Wrap Text
Unaudited Interim Results and Dividend Declarations for the six months ended 31 December 2017
Sasfin Holdings Limited
Incorporated in the Republic of South Africa
(Company registration number 1987/002097/06)
("Sasfin" or "the Group" or "the Company")
(Ordinary share code: SFN ISIN: ZAE000006565)
(Preference share code: SFNP ISIN: ZAE000060273)
Unaudited Interim Results and Dividend Declarations for the six months ended
31 December 2017
Down 41.81%
HEADLINE EARNINGS
PER ORDINARY SHARE
157.95 cents
(Dec 2016: 271.42 cents)
Down 8.72%
PROFIT BEFORE TAX
R102.405 m
(Dec 2016: R112.189 m)
Down 537bps
RETURN ON ORDINARY
SHAREHOLDERS'
AVERAGE EQUITY
6.86%
(Dec 2016: 12.23%)
Up 13.78%
TOTAL
ASSETS
R13.152 bn
(Dec 2016: R11.559 bn)
Up 7.09%
GROSS LOANS AND ADVANCES
R6.857 bn
(Dec 2016: R6.403 bn)
Up 12.67%
FUNDING
BASE*
R9.192 bn
(Dec 2016: R8.158 bn)
* including preference shares
Down 79bps
CREDIT LOSS
RATIO
200bps
(Dec 2016: 121bps)
Down 29bps
GROUP TOTAL CAPITAL
ADEQUACY RATIO
18.03%
(Dec 2016: 18.32%)
Up 15.91%
FUNDS UNDER ADMINISTRATION AND MANAGEMENT*
R102 bn
(Dec 2016: R88 bn)
* including under advisement
FINANCIAL HIGHLIGHTS
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
FINANCIAL POSITION
Total assets (Rm) 13 152 11 559 12 623
Total gross loans and advances (Rm) 6 857 6 403 6 711
Non-performing loans and advances (Rm) 402 466 349
INCOME STATEMENT
Earnings attributable to ordinary shareholders (Rm) 46.183 84.709 176.577
Headline earnings (Rm) 50.491 86.142 194.151
FINANCIAL PERFORMANCE
Return on ordinary shareholders' average equity (%) 6.86 12.23 13.52
Return on average assets (%) 0.78 1.53 1.64
OPERATING PERFORMANCE
Non-interest income to total income (%) 60.34 63.69 62.08
Cost-to-income ratio
Group (%) 70.52 72.05 72.12
Banking Group (%) 62.86 66.47 65.20
Credit loss ratio (bps) 200 121 124
Non-performing advances to total gross loans and advances (%) 5.86 7.28 5.20
SHARE STATISTICS
Earnings per ordinary share (cents) 144.47 266.91 556.38
Headline earnings per ordinary share (cents) 157.95 271.42 611.76
Number of ordinary shares in issue at end of the period (000) 32 197 31 737 31 737
Weighted average number of ordinary shares in issue (000) 31 967 31 737 31 737
Dividends per ordinary share relating to profit for the period (cents) 46.89 80.00 240.42
Preference share dividend number 1 for the period (cents) 427.42 436.68 436.68
Preference share dividend number 2 for the period (cents) - - 429.57
Net asset value per ordinary share (cents) 4 586 4 453 4 628
CAPITAL ADEQUACY
Capital adequacy ratio
Group (%) 18.03 18.32 16.38
Banking Group (%) 16.94 17.31 16.67
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
ASSETS
Cash and negotiable securities 3 717 205 2 837 584 3 525 418
Loans and advances 6 589 574 6 182 723 6 487 022
Trading assets 1 317 424 1 298 610 1 280 093
Other receivables 648 622 297 430 467 208
Investment securities 554 552 603 910 494 213
Private equity and Property equity investments 507 246 535 034 447 233
Strategic investments 47 306 68 876 46 980
Property, plant and equipment 95 443 103 572 103 856
Non-current assets held for sale 19 500 69 900 69 500
Taxation 27 681 27 906 36 560
Intangible assets and goodwill 146 788 112 781 131 778
Deferred tax asset 35 088 24 094 26 995
TOTAL ASSETS 13 151 877 11 558 510 12 622 643
LIABILITIES
