Wrap Text
Sasfin interim 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)
Unaudited interim results and dividend declarations
for the six months ended 31 December 2015
HEADLINE EARNINGS
Up 31%
R106.137 MILLION (Dec 2014: R81.033 MILLION)
HEADLINE EARNINGS PER ORDINARY SHARE
UP 31%
334.43 CENTS (Dec 2014: 255.33 CENTS)
EARNINGS PER ORDINARY SHARE
UP 31%
334.72 CENTS (Dec 2014: 255.42 CENTS)
DIVIDENDS PER ORDINARY SHARE
UP 31%
98.57 CENTS (Dec 2014: 75.26 CENTS)
TOTAL ASSETS
UP 17%
R10.754 BILLION (Dec 2014: R9.218 BILLION)
GROSS LOANS AND ADVANCES
UP 36%
R5.935 BILLION (Dec 2014: R4.357 BILLION)
FUNDING BASE
UP 23%
R7.316 BILLION (Dec 2014: R5.928 BILLION)
DEPOSIT BOOK
UP 16%
R3.459 BILLION (Dec 2014: R2.979 BILLION)
RETURN ON ORDINARY SHAREHOLDERS' AVERAGE EQUITY
UP 300bps
17% (Dec 2014: 14%)
CREDIT LOSS RATIO
DOWN 41bps
51bps (Dec 2014: 92bps)
FUNDS UNDER ADVISEMENT AND MANAGEMENT
UP 26%
R112 BILLION (Dec 2014: R89 BILLION)
GROUP CAPITAL ADEQUACY RATIO
DOWN 200bps
22% (Dec 2014: 24%)
Financial highlights
% 31 December 31 December 30 June
change 2015 2014 2015
Unaudited Unaudited Audited
Consolidated statement of financial position
Total assets (Rm) 17 10 754 9 218 10 866
Total gross loans and advances (Rm) 36 5 935 4 357 5 345
Non-performing loans and advances (Rm) 32 233 176 210
Income statement
Earnings attributable to ordinary shareholders (Rm) 31 106 81 179
Headline earnings (Rm) 31 106 81 180
Financial performance
Return on ordinary shareholders' average equity (%) 17 14 15
Return on total average assets (%) 1.96 1.85 1.99
Operating performance
Non-interest income to total income (%) 66 70 68
Cost-to-income ratio
Group (%) 71 72 71
Banking Group (%) 63 62 61
Credit loss ratio (bps) 51 92 77
Non-performing advances to total gross loans and advances (%) 3.9 4.0 3.9
Share statistics
Earnings per ordinary share (cents) 31 334.72 255.42 563.08
Headline earnings per ordinary share (cents) 31 334.43 255.33 566.74
Number of ordinary shares in issue at end of the period (000) 31 737 31 737 31 737
Weighted average number of ordinary shares in issue (000) 31 737 31 737 31 737
Dividends per ordinary share relating to profit for the period (cents) 31 98.57 75.26 222.73
Preference share dividend number 1 for the period (cents) 396.28 383.74 383.74
Preference share dividend number 2 for the period (cents) - - 378.43
Net asset value per ordinary share (cents) 13 4 137 3 675 3 847
Capital adequacy
Capital to risk-weighted assets
Group (%) 22 24 21
Banking Group (%) 23 24 21
Employees
Permanent staff complement 9 823 756 835
Condensed consolidated statement of financial position
All figures in R'000 % 31 December 31 December 30 June
change 2015 2014 2015
Unaudited Unaudited Audited
Assets
Cash and short-term negotiable securities 2 322 909 2 185 069 2 618 366
Loans and advances to customers 36 5 783 873 4 247 140 5 214 781*
Financial assets held for trade facilitation and repurchase agreements 1 039 932 1 659 599 1 687 221
Other receivables 887 295 431 944 688 057
Investment securities 492 873 556 852 435 007
Property, plant and equipment 73 191 60 080 57 585
Taxation 9 399 6 792 7 280
Intangible assets and goodwill 130 270 59 517 131 862*
Deferred tax asset 14 459 11 079 15 145
Total assets 17 10 754 201 9 218 072 10 855 304
Liabilities
Funding under repurchase agreements and interbank 830 888 577 179 538 340
