Wrap Text
Summarised Audited Financial Statements For The Year Ended 29 February 2016
Capitec Bank Holdings Limited
Registration number: 1999/025903/06
Registered bank controlling company
Incorporated in the Republic of South Africa
JSE ordinary share code: CPI ISIN: ZAE000035861
JSE preference share code: CPIP ISIN: ZAE000083838
('Capitec' or 'the Company' or 'the Group')
SUMMARISED AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED
29 FEBRUARY 2016
- Headline earnings per share up 26% to 2 787 cents
- Headline earnings up 26% to R3.2 billion
- Total dividend per share up 26% to 1 055 cents
- Return on equity: 27%
- Active clients: 7.3 million
KEY PERFORMANCE INDICATORS
Change %
2016 2015 2016/2015 2014
PROFITABILITY
Interest income R'm 12 475 10 783 16 9 434
Net loan fee income R'm 855 619 38 841
Net transaction fee
income R'm 3 020 2 608 16 1 927
Interest paid R'm (2 884) (2 426) 19 (2 133)
Other income R'm (1) 22 (19)
Income from operations R'm 13 465 11 606 16 10 050
Net loan impairment
expense R'm (4 401) (4 014) 10 (3 976)
Net income R'm 9 064 7 592 19 6 074
Operating expenses R'm (4 591) (4 031) 14 (3 242)
Non-banking operations R'm - (1) 2
Income before tax R'm 4 473 3 560 26 2 834
Tax R'm (1 244) (995) 25 (797)
Preference dividend R'm (16) (18) (11) (20)
Earnings attributable to
ordinary
shareholders
- Basic R'm 3 213 2 547 26 2 017
- Headline R'm 3 222 2 547 26 2 017
Net transaction fee
income to net income % 33 34 32
Net transaction fee
income to operating
expenses % 66 65 59
Cost-to-income ratio % 34 35 32
Return on ordinary
shareholders' equity % 27 25 23
Earnings per share
- Attributable cents 2 779 2 209 26 1 752
- Headline cents 2 787 2 209 26 1 752
- Diluted attributable cents 2 773 2 206 26 1 740
- Diluted headline cents 2 781 2 206 26 1 740
Dividends per share
- Interim cents 375 246 52 203
- Final cents 680 590 15 460
- Total cents 1 055 836 26 663
Dividend cover x 2.6 2.6 2.6
ASSETS
Net loans and advances R'm 35 760 32 484 10 30 053
Cash and short-term
funds R'm 24 989 19 755 26 14 423
Other R'm 2 196 1 678 31 1 715
Total assets R'm 62 945 53 917 17 46 191
LIABILITIES
Deposits R'm 47 940 41 181 16 35 449
Other R'm 1 346 1 172 15 760
Total liabilities R'm 49 286 42 353 16 36 209
EQUITY
Shareholders' funds R'm 13 659 11 564 18 9 982
Capital adequacy ratio % 35 36 39
Net asset value per
ordinary share cents 11 663 9 822 19 8 433
Share price cents 47 400 41 000 16 18 375
Market capitalisation R'm 54 807 47 407 16 21 186
Number of shares in
issue '000 115 627 115 627 115 298
Share options
- Number outstanding '000 868 710 22 1 503
- Number outstanding to
shares in issue % 0.8 0.6 1.3
- Average strike price cents 28 520 19 403 47 9 465
- Average time to
maturity months 27 28 (4) 16
OPERATIONS
Branches 720 668 8 629
Employees 11 440 10 261 11 9 070
Active clients '000 7 269 6 244 16 5 388
ATMs
- Own 1 236 941 31 744
Partnership 2 469 2 477 - 2 174
- Total 3 705 3 418 8 2 918
Capital expenditure R'm 704 414 70 549
SALES
Loans
Value of loans advanced R'm 24 228 19 417 25 18 214
Number of loans
advanced '000 3 684 2 820 31 3 034
Average loan amount R 6 577 6 887 (5) 6 003
Repayments R'm 28 689 23 787 21 21 862
Gross loans and
advances R'm 40 891 36 341 13 33 690
Loans past due (arrears) R'm 2 297 1 964 17 2 174
Arrears to gross
loans and advances % 5.6 5.4 6.5
Arrears and arrears
rescheduled < 6 months R'm 3 839 2 848 35 2 921
Arrears and arrears
rescheduled < 6 months
to gross loans and
advances % 9.4 7.8 8.7
Provision for doubtful
debts R'm 5 131 3 857 33 3 637
Provision for
doubtful debts to
gross loans and advances % 12.5 10.6 10.8
Arrears coverage ratio % 223 196 167
Arrears and arrears
rescheduled < 6 months
coverage ratio % 134 135 125
Loan revenue R'm 12 145 10 660 14 9 841
Loan revenue to average
gross loans and advances % 31.5 30.4 30.6
Gross loan impairment
expense R'm 5 255 4 616 14 4 410
Recoveries R'm 854 602 42 434
Net loan impairment
expense R'm 4 401 4 014 10 3 976
Net loan impairment
expense to loan revenue % 36.2 37.7 40.4
Net loan impairment
expense to average gross
loans and advances % 11.4 11.5 12.4
Deposits
Wholesale deposits R'm 10 154 11 152 (9) 11 848
Retail call savings R'm 24 152 19 298 25 14 617
Retail fixed savings R'm 13 634 10 731 27 8 984
Relentless focus on clients and service
This year has seen the largest growth in our client numbers since we started the bank.
