Registration number 1968/006415/06
                                                                                             ISIN ZAE000026480
                                                                                       JSE and A2X Share code REM

S U M M A R Y O F AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2023 AND CASH DIVIDEND
DECLARATION

SALIENT FEATURES
• Headline earnings per share: up by 8.9% to 1 254 cents
• Earnings per share: down by 26.5% to 1 710 cents
• Ordinary dividend per share: up by 60.0% to 240 cents
• Intrinsic net asset value per share as at 30 June 2023: up by 16.6% to R248.47

INTRODUCTION
The challenging environment in which businesses are currently operating, is widely recognised and covered by the news
outlets in South Africa. The features of this challenging operating business environment include, amongst other things,
the confluence of load shedding, high inflation, high interest rates, sharp increases in electricity prices, foreign exchange
volatility, ongoing geopolitical tensions, the erosion of foreign investment confidence in the country, as well as
concerning levels of crime and corruption. All of these features, compounded together, have created what is probably
one of the most difficult business environments to operate in since Remgro’s inception. With low levels of expected
economic growth – combined with the breakdown of state infrastructure relating to energy, transport and logistics, and
the slow pace of economic reforms to date – the urgency to address these issues cannot be overstated.

Against this backdrop, it is pleasing to note the Group’s ability to maintain positive earnings momentum. Remgro also
successfully completed the Mediclinic and Distell/Heineken transformative corporate actions, both of which were
implemented during the year under review.

Amidst all the headwinds South Africa is currently facing, Remgro remains confident about the resilience of its portfolio.

RESULTS
For the year under review, headline earnings increased by 8.7% from R6 494 million to R7 056 million, while headline
earnings per share (HEPS) increased by 8.9% from 1 151 cents to 1 254 cents. The uplift of 29bps in the HEPS measure
compared to headline earnings, represents the accretive impact of shares repurchased during the year under review.

The increase of 8.7% in headline earnings is mainly due to higher contributions from OUTsurance Group’s continuing
operations, Mediclinic, the Pembani Remgro Infrastructure Fund, KTH and FirstRand, as well as higher interest income
and a foreign exchange gain realised on foreign exchange contracts entered in respect of the acquisition of an additional
5.4% indirect interest in Mediclinic. The increase is partly offset by lower contributions from TotalEnergies, RCL Foods
and Grindrod (due to its unbundling), as well as transaction costs relating to the Mediclinic acquisition and the
Distell/Heineken transaction. In addition, the comparative year also included the contributions of Grindrod Shipping
(which was disposed of) and the discontinued operations of OUTsurance Group (OUTsurance Group unbundled its
investments in Discovery and Momentum Metropolitan, as well as disposed of its investment in Hastings).

Various corporate actions impacted the comparability of Remgro’s headline earnings over the past two years. These
corporate actions include inter alia:
    • The discontinued operations of OUTsurance Group (comparative year);
    • The disposal of Grindrod Shipping (comparative year);
    • The unbundling of Grindrod (October 2022);
    • The foreign exchange gain and transaction costs relating to the Mediclinic acquisition (June 2023); and
    • The transaction costs relating to the Distell/Heineken transaction (April 2023).

Excluding the impact on headline earnings of these corporate actions, the headline earnings increased by approximately
27% reflecting a resilient underlying performance of Remgro’s portfolio, thus maintaining positive earnings momentum
despite a challenging business environment.

