SANTOVA LIMITED - Preliminary Audited Results And Dividend Announcement for the year ended 28 February 2018

Release Date: 16/05/2018 14:00
Code(s): SNV
 
Wrap Text
Preliminary Audited Results And Dividend Announcement for the year ended 28 February 2018

SANTOVA LIMITED
("Santova" or "the Company")
(Registration Number 1998/018118/06) 
Share Code: SNV 
ISIN:  ZAE000159711

PRELIMINARY AUDITED RESULTS AND DIVIDEND ANNOUNCEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2018


2018 Santova Preliminary Results Commentary



HIGHLIGHTS

The 2018 financial year was another successful year for Santova.
Like most industries, the logistics sector is facing a new era of
unprecedented change which brings with it not only challenges but
also opportunities for a Group like Santova whose differentiation
has always been founded on innovation, amidst a climate of change.
It is pleasing to note that despite the effects of a strengthening
Rand on the consolidation of offshore earnings, most operations
internationally have produced a solid set of results. Regarding
South Africa, they have exceeded expectations by posting an
exceptional result despite having started the year in recession.

The performance of the Group during the current year has been purely
organic. This has been the result of our strategic choice which
focused primarily on the internal integrations and scaling of
operations such as systems, new business development, and ongoing
support, all of which constitute a critical foundation for future
acquisitions. Our focus on the 'drivers' of organic growth was
along three strategies; expanding the business model to include
both international courier express services, client sourcing and
procurement management services; and differentiating further by
optimising core operational capabilities through much improved
data analytics to automation. In short, we remained focused and
disciplined in deploying our strategic growth initiatives.


FINANCIAL PERFORMANCE
The Group has achieved a 13,5% increase in profit attributable
to equity holders to R71,3 million for the 2018 financial year,
versus R62,8 million in the prior year. This in turn translated
into a 12,4% increase in headline earnings per share to 44.84
cents, versus 39.89 cents in the prior year and as a result the
Group entered its 8th consecutive year of growth in headline
earnings per share.


FINANCIAL POSITION

The Group's financial position continues to mature and strengthen
following another successful year of profitability and has not been
significantly impacted by currency in the current year. Key factors
evidencing this strengthening are:

  A 7,6% increase in total assets from R896,1 million in 2017 to
  R964,4 million in 2018;

  A 13,8% increase in capital and reserves from R365,6 million in
  2017 to R416,2 million in 2018; and

  A reduction in the Group's debt equity ratio from 53,0% in 2017
  to 46,5% in 2018.

In addition, the Group's net cash generated from operating activities
increased 20,0% from R56,5 million in 2017 to R67,8 million in 2018
and as a result cash and cash equivalents on hand increased 18,1%
from R91,8 million in 2017 to R108,4 million in 2018.


REGIONAL PERFORMANCE

Our South African operations have delivered an exceptional set of
results. This was despite the challenges imposed upon these by
'depressed' trading conditions. Our focus on assisting clients in
differentiating from their respective industries, together with
much improved service levels, has contributed to the building of
Santova's brand in the logistics industry.

An exciting strategic change that the Group has made in the United
Kingdom includes the consolidation of the two businesses W.M.
Shipping Limited and Santova Logistics Limited into one legal entity.
The result is the elimination of duplication of administrative
structures and at the same time the consolidation of the capabilities
and know-how, and the core competencies of both businesses. With the
respective brands now focusing on their niche markets, they will also
have access to one another's buy rates and networks worldwide which
will bode well for both businesses as we move forward.

Our operations in the Asia region have surpassed expectations on
the upside with good progress being achieved. This has been the
result of a cyclical upturn in manufacturing and investment, and
stronger trade growth globally. This has also been achieved through
not only favourable buy rates, which were available through the
Group's network and associations in this region, but together with
the higher freight rates in 2017.


TWO MOST NOTICEABLE FORCES DRIVING CHANGE IN OUR INDUSTRY

The first force concerns customer expectations, which are increasingly
changing, driven by the new shopping patterns of consumers who went
digital long before many of the retailers. Today, both individuals
and businesses expect delivery of goods faster and with greater
reliability, flexibility, and in many cases at minimal cost. The
second force is the availability and intelligent application of
technology.

