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Audited summarised consolidated financial statements for the year ended 30 September 2017
SYGNIA LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REGISTRATION NUMBER: 2007/025416/06
JSE SHARE CODE: SYG
ISIN CODE: ZAE000208815
(“SYGNIA” OR “THE COMPANY” OR “THE GROUP”)
AUDITED ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017
CONTENTS
SYGNIA HIGHLIGHTS 3
GENERAL INFORMATION 4
DIRECTORS’ COMMENTARY 5
AUDITED SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 11
AUDITED SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 12
AUDITED SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 13
AUDITED SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS 14
NOTES TO THE AUDITED SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS 15
SYGNIA HIGHLIGHTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
2014 2015 2016 2017
Rm Rm Rm Rm
Revenue 166 234 276 333
2014 2015 2016 2017
Rbn Rbn Rbn Rbn
Assets under management
and administration 112 137 158 184
2014 2015 2016 2017
Rm Rm Rm Rm
Profit after tax 38.5 59.3 72.3 92.5
2014 2015 2016 2017
Number of staff 106 127 175 181
Final dividend of 35c PER SHARE
GENERAL INFORMATION
NATURE OF BUSINESS AND Sygnia Limited and its subsidiaries (“the Group”) is a specialist financial services
PRINCIPAL ACTIVITIES group headquartered in South Africa and listed on the Johannesburg Stock
Exchange ("JSE"). The Group focuses on the provision of investment management
and administration solutions to institutional and retail clients, predominantly
located in South Africa. The main services provided by the Group include multi-
manager investment solutions, index-tracking investment solutions, exchange-
traded funds, customised/bespoke investment strategy management,
stockbroking, transition management, investment administration/platform services
and employee benefit administration services.
COUNTRY OF INCORPORATION South Africa
AND DOMICILE
DIRECTORS MF Wierzycka (CEO)
HI Bhorat (Chairman) #
M Buckham (CFO) (Appointed: 1 February 2017)
KT Hopkins *#
SA Zinn (Lead Independent) *#
IK Moyane *#
NJ Giles (Resigned: 31 January 2017)
* Independent # Non - executive
REGISTERED OFFICE 7th Floor,
The Foundry
Cardiff Street
Green Point
Cape Town
8001
POSTAL ADDRESS PO Box 51591
Waterfront
8002
AUDITOR Deloitte & Touche
1st Floor, The Square
Cape Quarter
27 Somerset Road
Green Point
8005
COMPANY SECRETARY G MacLachlan Appointed: 1 November 2016
COMPANY REGISTRATION NUMBER 2007/025416/06
DIRECTORS’ COMMENTARY
FOR THE YEAR ENDED 30 SEPTEMBER 2017
HIGHLIGHTS
- Assets under management and administration of R184.3 billion as at 30 September 2017 (2016: R158.4 billion), up 16.0%.
- Acquisition of db X-trackers (RF) Proprietary Limited, renamed as Sygnia Itrix (“DBX” or “Sygnia Itrix”) on 1 July 2017, adding
R12.0 billion to assets under management.
- Revenue of R333.1 million (2016: R276.2 million), up 20.6%.
- Profit after tax of R92.5 million (2016: R72.3 million), up 28.0%.
- Headline earnings per share of 69.72 cents (2016: 55.71 cents), up 25.1% and diluted headline earnings per share of
68.81 cents (2016: 53.54 cents), up 28.5%.
- Total dividend per share of 60.00 cents (2016: 52.00 cents).
STATE OF AFFAIRS
We are living through unprecedented times in South Africa when, once again, economics and politics have converged. The
political uncertainty has taken a massive toll on the South African economy with low growth, record unemployment, credit
rating downgrades of our debt and volatile market returns. It is a poignant tragedy as this has happened against a backdrop
of a global economic recovery, which should have benefitted South Africa.
From an investment perspective, the twelve months to 30 September 2017 were dominated by prospects of tightening
monetary policies implemented by central banks after the global financial crisis, a recovery in commodity prices on the back
of continuing demand from China and lower supply, geopolitical risks brought to the table by the election of Donald Trump as
the 45th President of the United States and record inflows into emerging markets driven by the “search for yield” argument
and a more “risk-on” sentiment among global investors.
The election of Donald Trump, who promised tax cuts, infrastructure spending and looser regulation, acted as a catalyst for
the US equity markets which reached new heights in 2017, with technology companies leading the pack. The US economy
continued to strengthen through the year as unemployment fell to record lows, despite the US Federal Reserve increasing
interest rates twice so as not to overheat the economy.
China’s economy also performed better than expected on the back of easy credit and copious public investment. This is
expected to continue as China strives to become the most significant power on the global stage.
And, finally, the strength of the Eurozone’s recovery has taken everyone by surprise, with the International Monetary Fund
(IMF) upgrading its growth forecast to 2.1% in 2018, the highest level since 2007. This recovery is both broad-based, spanning
all countries and sectors, and well-balanced, with household spending, exports and investment all playing their part.
Unfortunately, despite the global recovery, South Africa continued to struggle with weak economic fundamentals as political
risks intensified. Credit rating agencies cut our sovereign credit rating to junk after President Jacob Zuma fired the respected
Minister of Finance, Pravin Gordhan, who did his best to fight against the self-serving interests of political forces supportive of
“state capture”. As the economy entered a recession in the second quarter of 2017, unemployment rocketed to 27.7%. The
level of corruption was vividly exposed by the media and implicated a number of Cabinet ministers. Despite this, no action
has been taken by prosecuting authorities in South Africa. The fight for preserving our democracy has been taken up by civil
society, trade unions and the courts. The headlines in major international newspapers, which implicated companies such as
KPMG, McKinsey, SAP, HSBC and Bell Pottinger in state capture, all contributed to a negative sentiment towards our markets.
By year-end the Medium Term Budget Policy Statement highlighted the dire state of South Africa’s finances, with no solutions
in sight. Falling revenues, increasing expenditure, bail-outs of mismanaged state-owned enterprises and higher borrowing
costs all featured when ratings agency S&P Global Ratings downgraded South Africa’s long-term local currency debt to BB+,
whilst Moody’s placed our debt on review to be downgraded. Unsurprisingly, given the level of economic mismanagement,
the GDP growth forecasts have been cut to 0.7% in FY16/17, 0.9% in FY17/18 and 1.1% in FY18/19.
