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AH-VEST LIMITED - Audited Condensed Consolidated Financial Results for the Year Ended 30 June 2020 and Declaration of Maiden Dividend

Release Date: 29/10/2020 17:39
Code(s): AHL     PDF:  
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Audited Condensed Consolidated Financial Results for the Year Ended 30 June 2020 and Declaration of Maiden Dividend

(Incorporated in the Republic of South Africa)
(Registration number 1989/000100/06)
(“AH-Vest” or “the Company”)
Share code: AHL     ISIN code: ZAE000129177


   • Revenue increased by 11%
   • Headline earnings per share (HEPS) increased by 35%
   • Earnings per share (“EPS”) increased by 37%
   • Maiden gross dividend of 0.79640 cps declared on 29 October 2020

Salient Features
Extracted from the audited condensed consolidated financial results for the year
ended 30 June 2020

                                           Audited           Audited
                                        Year Ended        Year Ended
                                      30 June 2020      30 June 2019              %
                                                 R                 R         Change
 Revenue                               196 492 262       177 106 210         10.95%
 Operating profit                       14 861 789        12 318 025         20.65%
 Earnings per share (cents)                   7.97              5.81         37.18%
 Headline earnings per share
 (cents)                                      7.96              5.90         34.92%
 Net asset value per share
 (cents)                                     34.18             26.21         30.41%

Impact of COVID-19
The AH Vest manufacturing facility and depots across the country were classified as
essential services and continued to operate during the lockdown period.

The onset of COVID-19 caused significant disruption to our business, resulting in
supply chain disruptions from supplier closures, difficulties in importing some key raw
materials encountered by our suppliers, as the world supply chain came to a
standstill. However, these problems were quickly resolved as suppliers got back into
operation. Post the complete national lockdown in April, monthly trading results
significantly improved.

Our primary focus during COVID-19 has been the health and wellness of our staff,
the safety of our customers, and the protection of jobs for our employees and those
of our supplier’s employees. We also undertook numerous initiatives that were
targeted at ensuring continuity of operations, safeguarding liquidity, and
strengthening the balance sheet. We focused on generating and preserving cash
including tight working capital management, the delay of non-essential capital
expenditure and costs. Unfortunately, we did not manage to meet customer
demand in full as the demand was over-whelming and our working capital was
severely constrained.

The company has considered the JSE COVID-19 related guidance notes, as well as
the related educational documents prepared by SAICA regarding the impact of
COVID-19 on the application of IFRS, in the preparation of these financial
statements. Specific disclosure has been provided in the notes to these financial
statements, however, there has been no material impact. In addition, disclosure has
been provided regarding estimates made in applying IFRS, as well as financial
instrument risk disclosures, none of which have been materially impacted by COVID-

Dividend Declaration
Notice is hereby given that a maiden gross cash dividend of 0.79640 cents per share
has been declared and is payable to all shareholders recorded in the share register
of the Company at the close of business on Friday, 20 November 2020.

The dividend will be subject to the Dividends Tax that was introduced with effect
from 1 April 2012. In accordance with the provisions of the Listings Requirements of
the Johannesburg Stock Exchange, the following additional information is disclosed:
   •   the dividend has been declared out of retained earnings;
   •   the local Dividends Tax rate is 20%;
   •   the gross local dividend is 0.79640 cents per share for shareholders exempt
       from Dividends Tax;
   •   the net local dividend is 0.63712 cents per share for shareholders liable for
       Dividends Tax;
   •   the Company has 101 973 333 ordinary shares in issue;
   •   the Company’s income tax reference number is 9770200716

The following dates are applicable to the dividend: The last day to trade in order to
be eligible for the dividend will be Tuesday, 17 November 2020. Shares will trade ex-
dividend from Wednesday, 18 November 2020. The record date will be Friday,
20 November 2020 and payment will be made on Monday, 23 November 2020.

Share certificates may not be dematerialised/re-materialised between Wednesday,
18 November 2020 and Friday, 20 November 2020, both days inclusive.

Short-Form Announcement
This short-form announcement is the responsibility of the Directors of the Company.
It is only an extract of the information contained in the Audited Condensed
Consolidated Financial Results for the Year Ended 30 June 2020 (“Full
Announcement”) and does not contain full or complete details. The Full
Announcement can be accessed by the following link:

A copy of the Full Announcement is available for viewing on the Company’s website
at or may be inspected at the Company’s registered office or the
office of the Designated Advisor, at no charge, during office hours.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.

These condensed consolidated financial results for the year ended 30 June 2020
have been audited by the Company’s Auditors, Nexia SAB&T, who expressed an
unmodified audit opinion thereon. The audit opinion includes communication on
key audit matters. The audit opinion together with the annual financial statements
are available for viewing on the Company’s website at:

29 October 2020
Executive Directors: IE Darsot (Chairman); MNI Darsot (CEO); BI Darsot; SI Darsot;
R Darsot; MT Pather; C Sambaza
Non-Executive Directors: H Takolia*; MS Appelgryn*; JJ Du Plooy* UC Speirs*
Registered address: 15 Misgund Road, Eikenhof, Johannesburg
Designated Advisor: AcaciaCap Advisors (Pty) Ltd
Transfer Secretaries: Computershare Investor Services (Pty) Ltd
Company Secretary: Light Consulting (Pty) Ltd

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 29-10-2020 05:39:00
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