Deposits from customers 16 3 458 616 2 978 547 3 275 866
Debt securities issued 2 344 778 1 583 285 2 344 167
Long-term loans 485 987 590 015 538 071
Total funding 7 120 269 5 729 026 6 696 444
Financial liabilities held for trade facilitation and repurchase agreements 1 188 545 1 592 410 1 650 789
Other payables 844 765 444 848 964 396*
Taxation 18 529 6 080 11 571
Deferred tax liability 73 649 79 980 93 913
Total liabilities 9 245 757 7 852 344 9 417 113
Equity
Ordinary share capital and share premium 144 327 144 327 144 327
Reserves 1 168 667 1 022 123 1 098 414
Preference share capital and share premium 195 450 199 278 195 450
Total equity 1 508 444 1 365 728 1 438 191
Total liabilities and equity 17 10 754 201 9 218 072 10 855 304
* Restated as per Note 2.
Condensed consolidated income statement
All figures in R'000 % 31 December 31 December 30 June
change 2015 2014 2015
Unaudited Unaudited Audited
Interest income 488 496 350 083 712 176
Interest expense 295 187 209 403 419 563
Net interest income 37 193 309 140 680 292 613
Non-interest income 12 374 995 335 460 664 021
Total income 19 568 304 476 140 956 634
Impairment charges on loans and advances (25) 14 385 19 089 32 771
Net income after impairments 553 919 457 051 923 863
Operating costs 17 403 928 345 248 691 352
Staff costs 21 231 603 191 612 382 115
Other operating expenses 12 172 325 153 636 308 045
Goodwill impairment - - 1 192
Profit from operations 149 991 111 803 232 511
Share of associate income 1 279 647 2 500
Profit before income tax 151 270 112 450 235 011
Income tax expense 38 024 24 437 42 037
Profit for the period 113 246 88 013 192 974
Profit attributable to:
Preference shareholders 7 019 6 951 14 272
Equity holders of the Group 31 106 227 81 062 178 702
Profit for the period 113 246 88 013 192 974
Earnings per ordinary share (cents) 31 334.72 255.42 563.08
Diluted earnings per ordinary share (cents) 31 334.72 255.42 563.08
Headline earnings per ordinary share (cents) 31 334.43 255.33 566.74
Diluted headline earnings per ordinary share (cents) 31 334.43 255.33 566.74
Condensed consolidated statement of comprehensive income
All figures in R'000 % 31 December 31 December 30 June
change 2015 2014 2015
Unaudited Unaudited Audited
Profit for the period 113 246 88 013 192 974
Other comprehensive income for the period, net of income tax 10 924 4 267 7 188
Items that may be subsequently reclassified to profit or loss
Foreign exchange differences on translation of foreign operation 70 877 14 070 31 515
Net loss on hedge of net investment in foreign operation (59 953) (9 803) (24 327)
Loss on hedge of net investment in foreign operation (83 268) (13 615) (33 788)
Income tax effect 23 315 3 812 9 461
Total comprehensive income for the period 35 124 170 92 280 200 162
Total comprehensive income attributable to:
Preference shareholders 7 019 6 951 14 272
Equity holders of the Group 117 151 85 329 185 890
Total comprehensive income for the period 35 124 170 92 280 200 162
Condensed headline earnings reconciliation
All figures in R'000 % 31 December 31 December 30 June
change 2015 2014 2015
Unaudited Unaudited Audited
Earnings are determined as follows:
Earnings attributable to equity holders of the Group 106 227 81 062 178 702
Headline adjustable items (90) (29) 1 162
Profit on sale of property and equipment (90) (29) (30)
Gross (125) (40) (41)
Tax impact 35 11 11
