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SASFIN HOLDINGS LIMITED - Audited group results and dividend declaration for the year ended 30 June 2012

Release Date: 10/09/2012 11:00
Code(s): SFN SFNP     PDF:  
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Audited group results and dividend declaration for the year ended 30 June 2012

SASFIN HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Company registration number 1987/002097/06)
(“Sasfin” or “the Group” or “the Company”)
(Ordinary share code: SFN   |   ISIN:   ZAE000006565)
(Preference share code: SFNP    |   ISIN:   ZAE000060273)


Audited group results and dividend declaration for the year ended 30
June 2012


– Profit before tax up 30% to R174 million(2011: R134 million)
– Profit for the year up 17% to R133 million (2011: R114 million)
– Headline earnings up 16% to R111 million(2011: R96 million)
– Headline earnings per ordinary share up 16% to 344 cents (2011: 297
cents)
– Dividends per ordinary share up 16% to 137 cents (2011: 118 cents)
– Total assets up 25% to R5,5 billion (2011: R4,4 billion)
– Total equity up 6% to R1,2 billion (2011: R1,1 billion)
– Gross loans and advances up 21% to R2,9 billion (2011: R2,4 billion)
– Funding base up 36% to R3,8 billion (2011: R2,8 billion)
– Funds under advisement and management up 22% to R55 billion (2011: R45
billion)
– Return on ordinary shareholders’ average equity up 1bps to 12% (2011:
11%)
– Group capital adequacy ratio down 2bps to 30%(2011: 32%)


Financial highlights

                                                   %    30 June     30 June
                                              change         2012     2011

Consolidated statement of financial
position

Total assets (Rm’s)                               25        5 472    4 373

Total gross loans and advances (Rm’s)             21        2 931    2 429

Non-performing loans and advances                             189      189
(Rm’s)

Income statement

Earnings attributable to ordinary
shareholders (Rm’s)                               16          114       98

Headline earnings (Rm’s)                          16          111       96

Financial performance

Return on ordinary shareholders’
average equity (bps)                               1           12       11

Return on total average assets (bps)                            2        2

Operating performance

Non-interest income to total income
(bps)                                              5           69       64

Efficiency ratio (bps)                             1           70       69

Credit loss ratio (bps)                          (1)          0,6      1,7

Non-performing advances to total gross
loans and advances (bps)                         (2)            6        8

Share statistics

Earnings per ordinary share (cents)              17           355      304

Headline earnings per ordinary share
(cents)                                          16           344      297

Diluted earnings per ordinary share
(cents)                                          17           355      304

Diluted headline earnings per ordinary
share (cents)                                    16           344      297

Number of ordinary shares in issue at
end of the year (’000)                                     32 237   32 237

Weighted average number of ordinary
shares in issue (’000)                                     32 237   32 224

Diluted weighted average ordinary
shares in issue (’000)                                     32 237   32 229
Dividends per ordinary share relating
to profit for the year (cents)                   16          137       118

Preference share dividend number 16
(cents)                                                   351,55         –

Preference share dividend number 15
(cents)                                                   340,27         –

Preference share dividend number 14
(cents)                                                        –    334,73

Preference share dividend number 13
(cents)                                                        –    362,05

Net asset value per ordinary share
(cents)                                            8       2 986     2 771

Capital adequacy (unaudited)

Group capital to risk weighted assets
(bps)                                             (2)         30        32

Sasfin Bank Limited and its
subsidiaries capital to risk weighted
assets (bps)                                     (10)         26        36

Employees

Permanent staff complement                        14        664       583


Consolidated statement of financial position

                                                    %        30        30
                                             change        June      June
All figures in R’000                                       2012      2011

Assets

Cash and cash balances                            84  1 477 648   805 233

Short-term negotiable securities                         69 056    72 405

Loans and advances to customers                   21  2 834 420 2 332 986

Other receivables                                       449 382   370 925

Non-current assets held for sale                         50 614         –
Investment securities                                   342 145    405 176

