Wrap Text
Summarised Audited Consolidated Group Results and Dividend Declarations for the year ended
30 June 2018
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)
Summarised Audited Consolidated Group Results and Dividend
Declarations for the year ended
30 June 2018
Down 37.08%
HEADLINE EARNINGS
R122.152m
(2017: R194.151m)
Down 37.69%
HEADLINE EARNINGS
PER ORDINARY SHARE
381.21 cents
(2017: 611.76 cents)
Up 4.46%
TOTAL
INCOME
R1.219bn
(2017: R1.167bn)
Down 543bps
RETURN ON ORDINARY
SHAREHOLDERS'
AVERAGE EQUITY
8.09%
(2017: 13.52%)
Down 66bps
COST TO
INCOME
71.46%
(2017: 72.12%)
Up 13.12%
TOTAL
ASSETS
R14.319bn
(2017: R12.658bn)
Up 5.45%
TOTAL
EQUITY*
R1.549bn
(2017: R1.469bn)
* excluding preference shares and non-controlling interest.
Up 17.78%
GROSS LOANS AND ADVANCES
R7.904bn
(2017: R6.711bn)
Up 73bps
CREDIT LOSS
RATIO
197bps
(2017: 124bps)
Up 15.37%
FUNDING
BASE*
R10.352bn
(2017: R8.973bn)
* including preference shares.
Up 4.98%
FUNDS UNDER ADMINISTRATION AND MANAGEMENT*
R96.577bn
(2017: R91.992bn)
* including under advisement.
Down 63bps
GROUP TOTAL CAPITAL
ADEQUACY RATIO (UNAUDITED)
16.089%
(2017: 16.719%)
financial highlights
at 30 June 2018
30 June 30 June
2018 2017
Audited Restated
Consolidated statement of financial position
Total assets (Rm's) 14 319 12 658
Total gross loans and advances (Rm's) 7 904 6 711
Non-performing loans and advances (Rm's) 585 349
Income statement
Earnings attributable to ordinary shareholders (Rm's) 114.9 176.6
Headline earnings (Rm's) 122.2 194.2
Financial performance
Return on ordinary shareholders' average equity (%) 8.09 13.52
Return on total average assets (%) 0.91 1.54
Operating performance
Non-interest income to total income (%) 61.22 62.08
Cost to income ratio 71.46 72.12
Credit loss ratio (bps) 197 124
Non-performing advances to total gross loans and advances (%) 7.40 5.20
Share statistics
Earnings per ordinary share (cents) 358.68 556.38
Headline earnings per ordinary share (cents) 381.21 611.76
Number of ordinary shares in issue at end of the period ('000) 32 197 31 737
Weighted average number of ordinary shares in issue ('000) 32 043 31 737
Dividends per ordinary share relating to profit for the period (cents) 151.26 240.42
Preference share dividend number 1 for the year 427.42 436.68
Preference share dividend number 2 for the year 414.03 429.57
Net asset value per ordinary share (cents) 5 392 5 137
Capital adequacy (provisional and unaudited)
Capital to risk weighted assets 16.089 16.719
Consolidated statement of financial position
for the year ended 30 June 2018
30 June 30 June 30 June
2018 2017 2016
Audited Restated Restated
R'000 R'000 R'000
ASSETS
Cash and Negotiable securities 3 867 574 3 560 901 1 890 752
Loans and advances 7 618 495 6 487 022 6 254 891
Trading assets 1 476 511 1 352 570 1 192 446
Other receivables 375 380 394 690 726 940
Investment securities 628 493 494 213 586 359
Private Equity and Property Equity investments 586 497 447 233 510 479
Strategic investments 41 996 46 980 75 880
Property, plant and equipment 88 206 103 856 87 229
Non-current assets held for sale - 69 500 69 900
Investment property 12 600 - -
Taxation 19 809 36 560 31 135
Intangible assets and goodwill 201 448 131 778 122 391
Deferred tax asset 30 568 26 995 22 135
Total assets 14 319 084 12 658 085 10 984 178
LIABILITIES
Funding under repurchase agreements and interbank 1 924 975 1 306 926 862 574
Deposits from customers 4 449 344 4 551 990 3 226 129
Debt securities issued 3 115 432 2 496 718 2 470 428
Long-term loans 674 616 429 673 433 889
Total funding 10 164 367 8 785 307 6 993 020
Trading liabilities 1 449 203 1 333 551 1 174 376
Other payables 801 745 743 267 1 078 046
Current taxation liabilities 21 819 9 569 16 611
Deferred tax liability 140 179 127 166 125 576
Total liabilities 12 577 313 10 998 860 9 387 629
EQUITY
Ordinary share capital and share premium 167 266 144 327 144 327