Even prior to the budget the Reserve Bank pointed out that South Africa is experiencing one of the worst growth periods in
its history, with the current decade being the second-worst in the post-war period. The Reserve Bank does not expect a
recovery in the economic growth rate until at least 2019 when it projects growth of 1.5%.
We start the 2017/18 financial year expecting significant volatility until the ANC elective conference in December. The
conference will determine the future course for South Africa. If the ANC elects a president who can focus on restoring law
and order, we can recover quickly. If not, then the period until the 2019 elections will continue to be marred by a flat-lining
economy, increasing unemployment levels and a difficult investment environment.
SYGNIA’S INVESTMENT STRATEGY
We are pleased that our investment portfolios were all well-positioned for what has transpired in the investment markets.
After a challenging 2016, our negative view of the political situation impacting economic growth and investment risk was
vindicated, with investment performance recovering strongly despite the volatility. Our investment philosophy, with its
focus on risk management and diversification, remains unshaken. We believe that our active tactical asset allocation
strategies, superior asset manager selection, focus on low-cost passive investments, and on capital preservation through
exposure to funds of hedge funds, will provide an adequate arsenal of weapons to deliver value to all our investors going
forward. We believe that the world is being shaped by technology at an exponential pace, and hence our focus on
investing in trends, which are supportive of technology-driven change. Our focus on these trends has supported our
investment performance and will do so in future.
BUSINESS REVIEW
On the corporate front 2017 was a very successful year for Sygnia. We grew our assets under management to R184.3
billion as at 30 September 2017 (2016: R158.4 billion). This happened despite an investment environment which was less
than supportive, with the FTSE/JSE All Share Index returning 10.2% over the year, the JSE All Bo nd Composite Index 8.2%
and the MSCI World Index, in SA Rands, 16.7%. Although the numbers are positive, they hide the fact that the performance
was extremely concentrated both in terms of only a few positive months driving returns, and only a few shares p ulling up
the overall equity market.
We launched a number of new products, including the Sygnia 4th Industrial Revolution Global Equity Fund, which retu rned
41.8% in its first year; the Sygnia ForLife Annuity, a unique post-retirement savings solution; and entered the Exchange
Traded Funds (ETFs) segment of the market with the acquisition of db X -trackers (RF) Proprietary Limited (DBX) from
Deutsche Bank, renamed Sygnia Itrix. The acquisition added R12.0 billion to our assets under management. Most
importantly, given that all the products are offshore in nature, this has allowed us to diversify our revenue stream. We
followed the acquisition with a launch of a number of domestic and offshore referenced ETFs and are now one of two
major players in the passive management space in South Africa.
We will continue with our quest to expand our footprint across the financial services industry through a combination of
developing innovative products, growing our distribution and low cost product offering.
INSTITUTIONAL BUSINESS
Sygnia offers three main product lines to institutions: multi-manager funds, Sygnia Signature funds; passive funds, Sygnia
Skeleton funds; and funds of hedge funds.
In the year to 30 September 2017 our institutional assets under management and administration increased by 9% to
R159.7 billion (2016: R147.1 billion). The most material aspect is that we have replaced a few low-cost administration
appointments, with assets yielding much higher management fees.
The institutional business has benefitted from a growing demand for passive investment strategies, as well as the growth
in the size of the Sygnia Umbrella Retirement Fund (SURF), which continues to attract steady support. Our assets in SURF
grew by 63% to R2.4 billion (with a further R1.2 billion awaiting regulatory approval for transfer). Given the introduction of
Default Regulations, which make it compulsory for retirement funds to offer cost effective default investment strategies
and default preservation and annuitisation options, we expect that many stand-alone retirement funds will continue to
move to umbrella funds. The fact that many corporates regularly review their umbrella fund arrangements also means
that there is a vibrant “second-hand” market within the umbrella fund space. We are considering possible acquisitions in
this space to bolster the size of our umbrella retirement fund business. Hence we expect SURF to become a significant
driver of institutional asset growth in the future.
Pleasingly, assets under management in index-tracking strategies increased to R32.1 billion as at 30 September 2017, up
from R14.4 billion a year ago. This has been a function of both growing interest and the acquisition of Sygnia Itrix.
2017 has been a strong year from a performance perspective as many of the risks we expected to materialise in 2016 did
so in 2017. Consequently, Sygnia products, both active and passive, remain in the first quartile of all major performance
surveys in their respective risk categories over one, three and five-year time periods. More conservative products have
risen to the top of the rankings over one year. This is important in terms of driving the acquisition of assets in the next
year.
RETAIL BUSINESS
Sygnia offers a suite of multi-manager “CPI plus target” unit trusts and a wide range of index-tracking unit trusts and
exchange traded funds, spanning multi-asset class products, equities, bonds, international investments and property.
The Sygnia Linked Investment Service Provider (LISP) platform offers retail investors a choice of savings products, including
retirement annuities, living annuities, preservation funds and tax-free savings accounts.
Our retail business has seen assets under management grow to R24.3 billion (2016: R11.3 billion), including the additional
assets under management coming from the acquisition of DBX. Assets under administration on the Sygnia LISP rose to
R6.6 billion (2016: R5.4 billion), with one third of all accounts opened coming from direct investors.
Sygnia Itrix is expected to increase the awareness of Sygnia’s retail capabilities as we migrate the regular Sygnia Itrix
investors onto our retail administration platform and communicate more regularly with all investors. The widening of our
product offering to include ETFs is a move towards becoming a dominant passive manager in both retail and institutional
markets.
FINANCIAL RESULTS
Sygnia’s revenue in the financial year to September 2017 grew by 20.6% to R333.1 million compared to the prior financial
year (2016: R276.2 million). The growth in revenue was a result of growth in existing assets under management during the
year, new client flow, strong performance from Sygnia Securities in generating execution income, as well as the enhanced
revenue stream following the acquisition of DBX (although the impact was only for the last three months of the financial
year).