To meet these new customer expectations, we have spent the last
twelve months expediting the deployment of intelligent technology,
which is aimed at lowering costs, improving efficiency and allowing
access to critical data, whilst at the same time 'freeing up time'
for greater client centricity. As opposed to these two forces of
change being regarded as a risk, we view them as having offered
Santova a window of opportunity.


LOOKING FORWARD

With the changes in consumer behaviour, our customers are being
forced to adapt to new shopping patterns. As a result we will
continue to exploit digital technology to meet customer expectations
whilst at the same time drive more efficient internal physical and
digital standards and workflow processes that will convert and
improve the profitability on low margin shipments.

Having spent the last two years on building and enhancing internal
capacity, the proposition of select acquisitions is now high on the
agenda of the Group. Economic zones of interest that we are looking
to enter include the United States and South East Asia whilst also
entrenching ourselves further in the United Kingdom and Europe.
Through acquisitions, we are able to gain the benefits of an entire
company's prior sales and client relationships, which means we are
immediately gaining markets and clients that we otherwise may not
have had access to.



Summarised Consolidated Statement of Financial Position
as at 28 February 2018

                                    Notes         2018        2017
                                                 R'000       R'000

ASSETS
Non-current assets                            213 995     213 265
Property, plant and equipment                  20 379      18 540
Intangible assets                        4    181 411     178 494
Financial assets                         5      4 366       6 332
Deferred taxation                               7 839       9 899
Current assets                                750 381     682 807
Trade receivables                             579 376     539 111
Other receivables                              62 142      51 463
Current tax receivable                            492         453
Cash and cash equivalents                     108 371      91 780

Total assets                                  964 376     896 072


EQUITY AND LIABILITIES
Capital and reserves                          416 172     365 567
Stated capital                                219 514     214 625
Treasury shares                                (3 197)     (1 631)
Equity compensation reserve                     6 246       5 185
Property revaluation reserve                       36           -
Foreign currency translation reserve          (19 827)    (15 901)
Accumulated profit                            213 344     156 117
Attributable to equity holders of
 the parent                                   416 116     358 395
Non-controlling interest                           56       7 172
Non-current liabilities                        22 323      38 930
Interest-bearing borrowings                    21 039      36 552
Long-term provision                             1 284       1 425
Deferred taxation                                   -         953
Current liabilities                           525 881     491 575
Trade and other payables                      202 320     205 464
Current tax payable                             7 246       4 001
Current portion of interest-bearing
 Borrowings                                    15 561      20 541
Amounts owing to related parties                  220         246
Financial liabilities                    5     17 350      15 135
Short-term borrowings and overdrafts          265 097     228 380
Short-term provisions                          18 087      17 808

Total equity and liabilities                  964 376     896 072



Summarised Consolidated Statement of Profit and Loss
and other Comprehensive Income
for the year ended 28 February 2018

                                    Notes         2018        2017
                                                 R'000       R'000

GROSS BILLINGS                          2   4 123 540   4 073 868
Revenue                                 2     311 354     299 034
Net interest income                     2      17 923      16 381
Interest and financing fee income
 recovered from clients                        39 831      38 923
Interest and financing fee expenses
 incurred                                     (21 908)    (22 542)

Revenue after net interest income       2     329 277     315 415
Other income                                   14 362      22 765
Depreciation and amortization                  (3 355)     (5 921)
Administrative expenses                      (239 628)   (235 476)

Operating profit                              100 656      96 783
Interest received                       6         279         427
Finance costs                           7      (5 998)     (9 187)

Profit before taxation                         94 937      88 023
Income tax                                    (23 670)    (23 403)

Profit for the year                            71 267      64 620
Attributable to:
Equity holders of the parent                   71 252      62 791
Non-controlling interests                          15       1 829

Other comprehensive income
Items that may be reclassified
 subsequently to profit or loss
  - Exchange differences arising from
     translation of foreign operations         (3 933)    (78 840)
  - Net actuarial loss on remeasurement
     of post-retirement medical aid
     benefit liability                              -         (62)
  - Gain on revaluation of property                36           -

