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Short-Form Press Announcement: Condensed Interim Results For The Period Ended 31 August 2019
RH BOPHELO LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2016/533398/06)
JSE share code: RHB, ISIN: ZAE000244737
(“RHB” or “the Company”)
SHORT-FORM PRESS ANNOUNCEMENT: CONDENSED INTERIM RESULTS FOR THE PERIOD ENDED
31 AUGUST 2019
INTRODUCTION
The board of directors ("the Board") of the Company is pleased to present the interim half year results for the
period ended 31 August 2019.
Since the listing, management has been diligently reviewing various potential acquisition opportunities and is
continuously engaging with potential vendors on propositions that could satisfy the Company's vision and
values. The Company primarily focuses on investing in the healthcare sector, with focus on the hospitals,
pharmaceuticals, retail, information technology, education, and financial services verticals.
RHB has done eight (8) hospital acquisitions, one (1) nursing college, two (2) insurance businesses and o ne
emergency management services. The company has been classified by JSE as an investment holding entity
category. RHB assets are managed as a balanced portfolio composed of two major components: (i) an equity
portion; and (ii) a fixed income portion. The expected role of RHB equity investments will be to maximize the
long-term real growth of portfolio assets, while the role of fixed income investments will be to generate current
income, provide for more stable periodic returns, and provide some protection against a market fluctuations in
the value of its equity investment portfolio.
As at 31 August 2019, the Company had access to R44 million, net of R220 million committed to existing
investments. The Company has progressed on new investment opportunities o f over R1,5 billion, on a
combination of hospitals and healthcare access products. The Company is considering few fund raising options
in order to raise the required capital to boost the company’s footprint development and strengthening of its
access products.
FINANCIAL OVERVIEW
The key financial indicators reflected in these financial results are:
. Investments of R311,6 million when compared to the prior period of R171,3 million, an increase of 82%
in investments.
. Net asset value of the Company increased by R42 million, i.e. 8% to R583,6 million, when compared
to the prior period of R541,3 million;
. Revenue of R44,3 million, as compared to the prior period of R45,8 million , resulting in a decrease of
3%;
. Operating profit of R31,2 million as compared to the prior period of R33 million, which comprised of a
gain in the valuation of investments, the interests earned from funds held in the money market, less
administrative and operational expenses;
. Operating expenses of R5,8 million as compared to the prior period of R2 million, an increase of 173%,
when compared to the prior period;
. Basic earnings per share and headline earnings per share 60,53 cents as compared to the prior period
of 65,18 cents, resulting in a decrease of 7%;
. Tangible Net Asset Value ("TNAV") per share at R10,86, as compared to the prior period of R10,56
cents, resulting in a decrease of 3%;
. Net Asset Value ("NAV") per share at R10,86, as compared to the prior period of R10,56 cents, resulting
in a decrease of 3%;
. The Company and its investments remain liquid and solvent, with sufficient reserves. RHB has R44
million of unencumbered capital as at 31 August 2019;
. No dividends were declared in the current year period or prior period; and
. RHB has acquired additional assets post period end and therefore any income earned is not indicative
of the Company's future prospects.
SHORT-FORM NOTICE
This short-form announcement is the responsibility of the Directors of the Company. It is a summary of the
announcement released on SENS and published on the Company’s website
https://www.rhbophelo.co.za/investment/sens-announcements on 04 October 2019, and does not contain the
complete announcement details. Copies of the full announcement are available for inspection from 04 October
2019 and may also be requested at the Company’s registered office and the office of the Sponsor during office
hours at no charge. Any investment decisions by investors and/or shareholders should be based on consideration
of the full announcement on SENS and the website.
The full announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2019/jse/isse/RHBE/Half2019.pdf
On behalf of the Board
Quinton Zunga
CEO
Dion Mhlaba
CFO
Johannesburg
04 October 2019
Registered Office Transfer Secretaries
3rd floor, 18 Melrose Boulevard Computershare Investor Services Proprietary Limited
Melrose Arch, Melrose North
Johannesburg, 2076
South Africa
Directors Sponsor
Q Zunga (Chief executive officer) Deloitte & Touche Sponsor Services Proprietary
KD Mhlaba (Chief financial officer) Limited
VP Nomvalo (Executive director)
Colin Clarke (Executive director)
MP Mehlape ( Resigned )
Dr. SG Motuba (Lead independent non-executive
Director)
Dr. KR Ntshwana (Independent non-executive Director)
JR Oliphant (Non-executive chairman)
Dr. PD Sekete (Non-executive Director)
L Shezi (Deceased)
Company Secretary
Corporate Vision Consulting Proprietary Limited
Date: 04/10/2019 04:21:00
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