JSE LIMITED - Unreviewed interim results for the six months ended 30 June 2019

Unreviewed interim results for the six months ended 30 June 2019

JSE Limited
(Incorporated in the Republic of South Africa)
Registration number 2005/022939/06
Share code: JSE
ISIN: ZAE000079711
("JSE" or "the Group")

UNREVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2019

                                                                                             Group              
                                                                                     2019     2018   % change   
Operating revenue (R billion)                                                        1.07    1.14*        -7%   
Operating expenses (R million)                                                        670     601*        11%   
Earnings before interest and tax (R million)                                          414     582*       -28%   
Net profit after tax (R million)                                                      398      561       -29%   
Net cash flow from operations                                                         444      522       -15%   
Earnings per share (cents)                                                          467.0   654.5*       -29%   
Headline earnings per share (cents)                                                 466.1    654.6       -29%   
Total capital investment                                                               33       42              

FINANCIAL PERFORMANCE
The first half of 2019 has been challenging for the JSE and the Company's performance should be seen against
the context of:

  - the high base effect in revenue for H1 2018 as a result of high value traded in the Equity Market in Q1 2018;
  - the impact of the income tax credit of R31 million reported in H1 2018 (which was not repeated in H1 2019);
  - a deliberate management strategy with regard to costs to facilitate delivering on the JSE's extensive
    strategic initiatives; and
  - the relatively low headcount in H1 2018, following the 2017 retrenchments.

In the period to end June 2019, Group earnings before interest and tax (EBIT) decreased by 28% to R414 million
(H1 2018: R582* million) and net profit after tax (NPAT) declined by 29% to R398 million (H1 2018: R561 million). 
Similarly, both basic earnings per share (EPS for continuing operations) and headline earnings per share (HEPS)  
decreased by 29%, to 467.0 cents (H1 2018: 654.5* cents) and 466.1 cents (H1 2018: 654.6 cents) respectively.

Notwithstanding the constrained operating environment, the JSE remains in a healthy position with regard to
cash and capital. Although the first half has been financially difficult for the JSE, this first half performance 
is not a reflection of the fundamental strength of the business.

The JSE is well positioned to benefit from a positive change in sentiment and we are excited by our strategic
agenda: our focus and investments are aimed at ensuring the long-term growth and sustainability of the JSE.
We look forward to reporting on these at year end.

For further information
This short-form announcement is the responsibility of the directors. It is only a summary of the information in
the full announcement and does not contain full details. Any investment decision should be based on the full
announcement, published and available at:
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/JSE/30072019.pdf and on the JSE website at: www.jse.co.za.

The full announcement is also available at our registered offices and the offices of the sponsor for inspection
at no charge during office hours. Copies of the full announcement may be requested by emailing: ir@jse.co.za

*Comparative figures have been restated owing to the discontinued operations.

Sandton
30 July 2019

Sponsor: RAND MERCHANT BANK (A division of FirstRand Bank Limited)




Date: 30/07/2019 03:56:00
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