Total expenses, at R230.4 million, rose by 16.1% (2016: R198.7 million). Expenditure was at an increased level as a result of
a number of areas preparing for business growth: continuing expenditure on technology platforms that are key to the
Group’s competitive advantage as a provider of high quality investment and liability administration; an increase in
marketing spend aligned with a continued effort to increase prominence in a competitive market; and also an increase in
payroll costs to strengthen operational capacity, as well as to fill various senior positions. Furthermore, the Group had
higher than normal legal and professional expenses, mostly associated with the DBX acquis ition. Finance costs increased
significantly from R655 000 to R5.8 million as a direct result of the interest costs on the bridge loan drawn from Nedbank
for funding the DBX acquisition.
Investment income generated from invested capital in the Group subsidiaries (regulatory capital or capital maintained for
future growth) increased from R24.1 million in 2016 to R36.4 million in 2017. This was a result of improved market
conditions in 2017, particularly during the latter half of the year.
Overall, net profit after tax increased by 28.0% to R92.5 million (2016: R72.3 million), a strong performance by the Group
in the context of difficult market conditions.
The DBX acquisition was a significant transaction for Sygnia. Following the regulatory approvals for the transaction in June,
the transaction became effective from 1 July 2017. The financial effects of the transaction are set out in more detail in the
notes to the financials but, in summary, the acquisition resulted in additional revenue to the Group of R22.1 million and a
contribution to net profit after tax of R9.7 million (which excludes the impact of the finance costs on the bridge loan
incurred by Sygnia Limited). The finance costs amounted to R5.5 million and transaction costs were approximately R1.1
million. In terms of IFRS 3 Business Combinations, an exercise has been performed to identify any intangible assets that
had not been recognised on the statement of financial position at acquisition date and these items have been
provisionally fair valued in terms of a Purchase Price Allocation Valuation (PPAV) process. The details of these provisional
intangible assets have been set out in the notes to the annual financial statements. If, at finalisation, the intangible assets
are reassessed, the appropriate reallocations will be made. There are no significant profit or loss effects of the PPAV
process for the current year due to the proximity of the transaction to the end of the financial year .
A further consideration of the impact of the DBX transaction on the current year results is the effect of the rights offer that
was completed on 14 August 2017. Sygnia launched a rights offer to raise R160 million to settle a portion of the
outstanding bridge loan. The rights offer price of R9 per share resulted in the issue of 17.8 million Sygnia shares,
representing 12.96% of the existing shares in issue.
The rights offer price of R9 per share was at an effective discount of R1.50 to the trading price per share of R10.50 on the
day of issue. As a result of the discount, an amount of 2.54 million shares have been treated as bonus shares and are
reflected as being in issue since the beginning of the prior reporting period. The remaining 15.24 million shares have been
weighted from 14 August 2017 in the calculation of weighted average number of shares.
As a result of the bonus shares, the earnings per share from 2016 of 56.82 cents has been restated to 55.71 cents and
headline earnings per share has been restated from 56.83 cents to 55.72 cents.
Basic earnings per share in 2017 increased by 25.1% to 69.72 cents (2016: 55.71 cents) and headline earnings per share
increased by 25.1% to 69.72 cents (2016: 55.72 cents). Diluted earnings per share increased by 28.5% to 68.82 cents
(2016: 53.54 cents), whilst diluted headline earnings per share increased by 28.5% to 68.82 cents (2016: 53.54 cents). The
effect of the dilutive instruments (the Ulundi Share Trust and the Sygnia Employee Share Scheme) decreased in 2017 as a
result of the lower share price during the year and at the end of the year in comparison to 2016.
ACTIVISM STRATEGY
In 2017, Sygnia has been at the forefront of the corporate fight against corruption, a stance unusual for most businesses.
We started the year by exposing the exploitation of the poor through the unsc rupulous business practices of Net1,
challenging its shareholders to intervene, we also dismissed KPMG as our external auditors after their role in state capture
was exposed. Sygnia’s CEO, Magda Wierzycka, acting in her personal capacity, has become very vocal in criticising
corruption in both the public and the private sector. This stance has been taken as we believe that unless corporate South
Africa stands up and fights for the restoration of law and order in South Africa we are heading down an economic abyss,
with all South Africans becoming progressively poorer. The challenges we face as a country mean that the business sector
can no longer be silent. It cannot, through commission or omission, ignore the state of the economy, a state caused
entirely by the unstable political environment. Sygnia has been founded on the core principles of ethical business
practices, empowerment of consumers through financial literacy and lowering the cost of saving and investing. Our stance
on corruption and business ethics, and a determination to fight for a free and fair South Africa, is consistent with that
ethos.
TRANSFORMATION AND OWNERSHIP
Sygnia is committed to being a representative South African company. To that effect the group continues to promote the
principles embodied in the Financial Sector Code across the business. As at 30 September 2017 Sygnia Asset
Management was a Level 2 contributor in terms of the Financial Sector Code.
- 58% of staff is black (2016: 51%). 50% of the board of directors is black (2016: 50%).
- All qualifying staff with more than one year of service participate in the Broad-Based Black Economic Empowerment (B-
BBEE) staff scheme, the Ulundi Trust, which controls 5.8% of Sygnia Limited.
FINAL DIVIDEND
Sygnia is committed to rewarding its shareholders with regular distributions of free cash flow generated. Accounting for
projected cash requirements, a gross dividend (No. 4) for the period ended 30 September 2017 of 35.00 cents per share
has been declared out of retained income, resulting in a net dividend of 28.00 cents per share for shareholders subject to
Dividends Tax (“DT”).
In compliance with the JSE Listings Requirements, the following dates are applicable:
Last day to trade: Tuesday, 19 December 2017
Shares trade ex-dividend: Wednesday, 20 December 2017
Record date: Friday, 22 December 2017
Payment date: Wednesday, 27 December 2017
Share certificates may not be dematerialised or rematerialised between Wednesday, 20 December 2017, and Friday, 22
December 2017, both dates inclusive. Dividends declared after 31 March 2012 are subject to DT, where applicable. In
terms of the DT, the following additional information is disclosed:
- The local DT rate is 20%.
- The number of ordinary shares in issue at the date of this declaration is 154 955 778.
- Sygnia’s tax reference number is 9334/221/16/6.
APPROVAL OF AUDITED SUMMARISED CONSOLIDATED FINANCIAL STATEMENTS
These audited summarised consolidated financial statements were approved by the Board of Directors on 30 November
2017.
