Wrap Text
Audited Group Results and Dividend Declarations
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 declarations
For the year ended 30 June 2015
Up
HEADLINE EARNINGS
16.5% to R179.864 MILLION
(June 2014: R154.325 MILLION)
Up
HEADLINE EARNINGS PER ORDINARY SHARE
16.5% to 566.74 CENTS
(June 2014: 486.27 CENTS)
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DIVIDENDS PER ORDINARY SHARE
16.5% to 222.73 CENTS
(June 2014: 191.11 CENTS)
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RETURN ON ORDINARY SHAREHOLDERS' AVERAGE EQUITY
By 100bps to 15%
(June 2014: 14%)
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TOTAL ASSETS
33% to R10.866 BILLION
(June 2014: R8.168 BILLION)
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TOTAL EQUITY
11% to R1.243 BILLION
(June 2014: R1.122 BILLION)
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GROSS LOANS AND ADVANCES
34% to R5.345 BILLION
(June 2014: R3.981 BILLION)
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FUNDING BASE
28% to R6.892 BILLION
(June 2014: R5.381 BILLION)
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DEPOSIT BOOK
21% to R3.276 BILLION
(June 2014: R2.707 BILLION)
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FUNDS UNDER ADVISEMENT AND MANAGEMENT
29% to R117 BILLION
(June 2014: R91 BILLION)
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GROUP CAPITAL ADEQUACY RATIO
By 200bps to 21%
(June 2014: 23%)
FINANCIAL HIGHLIGHTS
30 June 30 June
% 2015 2014
change Audited Audited
Consolidated statement of financial position
Total assets (Rm) 33 10 866 8 168
Total gross loans and advances (Rm) 34 5 345 3 981
Non-performing loans and advances (Rm) 35 210 155
Income statement
Earnings attributable to ordinary shareholders (Rm) 18.8 178.7 150.4
Headline earnings (Rm) 16.5 179.9 154.4
Financial performance
Return on ordinary shareholders' average equity (%) 15 14
Return on total average assets (%) 2 2
Operating performance
Non-interest income to total income (%) 68 72
Cost-to-income ratio
Group (%) 71 72
Banking Group (%) 61 64
Credit loss ratio (bps) 77 80
Non-performing advances to total gross loans and advances (%) 3.9 3.9
Share statistics
Earnings per ordinary share (cents) 18.8 563.08 473.91
Headline earnings per ordinary share (cents) 16.5 566.74 486.27
Number of ordinary shares in issue at end of the period (000) 31 737 31 737
Weighted average number of ordinary shares in issue (000) 31 737 31 737
Dividends per ordinary share relating to profit for the year (cents) 16.5 222.73 191.11
Preference share dividend number 1 for the year (cents) 383.74 353.51
Preference share dividend number 2 for the year (cents) 378.43 364.92
Net asset value per ordinary share (cents) 8.9 3 847 3 534
Capital adequacy (provisional and unaudited)
Capital to risk weighted assets
Group (%) 21 23
Banking Group (%) 21 21
Employees
Permanent staff complement 15 835 727
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30 June 30 June
% 2015 2014
All figures in R'000 change Audited Audited
ASSETS
Cash and short-term negotiable securities 2 618 366 2 082 824
Loans and advances to customers 35 5 242 460 3 890 969
Financial assets held for trade facilitation and repurchase agreements 1 687 221 1 099 139
Other receivables 688 057 490 375
Investment securities 435 007 462 111
Property, plant and equipment 57 585 55 737
Taxation 7 280 16 744
Intangible assets and goodwill 114 991 60 314
Deferred tax asset 15 145 9 950
Total assets 33 10 866 112 8 168 163
LIABILITIES
Funding under repurchase agreements and interbank 538 340 248 645
Deposits from customers 21 3 275 866 2 706 578
Debt securities issued 2 344 167 1 574 340
Long-term loans 538 071 652 083
Total funding 6 696 444 5 181 646
Financial liabilities held for trade facilitation and repurchase agreements 1 650 789 1 103 429
Other payables 975 204 475 390
Taxation 11 571 4 028
