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RMB HOLDINGS LIMITED - Trading statement for the 12 months ended 30 June 2020

Release Date: 11/09/2020 17:25
Code(s): RMH     PDF:  
Wrap Text
Trading statement for the 12 months ended 30 June 2020

RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
ISIN: ZAE000024591
Share Code: RMH
("RMH")

TRADING STATEMENT FOR THE 12 MONTHS ENDED 30 JUNE 2020

RMH is currently in the process of finalising its results for the 12 months ended 30 June 2020 (the current
period), which will be released on the Stock Exchange News Service (SENS) on or about 17 September
2020. Following the unbundling of its entire shareholding in FirstRand Limited (FirstRand or the group)
(effective on 30 June 2020), RMH Property is RMH’s only asset. RMH’s results for the current period do
however still include the relevant FirstRand results.

Pursuant to paragraph 3.4(b) of the JSE Limited Listings Requirements, RMH shareholders are advised
that RMH’s earnings per share (EPS) will increase by between 220% and 240% and headline earnings per
share (HEPS) will decrease by between 30% and 50% and are expected to be within the ranges set out
below:
 
 Continued and discontinued                              June 2019              June 2020
 operations                                                (cents)                (cents)
 EPS                                                         706.9     2 262.1 to 2 403.5
 HEPS                                                        665.2         332.6 to 465.6

FirstRand’s operational performance will impact the results of RMH for the current period in the following
manner:

    –    FirstRand will be treated as a discontinued operation in terms of IRFS 5 and equity- accounted for
         only 11 months of the year; and

    –    The once-off fair value gain recognised in RMH’s earnings in terms of IFRIC 17 for the distribution
         of the FirstRand interest as a dividend in specie and the profit made on the sale of FirstRand shares
         by RMH before the RMH unbundling are excluded from HEPS.

FirstRand’s attributable earnings per share, headline earnings per share, and normalised earnings per
share for the year ended 30 June 2020 decreased 44%, 38% and 38% respectively as per the results
released on SENS on 10 September 2020.

Going forward, RMH’s results will only reflect RMH Property as its remaining asset. For the current period,
the Covid-19 pandemic had a significant impact on property valuations as anticipated. Lockdown measures
implemented in the jurisdictions in which RMH Property operates put cash flows under severe pressure.
RMH Property is however satisfied that cash flow positions are adequately managed by its portfolio
companies with the situation improving with the gradual easing of lockdown measures.

The financial information on which this trading statement is based has not been reviewed and reported on
by RMH’s external auditors.

Sandton
11 September 2020

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 11-09-2020 05:25:00
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