FINANCIAL REPORT
Our portfolio continued to deliver a
resilient set of results despite the impact of a
subdued macroeconomic environment, underpinned
by our strong capital allocation strategy.
| R million | Notes | 30 June 2021 |
30 June 2020 |
Continuing operations |
|||
| Revenue | 13 | 65 803 | 54 732 |
| Inventory expenses | (38 387) | (32 291) | |
| Staff costs | (9 251) | (8 451) | |
| Depreciation | (1 711) | (1 682) | |
| Other net operating expenses | (12 005) | (10 763) | |
| Trading profit | 4 449 | 1 545 | |
| Dividend income | 366 | 45 | |
| Interest received | 446 | 862 | |
| Fair value adjustment on exchangeable bonds’ option | – | 2 | |
| Finance costs | (1 548) | (1 876) | |
| Net impairment of investments, assets and goodwill | 1 039 | (4 234) | |
| Loss allowances on loans | (205) | (290) | |
| Bargain purchase gain | 8 | 278 | |
| Profit on sale and dilution of investments | 17 | 4 220 | |
| Consolidated profit before tax | 4 572 | 552 | |
| Taxation | (1 135) | (452) | |
| Consolidated profit after tax | 3 437 | 100 | |
| Share of after-tax profit/(loss) of equity accounted investments | 6 | 1 618 | (2 272) |
| Net profit/(loss) for the year from continuing operations | 5 055 | (2 172) | |
Discontinued operations(1) |
|||
| Profit for the year from discontinued operations | – | 8 755 | |
| Net profit for the year | 5 055 | 6 583 | |
| Attributable to: | |||
| Equity holders | 3 550 | 6 646 | |
| Continuing operations | 3 550 | (2 109) | |
| Discontinued operations | – | 8 755 | |
| Non-controlling interest | 1 505 | (63) | |
| 5 055 | 6 583 | ||
| * | On 31 March 2020 the investment in RMH was transferred from “investment – equity accounted” to “assets held for distribution” (refer to “Comparison with the prior year” here). Profit from discontinued operations for the prior year includes the equity accounted income of RMH, as well as the profit realised on the RMH Unbundling. |
The 2021 Annual General Meeting of Remgro will be held by way of electronic participation only (refer to the Notice to Shareholders regarding the electronic participation process).