Investments in associated companies                      89 898     77 932

Property, plant and equipment                    (67)    57 392    175 379

Investment property                                           –     51 038

Taxation                                                  8 480      4 534

Intangible assets and goodwill                           85 506     69 244

Deferred tax asset                                        7 952      8 412

Total assets                                      25  5 472 493  4 373 264

Liabilities

Interbank funding                                       137 717     60 453

Deposits from customers                          47   1 787 300  1 215 446

Debt securities issued                                1 297 986  1 297 614

Long-term loans                                >100     538 576    242 897

Other payables                                          455 357    374 922

Taxation                                                  5 037      9 246

Deferred tax liability                                   70 305     63 815

Total liabilities                                32   4 292 278  3 264 393

Equity

Ordinary share capital and share
premium                                                 162 732    162 732

Reserves                                                799 964    730 425

Preference share capital and share
premium                                                 199 278    199 278

Total equity attributable to equity
holders of the Group                                  1 161 974  1 092 435

Non-controlling interest                                 18 241     16 436

Total equity                                          1 180 215  1 108 871

Total liabilities and equity                    25    5 472 493  4 373 264

Commitments and contingent liabilities                  287 273     67 711
Consolidated income statement

                                                    %   30 June    30 June
All figures in R’000                            change      2012     2011*

Interest income                                          434 000   359 256

Interest expense                                         231 914   168 676

Net interest income                               6      202 086   190 580

Non-interest income                                      448 230   345 431

Total income                                     21      650 316   536 011

Impairment charges on loans and
advances                                        (56)      16 594    37 712

Net income after impairments                             633 722   498 299

Operating costs                                  26      474 659   376 490

Staff costs                                              245 774   199 259

Other operating expenses                                 228 885   177 231

Profit from operations                                   159 063   121 809

Share of associated companies’ income                     15 452    12 205

Profit before income tax                         30      174 515   134 014

Income tax expense                                        41 561    20 161

Profit for the year                              17      132 954   113 853

Profit attributable to:

Non-controlling interest                                   5 741     1 693

Preference shareholders                                   12 859    14 147

Equity holders of the Group                       17     114 354    98 013

Profit for the year                               17     132 954   113 853

Earnings per ordinary share (cents)                          355       304

Diluted earnings per ordinary share
(cents)                                                      355       304
Consolidated statement of comprehensive income

                                                  %    30 June    30 June
All figures in R’000                      change          2012       2011

Profit for the year                              17    132 954    113 853

Other comprehensive loss for the year,
net of income tax                                        4 162   (10 396)

Foreign currency translation reserve                    25 875   (25 163)

Net gains on re-measurement of
available-for-sale financial assets                          –        335

Net gain on hedge of net investment in
foreign operations                                    (21 713)     14 432

Total comprehensive income for the
year                                             33    137 116    103 457

Attributable to:

Non-controlling interest                                 5 741      1 804

Preference shareholders                                 12 859     14 147

Equity holders of the Group                            118 516     87 506

Total comprehensive income for the
year                                             33    137 116    103 457


Summarised consolidated statement of cash flows

                                                       30 June    30 June
All figures in R’000                                      2012      2011*

Cash flows from operating activities                    99 457     61 320

Movement in operating assets and liabilities           358 742    233 233

Change in loans and advances                          (518 028) (468 198)

Change in funding                                      297 856    433 628

Change in other receivables                           (75 428)   (71 728)

Change in deposits                                     571 854    303 887

Change in other payables                                82 488     35 644
Net cash flows from operating activities               458 199   294 553

Net cash flows from investing activities               129 124   (30 628)

Net cash flows from financing activities                     –      1 391

Net increase in cash and cash equivalents              587 323    265 316

Cash and cash equivalents at beginning of the
year                                                   817 185    539 353

Effect of exchange rate fluctuations on cash held        4 479     12 516

Cash and cash equivalents at end of the year         1 408 987    817 185

Cash and cash balances                               1 477 648    805 233

Short-term negotiable securities                        69 056     72 405

Interbank funding                                    (137 717)   (60 453)

Cash and cash equivalents at end of the year         1 408 987    817 185


Summarised headline earnings reconciliation

                                                 %    30 June     30 June
All figures in R’000                        change       2012        2011

Earnings are determined as follows:

Earnings attributable to equity
holders of the Group                            17    114 354      98 013

Headline adjustable items                             (3 413)     (2 402)

(Profit)/loss on sale of property and
equipment                                                (76)          11

Gross                                                   (106)          15

Tax impact                                                 30         (4)

Profit on disposal of land and
buildings                                             (7 370)           –