AUDITED SUMMARISED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER 2017
NOTES 2017 2016
R000’s R000’s
ASSETS
Intangible assets 7 353 169 32 609
Deferred tax assets 3 803 4 881
Property and equipment 29 848 31 131
Investments linked to investment contract liabilities 44 204 715 39 052 873
Investments 295 935 266 719
Loans receivable 11 043 11 438
Taxation receivable 1 066 994
Trade and other receivables 78 572 32 417
Amounts owing by clearing houses 14 341 -
Amounts owing by clients 76 537 171 954
Cash and cash equivalents 312 506 218 351
TOTAL ASSETS 45 381 536 39 823 369
EQUITY
Stated capital 665 939 507 729
Retained earnings 157 474 131 607
Reserves (215 230) (217 850)
TOTAL EQUITY 608 184 421 486
LIABILITIES
Deferred tax liabilities 12 738 18 584
Investment contract liabilities 42 967 590 38 182 959
Third-party liabilities arising on consolidation of
unit trust funds 1 104 402 688 187
Loans payable 8 165 201 -
Taxation payable 8 420 704
Trade and other payables 424 036 339 107
Amounts owing to clearing houses - 107 752
Amounts owing to clients 90 915 64 097
Bank overdraft 51 492
TOTAL LIABILITIES 44 773 352 39 401 883
TOTAL EQUITY AND LIABILITIES 45 381 536 39 823 369
AUDITED SUMMARISED CONSOLIDATED STATEMENT OF
PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2017
NOTE 2017 2016
R000’s R000’s
Revenue 333 143 276 249
Expenses (230 402) (198 749)
Investment contract income 3 486 992 2 606 692
Transfer to investment contract liabilities (3 486 992) (2 606 692)
Interest income 21 470 13 433
Other investment income 14 975 13 392
Investment income and fair value adjustment to
third-party assets 9 575 -
Fair value adjustment to third-party liabilities (9 575) (2 760)
PROFIT FROM OPERATIONS 139 186 101 564
Finance costs (5 833) (655)
PROFIT BEFORE TAX 133 353 100 909
Tax (40 804) (28 604)
TOTAL PROFIT AND COMPREHENSIVE INCOME FOR THE YEAR 92 549 72 305
EARNINGS PER SHARE (CENTS) 8
Basic 69.72 55.71*
Diluted 68.82 53.54*
* Restated due to the impact of the bonus issue component of the rights offer.
AUDITED SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2017
STATED COMMON GROUP EQUITY SHARE-BASED RETAINED TOTAL
CAPITAL CONTROL ADJUSTMENT PAYMENT EARNINGS EQUITY
R 000's RESERVE R 000's RESERVE R 000's R 000's
R 000's R 000's
BALANCE AT 1 OCTOBER 2015 271 211 (252 577) (307) 33 584 91 397 143 308
TOTAL COMPREHENSIVE INCOME - - - - - -
Total profit and comprehensive income for the year - - - - 72 305 72 305
TOTAL COMPREHENSIVE INCOME FOR THE YEAR - - - - 72 305 72 305
TRANSACTIONS WITH OWNERS - - - -
Dividends paid - - - - (32 095) (32 095)
Share issue 237 257 - - - - 237 257
Share option expense - - - 1 450 - 1 450
Transaction costs on issue of ordinary shares (739) - - - - (739)
TOTAL TRANSACTIONS WITH OWNERS 236 518 - - 1 450 (32 095) 205 874
BALANCE AT 30 SEPTEMBER 2016 507 729 (252 577) (307) 35 034 131 607 421 486
TOTAL COMPREHENSIVE INCOME
Total profit and comprehensive income for the year - - - 92 549 92 549
TOTAL COMPREHENSIVE INCOME FOR THE YEAR - - - - 92 549 92 549
Dividends paid - - - - (66 683) (66 683)
Share issue 160 000 - - - - 160 000
Share option expense - - - 2 620 - 2 620
Transaction costs on issue of ordinary shares (1 790) - - - 0 (1 790)
TOTAL TRANSACTIONS WITH OWNERS 158 210 - - 2 620 (66 683) 94 148
BALANCE AT 30 SEPTEMBER 2017 665 939 (252 577) (307) 37 654 157 474 608 184
AUDITED SUMMARISED CONSOLIDATED STATEMENT
OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
2017 2016 R000's R000's
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated by operations 219 921 105 518
Dividends received 823 1 276
Interest received 20 066 12 838
Finance costs (323) (655)
Taxation paid (33 167) (34 563)
NET CASH INFLOW FROM OPERATING ACTIVITIES 207 320 84 414
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property and equipment (7 544) (8 333)
Additions to intangible assets (3 142) (2 362)
Purchase of investments (98 598) (179 677)
Proceeds on sale of investments 98 909 51 038
Acquisition of subsidiary, net of cash acquired (320 628) (25 636)
Proceeds on disposals of intangible assets - 2 111
NET CASH OUTFLOW FROM INVESTING ACTIVITIES (331 004) (162 860)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (66 683) (34 645)
Issue of ordinary shares 160 000 237 257
Transaction costs on issue of ordinary shares (1 790) (739)
Increase in loans payable 159 692 -
Post-acquisition settlement of pre-acquisition liability (32 940) -
NET CASH INFLOW FROM FINANCING ACTIVITIES 218 279 201 874
NET INCREASE IN CASH AND CASH EQUIVALENTS 94 595 123 427
Cash and cash equivalents at beginning of the year 217 859 94 432
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 312 455 217 859
Cash and cash equivalents at the end of the year included the
following cash held on behalf of policyholders and clients. 131 309 57 598
NOTE TO THE STATEMENT OF CASH FLOWS:
Cash held in overnight settlement accounts on behalf of policyholders of Sygnia Life and clients of Sygnia Securities is included on the face of the statement of
financial position under “Cash and cash equivalents” with a corresponding payable to clients included in amounts owing to clients. This results in the movement in
these cash amounts being disclosed in the statement of cash flows. Changes in these amounts are shown under the “Changes in working capital”, under the “Cash
Flows from Operating Activities” section on the statement of cash flows. These cash amounts fluctuate on a daily basis and can result in significant fluctuations if
comparing “Changes in working capital” between reporting periods.
