TREMATON CAPITAL INVESTMENTS LIMITED - Trading statement for the year ended 31 August 2019

Trading statement for the year ended 31 August 2019

Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
("Trematon" or "the Trematon group")


TRADING STATEMENT FOR THE YEAR ENDED 31 AUGUST 2019

In terms of the Listing Requirements of the JSE, a listed company is
required to publish a trading statement as soon as it becomes
reasonably certain that the financial results for the next period to
be reported on will show a 20% or more difference from those of the
previous corresponding period.

Shareholders are hereby advised that the Trematon group is currently
finalising its annual financial results for the year ended 31 August
2019.

Trematon is an investment holding company and uses earnings, headline
earnings and the intrinsic value model to provide management and
investors with a realistic and transparent way of evaluating
Trematon’s performance. The pro forma financial information has been
compiled using a combination of listed market values, external
professional   valuations,   and/or   directors   valuations,   where
applicable.

The Trematon group expects:


  -   basic earnings per share for the year ended 31 August 2019 to
      be between 10 cents and 11 cents, which is between 39.3% and
      33.3% lower than that for the year ended 31 August 2018 ("the
      previous comparable period”) of 16.5 cents;
  -   headline earnings per share (“HEPS”) for the year ended 31 August
      2019 to be between 1.8 cents and 2.2 cents, which is between
      35.7% and 21.4% lower than that of the previous comparable
      period's HEPS of 2.8 cents;
  -   intrinsic net asset value per share for the year ended 31 August
      2019 to be between 518 cents and 522 cents, which is between
      10.6% and 11.5% higher than that of the previous comparable
      period’s 468 cents; and
  -   net asset value per share for the year ended 31 August 2019 to
      be between 410 cents and 412 cents, which is between 0.7% and
      1.2% higher than that of the previous comparable period’s 407
      cents.

This decrease in earnings and headline earnings was mainly due to an
increase in the effective tax rate in the current year as a result of
property sales within companies where their assessed losses were fully
utilised in prior years. Trematon’s earnings and headline earnings
are inherently volatile and do not provide an accurate indication of
the operations of the Trematon group. Management considers the
intrinsic net asset value to be the most important financial measure
of value for shareholders.

Further details will be provided in the final Trematon group results
for the year ended 31 August 2019, due to be published on SENS on or
about 19 November 2019.

The Financial information on which this trading statement is based
has not been reviewed or reported on by the Trematon group's auditors
in accordance with either 3.4b(viii)(1)(aa) or 3.4b(viii)(1)(bb) of
the Listings Requirements of the JSE Limited.

Cape Town
5 November 2019

JSE Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)

Date: 05/11/2019 04:30:00
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