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Sasfin interim results and dividend declaration
Sasfin Holdings Limited
Registration number: 1987/002097/06
JSE Ordinary share code: SFN ISIN: ZAE000006565
JSE Preference share code: SFNP ISIN: ZAE000060273
UNAUDITED RESULTS
AND DIVIDEND DECLARATIONS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2013
HEADLINE EARNINGS PER
ORDINARY SHARE UP
12% to 222 cents
(Dec 2012: 198 cents)
HEADLINE EARNINGS UP
10% to
R70,4 million
(Dec 2012: R63,9 million)
DIVIDENDS PER
ORDINARY SHARE UP
9% to 65 cents
(Dec 2012: 60 cents)
CREDIT LOSS RATIO UP
40 bps to 80 bps
(Dec 2012: 40 bps)
DEPOSITS UP
50% to R2,7 billion
(Dec 2012: 1,8 billion)
TOTAL GROSS LOANS AND
ADVANCES UP
21% to
R3,8 billion
(Dec 2012: R3,2 billion)
RETURN ON ORDINARY
SHAREHOLDERS' AVERAGE
EQUITY
13%
(Dec 2012: 13%)
TOTAL FUNDING BASE UP
35% to
R5,4 billion
(Dec 2012: R4,0 billion)
GROUP CAPITAL
ADEQUACY DOWN
by 500 bps to 24%
(Dec 2012: 29%)
FINANCIAL HIGHLIGHTS
31 December 31 December 30 June
% 2013 2012 2013
change Unaudited Unaudited Audited
Consolidated statement of financial position
Total assets (Rms) 36 7 408 5 461 6 253
Total gross loans and advances (Rms) 21 3 814 3 163 3 416
Non-performing loans and advances (Rms) (3) 162 167 193
Income statement
Earnings attributable to ordinary shareholders (Rms) 10 70 64 136
Headline earnings (Rms) 10 70 64 135
Financial performance
Return on ordinary shareholders' average equity (%) 13 13 14
Return on total average assets (%) 2 2 2
Operating performance
Non-interest income to total income (%) 70 70 71
Efficiency ratio
Banking Group (%) 65 64 62
Group (%) 74 73 72
Credit loss ratio (bps) 80 40 70
Non-performing advances to total gross loans and advances (%) 4,2 5,3 5,6
Share statistics
Earnings per ordinary share (cents) 12 222 198 423
Headline earnings per ordinary share (cents) 12 222 198 421
Diluted earnings per ordinary share (cents) 12 222 198 423
Diluted headline earnings per ordinary share (cents) 12 222 198 421
Number of ordinary shares in issue at end of the period (‘000) 32 237 32 237 32 237
Weighted average number of ordinary shares in issue (‘000) 31 737 32 237 32 171
Diluted weighted average ordinary shares in issue (‘000) 31 737 32 237 32 171
Dividends per ordinary share relating to profit for the period (cents) 9 65,34 60,00 168,00
Preference share dividend number 19 (cents) 353,51 – –
Preference share dividend number 18 (cents) – – 347,74
Preference share dividend number 17 (cents) – 355,65 355,65
Net asset value per ordinary share (cents) 8 3 297 3 056 3 187
Capital adequacy (unaudited)
Group capital to risk weighted assets (%) 24 29 26
Sasfin Bank Limited and its subsidiaries capital to risk weighted assets (%) 22 24 22
Employees
Permanent staff complement 9 780 713 701
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 31 December 30 June
% 2013 2012 2013
All figures in R'000 change Unaudited Unaudited Audited
ASSETS
Cash balances and short-term negotiable securities 47 2 095 198 1 427 262 1 595 084
Loans and advances to customers 21 3 724 385 3 069 587 3 309 235
Financial assets held for trading 482 383 – 284 372
Other receivables 502 824 419 526 482 668
Investment securities 358 676 301 003 338 247
Investments in associated companies 111 662 93 661 107 353
Property, plant and equipment 53 258 56 317 53 801
Taxation 3 219 819 3 114
Intangible assets and goodwill 69 733 83 007 71 822
Deferred tax asset 6 673 9 822 7 098
Total assets 36 7 408 011 5 461 004 6 252 794
LIABILITIES
Interbank funding 167 794 64 474 143 819
Deposits from customers 50 2 748 096 1 834 491 2 161 141
Debt securities issued 17 1 613 726 1 378 493 1 378 691
Long-term loans 688 179 538 249 538 247
Financial liabilities held for trading 465 336 – 280 942
Other payables 394 891 381 291 455 929