Impairment of goodwill - - 1 192
Headline earnings 31 106 137 81 033 179 864
Headline earnings per ordinary share (cents) 31 334.43 255.33 566.74
Condensed consolidated statement of changes in equity
All figures in R'000 31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
Opening total shareholders' equity 1 438 191 1 320 958 1 320 958
Total comprehensive income for the period 124 170 92 280 200 162
Profit for the period 113 246 88 013 192 974
Foreign currency translation reserve 70 877 14 070 31 515
Hedging reserve (59 953) (9 803) (24 327)
Transactions with owners recorded directly in equity
Preference share buyback - - (3 828)
Preference share dividend (7 019) (6 951) (14 272)
Ordinary share dividend (46 898) (40 559) (64 829)
Closing balance 1 508 444 1 365 728 1 438 191
Condensed consolidated statement of cash flows
All figures in R'000 31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
Cash flows from operating activities 28 826 23 334 105 014
Movement in operating assets and liabilities (525 143) 327 993 98 995*
Net cash flows from operating activities (496 317) 351 327 204 009
Net cash flows from investing activities (88 769) (6 210) 52 524*
Net cash flows from financing activities - - (3 828)
Net increase in cash and cash equivalents (585 086) 345 117 252 705
Cash and cash equivalents at beginning of the period 2 080 026 1 834 179 1 834 179
Effect of exchange rate fluctuations on cash held (2 919) 5 773 (6 858)
Cash and cash equivalents at end of the period 1 492 021 2 185 069 2 080 026
Cash and cash equivalents comprise:
Cash and short-term negotiable securities 2 322 909 2 185 069 2 618 366
Funding under repurchase agreements and interbank (830 888) - (538 340)
Cash and cash equivalents at end of the period 1 492 021 2 185 069 2 080 026
* Restated as per Note 2.
Condensed segmental analysis
All figures in R'000 31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
Segment result
Business Banking 86 243 47 650 117 857
Capital (4 853) 6 448 12 691
Transactional Banking and Treasury 4 033 7 886 10 390
Wealth 35 058 32 965 64 425
Commercial Solutions 12 321 12 651 23 106
Group and inter-segment eliminations (19 556) (19 587) (35 495)
Profit for the period 113 246 88 013 192 974
Segment revenue
Business Banking 496 862 352 033 722 099
Capital 23 565 33 404 63 888
Transactional Banking and Treasury 185 402 150 478 305 330
Wealth 167 317 129 762 253 299
Commercial Solutions 105 987 103 864 204 052
Group and inter-segment eliminations (114 363) (83 351) (172 471)
Total segment revenue 864 770 686 190 1 376 197
Segment assets
Business Banking 6 708 533 4 379 415 5 978 376
Capital 691 825 653 577 592 453
Transactional Banking and Treasury 3 627 558 3 403 390 4 156 727
Wealth 1 637 791 1 822 932 2 190 036
Commercial Solutions 441 215 370 401 388 799
Group and inter-segment eliminations (2 352 721) (1 411 643) (2 451 087)
Total segment assets 10 754 201 9 218 072 10 855 304
Segment liabilities
Business Banking 3 206 909 3 866 275 2 998 027
Capital 169 959 554 627 165 587
Transactional Banking and Treasury 3 613 175 3 095 492 3 609 142
Wealth 1 509 746 1 706 189 2 100 102
Commercial Solutions 198 433 185 393 166 592
Group and inter-segment eliminations 547 535 (1 555 632) 377 663
Total segment liabilities 9 245 757 7 852 344 9 417 113
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 2015.
