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Trading Statement
Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/008691/06
Share code: TMT
ISIN: ZAE000013991
("Trematon" or "the Company")
TRADING STATEMENT
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 Trematon is currently
finalising its interim financial results for the 6 months
ended 28 February 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.
Shareholders are advised that Trematon’s earnings per share
for the 6-month period ended 28 February 2019 will decrease
by approximately 101% and headline earnings per share will
increase by approximately 89% from the previous comparable
interim period ended 28 February 2018 (“previous interim
period”). Earnings loss is expected to be approximately 0.1
cents per share and headline loss to be approximately 0.1
cents per share, compared to earnings of 7.1 cents per share
and a headline loss of 0.9 cents per share for the previous
interim period.
The decrease in earnings compared to the previous interim
period is mainly a result of an accounting loss on disposal
of a joint venture within Resi Investment Group which owned
a residential complex in Sanddrift, Cape Town and the
impairment of the investment in Cloudberry Investments which
holds shares in Mazor Group Limited. Increased operating
costs were also experienced at Generation Schools which
related to the opening of new schools, which was in line with
the company’s projections. The improvement in headline
earnings is mainly a result of increased annuity income within
Generation Schools and Aria Propery Group.
The intrinsic net asset value (“INAV”)- which the board of
directors of Trematon (“directors”) considers to be the most
important measure of shareholder value - is expected to
increase by approximately 8% to 482 cents per share from 446
cents per share at the previous interim period. The increase
is mainly due to the sale of mature properties within Aria
Property Group and Resi Investment Group and development
sales at Club Mykonos Langebaan, which realised values in
excess of the directors’ valuations. There was also an
increase in the value of ASK Partners which is based in the
United Kingdom.
The book net asset value is expected to increase by
approximately 4% to 403 cents per share from 389 cents per
share at the previous interim period.
The pro forma financial information included in INAV above
has been compiled using a combination of listed market values,
external professional valuations and/or directors’
valuations, where applicable.
The financial information in this trading statement has not
been reviewed and reported on by the auditors of the Company.
Trematon’s interim results will be published on or about 29
April 2019.
Cape Town
16 April 2019
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
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