JSE LIMITED - JSE Limited unreviewed interim results for the six months ended 30 June 2020

JSE Limited unreviewed interim results for the six months ended 30 June 2020

JSE Limited
Incorporated in the Republic of South Africa 
Registration number 2005/022939/06 
Sharecode: JSE 
ISIN: ZAE000079711 
LEI: 213800MZ1VUQEBWRFO39
("JSE" or "the Group")


JSE LIMITED UNREVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2020


FINANCIAL PERFORMANCE                                                                        
                                                        Group                                                
                                                   Six months      Six months                
                                                 to June 2020    to June 2019                
                                                    R million       R million    % change    
 Total revenue                                          1 323           1 084         22%    
 Operating expenses                                       801             670         20%    
 Earnings before interest and tax                         523             414         26%    
 Net profit after tax                                     485             398         22%    
 Net cash flow from operations                            525             444         18%    
 Earnings per share (cents)                             569.1           466.3         22%    
 Headline earnings per share (cents)                    569.0           466.1         22%    
 Total capital investment                                  46              33         39%    

In the context of a challenging operating environment, the JSE delivered pleasing results in the first half of this 
year. Group earnings before interest and tax (EBIT) increased by 26% to R523 million (2019: R414 million) and net 
profit after tax (NPAT) increased by 22% to R485 million (2019: R398 million). Total basic earnings per share 
(EPS) rose by 22%, to 569.1 cents (2019: 466.3 cents) and total headline earnings per share (HEPS) rose by 
22% to 569 cents (2019: 466.1). 
 
Financial markets have been turbulent and volatile, with record trading volumes amplified by the sovereign credit 
rating downgrade, South Africa's exit from the World Government Bond Index, and rand volatility.  
 
The JSE recognises the substantial impact of the COVID-19 pandemic on our clients, the financial services sector, 
and our communities and society. The Group's response is underpinned by a focus on the health and safety of our 
staff, support for our clients and the operational resilience of our platforms and infrastructure. 
 
Total revenue increased by 22% to R1.32 billion (2019: R1.08 billion). This performance was achieved through: 
   -  An increase in revenue activity drivers and a change in trading patterns in the main markets operated by the JSE; 
   -  Net foreign outflows in the Equity and Bond markets in the period to date; and 
   -  Growth in other income driven by foreign exchange gains. 
 
Expenses increased by 20% to R801 million (2019: R670 million), largely in the following areas: 
   -  Executive committee changes, which included restraint payments; 
   -  Higher leave pay provisions linked to changing leave patterns; 
   -  Additional general expenditure in response to COVID-19; 
   -  Annualised impact of ITaC depreciation; 
   -  Support and maintenance of the Integrated Trading and Clearing (ITaC) system, as well as increased 
      technology spend on improved resilience; and 
   -  Higher market-activity-related costs. 
 
The JSE remains in a healthy position with regard to cash and capital. We are well positioned to continue our 
deliberate investment in those areas of our business that we believe to be critical to our long-term sustainability. 
The dividend policy of the Group remains unchanged. 
 
For further information 
This short-form announcement is the responsibility of the directors. It is only a summary of the information in the 
full announcement and does not contain full details. Any investment decision should be based on the full 
announcement, published and available at: https://senspdf.jse.co.za/documents/2020/JSE/ISSE/JSE/05082020.pdf 
and on the JSE website at: www.jse.co.za.

The full announcement is also available at our registered offices and the offices of the sponsor for inspection at 
no charge during office hours. Copies of the full announcement may be requested by emailing: ir@jse.co.za 
 
 
Sponsor: 
RAND MERCHANT BANK 
(A division of FirstRand Bank Limited) 

5 August 2020
 



Date: 05-08-2020 04:18:00
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