SILVERBRIDGE HOLDINGS LIMITED - Unaudited Condensed Consolidated Interim Group Financial Statements

Release Date: 19/02/2018 07:05
Code(s): SVB
 
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Unaudited Condensed Consolidated Interim Group Financial Statements

SILVERBRIDGE HOLDINGS LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
(REGISTRATION NUMBER 1995/006315/06)
SHARE CODE: SVB     ISIN: ZAE000086229
(“SILVERBRIDGE” OR “THE GROUP” OR “THE COMPANY”)

UNAUDITED CONDENSED CONSOLIDATED INTERIM GROUP FINANCIAL
STATEMENTS for the six month period ended 31 December 2017

GROUP PROFILE

SilverBridge offers solutions that address the business
challenges of financial services companies. We have gained
experience in this area over more than 20 years of being in
business. Our understanding of this industry helps our clients
improve and simplify their overall business. We achieve this by
provisioning various technology solutions including our own
developed software and cloud-based services.

Exergy is our flagship platform that enables core back office
policy administration for life assurance, group schemes and
pension funds. Exergy can be customised to suit the needs of the
client. The solution also extends to offer elements of medical
and short-term insurance. This caters for clients wanting to
offer a wider range of financial services offerings on a single
platform.

Our software products and services are charged to our customers
on a monthly basis.

Unaudited condensed consolidated interim statement of
comprehensive income for the six month period ended 31 December
2017

                           Unaudited Unaudited Audited
                          six monthssix months      12
                               ended     ended months
                                  31        31   ended
                            December December 30 June Percentage
                                2017      2016    2017    change
                    Notes      R’000     R’000   R’000         %
Revenue               1.5     47 456    46 158 93 112          3
Other income                      98       434     664      (77)
Operating
expenses                   (44 714)   (40 395) (80 904)       11
Operating profit              2 840     6 197   12 872       (54)
Finance income                  233       675    1 317       (65)
Profit before
taxation                      3 073     6 872 14 189         (55)
Taxation                      (962)   (1 982) (1 119)        (51)
Profit and total
comprehensive
income for the
period                        2 111     4 890   13 070       (57)

Number of shares
in issue (‘000)       1.2    34 781    34 781   34 781
Weighted average
number of shares
in issue (‘000)       1.2    29 000    33 696   31 298
Diluted weighted
average number
of shares (‘000)      1.2    31 184    37 261   33 650
Basic earnings
per share
(cents)               1.2      7.28     14.51    41.76       (50)
Diluted earnings
per share
(cents)               1.2      6.77     13.12    38.84       (48)

Unaudited condensed consolidated interim statement of financial
position as at 31 December 2017
                                     Unaudited Unaudited  Audited
                                         as at as at 31     as at
                                   31 December December   30 June
                                          2017      2016     2017
                           Notes         R’000     R’000    R’000
ASSETS
Non-Current Assets
Equipment                                2 639     4 380    2 686
Intangible assets                       18 356    13 393   16 078
Deferred tax assets                      4 239     1 306    4 615
Withholding tax rebates
receivable                                 612     1 502      367
Total Non-Current Assets                25 846    20 581   23 746
Current Assets
Withholding tax rebates
receivables                                701     1 312      701
Income tax receivable                    1 230         -      916
Revenue recognised not
yet invoiced                1.3          7 448     3 243    6 374
Trade and other
receivables                             14 760    13 731    15 439
Cash and cash
equivalents                             12 201    10 104    11 547
Total Current Assets                    36 340    28 390    34 977
Total Assets                            62 186    48 971    58 723