Total comprehensive income / (loss)            67 370     (14 282)
Attributable to:
Equity holders of the parent                   67 362     (15 216)
Non-controlling interests                           8         934

Basic earnings per share (cents)        3       44.87       39.87
Diluted earnings per share (cents)      3       43.89       38.53
Dividends per share (cents)                      7.00        6.25



Summarised Consolidated Statement of Changes in Equity
for the year ended 28 February 2018

                                                           Foreign
                                      Equity   Property   currency
                             Trea-   compen-   revalua-     trans-
                    Stated    sury    sation       tion     lation
                   capital  Shares   reserve    reserve    reserve
                     R'000   R'000     R'000      R'000      R'000

Balances at 29
 February 2016    214 076    (998)    3 028          -     62 044
Total
 comprehensive
 income                 -       -         -          -    (77 945)
Share-based
 equity reserve
 charged to
 profit and loss        -       -     2 448          -          -
Treasury shares
 acquired               -    (633)        -          -          -
Shares issued
 under share
 option scheme        549       -      (276)         -          -
Transfer of equity
 compensation
 reserve                -       -       (15)         -          -
Dividends paid
 to shareholders        -       -         -          -          -
Balances at 28
 February 2017    214 625  (1 631)    5 185          -    (15 901)
Total profit
 and loss               -       -         -          -          -
Other
 comprehensive
 income                 -       -         -         36     (3 926)
Share-based
 equity reserve
 charged to
 profit and loss        -       -     1 620          -          -
Treasury shares
 acquired               -  (1 534)        -          -          -
Shares issued
 under share
 option scheme      1 118       -      (559)         -          -
Shares acquired
 from scrip
 dividend               -     (32)        -          -          -
Transfer of equity
 compensation
 reserve                -       -         -          -          -
Costs to issue
 securities           (70)      -         -          -          -
Dividends paid
 to shareholders    3 841       -         -          -          -
Minority interest
 acquired               -       -         -          -          -
Balances at 28
 February 2018    219 514  (3 197)    6 246         36    (19 827)


                                                Non-con-
                       Accumulated              trolling     Total
                            profit     Total    interest    equity
                             R'000     R'000       R'000     R'000

Balances at 29
 February 2016            102 027   380 177       6 238   386 415
Total
 comprehensive
 income                    62 729   (15 216)        934   (14 282)
Share-based
 equity reserve
 charged to
 profit and loss                -     2 448           -     2 448
Treasury shares
 acquired                       -      (633)          -      (633)
Shares issued
 under share
 option scheme                  -       273           -       273
Transfer of equity
 compensation
 reserve                       15         -           -         -
Dividends paid
 to shareholders           (8 654)   (8 654)          -    (8 654)
Balances at 28
 February 2017            156 117   358 395       7 172   365 567
Total profit
 and loss                  71 252    71 252          15    71 267
Other comprehensive
 income                         -    (3 890)         (8)   (3 898)
Share-based
 equity reserve
 charged to
 profit and loss                -     1 620           -     1 620
Treasury shares
 acquired                       -    (1 534)          -    (1 534)
Shares issued
 under share
 option scheme                  -       559           -       559
Shares acquired
 from scrip
 dividend                       -       (32)          -       (32)
Transfer of equity
 compensation
 reserve                        -         -           -         -
Costs to issue
 securities                     -       (70)          -       (70)
Dividends paid
 to shareholders           (9 876)   (6 035)          -    (6 035)
Minority interest
 acquired                  (4 149)   (4 149)     (7 123)  (11 272)
Balances at 28
 February 2018            213 344   416 116          56   416 172



Summarised Consolidated Statement of Cash Flow
for the year ended 28 February 2018

                                                  2018        2017
                                                 R'000       R'000

OPERATING ACTIVITIES
Cash generated from operations                 92 139      90 080
Interest received                                 279         427
Finance costs                                  (5 300)     (7 337)
Taxation paid                                 (19 358)    (26 696)
Net cash flows from operating activities       67 760      56 474

