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Audited Results For The Year Ended 31 December 2023 And Dividend Declaration
CURRO HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/025801/06)
JSE Alpha Equity Code: COH
LEI: 378900E237CB40F0BF96
ISIN: ZAE000156253
JSE Debt Alpha Code: COHI
("Curro" or "the Company")
AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2023 AND DIVIDEND
DECLARATION
1. SALIENT FEATURES
Revenue increased by 14.6% to R4 764 million, from R4 156 million in the prior year.
Earnings before interest, taxation, depreciation and amortisation ("EBITDA") increased by
24.7% to R1 155 million, from R926 million in the prior year.
Recurring headline earnings increased by 29.0% to R426 million, from R330 million in the
prior year.
Recurring headline earnings per share ("RHEPS") increased by 32.1% to 73.2 cents, from
the 55.4 cents in the prior year.
Headline earnings per share ("HEPS") increased by 19.2% to 73.2 cents, from the
61.4 cents in the prior year.
Earnings per share ("EPS") decreased by 82.5% to 7.0 cents, from the 40.1 cents in the
prior year.
In evaluating these results, shareholders should take note of the following, which also
accounts for the key differences between RHEPS, HEPS and EPS:
• Curro recognised impairments of R378 million (2022: R127 million), net of tax, relating
to lower yielding school assets. This was based on the annual impairment
assessment reviews of the business plans for each school.
• These non-cash impairment charges are included in the calculation of EPS but are
added back for purposes of the calculation of HEPS and RHEPS and accounts for
the key differences between RHEPS, HEPS and EPS in the 2023 and 2022 financial
years.
• In addition, in the previous financial year, non-recurring subsidy income of R25 million
and a reduction in deferred tax by R23 million (due to the change in the South African
corporate tax rate) were included in the calculation of EPS and HEPS but were
removed for purposes of the calculation of RHEPS.
2. DIVIDEND DECLARATION
The board of directors of the Company ("Board") has resolved to pay a final gross dividend
of 14.64 cents per share from income reserves for the year ended 31 December 2023
(2022: 11.08 cents per share). It is the Board's policy to pay 20% of recurring headline
earnings as an annual dividend.
The dividend is subject to a South African dividend withholding tax ("DWT") rate of 20%,
unless the shareholder is exempt from paying dividends tax or is entitled to a reduced rate
in terms of the applicable double-tax agreement. The dividend amount, net of DWT of
20%, is 11.712 cents per share (2022: 8.864 cents per share). The number of ordinary
shares in issue at the declaration date is 581 555 012, and the income tax number of the
Company is 915/907/00/29.
The salient dates of the dividend declaration are:
Declaration date Tuesday, 5 March 2024
Last day to trade cum dividend Tuesday, 9 April 2024
Trading ex-dividend commences Wednesday, 10 April 2024
Record date Friday, 12 April 2024
Payment date Monday, 15 April 2024
Share certificates may not be dematerialised or rematerialised between Wednesday,
10 April 2024 and Friday, 12 April 2024, both days inclusive.
3. RESTATEMENT OF PRIOR YEAR FIGURES
Provisions of R36 million were previously incorrectly disclosed as part of trade and other
payables, which have been reclassified to a separate line in the statement of financial
position in accordance with IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors. Such reclassification had no impact on previously reported assets, equity, or
profitability, however, it reduced trade and other payables and by the same amount
increased provisions in the consolidated statement of financial position for the year ended
31 December 2022.
4. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It
contains only a summary of the information in the full announcement ("Full
Announcement") and does not contain full or complete details. The Full Announcement
can be found at https://senspdf.jse.co.za/documents/2024/JSE/ISSE/COH/FY_23.pdf
A copy of the Full Announcement is also available for viewing on the Company's website
at https://www.curro.co.za/investor-relations/financial-results/financial-year-2023/.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
Curro's annual results have been audited by the Company's external auditors,
PricewaterhouseCoopers Inc. who expressed an unmodified audit opinion thereon. This
opinion is available, along with the annual financial statements, on the Company's website
at https://www.curro.co.za/investor-relations/financial-results/financial-year-2023/.
5. RESULTS PRESENTATION
Curro will be hosting a results presentation at 10:30 SAST on Tuesday, 5 March 2024 to
present the results to investors.
Virtual presentation details:
View and listen mode
Please register at:
https://register.gotowebinar.com/register/2571544828673759582
After registering, you will receive a confirmation email containing information about joining
the webinar.
Presentation slides will be available on the day of the presentation on Curro's website at:
https://www.curro.co.za
Questions and Answers facility:
Q&A facility will be available during or after the presentation.
Durbanville
5 March 2024
Equity and Debt Sponsor
PSG Capital
Date: 05-03-2024 07:05:00
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