Gross                                                (10 501)           –

Tax impact                                              3 131           –

Impairment of goodwill                                  3 728           –
Write down of non-current assets held
for sale                                                  305           –

Gross                                                     424           –

Tax impact                                               (119)          –

Revaluation of investment property                           –     (2 413)

Headline earnings                            16     110 941         95 611

Headline earnings per ordinary share
(cents)                                      16         344            297


Summarised segmental analysis

                                                   30 June         30 June
All figures in R’000                                  2012           2011*

Segment result

Business Banking                                   90 561           87 904

Capital                                                60            3 942

Treasury                                            5 856            5 919

Wealth Management                                  31 518           20 887

Commercial Solutions                               19 246            6 941

Group and Inter-segment eliminations              (14 287)        (11 740)

Profit for the year                                132 954         113 853

Segment revenue

Business Banking                                   475 264         442 293

Capital                                             62 153          73 453

Treasury                                           160 465         131 694

Wealth Management                                  137 007         113 008

Commercial Solutions                               138 069          67 479

Group and Inter-segment eliminations               (75 276)       (111 035)
  
Total segment revenue                              897 682         716 892
Segment assets

Business Banking                                 3 122 870       2 744 334

Capital                                            418 578         550 840

Treasury                                         2 280 610       1 605 975

Wealth Management                                  309 796         248 346

Commercial Solutions                               220 122         117 958

Group and Inter-segment eliminations             (879 483)       (894 189)

Total segment assets                             5 472 493       4 373 264
 
Segment liabilities

Business Banking                                 2 844 863       2 447 481

Capital                                            369 906         505 098

Treasury                                         2 272 593       1 602 800

Wealth Management                                  216 033         169 242
 
Commercial Solutions                               113 884          51 215



Group and Inter-segment eliminations            (1 525 001)    (1 511 443)

Total segment liabilities                         4 292 278      3 264 393


* Limited reclassifications were made to improve disclosure.


Summarised consolidated statement of changes in equity

                                                      30 June     30 June
All figures in R’000                                     2012        2011

Opening total shareholders’ equity               1 108 871      1 063 900

Total comprehensive income for the year            137 116        103 457

Profit for the year                                132 954        113 853

Other comprehensive income for the year

Foreign currency translation reserve                25 875       (25 163)

Hedging reserve                                   (21 713)         14 432
Available-for-sale reserve                              –             335

Transactions with owners recorded directly in
equity

Movement in non-controlling interest                (3 936)       (1 579)

Issue of ordinary shares                                 –          1 391

Changes in ownership interests in subsidiaries        (10 498)          –

Share-based payment reserve movements                    (363)       (221)

Preference share dividend                             (12 859)     (14 147)

Ordinary share dividend                               (38 116)     (43 930)

Closing balance                                       1 180 215   1 108 871


Acquisition of subsidiary
During the period under review, Sasfin acquired a controlling equity
stake in IQuad Group Limited (“IQuad”), a diversified group of
specialist financial and business services companies listed on the AltX
of the JSE.
Sasfin is seeking to add complementary services for its clients through
the acquisition of businesses complementary to Sasfin’s non-banking
activities. Significant cross-selling opportunities exist within the
broader Sasfin Group in terms of both potential corporate and private
clients. IQuad has a solid track record in performance and has proven
systems and procedures in place to take advantage of Sasfin’s networks
to grow the existing businesses of both Sasfin and IQuad.
Acquisition of shares in IQuad:

                                                                   Purchase
                                                            Cost     Consi-
                                  Number          % per share      deration
Date                          of shares    acquired        cents      R’000



Friday, 9 September 2011      12 042 344       42,9         2,57      30 949

Wednesday, 16 November 2011   2 290 000         8,2         2,57       5 885

Effective control gained      14 332 344       51,1         2,57      36 834
Friday, 2 December 2011        4 880 472       17,3         2,57      12 543

Total investment              19 212 816       68,4         2,57      49 377


Sasfin Group executive directors have been appointed to the board of
IQuad with Tyrone Soondarjee assuming the role of non-executive
chairman. From the date of control, the results of IQuad have been
consolidated and are reflected under the Commercial Solutions segment.
The following summarises the major classes of assets acquired and
liabilities assumed at the acquisition date:

Fair value of identifiable assets and liabilities at the
date of control                                                     R’000

Cash and cash equivalents                                           9 163

Trade and other receivables                                        37 849

Property, plant and equipment                                      28 879

Intangible assets                                                   4 881

Trade and other payables                                         (36 677)

Fair value of net assets acquired                                  44 092


Goodwill on acquisition of control
In terms of the fair value of the net assets acquired, goodwill of R14,3
million arose on acquisition. The goodwill is mainly attributable to the
intellectual property of IQuad and the synergies expected from the
existing customer base of IQuad through increased cross selling.
Goodwill will be assessed annually for impairment in accordance with
Sasfin’s accounting policy. Based on the Group’s assessment at the
reporting date, goodwill is not impaired. Goodwill is a
non-deductable tax item.

                                                                    R’000

Fair value of net assets acquired                                  44 092

Total consideration transferred                                    36 834

Sasfin’s 51,1% share of net assets acquired                       (22 531)
Goodwill on acquisition                                            14 303

Non-controlling interest

Non-controlling interests, based on their proportionate
interest (48,9%) in the fair value of
recognised assets and liabilities                                  21 561

Further acquisition of 17,3% by Sasfin                            (8 238)

Non-controlling interest                                           13 323


Acquisition-related costs
The Group incurred acquisition-related costs of R1,2 million related to
external fees and due diligence costs. These costs have been recognised
in administrative expenses in the Group’s consolidated statement of
comprehensive income.
In the eight months to 30 June 2012, IQuad contributed revenue of R62
million and profit of R9 million. If the acquisition had occurred on 1
July 2011, management estimates that revenue would have been R87 million
and consolidated profit for the year would have been R13 million. In
determining these amounts, management has assumed that the fair value
adjustments, determined provisionally, that arose on the date of
acquisition would have been the same if the acquisition had occurred on
1 July 2011.


Commentary
Nature of business
Sasfin is a bank-controlling company listed in the “Financials:
Investment Services” sector of the JSE Limited (“the JSE”). Sasfin’s
subsidiaries provide a wide range of complementary banking, financial
and related services.


Business review: Group performance
Business environment
– The South African economy remained soft during the year under review,
with signs of recovery, albeit at a relatively slow place. The continued
uncertainty and volatility stemming from the global economy, in
particular the Eurozone, deepened, where fears of sovereign credit
default and recessionary concerns persisted. These factors materially
affected the domestic markets and heightened growth concerns needed to
stimulate the economy. Unemployment levels remained stubbornly high,
with increased levels of consumer debt driven largely by unsecured
lending.
– Despite the damaging events to the global banking industry of late,
the local banking sector remained stable showing signs of recovery and a
return of credit appetite in certain areas. The on-going changing
regulatory environment has impacted growth opportunities and
significantly increased costs of compliance.
Group overview
– Sasfin continued on its growth trajectory in its core business
activities and delivered a positive set of results with profit for the
year of R133 million, a 17% increase on 2011. Profit before tax
reflected a strong increase of 30% year on year, following strong
revenue flows and a significantly lower impairment charge when compared
to last year. However, a higher effective tax rate of 24% (2011: 15%) in
the current year resulted in profits after tax of
R133 million. The higher tax arose primarily through a combination of a
change in capital gains tax rate, a shift in profits to higher tax rates
and capital gains tax on profit on disposal of fixed property.
– After accounting for non-controlling interest and preference share
dividends, earnings attributable to equity holders amounted to R114
million, which is a 17% increase when compared to the same period in
2011. Headline earnings of R111 million, after adjusting for certain
non-headline earnings items, is a 16% increase on 2011, with headline
earnings per share of 344 cents also showing a similar increase.
– Once again, total assets grew in excess of 25% to R5,5 billion year on
year, underpinned by further solid growth in the Business Banking
division, where gross loans and advances reached R2,9 billion, a 21%
increase over the corresponding period. The Group strengthened its
balance sheet by expanding and lengthening its funding base and
liquefying some of its long-term fixed assets. This has resulted in
significant surplus cash in excess of
R1,5 billion at June 2012.
– In line with its strategy to broaden its non-banking activities and
increase its revenue generation capacity, the Group acquired a 68,4%
majority stake in Commercial Solutions listed company, IQuad Group
Limited (“IQuad”) in November 2011. The primary driver for this
acquisition was to expand the Group’s service and product offering and
leverage off IQuad’s client base.
– Total income grew by 21%, largely driven by the Group’s increasing
top-line growth objectives and expansion of the non-interest revenue
base. Whilst interest income grew by 21%, the increased costs of
funding, particularly in the form of new long-term funding weighed
heavily on net interest income, resulting in a 6% growth in net interest
income over the corresponding period.
– Group costs reflect a 26% increase over 2011, largely due to the IQuad
cost base which has been consolidated into the Group from November 2011.
Excluding this cost base, cost growth of 14% year on year was recorded
to support the growth initiatives of the Group through investment in
technology, employees and infrastructure. The Group’s cost-to-income
remains high at 70% however, with the increased focus on top-line
revenue generation, this ratio should show a downward trend going
forward.