Funding under repurchase agreements and interbank 1 267 180 975 186 1 381 240
Deposits from customers 4 246 264 4 016 555 4 483 350
Debt securities issued 3 113 037 2 496 267 2 496 718
Long-term loans 377 605 481 741 429 673
TOTAL FUNDING 9 004 086 7 969 749 8 790 981
Trading liabilities 1 337 250 1 280 166 1 266 745
Other payables 984 876 573 771 768 957
Taxation 23 829 11 201 9 569
Deferred tax liability 133 795 119 366 127 166
TOTAL LIABILITIES 11 483 836 9 954 253 10 963 418
EQUITY
Ordinary share capital and share premium 160 103 144 327 144 327
Reserves 1 316 553 1 268 818 1 324 559
Preference share capital and share premium 188 086 188 086 188 086
Non-controlling interest 3 299 3 026 2 253
TOTAL EQUITY 1 668 041 1 604 257 1 659 225
TOTAL LIABILITIES AND EQUITY 13 151 877 11 558 510 12 622 643
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Interest income 624 124 582 659 1 186 295
Interest expense 394 866 367 410 743 759
NET INTEREST INCOME 229 258 215 249 442 536
NON-INTEREST REVENUE 348 781 377 483 724 630
Non-interest income excluding fair value adjustments to strategic investments 347 975 384 487 753 826
Fair value adjustments to strategic investments 806 (7 004) (29 196)
TOTAL INCOME 578 039 592 732 1 167 166
Impairment charges on loans and advances 67 997 38 897 81 436
NET INCOME AFTER IMPAIRMENTS 510 042 553 835 1 085 730
OPERATING COSTS 407 687 440 888 840 152
Staff costs 194 337 221 580 414 463
Other operating expenses 207 517 204 945 411 326
Goodwill and intangible asset impairments 5 833 14 363 14 363
PROFIT FROM OPERATIONS 102 355 112 947 245 578
Share of associate income/(loss) 50 (758) (2 156)
PROFIT BEFORE INCOME TAX 102 405 112 189 243 422
Income tax expense 47 494 18 438 49 012
PROFIT FOR THE PERIOD 54 911 93 751 194 410
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
OTHER COMPREHENSIVE LOSS FOR THE PERIOD, NET OF INCOME TAX (10 418) (17 520) (27 544)
Items that are or may be subsequently reclassified to profit or loss
Foreign exchange differences on translation of foreign operation (10 418) (17 520) (27 544)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 44 493 76 231 166 866
PROFIT ATTRIBUTABLE TO:
Non-controlling interest 1 046 1 194 2 253
Preference shareholders 7 682 7 848 15 580
Equity holders of the Group 46 183 84 709 176 577
PROFIT FOR THE PERIOD 54 911 93 751 194 410
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:
Non-controlling interest 1 046 1 194 2 253
Preference shareholders 7 682 7 848 15 580
Equity holders of the Group 35 765 67 189 149 033
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 44 493 76 231 166 866
Basic and Diluted earnings per ordinary share (cents) 144.47 266.91 556.38
HEADLINE EARNINGS RECONCILIATION
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
EARNINGS ARE DETERMINED AS FOLLOWS:
Earnings attributable to equity holders of the Group 46 183 84 709 176 577
HEADLINE ADJUSTABLE ITEMS 4 308 1 433 17 574
PROFIT ON DISPOSAL OF ASSETS - 121 (176)
Gross - 168 (244)
Tax impact - (47) 68
GOODWILL AND INTANGIBLE ASSET IMPAIRMENTS 4 308 14 363 14 363
Gross 5 833 14 363 14 363
Tax impact (1 525) - -
PROFIT ON DISPOSAL OF SUBSIDIARY - (13 051) (1 359)
Gross - (13 051) (1 359)
Tax impact - - -
INVESTMENT PROPERTY FAIR VALUE ADJUSTMENTS - - 310
Gross - - 400
Tax impact - - (90)
IMPAIRMENT OF LEASEHOLD IMPROVEMENTS - - 4 436
