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SUMMARY OF THE UNREVIEWED CONSOLIDATED CONDENSED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2019
INSIMBI INDUSTRIAL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No: 2002/029821/06)
Share code: ISB ISIN code: ZAE000116828
("Insimbi" or "the group" or "the company")
SUMMARY OF THE UNREVIEWED CONSOLIDATED CONDENSED FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2019
PROFILE
Insimbi is a group of companies that sustainably source, process, beneficiate & recycle
metals. The core business expertise is the ability to source and provide local, regional
and global industrial consumers with the required commodity over its four distinct
business segments.
FINANCIAL PERFORMANCE
2019 2018 Change
Revenue (R'000) 2 417 034 2 138 007 13%
Net profit (R'000) 35 868 34 739 3%
Operating profit (R'000) 67 265 62 109 8%
Cash generated from operations (R'000) 97 884 29 509 232%
Earnings per share (cents) 9.48 9.12 4%
Headline earnings per share (cents) 9.42 8.47 11%
Net asset value per share (cents) 109.81 102.83 7%
Dividends per share (cents) 2.00 2.00 0%
Debt: equity 73% 84% 11%
OVERVIEW
Despite a very challenging local and global economic environment, exacerbated by the impact
of the terrible floods and labour unrest that affected Transnet operations in Durban
earlier in the financial year which, created a backlog at Durban port that continues to
hamper our export of recycled metals, Insimbi has achieved decent growth on the back of the
acquisition of Group Wreck in November 2018. Commodity and, in particular metals prices,
have been subdued in the first 6 months of the year, and it is estimated that our weighted
average "basket" price of products is between 12% and 15% down on international pricing
compared to the same period in the previous interim reporting period ended 31 August 2018.
Although this has been partially offset by a weaker currency during the period under
review, the ZAR price of said "basket" is approximately 5% lower across the board.
DIVIDEND
The Board has declared an interim dividend of 2 cents per share. The Board has confirmed
by resolution that the solvency and liquidity test as contemplated by the Companies Act,
No. 71 of 2008, as amended, has been duly considered, applied and satisfied. This is a
dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The
South African dividend tax rate is 20,0%. The dividend payable to shareholders who are
subject to dividend tax and shareholders who are exempt from dividend tax is 1.6 cents and
2 cents per share, respectively. The Income tax number of the company is: 9078488153.
There are 428 461 538 ordinary shares in issue at announcement date, of which 2 666 241 are
held in treasury and does not participate in dividends, 23 106 915 shares are held by the
ESOP's and are participating in the dividend policy. The total dividend amount payable is
R8 515 906. The salient dates applicable to the dividend referred to above are as follows:
2019
Declaration of dividend Tuesday, 8 October 2019
Last day to trade in order to participate in the dividend Tuesday, 19 November 2019
Trading commences ex-dividend Wednesday, 20 November 2019
Record date Friday, 22 November 2019
Payment date Monday, 25 November 2019
Share certificates may not be dematerialised and rematerialised between Wednesday,
20 November 2019, and Friday, 22 November 2019, both days inclusive.
This short form
announcement is the responsibility of the directors and is only a summary of the
information contained in the full announcement and does not contain full or complete
details. The full announcement published on SENS is available at:
https://senspdf.jse.co.za/documents/2019/jse/isse/ISBE/FY2019H1.pdf
Copies of the full announcement is available on the group's website at
www.insimbi-group.co.za, or may be requested at the group's registered office
(359 Crocker Road, Wadeville, Germiston) or at the Sponsor's office, at no charge, during
office hours. Any investment decisions in relation to the company's shares should be based
on the full announcement.
The information in this press announcement has not been audited.
Directors: F Botha (Chief Executive Officer)
AJ de Wet (Chief Financial Officer)
C Coombs
RI Dickerson* (Chairperson)
IP Mogotlane*
N Mwale*
CS Ntshingila*
(*non-executive)
Company Secretary: N Winde
Registered office: Stand 359 Crocker Road, Wadeville, Germiston, 1422
Website: www.insimbi-group.co.za
Sponsor: Bridge Capital Advisors Proprietary Limited
Transfer Secretaries: Computershare Investor Services Proprietary Limited
Auditors: PricewaterhouseCoopers Inc.
8 October 2019
Date: 08/10/2019 08:00:00
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