Segmental overview
– The Business Banking division produced another good performance, with
profit for the year of R90 million (2011: R88 million), which represents
68% of the Group’s profitability. The key drivers were strong growth in
loans and advances, margin retentions and lower impairment charges. The
credit loss ratio decreased to 0,23% during the year from 0,6% in 2011,
highlighting the inherent asset quality in Sasfin’s lending book and
sound credit processes. Non-performing loans remained flat
notwithstanding the growth in the book, and at a Group level, the credit
loss ratio decreased to 0,6% from 1,7% in 2011.
– The Wealth Management division achieved profit growth from R21 million
to R31 million, an improvement of 51% year on year. The Stockbroking
unit experienced an increase in local and global managed portfolios
resulting in improved annuity income. The Asset Management unit
developed a fully-fledged offering with an effective distribution
channel. The Wealth Management division is well positioned and is a key
profit driver for the Group going forward. Funds under advisement and
management now amounts to R55 billion, an increase of 22% from 2011.
– The Risk and Logistics division, which has been re-branded as
Commercial Solutions, is gaining momentum following the acquisition of
IQuad and showed a meaningful contribution to Group profits of R19
million(2011: R7 million). The increased profits are largely
attributable to the performance of IQuad and this augurs well in
creating an effective start-to-finish solution for clients in this
segment.
– The reshaped Capital division, whilst returning to profitability
following the change in the business model in the Private Equity and
Property Private Equity units, delivered a disappointing set of results
due to some legacy issues in its investment portfolio, which dragged
down the division’s profits. As stated previously, the Group is in the
process of exiting and realising certain investments and good progress
has been made in this regard. In addition, the Group has concluded a
strategic relationship with Annuity Properties Limited, a listed
property fund, and disposed of its owner-occupied Head Office building
to this fund, and simultaneously acquired a 25% stake in its asset
management company. Accordingly, the Group will redirect its property
deal flow to this fund. The Corporate Finance unit, which is
incorporated under the Capital division, remains profitable, with some
significant mandates in hand.


Statement of financial position, capital and liquidity
– The Group’s deposit and funding continued to grow, with an improved
deposit mix and maturity profile. Deposits grew by 47% to R1,8 billion
from R1,2 billion in 2011.
As previously announced, Sasfin Bank Limited (“the Bank”) successfully
concluded a seven-year €35 million term loan from three European
Development Finance Institutions in December 2011 and secured an
additional US$10 million seven year loan from the International Finance
Corporation of Washington and Canadian Climate Change Programme for
energy efficiency and renewable energy financing.
– This funding strengthens and diversifies the funding base and enhances
the ability of the Bank to meet the stringent Basel III liquidity
requirements of liquidity coverage ratio (“LCR”) and the net stable
funding ratio (“NSFR”) as it approaches implementation date in 2015. The
Group’s liquidity position remains very healthy with adequate liquidity
buffers held for stress situations that may arise.
– Based on the current Basel III regulations, Sasfin is pleased to
report that the Group fully complies with the LCR and the NSFR
requirements.
– Sasfin’s securitisation vehicle, a leader in its market, continues to
perform well and has re-financed R317 million of maturing notes at
favourable terms in the 2012 financial year which was oversubscribed
three times.
– The Group remains well capitalised with a primary tier I equity ratio
of 26% (2011: 27%), and a total capital adequacy ratio of 30% (2011:
32%), well above the South African Reserve Bank’s minimum requirements
and the Group’s internal targets. This bodes well for the Group to meet
the new Basel III capital regime, and on a pro-forma basis, the Group
has a very solid Common Equity Tier I ratio of 27%, which is the main
measure of capital strength in terms of Basel III.