By year-end, active clients were up 1 025 000 to 7.3 million and primary bank clients
(those clients who make regular deposits � mainly salaries) increased by 582 000 to
3.3 million.
Our brand is accepted by all income profiles and most people like our transparent, non-
discriminatory approach to services and fees: all our clients hold gold cards.
According to the comprehensive AMPS survey for the period to June 2015, 20.6% of South
Africans regard Capitec Bank as their primary bank, up from 18.9% for the period to
December 2014.
A recent study by the Centre for Competition, Regulation and Economic Development,
supported by the National Treasury, demonstrates that Capitec's entry into the banking
industry contributed to a more competitive banking environment, resulting in
significantly lower bank charges in South Africa. This is estimated to amount to annual
clients savings across the banking system of R19.9 billion in 2014. The savings were
calculated from the impact both on those clients who switched to Capitec Bank and the
effect on clients who stayed with their existing bank but benefitted from reduced
charges as the banks responded to Capitec's lower charges.
Cellphones lead to easier banking
Cellphone banking has taken off and the Capitec app is a tool clients can use easily
and securely to simplify banking. Over 1 million clients have activated the app and can
do almost everything they need to with three or four taps on their phones.
Earnings up 26%
Earnings increased by 26% to R3.2 billion from R2.5 billion a year ago. Continued
growth from loan and transaction fee income combined with conservative credit granting
contributed to the strong year-on-year increase.
Net transaction fee income increased by 16%
Growing client numbers, particularly salaried clients, combined with increased activity
per client resulted in a 16% year-on-year increase in net transaction fee income to
R3.0 billion. The decrease in card processing fees earned since March 2015 has been absorbed
in this figure.
Our net transaction fee income covered 66% (February 2015:65%) of our operating expenses and
contributed 33% (February 2015:34%) of our net income.
We strive for simplicity and transparency, giving clients greater control over their
banking. Our fees are transparent and easy to understand. There was no price increase
for cellphone and internet banking in the year and our other price increases were below
inflation.
The importance of our employees
Capitec Bank's success depends upon its ability to recruit and retain employees as our
unique service experience depends on them. We had 11 440 permanent employees at year-
end, an increase of 1 179 employees compared to a year ago. Each one of our new
employees is trained at our training centre in Stellenbosch and we invested significantly
in leadership training. We promoted 1 369 employees within the organisation during the year.
Operating costs increased by 14%
Operating costs increased by 14% from R4.0 billion in 2015 to R4.6 billion in 2016. The
cost-to-income ratio decreased from 35% in 2015 to 34% in 2016. The two biggest reasons
for the growth in expenses were the increases in the number of employees and branches.
Employment costs grew by R302 million, in line with the 11% year-on-year
growth in employees. The cost of premises grew by R68 million as we opened 52 new
branches during the year. Security and IT costs also showed significant increases.
Capital expenditure for the year was R704 million (February 2015: R414 million). The
70% year-on-year increase was due to the growing ATM and branch network, as well as the
purchase of land and property.
Gross loans and advances increased by 13%
We granted 864 935 more loans in 2016 than in the previous year. Gross loans and advances
increased by R4.6 billion to R40.9 billion.
The average term of the outstanding book decreased from 43 months at February 2015 to
40 months at February 2016. Although the average term of loans advanced were shorter and the
average loan amount decreased, the value of new loans grew by 25% from R19.4 billion to
R24.2 billion in 2016.