EQUITY AND LIABILITIES
Capital and Reserves
Issued capital                        348      348        348
Share premium                      11 871   11 871     11 871
Treasury shares                  (10 898) (11 948)   (11 362)
Share based payment
reserve                            2 740     1 107     2 453
Retained earnings                 45 945    37 860    46 038
Total Equity                      50 006    39 238    49 348
Non-Current Liabilities
Deferred tax liability             3 612     1 692     3 026
Total Non-Current
Liabilities                        3 612     1 692     3 026
Current Liabilities
Deferred revenue           1.3     2 692     1 078     1 403
Income tax payable                     -     1 245         -
Trade and other payables   1.4     5 876     5 718     4 946
Total Current
Liabilities                        8 568     8 041     6 349
Total Liabilities                 12 180     9 733     9 375
Total Equity and
Liabilities                       62 186    48 971    58 723

Net asset value per
share (cents)              1.6    172.43    136.24    170.19
Net tangible asset value
per share (cents)          1.6    109.13     89.74    114.72

Unaudited condensed consolidated interim statement of changes in equity for the six
month period ended 31 December 2017

                                                                          Share Retaine
                                                                          based       d
                                            Issued   Share Treasury     payment earning      Total
                                           capital premium   shares     reserve       s     equity
                                             R'000   R'000    R'000       R'000   R'000      R'000
Balance at 1 July 2016                         348  11 871    (197)         910 35 056      47 988
Total comprehensive income for the
period
Profit or loss                                  -        -         -          -    4 890     4 890
Total comprehensive income for the                                            -
period                                          -        -         -               4 890     4 890
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Dividend paid (note 2.1)                                                           (2 086)  (2 086)
Purchase of treasury shares by Employee
Share Trust (note 3)                                         (11 751)                      (11 751)
Equity settled share based payment                                          197                 197
Total contributions by and distributions                                    197
to owners                                       -        - (11 751)                 2 804   (8 750)
Balance at 31 December 2016                   348   11 871 (11 948)       1 107    37 860   39 238
Total comprehensive income for the
period
Profit or loss                                  -        -         -          -    8 178     8 178
Total comprehensive income for the              -        -         -          -
period                                                                             8 178     8 178
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Treasury shares purchased by employees                           525                          525
Interest from share ownership scheme                              61                           61
Equity settled share based payment                                                 1 346     1 346
Total contributions by and distributions                           1 346
to owners                                    -        -      586                    8 178   10 110
Balance at 30 June 2017                     348   11 871  (11 362) 2 453           46 038   49 348
Total comprehensive income for the
period
Profit or loss                               -         -       -       -             2 111   2 111
Total comprehensive income for the           -         -       -       -
period                                                                               2 111   2 111
Transactions with owners, recorded
directly in equity
Contributions by and distributions to
owners
Dividend paid                                                                      (2 204) (2 204)
Treasury shares purchased by employees                                349                      349
Interest from share ownership scheme                                  115                      115
Equity settled share based payment                                             287             287
Total contributions by and distributions                                       287
to owners                                    -        -      464                      (93)     658
Balance at 31 December 2017                  348   11 871  (10 898)    2 740         45 945   50 006


                                     Unaudited Unaudited
                                           six       six Audited
                                        months    months      12
                                         Ended     Ended months
                                            31        31   ended
                                      December December 30 June
                                          2017      2016    2017
                               Notes     R’000     R’000   R’000

Cash generated from
                                        5 841     2 774     7 613
operations
Interest received                         234       675     1 317
Taxation paid                            (312)   (1 172)   (4 445)
Net cash inflow from
                                        5 763     2 277     4 485
operating activities
Cash flows from investing
activities
Equipment acquired to
                                        (448)    (3 802)   (2 640)
maintain operations
Proceeds from disposal of
                                           68         65      178
equipment
Cash outflow from
capitalisation of                      (2 525)   (1 555)   (4 181)
Development costs
Net cash outflow from
                                        (2 905)   (5 292)   (6 643)
investing activities
Cash flows from financing
activities
                                                           (11 165
Purchase of treasury shares                 -   (11 751)          )
Dividends paid to equity
                                         (2 204)   (2 086) (2 086)
holders
Net cash outflow from                                         (13
                                      (2 204)   (13 837)
financing activities                                         251)