Gross - - 4 436
Tax impact - - -
HEADLINE EARNINGS 50 491 86 142 194 151
Headline earnings and Diluted headline earnings per ordinary share (cents) 157.95 271.42 611.76
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Opening total shareholders' equity 1 659 225 1 596 549 1 596 549
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 44 493 76 231 166 866
Profit for the period 54 911 93 751 194 410
Foreign currency translation reserve (10 418) (17 520) (27 544)
TRANSACTIONS WITH OWNERS RECORDED DIRECTLY IN EQUITY
Preference share buy-back and cancellation - (2 564) (1 864)
Sale of Treasury shares 22 938 - -
Preference share dividend (7 682) (7 848) (15 580)
Ordinary share dividend (50 933) (59 943) (86 746)
Non-controlling interest - 1 832 -
CLOSING BALANCE 1 668 041 1 604 257 1 659 225
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash flows from operating activities 85 076 32 011 104 661
Movement in operating assets and liabilities 232 949 973 791 1 057 502
Net cash flows from operating activities 318 025 1 005 802 1 162 163
Net cash flows from investing activities (34 900) (42 537) 64 899
Net cash flows from financing activities 22 938 (732) (1 864)
Net increase in cash and cash equivalents 306 063 962 533 1 225 198
Cash and cash equivalents at beginning of the period 2 144 178 911 400 911 400
Effect of exchange rate fluctuations on cash held (216) (11 535) 7 580
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD 2 450 025 1 862 398 2 144 178
CONDENSED SEGMENTAL ANALYSIS
for the period ended
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
SEGMENT PROFIT
Banking pillar 35 769 82 278 145 144
Capital pillar (3 494) 6 737 48 384
Wealth pillar 23 801 9 193 12 981
Wealth excluding fair value adjustments to strategic investments 23 064 14 628 35 637
Fair value adjustments to strategic investments 737 (5 435) (22 656)
Group and inter-segment eliminations (1 165) (4 457) (12 099)
PROFIT FOR THE PERIOD 54 911 93 751 194 410
SEGMENT REVENUE
Banking pillar 373 275 373 766 721 509
Capital pillar 58 047 74 837 190 192
Wealth pillar 144 816 133 310 256 344
Wealth excluding fair value adjustments to strategic investments 144 010 140 314 285 540
Fair value adjustments to strategic investments 806 (7 004) (29 196)
Group and inter-segment eliminations 1 901 10 819 (879)
TOTAL SEGMENT REVENUE 578 039 592 732 1 167 166
CONDENSED SEGMENTAL ANALYSIS
at
31 December 31 December 30 June
2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
SEGMENT ASSETS
Banking pillar 10 992 954 9 326 632 10 470 642
Capital pillar 724 813 887 661 870 946
Wealth pillar 1 581 895 1 573 691 1 572 548
Group and inter-segment eliminations (147 785) (229 474) (291 493)
TOTAL SEGMENT ASSETS 13 151 877 11 558 510 12 622 643
SEGMENT LIABILITIES
Banking pillar 9 955 023 8 254 439 9 423 193
Capital pillar 289 540 400 160 403 850
Wealth pillar 1 399 597 1 383 682 1 398 337
Group and inter-segment eliminations (160 324) (84 028) (261 962)
TOTAL SEGMENT LIABILITIES 11 483 836 9 954 253 10 963 418
NOTE 1: FINANCIAL INSTRUMENTS: FAIR VALUES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
The Group's financial risk management objectives and policies are consistent with those disclosed in the Consolidated and Separate Annual Financial Statements at
and for the period ended 30 June 2017.