We react swiftly to events and changing circumstances that impact on our clients.
Continuous detailed measurement of the performance and trends in the various segments of
the loan book and economy is performed. For example, management undertook visits to mines
during the year to understand the impact of the commodities downturn on our clients.
During the last few months of the 2016 year, macro-economic conditions deteriorated and
as a result we made changes to the credit granting model in December 2015.
Arrears as a percentage of gross loans and advances increased to 5.6%
Arrears increased from R2.0 billion in 2015 to R2.3 billion in 2016, an increase of 17%,
while arrears to gross loans and advances increased from 5.4% to 5.6%. Arrears
performance was on track for most of the year, but increased in the last quarter of
2016.
Rescheduled accounts
We give clients who experience cash flow stress the opportunity to reschedule their
payments. This applies to clients who are in arrears and those who are up-to-date with
their payments, based on predetermined criteria.
Loans rescheduled during the last six months of the year (which were in arrears at the
time of rescheduling), grew by 75% to R1.5 billion (February 2015: R884 million). This
is due to the expansion of our higher margin short term book, and is also an indication
of the economic challenges faced by clients.
The increased cash flow stress to which clients are being subjected to, is also reflected in the
increase in up-to-date rescheduling, which amounted to to R1.8 billion (February 2015: R1.1 billion).
Conservative provisioning
We introduced two additional provisions during the latter half of the year. Firstly,
for the probability of an up-to-date client rescheduling and secondly, for the effect of
the macro-economic conditions on our clients. These provisions, as well as the provision
model changes, contributed to a 33% increase in provision for doubtful debts to R5.1
billion at February 2016.
The total provisions compared to the gross loan book increased to 12.5% at the end of
the 2016 financial year (February 2015: 10.6%). The level of provisions to arrears
increased from 196% in 2015 to 223% in 2016.
We provide 8% on up-to-date loans, 47% on loans one instalment behind, 76% for two
instalments and 89% for three instalments. We provide on average 49% on clients that
rescheduled any of their loans whilst in arrears within the last six months although
they are up-to-date in terms of the new agreement. For clients who rescheduled any of
their loans whilst up-to-date we provide 16%. All these provisions are based on the
probability of further default. All outstanding balances of clients who are 90 days in
arrears on any loan are fully provided for or written off.
The gross loan impairment expense increased by 14% to R5.3 billion for the year ended
February 2016 (February 2015: R4.6 billion). The table below analyses this increase:
Change
%
2016 2015 2016/2015 2014
Write-offs R'm 3 981 4 395 (9) 3 496
Movement in bad debt
provision R'm 1 274 221 476 914
Gross loan impairment
expense 5 255 4 616 14 4 410
Our net loan impairment expense to loan revenue improved from 37.7% in 2015 to 36.2%
this year. The net loan impairment expense to average gross loans and advances
decreased slightly from 11.5% in 2015 to 11.4% this year.
The book is performing within our risk appetite. We expect continued pressure on employment and
the economy. We are prudent when providing credit, we manage our book meticulously and
we make conservative provisions.
Recoveries
Recoveries increased by 42% year-on-year from R602 million in 2015 to R854 million in 2016.
The increase resulted from growth in the handed-over book, the implementation of a new
strategy with our debt collectors and debt sales.
Robust capital
The return on equity for the year increased to 27% (February 2015: 25%). The total
annual dividend increased by 26% from 836 cents per share to 1 055 cents per share, in
line with the increase in earnings.
Capitec remains well capitalised and is generating sufficient profit to fund growth in
the loan book. At February 2016, the capital adequacy ratio was 34.9%. We remain
conservatively leveraged with total assets at 5 times equity.
Retail deposits grew by R7.8 billion
Capitec clients receive a minimum of 5.35% annual interest on balances in their transaction
accounts. Retail fixed savings amounted to R13.6 billion at 29 February 2016 (an
increase of R2.9 billion from a year ago) and retail call savings grew by R4.9 billion
to R24.2 billion. Our retail deposits grew by more than our total advances.
We maintain a healthy reserve of longer dated wholesale deposits to match our assets.
Wholesale funding remains an important part of our liquidity structure. On 2 November 2015,
we received bids totalling R903 million and subsequently issued a bond of R500 million.
Capitec is fully compliant with the Basel 3 liquidity ratios. Our conservative liquidity
policies are unchanged.
