The Daily Update: 22 February

The latest updates from the JSE and NYSE over the past 24 hours.

South Africa

Bid Corporation Limited- Unaudited results for the half year ended December 31 2022

• Revenue grew by 28.1% to R91.8 billion.
• Trading profit grew by 43.9% to R4.9 billion.
• EPS grew 48.2% to 972.4 cents.
• Cash generated by operations grew by 35.6% to R6.1 billion.
• The board has declared an interim dividend of 440 cents per share and will be paid on Monday, March 27 2023.

AngloGold Ashanti Limited- 2022 Preliminary Results Short Form Announcement

• AngloGold achieved its strategic objectives in 2022 with improvements in production, cash flow, and safety performance.
• The company also introduced new members to its senior leadership team, redesigned its Operating Model, and started an asset optimization program.
• The company's gold production increased by 11%, meeting guidance for total capital expenditure and all-in sustaining costs, and ended the year with a record safety result.
• Adjusted EBITDA was marginally lower, and the company recorded free cash flow of $657m.
• The balance sheet remained solid, with approximately $2.5bn in liquidity at year-end.

Coronation Fund Mangers Limited

• Coronation Fund Managers Ltd released an update to shareholders regarding the next steps in SARS litigation, the financial impact, and withdrawal of the cautionary announcement.
• The Supreme Court of Appeal ruled in favor of the South African Revenue Service in the matter of SARS vs Coronation's subsidiary, Coronation Investment Management SA.
• CIMSA will apply to the Constitutional Court for leave to appeal against the SCA judgment.
• The financial impact of the SCA judgment is estimated to be between R800 million and R900 million, and the company will not be paying an interim dividend for the period ended 31 March 2023.
• The expected impact of the provision will reduce EPS, HEPS, and DHEPS for the six months ended 31 March 2023 when compared to the EPS, HEPS, and DHEPS for the six months ended 31 March 2022.
• Shareholders are advised that caution is no longer required to be exercised when dealing in the Companys securities.

Standard Bank Limited- Trading statement

• EPS is expected to be between 2 063.4 cents and 2 141.6 cents per share, representing an increase of between 32% and 37%.

Grindrod Limited- Trading statement

• Basic EPS is expected to be between 87.1 cents and 93.1 cents, representing an increase of between 232% and 255%.

Famous Brands Limited- Acquisition of Steers Properties and Halamandaris Props

• Famous Brands has acquired Steers Properties and Halamandaris Props.
• All conditions precedent to the acquisition have been fulfilled.
• The acquisition agreement provides that R181 million is to be paid to the Sellers on the Closing Date.