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REMGRO LIMITED - Summary of audited results for the year ended 30 June 2019 and cash dividend declaration

Release Date: 19/09/2019 17:00
Code(s): REM     PDF:  
 
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Summary of audited results for the year ended 30 June 2019 and cash dividend declaration

REMGRO LIMITED
Registration number 1968/006415/06
ISIN ZAE000026480 Share code REM

SUMMARY OF AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2019 AND CASH DIVIDEND
DECLARATION

SALIENT FEATURES
• Headline earnings per share: -4.2% to 1 448.9 cents
• Headline earnings per share, excluding option remeasurement: -2.6% to 1 429.1 cents
• Earnings per share: -18.0% to 1 294.0 cents
• Intrinsic net asset value per share as at 30 June 2019: R233.03
• Ordinary dividend per share: +6.0% to 564 cents

RESULTS

Headline earnings
For the year to 30 June 2019 headline earnings decreased by 4.4% from R8 573 million to R8 195 million, while
headline earnings per share (HEPS) decreased by 4.2% from 1 512.6 cents to 1 448.9 cents.

Included in headline earnings for the year under review is a positive fair value adjustment amounting to R112 million
(2018: R261 million), relating to the decrease in value of the bondholders’ exchange option of the exchangeable bonds
(option remeasurement). Excluding the option remeasurement, headline earnings decreased by 2.8% from
R8 312 million to R8 083 million, whereas HEPS decreased by 2.6% from 1 466.5 cents to 1 429.1 cents. The decrease
in headline earnings, excluding option remeasurement, is mainly due to lower earnings from RCL Foods Limited,
Community Investment Ventures Holdings Proprietary Limited, Total South Africa Proprietary Limited and the exclusion
of Unilever South Africa Holdings Proprietary Limited due to its disposal. The decrease is partly offset by the inclusion
of Siqalo Foods Proprietary Limited and a higher contribution from the banking platform, as well as higher interest
income.

INTRINSIC NET ASSET VALUE

Remgro’s intrinsic net asset value per share decreased by 9.3% from R256.97 at 30 June 2018 to R233.03 at
30 June 2019. The closing share price at 30 June 2019 was R187.90 (2018: R204.29) representing a discount of 19.4%
(2018: 20.5%) to the intrinsic net asset value.

DECLARATION OF CASH DIVIDEND NO. 38

Notice is hereby given that a final gross dividend of 349 cents (2018: 328 cents) per share has been declared out of
income reserves in respect of both the ordinary shares of no par value and the unlisted B ordinary shares of no par
value, for the year ended 30 June 2019.

A dividend withholding tax of 20% or 69.8 cents per share will be applicable, resulting in a net dividend of 279.2 cents
per share, unless the shareholder concerned is exempt from paying dividend withholding tax or is entitled to a reduced
rate in terms of an applicable double-tax agreement.

The total gross dividend per share for the year ended 30 June 2019 therefore amounts to 564 cents, compared to
532 cents for the year ended 30 June 2018.

The issued share capital at the declaration date is 529 217 007 ordinary shares and 39 056 987 B ordinary shares. The
income tax number of the Company is 9500-124-71-5.
Dates of importance:

Last day to trade in order to participate in the dividend                                  Tuesday, 12 November 2019
Shares trade ex dividend                                                                 Wednesday, 13 November 2019
Record date                                                                                 Friday, 15 November 2019
Payment date                                                                                Monday, 18 November 2019

Share certificates may not be dematerialised or rematerialised between Wednesday, 13 November 2019, and Friday,
15 November 2019, both days inclusive.

In terms of the Company’s Memorandum of Incorporation, dividends will only be transferred electronically to the bank
accounts of shareholders, while dividend cheques are no longer issued. In the instance where shareholders do not
provide the Transfer Secretaries with their banking details, the dividend will not be forfeited, but will be marked as
“unclaimed” in the share register until the shareholder provides the Transfer Secretaries with the relevant banking details
for payout.

DIRECTORS’ STATEMENT

The directors, who take responsibility for the contents of this short-form announcement, present the audited results of
Remgro for the year ended 30 June 2019. The preparation of the Group’s consolidated results was supervised by the
Chief Financial Officer, Neville Williams CA(SA).

This financial information is a summary only and does not contain full details of the consolidated financial results.
Accordingly, any investment decisions should be based on information contained in the full announcement, published
and available at https://senspdf.jse.co.za/documents/2019/JSE/ISSE/REM/REMJun2019.pdf and on the Company’s
website at www.remgro.com.

BASIS OF PREPARATION OF FINANCIAL INFORMATION

These results have been prepared in accordance with Section 3.46 of the Listings Requirements of the JSE Limited and
have been applied consistently to both years.

The Integrated Annual Report will be mailed to those shareholders who requested to receive a hard copy and will be
available on the website during October 2019.

Signed on behalf of the Board of Directors.

Johann Rupert                                                                                Jannie Durand
Chairman                                                                                     Chief Executive Officer

Stellenbosch
19 September 2019

DIRECTORATE

Non-executive directors
Johann Rupert (Chairman), E de la H Hertzog (Deputy Chairman),
J Malherbe (Deputy Chairman), S E N De Bruyn*, G T Ferreira*,
P K Harris*, N P Mageza*, P J Moleketi*, M Morobe*, F Robertson*,
A E Rupert
(* Independent)

Executive directors
J J Durand (Chief Executive Officer), M Lubbe, N J Williams

CORPORATE INFORMATION

Secretary
D I Heynes

Listing
JSE Limited
Sector: Industrial - Diversified Industrial

Business address and registered office
Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)

Transfer Secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
(PO Box 61051, Marshalltown 2107)

Auditors
PricewaterhouseCoopers Inc.
Stellenbosch

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

ACCESS TO INFORMATION

The financial results:
• can be viewed on www.jse.co.za;
• can be viewed online at www.remgro.com;
• are available for inspection at the Company’s registered office and the offices of the sponsor at no charge, during
  normal business hours from 20 September 2019; or
• may be requested in printed format from Ms D I Heynes, tel: +27 21 888 3373.

FOR MORE INFORMATION

www.remgro.com

Date: 19/09/2019 05:00:00
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