Regulation
The Department of Trade and Industry ("DTI") published new regulations dealing with the
assessment of affordability under the National Credit Act on 13 March 2015. The
regulations, which guide credit providers away from providing high-risk credit and
protect consumers applying for credit at registered providers, came into effect on
13 September 2015.
The DTI published final regulations for interest rate limits and fees for credit
agreements which will become effective from 6 May 2016. They have also invited comment
on the draft regulations regarding the capping of costs on credit life and retrenchment
insurance. Capitec does not currently charge credit life or retrenchment insurance, but
will start to do so from 6 May 2016. We performed a robust assessment of the impact of
these regulations, including the charging for credit life and retrenchment insurance
based on a client-by-client risk assessment, and determined that there will be a
limited impact on Capitec.
We continue to support appropriate regulation enhancing the sustainability of the
credit industry and to reduce the cost of credit for consumers if this is done in a
manner that is sustainable and achieves a balance between affordability and access to
credit. We will support the regulator on these matters.
Contingent liability
Since 2013, we have reported that the National Credit Regulator ("NCR") alleged that
Capitec Bank Limited had contravened the National Credit Act. The National Credit
Tribunal dismissed the NCR's application and the NCR lodged an appeal. The appeal was
heard in the Gauteng High Court before a bench of three judges on 24 February 2016.
On 23 March 2016 the court delivered its judgment and dismissed the NCR's appeal.
During February 2016 we became aware of another referral made by the NCR to the
National Consumer Tribunal, which referral is being contested by Capitec Bank.
It is, and remains, impracticable to estimate the financial effect of any possible
outcome of either of the referrals. Capitec is, and remains, of the view that the
matters will be satisfactorily resolved through due process.
Changes in executive management
Christian van Schalkwyk, who was in charge of risk management and company secretary
since we started in 2000, retired during November 2015. We would like to thank
Christian for the work he did in helping grow the bank and ensuring it has a solid
foundation. He is succeeded by Nkosana Mashiya as the risk management executive.
Nkosana was previously deputy registrar of banks at the South African Reserve Bank, and
brings a wealth of risk and regulatory knowledge. We welcome him on board. After
serving as assistant company secretary for 15 years, Yolande Mouton replaced Christian
as company secretary.
Prospects
The rapid growth in client numbers ensures that we will continue investing heavily in
people, branches and ATMs.
We expect difficult economic conditions to persist. We see this as an opportunity to
gain more clients as they look for value and better service from their bank.
Capitec Bank is well placed for the regulatory changes on credit agreements. We expect
minimal impact on our earnings from these changes.
We will strive to improve both ease of access for clients and service standards.
Quality of service is a never ending challenge in banking. With a strong brand, a
simple and cost-effective product, a conservative approach to credit and a healthy
capital adequacy position, the bank remains focussed on the financial needs of South Africans.
Dividend
The directors declared a final gross dividend of 680 cents per ordinary share on
29 March 2016, bringing the total dividends for the year to 1 055 cents per share. The
interim dividend payment was increased to 36% of the total dividend from 29% last year.
There are 115 626 991 ordinary shares in issue.
The final dividend meets the definition of a dividend in terms of the Income Tax Act
(Act 58 of 1962). The dividend amount net of South African dividend tax of 15% is
578.00000 cents per share. The distribution is made from income reserves. Capitec's tax
reference number is 9405376840.
Last day to trade cum dividend Friday, 15 April 2016
Trading ex-dividend commences Monday, 18 April 2016
Record date Friday, 22 April 2016
Payment date Monday, 25 April 2016
Share certificates may not be dematerialised or rematerialised from Monday, 18 April
2016 to Friday, 22 April 2016, both days inclusive.
The chief financial officer's review is available at http://www.capitecbank.co.za.
