DENEB INVESTMENTS LIMITED
Registration number: 2013/091290/06
(Incorporated in the Republic of South Africa)
JSE share code: DNB
ISIN: ZAE000197398
(“Deneb” or the “Group”)


INTERIM RESULTS            ANNOUNCEMENT          FOR      THE    SIX    MONTHS        ENDED
30 SEPTEMBER 2023


1.   SALIENT FEATURES

     Revenue increased by R147 million (9%) to R1 711 million, from R1 564 million in the
     prior corresponding period.

     Headline earnings per share (“HEPS”) decreased by 6 cents per share (36%) to 10 cents
     per share, from 16 cents per share in the prior corresponding period.

     Earnings per share (“EPS”) decreased by 8 cents per share (43%) to 10 cents per share,
     from 18 cents per share in the prior corresponding period.

     Net asset value per share (“NAVPS”) increased by 13 cents per share (3%) to 406 cents
     per share, from 393 cents per share in the prior corresponding period.

     Profit decreased by R34 million (42%) to R45 million, from R79 million in the prior
     corresponding period.

     No distribution was declared for the six months ended 30 September 2023 (2022: Nil).

     During the prior year, Deneb received proceeds from an insurance claim for business
     interruption. As these proceeds are non-recurring, we are of the opinion that providing
     earnings on an adjusted basis whereby we exclude the net insurance proceeds from the
     prior year numbers, is a meaningful disclosure to shareholders.
     Adjusted headline earnings per share (“HEPS”) increased by 4 cents per share (69%) to
     10 cents per share, from 6 cents per share in the prior corresponding period.

     Adjusted earnings per share (“EPS”) increased by 2 cents per share (29%) to 10 cents
     per share, from 8 cents per share in the prior corresponding period.


2.   SHORT-FORM ANNOUNCEMENT

     This short-form announcement is the responsibility of the directors of Deneb. It contains
     only a summary of the information included in the full announcement (“Full
     Announcement”) and does not contain full or complete details. The Full Announcement
     can be found at:

     https://senspdf.jse.co.za/documents/2023/JSE/ISSE/DNBE/dnbSep23.pdf
   A copy of the Full Announcement is also available for viewing on the Company’s website
   at www.deneb.co.za or may be requested in person, at Deneb’s registered office or the
   offices of the Sponsor, at no charge, during office hours.

   The financial information in this short-form announcement has been extracted from the
   unaudited condensed consolidated interim financial results of the Group for the six months
   ended 30 September 2023. Neither this short-form announcement nor the interim results
   have been audited or reviewed by the Group’s auditors.

   Any investment decisions by investors and/or shareholders should be based on
   consideration of the Full Announcement, as a whole.

Cape Town
29 November 2023


Sponsor
PSG Capital