To view the PDF file, sign up for a MySharenet subscription.

VUNANI LIMITED - Reviewed provisional condensed consolidated results for the year ended 29 February 2020

Release Date: 30/06/2020 17:44
Code(s): VUN     PDF:  
 
Wrap Text
Reviewed provisional condensed consolidated results for the year ended 29 February 2020

VUNANI LIMITED
Incorporated in the Republic of South Africa
Registration number: 1997/020641/06
JSE code: VUN ISIN: ZAE000163382
Vunani” or “the company” or “the group”



REVIEWED PROVISIONAL CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 29
FEBRUARY 2020


   -     Revenue up 9% to R462.2 million
   -     Profit after tax down 35% to R59.1 million
   -     Earnings per share decreased to 34.5 cents (2019: 54.7 cents)
   -     Headline earnings per share decreased to 0.5 cents (2019: 54.7 cents)
   -     NAV per share up 8% to 341.3 cents
   -     No dividend declared for the year ended 29 February 2020 (2019: 7.4
cents)
   -     Acquired significant stake in Oracle Insurance Eswatini
   -     Acquired significant stake in Stanlib Botswana


Vunani’s performance for the year ended 29 February 2020 was significantly
affected by a decline in the performance of the commodities trading and other
investments segments. The commodities trading business encountered disruptions
at its main operating site due to community unrest during the period under
review. The disruption resulted in an 69% decrease in production when compared
to the prior period, which significantly reduced revenue and profitability. The
other investments segment was affected by significant negative fair value
adjustments to its financial assets and liabilities of R26.4 million compared to
positive fair value adjustments of R73.2 million in the prior year. As a result
of this Vunani generated total profit for the year of R59.1 million (2019: R90.3
million), while total profit attributable to equity holders of the company
amounted to R55.4 million (2019: R88.6 million).

The group's reporting segments include fund management, asset administration,
insurance, investment banking (advisory services and institutional securities
broking) and private equity (other investments and commodities trading).


This short-form announcement is the responsibility of the directors and is only
a summary of the information in the full announcement and does not contain full
or complete details. The full announcement was released on SENS on 30 June 2020
and can be found on the company's website at
https://www.vunanilimited.co.za/investor-relations/financial-results/ and at
https://senspdf.jse.co.za/documents/2020/jse/isse/VUN/ye2020.pdf

Copies of the full announcement may also be requested at the company's
registered office, or the office of the sponsor at no charge, during office
hours.

Any investment decision should be based on the full announcement published on
the company's website.

REVIEW OPINION
The condensed consolidated financial statements for the year ended 29 February
2020 have been reviewed by KPMG Inc., who expressed an unmodified review
opinion. The auditor’s report does not necessarily report on all of the
information contained in this announcement/financial results. Shareholders are
therefore advised that in order to obtain a full understanding of the nature of
the auditors engagement they should obtain a copy of the auditor’s report
together with the accompanying financial information which is available for
inspection on the Company’s website at the following web link
https://www.vunanilimited.co.za/investor-relations/compliance/ or from the
issuers registered office.



By order of the board

Butana Khoza and Tafadzwa Mika
CEO and CFO
30 June 2020


CORPORATE INFORMATION

Executive directors
E Dube (Deputy Executive Chairman)
T Mika (Chief Financial Officer)
BM Khoza (Chief Executive Officer)
NM Anderson

Non-executive directors
LI Jacobs – independent chairman
XP Guma – independent
NS Mazwi – independent
G Nzalo – independent
JR Macey – independent
S Mthethwa
M Golding

Company secretary
CIS Company Secretaries Proprietary Limited

Sponsor
Grindrod Bank Limited

Financial communications adviser
Singular Systems Proprietary Limited

Transfer secretaries
Computershare Investor Services Proprietary Limited
15 Biermann Avenue
Rosebank
2196

Date: 30-06-2020 05:44:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story