Taxation 8 214 16 331 4 626
Deferred tax liability 59 744 61 494 62 695
Total liabilities 44 6 145 980 4 274 823 5 026 090
EQUITY
Ordinary share capital and share premium 144 327 162 732 144 327
Reserves 918 426 822 377 883 099
Preference share capital and share premium 199 278 199 278 199 278
Total equity attributable to equity holders of the Group 1 262 031 1 184 387 1 226 704
Non-controlling interest – 1 794 –
Total equity 1 262 031 1 186 181 1 226 704
Total liabilities and equity 36 7 408 011 5 461 004 6 252 794
Commitments and contingent liabilities 283 023 273 655 378 273
CONDENSED CONSOLIDATED INCOME STATEMENT
31 December 31 December 30 June
% 2013 2012 2013
All figures in R'000 change Unaudited Unaudited Audited
Interest income 292 518 240 507 473 686
Interest expense 164 432 129 416 253 479
Net interest income 15 128 086 111 091 220 207
Non-interest income 15 292 128 254 370 533 562
Total income 15 420 214 365 461 753 769
Impairment charges on loans and advances >100 15 731 6 381 22 376
Net income after impairments 404 483 359 080 731 393
Operating costs 315 707 270 385 561 046
Staff costs 24 169 671 136 968 299 244
Other operating expenses 10 146 036 133 417 261 802
Profit from operations 88 776 88 695 170 347
Share of associated companies' income 7 968 6 948 20 453
Profit before income tax 96 744 95 643 190 800
Income tax expense 19 628 21 938 38 226
Profit for the period 77 116 73 705 152 574
Profit attributable to:
Non-controlling interest – 2 988 2 860
Preference shareholders 6 679 6 773 13 472
Equity holders of the Group 10 70 437 63 944 136 242
Profit for the period 77 116 73 705 152 574
Earnings per ordinary share (cents) 12 222 198 423
Diluted earnings per ordinary share (cents) 12 222 198 423
Headline earnings per ordinary share (cents) 12 222 198 421
Diluted headline earnings per ordinary share (cents) 12 222 198 421
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
31 December 31 December 30 June
2013 2012 2013
All figures in R'000 Unaudited Unaudited Audited
Profit for the period 77 116 73 705 152 574
Other comprehensive income for the period, net of income tax (225) (1 258) 4 337
Items that are or may be subsequently reclassified to profit or loss:
Net gains on remeasurement of available-for-sale financial assets 323 1 138 900
Foreign exchange differences on translation of foreign operation 12 028 5 184 33 428
Net loss on hedge of net investment in foreign operation (12 576) (7 580) (27 894)
Loss on hedge of net investment in foreign operation (17 467) (10 528) (38 742)
Income tax effect 4 891 2 948 10 848
Items that will never be reclassified to profit or loss:
Derecognition of revaluation reserve upon sale of property companies – – (2 097)
Total comprehensive income for the period 76 891 72 447 156 911
Total comprehensive income attributable to:
Non-controlling interest – 2 988 2 860
Preference shareholders 6 679 6 773 13 472
Equity holders of the Group 70 212 62 686 140 579
Total comprehensive income for the period 76 891 72 447 156 911
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
31 December 31 December 30 June
2013 2012 2013
All figures in R'000 Unaudited Unaudited Audited
Opening total shareholders' equity 1 226 704 1 180 215 1 180 215
Total comprehensive income for the period 76 891 72 447 156 911
Profit for the period 77 116 73 705 152 574
Other comprehensive income for the period
Available-for-sale reserve 323 1 138 900
Property revaluation reserve – – (2 097)
Foreign currency translation reserve 12 028 5 184 33 428
Hedging reserve (12 576) (7 580) (27 894)
Transactions with owners recorded directly in equity
Movement in non-controlling interest – (19 435) (21 101)
Acquisition of non-controlling interest without a change in control – (11 897) –
Treasury shares – – (18 405)