Net increase/(decrease) in                                 (15 409
                                          654   (16 852)
cash and cash equivalents                                        )
Cash and cash equivalents at
                                       11 547    26 956    26 956
the beginning of the period
Cash and cash equivalents at
                                       12 201    10 104    11 547
the end of the period

Reportable Segment Report
                                         Hosting               Research
                         Imple-         and out-    Rental            &
                      mentation Support sourcing    & main-    develop-
                Total services services services    tenance        ment
                R’000     R’000   R’000    R’000    R’000         R’000
Unaudited six
months ended
31 December
2017
                48 24
Total revenue       3     6 455   18 147        2 319 21 322           -
Inter-group
revenue        (787)      (157)    (630)            -         -        -
                  47
Net revenue      456      6 298   17 517        2 319 21 322           -
Direct segment   (25
cost            020)    (4 290) (10 943)      (1 151) (3 857)     (4 779)
Cost
capitalised    2 525          -           -         -         -    2 525
Segment gross     24
profit           961      2 008    6 574        1 168 17 465      (2 254)
Indirect         (20
segment cost    601)    (2 398)   (7 758)       (741) (2 839)     (6 865)
Provision for  (1 52
doubtful debt     0)    (1 520)         -           -      -            -
Segment result 2 840    (1 910)   (1 184)         427 14 626      (9 119)
Finance income   233
Income tax
expense        (962)
Profit for the
period         2 111


                        Imple-             Hosting             Research
                           men            and out- Rental &           &
                        tation Support    sourcing    main-     develop-
                 Totalservices services   services tenance          ment
                 R’000   R’000    R’000      R’000    R’000        R’000
Unaudited six
months ended 31
December 2016
Total revenue   46 473   4 508 18 716     1 575         21 674         -
Inter-group
revenue          (315)       -    (196)   (119)              -         -
Net revenue     46 158   4 508 18 520     1 456         21 674         -
Direct segment (24 494
cost                 ) (2 731) (11 761) (1 981)         (2 756)   (5 265)
Cost
capitalised      1 555       -       -       -                -    1 555
Segment gross
profit          23 219   1 777   6 759   (525)          18 918    (3 710)
Indirect           (17
segment cost      022) (1 417) (6 445) (2 172)          (1 671)   (5 317)
Segment result   6 197     360     314 (2 697)           17 247   (9 027)
Finance income     675
Income tax
expense        (1 982)
Profit for the
period           4 890


                                           Hosting               Research
                           Imple-         and out- Rental &             &
                        mentation Support sourcing    main-      develop-
                  Total services services services tenance          ment
                  R’000     R’000   R’000    R’000    R’000        R’000
Audited 12
months ending
30 June 2017
Total revenue    94 363      9 926   38 864    3 354     42 219        –
Inter-group
revenue          (1 251)      (48) (1 020)      (183)         –        –
Net revenue       93 112     9 878 37 844       3 171    42 219        –
Direct segment   (48 703                      (4 076)
cost                   )   (5 031) (24 122)             (3 258) (12 216)
Cost                                               –
capitalised       4 181          –        –                   –    4 181
Segment gross                                  (905)
profit            48 590     4 847   13 722              38 961 (8 035)
Indirect         (35 718                      (1 284)
segment cost           )    (4 156) (13 453)            (4 923) (11 902)
Segment result    12 872       691      269 (2 189)     34 038  (19 937)
Net finance
income            1 317
Income tax
expense          (1 119)
Profit for the
period           13 070

Assets and liabilities

The assets and liabilities of the Group are organised and
managed at a corporate business support level. As the assets and
liabilities contribute at a corporate level, it is not practical
to determine a reasonable allocation of the assets and
liabilities to the business segments.