Deferred tax liability 93 913 82 712
Total liabilities 9 427 921 6 847 205
EQUITY
Ordinary share capital and share premium 144 327 144 327
Reserves 1 098 414 977 353
Preference share capital and share premium 195 450 199 278
Total equity 9 1 438 191 1 320 958
Total liabilities and equity 33 10 866 112 8 168 163
CONSOLIDATED INCOME STATEMENT
30 June 30 June
% 2015 2014
All figures in R'000 change Audited Audited
Interest income 16 712 176 616 557
Interest expense 15 419 563 364 412
Net interest income 16 292 613 252 145
Non-interest income 4 664 021 636 377
Total income 8 956 634 888 522
Impairment charges on loans and advances 11 32 771 29 588
Net income after impairments 923 863 858 934
Operating costs 5 691 352 657 661
Staff costs 9 382 115 350 676
Other operating expenses 4 308 045 296 985
Goodwill impairment 1 192 10 000
Profit from operations 232 511 201 273
Share of associate income 2 500 9 901
Profit before income tax 235 011 211 174
Income tax expense 42 037 47 411
Profit for the year 18 192 974 163 763
Profit attributable to:
Preference shareholders 14 272 13 359
Equity holders of the Group 18.8 178 702 150 404
Profit for the year 192 974 163 763
Earnings per ordinary share (cents) 18.8 563.08 473.91
Diluted earnings per ordinary share (cents) 18.8 563.08 473.91
Headline earnings per ordinary share (cents) 16.5 566.74 486.27
Diluted headline earnings per ordinary share (cents) 16.5 566.74 486.27
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
30 June 30 June
% 2015 2014
All figures in R'000 change Audited Audited
Profit for the year 192 974 163 763
Other comprehensive income for the year, net of income tax 7 188 (161)
Items that may be subsequently reclassified to profit and loss:
Net gains on remeasurement of available-for-sale financial assets - 923
Derecognition of available-for-sale reserve upon sale of investment - (5 997)
Gross - (7 367)
Income tax effect - 1 370
Foreign exchange differences on translation of foreign operation 31 515 14 161
Net loss on hedge of net investment in foreign operation (24 327) (9 248)
Loss on hedge of net investment in foreign operation (33 788) (12 845)
Income tax effect 9 461 3 597
Total comprehensive income for the year 22 200 162 163 602
Total comprehensive income attributable to:
Preference shareholders 14 272 13 359
Equity holders of the Group 185 890 150 243
Total comprehensive income for the year 22 200 162 163 602
HEADLINE EARNINGS RECONCILIATION
30 June 30 June
% 2015 2014
All figures in R'000 change Audited Audited
Earnings are determined as follows:
Earnings attributable to equity holders of the Group 178 702 150 404
Headline adjustable items 1 162 3 921
Profit on sale of property and equipment - IAS 16 (30) (82)
Gross (41) (114)
Tax impact 11 32
Goodwill impairment 1 192 10 000
Gain on the disposal of available-for-sale investments - (5 997)
Gross - (7 367)
Tax Impact - 1 370
Headline earnings 16.5 179 864 154 325
Headline earnings per ordinary share (cents) 16.5 566.74 486.27
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
30 June 30 June
2015 2014
All figures in R'000 Audited Audited
Opening total shareholders' equity 1 320 958 1 226 704
Total comprehensive income for the year 200 162 163 602
Profit for the year 192 974 163 763
Total income
Available-for-sale reserve - (5 074)
Net gains on remeasurement - 923
Derecognition upon sale of investments - (5 997)
Foreign currency translation reserve 31 515 14 161
Hedging reserve (24 327) (9 248)
Transactions with owners recorded directly in equity
Preference share buyback (3 828) -
Preference share dividend (14 272) (13 359)
Ordinary share dividend (64 829) (55 989)
Closing balance 1 438 191 1 320 958
CONSOLIDATED STATEMENT OF CASH FLOWS
30 June 30 June
2015 2014
All figures in R'000 Audited Audited
Cash flows from operating activities 105 014 100 809