INTRINSIC NET ASSET VALUE
Remgro’s intrinsic net asset value per share increased by 16.6% from R213.10 at 30 June 2022 to R248.47 at
30 June 2023. The closing share price at 30 June 2023 was R147.05 (2022: R129.91), representing a discount of 40.8%
(2022: 39.0%) to the intrinsic net asset value.
DECLARATION OF CASH DIVIDEND NO. 46
Notice is hereby given that a final gross dividend of 160 cents (2022: 100 cents) per share has been declared out of
income reserves in respect of both the ordinary shares of no par value and the unlisted B ordinary shares of no par
value, for the year ended 30 June 2023.
The Board is satisfied that the Company is solvent and liquid, thus confirming that the Company has sufficient capital
and reserves after the payment of the final dividend, to support its operations for the foreseeable future.
A dividend withholding tax of 20% or 32 cents per share will be applicable, resulting in a net dividend of 128 cents per
share, unless the shareholder concerned is exempt from paying dividend withholding tax or is entitled to a reduced rate
in terms of an applicable double-tax agreement.

The total gross dividend per share for the year ended 30 June 2023 therefore amounts to 240 cents, compared to
150 cents for the year ended 30 June 2022.

The issued share capital at the declaration date is 529 217 007 ordinary shares and 39 056 987 B ordinary shares. The
income tax number of the Company is 9500-124-71-5.

Dates of importance:
 Last day to trade in order to participate in the dividend                                  Tuesday, 7 November 2023
 Shares trade ex dividend                                                               Wednesday, 8 November 2023
 Record date                                                                                 Friday, 10 November 2023
 Payment date                                                                              Monday, 13 November 2023

Share certificates may not be dematerialised or rematerialised between Wednesday, 8 November 2023, and Friday,
10 November 2023, both days inclusive.

In terms of the Company’s Memorandum of Incorporation, dividends will only be transferred electronically to the bank
accounts of shareholders. In the instance where shareholders do not provide the Transfer Secretaries with their banking
details, the dividend will not be forfeited but will be marked as “unclaimed” in the share register until the shareholder
provides the Transfer Secretaries with the relevant banking details for payout.

CONSOLIDATED ANNUAL FINANCIAL STATEMENTS (AFS) AND SUMMARY CONSOLIDATED RESULTS
Any investment decisions should be based on information contained in the consolidated AFS and the summary
consolidated results.

The AFS and the summary consolidated results were audited by PricewaterhouseCoopers Inc., who issued unmodified
audit opinions thereon. The consolidated AFS and the summary consolidated results, which include the respective
auditor's reports, are available on the JSE’s cloudlink at
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/REM/REMJun2023.pdf and on the Company’s website at
www.remgro.com.

INTEGRATED ANNUAL REPORT
The Integrated Annual Report will be mailed to those shareholders who requested to receive a hard copy and will be
available on the website during October 2023.

RESULTS WEBCAST AND PRESENTATION
Shareholders and other interested parties are invited to join management in discussing Remgro's year-end results via
webcast at 09:00 am SAST on Thursday, 21 September 2023 at the following link:

https://services.themediaframe.com/links/remgro10044994.html


Signed on behalf of the Board of Directors.


Johann Rupert                                                                      Jannie Durand
Chairman                                                                           Chief Executive Officer

Stellenbosch
Approved by the Board: 20 September 2023
SENS release date: 21 September 2023
DIRECTORATE

Non-executive directors
Johann Rupert (Chairman), F Robertson* (Deputy Chairman),
S E N De Bruyn*, T Leoka*, N P Mageza*, J Malherbe, P J Moleketi*,
M Morobe*, P J Neethling, G G Nieuwoudt*,
K S Rantloane*, A E Rupert
(* Independent)

Executive directors
J J Durand (Chief Executive Officer),
M Lubbe, N J Williams

CORPORATE INFORMATION

Secretary
D I Dreyer
Listings
Primary listing - JSE Limited
Sector: Financials – Financial Services – Investment Banking and Brokerage Services – Diversified Financial Services
Secondary listing – A2X

Business address and registered office
Millennia Park, 16 Stellentia Avenue, Stellenbosch 7600
(PO Box 456, Stellenbosch 7599)

Transfer Secretaries
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
(Private Bag X9000, Saxonwold 2132)

Auditors
PricewaterhouseCoopers Inc.
Stellenbosch, South Africa

Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

FOR MORE INFORMATION

www.remgro.com