INVESTING ACTIVITIES
Plant and equipment acquired                   (4 876)     (1 606)
Intangible assets acquired and developed       (3 523)     (2 658)
Proceeds on disposals of plant and
 equipment and intangible assets                  425         265
Settlement of acquired contingent
 purchase consideration                             -     (24 077)
Net cash flows on acquisition of
 minority interest                            (11 271)          -
Net cash flows from investing activities      (19 245)    (28 076)

FINANCING ACTIVITIES
Borrowings repaid                             (20 745)    (18 829)
Issue of shares for cash                          489         273
Purchase of treasury shares                    (1 566)       (633)
Increase in amounts owing to related parties      (26)        (56)
Dividends paid                                 (6 035)     (8 654)
Net cash flows from financing activities      (27 883)    (27 899)

Net increase in cash and cash equivalents      20 632         499
Difference arising on translation of
 foreign operations                            (4 033)    (31 619)
Cash and cash equivalents at beginning
 of year                                       91 772     122 892
Cash and cash equivalents at end of year      108 371      91 772



Consolidated Segmental Analysis
for the year ended 28 February 2018

                        Logistics  Financial     Head
                         Services   Services    Office       GROUP
                            R'000      R'000     R'000       R'000

BUSINESS SEGMENTS
28 February 2018
Gross billings         4 257 920      9 861    31 735   4 299 516
  External             4 114 201      8 906       433   4 123 540
  Internal               143 719        955    31 302     175 976
Revenue after net
 interest income         320 524      9 861    (1 108)    329 277
Depreciation and
 amortisation             (2 894)       (69)     (392)     (3 355)
Operating profit          97 183      3 727      (254)    100 656
Interest received            264        946      (931)        279
Finance costs             (1 564)         -    (4 434)     (5 998)
Income tax expense       (22 392)      (935)     (343)    (23 670)
Profit for the year       73 491      3 738    (5 962)     71 267
Total assets             870 188     15 267    78 921     964 376
Total liabilities        543 362      1 043     3 799     548 204

28 February 2017
Gross billings         4 191 572      9 500    38 265   4 239 337
  External             4 064 978      8 624       266   4 073 868
  Internal               126 594        876    37 999     165 469
Revenue after net
 interest income         306 677      9 500      (762)    315 415
Depreciation and
 amortization             (4 900)       (76)     (945)     (5 921)
Operating profit          86 772      3 843     6 168      96 783
Interest received            424        909      (906)        427
Finance costs             (2 875)        (1)   (6 311)     (9 187)
Income tax expense       (20 987)    (1 009)   (1 407)    (23 403)
Profit for the year       63 334      3 742    (2 456)     64 620
Total assets             792 295     12 767    91 010     896 072
Total liabilities        505 841        763    23 901     530 505



                              LOGISTICS SERVICES
                                 Asia  United
                      Africa  Pacific  Kingdom   Europe      TOTAL
                       R'000    R'000    R'000    R'000      R'000

GEOGRAPHICAL SEGMENTS
28 February 2018
Gross billings
 external          2 573 865  227 627  697 759  614 950  4 114 201
Revenue after net
 interest income     138 937   31 635   76 453   73 499    320 524
Operating Profit      41 586   12 888   16 935   25 774     97 183
Net profit            29 799   10 599   13 668   19 425     73 491
Total assets         564 348   48 041  175 981   81 818    870 188
Total liabilities    400 514   17 671   71 495   53 682    543 362

28 February 2017
Gross billings
 external          2 524 680  230 834  681 210  628 254  4 064 978
Revenue after net
 interest income     134 020   31 728   72 897   68 032    306 677
Operating Profit      31 122   13 606   15 833   26 211     86 772
Net profit            20 456   10 292   12 809   19 777     63 334
Total assets         492 369   61 514  159 035   79 377    792 295
Total liabilities    360 153   20 206   66 702   58 780    505 841


Notes to the Summarised Consolidated Financial Statements
for the year ended 28 February 2018


1. BASIS OF PREPARATION

   The audited summarised consolidated financial statements have
   been prepared in accordance with the framework concepts and the
   recognition and measurement criteria of International Financial
   Reporting Standards (IFRS) and the SAICA Financial Reporting
   Guides as issued by the Accounting Practices Committee and
   Financial Reporting Pronouncements as issued by the Financial
   Reporting Standards Council, and as a minimum, contains the
   information required by IAS 34: Interim Financial Reporting and
   comply with the Listings Requirements of the JSE Limited and
   the Companies Act of South Africa, 2008.