Financial hierarchy
The table below analyses financial instruments carried at fair value by level of fair value hierarchy. The different levels are based on the inputs used in the
calculation of fair value of the financial instruments. The levels have been defined as follows:
Level 1 - fair value is based on quoted market prices (unadjusted) in active markets for identical instruments.
Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3 - unobservable inputs for the asset or liability.
Level 1 Level 2 Level 3 31 December 31 December 30 June
R'000 R'000 R'000 2017 2016 2017
Unaudited Unaudited Audited
R'000 R'000 R'000
Negotiable securities 1 614 519 - - 1 614 519 1 456 432 1 395 522
Trading assets 1 317 424 - - 1 317 424 1 298 610 1 280 093
Investment securities - 47 616 506 936 554 552 603 910 494 213
Other receivables - 193 541 - 193 541 55 088 72 477
Total financial assets carried at fair value 2 931 943 241 157 506 936 3 680 036 3 414 040 3 242 305
Trading liabilities 1 337 250 - - 1 337 250 1 280 166 1 266 745
Other payables - 214 684 - 214 684 57 716 66 806
Total financial liabilities carried at fair value 1 337 250 214 684 - 1 551 934 1 337 882 1 333 551
Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. For all
other financial instruments, the Group determines fair values using valuation techniques.
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer has occurred. There were
no transfers between Level 1, 2 and 3 of the fair value hierarchy during the period ended 31 December 2017.
31 December 31 December 30 June
2017 2016 2017
6 months 6 months 12 months
Unaudited Unaudited Audited
R'000 R'000 R'000
Level 3 fair values - Investment securities
Opening balance 446 954 493 768 493 768
Unrealised gains for the year included in profit or loss 6 761 25 563 72 649
Net investments/(settlements) 53 221 15 703 (119 463)
Closing balance 506 936 535 034 446 954
The valuation of Level 3 investment securities was based predominantly on detailed discounted cash flow methodologies, which were moderated against implied
price/earnings multiples and, where applicable, benchmarked to proxies of listed entities in similar industries. This valuation methodology is allowed per the South
African Venture Capital and Private Equity guidelines.
COMMENTARY
NATURE OF BUSINESS
Sasfin is a bank-controlling company listed on the JSE Limited (JSE). Sasfin and its subsidiaries (the Group) provide a comprehensive range of specialist financial
products and services for Business and Wealth clients.
BUSINESS ENVIRONMENT
The economic and political environment was particularly difficult over the six months to December 2017 in the build up to the ANC National Elective Conference.
South African businesses and investors had to deal with increasing pressures given the ratings downgrades, the state of the economy, public and private sector
corruption as well as challenges within our state-owned enterprises.
Furthermore, the banking and financial services industry in South Africa is navigating new banking and disruptive entrants, how to effect meaningful and sustainable
transformation, and a changing regulatory landscape.
FINANCIAL PERFORMANCE
The Group posted a disappointing drop in headline earnings of 41.39% to R50.491 million (December 2016: R86.142 million). Headline earnings per share dropped by
41.81% to 157.95 cents (December 2016: 271.42 cents). This arose primarily from a large credit event related to a single client, a change in the accounting
estimate of certain deferred tax assets and a change in the Group's estimate of a deferred tax liability.
Net interest income grew in line with growth in loans and advances by 6.51% notwithstanding an increase in our cost of funding. Despite positive income growth in
Sasfin Wealth and the growth in net interest income, total income declined by 2.48% due to a decrease in non-interest revenue primarily due to lower income levels
in Sasfin Capital.
The Group's credit loss ratio increased materially to 200 bps (December 2016: 121 bps). This was primarily due to a single credit loss. Notwithstanding this
increase, the Group saw a decrease in its non-performing loans of 13.73% to R402 million. The Group has strengthened the credit team and is enhancing its credit
processes.
The Group continues to focus on cost management. On the back of these initiatives, costs have decreased by 7.53% to R407.687 million. This was achieved through
greater scrutiny and effective management of information technology projects and containment of staff costs (including short-term incentive accruals in-line with
business performance) whilst further investing in people, compliance and technology. These initiatives resulted in a 153bps improvement in the cost-to-income ratio
to 70.52%. The Banking Group's cost-to-income ratio improved by 361bps to 62.86%.