On behalf of the board
Michiel le Roux
Chairman
Gerrie Fourie
Chief executive officer
Stellenbosch
30 March 2016
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
February February
2016 2015
R'm R'm
ASSETS
Cash, cash equivalents and money market funds 14 165 11 312
Investments designated at fair value - 2 664
Held-to-maturity investments 3 635 -
Term deposit investments 7 189 5 778
Loans and advances to clients 35 760 32 484
Other receivables 216 204
Derivative assets 225 36
Current income tax asset 53 38
Property and equipment 1 110 850
Intangibles 243 239
Deferred income tax asset 349 312
Total assets 62 945 53 917
LIABILITIES
Loans and deposits at amortised cost 47 940 41 181
Other liabilities 1 238 1 108
Provisions 108 64
Total liabilities 49 286 42 353
EQUITY
Ordinary share capital and premium 5 649 5 649
Cash flow hedge reserve 64 7
Retained earnings 7 772 5 701
Share capital and reserves attributable to ordinary
shareholders 13 485 11 357
Non-redeemable, non-cumulative, non-participating
preference share capital and premium 174 207
Total equity 13 659 11 564
Total equity and liabilities 62 945 53 917
SUMMARISED CONSOLIDATED INCOME STATEMENT
Audited Audited
February February
2016 2015
R'm R'm
Interest income 12 475 10 783
Interest expense (2 884) (2 426)
Net interest income 9 591 8 357
Loan fee income 1 545 1 246
Loan fee expense (690) (627)
Transaction fee income 4 326 3 673
Transaction fee expense (1 306) (1 065)
Net fee income 3 875 3 227
Net impairment charge on loans and advances to clients (4 401) (4 014)
Net movement in financial instruments held at fair
value through profit or loss (1) 21
Income from operations 9 064 7 591
Operating expenses (4 591) (4 031)
Loss on sale of associate - (1)
Operating profit before tax 4 473 3 559
Income tax expense (1 245) (995)
Profit for the period 3 228 2 564
Earnings per share (cents)
- Basic 2 779 2 209
- Diluted 2 773 2 206
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
February February
2016 2015
R'm R'm
Profit for the period 3 228 2 564
Cash flow hedge recognised during the year 189 (89)
Cash flow hedge reclassified to profit and loss for the
year (111) (14)
Cash flow hedge before tax 78 (103)
Income tax relating to cash flow hedge (21) 29
Other comprehensive income for the period net of tax 57 (74)
Total comprehensive income for the period 3 285 2 490
RECONCILIATION OF ATTRIBUTABLE EARNINGS TO HEADLINE EARNINGS
Audited Audited
February February
2016 2015
R'm R'm
Net profit attributable to equity holders 3 228 2 564
Preference dividend (16) (18)
Discount on repurchase of preference shares 1 1
Net profit after tax attributable to ordinary
shareholders 3 213 2 547
Non-headline items:
Profit on disposal of property and equipment (11) (3)
Income tax charge - property and equipment 3 1
Loss on scrapping of intangible assets 23 2
Income tax charge - intangible assets (6) (1)
Loss on sale of associate - 1
Headline earnings 3 222 2 547
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
February February
2016 2015
R'm R'm
Cash flow from operations 8 446 7 713
Income taxes paid (1 298) (1 037)
Cash flow from operating activities 7 148 6 676
Purchase of property and equipment (580) (288)
Proceeds from disposal of property and equipment 23 16
Purchase of intangible assets (124) (125)
Proceeds from sale of associate - 1
Investment in term deposit investments (8 183) (7 270)
Redemption of term deposit investments 6 773 1 491
Acquisition of held-to-maturity investments (4 182) -
Redemption of held-to-maturity investments 547 -
Acquisition of investments at fair value through profit
or loss and money market unit trusts (89) (2 669)
Disposal of investments at fair value through profit or
loss and money market unit trusts 2 747 4 777
Cash flow from investing activities (3 068) (4 067)
Dividends paid (1 132) (832)
Preference shares redeemed (32) (51)
Ordinary shares issued - 137
Realised loss on settlement of employee share options
less participants' contributions (68) (222)
Cash flow from financing activities (1 232) (968)
Net increase in cash and cash equivalents 2 848 1 641
Cash and cash equivalents at the beginning of the
period 11 304 9 663
Cash and cash equivalents at the end of the period 14 152 11 304
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited
February February
2016 2015
R'm R'm
Equity at the beginning of the period 11 564 9 982
Total comprehensive income for the period 3 285 2 490
Ordinary dividend (1 116) (814)
Preference dividend (16) (18)
Employee share option scheme:
Value of employee services 23 13
Shares issued and acquired for employee share options
at cost (101) (278)
Proceeds on settlement of employee share options 33 56
Tax effect on share options 19 47
Shares issued - 137
Non-redeemable, non-cumulative, non-participating
preference shares repurchased (32) (51)
Equity at the end of the period 13 659 11 564
COMMITMENTS
Audited Audited
February February
2016 2015
R'm R'm
Capital commitments approved by the board
Contracted for:
- Property and equipment 347 54
- Intangible assets 24 9
Not contracted for:
- Property and equipment 702 497
- Intangible assets 467 132
Property and other operating lease commitments
Future aggregate minimum lease payments
- Within one year 355 309
- From one to five years 1 071 836
- After five years 279 214
Total future cash flows 1 705 1 359
Straight-lining accrued (89) (71)
Future expenses 1 616 1 288
Post balance sheet event
On 10 August 2014, African Bank Limited was placed into curatorship. Capitec Bank is a
participant in a consortium that will underwrite the recapitalisation of African Bank.