Movement in operating assets and liabilities 98 329 261 992
Net cash flows from operating activities 203 343 362 801
Net cash flows from investing activities 53 190 25 661
Net cash flows from financing activities (3 828) -
Net increase in cash and cash equivalents 252 705 388 462
Cash and cash equivalents at the beginning of the year 1 834 179 1 451 265
Effect of exchange rate fluctuations on cash held (6 858) (5 548)
Cash and cash equivalents at the end of the year 2 080 026 1 834 179
Cash and cash equivalents comprise:
Cash and cash balances 1 286 348 1 095 438
Short-term negotiable securities 1 332 018 987 386
Funding under repurchase agreements and interbank (538 340) (248 645)
Cash and cash equivalents at the end of the year 2 080 026 1 834 179
SUMMARISED SEGMENTAL ANALYSIS
30 June 30 June
2015 2014
All figures in R'000 Audited Audited
Segment result
Business Banking 117 857 101 491
Transactional Banking and Treasury 10 390 12 249
Wealth Management 64 425 48 179
Capital 12 691 14 377
Commercial Solutions 23 106 35 335
Group and inter-segment eliminations (35 495) (47 868)
Profit for the year 192 974 163 763
Segment revenue
Business Banking 722 099 621 986
Transactional Banking and Treasury 305 330 260 520
Wealth Management 253 299 241 338
Capital 63 888 88 251
Commercial Solutions 204 052 195 307
Group and inter-segment eliminations (172 471) (144 568)
Total revenue 1 376 197 1 262 834
Segment assets
Business Banking 5 057 632 4 148 675
Transactional Banking and Treasury 3 814 206 3 235 362
Wealth Management 1 593 768 795 996
Capital 627 073 541 234
Commercial Solutions 224 493 210 370
Group and inter-segment eliminations (451 060) (763 474)
Total assets 10 866 112 8 168 163
Segment liabilities
Business Banking 4 576 983 3 658 701
Transactional Banking and Treasury 3 880 706 2 829 377
Wealth Management 1 598 347 727 180
Capital 270 378 450 614
Commercial Solutions 98 482 71 179
Group and inter-segment eliminations (996 975) (889 846)
Total liabilities 9 427 921 6 847 205
NOTE 1: FINANCIAL INSTRUMENTS: FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The carrying amount of the Group's financial assets and financial liabilities is a reasonable approximation 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 2014.
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.
30 June 30 June
2015 2014
All figures in R'000 Level 1 Level 2 Level 3 Audited Audited
Cash and short-term negotiable securities 2 618 366 - - 2 618 366 2 082 824
Financial assets and reverse repurchase agreements 1 687 221 - - 1 687 221 1 099 139
Investment securities - 36 983 398 024 435 007 456 156
Other receivables - 51 878 - 51 878 26 758
Total financial assets carried at fair value 4 305 587 88 861 398 024 4 792 472 3 664 877
Financial liabilities and repurchase agreements 1 650 789 - - 1 650 789 1 103 429
Other payables - 49 480 - 49 480 23 775
Total financial liabilities carried at fair value 1 650 789 49 480 - 1 700 269 1 127 204
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 year ended 30 June 2015.
30 June 30 June
2015 2014
All figures in R'000 Audited Audited
Level 3 fair values - Investment securities
Opening balance 407 408 283 711
Unrealised gains/(losses) for the year included in profit or loss
through non-interest income 54 844 33 744
Net investments/(settlements) (64 228) 89 953
Reclassification of associates as fair value investments - 70 155
Net purchases/(settlements) (64 228) 19 798
Closing balance 398 024 407 408
The valuations of Level 2 and Level 3 investment securities were based predominantly on detailed discounted cash flow methodologies
which were checked for reasonability against implied price/earnings multiples, and where applicable benchmarked against proxies of
listed entities in similar industries. This valuation methodology is allowed per the South African Venture Capital and Private Equity
guidelines.