The Group's tax expense has increased significantly to R47.494 million (December 2016: R18.438 million) which equates to an effective tax rate of 46.38% (December
2016: 16.43%). The increase above our normal tax rate is largely anomalous and was impacted by the Group's decision to reverse a deferred tax asset and to change
its estimate regarding a deferred tax liability due to a change in tax legislation during 2017. Further to this, the Group earned a lower proportion of income in
lower tax jurisdictions relative to prior years.
FINANCIAL AND CAPITAL POSITION
Total assets grew by 13.78% to R13.152 billion with gross loans and advances growing by 7.09%. The Group grew its funding base by 12.67% to R9.192 billion with
growth in client deposits to R4.246 billion and debt securities to R3.113 billion, resulting in a liquidity position of R3.717 billion. Approximately R1 billion is
earmarked for the acquisition of the Absa Technology Finance Solutions (ATFS) business which will be effective 1 April 2018.
The Group also lengthened the maturity profile of its funding base in anticipation of the net stable funding ratio requirements which became effective on 1 January
2018. Sasfin's liquidity coverage and net stable funding ratios remain healthy, which places the Group in a strong position to capitalise on opportunities.
The Group's capital base (excluding preference shares) increased by 4.53% to R1.477 billion from R1.413 billion in December 2016. The capital adequacy ratio has
decreased to 18.03% (December 2016: 18.32%), primarily due to growth in risk weighted assets. The Group maintains a Tier 1 capital ratio of 17.75%.
SEGMENTAL OVERVIEW
From the beginning of the 2018 financial year, the Group was restructured into three dedicated pillars, Sasfin Bank, Sasfin Wealth and Sasfin Capital.
While the control functions remain centralised to ensure effective risk management and governance, the Group has now devolved more decision-making into the pillars
to drive a culture of ownership and accountability.
Explicit responsibility for operating costs now rests with pillar management. Therefore, the Group presents the results in this segmental overview with the
comparative period results adjusted on the basis that the current operating structure was in place for that period.
Sasfin Bank comprises Equipment Finance, Trade and Debtor Finance, Treasury and Transactional Banking as well as Foreign Exchange. The ATFS transaction resulted in
certain once off costs being incurred in the six months but will result in further critical mass in Equipment Finance. Sasfin Bank continues to invest in its
digital banking platform, and there is slow but steady growth in client numbers. Sasfin Bank's headline earnings decreased by 52.97% to R38.817 million (December
2016: R82.538 million).
Sasfin Wealth showed a greater than 100% increase in headline earnings to R23.801 million (December 2016: R9.193 million). While local portfolio management and
stockbroking fees were flat, there was a 50.56% increase in foreign income earned from managed global share portfolios and institutional asset management. The
pillar managed to contain costs and there was no recurrence of investment losses relating to its shareholding in the Efficient Group Limited. Assets under Advice
and Management increased by 8.11% to R40 billion (December 2016: R37 billion) while Assets under Administration increased by 21.57% to R62 billion (December 2016:
R51 billion).
Sasfin Capital, comprising Private Equity, Property Equity, Corporate Finance and Special Opportunities, Short-Term Insurance and Incentives businesses, showed a
decrease in total income of 22.44% to R58.047 million. This decline was due to lower fair value adjustments. Earnings were further impacted by the change in tax
elaborated on above. This unit consequently generated a headline loss of R4.540 million (December 2016 headline earnings: R6.855 million).
PROSPECTS
Although the South African economy remains weak, the renewed confidence - particularly in the business and investor community - bodes well for the country and
Sasfin. We expect trading conditions to remain challenging for the second half of the financial year but we are encouraged by the political situation and are
hopeful that the credit environment will improve.
We believe that our strong balance sheet, good brand and diversified product offering, together with the investment we are making in human capital and technology,
will position Sasfin well in the medium term. We expect that these efforts, together with our renewed focus on revenue growth, active management of our credit
portfolio and cost management will result in long-term shareholder value creation.
