AH-VEST LIMITED - Reviewed Condensed Group Financial Results for the Year Ended 30 June 2021 and Dividend Declaration

Reviewed Condensed Group Financial Results for the Year Ended 30 June 2021 and Dividend Declaration

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


SHORT-FORM ANNOUNCEMENT: REVIEWED CONDENSED CONSOLIDATED FINANCIAL
RESULTS FOR THE YEAR ENDED 30 JUNE 2021


Highlights:
• Revenue decreased by 8.3%, however due to improved efficiencies, good cost
  control and better service delivery levels, operating profit increased by 7%.
• Headline earnings per share (HEPS) increased by 25.5%
• Earnings per share (“EPS”) increased by 25.6%
• Second gross dividend declared – 1.0 cent per share (2020: maiden dividend of
  0.79640 cent per share)

Salient Features
Extracted from the reviewed condensed consolidated financial results for the year
ended 30 June 2021

                                                Reviewed          Audited
                                              Year Ended       Year Ended
                                            30 June 2021     30 June 2020          %
                                                       R                R     Change
 Revenue                                     180 202 750      196 492 262      -8.3%
 Operating profit                             15 901 785       14 861 789       7.0%
                                                   Cents            Cents
 Earnings per share (cents)                        10.01             7.97      25.6%
 Headline earnings per share (cents)                9.99             7.96      25.5%
 Dividend per share (cents)                         1.00          0.79640      25.6%
 Net asset value per share (cents)                 43.39            34.18      26.9%

Impact of COVID-19
As the Company went into the second year of the COVID-19 pandemic there was
an impact on the business during the period under review in that the customers
tightened their buying patterns, resulting in reduced turnover in this year. The
business was fortunate to be in this position where turnover only reduced by 8.3%.
There was financial pressure on consumers as many lost their jobs and some had
their remuneration reduced as businesses struggled to stay afloat.

The Company continued to focus on the health and wellness of staff, the safety of
customers, the continuity of operations, safeguarding liquidity, and strengthening
the balance sheet. Generating and preserving cash in the working capital
management continues to be paramount. Non-essential capital expenditure and
costs have been deferred.

The Group 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. Inventory and debtor provisions have been reviewed, without any
material movements in income statement adjustments compared to the prior year.

July Riots
The civil unrest that occurred in Gauteng and KZN in July did not have a direct
impact on the business as no property or assets were damaged during the looting
and destruction that was witnessed by the nation. However, a lot of damage was
suffered by some our customers in both retail and the independent trade. We have
been assisting the customers that were impacted to rebuild their businesses
according to our ability.

Dividend Declaration
Notice is hereby given that a gross cash dividend (Number 2) of 1.0 cent 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, 22 October 2021.

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 1.0 cent per share for shareholders exempt from
      Dividends Tax;
  •   the net local dividend is 0.8 cent 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, 19 October 2021. Shares will trade ex-
dividend from Wednesday, 20 October 2021. The record date will be Friday,
22 October 2021 and payment will be made on Monday, 25 October 2021.

Share certificates may not be dematerialised/re-materialised between Wednesday,
20 October 2021 and Friday, 22 October 2021, both days inclusive. The certificated
register will be closed during these dates. Dividends in respect of certificated
shareholders will be transferred electronically to shareholders' bank accounts on
payment date. Following the discontinuation of cheque payments by most South
African banks, the Company no longer issues cheques and all payments will only be
made into a nominated bank account by electronic funds transfer. Shareholders
who have not yet provided their bank account details to the transfer secretaries are
reminded to contact them on 086 11 00 933 with their bank account details into
which the dividends can be paid electronically.

Short-Form Announcement
The short-form announcement is the responsibility of the directors of the Company
and is only a summary of the information contained in the reviewed condensed
financial statements for the year ended 30 June 2021 and dividend declaration
announcement (“full announcement”).

The condensed consolidated annual financial results (“financial results”) were
reviewed by Nexia SAB&T who expressed an unmodified review conclusion. The
auditor’s review conclusion is available for inspection at the Company’s registered
office.

This announcement does not contain full or complete details of the financial results.
Any investment decisions by investors and/or shareholders should be based on
consideration of the full announcement which stakeholders are encouraged to
view. The full announcement is available on the Company’s website
(www.alljoy.co.za) and on the JSE Website:
https://senspdf.jse.co.za/documents/2021/jse/isse/AHL/AHLFY21.pdf

Copies of the full announcement may be requested from the Company
(ChrisS@alljoy.co.za) or inspected at the Company’s registered office and/or the
offices of the Designated Advisor, at no charge, during office hours.

Johannesburg
30 September 2021

Executive Directors: MNI Darsot (CEO); BI Darsot; SI Darsot; R Darsot; C Sambaza
Non-Executive Directors: H Takolia (Acting Chairman)*; MS Appelgryn*; JJ Du Plooy*
UC Speirs* (*independent)
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: 01-10-2021 07:05:00
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