NOTES TO THE AUDITED SUMMARISED CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1. BASIS OF PREPARATION
The audited summarised consolidated financial statements are prepared in accordance with the requirements of the JSE
Limited Listings Requirements for abridged reports, and the requirements of the Companies Act, 71 of 2008, applicable to
summary financial statements. The Listings Requirements require abridged reports to be prepared in accordance with the
framework concepts, and the measurement and recognition requirements of International Financial Reporting Standards
(IFRS) and the SAICA Financial Reporting Guides as issued by the Accounting Practises Committee and 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 presentation of the audited
summarised consolidated financial statements are in accordance with International Financial Reporting Standards and are
consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements.
The summarised financial information was prepared under the supervision of M Buckham, BBusSci (Finance), CA (SA), CFA
(financial director), and approved by the board of directors on 30 November 2017.
2. AUDIT OPINION
The auditors, Deloitte & Touche, have issued their unmodified audit opinion on the consolidated financial statements for the
year ended 30 September 2017. The audit was conducted in accordance with International Standards on Auditing. These
summarised financial statements have been derived from the consolidated financial statements, with which they are
consistent in all material respects. These audited summarised consolidated financial statements have been audited by the
company’s auditors, who have issued an unmodified opinion. Copies of the audit reports and the full consolidated financial
statements are available for inspection at the company’s registered office. The audit report does not necessarily cover all the
information contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding
of the nature of the auditor’s work they should obtain a copy of that report together with accompanying financial information
from the company’s website or from the registered office of the company.
Any reference to future financial performance included in this announcement has not been reviewed or reported on by the
company’s auditors.
3. USE OF ESTIMATES AND JUDGEMENTS
The preparation of the audited summarised consolidated financial statements in conformity with IFRS requires management
to make judgements, estimates and assumptions that affect the application of policies and the reporting amounts of assets
and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and
various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of
making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual
results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis by the directors and management. Revisions to
accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period or in
the period of the revision and future periods if the revision affects both current and future periods.
The significant judgements made by management in applying the Group’s accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30
September 2016, except for judgements used in business combinations and estimates relating to the valuation of the share-
based payment expense where inputs based on observable market data are used to estimate the fair value of the share-
based payment.
Critical accounting estimates are those which involve the most complex or subjective judgements or assessments. The areas
of the Group’s business that typically require such estimates and judgements are the determination of the fair value for
financial assets and liabilities, capitalisation of development costs as intangible assets, judgements relating to goodwill arising
on acquisition of a subsidiary and share-based payments. For estimates and judgements on goodwill and intangible assets
related to the acquisition of Sygnia Itrix refer to note 6. Further information about the assumptions made in measuring fair
values are disclosed in the notes to the audited summarised consolidated financial statements, which are available for
inspection.
4. SEGMENT INFORMATION
The Group has identified Sygnia’s executive committee as the Chief Operating Decision Maker (“CODM”). The responsibility of
the executive committee is to assess performance and to make resource allocation decisions across the Group. The Group
provides investment management and administration services to institutional and retail clients predominantly located in
South Africa. No disaggregated information is provided to the CODM on the separate operations of the Group, and the
CODM assesses operating performance and makes resource decisions about the Group based on the combined results of
these operations. The Group has therefore concluded that the combined operations of the Group constitute one operating
segment.
5. ACQUISITION OF SUBSIDIARY
During the year the Group acquired the entire issued share capital of db X-trackers (RF) Proprietary Limited (“DBX”) for a total
consideration of R325 million, which was initially settled in cash following the drawdown of a bridge loan from Nedbank on 7
July 2017. Shortly after the acquisition became effective DBX was renamed as Sygnia Itrix (RF) Proprietary Limited (“Sygnia
Itrix”).
Sygnia Itrix is a Collective Investment Schemes management company, which offers a range of exchange traded funds (“ETFs”)
listed on the JSE Limited (“the JSE”), which reference offshore assets.
The acquisition was based on the following strategic rationale:
- Sygnia has managed assets on an index-tracking basis since the inception of its asset management company in 2003 and
offers these to its retail and institutional clients through segregated accounts, unit trusts and unitised life funds.
- At the date of the acquisition Sygnia managed R16.9 billion in domestic and international index-tracking funds and has a
stated intention of becoming a leading provider of passive solutions in South Africa.
- Sygnia does not currently offer index-tracking products through an ETF structure. The acquisition has enabled Sygnia to
enter the ETF market with a critical mass of assets and to launch a broader range of ETF products within a short period of
time.
- Prior to the acquisition Sygnia managed all domestic index-tracking funds directly, while using third party asset managers
to manage most of its international index-tracking funds. The acquisition has enabled Sygnia to expand its expertise to
direct management of offshore index-tracking funds.
- Sygnia has a fast-growing retail client base attracted by Sygnia’s low cost proposition. Many of these clients require access
to international products. ETFs referencing offshore assets will allow retail investors to access international products with
no restrictions, while enabling Sygnia to offer international products with very little constraint in terms of its offshore
capacity.
- Sygnia has a growing institutional client base, which utilises Sygnia’s index-tracking products, as well as its multi-manager
products. All of Sygnia’s multi-manager products employ a core-satellite investment strategy, with the core of each
product being managed on a passive basis. The acquisition will allow Sygnia to utilise ETFs rather than the often more
cumbersome offshore unit trusts to implement international strategies on behalf of its institutional clients.
- Sygnia Roboadvisor, launched in 2016 and targeted at the millennial generation, should benefit from the flexibility of
implementing the recommended investment strategies via ETFs rather than unit trusts.
- The acquisition is expected to be instantly earnings-enhancing to Sygnia.
The Group obtained control of Sygnia Itrix on 1 July 2017 and therefore three months of financial results from Sygnia Itrix are
included in the Group’s earnings.
For the three months between 1 July 2017 and 30 September 2017, Sygnia Itrix contributed revenue of R20.4 million and profit
after tax of R9.7 million. If the acquisition had occurred on 1 October 2016, management estimates that consolidated revenue
would have been R81.6 million and consolidated profit after tax for the year of R38.7 million. In determining these amounts
management has assumed that the efficiencies and economies of scale would be effective from 1 October 2016.