COMMENTARY

1. NOTES TO THE CONDENSED UNAUDITED CONSOLIDATED INTERIM
   FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2017

1.1. Basis of preparation

The condensed unaudited consolidated interim financial
statements are prepared in accordance with the requirements of
the JSE Limited Listing Requirements for abridged reports, and
the requirements of the Companies Act applicable to summary
financial statements. The listing 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 Practices
Committee and the Financial Reporting 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 these
condensed unaudited consolidated interim financial statements,
which are based on reasonable judgment and estimates, are in
accordance with International Financial Reporting Standards
(“IFRS”) and are consistent with those applied in the annual
audited financial statements for the year ended 30 June 2017.

These condensed unaudited consolidated interim financial
statements have been prepared by Petro Mostert CA(SA), Chief
Financial Officer, under the supervision of the Group Financial
Director, Lee Kuyper CA(SA).

The directors take full responsibility for the preparation of
these condensed unaudited consolidated interim financial
statements and the financial information has been correctly
extracted from the underlying financial information. These
interim results have not been audited or reviewed by the Group’s
auditors.

1.2. Earnings per share

Basic and diluted earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the
earnings for the period attributable to ordinary equity holders
of the parent by the weighted average number of ordinary shares
outstanding during the period.

                                                  Unaudited
                                     Unaudited   six months   Audited
                                    six months        as at 12 months
                                         as at           31     as at
                                   31 December     December   30 June
                                          2017         2016      2017
Reconciliation of the weighted
average number of shares in
issue
Shares in issue at the beginning
of the period (‘000)                    34 781      34 781     34 781
Effect of treasury shares
acquired on 1 March 2007 (‘000)          (106)       (106)      (106)
Effect of treasury shares
acquired on 30 Nov 2016 (‘000)         (5 675)       (979)    (3 377)
Weighted average number of
shares in issue during the
period (‘000)                           29 000      33 696     31 298
Shares in issue at the end of
the period – net of treasury
shares (‘000)                           29 000      28 800     29 000

Earnings attributable to
ordinary shareholders (R'000)            2 111       4 890     13 070
Basic earnings per share (cents)          7.28       14.51      41.76


Diluted earnings per ordinary share is calculated by dividing
the diluted earnings for the period attributable to ordinary
equity holders of the parent by the diluted weighted average
number of ordinary shares outstanding during the period.

                                                Unaudited
                                     Unaudited six months      Audited
                                    six months      as at    12 months
                                         as at         31        as at
                                   31 December   December      30 June
                                          2017       2016         2017
Reconciliation between weighted
average number of shares in
issue and weighted average
number of shares in issue used
for diluted earnings per share
Weighted average number of
shares in issue (‘000)                29 000      33 696      31 298
Diluted number of shares due to
share options in issue (‘000)          2 184       3 565       2 352
Weighted average number of
shares in issue used for diluted
earnings per share (‘000)             31 184      37 261      33 650

Earnings attributable to
ordinary shareholders (R'000)          2 111       4 890      13 070
Diluted earnings per share
(cents)                                 6.77       13.12       38.84

Headline and diluted headline earnings per ordinary share

Headline earnings per ordinary share is calculated by dividing
the headline earnings attributable to ordinary equity holders of
the parent by the weighted average number of ordinary shares
outstanding during the period.

                                   Unaudited   Unaudited
                                         six         six
                                      months      months     Audited
                                       as at       as at   12 months
                                          31          31       as at
                                    December    December     30 June
                                        2017        2016        2017
Weighted average number of
shares in issue                       29 000     33 696      31 298
Reconciliation between basic
earnings and headline earnings
Basic earnings (R’000)                 2 111      4 890      13 070
Adjusted for:
– Profit on disposal of
equipment (R’000)                       (68)       (47)        (77)
Headline earnings (R'000)              2 043      4 843      12 993
Headline earnings per share
(cents)                                 7.04      14.37       41.51

Diluted Headline earnings per ordinary share is calculated by
dividing the headline earnings attributable to ordinary equity
holders of the parent by the weighted average number of ordinary
shares outstanding during the period.
                                   Unaudited   Unaudited
                                         six         six    Audited
                                      months      months         12
                                       as at       as at     months
                                          31          31      as at
                                    December    December    30 June
                                        2017        2016       2017
Weighted average number of
shares in issue used for
diluted earnings per share
(‘000)                                31 184      37 261     33 650
Diluted headline earnings                                    12 993
(R'000)                                2 043       4 843
Diluted headline earnings per
share (cents)                           6.55       13.00      38.61

1.3. Deferred revenue and revenue recognised but not yet invoiced

Deferred revenue and revenue recognised but not yet invoiced
refers to the timing difference between recognition of revenue
and invoicing to the client contracts.