   The full consolidated annual financial statements from which
   these summarised consolidated financial statements were derived
   are available on request from the Group's registered office.

   The accounting policies applied in the preparation of the full
   consolidated annual financial statements from which the
   summarised consolidated financial statements were derived are
   in accordance with IFRS and are consistent with those of the
   audited consolidated annual financial statements for the year
   ended 28 February 2018.

   These summarised consolidated financial statements and the full
   consolidated annual financial statements have been prepared
   under the supervision of D C Edley, CA(SA) and were approved by
   the board of directors on 16 May 2018.


                                                 2018         2017
                                                R'000        R'000

2. REVENUE

   Gross billings                          4 123 540    4 073 868
     Less: Recoverable disbursements      (3 794 263)  (3 758 453)
   Revenue after net interest income         329 277      315 415

   Revenue from the provision of
    services comprises:                      311 354      299 034
      Logistics services                     302 601      290 295
      Insurance commission and
        management fees                        8 907        8 624
      Other revenue                             (154)         115

   Net interest income from the provision
    of credit facilities comprises:           17 923       16 381
      Interest and financing fee income
       recovered from clients                 39 831       38 923
      Interest and financing fee expenses
       incurred                              (21 908)     (22 542)

   Revenue after net interest income         329 277      315 415


                                          2018                2017
3. EARNINGS PER SHARE
   Basic earnings per share     (cents)  44.87               39.87
   Headline earnings per share  (cents)  44.84               39.89
   Diluted earnings per share   (cents)  43.89               38.53
   Diluted headline earnings
    per share                   (cents)  43.89               38.55


                          Profit on
                           ordinary   Taxation   Minority      Net
                         activities     effect   interest   effect
                              R'000      R'000      R'000    R'000

   Reconciliation between
    basic and headline
    earnings:

   February 2018
   Profit for the year      94 937    (23 670)       (15)  71 252
   Adjusted for:
     Profit on disposals of
      plant and equipment      (72)        37          -      (35)
   Headline earnings        94 865    (23 633)       (15)  71 217

   February 2017
   Profit for the year      88 023    (23 403)    (1 829)  62 791
   Adjusted for:
     Loss on disposals of
      plant and equipment       46        (14)        (3)      28
   Headline earnings        88 069    (23 417)    (1 832)  62 819

                                          2018                2017
                                        Shares              Shares
                                         000's               000's
   Numbers of shares on which
    calculations are based:
   Shares in issue at end of year      160 228             158 247
   Weighted Average Number of
    Ordinary Shares ("WANOS") at
    end of year                        158 814            157 495
   Diluted WANOS at end of year        162 334            162 975

   The difference between earnings per share and diluted earnings
   per share is due to the impact of share options that are yet to
   be exercised or are yet to have vested from the Group's share
   option scheme.


4. INTANGIBLE ASSETS
                                                 2018         2017
                                                R'000        R'000
   Goodwill Movement
   Carrying value at beginning of year       173 656      217 472
   Translation loss                             (207)     (43 816)
   Carrying value at end of year             173 449      173 656
   Carrying value of computer software and
   indefinite useful life intangible assets    7 962        4 838
   Total intangible assets                   181 411      178 494


5. FINANCIAL ASSETS/(LIABILITIES)
                                                 2018         2017
                                     Level      R'000        R'000
   Financial assets
   Non-current financial assets
   Future profit share on rental
    agreement1                           2     1 992        1 991
   Guardrisk cell captive2               2     2 374        4 341
                                               4 366        6 332

   Financial liabilities
   Current financial liabilities
   Current portion of contingent
    purchase considerations on
    acquisitions                         3   (17 287)     (15 093)
   Forward exchange contracts            1       (63)         (42)
                                             (17 350)     (15 135)


5. FAIR VALUE DISCLOSURE FOR FINANCIAL INSTRUMENTS continued
   Hierarchy for fair value measurement

   Fair value determination:

   Level 1 - Quoted prices (unadjusted) in active markets for
             identical assets or liabilities.