The other members of the consortium comprise the Public Investment Corporation and five
other South African retail banks. The banks have a maximum exposure of R2.5 billion of
the recapitalisation. The participation level of each of the banks is based on a
formula agreed on between the banks. The recapitalisation occurred during March 2016.
Segment analysis
Capitec reports a single segment - retail banking, operating only within the South
African economic environment. The business is widely distributed with no reliance on
any major customers. The business sells a single retail banking product 'Global One'
that enables clients to transact, save and borrow.
Fair values
In terms of IFRS 13 'Fair value measurement', the fair value of loans and advances was
R38.2 billion (February 2015: R36.9 billion), deposits and bonds was R48.1 billion
(February 2015: R41.4 billion) and derivative assets was R225.4 million (February 2015:
R35.8 million asset; R22.1 million liability). The fair value of loans and advances was
calculated on a level 3 basis and deposits and bonds and derivative assets were
calculated on a level 2 basis. Investments designated at fair value are valued using
the market approach on a level 2 basis. The fair value of all other financial
instruments equates their carrying amount.
Notes
The summarised consolidated financial statements are prepared in accordance with the
JSE Limited Listings Requirements for preliminary reports and the requirements of the
Companies Act applicable to summarised financial statements. The Listings Requirements
require preliminary reports to be prepared in accordance with the framework concepts
and the measurement and recognition requirements of International Financial Reporting
Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee, Financial Pronouncements as issued by the Financial Reporting
Standards Council and to also, as a minimum, contain the information required by IAS 34
'Interim Financial Reporting'. The accounting policies applied in the preparation of
the consolidated financial statements from which the summarised consolidated financial
statements were derived are in terms of IFRS and are consistent with those accounting
policies applied in the preparation of the previous consolidated annual financial
statements. All other standards, interpretations and amendments to published standards
applied for the first time during the current financial period did not have any
significant impact on the financial statements.
The preparation of the summarised audited consolidated financial statements was
supervised by the chief financial officer, Andr� du Plessis, CA(SA).
Independent auditor's opinion
These summarised consolidated financial statements for the year ended 29 February 2016
have been audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion
thereon. The auditor also expressed an unmodified opinion on the annual financial
statements from which these summarised consolidated financial statements were derived.
A copy of the auditor's report on the summarised consolidated financial statements and
of the auditor's report on the annual consolidated financial statements are available
for inspection at the company's registered office, together with the financial
statements identified in the respective auditor's reports.
The auditor's report does not necessarily report on all of the information contained in
this announcement/financial results. Shareholders are therefore advised that in order
to obtain a full understanding of the nature of the auditor's engagement they should
obtain a copy of the auditor's report together with the accompanying financial
information from the company's registered office. The directors take full
responsibility for the preparation of the report and that the financial information has
been correctly extracted from the underlying annual financial statements.
COMPANY SECRETARY AND REGISTERED OFFICE
Yolande Mouton, MSc
1 Quantum Street, Techno Park, Stellenbosch 7600, PO Box 12451, Die Boord, Stellenbosch
7613
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited (Registration number:
2004/003647/07)
Ground Floor, 70 Marshall Street, Johannesburg 2001, PO Box 61051, Marshalltown 2107
SPONSOR
PSG Capital Proprietary Limited (Registration number: 2006/015817/07)
DIRECTORS
MS du P le Roux (Chairman), GM Fourie (CEO)*, AP du Plessis (CFO)*, Ms RJ Huntley, JD
McKenzie, Ms NS Mjoli-Mncube, PJ Mouton, CA Otto, G Pretorius, R Stassen, JP Verster
(appointed 23 March 2015)
* Executive
Annual General Meeting
Notice is hereby given that the annual general meeting of the shareholders of Capitec
will be held on Friday, 27 May 2016. The detailed notice will be available from
26 April 2016 at http://www.capitecbank.co.za/investor- relations/shareholders-centre
capitecbank.co.za
enquiries@capitecbank.co.za�
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