                                  Unaudited    Unaudited   Audited
                                                                12
                                 six months six months      months
                                      Ended      ended       ended
                                                    31
                                31 December   December     30 June
                                       2017       2016        2017
                                      R’000      R’000       R’000
Current asset
Revenue recognised not yet
invoiced                              7 448      3 243      6 374
Current liability
Deferred revenue                    (2 692)    (1 078)     (1 403)
Net asset                             4 756      2 165       4 971


1.4. Trade and other payables

Trade and other payables comprised of the following:


                                    Unaudited             Audited
                                   six months Unaudited 12 months
                                        as at six months    as at
                                  31 December      as at  30 June
                                        2017         31      2017
                                               December
                                                   2016
                                       R’000      R’000     R’000
Trade payables                           705        579       786
Leave accrual                              -       808*         -
Other payables (accruals)              5 171      4 331     4 160
Total                                  5 876      5 718     4 946

*The group has adopted a new leave policy that allows
discretionary time off. The leave accrual was realised during
the previous period resulting in no obligation in the period
under review. This change will eliminate future obligations.

1.5. Revenue per geographical region

                                                  Group
                                                 Unaudite Audited
                                                      d 6      12
                                       Unaudited months months
                                        6 months ending ending
                                       ending 31 31 Dec 31 Dec
                                        Dec 2017     2016    2017
                                           R’000    R’000   R’000
South Africa                              19 166 16 369 37 460
Namibia                                    9 660 12 910 26 361
Zimbabwe                                   4 250    3 762   7 330
Kenya                                      1 985    2 831   6 076
Lesotho                                    2 913    3 003   6 037
Botswana                                   1 506    1 003   2 056
Ghana                                      1 135    1 102   1 956
Mauritius                                  1 295      865   1 887
Malawi                                     1 102      916   1 576
Tanzania                                   3 650    3 034   1 189
Nigeria                                      424      363   1 184
Zambia                                       370        -       -
Total                                     47 456 46 158 93 112


1.6. Net asset and tangible net asset value per share


                                   Unaudited             Audited
                                  six months Unaudited 12 months
                                       as at six months    as at
                                 31 December      as at  30 June
                                           2017         31      2017
                                                  December
                                                      2016
                                          Number    Number    Number
                                       of shares of shares of shares
                                            ’000      ’000      ’000
Shares in issue at the
beginning of the period                   34 781    34 781    34 781
Effect of treasury shares
acquired on 1 March 2007                   (106)     (106)     (106)
Effect of treasury shares
acquired on 30 Nov 2016                 (5 675)    (5 875)   (5 675)
Shares at the end of the
period                                    29 000    28 800    29 000
Net asset value per share
(cents)                                   172.43    136.24    170.17
Tangible asset value per
share (cents)                             109.13     89.74    114.72

1.7. Fair values

The carrying amounts of all financial assets and liabilities are
a reasonable approximation of their fair value.

2. CORPORATE ACTIVITY

2.1   Dividends and capital distribution

No dividend was declared for the period under review. The
directors declared and approved a final gross dividend of 7
cents per share on 12 September 2017 for the year ended 30 June
2017 from income reserves and the payment distributions were
made during the period under review.

2.2   Subsequent events

No events occurred subsequent to the period end that would
require the interim financial statements to be adjusted.

2.3   Changes to the board of directors

There have been no changes to the board of directors during the
period under review.