Reserves 1 382 185 1 324 559 1 259 353
Preference share capital and share premium 188 086 188 086 192 869
Non-controlling interest 4 234 2 253 -
Total equity 1 741 771 1 659 225 1 596 549
Total liabilities and equity 14 319 084 12 658 085 10 984 178
Consolidated income statement
for the year ended 30 June 2018
30 June 30 June
2018 2017
Audited Audited
R'000 R'000
Interest income 1 281 874 1 173 400
Interest expense (809 095) (730 864)
Net interest income 472 779 442 536
Non-interest income 746 437 724 630
Total income 1 219 216 1 167 166
Impairment charges on loans and advances (144 178) (81 436)
Net income after impairments 1 075 038 1 085 730
Operating costs (871 274) (840 152)
Staff costs (453 741) (414 463)
Other operating expenses (408 097) (411 326)
Goodwill and Intangible asset impairments (9 436) (14 363)
Profit from operations 203 764 245 578
Share of associate income/(loss) 110 (2 156)
Profit before income tax 203 874 243 422
Income tax expense (71 428) (49 012)
Profit for the year 132 446 194 410
Profit attributable to:
Preference shareholders 15 531 15 580
Non-controlling interest 1 981 2 253
Equity holders of the Group 114 934 176 577
Profit for the year 132 446 194 410
Earnings per ordinary share (cents) 358.68 556.38
Diluted earnings per ordinary share (cents) 358.68 556.38
Headline earnings per ordinary share (cents) 381.21 611.76
Diluted headline earnings per ordinary share (cents) 381.21 611.76
Consolidated statement of comprehensive income
for the year ended 30 June 2018
30 June 30 June
2018 2017
Audited Audited
R'000 R'000
Profit for the year 132 446 194 410
Other comprehensive income for the year, net of income tax
Items that may be subsequently reclassified to profit and loss:
Foreign exchange differences on translation of foreign operation 9 741 (27 544)
Total comprehensive income for the year 142 187 166 866
Total comprehensive income attributable to:
Preference shareholders 15 531 15 580
Non-controlling interest 1 981 2 253
Equity holders of the Group 124 675 149 033
Total comprehensive income for the year 142 187 166 866
Headline earnings reconciliation
for the year ended 30 June 2018
30 June 30 June
2018 2017
Audited Audited
R'000 R'000
Earnings are determined as follows:
Earnings attributable to equity holders of the Group 114 934 176 577
Headline adjustable items 7 218 17 574
Goodwill and Intangible asset impairments - IAS 38 6 902 14 363
Gross 9 436 14 363
Tax Impact (2 534) -
Investment Property Fair value adjustments - IAS 40 310 310
Gross 400 400
Tax impact (90) (90)
Impairment of leasehold improvements - 4 436
Gross - 4 436
Tax impact - -
Gain on partial disposal of subsidiary - (1 359)
Gross - (1 359)
Tax impact - -
Profit on sale of property and equipment - IAS 16 6 (176)
Gross 9 (244)
Tax impact (3) 68
Headline earnings 122 152 194 151
Headline earnings per ordinary share (cents) 381.21 611.76
Consolidated statement of changes in equity
for the year ended 30 June 2018
30 June 30 June
2018 2017
Audited Audited
R'000 R'000
Opening total shareholders' equity 1 659 225 1 596 549
Total comprehensive income for the year 142 187 166 866
Profit for the year 132 446 194 410
Foreign currency translation reserve 9 741 (27 544)
Transactions with owners recorded directly in equity
Preference share buyback and cancellation - (1 864)
Sale of Treasury shares 22 939 -
Preference share dividend (15 531) (15 580)
Ordinary share dividend (67 049) (86 746)
Closing balance 1 741 771 1 659 225
Consolidated statement of cash flows
for the year ended 30 June 2018
30 June 30 June
2018 2017
Audited Restated
R'000 R'000
Cash flows from operating activities
Cash receipts from customers 1 938 779 1 837 446
Cash paid to customers, employees and suppliers (1 644 232) (1 580 463)
Cash inflow from operating activities 294 547 256 983
Dividends received 22 185 14 753