Strategic update
The Group continues to focus on its refined growth strategy in response
to the changing banking and regulatory landscape with a view to
broadening its franchise value. In this regard, the Group has
implemented and embarked on the following initiatives:
Optimise synergies across the Group’s broad range of products and
services through cross selling in line with a client centric approach;
– Strongly market its unique “start-to-finish” solutions, in which
multiple services and products are incorporated to its diverse client
base in a seamless manner; and
– Expand its funding sources with a more balanced maturity profile.
Prospects
– Sasfin is well positioned to grow its franchise, focusing on the
entrepreneurial market and private client base.
– Despite the prevailing level of global economic uncertainty, the Group
expects to see improved levels of business activity across all segments.
– Sasfin’s growth trajectory is indeed sustainable on the back of its
strong capital position, improved liquidity levels and diversified
funding and activity base.


Basis of preparation and presentation of annual financial statements
Basis of preparation
The summarised audited consolidated financial statements are prepared in
accordance with the recognition and measurement principles of
International Financial Reporting Standards and presented in accordance
with the minimum content, including disclosures, prescribed by IAS 34
Interim Financial Reporting applied to year end reporting, and South
African Statements and Interpretations of Statements of Generally
Accepted Accounting Practice (AC 500 Series) and the JSE Listings
Requirements.
These summarised audited results are a summary of the consolidated
annual financial statements that are prepared in thousands of South
African Rand (“R’000”) on the historical cost basis, in accordance with
International Financial Reporting Standards (“IFRS”) and the Companies
Act No. 71 of 2008 as amended (“the Companies Act”), except for certain
financial assets and liabilities which are recognised at fair value.
The accounting policies are those presented in the annual financial
statements for the year ended 30 June 2012 and have been applied
consistently to the periods presented in these audited summarised
consolidated financial statements and with those of the previous
financial year, and by all Group entities.
There are no material events subsequent to the end of the financial
year, other than the disposal of the Group’s investment properties
situated at 13-15 Scott Street to a group of private medical
practitioners. In addition, the Group has made a mandatory offer to the
minorities of IQuad to acquire the remaining interests in IQuad in terms
of a scheme of arrangement dated 17 August 2012.
The summarised audited consolidated financial statements comprise a
consolidated statement of financial position at 30 June 2012, and a
consolidated income statement, a consolidated statement of comprehensive
income, a summarised statement of changes in equity, a summarised cash
flow statement, summarised segmental analysis reports and acquisition of
subsidiary disclosure for the year ended 30 June 2012.


Reports of the independent auditors
The unmodified audit reports of KPMG Inc. and PKF (Jhb) Inc., the
independent auditors, on the annual financial statements and the
summarised provisional financial statements contained herein for the
year ended 30 June 2012 dated 10 September 2012, are available for
inspection at the Company’s registered office.
In terms of S29(1)(e)(ii) of the Companies Act, it is confirmed that the
preparation of these financial statements is done under the supervision
of the Group’s financial director, Tyrone Soondarjee CA(SA).


Preference share cash dividend
Notice is hereby given that the directors have declared a gross cash
preference dividend number 16 amounting to 351,55 cents (298,8175 cents
per share net of 15% dividend withholding tax) (2011: 334,73 cents) per
preference share (“preference dividend”) for the period 1 January 2012
to 30 June 2012, on 1 000 000 preference shares issued at R100,00 each,
and on 905 000 preference shares issued at R110,49 each. The dividends
have been declared from income reserves and no secondary tax on
companies (“STC”) credits have been used. The preference dividend is
payable to holders of preference shares recorded in the register of the
Company at the close of business of Friday, 5 October 2012.
The salient dates relating to the preference dividend are as follows:

Last day to trade cum the preference
dividend                                     Friday, 28 September 2012

Preference shares commence trading ex the          Monday, 1 October 2012
preference dividend

Preference dividend record date                  Friday, 5 October 2012

Payment date of preference dividend              Monday, 8 October 2012


Preference share certificates may not be dematerialised or
rematerialised between Monday, 1 October 2012 and Friday, 5 October
2012, both days inclusive.


