on
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/AVVE/YERes2019.pdf
and published on the Company’s website on
https://alvivaholdings.com/report/june2019/ on 16 September 2019.
Copies of the full announcement may be requested from the
Company’s registered office and the offices of the Sponsor during
office hours at no cost at the contact details below and is also
available for inspection at the registered office of the Company
and the offices of the Sponsor. Any investment decision should be
based on the contents of the full announcement published on SENS
and on the Group’s website.

FINAL CASH DIVIDEND DECLARATION

The Company’s policy is to declare a dividend of 10% of HEPS (and
since the introduction of Dividends Tax, a gross dividend of 10%
of HEPS before deducting Dividends Tax). To this end, the Board
has declared a final dividend of 30 cents (2018: 27 cents) per
ordinary share for the financial year ended 30 June 2019.

Notice is hereby given that a final dividend of 30 cents per
ordinary share for the year ended 30 June 2019 has been declared
by the Board of Directors of the Company.

The salient dates applicable to the final dividend are as
follows:

                                                                     DATE

Last day of trade “cum” dividend          Tuesday,   12   November   2019
First day to trade “ex” dividend        Wednesday,   13   November   2019
Record date                                Friday,   15   November   2019
Payment date                               Monday,   18   November   2019

No share certificates may be dematerialised or rematerialised
between Wednesday, 13 November 2019 and Friday, 15 November 2019,
both days inclusive.
Dividends are to be paid out of distributable reserves. Dividends
Tax of 20% will be withheld in terms of the Income Tax Act for
those shareholders who are not exempt from dividend tax. In
accordance with paragraphs 11.17(a)(i) to (ix) and 11.17(c) of
the JSE Listings Requirements, the following additional
information is disclosed:

–   The gross local dividend amount is 30 cents per ordinary share
    for shareholders exempt from Dividends Tax;

–   The net local dividend amount is 24 cents per ordinary share
    for shareholders liable to pay Dividends Tax;

–   Alviva Holdings Limited currently has 141 942 246 ordinary
    shares in issue (which includes 6 835 000 FSP shares); and

–   Alviva Holdings Limited’s income tax reference number is
    9675/146/71/7.

Where applicable, payment in respect of certificated shareholders
will be transferred electronically to shareholders’ bank accounts
on the payment date. In the absence of specific mandates, payment
cheques will be posted to certificated shareholders at their risk
on the payment date. Shareholders who have dematerialised their
shares will have their accounts at their Central Securities
Depository Participant or broker credited on the payment date.

By order of the Board

A Tugendhaft                             P Spies
Chairperson                              Chief Executive Officer

Midrand
16 September 2019

ALVIVA HOLDINGS LIMITED

DIRECTORS:
A Tugendhaft * (Chairperson), P Spies (Chief Executive Officer),
SH Chaba*^, RD Lyon (Chief Financial Officer), PN Masemola *^,
MG Mokoka *^, P Natesan*^ (Lead Independent Director)

* Non-executive         ^ Independent

REGISTERED OFFICE:
The Summit, 269, 16th Road, Randjespark, Midrand, 1685

TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Ltd, Rosebank Towers,
15 Biermann Avenue, Rosebank, 2196

AUDITORS:
SizweNtsalubaGobodo Grant Thornton Inc, Registered Auditors,
Summit Place Office Park, Building 4, 221 Garsfontein Road,
Menlyn, 0081

SPONSOR:
Deloitte & Touche Sponsor Services (Pty) Ltd

COMPANY SECRETARY: SL Grobler CA(SA)

www.alvivaholdings.com

Date: 16/09/2019 03:21:00
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