   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 - Inputs for the asset or liability that are not based
             on observable market data.

   There were no transfers between the fair value hierarchy levels
   during the year.

   1 Santova Logistics (South Africa) entered into a profit
     sharing agreement with the landlord of their Durban premises
     on inception of the lease in the 2007 financial year. This
     agreement gives Santova Logistics a specified portion of the
     actual or deemed profit made should the building be sold or
     vacated. The inputs used to determine the fair value of the
     profit share are as follows:

   Current net market rental (including parking bays)  R110 per m2

   Capitalisation rate (on a vacant basis)             15,00%

   2 This represents the fair value of the investment by Santova
     Logistics (South Africa) in the Guardrisk cell captive,
     recognised as a financial asset with changes in fair value
     being recognised in profit or loss for the year. The fair
     value of the cell captive is determined by the net asset
     value that  represents fair value.

   3 This represents the present value of the remaining contingent
     purchase obligations arising from acquisitions during the
     prior financial periods. The fair value of the liability
     represents the amount owing following the conclusion of the
     final warranty period and payment was made on 2nd of March
     2018. The financial liability can be reconciled as follows:

                                                 2018         2017
                                                R'000        R'000

   Financial liability at beginning of year    15 093      49 134
   Interest on present value calculation          697       1 848
   Foreign exchange loss/(gain) on translation     57      (9 929)
   Fair value loss/(gain) on remeasurement      1 440      (1 886)
   Payments made during the year                    -     (24 074)
   Financial liability at end of year          17 287      15 093

Supplementary Information
for the year ended 28 February 2018

   The contingent purchase obligations relate to the following
   acquisitions that were successfully completed during the
   previous financial year:

   Acquiring company           Target company   Discount rate used
   Santova International  Tradeway (Shipping)                 6,6%
    Holdings (Pty) Ltd               Limited

   Prior to the acquisition of Tradeway (Shipping) Limited, the
   target company acquired Tradeway North West Limited. This
   acquisition gave rise to a financial liability as a result of
   contingent purchase obligations. The weighted average cost of
   capital used in the calculation of the fair value of this
   financial liability is equal to that being used to calculate
   the fair value of the financial liability to the sellers of
   Tradeway (Shipping) Limited.

   Management have assessed the sensitivity of the level 3 fair
   value measurement to changes in unobservable inputs and do not
   believe that such reasonably expected changes would materially
   affect the fair value.

   Management have assessed the degree of classification of the
   liabilities within level 3 and are satisfied that the
   classification above is appropriate due to the fact that these
   liabilities are measured using the same methods and thus do not
   have varying degrees of uncertainty or subjectivity.


6. INTEREST RECEIVED
                                                 2018         2017
                                                R'000        R'000

   Interest received from third parties           279          427
   As per Statement of Comprehensive Income       279          427
   Interest and financing fee income
    recovered from clients included in
    Note 2 (Revenue)                           39 831       38 923
   Total interest income                       40 110       39 350


7. FINANCE COSTS
   Financial liabilities (refer note 5)           697        1 786
   Interest-bearing borrowings                  5 246        7 241
   Other interest paid                             55          160
   As per Statement of Comprehensive Income     5 998        9 187
   Interest and financing fee expenses
    Incurred included in Note 2 (Revenue)      21 908       22 542
   Total interest expense                      27 906       31 729


8. EVENTS AFTER THE REPORTING PERIOD
   There are no events that have taken place after the reporting
   period for which non-disclosure would affect the ability of the
   users to make proper evaluations and decisions.


9. APPROVAL OF ANNUAL FINANCIAL STATEMENTS
   The annual financial statements were approved by the Board of
   directors on 16 May 2018.