Final ordinary share cash dividend
Notice is hereby given that a final ordinary share cash dividend for the
financial year ended 30 June 2012, amounting to 88 cents per share
(2011: 69 cents per share) (“ordinary dividend”) has been declared.
Together with the interim ordinary dividend of 49 cents declared on 2
March 2012, the total ordinary dividends for the financial year amount
to 137 cents per share (2011: 118 cents per share).
The following further information is provided to shareholders in respect
of the new dividends tax:
– The dividend has been declared from income reserves.
– STC credits available amount to 0,01546 cents per ordinary   share.
– The dividend withholding rate is 15% and after applying the STC
credits, a net dividend of 74,80232 cents per share is paid to those
shareholders who are not exempt from dividend withholding tax.
– Sasfin’s tax reference number is 9300/204/71/7.
– The issued number of ordinary   shares as at declaration date is 32 301
441.
The ordinary dividend is payable to holders of ordinary shares recorded
in the register of the Company at the close of business on Friday, 12
October 2012.
The salient dates relating to the ordinary dividend are as follows:

Last day to trade cum the ordinary
dividend                                         Friday, 5 October 2012

Ordinary shares commence trading ex the
ordinary dividend                                Monday, 8 October 2012
Ordinary dividend record date                    Friday, 12 October 2012

Payment date of ordinary dividend                Monday, 15 October 2012


Ordinary share certificates may not be dematerialised or rematerialised
between Monday, 8 October 2012 and Friday, 12 October 2012, both days
inclusive.
The above dates and times are subject to amendment. Any such amendment
will be released on SENS and published in the press.


Changes to the board
Mr Malcolm Segal resigned as an executive director of the Company and
the Bank on 31 October 2011, and resigned as a non-executive director of
both boards effective 22 March 2012.
Notice of annual general meeting and posting of integrated annual report
The annual general meeting of Sasfin will be held at 29 Scott Street,
Waverley, Johannesburg, on Monday, 26 November 2012 at 14h00.
The integrated annual report, incorporating the annual financial
statements, will be posted to shareholders on or about 26 October 2012.


For and on behalf of the board.
CN Axten                               RDEB Sassoon
Chairman                               Chief executive officer


10 September 2012


This announcement and additional information is available on the
website: www.sasfin.com


Disclaimer
The Group has in good faith made reasonable effort to ensure the
accuracy and completeness of the information contained in this document,
including all information that may be regarded as “forward-looking
statements”.
Forward-looking statements may be identified by words such as “believe”,
“anticipate”, “expect”, “plan”, “estimate”, “intend”, “project”, and
“target”.
Forward-looking statements are not statements of fact, but statements by
the management of the Group based on its current estimates, projections,
expectations, beliefs and assumptions regarding the Group’s future
performance and no assurance can be given to this effect.
The risks and uncertainties inherent in the forward-looking statements
contained in this document include but are not limited to changes to
IFRS and the interpretations, applications and practices subject thereto
as they apply to past, present and future periods; domestic and
international business and market conditions such as exchange rate and
interest rate movements; changes in the domestic and international
regulatory and legislative environments; changes to domestic and
international operational, social, economic and political risks; and the
effects of both current and future litigation.
The Group does not undertake to update any forward-looking statements
contained in this document and does not assume responsibility for any
loss or damage and however arising as a result of the reliance by any
party thereon, including, but not limited to, loss of earnings, profits
or consequential loss or damage.


Registered office
29 Scott Street, Waverley 2090, Johannesburg
Tel: +27 11 809 7500
Fax: +27 11 887 6167/2489


Group company secretary
H Brown


Transfer secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg 2001
P O Box 61051, Marshalltown 2107
Joint auditors
KPMG Inc. and PKF (Jhb) Inc.
Lead sponsor
KPMG Services Proprietary Limited


Joint sponsor
Sasfin Capital (a division of Sasfin Bank Limited)


Independent non-executive chairman
CN Axten#


Executive directors
RDEB Sassoon* (Chief Executive Officer)
TD Soondarjee (Financial Director)
* British


Non-executive directors
R Andersen#, ETB Blight#, GC Dunnington#,
DD Mokgatle#, J Moses#, MS Rylands
# Independent


www.sasfin.com


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