Taxation paid (32 987) (64 749)
Dividends paid (82 580) (102 326)
Cash flows from operating activities before changes in
operating assets and liabilities 201 165 104 661
Changes in operating assets and liabilities 802 743 1 337 618
Increase in loans and advances (120 207) (313 567)
Increase in trading assets (123 348) (160 125)
Increase in negotiable securities (579 885) (157 255)
Decrease in other receivables 63 252 324 762
(Decrease)/Increase in deposits (102 646) 1 325 861
Increase in long-term funding 863 657 22 074
Increase in funding under repurchase agreements and interbank 618 049 444 352
Increase in trading liabilities 115 652 159 175
Increase/(Decrease) in other payables 68 219 (307 659)
Net cash from operating activities 1 003 908 1 442 279
Cash flows from investing activities (1 281 352) 64 899
Proceeds from the disposal of property, plant and equipment 4 299 11 960
Proceeds from disposal of investment property 56 500 7 489
Proceeds from the disposal of investment securities 4 700 182 095
Acquisition of property, plant and equipment (22 471) (49 680)
Acquisition of intangible assets (82 815) (40 973)
Net cash paid on acquisition of businesses (1 167 031) -
Acquisition of investment securities (108 145) (34 549)
Repayments/(Advances) of investment securities 33 611 (11 443)
Net cash flows from financing activities 22 939 (1 864)
Proceeds from issue of ordinary shares 413 491 -
Repurchase of shares (390 552) -
Purchase and cancellation of preference shares - (1 864)
Net increase/(decrease) in cash and cash balances (254 505) 1 505 314
Cash and cash equivalents at beginning of the year 2 165 379 652 485
Effect of exchange rate fluctuations on cash and cash balances (18 707) 7 580
Cash and cash balances at the end of the year 1 892 167 2 165 379
Consolidated segmental analysis
for the year ended 30 June 2018
30 June 30 June
2018 2017
Audited Audited
R'000 R'000
Segment profit
Banking pillar 68 946 145 144
Capital pillar 39 182 48 384
Wealth pillar 30 517 12 981
Wealth excluding fair value adjustments to strategic investments 35 199 35 637
Fair value adjustments to strategic investments (4 682) (22 656)
Group and inter-segment eliminations (6 199) (12 099)
Profit for the year 132 446 194 410
Segment revenue
Banking pillar 760 828 721 509
Capital pillar 168 250 190 193
Wealth pillar 288 849 256 344
Wealth excluding fair value adjustments to strategic investments 294 883 285 540
Fair value adjustments to strategic investments (6 034) (29 196)
Group and inter-segment eliminations 1 288 (880)
Total segment revenue 1 219 216 1 167 166
Segment assets
Banking pillar 12 142 868 10 506 068
Capital pillar 684 310 797 479
Wealth pillar 1 636 775 1 572 549
Group and inter-segment eliminations (144 869) (218 011)
Total segment assets 14 319 084 12 658 085
Segment liabilities
Banking pillar 11 009 915 9 458 619
Capital pillar 297 890 341 734
Wealth pillar 1 419 314 1 398 336
Group and inter-segment eliminations (149 806) (199 829)
Total segment liabilities 12 577 313 10 998 860
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 global economy and markets continue to demonstrate robust growth largely off the back of developed markets and the US specifically. Emerging markets
and currencies have come under increasing pressure over the last few months which has had a knock-on impact on the South African economy which is also facing
a number of its own challenges. Specifically the increase in business and investor confidence post the ANC national conference was short-lived, with renewed
concerns around the state of the economy which has gone into recession. Furthermore, policy uncertainty most notably with regards to private property rights,
has further reduced investor confidence. This environment has been particularly challenging for the clients of our core credit businesses, who are facing substantial
pressures.