DETAILS OF THE NET ASSETS ACQUIRED ARE AS FOLLOWS: R000’s
Trade and other receivables 46 392
Cash and cash equivalents 4 372
Loans payable (32 940)
Trade and other payables (8 898)
Taxation receivable 162
Net asset value as at 1 July 2017 9 088
The details of the net assets acquired, as disclosed above, represent fair value. All the gross contractual receivables are
expected to be collected. The valuation techniques used for measuring the fair value of material assets acquired are set out
below.
ASSET ACQUIRED VALUATION TECHNIQUE
INTANGIBLE ASSETS
CUSTOMER RELATIONSHIPS
The fair values of customer relationships acquired through the business combination are determined by using a discounted
cash flow valuation method. The customer relationships described include the Investment Plan with a total assets under
management of R359 million as at the effective date. The estimated cash flows associated with the Investment Plan include
the management fees and platform fees to be earned from the Investment Plan customers, less the outsourced
administration and investment management fees paid to third parties. The net cash flows, after tax, were discounted using a
rate that is based on the long-term risk-free rate with risk premiums added for market and other company and asset-specific
risks. Intangible assets acquired through business combinations were valued using a discount rate of 22% for the 2017
financial year.
CUSTOMER BASE
A customer base represents a group of customers that are not known or identifiable to the entity and for which no
contractual or legal rights exist. In the context of the revenue-generating assets under management of DBX, the assets under
management that are not related to the Investment Plan (referred above) could be described as a customer base. These end
clients that invest in the ETFs access their investment through stockbrokers or through administrative LISPs. Sygnia Itrix, at
acquisition date, did not have any contractual or legal relationships with those customers and therefore the provisional
assessment would be that there is no requirement for this customer base to be separately identified and valued. It is only in
circumstances where the customer base can be converted to a client list that there may be justification for identifying these
clients as a customer relationship, which then requires a separate valuation. It is not believed, at the date of this report that
the customer base is convertible into a client list. This assessment is provisional at the date of signature of these audited
summarised consolidated financial statements and therefore further work will be performed to determine if there are any
reasons to recognise the customer base as a client list.
LICENCE
The fair value of the CISCA licence, with five approved ETFs, acquired through the business combination is determined using
a cost estimate for the establishment of a similar cash generating unit with the same licence in place as well as the same
number of registered funds on the licence.
GOODWILL
Goodwill is attributable to the synergies expected to be achieved from integrating Sygnia Itrix into the Group’s existing
business. These synergies include the opportunity to cross sell ETFs to the existing retail client base of Sygnia as well as to
utilise the ETFs in the existing portfolios offered by Sygnia. The additional client list acquired as part of the business
combination represents an ability to expand the retail client base for the existing Sygnia business.
Goodwill arising from the acquisition has been recognised as follows:
R000’s
Consideration transferred 325 000
Identified net assets 22 194
Fair value of identifiable tangible net assets 9 088
Fair value of identified intangible assets at acquisition of Sygnia Itrix 18 203
Deferred tax liability associated with intangible assets (5 097)
Goodwill 302 806
6. INTANGIBLE ASSETS
2017 OPENING ADDITIONS ACQUISITIONS DISPOSALS CLOSING BALANCE AT 30
BALANCE AT 1 THROUGH SEPTEMBER 2017
OCTOBER 2017 BUSINESS
COMBINATIONS
R000’s R000’s R000’s R000’s R000’s
AT COST
Computer Software 12 553 3 142 - - 15 695
Goodwill 18 896 302 806 321 702
Customer relationships 12 133 - 17 033 - 29 165
Licence - - 1 170 - 1 170
43 582 3 142 321 009 367 733
OPENING BALANCE AT AMORTISATION CLOSING BALANCE AT
1 OCTOBER 2016 30 SEPTEMBER 2017
ACCUMULATED AMORTISATION AND IMPAIRMENT
Computer Software 10 302 2 266 12 568
Goodwill 31 - 31
Customer relationships 640 1 326 1 966
Licence - - -
10 973 3 592 14 564
CARRYING AMOUNT
Computer Software 3 127
Goodwill* 321 671
Customer relationships 27 200
Licence 1 170
353 169
* Goodwill consists of amounts relating to two separate cash generating units (CGUs), namely SURF (previously, Gallet
Employee Benefits) and Sygnia Itrix. Consequently there are two separate goodwill impairment assessments relating to each of
the CGUs.
The carrying amount relating to SURF is R18.5 million (2016: R18.5 million) and the carrying amount relating to Sygnia Itrix is
R302.8 million (2016: Nil).
2016 OPENING ADDITIONS ACQUISITIONS DISPOSALS CLOSING
BALANCE AT 1 THROUGH BALANCE AT 30
OCTOBER 2015 BUSINESS SEPTEMBER
COMBINATION 2016
R000's R000's R000's R000's R000’s
AT COST
Computer Software 10 191 2 362 12 553
Goodwill 410 18 486 18 896
Customer relationships 14 243 (2 111) 12 133
10 601 2 362 32 729 (2 111) 43 582
OPENING BALANCE AT 1 AMORTISATION CLOSING BALANCE AT 30
OCTOBER 2015 SEPTEMBER 2016
ACCUMULATED AMORTISATION AND IMPAIRMENT
Computer Software 9 031 1 271 10 302
Goodwill 31 - 31
Customer relationships - 640 640
9 062 1 911 10 973
CARRYING AMOUNT
Computer Software - - 2 251
Goodwill - - 18 865
Customer relationships - - 11 493
32 609
Included in the customer relationships’ carrying amount is an amount of R17 032 864 (2016: Nil), which was provisionally fair
valued on 1 July 2017 as part of a Purchase Price Allocation Valuation in terms of IAS 38 and IFRS 3. This amount was
provisionally calculated as the discounted value of the future cash flows arising from the Investment Plan clients that were
acquired as part of the Sygnia Itrix Acquisition. The Investment Plan, at 1 July 2017, consisted of 4 400 individual clients with a
total assets under management of R359 million, for which Sygnia Itrix holds contact details in respect of each of those
clients. The net cash flows were derived from expected revenue arising from those clients over a 10 year time horizon less
associated direct costs, such as outsourced administration fees and investment management fees. There were no
contributory asset charges as there were no fixed asset or assembled workforce charges relevant in the derivation of the
revenue. The following factors were utilised in the discounted cash flow calculation:
Market growth: 8%
Rand/Dollar depreciation: 6%
Discount rate: 20.75%
Tax rate: 28%
The carrying amount of these customer relationships will be tested for impairment on an annual basis. A detailed assessment
was not performed at 30 September 2017 due to the proximity of the initial valuation to the end of the financial year and
therefore it is unlikely that conditions would have changed substantially to have impacted the carrying amount of the
customer relationship.