Derecognition of revaluation reserve – – 2 097
Changes in ownership interests in subsidiaries – – (11 735)
Preference share dividend (6 679) (6 773) (13 472)
Ordinary share dividend (34 885) (28 376) (47 806)
Closing balance 1 262 031 1 186 181 1 226 704
CONDENSED HEADLINE EARNINGS RECONCILIATION
31 December 31 December 30 June
% 2013 2012 2013
All figures in R'000 change Unaudited Unaudited Audited
Earnings are determined as follows:
Earnings attributable to equity holders of the Group 10 70 437 63 944 136 242
Headline adjustable items (81) – (787)
Profit on sale of property and equipment – IAS 16 (81) – (14)
Gross (112) – (19)
Tax impact 31 – 5
Gain on the disposal of businesses and divisions – IAS 27 – – (773)
Headline earnings 10 70 356 63 944 135 455
Headline earnings per ordinary share (cents) 12 222 198 421
CONDENSED SEGMENTAL ANALYSIS
31 December 31 December 30 June
2013 2012 2013
All figures in R'000 Unaudited Unaudited Audited
Segment result
Business Banking 47 302 48 112 89 844
Capital 5 268 5 490 9 422
Treasury 6 628 1 795 10 006
Wealth Management 22 085 15 554 46 155
Commercial Solutions 15 344 16 661 33 798
Group and Inter-segment eliminations (19 511) (13 907) (36 651)
Profit for the period 77 116 73 705 152 574
Segment revenue
Business Banking 303 239 259 712 523 186
Capital 33 898 33 887 76 695
Treasury 129 864 91 264 188 398
Wealth Management 102 032 72 723 168 485
Commercial Solutions 95 256 94 167 182 545
Group and Inter-segment eliminations (71 675) (49 928) (111 608)
Total segment revenue 592 614 501 825 1 027 701
Segment assets
Business Banking 4 153 278 3 363 147 3 603 255
Capital 517 049 469 521 470 097
Treasury 3 211 071 2 329 564 2 640 345
Wealth Management 689 589 170 729 537 888
Commercial Solutions 277 225 239 326 244 489
Group and Inter-segment eliminations (1 440 201) (1 111 283) (1 243 280)
Total segment assets 7 408 011 5 461 004 6 252 794
Segment liabilities
Business Banking 3 810 264 3 081 103 3 257 444
Capital 445 488 398 624 395 516
Treasury 3 214 732 2 342 473 2 630 338
Wealth Management 612 696 117 527 457 083
Commercial Solutions 151 668 119 727 109 610
Group and Inter-segment eliminations (2 088 868) (1 784 631) (1 823 901)
Total segment liabilities 6 145 980 4 274 823 5 026 090
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
31 December 31 December 30 June
2013 2012 2013
All figures in R'000 Unaudited Unaudited Audited
Cash flows from operating activities 52 962 54 639 88 586
Movement in operating assets and liabilities 445 386 (154 544) (52 790)
Change in loans and advances (429 743) (241 548) (497 191)
Change in funding 384 967 78 700 80 376
Change in other receivables (22 139) 35 179 (6 958)
Change in financial assets held for trading (198 011) – (284 372)
Change in deposits 586 955 47 191 373 841
Change in financial liabilities held for trading 184 394 – 280 942
Change in other payables (61 037) (74 066) 572
Net cash flows from operating activities 498 348 (99 905) 35 796
Net cash flows from investing activities (26 399) 53 600 19 416
Net cash flows from financing activities – – (18 405)
Net increase in cash and cash equivalents 471 949 (46 305) 36 807
Cash and cash equivalents at beginning of the period 1 451 265 1 408 987 1 408 987
Effect of exchange rate fluctuations on cash held 4 190 106 5 471
Cash and cash equivalents at end of the period 1 927 404 1 362 788 1 451 265
Cash and cash equivalents comprise:
Cash and cash balances 2 095 198 1 427 262 1 595 084
Interbank funding (167 794) (64 474) (143 819)
Cash and cash equivalents at end of the period 1 927 404 1 362 788 1 451 265
FINANCIAL INSTRUMENTS
Fair values of financial assets and financial liabilities
The carrying amount of the financial assets and financial liabilities is a reasonable approximate of fair value.