10. AUDIT OPINION
   These summarised consolidated financial statements for the year
   ended 28 February 2018 have been audited by Deloitte & Touche,
   who expressed an unmodified opinion thereon. The auditor also
   expressed an unmodified opinion on the full consolidated
   financial statements for the year ended 28 February 2018 from
   which these summarised consolidated financial statements were
   derived. A copy of the auditor's report on the summarized
   consolidated financial statements and the auditor's report on
   the full consolidated financial statements are available for
   inspection at the company's registered office, together with
   the financial statements identified in the respective auditor's
   reports. Deloitte & Touche has not audited future financial
   performance and expectations expressed by management included
   in the commentary in the summarised consolidated financial
   statements and accordingly do not express an opinion thereon.
   The auditor's report does not necessarily report on all of the
   information contained in the summarised consolidated financial
   statements. Shareholders are therefore advised that in order to
   obtain a full understanding of the nature of the auditor's
   engagement, they should obtain a copy of the auditor's report
   together with the accompanying financial information from the
   issuer's registered office.



Dividend Declaration

Notice is hereby given that the directors have declared a gross
dividend of 7.00 cents (2017: 6.25 cents) per ordinary share,
payable in cash out of income reserves for the year ended
28 February 2018 to ordinary shareholders.

The dividend has been declared out of income reserves as defined
in the Income Tax Act. Where applicable, the dividend will be
subject to South African dividends withholding tax at a rate of
20% which will result in a net dividend of 5.6 cents per share
payable to those shareholders who are not exempt from paying
dividends withholding tax.

The number of ordinary shares in issue as at the date of this
declaration is 160,228,045 and the company's tax reference number
is 9077274844.


The salient dates relating to the payment of the dividend are as
follows:

Declaration Date publication               Wednesday, 16 May 2018
Last day to trade cum dividend             Tuesday, 26 June 2018
Shares trade ex-entitlement                Wednesday, 27 June 2018
Record date for the dividend               Friday, 29 June 2018
Payment date for dividend                  Monday, 2 July 2018

Share certificates may not be dematerialised or rematerialized
between Wednesday, 27 June 2018 and Friday, 29 June 2018, both
dates inclusive.

By order of the Board
J Lupton 
Company Secretary
16 May 2018





Corporate Information

SANTOVA LIMITED
Country of incorporation
Republic of South Africa
Registration number
1998/018118/06

Share code
SNV

ISIN
ZAE000159711

NATURE OF BUSINESS
International logistics solutions provider


DIRECTORS
Independent Non-Executive Directors
WA Lombard (Chairman)
ESC Garner
AD Dixon
EM Ngubo

Executive Directors
GH Gerber (Chief Executive Officer)
DC Edley (Group Financial Director) 
AL van Zyl

COMPANY SECRETARY
JA Lupton, FCIS
Highway Corporate Services (Pty) Ltd
PO Box 1319, Hillcrest, 3650

JSE SPONSOR
River Group
Unit 2, 211 Kloof Street, Waterkloof, Pretoria 0145

GROUP AUDITOR
Deloitte & Touche
PO Box 243, Durban, 4000

SHARE REGISTRAR
Computershare Investor Services (Pty) Ltd
PO Box 61051, Marshalltown, 2107

LEGAL ATTORNEY
Livingston Leandy Inc
PO Box 4107, Umhlanga Rocks, 4320

INVESTOR RELATIONS
Contact Persons
GH Gerber (Chief Executive Officer)
DC Edley (Group Financial Director)

Email Address
investor@santova.com

Contact number 
+27 31 374 7000


SANTOVA HEAD OFFICE 
AND REGISTERED OFFICE
Physical address
53 Richefond Circle, Umhlanga Ridge, 4319

Postal address
PO Box 6148, Durban, 4000

Registered Office
Santova House, 88 Mahatma Gandhi Road,
Durban, 4000

Contact number
+27 31 374 7000

CORPORATE BANKERS
Nedbank Limited
PO Box 1144, Sandown, 2196


A Specialist Provider of Innovative Global Trade Solutions.

 Santova's diversi?cation in terms of geographies, currencies,
 industries, products and services enables it to manage a global
 network of inter-connected activities for multinational
 organisations from origin to point-of-consumption.

 This diversification also enables it to hedge against unexpected
 regional risks' whilst at the same time allowing us to
 capitalise on opportunities that may present themselves globally.


Santova House
88 Mahatma Gandhi Road
Durban, 4001

Tel: +27 31 374 7000
Email: enquiries@santova.com
www.santova.com

16 May 2018
Durban
Sponsor
River Group



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