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Summary of unaudited results for the six months ended 31 December 2019 and cash dividend declaration
Remgro Limited
(Incorporated in the Republic of South Africa)
(Registration number 1968/006415/06)
ISIN: ZAE000026480
Share code: REM
(“Remgro” or “the Company”)
SUMMARY OF UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2019 AND
CASH DIVIDEND DECLARATION
SALIENT FEATURES
• Headline earnings per share: -0.2% to 750.9 cents
• Headline earnings per share, excluding option remeasurement: +2.4% to 750.7 cents
• Earnings per share: -57.9% to 766.3 cents
• Intrinsic net asset value per share as at 31 December 2019: R240.93
• Interim dividend per share sustained: 215 cents
RESULTS
Introduction
Shareholders are reminded that this report is based on the actual results for the six months ended 31 December 2019.
Therefore, this report does not reflect the current market conditions and must be read in that context.
Headline earnings
For the period under review, headline earnings decreased by 0.4% from R4 259 million to R4 242 million, while headline
earnings per share (HEPS) decreased by 0.2% from 752.1 cents to 750.9 cents.
Included in headline earnings for the period under review is a positive fair value adjustment amounting to R1 million
(2018: R106 million), relating to the decrease in value of the bondholders’ exchange option of the exchangeable bonds
(option remeasurement). Excluding the option remeasurement, headline earnings increased by 2.1% from
R4 153 million to R4 241 million, whereas HEPS increased by 2.4% from 733.4 cents to 750.7 cents. The increase in
headline earnings, excluding option remeasurement, is mainly due to higher earnings from Mediclinic International plc,
Siqalo Foods Proprietary Limited, the banking platform and Total South Africa Proprietary Limited. The increase is
partly offset by lower contributions from Community Investment Ventures Holdings Proprietary Limited, Rand Merchant
Investment Holdings Limited and Grindrod Limited, as well as lower interest income.
INTRINSIC NET ASSET VALUE
Remgro’s intrinsic net asset value per share increased by 3.4% from R233.03 at 30 June 2019 to R240.93 at
31 December 2019. The closing share price at 31 December 2019 was R195.00 (30 June 2019: R187.90) representing
a discount of 19.1% (30 June 2019: 19.4%) to the intrinsic net asset value.
DECLARATION OF CASH DIVIDEND NO. 39
Notice is hereby given that an interim gross dividend of 215 cents (2018: 215 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 six months ended 31 December 2019.
A dividend withholding tax of 20% or 43 cents per share will be applicable, resulting in a net dividend of 172 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 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, 14 April 2020
Shares trade ex dividend Wednesday, 15 April 2020
Record date Friday, 17 April 2020
Payment date Monday, 20 April 2020
Share certificates may not be dematerialised or rematerialised between Wednesday, 15 April 2020, and Friday,
17 April 2020, 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 unaudited results
of Remgro for the six months ended 31 December 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 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/2020/JSE/ISSE/REM/REMDec2019.pdf and on the Company’s website at
www.remgro.com.
Signed on behalf of the Board of Directors.
Johann Rupert Jannie Durand
Chairman Chief Executive Officer
Stellenbosch
17 March 2020
DIRECTORATE
Non-executive directors
Johann Rupert (Chairman), J Malherbe (Deputy Chairman),
F Robertson* (Deputy Chairman), S E N De Bruyn*, P K Harris*,
N P Mageza*, P J Moleketi*, M Morobe*, P J Neethling,
G G Nieuwoudt*, K M S Rantloane* (Alternate), A E Rupert
(* Independent)
Executive directors
J J Durand (Chief Executive Officer),
M Lubbe, N J Williams
CORPORATE INFORMATION
Secretary
D I Dreyer
Listing
JSE Limited
Sector: Financials – Financial Services – Specialty Finance
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 full interim 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 18 March 2020; or
• may be requested in printed format from Ms D I Dreyer, tel: +27 21 888 3373.
FOR MORE INFORMATION
www.remgro.com
Date: 17-03-2020 05:00:00
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