NOTE 2: ACQUISITION OF A SUBSIDIARY
On 30 June 2015, the Group acquired control of Fintech Proprietary Limited ("Fintech") through the acquisition of 100% of Fintech's
shares and voting rights. The acquisition of Fintech is expected to provide the Group with an increased share of the asset rental
finance market through access to Fintech's supplier base.
The effective date of the transaction was 1 July 2014. However, control over Fintech only passed to the Group on 30 June 2015.
As a result, Fintech's profits for the year ended June 2015 were not accounted for in the Group's current year earnings but as
pre-acquisition profits. Fintech achieved total income of R125 805 914 and a Profit after tax for the year of R32 172 127 to
30 June 2015 which have not been included in the Group's results. Fintech's financial position comprising total assets of
R1 038 214 000 and total liabilities of R902 896 000 were consolidated by the Group at 30 June 2015.
2.1 Consideration transferred 2015
Audited
R'000
Cash 159 494
Deferred consideration 28 273
Total consideration transferred 187 767
2.1.1 Deferred consideration
The Group has agreed to pay the shareholders an additional consideration when Fintech receives an unqualified audit opinion and the
fulfilment of the agreed warranties as at 30 June 2015.
2.2. Acquisition-related costs
The Group incurred acquisition-related costs of R1 867 887 relating to external legal fees, due diligence and other consulting fees.
These costs have been expensed in other operating expenses during the current year.
2.3. Identifiable assets acquired and liabilities assumed
The following is a summary of the recognised amounts of assets acquired and liabilities assumed at the date of acquisition:
Assets
Cash and short-term negotiable securities 160 175
Net loans and advances to customers 852 624
Gross loans and advances to customers 878 341
Less: Impairments (25 717)
Other receivables 23 030
Property, plant and equipment 2 385
Total assets 1 038 214
Liabilities
Funding under repurchase agreements and interbank 109 185
Debt securities issued 665 000
Other payables 116 540
Taxation 362
Deferred tax liability 11 809
Total liabilities 902 896
Net tangible assets acquired 135 318
Goodwill 8 038
Total net assets acquired 143 356
2.4. Goodwill
Goodwill arising from the acquisition has
been recognised as follows:
Total consideration transferred 187 767
Total net assets acquired 143 356
Less: Goodwill acquired 8 038
Fair value of identifiable net assets acquired 135 319
Goodwill recognised on acquisition 52 448
Goodwill is attributable to the skills and technical talent of Fintech's supplier relationships, work force, and the synergies expected
to be achieved from integrating the company into the Group's existing business. None of the goodwill recognised is expected to be
deductible for tax purposes.
2.5 Provisional accounting
In terms of IFRS3, the Group has applied provisional accounting for a period of one year after acquisition to accurately determine a
Purchase Price Allocation (PPA) relating to the fair value of the loans and advances book, any unrecognised intangible assets that exist
at acquisition date and the residual goodwill value.
COMMENTARY
NATURE OF BUSINESS
Sasfin is a bank-controlling company listed in the "Financials: Investment Services" sector of the JSE Limited ("the JSE"). Sasfin and
its subsidiaries ("the Group") provide a comprehensive range of specialist business banking, wealth and asset management services.
BUSINESS REVIEW: GROUP PERFORMANCE
BUSINESS ENVIRONMENT:
- South Africa's terms of trade have been badly affected by a collapse in commodity prices, which together with drought, labour unrest,
currency weakness and an inability to adequately and economically meet the nation's needs for electricity and other essential services,
has resulted in stagflation. Meaningful measures are urgently needed to grow the economy in order to address mounting unemployment,
SA's fiscal and current account deficits and its vulnerable sovereign credit rating.