As set out above, in addition to the R359 million of Investment Plan clients, the remainder of the clients making up the R12.0
billion of assets under management as at acquisition date were provisionally categorised as a customer base because these
customers are not directly known by Sygnia Itrix, as they access the ETFs independently via the JSE through stockbrokers or
via LISP platforms serviced by independent financial advisors. As Sygnia Itrix does not have its own contact details for the
remaining book of customers there is no intangible asset separately identified.
In addition to the customer relationships fair valued at acquisition date, a fair value was established for the licence in
existence for Sygnia Itrix at acquisition date.
The licence was identified as an intangible asset, because it was unrecognised on the statement of financial position as at
acquisition date, however it was believed to be a resource, controlled by the company from which future economic benefits
would flow. The valuation methodology for the licence was to estimate the costs required in order to establish a similar
licence and to establish the equivalent number of regulated ETFs as were in existence at acquisition date. Accumulated costs
that were taken into account to determine the fair value included Financial Services Board regulatory and licencing costs, JSE
listing fees, estimated internal resources (legal, compliance, finance and executive) applied to the process on a time and
materials basis and audit fees. The carrying amount of the licence costs at 30 September 2017 was R1 169 940 with a fair
value of the same amount at acquisition date.
Following an initial provisional Purchase Price Allocation Valuation process there were no other intangible assets or liabilities
identified with any value as at acquisition date. As shown in the note above the remaining surplus arising between the
consideration paid of R325 million and the fair value of net assets of R22.2 million was allocated to goodwill, being R302.8
million. The amount of goodwill associated with the Sygnia Itrix CGU will be assessed for impairment on an annual basis.
7. LOANS PAYABLE
2017 2016
LOANS PAYABLE R'000s R'000s
Nedbank Limited 165 201 -
165 201 -
The amount owing to Nedbank Limited was incurred in order to settle the purchase price for Sygnia Itrix on 7 July 2017. The
initial draw-down amount was R320 million and a payment of R160 million was settled against the loan following the receipt
of the rights offer proceeds on 15 August 2017. The outstanding balance will be replaced by a longer term financing structure
prior to the repayment date of 31 January 2018. The loan accrues interest at the prime rate of interest. The outstanding
balance includes the interest accrued to 30 September 2017. An initial fee of R656 640 was paid on the date of draw down,
however the expense has been amortised over the period of the loan.
8. EARNINGS PER SHARE AND HEADLINE EARNINGS PER SHARE
2017 2016 R000’s R000’s
Profit attributable to ordinary shareholders 92 549 72 305
NON-HEADLINE ITEMS (NET OF TAX)
Loss on disposal of furniture and equipment - 5
HEADLINE EARNINGS 92 549 72 310
The weighted average number of shares and diluted weighted average number of shares were calculated as follows:
NUMBER OF SHARES NUMBER OF SHARES
(Thousands) (Thousands)
2017 2016
Number of ordinary shares at the beginning of year 137 178 100 000
Number of shares issued during the year 17 778 37 178
Number of ordinary shares at end of year 154 956 137 178
Weighted average number of ordinary shares
Weighted number of ordinary shares
at the beginning of the year 128 245 100 000
Effect of bonus shares issued in rights offer 2 540 2 540
Weighted number of shares issued during the year 1 962 27 242
Weighted number of shares at the end of the year 132 747 129 781
2017 2016
Basic and diluted earnings per share (cents) R000’s R000’s
Earnings attributable to ordinary shareholders 92 549 72 305
Headline earnings 92 549 72 310
Weighted average number of ordinary shares in issue (basic) 132 746 682 129 781 285
Weighted average number of ordinary shares in issue
(diluted) 134 485 028 135 058 930
CENTS CENTS
Earnings per share (basic) 69.72 55.71
Earnings per share (diluted) 68.82 53.54
Headline earnings per share (basic) 69.72 55.72
Headline earnings per share (diluted) 68.82 53.54
Net asset value per share 458.15 324.77
Tangible net asset value per share 192.11 299.64
Net asset value per share is calculated by dividing the Group's total assets less its liabilities by the weighted average
number of ordinary shares in issue. The tangible net asset value is the net asset value excluding intangible assets divided
by the weighted average number of ordinary shares.
9. CORPORATE VS THIRD-PARTY FINANCIAL INFORMATION
STATEMENT OF FINANCIAL POSITION
A subsidiary of the Group, Sygnia Life Limited is a linked insurance company and issues linked policies to policyholders
(where the value of policy benefit is directly linked to the fair value of the supporting assets), and as such does not expose the
business to the market risk of fair value adjustments on the financial asset, as this risk is assumed by the policyholder.
Sygnia Securities Proprietary Limited (subsidiary) provides stockbroking services to clients, which results in significant working
capital fluctuations due to the timing of the close of the JSE in terms of client settlements. The unsettled exchange-traded
transactions are represented by money owed to clients and held with the JSE Trustees. Similarly, cash held in settlement
accounts on behalf of clients related to the abovementioned subsidiaries are considered as third party balances.
In order to evaluate the consolidated financial position, the Group segregates the statement of financial position and the
statement of profit or loss and other comprehensive income between corporate (own balances) and third-party (client-
related balances).
Third-party balances represent the investment contract liabilities and related linked client assets of Sygnia Life Limited, the
related portfolio debtors’ and creditors’ accounts, deferred taxation, unsettled trades and related bank accounts, as well as
third party liabilities and assets arising on consolidation of unit trust funds. Client balances in Sygnia Securities Proprietary
Limited due to unsettled trades and cash held in settlement accounts on behalf of clients are included in third-party
balances.