The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated financial
statements as at and for the year ended 30 June 2013.
Financial hierarchy
The table below analyses financial instruments carried at fair value, by level of fair value hierarchy. The different levels are based
on the inputs used in the calculation of fair value of the financial instruments. The levels have been defined as follows:
Level 1 – fair value is based on quoted market prices (unadjusted) in active markets for identical instruments.
Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 – unobservable inputs for the asset or liability.
All figures in R'000 Level 1 Level 2 Level 3 Total
Financial assets held for trading 482 383 – – 482 383
Investment securities 56 010 – 302 666 358 676
Other receivables – 29 951 – 29 951
Total financial assets carried at fair value 538 393 29 951 302 666 871 010
Financial liabilities held for trading 465 336 – – 465 336
Other payables – 33 663 – 33 663
Total financial a liabilities carried at fair value 465 336 33 663 – 498 999
Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or
dealer price quotations. For all other financial instruments the Group determines fair values using valuation techniques.
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the
transfer has occurred. There were no transfers between Level 1, 2 and 3 of the fair value hierarchy during the six months to
31 December 2013.
All figures in R'000 Investment securities
Balance at 1 July 2013 283 711
Unrealised gains and losses for the period included in profit or loss 6 307
Net investments/settlements 12 648
Balance at 31 December 2013 302 666
The valuations in Level 3 were based on detailed discounted cash flow methodologies, which were sanity checked against
implied price/earnings multiples, and where applicable benchmarked to proxies of listed entities in similar industries. This
valuation methodology is allowed per the international SAVCA guidelines.
COMMENTARY
NATURE OF BUSINESS
Sasfin Holdings Limited ("Sasfin" or "the Group" or "the Company") is a bank-controlling company listed in the
"Financials: Investment Services" sector of the JSE Limited ("the JSE"). Sasfin and its subsidiaries provide a wide
range of complementary banking, financial and related services.
BUSINESS REVIEW: GROUP PERFORMANCE
Business environment:
- The fragile South African economy, with its twin deficits, faced a challenging environment with high
levels of labour unrest and unemployment across many sectors. Amid pressure inflicted by quantitative
easing and possible sovereign downgrade issues, rand depreciation has escalated, with a concomitant
rise in interest rates, affecting the growth levels required to reduce unemployment. Along with other
affected emerging markets, the South African economy remains soft, as capital flows shift to developed
economies.
- Notwithstanding the above, the banking sector remains resilient, helped by the strong capital
levels held by local banks, despite the increasing concern around consumer over-indebtedness in a
worsening credit environment, fuelled by a rising interest rate outlook.
Group overview:
- Sasfin maintained its growth levels in its core business activities and produced a satisfactory set of
results, showing a 12% increase in headline earnings per share at 222 cents (2012: 198 cents) for the
period under review and significantly strengthened its balance sheet. Total assets grew by 36% to
R7,4 billion over the corresponding period, underpinned by a 21% growth in the Business Banking
division, with loans and advances reaching R3,8 billion.
