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CURRO HOLDINGS LIMITED - Audited Results For The Year Ended 31 December 2023 And Dividend Declaration

Release Date: 05/03/2024 07:05
Code(s): COH     PDF:  
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Audited Results For The Year Ended 31 December 2023 And Dividend Declaration

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")



     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

     •   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.


     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.


     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.


     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

     A copy of the Full Announcement is also available for viewing on the Company's website

     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


     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:

     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:

     Questions and Answers facility:
     Q&A facility will be available during or after the presentation.

5 March 2024

Equity and Debt Sponsor
PSG Capital 

Date: 05-03-2024 07:05:00
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