- Notwithstanding the above, escalating regulation and increased competition from the relatively unregulated shadow banking sector,
the South African banking industry remains resilient and well capitalised despite weak credit markets.
GROUP OVERVIEW:
- During the year under review, Sasfin took the following significant steps to entrench its market position and broaden its franchise
value:
o Having met all conditions precedent, Sasfin's acquisition of 100% of Fintech Proprietary Limited ("Fintech"), an equipment finance
company, took place on 30 June 2015, which makes Sasfin's Rental Finance business a formidable player in this market segment.
Fintech's statement of financial position, but not its profits for the year, which were capitalised as pre-acquisition profits,
has been consolidated into the Group results as at 30 June 2015. Details on the acquisition are more fully disclosed in Note 2 of
the summarised annual financial statements.
o Sasfin successfully launched its Transactional Banking offering during the course of the year, and went to market in January 2015.
This significant development in Sasfin's journey positions Sasfin to become a primary banking group to its clients.
- Despite the weak external operating environment, Sasfin maintained its growth levels in its core business activities and produced a
pleasing set of results, reflecting a 16.5% increase in headline earnings per share at 566.74 cents (2014: 486.27 cents) for the year.
Following the acquisition of Fintech, the Group's total assets grew by 33% to R10.866 billion over the corresponding year, underpinned
by a 34% growth in loans and advances, which now amounts to R5.345 billion (2014: R3.981 billion).
- The Group strengthened its financial position by expanding and diversifying its funding base, resulting in a healthy surplus liquidity
position of R2.6 billion (2014: R2.1 billion) - a growth of 24%.
- Strong revenue growth in the Business Banking, Wealth and Treasury divisions coupled with a below inflation cost growth, saw headline
earnings grow to R179.864 million (2014: R154.325 million). This performance was aided by a lower Group tax charge resulting in an effective
Group tax rate of 18%, down from 23% in 2014, driven by certain income streams at lower tax rates and some exempt income.
- Net interest income grew by 16%, underpinned by good growth achieved in the lending book and improved returns achieved on the surplus
liquidity position.
- Group costs reflect a 5% increase when compared to the same period in 2014, highlighting the Group's continuous efforts to contain cost
growth. The growth in staff costs is largely attributed to an increase in staff numbers in the Compliance department and the establishment
of the new Transactional Banking division. The Group's cost-to-income ratio showed a marginal improvement to 71% from 72% in 2014, whilst
the Banking Group improved to 61% from 64% in 2014. Both the Group and Banking Group reported a positive JAWS ratio.
SEGMENTAL OVERVIEW:
- The Business Banking division delivered a solid set of results, with profit for the year of R117.9 million (2014: R101.5 million),
a 16% increase over 2014. The key factors were strong growth in loans and advances, margin retention and an improved credit performance.
Notwithstanding the growth in the lending book, the credit loss ratio improved to 70bps from 85bps in 2014, while the ratio of non-performing
loans to gross loans and advances remained flat at 3.9% year-on-year.
- Sasfin Wealth delivered an impressive set of results with profit growth of 34% to R64.4 million (2014: R48.2 million) and funds under
advisement and management growing to R117 billion (2014: R91 billion). The division expanded its local and global investment offering
(including the launch of a Fixed Income Fund) and delivered excellent performance to its clients, as evidenced by Sasfin Asset Managers'
third Raging Bull award. This unit is starting to reap the benefits of its investment in distribution, information technology and operations.
The Institutional Fixed Income desk continued to show good growth in profitability.
- The Treasury division, which has now been incorporated into the Group's Transactional Banking division, has grown its deposit base
encouragingly to R3.3 billion at June 2015, an increase of 21% over 2014. The Transactional Banking business is fully operational, and as
expected is in a loss making position during its start-up phase. The combined units achieved a profit of R10.4 million for the year
(2014: R12.2 million), after the initial set-up costs of the Transactional Banking business.