Fair value 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 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 31 December 31 December 30 June
2015 2014 2015
Unaudited Unaudited Audited
Cash and short-term negotiable securities 2 322 909 - - 2 322 909 2 185 069 2 618 366
Financial assets and reverse repurchase agreements 1 039 932 - - 1 039 932 1 659 599 1 687 221
Investment securities - 30 186 462 687 492 873 551 267 435 007
Other receivables - 57 745 - 57 745 26 758 51 878
Total financial assets carried at fair value 3 362 841 87 931 462 687 3 913 459 4 422 693 4 792 472
Financial liabilities and reverse repurchase agreements 1 188 545 - - 1 188 545 1 592 410 1 650 789
Other payables - 54 887 - 54 887 37 408 49 480
Total financial liabilities carried at fair value 1 188 545 54 887 - 1 243 432 1 629 818 1 700 269
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 2015.
31 December 31 December 30 June
All figures in R'000 2015 2014 2015
Unaudited Unaudited Audited
Level 3 fair values - Investment securities
Opening balance 398 024 407 408 407 408
Unrealised gains for the period included in profit or loss 10 134 30 807 54 844
Net investments/(settlements) 54 529 5 578 (64 228)
Closing balance 462 687 443 793 398 024
The valuation 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
30 June 2015 were not consolidated but accounted for as pre-acquisition profits.
The Group had recognised provisional amounts at the acquisition date owing to certain facts and circumstances being unknown at the acquisition date relating to the
determination of the purchase price allocation (PPA) and net identifiable assets.
An independent identification on the intangible assets of Fintech was conducted to determine the PPA in terms of IFRS 3. This resulted in the identification and subsequent
valuation of an intangible asset relating to the Fintech brand and Fintech's distributor relationships. The independent identification and valuation of the Fintech brand and
distributor relationships was also reviewed by the Group's auditors, KPMG Inc.
The effect of the intangible asset identification resulted in a change to goodwill and a restatement of the 2015 financial results, where applicable. Refer to page 9 for the
updated goodwill calculation and related disclosure.
2.1 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, taking into account the final amounts below:
As reported As reported
31 December 30 June
2015 2015
Final Provisional
All figures in R'000 amount amount
Assets
Cash and short-term negotiable securities 160 175 160 175
Net loans and advances to customers 824 946 852 624
Gross loans and advances to customers 850 663 878 341
Less: impairments (25 717) (25 717)
Other receivables 23 030 23 030
Property, plant and equipment 2 385 2 385
Total assets 1 010 536 1 038 214
Liabilities
Funding under repurchase agreements and interbank 109 185 109 185
Debt securities issued 665 000 665 000
Other payables 116 540 116 540
Taxation 362 362
Deferred tax liability 11 809 11 809
Total liabilities 902 896 902 896
Net tangible assets acquired 107 640 135 318
Intangible assets acquired 50 938 -
Goodwill 8 038 8 038
Total net assets acquired 166 616 143 356
2.2 Goodwill
Goodwill arising from the acquisition has been recognised as follows:
Total consideration transferred 176 959 187 767
Total net assets acquired 166 616 143 356
Less: acquired goodwill 8 038 8 038
Fair value of identifiable net assets acquired 158 578 135 318
Goodwill recognised on acquisition 18 381 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.
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 and private client wealth financial services.
Business review: Group performance
Business environment
China's industrial growth, the mainstay for global economic growth, has slowed, which has brought about a rapid fall in commodity prices. Europe and Japan have stepped up
monetary stimulus and the USA may defer further interest rate increases to maintain growth.
South Africa is suffering the effects of the commodities slump, drought and mismanagement in the public sector and could lose its investment grade status.
Against this backdrop, it is pleasing to report that the South African banking industry in general remains resilient and well capitalised.
Group overview
Despite the tough economic and market conditions, Sasfin delivered a 31% increase in headline earnings per share at 334.43 cents (2014: 255.33 cents) for the six-month period.
Total assets grew by 17% to R10.754 billion over the corresponding period, driven by a 36% growth in gross loans and advances to R5.935 billion (2014: R4.357 billion), which
includes the acquisition of the Fintech lending book.
The Group strengthened its financial position by growing its funding base by 23% to R7.316 billion (2014: R5.928 billion) underpinned by a 16% growth in deposits from
customers to R3.459 billion (2014: R2.979 billion).