3. FINANCIAL RESULTS AND PERFORMANCE
Revenue was up 3% compared to the comparative period, being
below the growth expectation. This was as a result of lower
growth in the rental and support segments. Rental revenue
decreased due to a loss of rental earned from the last client on
our older SDT Life platform. Support revenue was impacted by a
lower demand for additional support and a slowdown in spending
from existing customers impacted by longer decision-making
processes by customers as well as a generally tougher economic
environment.

Gross profit up 7% and net profit declined with 57% compared to
the comparative period, impacted by the increase in indirect
costs due to the following once-off impacts related to a
provision for doubtful debt and a prior year reversal of the
provision for leave pay.

Indirect cost also increased due to investments made into
marketing and technology to support future revenue growth of new
offerings

Cashflow was good and our cash position increased to R12.2
million from R11.5 million at 30 June 2017.

Our client relationships remain healthy and we continued efforts
to deliver higher value-added offerings. These are aimed at
solving the continued challenges the financial services industry
faces. We also continued to invest in developing new offerings
in cloud-based software applications, hosting and managed
services. Although the performance in the first six months of
the year has been disappointing we remain focused on efforts to
enable ongoing growth.

SEGMENTAL REVIEW

Implementation services

This segment implements our solutions for clients and is project
based.

We are pleased with the increase in revenue of 40% from a number
of new implementation projects. The gross margin decreased from
39% to 32% because of a decision to do a specific project at a
lower margin to open up an opportunity of a potential multiple
country roll-out for a large African insurer.

The segment posted a loss owing to a provision for doubtful debt
that was raised under allocated indirect costs. This relates to
a new customer for which an implementation was completed but did
not yet go-live. The customer has been involved in a legal
dispute which placed strain on its business such that it has not
yet been able to pay SilverBridge. We have subsequently taken
action against the customer to recover the outstanding amount
but given the uncertainty surrounding their ability to
ultimately pay, we have raised the provision.

We remain happy with our implementation delivery model and
continue to secure new contracts in the small to medium sized
market in South Africa and the rest of Africa.

Support services

Support is contracted monthly and is annuity based.

Revenue decreased by 5% from lower demand for additional support
and a slowdown in spending from existing customers. The segment
posted a loss of R1.2 million compared to a profit of R0.3
million in the comparative period.

The segment result was impacted by a higher allocation of
indirect costs.

We continue to focus on additional higher value-added offerings
in this segment.

Hosting and outsourcing services

This segment provides a range of complimentary managed services
to our clients. The services include cloud-based hosting,
outsourced technical services and full business process
outsourcing. We are pleased by the growth in revenue of 59% from
new deals secured.

This segment is important for the Group as it enables us to
offer additional services to existing clients as well as make
our offerings appeal to a wider range of potential clients. It
also helps keep our offerings relevant regarding technology
trends.

For the period, the segment generated revenue of R2.3 million,
up from R1.5 million, with a profit of R0.4 million, assisted by
a lower allocation of indirect costs. We remain satisfied with
the progress thus far and the opportunities that lie ahead. We
envisage the segment becoming a larger contributor to profit as
it achieves more scale.
We have concluded our first full South African Business process
outsourcing (BPO) agreement in January 2018 under our FSB
license.

Software rental and maintenance

Software rental is annuity based. It depends on usage,
increasing with the number of contracts or policies
administered.

Revenue was down 2%. This was driven by two factors. First,
policy volume from existing customers was down 1% for the
period. Second was the loss of rental earned from the last
client on our older SDT Life platform. Despite this, we were
pleased to add several new clients during the period, which will
contribute to the growth of the segment in the future. The
segment made a profit of R14.6 million compared to R17.2 million
in the corresponding period. The drop in margin was from a
planned increase in spend on maintenance and a higher allocation
of indirect costs.

Our software and the growth of our annuity rental stream remain
a core focus going forward.