- In addition, the Group improved its financial position by expanding and diversifying its funding base, which
resulted in a very healthy surplus liquidity position of R2,1 billion (2012: R1,4 billion) – a growth of 47%.
- A combination of strong revenue growth, a higher impairment charge and a lower tax rate resulted
in Group headline earnings growth of 10% to R70,4 million (2012: R63,9 million). The Group credit
loss ratio for the period showed a sharp rise to 80 bps from a relatively low base in December 2012
of 40 bps.
- Total income grew by 15% on the back of growth in loans and advances and expansion of the
non-interest revenue base, which was partly impacted by the negative carry costs on the high
liquidity position.
- Group costs reflected a 17% increase when compared to the same period in 2012, largely driven
by a 24% increase in staff costs. The significant growth in staff costs is attributed to an increase
in staff numbers, particularly in the Wealth Management division, recruitment of a new Fixed Income
trading team, establishment of the new Transactional Banking division and the new Stellenbosch
client and sales office. Because of this and the increased negative carry on the surplus liquidity
levels, the Group's cost-to-income ratio crept up marginally to 74%. At a Banking Group level, the cost-
to-income ratio was 65% (2012: 64%).
- The Group benefitted from a lower tax rate with an effective rate of 20% (2012: 23%), primarily due to
the change in secondary tax on companies and increased income streams at lower tax rates.
Segmental overview:
- The Business Banking division's profit for the period at R47,3 million, was down from 2012 of
R48 million. Key factors attributing to this performance include strong growth in loans and advances,
margin retention and cost containment. The unit's profitability, which accounts for 61% of the
Group's profit, was negatively impacted by a higher credit loss ratio of 90 bps up from 30 bps in
December 2012. Non-performing loans showed a downward trend to 4,2% at December 2013
from 5,3% in December 2012. This unit remains positive for growth in the second half of the financial
year and beyond.
- The Wealth Management division achieved impressive profit growth from R15,5 million to R22,1 million,
an improvement of 42% over the period. The Stockbroking unit experienced an increase in local and
globally-managed portfolios resulting in improved annuity income. The Asset Management business
developed a fully-fledged offering with an effective distribution channel. The Wealth Management
division, which brought an experienced fixed income trading team on board, is well positioned to become
a larger profit driver for the Group. Funds under advisement and management now amount to R77 billion
(2012: R57 billion), an increase of 35% from December 2012.
- The Treasury division continued to grow its deposit base impressively and reached R2,75 billion at
December 2013 – an increase of 50%. Equally impressive is the lengthening of the deposit base, with
notice and fixed-term deposits representing 50% of total deposits. While growing encouragingly,
the foreign exchange business, remains a drag on the Group's profitability, and has accordingly been
transferred to the Commercial Solutions Division for renewed management attention.
- The Capital division's profitability declined marginally to R5,3 million for the period, impacted by a mixed
performance in the underlying portfolios. The Corporate Finance unit delivered a flat performance with
a lower level of deal flows and mandates.
- The Commercial Solutions division delivered a satisfactory set of results with a profit of R15,3 million,
an 8% decrease when compared to the same period in 2012. This segment is growing encouragingly
and achieving scale, and has become a meaningful contributor to Group earnings.
Statement of financial position and capital management review:
- The Group's deposit and funding continued to grow, with an improved deposit mix and maturity profile.
Overall, the Group's funding position remains strong with a diversified funding base of R5,4 billion, up
from R4 billion of last year. This funding base enhances the ability of Sasfin Bank Limited to meet the
stringent Basel III liquidity requirements of liquidity coverage ratio and the net stable funding ratio in a
sustainable manner.