Improved performances in Wealth and Business Banking, including the contribution of Fintech's performance, saw headline earnings climb to R106.137 million (2014: R81.033
million).
Net interest income grew by 37% year-on-year, underpinned by a 36% growth in the lending book and improved returns achieved on the surplus liquidity position.
Year-on-year, Group operating costs increased by 17% to R403.928 million (2014: R345.248 million). This incorporates the Fintech cost base of R21.984 million, representing 6%
of the Group's total increase in operating costs. Staff costs increased by 21% inclusive of the Fintech staff complement and a substantially staffed Transactional Banking unit.
Other operating costs grew by 12% due to increased investment in information technology and infrastructure.
The Group's cost-to-income ratio showed a marginal improvement to 71% from 72% at December 2014, while the Banking Group increased to 63% (2014: 62%). It is envisaged that the
cost-to-income ratios will improve as the synergies from Fintech materialise. The Group's JAWS ratio was 2%.
Segmental overview
Business Banking delivered a profit of R86.243 million (2014: R47.650 million), an 81% increase over 2014, which included a contribution of R19.640 million from Fintech, after
accounting for the cost of funds on this acquisition, and a lower net credit impairment charge. Notwithstanding the weak credit environment and growth in the lending book, the
credit loss ratio improved to 52bps from 98bps at December 2014, benefiting from improved bad debt recoveries.
Wealth showed a 6% increase in profitability to R35.058 million from R32.965 million at December 2014. Excluding certain once-off gains recorded in 2014, this division
delivered a 43% growth in profitability on a normalised basis. The increased profitability was driven by strong performance across all Wealth business units and underpinned by
a 26% increase in assets under advisement and management to R112 billion (2014: R89 billion).
Transactional Banking, now operational, and Treasury continued to grow by building a deposit base with diversified tenors; however, profitability declined to R4.033 million
(2014: R7.886 million). This was as a result of the expected loss in Transactional Banking due to slower than expected client acquisition and the inclusion of a larger cost
base. Deposits from customers experienced a 16% growth to R3.459 billion (2014: R2.979 billion).
Capital incurred a loss of R4.853 million (2014: Profit of R6.448 million) for the period due to poor performances in Property Private Equity and a loss in Corporate Finance.
The Private Equity unit achieved satisfactory results with reasonable returns on its portfolio.
Commercial Solutions was impacted by the economic downturn and endured tough trading conditions to December 2015, particularly in its Incentives and Freight businesses.
Profitability declined by 3% to R12.3 million from R12.7 million at December 2014. On a positive note, Sasfin Forex has performed well following the renewed management focus,
attention to chosen markets and clientele, coupled with increased volumes traded during the period.
Statement of financial position and capital management review
The Group funding position remained sound with a diversified funding base of R7.316 billion, up from R5.928 billion at December 2014, allowing Sasfin Bank Limited to maintain
its liquidity coverage and net stable funding ratios at comfortable levels, well in excess of the regulatory minimums.
Sasfin's securitisation vehicle, the South African Securitisation Programme (RF) Limited (SASP), Series 1, a leader in its market, continued to deliver consistent performance
with R332 million of maturing notes successfully refinanced.
The Group's capital adequacy ratio has decreased to 22% (2014: 24%), primarily due to growth in risk-weighted assets. Sasfin's Tier 1 capital base allows sufficient capacity
for organic and acquisitive growth.
Prospects
Despite the weak state of the South African economy, Sasfin is confident that it will continue to increase its market share in the Business Banking and Wealth markets, where it
is experiencing good demand. The Group continues to build scale and enhance efficiencies through its ongoing investment in technology and infrastructure.
Sasfin is progressing with its initiatives to conclude a BEE transaction.