- The Capital division's performance showed a disappointing decrease in profitability year-on-year to R12.7 million from R14.4 million,
largely due to a poor performance in Corporate Finance. While Private Equity achieved improved results, the Corporate Finance unit underwent
a change of direction and leadership and is now more appropriately resourced given the change in strategy. Going forward, Sasfin Capital
intends to service the mid-sized corporate market through a combination of select balance sheet deployment and strong corporate finance advice.
- The Commercial Solutions division endured a tough trading environment, particularly in its Incentives and Freight businesses, which achieved
significantly lower levels of profitability compared to 2014. Sasfin's Forex unit, having achieved the necessary critical mass, achieved a
R5.5 million turnaround in profit. This unit is well poised to become a strong profit contributor. Overall, the Commercial Solutions division
made a profit of R23.1 million for the year, down from R35.3 million in 2014.
STATEMENT OF FINANCIAL POSITION AND CAPITAL MANAGEMENT REVIEW:
- The Group's deposit and other sources of 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 R6.892 billion, up from R5.381 billion of last year. This funding base has
enabled Sasfin Bank Limited to maintain its liquidity coverage and net stable funding ratios at very comfortable levels, well in excess of the
regulatory minimums.
- Sasfin's securitisation vehicle, South African Securitisation Programme (RF) Limited ("SASP"), Series 1, a leader in its market, continued
to deliver consistent performance with R384 million of maturing notes successfully refinanced whereby the issue was fully subscribed.
- The Group's capital adequacy ratio has decreased to 21% (2014: 23%), primarily due to the growth in risk weighted assets. The Group remains
well capitalised with a primary Tier I capital ratio of 20% (2014: 21%), which is the main measure of capital strength, and with both ratios
well above the current regulatory requirements.
PROSPECTS
- Sasfin continues to focus on the entrepreneurial business and wealth markets. Subject to prevailing market conditions and constrained growth
levels in the economy, Sasfin is well poised for sustainable growth across all divisions, with continued expansion of its franchise value in
its chosen markets, aided by its recently launched Transactional Banking service offering, on the back of its strong capital and liquidity
position, and high-touch service model.
- Sasfin hopes to conclude an agreement with a suitable Black Economic Empowerment investor on acceptable terms during the course of its
current financial year.
BASIS OF PREPARATION AND PRESENTATION OF THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
The summarised audited 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 ("IFRS") and the SAICA Financial Reporting Guides. There are no material events
subsequent to the end of the financial year.
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 applied in these annual financial statements for the year ended 30 June 2015 are the same as those applied in the
Group's consolidated financial statements as at and for the year ended 30 June 2014.
Summarised annual financial statements
The summarised audited consolidated annual financial statements comprise a consolidated statement of financial position at 30 June 2015, a
consolidated income statement, a consolidated statement of comprehensive income, a summarised statement of changes in equity, a summarised
cash flow statement and summarised segmental analysis reports for the year ended 30 June 2015.
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), Group Financial Director.
REPORTS OF THE INDEPENDENT AUDITORS:
The unmodified audit reports of KPMG Inc., and Grant Thornton (Jhb) Inc., the independent auditors, on the annual financial statements and the
summarised financial statements contained herein for the year ended 30 June 2015, dated 9 September 2015, are available for inspection at the
Company's registered office.
