|CONTRIBUTION TO HEADLINE EARNINGS||30 June 2020
|30 June 2019
|– Finance income||479||755|
|– Finance costs||(951)||(823)|
|– Option remeasurement||2||112|
|Net corporate cost||(667)||(187)|
MILLENNIA JERSEY LIMITED – JERSEY
REMGRO FINANCE CORPORATION PROPRIETARY LIMITED
REMGRO HEALTHCARE HOLDINGS PROPRIETARY LIMITED
REMGRO INTERNATIONAL LIMITED – JERSEY
REMGRO JERSEY GBP LIMITED – JERSEY
REMGRO MANAGEMENT SERVICES LIMITED
V&R MANAGEMENT SERVICES AG – SWITZERLAND
PROFILE: Responsible for Remgro’s central treasury function as well as management and support services.
Finance income amounted to R479 million (2019: R755 million). This decrease is mainly due to lower local interest earned, resulting from local cash being expatriated during May 2019 (£100 million) and August 2019 (£70 million), as well as the 250 basis points reduction in the South African repo rate, announced since March 2020. Finance costs amounted to R951 million (2019: R823 million). The positive fair value adjustment of R2 million (2019: R112 million) relates to the decrease in the value of the bondholders’ exchange option of the exchangeable bonds.
Other net corporate costs amounted to R667 million (2019: R187 million). This increase is mainly due to the Sukuma donation amounting to R500 million.