Research and development (“R&D”)

We continued with R&D efforts in terms of new software
offerings, new markets and new technologies. We are pleased with
the progress made in the development of our new product branded
‘Lucid’, a web-based platform which will open up previously
unaddressed segment of our market. This product investment is
aimed at generating new annuity revenue in the future.

During the period, total direct costs were R4.8 million, of
which R2.5 million was capitalised.

Indirect costs

Indirect costs increased by 30% during the period. This increase
was significantly influenced by the two once-off impacts
explained in paragraph 3 above. Without these two impacts
indirect costs have increased by 11% largely driven by an
increase in costs in our marketing and technology support
divisions which are necessary to enable growth in revenue from
our new offerings.
4. GROUP OUTLOOK

We remain positive about the outlook for the Group, despite a
challenging period. Although economic conditions are currently
suppressed, we continue to build our core annuity streams which
will assist in achieving improved revenue growth.

We are pleased to see that new initiatives are paying off, albeit
slower than expected. We are excited about our new product
development project and we remain optimistic that our efforts
will help enable sustained growth.

The financial services industry continues to face significant
challenges and increased competition to meet its customers’
changing needs in an increasingly digital world. This results in
many of our existing and potential clients searching for
solutions to enable them to adapt quickly and more effectively.
SilverBridge remains well positioned to meet these needs. It
presents us with opportunities to create platforms that can help
the industry to adapt and continues guiding our new product
development initiatives.

On behalf of the board of directors

Robert Emslie                                Jaco Swanepoel
Chairman                                Chief Executive Officer

Pretoria
19 February 2018

Designated Advisor
PSG Capital

CORPORATE INFORMATION

SILVERBRIDGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1995/006315/06)
JSE SHARE CODE: “SVB”   ISIN CODE: ZAE000086229
(“SilverBridge” or “the Group”)

DIRECTORS OF SILVERBRIDGE HOLDINGS
Robert Emslie (Chairman)**, Jaco Swanepoel (CEO), Jeremy de
Villiers **, Hasheel Govind *, Tyrrel Murray**, Lee Kuyper
(Group Financial Director), Stuart Blyth, Lulama Booi*.
(All the directors are South African citizens).
* Non-executive
**Independent non-executive

REGISTERED OFFICES
Castle Walk Corporate Park, Block D
Corner of Nossob & Swakop Street, Erasmuskloof,
Pretoria, 0048
(PO Box 11799, Erasmuskloof, 0048)

COMPANY SECRETARY
Fusion Corporate Secretarial Services Proprietary Limited
represented by
Melinda Gous
Unit 2B, Corporate Corner,
Corner of Marco Polo & John Vorster Avenues
Highveld, Centurion, Gauteng
(PO Box 68528, Highveld, 0169)

LEGAL ADVISERS
Gildenhuys Malatji Attorneys Inc.
(Registration number: 1997/002114/21)
GLMI House
Harlequins Office Park,
164 Totius Street,
Groenkloof
(PO Box 619, Pretoria, 0001)

GROUP AUDITORS:
PricewaterhouseCoopers Incorporated
(Registration number: 1998/012055/21)
4 Lisbon Lane, Waterfall City, Jukskei View, 2090
(Private Bag X36, Sunninghill, 2157, South Africa)

TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
(Registration number: 2004/003647/07)
70 Marshall Street,
Johannesburg,
(Call centre: 0861 100 634)
(PO Box 61051, Marshalltown, 2107)

DESIGNATED ADVISER
PSG Capital
(Registration number: 2006/015817/07)
Second Floor, Building 3,
11 Alice Lane
Sandown, Sandton, 2196
(PO Box 650957, Benmore, 2010)

www.silverbridge.co.za

Recorded online broadcast presentation of the Group’s interim
financial results
Monday 19 February @ 09:00.

Conference call for Q & A from 14:30 to 15:30
Participant PIN : 414124

Gauteng              Johannesburg        010 500 4334
Gauteng              Pretoria            012 004 4334
Western Cape         Cape Town           021 300 4334
KwaZulu-Natal        Durban              031 100 4334

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