During the past six months Sasfin has further implemented a number of key initiatives aimed at strengthening the business's human capital, enhancing infrastructure
and to aid in achieving Sasfin's transformation objectives. Some of these initiatives include:
- Women Investment Portfolio Holdings Limited (WIPHOLD) becoming a 25.1% shareholder which, together with other initiatives focused on sustainable and meaningful
transformation, resulted in an improved BEE score for the Group;
- Changes to our Board through the appointment of Gloria Serobe, Gugu Mtetwa, Gugu Dingaan, Shaun Rosenthal (as an Alternate Director) and Richard Buchholz as Non-
Executive Directors;
- Enhancing our executive leadership with a number of key appointments including the appointment of Michael Sassoon as Group Chief Executive Officer and Angela Pillay
as Group Financial Director; and
- Increased investment in innovation and digitisation with a view to improving the client experience.
BASIS OF PREPARATION AND PRESENTATION OF THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX-MONTH PERIOD ENDED 31 DECEMBER 2017
The Condensed Interim Consolidated Financial Statements have been prepared in accordance with IAS 34: Interim Financial Reporting, and in accordance with
International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and the IFRS Interpretation Committee (IFRS
IC), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council, the JSE Listings Requirements, and the requirements of the Companies Act, 2008 (Act No. 71 of 2008) of South Africa (Companies Act).
The accounting policies applied in these unaudited, unreviewed Condensed Interim Consolidated Financial Statements for the period ended 31 December 2017 are the
same as those applied in the Group's Audited Consolidated Annual Financial Statements at the year ended 30 June 2017.
There are no material events to report subsequent to 31 December 2017, other than those already disclosed.
CONDENSED INTERIM FINANCIAL STATEMENTS
The Condensed Interim Consolidated Financial Statements comprise the following:
- Consolidated Statement of Financial Position
- Consolidated Statement of Comprehensive Income
- Condensed Consolidated Statement of Changes in Equity
- Condensed Consolidated Statement of Cash Flows
- Condensed Segmental Analysis
at and for the period ended 31 December 2017.
RESPONSIBILITY FOR FINANCIAL STATEMENTS
These Condensed Interim Consolidated Financial Statements have been prepared under the supervision of Francois Otto, CA(SA), Chief Financial Officer (Acting).
INTERIM PREFERENCE SHARE CASH DIVIDEND
The Directors have declared a gross cash preference dividend number 27 of 427.42 cents per share (December 2016: 436.68 cents per share) ("preference dividend") for
the period 1 July 2017 to 31 December 2017.
Preference dividends have been paid on 1 000 000 (December 2016: 1 000 000) preference shares issued at R100.00 (December 2016: R100.00) each, and on 797 226
(December 2016: 797 226) preference shares issued at R110.49 (December 2016: R110.49) each.
The following further information is provided to shareholders with regards to the preference dividend declaration in respect of the dividends tax:
- The dividend has been declared from income reserves.
- The dividend withholding tax rate is 20%, and a net dividend of 341.93600 cents (December 2016: 349.34400 cents) per share is paid to those shareholders who are not
exempt from dividend withholding tax.
- The issued number of preference shares as at the declaration date is 1 797 226 (December 2016: 1 797 226).
The preference dividend is payable to holders of preference shares recorded in the register of the Company at the close of business on Friday, 6 April 2018.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend
Tuesday, 3 April 2018
Preference shares commence trading ex the preference dividend
Wednesday, 4 April 2018
Preference dividend record date
Friday, 6 April 2018
Payment date of preference dividend
Monday, 9 April 2018
Preference share certificates may not be dematerialised or rematerialised between Wednesday, 4 April 2018 and Friday, 6 April 2018, both days inclusive.
INTERIM ORDINARY SHARE CASH DIVIDEND
The Directors have declared an interim ordinary share cash dividend for the period ended 31 December 2017 of 46.894 cents (December 2016: 80.004 cents) per share.