Basis of preparation and presentation of the condensed interim financial statements
The condensed interim consolidated financial statements have been prepared in accordance with IAS 34: Interim Financial Reporting, and in compliance with the requirements of
the Companies Act of South Africa and the JSE Listings Requirements. The accounting policies applied conform to International Financial Reporting Standards and the SAICA
Financial Reporting Guides. There are no material events to report subsequent to 31 December 2015 other than already disclosed.
The accounting policies applied in these condensed unaudited, unreviewed consolidated financial statements for the period ended 31 December 2015 are the same as those applied
in the Group's consolidated financial statements as at and for the year ended 30 June 2015.
Condensed interim financial statements
The condensed unaudited, unreviewed consolidated interim financial statements comprise a consolidated statement of financial position at 31 December 2015, a consolidated income
statement, a consolidated statement of comprehensive income, a condensed statement of changes in equity, a condensed cash flow statement and condensed segmental analysis
reports for the period ended 31 December 2015.
Responsibility of financial statements
In terms of S29(1)e(ii) of the Companies Act, it is confirmed that the preparation of these interim financial statements is done under the supervision of Tyrone Soondarjee CA
(SA), Group Financial Director.
Preference share cash dividend
Notice is hereby given that the directors have declared a gross cash preference dividend number 23 amounting to 396.28 cents per share (336.838 cents per share net of 15%
dividend withholding tax) (2014: 383.74 cents per share) (326.179 cents per share net of 15% dividend withholding tax) (preference dividend) for the period 1 July 2015 to 31
December 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 is payable to holders of preference
shares recorded in the register of the Company at the close of business on 15 April 2016.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend Friday, 8 April 2016
Preference shares commence trading ex the preference dividend Monday, 11 April 2016
Preference dividend record date Friday, 15 April 2016
Payment date of preference dividend Monday, 18 April 2016
Preference share certificates may not be dematerialised or rematerialised between Monday, 11 April 2016 and Friday, 15 April 2016, both days inclusive.
Interim ordinary share cash dividend
Notice is hereby given that a gross interim ordinary share cash dividend, amounting to 98.575 cents per share (2014: 75.260 cents per share) (ordinary dividend), has been
declared.
The following further information is provided to shareholders with regard to the interim 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 83.78875 cents (December 2014: 63.971 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 is payable to holders of ordinary shares recorded in the register of the Company at the close of business on Friday, 22 April 2016.
The salient dates relating to the ordinary dividend are as follows:
Last day to trade cum the ordinary dividend Friday, 15 April 2016
Ordinary shares commence trading ex the ordinary dividend Monday, 18 April 2016
Ordinary dividend record date Friday, 22 April 2016
Payment date of ordinary dividend Monday, 25 April 2016
Ordinary share certificates may not be dematerialised or rematerialised between Monday, 18 April 2016 and Friday, 22 April 2016, 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 MEE Sassoon was appointed a full Executive Director of the Company and Sasfin Bank Limited on 23 October 2015.
Following his appointment as Acting Chief Risk Officer, Mr MG Lane resigned as an Alternate Executive Director of the Company and Sasfin Bank Limited on 23 October 2015.
For and on behalf of the Board
RC ANDERSEN RDEB SASSOON TD SOONDARJEE
Chairman Chief Executive Officer Group Financial Director
17 March 2016
Independent Non-Executive Chairman
RC Andersen
Executive Directors
RDEB Sassoon (Chief Executive Officer)
TD Soondarjee (Group Financial Director)
MEE Sassoon
Alternate Executive Director
LR Frohlich
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 Johannesburg Partnership
Independent Sponsor
KPMG Services (Pty) Ltd
Lead Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Registered Office
29 Scott Street, Waverley Johannesburg 2090 Tel: +27 11 809 7500 Fax: +27 11 887 6167/2489
Transfer Secretaries
Computershare Investor Services (Pty) Ltd 70 Marshall Street, Johannesburg, 2001 PO Box 61051, Marshalltown, 2107
Website
www.sasfin.com
Tax reference number
9300/204/71/7
This announcement and additional information are 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 howsoever 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.
Date: 17/03/2016 10:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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