PREFERENCE SHARE CASH DIVIDEND
Notice is hereby given that the directors have declared a gross cash preference dividend number 22 amounting to 378.43 cents per share
(321.6655 cents per share net of 15% dividend withholding tax) (2014: 364.92 cents per share (310.182 cents per share net of 15% dividend
withholding tax)) ("preference dividend") for the period 1 January 2015 to 30 June 2015. Preference dividends have been paid on 1 000 000
(2014: 1 000 000) preference shares issued at R100.00 (2014: R100.00) each, and on 854 727 (2014: 905 000) preference shares issued at
R110.49 (2014: R110.49) each. The dividends have been declared from income reserves. The preference dividend will be payable to holders
of preference shares recorded in the register of the Company at the close of business
on Friday, 2 October 2015.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend Friday, 25 September 2015
Preference shares commence trading ex the preference dividend Monday, 28 September 2015
Preference dividend record date Friday, 2 October 2015
Payment date of preference dividend Monday, 5 October 2015
Preference share certificates may not be dematerialised or rematerialised between Monday, 28 September 2015 and Friday, 2 October 2015, 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 2015, amounting to 147.47 cents per
share (2014: 125.77 cents per share) ("ordinary dividend"), has been declared.
Together with the interim ordinary dividend of 75.26 cents (2014: 65.34 cents) declared on 3 March 2015, the total ordinary dividends for the
financial year amount to 222.73 cents per share (2014: 191.11 cents per share).
The following further information is provided to shareholders with regard to the final dividend declaration in respect of the new dividends tax:
- The dividend has been declared from income reserves.
- The dividend withholding tax rate is 15%, and a net dividend of 125.3495 cents (2014: 106.9045 cents) per share is paid to those
shareholders who are not exempt from dividend withholding tax.
- The issued number of ordinary shares as at declaration date is 32 301 441 (2014: 32 301 441).
The ordinary dividend will be payable to holders of ordinary shares recorded in the register of the Company at the close of business on
Friday, 9 October 2015.
The salient dates relating to the ordinary dividend are as follows:
Last day to trade cum the ordinary dividend Friday, 2 October 2015
Ordinary shares commence trading ex the ordinary dividend Monday, 5 October 2015
Ordinary dividend record date Friday, 9 October 2015
Payment date of ordinary dividend Monday, 12 October 2015
Ordinary share certificates may not be dematerialised or rematerialised between Monday, 5 October 2015 and Friday, 9 October 2015, 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
Linda de Beer and Lesego Sennelo were appointed as non-executive directors of Sasfin Bank Limited and Sasfin Holdings Limited with effect
from 1 July 2014.
Eddie Blight and Dolly Mokgatle retired and resigned respectively from the boards of Sasfin Bank Limited and Sasfin Holdings Limited at the
conclusion of the Annual General Meeting on 27 November 2014.
The Board has considered the shareholding and length of service of Shahied Rylands and is satisfied that he is an independent non-executive
director.
NOTICE OF ANNUAL GENERAL MEETING AND POSTING OF INTEGRATED REPORT
The annual general meeting of Sasfin will be held at 29 Scott Street, Waverley, Johannesburg, on Monday, 30 November 2015 at 14h00.
The integrated report will be posted to shareholders on or about 30 October 2015. The audited Group annual financial statements will also be
available on the Company's website on or about 30 October 2015.
For and on behalf of the Board.
RC ANDERSEN RDEB SASSOON TD SOONDARJEE
Chairman Chief Executive Officer Group Financial Director
9 September 2015
Independent Non-Executive Chairman
RC Andersen
Executive Directors
RDEB Sassoon (Chief Executive Officer)
TD Soondarjee (Group Financial Director)
Alternate Executive Directors
LR Frohlich, MG Lane, MEE Sassoon
INDEPENDENT Non-Executive Directors
L de Beer, GC Dunnington, J Moses, MS Rylands, LJ Sennelo
Group Company Secretary
H Brown
Joint Auditors
KPMG Inc. and Grant Thornton (Jhb) Inc.
Transfer Secretaries
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Lead Sponsor
KPMG Services Proprietary Limited
Joint Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Registered Office
29 Scott Street, Waverley, 2090, Johannesburg.
Tel: +27 11 809 7500
Fax: +27 11 887 6167/2489
Website: www.sasfin.com
Tax reference number: 9300/204/71/7
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.
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