The following further information is provided to shareholders with regards to the interim dividend declaration in respect of the dividends tax:
- The dividend has been declared from income reserves;
- The dividend withholding tax rate is 20%, and a net dividend of 37.51520 cents (December 2016: 64.00320 cents) per share is paid to those shareholders who are not
exempt from dividend withholding tax; and
- The issued number of ordinary shares as at declaration date is 32 301 441 (December 2016: 32 301 441).
The ordinary dividend is payable to holders of ordinary shares recorded in the register of the Company at the close of business on Friday, 13 April 2018.
The salient dates relating to the ordinary dividend are as follows:
Last day to trade cum the ordinary dividend
Tuesday, 10 April 2018
Ordinary shares commence trading ex the ordinary dividend
Wednesday, 11 April 2018
Ordinary dividend record date
Friday, 13 April 2018
Payment date of ordinary dividend
Monday, 16 April 2018
Ordinary share certificates may not be dematerialised or rematerialised between Wednesday, 11 April 2018 and Friday, 13 April 2018, both days inclusive.
The above dates and times are subject to amendment. Any such amendment will be released on SENS and published in the press.
For and on behalf of the Board:
Roy Andersen Michael Sassoon Francois Otto
Chairman Chief Executive Officer Chief Financial Officer (Acting)
20 March 2018
CORPORATE DETAILS
INDEPENDENT NON-EXECUTIVE CHAIRMAN
Roy Andersen
LEAD INDEPENDENT NON-EXECUTIVE DIRECTOR
Shahied Rylands
EXECUTIVE DIRECTORS
Michael Sassoon (Chief Executive Officer)
Roland Sassoon
Angela Pillay
INDEPENDENT NON-EXECUTIVE DIRECTORS
Linda de Beer
Grant Dunnington
Gugu Mtetwa
Richard Buchholz
non-executive directors
Gloria Serobe
Gugu Dingaan
Shaun Rosenthal (Alternate)
GROUP COMPANY SECRETARY
Howard Brown
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Limited Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196 PO Box 61051, Marshalltown, 2107
JOINT AUDITORS
KPMG Inc.
Grant Thornton Johannesburg Partnership
SPONSORS
Sponsor - Sasfin Capital (a member of the Sasfin group)
Independent sponsor - Deloitte & Touche Sponsor Services Proprietary Limited
REGISTERED OFFICE
29 Scott Street, Waverley, Johannesburg, 2090
Tel: +27 11 809 7500
Fax: +27 11 887 6167/2489
Company registration number: 1987/002097/06 Tax reference number: 9300/204/71/7
WEBSITE AND EMAIL
www.sasfin.com investorrelations@sasfin.com
This announcement and additional information is available at: www.sasfin.com
DISCLAIMER
The Group has in good faith made reasonable effort to ensure the accuracy and completeness of the information contained in this document, including all information
that may be regarded as "forward-looking statements".
Forward-looking statements may be identified by words such as "believe", "anticipate", "expect", "plan", "estimate", "intend", "project", and "target".
Forward-looking statements are not statements of fact, but statements by the management of the Group based on its current estimates, projections, expectations,
beliefs and assumptions regarding the Group's future performance and no assurance can be given to this effect.
The risks and uncertainties inherent in the forward-looking statements contained in this document include, but are not limited to changes to IFRS and the
interpretations, applications and practices subject thereto as they apply to past, present and future periods; domestic and international business and market
conditions such as exchange rate and interest rate movements; changes in the domestic and international regulatory and legislative environments; changes to domestic
and international operational, social, economic and political risks; and the effects of both current and future litigation.
The Group does not undertake to update any forward-looking statements contained in this document and does not assume responsibility for any loss or damage however
arising as a result of the reliance by any party thereon, including, but not limited to, loss of earnings, profits or consequential loss or damage.
Any forward-looking statements have not been reviewed or reported on by the Company's external auditors.
www.sasfin.com
Date: 20/03/2018 09:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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