- Sasfin's securitisation vehicle, South African Securitisation Programme (RF) Limited ("SASP"), Series 1,
a leader in its market, continued to deliver consistent performance with R362 million of maturing notes
successfully refinanced whereby the issue was oversubscribed by 2,5 times. In addition, the Debt Capital
Market team arranged and successfully concluded a second securitisation transaction (SASP Series 2)
under the current Domestic Medium Term Note programme to raise R350 million to fund alternate asset
class of capital equipment and larger rental deals.
- While the Group's capital adequacy ratio has declined by 500 bps to 24% (2012: 29%) due to the new
capital requirements of Basel III and growth in assets, the Group remains well capitalised with a primary
tier I capital ratio of 22% (2012: 25,6%), which is the main measure of capital strength.
PROSPECTS
- Sasfin continues to focus on its target market comprising the entrepreneurial business market and
private client base. Based on prevailing market conditions, the Group expects similar levels of business
activity in the second half of the financial year.
- Sasfin is poised for sustainable growth and expansion of its franchise value in its chosen markets, aided by
its soon-to-be-launched Transactional Banking business and service offering.
BASIS OF PREPARATION AND PRESENTATION OF THE CONDENSED
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The condensed unaudited interim consolidated financial statements have been prepared in accordance
with IAS 34 – "Interim Financial Reporting" and the requirements of the Companies Act of South Africa
and in compliance with the JSE Listings Requirements and the accounting policies applied conform
to International Financial Reporting Standards and the SAICA Financial Reporting Guides. There are no
material events subsequent to the end of the interim period.
Except as described below, the accounting policies applied in these interim financial statements are
the same as those applied in the Group's consolidated financial statements as at and for the year ended
30 June 2013.
The Group has adopted the following new standards and amendments, with a date of initial application of
1 July 2013.
- IFRS 10 Consolidated Financial Statements
- IFRS 11 Joint Arrangements
- IFRS 13 Fair Value Measurement
The above changes will also be reflected in the Group's consolidated financial statements as at and for the
year ending 30 June 2014. There has been no impact on the recognised assets, liabilities and comprehensive
income on the interim results of the Group.
Subsidiaries
As a result of IFRS 10, the Group has applied the new accounting standard for determining whether it
has control over and consequently whether it consolidates its investees. IFRS 10 introduces a new control
model that is applicable to all investees, by focusing on whether the Group has power over an investee,
exposure or rights to variable returns from its involvement with the investee and ability to use its power
to affect those returns. In particular, IFRS requires the Group to consolidate investees that it controls on the
basis of de facto circumstances.
In accordance with the transitional provisions of IFRS 10, the Group reassessed the control conclusion for its
investees at 1 July 2013; there has been no impact on the recognised assets, liabilities and comprehensive
income of the Group.
Joint arrangements
As a result of IFRS 11, the Group has applied the new accounting standard for its interests in joint
arrangements. Under IFRS 11, the Group classifies its interests in joint arrangements as either joint operations
or joint ventures depending on the Group's rights to the assets and obligations for the liabilities of the
arrangements. When making this assessment, the Group considers the structure of the arrangements,
the legal form of any separate vehicles, the contractual terms of the arrangements and other facts and
circumstances.
The Group has re-evaluated its involvement in its only joint arrangement, which it has classified as a joint
operation, and therefore continues to account for its share in the assets and liabilities; accordingly there has
been no impact on the recognised assets, liabilities and comprehensive income of the Group.
Fair value measurement
IFRS 13 establishes a single framework for measuring fair value and making disclosures about fair value
measurements, when such measurements are required or permitted by other IFRSs. It also replaces and
expands the disclosure requirements about fair value measurements in other IFRSs.
In accordance with the transitional provisions of IFRS 13, the Group has applied the new fair value
measurement guidance prospectively, and has not provided any comparative information for new
disclosures. Notwithstanding the above, the change had no impact on the measurements of the Group's
assets and liabilities.
