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Short-form announcement of the summarised year end results for the year ended 28 February 2023
RH BOPHELO LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2016/533398/06)
JSE & RSE share code: RHB, ISIN: ZAE000244737
("RHB" or "the Company")
SHORT-FORM ANNOUNCEMENT OF THE SUMMARISED YEAR END RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2023
INTRODUCTION
The Board of Directors ("the Board") of the Company is pleased to present the results for the year ended 28 February 2023.
The key financial indicators reflected in these financial results are:
- Net asset value decreased by 3,5% year on year, from R904 million to R872 million;
- Cash and cash equivalents have increased year on year, from a balance of R8 million in 2022 to R152 million;
- Borrowings increased to R102,5 million (prior year Nil), in order to improve the capital structure;
- Dividend income increased by 16,7% year on year, from R24 million to R28 million;
- The total investment loss for the year is R20 million. In 2022, the Company generated total investment income of R88 million;
- The total loss before tax for the year is R45 million. In 2022, the Company generated an income before tax of R64 million;
- The total loss after tax for the year is R32 million. In 2022, the Company generated an income after tax of R53 million;
- The basic and diluted earnings per ordinary share decreased by 160,2%, to a loss of 49,8 cents per ordinary share
(2022: 82,7 cents basic and diluted earnings per ordinary share);
- The headline and diluted headline earnings per ordinary share decreased by 160,2%, to a loss of 49,8 cents per
ordinary share (2022: 82,7 cents headline and diluted headline earnings per ordinary share);
- Net asset value and tangible net asset value per ordinary share decreased by 3,6% to 1 347,5 cents per ordinary share
(2022: 1 397,3 cents per ordinary share); and
- No dividends were declared during the reporting period for the "A" class ordinary shares and the "B" class share.
In the prior reporting period, the Company declared a gross maiden dividend on "A" ordinary shares of ZAR 15 cents
per "A" share, resulting in a total dividend declared of R9 703 695 and a dividend of R3 900 000 was declared and
paid in the prior period on the Company's "B" share.
SUMMARISED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 28 FEBRUARY 2023
Audited Audited
Feb-23 Feb-22
R R
Investment income
Interest income 7 427 288 5 826 678
Dividend income 28 126 826 24 071 536
(Losses)/Gains from financial assets at fair value through profit or loss (55 623 405) 58 464 695
Total investment (loss)/income (20 069 291) 88 362 909
Other income 4 242 350 1 872 316
Total expenses (28 782 497) (25 802 742)
Total (loss)/income before tax (44 609 438) 64 432 483
Income tax 12 396 598 (10 948 303)
Net (loss)/profit after tax (32 212 840) 53 484 180
Other comprehensive income - -
Total comprehensive (loss)/income for the year (32 212 840) 53 484 180
Basic (loss)/earnings per ordinary share (cents) (49,8) 82,7
Headline and (loss)/earnings per ordinary share (cents) (49,8) 82,7
Note: There are no dilutive instruments in issue
Number of ordinary shares in issue 64 691 298 64 691 298
Net asset value and tangible net asset value per ordinary share (cents) 1 347,5 1 397,3
SHORT-FORM NOTICE
This short-form announcement is the responsibility of the Directors of the Company. It is a summary of the full announcement
released on SENS https://senspdf.jse.co.za/documents/2023/jse/isse/RHBE/Year2023.pdf and published on the Company's
website (https://www.rhbophelo.co.za/investment/sens-announcements) on 31 May 2023 and does not contain full or complete details.
This announcement is itself not independently audited but extracted from independently audited results, on which Mazars
has issued an unmodified audit opinion, which is available on the Company's website.
Any investment decisions by investors and/or shareholders should be based on consideration of the full announcement and
the audited annual financial statements available on the Company's website and SENS. The full announcement, the
independent unmodified auditor's report containing key audit matters and the audited annual financial statements can be
accessed using the following links: Company website (https://www.rhbophelo.co.za/investment/investors).
The full announcement can be requested from the company secretary during normal office hours via an email (info@statucor.co.za).
On behalf of the Board
Quinton Zunga
CEO
Dion Mhlaba
CFO
Johannesburg
31 May 2023
Registered Office
1st floor, 1 Melrose Boulevard
Melrose Arch, Melrose North
Johannesburg, 2076
South Africa
Directors
Q Zunga (Chief executive officer)
KD Mhlaba (Chief financial officer)
VP Nomvalo (Executive Director)
C Clarke (Executive Director)
Dr. KR Ntshwana (Independent Non-Executive Director)
JR Oliphant (Non-Executive chairman)
Dr. PD Sekete (Non-Executive Director)
B Segooa (Independent Non-Executive Director)
L Maseko (Independent Non-Executive Director)
S Moraba (Lead independent Non-Executive Director) - Appointed - 27 June 2022
D Lerutla (Independent Non-Executive Director) - Resigned - 12 August 2022
Dr. SG Motuba (Lead independent Non-Executive Director) - Resigned - 12 August 2022
Company Secretary
Statucor Proprietary Limited
Transfer Secretaries
Computershare Investor Services Proprietary Limited
JSE Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited
Rwanda Sponsor
FAIDA Securities
Auditors
Mazars South Africa
Date: 31-05-2023 05:30:00
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