AUDITED AS AT 30 SEPTEMBER 2017 AUDITED - AS AT 30 SEPTEMBER 2016
CONSOLIDATED CORPORATE THIRD PARTY CONSOLIDATED CORPORATE THIRD PARTY
BALANCES BALANCES BALANCES BALANCES
R000's R000's R000's R000's R000's R000's
ASSETS
Intangible assets 353 169 353 169 - 32 609 32 609 -
Deferred tax assets 3 803 3 803 - 4 881 4 881 -
Property and equipment 29 848 29 848 - 31 131 31 131 -
Investments linked to investment contract liabilities 44 204 715 - 44 204 715 39 052 873 - 39 052 873
Investments 295 936 214 773 81 163 266 719 201 626 65 093
Loans receivable 11 043 11 043 - 11 438 11 438 -
Taxation receivable 1 066 1 066 - 994 994 -
Trade and other receivables 78 572 66 324 12 248 32 417 31 109 1 309
Amounts owing by clearing houses 14 341 - 14 341 - - -
Amounts owing by clients 76 537 - 76 537 171 954 - 171 954
Cash and cash equivalents 312 506 181 196 131 309 218 351 160 753 57 598
Total assets 45 381 536 861 222 44 520 314 39 823 369 474 542 39 348 827
EQUITY
Stated capital and reserves 608 184 608 184 - 421 486 421 486 -
TOTAL EQUITY 608 184 608 184 - 421 486 421 486 -
LIABILITIES
Deferred tax liabilities 12 738 7 358 5 380 18 584 3 042 15 542
Investment contract liabilities 42 967 589 - 42 967 590 38 182 959 - 38 182 959
Third-party liabilities arising on consolidation of unit trust funds 1 104 402 - 1 104 402 688 187 - 688 187
Long term loans payable 165 201 165 201 - - - -
Taxation payable 8 420 8 002 418 704 704 -
Trade and other payables 424 036 72 427 351 609 339 107 48 818 290 289
Dividend payable - - - - - -
Amounts owing to clearing houses 90 915 - 90 915 107 752 - 107 752
Amounts owing to clients - - - 64 097 - 64 097
Bank overdraft 51 51 - 492 492 -
Total liabilities 44 773 352 253 038 44 520 314 39 401 883 53 056 39 348 827
TOTAL EQUITY AND LIABILITIES 45 381 536 861 222 44 520 314 39 823 369 474 542 39 348 827
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
In order to evaluate the consolidated comprehensive income of the Group, the Group segregates the statement of profit or
loss and other comprehensive income between corporate transactions and third-party transactions.
Where consolidation of unit trust funds occurs by virtue of the Group’s investment into the fund, the income and expenditure
components are disclosed in the statement of profit or loss and other comprehensive income as well as the third-party share
thereof. These amounts are included in third-party transactions.
YEAR ENDED 30 SEPTEMBER 2017 YEAR ENDED 30 SEPTEMBER 2016
CONSOLIDATED CORPORATE THIRD PARTY C ORPORATE THIRD PARTY
BALANCES BALANCES BALANCES BALANCES
R000's R000’s R000’s R000’s R000’s R000’s
ASSETS
Revenue 333 143 333 143 - 276 249 276 249 -
Expenses (230 402) (230 402) - (198 749) (198 217) (532)
Investment contract income 3 486 992 - 3 486 992 2 606 692 - 2 606 692
Transfer to investment contract
liabilities (3 486 992) - (3 486 992) (2 606 692) - (2 606 692)
Interest income 21 470 21 470 - 13 433 10 367 3 066
Other investment income 14 975 14 975 - 13 392 13 697 227
Investment income and fair value
adjustment to third-party assets 9 575 - 9 575 - - -
Fair value adjustment to
third-party liabilities (9 575) - (9 575) (2 760) - (2 760)
PROFIT FROM OPERATIONS 139 186 139 186 - 101 564 102 096 -
Finance costs (5 833) (5 833) - (655) (655) -
OPERATING PROFIT BEFORE TAXATION 133 353 133 353 - 100 909 101 441 -
Taxation (40 804) (40 804) - (28 604) (28 604) -
TOTAL PROFIT AND COMPREHENSIVE
INCOME FOR THE PERIOD 92 549 92 549 - 72 305 72 837 -
10. FAIR VALUE DISCLOSURE RELATING TO FINANCIAL INSTRUMENTS
This announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34. The full report is
contained in the consolidated annual financial statements, available on the issuer’s website, at the issuer’s registered offices
and upon request.
11. EVENTS SUBSEQUENT TO THE REPORTING DATE
The directors are not aware of any matters or circumstances, arising since the end of the financial period, not otherwise dealt
with in the summarised consolidated financial statements that significantly affect the financial position of the Group or the
results of its operations.
SYGNIA LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
REGISTRATION NUMBER: 2007/025416/06
JSE SHARE CODE: SYG
ISIN CODE: ZAE000208815
(“SYGNIA” OR “THE COMPANY” OR “THE GROUP”)
SPONSOR: NEDBANK CORPORATE AND INVESTMENT BANKING
CAPE TOWN
7th Floor, The Foundry
Cardiff Street
Green Point
8001
South Africa
T: +27(0) 21 446 4940
F: +27(0) 21 446 4950
E: info@sygnia.co.za
JOHANNESBURG
Unit 40, 6th Floor
Katherine and West building
West Street
Sandton
2196
T: +27 (0) 10 595 0550
F: +27 (0) 86 206 5173
E: info@sygnia.co.za
DURBAN
Office 2, 2nd Floor
Ridgeview
1 Nokwe Avenue
Ridgeside
Umhlanga Ridge
4319
T: +27 (0) 31 001 0650
F: +27 (0) 86 206 4421
E: info@sygnia.co.za
www.sygnia.co.za
SYGNIA LIMITED Registration No. 2007/025416/06
Share code on the JSE: SYG • ISIN: ZAE000208815 (“Sygnia”)
Sponsor Nedbank Corporate and Investment Banking
7th Floor The Foundry Cardiff Street Green Point Cape Town 8001 • P O Box 51591 Waterfront 8002
Tel: +27 21 446 4940 • Fax: +27 21 446 4950
Unit 40 6th Floor Katherine and West Building West Street Sandton 2196
Tel: +27 10 595 0550 • Fax: +27 86 206 5173
info@sygnia.co.za • www.sygnia.co.za
1 December 2017
Date: 01/12/2017 09:00:00 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
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
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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