Responsibility of financial statements
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 Tyrone Soondarjee CA(SA), Financial Director of the Group.
PREFERENCE SHARE CASH DIVIDEND
Notice is hereby given that the directors have declared a gross cash dividend number 19 amounting to
353,51 cents (300,48350 cents per share net of 15% dividend withholding tax) (2012: 355,65 cents) per
preference share ("preference dividend") for the period 1 July 2013 to 31 December 2013 on one million
preference shares issued at R100,00 each and on nine hundred and five thousand preference shares issued
at R110,49 each. The dividends have been declared from income reserves and no secondary tax on
companies ("STC") credits has been used. The preference dividend is payable to holders of preference shares
recorded in the register of the Company at the close of business on Friday, 4 April 2014.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend Friday, 28 March 2014
Preference shares commence trading ex the preference dividend Monday, 31 March 2014
Preference dividend record date Friday, 4 April 2014
Payment date of preference dividend Monday, 7 April 2014
Preference shares may not be dematerialised or rematerialised between Monday, 31 March 2014 and Friday,
4 April 2014, both days inclusive.
INTERIM ORDINARY SHARE CASH DIVIDEND
The Group has a stated policy of declaring interim and final ordinary share dividends equal in aggregate to
40% of headline earnings. In accordance with this policy, the Board of Sasfin has resolved to pay an interim
dividend as set out below.
Notice is hereby given that an interim ordinary share cash dividend of 65,34 cents (2012: 60 cents) per ordinary
share ("interim ordinary dividend") has been declared and is payable to ordinary shareholders recorded in the
register of the Company at the close of business on Friday, 11 April 2014.
The following further information is provided to shareholders in respect of the new dividends tax:
- The dividend has been declared from income reserves.
- The dividend withholding tax rate is 15% and no STC credits have been used. A net dividend of
55,5390 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 at declaration date is 32 301 441.
The salient dates relating to the interim ordinary dividend are as follows:
Last day to trade cum the interim ordinary dividend Friday, 4 April 2014
Ordinary shares commence trading ex interim ordinary dividend Monday, 7 April 2014
Ordinary share dividend record date Friday, 11 April 2014
Payment date of interim ordinary dividend Monday, 14 April 2014
Ordinary share certificates may not be dematerialised or rematerialised between Monday, 7 April 2014 and
Friday, 11 April 2014, both days inclusive.
CHANGES TO THE BOARD
Norman Axten retired as independent non-executive chairman and director of the Group and its subsidiary,
Sasfin Bank Limited, on 28 November 2013.
Maston Lane, Michael Sassoon and Linda Fröhlich were appointed alternate executive directors of the Group
and its subsidiary, Sasfin Bank Limited, with effect from 9 October 2013.
For and on behalf of the board
RC ANDERSEN RDEB SASSOON
Chairman Chief Executive Officer
11 March 2014
This announcement and additional information is available on the website www.sasfin.com
Executive Directors:
RDEB Sassoon* (Chief Executive Officer)
TD Soondarjee (Financial Director)
* British
Non-Executive Directors:
RC Andersen# (Chairman)
ETB Blight#
GC Dunnington#
DD Mokgatle#
J Moses#
MS Rylands
# Independent
Alternate Directors:
MG Lane, LR Fröhlich, MEE Sassoon*
* British
Group Company Secretary:
H Brown
Sasfin Holdings Limited
Registration number: 1987/002097/06
JSE Ordinary share code: SFN ISIN: ZAE000006565
JSE Preference share code: SFNP ISIN: ZAE000060273
Registered office:
29 Scott Street, Waverley, Johannesburg, 2090
Tel: +27 11 809 7500
www.sasfin.com
DISCLAIMER
The Group has in good faith made reasonable efforts 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.
11 March 2014
Johannesburg
Lead Sponsor
KPMG
Joint Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 11/03/2014 10:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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