Accounting Changes
During the course of the year, Sasfin made a number of management changes including the appointments of a new Group CEO, Financial Director, Chief Audit Executive,
Chief Risk Officer and Head of Compliance. As part of good governance and the need for audit rotation, we also changed external auditors in the year by appointing PwC.
These changes and the need to implement IFRS 9 in the new financial year resulted in a thorough and detailed review of the classification of items on our Statement of
Financial Position which highlighted various reclassifications and corrections of errors, which were processed. These restatements and adjustments, which had no impact
on the Statement of Comprehensive Income or Statement of Changes in Equity, led to the disclosure of the restated 2016 and 2017 financial year comparative numbers in
the Statement of Financial Position.
Furthermore, a detailed control assessment of our investment portfolio and structured entities was conducted, resulting in the consolidation of Sunlyn (Pty) Ltd,
in the current year, a rental finance originator of the Bank.
The financial performance discussed below takes these adjustments into account.
Financial Performance
The Group posted a disappointing decline in headline earnings of 37.08% to R122.152 million (2017: R194.151 million). Headline earnings per share dropped by 37.69% to 381.21 cents
(2017: 611.76 cents) which primarily was due to a significant increase in the credit loss ratio to 197 bps (2017: 124 bps) and the tax expense to R71.428 million (R49.012 million).
The 77.04% growth in impairments was on the back of a single large credit default and an increase in portfolio impairments, resulting in the profit before tax declining by
16.25% to R203.874 million. Furthermore, the tax expense increased due to a change in the estimates of certain deferred tax assets and deferred tax liabilities. Total Income
grew marginally by 4.46% in a tough economy and cost growth was contained at 3.70% despite continued significant investment in human capital and technology. These initiatives
resulted in an improved cost-to-income ratio by 66 bps to 71.46%.
A detailed review of data was performed to assess the portfolio impairments in terms of IAS 39, which resulted in a revision in our assumptions, and hence an increase in our
portfolio impairments at 30 June 2018. In addition, non-performing loans increased by 22.30% to R234.625 million, for which we are appropriately provisioned. We are concerned
about the deteriorating performance of our credit book over the last two years and have taken significant steps to improve our credit processes and team, including the appointment
of a highly regarded and experienced Head of Credit.
Financial and Capital Position
Total assets grew by 13.12% to R14.319 billion (2017: R12.658 billion) with gross loans and advances growing by 17.78%, largely off the back of the acquisition of
the rental finance book of Absa Technology Finance Solutions (ATFS), effective 1 April 2018, for a total consideration of R1.155 billion.
Funding grew by 15.37% to R10.352 billion (2017: R8.973 billion) which resulted in a healthy cash position of R1.892 billion. The maturity profile of the funding base
has been lengthened to meet the new net stable funding ratio requirements, ensuring that both the liquidity coverage and net stable funding ratios remain strong. Capital
increased by 5.31% to R1.566 billion from R1.487 billion in 2017. Given the growth in risk weighted assets, the capital adequacy ratio decreased to 16.089%. The Group
maintains a total Tier 1 capital ratio of 15.736%.
Given the growth aspirations of the Group and changing regulatory landscape (including the adoption of IFRS 9), the Board will be considering a more dynamic dividend
policy into the future.
Segmental Overview
The Banking Pillar was impacted most significantly by the increased impairments and tax expense, resulting in a decrease in profit to R68.946 million (2017: R145.144 million).
Despite this significant drop in earnings, the Banking pillar has made significant strides in developing its position as the bank for business. Specifically, the Bank continues
to strengthen its team, product offering, technology and service model, thereby providing small to medium size businesses critical banking and financial services which they often
struggle to obtain. The Bank launched B\\Yond, its digital banking platform in 2018 and is currently engaged in further enhancements of this platform and we are starting to grow
client numbers. The acquisition of the ATFS Book resulted in certain once-off costs but has provided further critical mass in Equipment Finance.
The Wealth Pillar showed strong growth in earnings to R30.517 million (2017: R12.981 million) largely as a result of a year-on-year improvement in the fair value write down on its
strategic investment in Efficient Group Limited (Efficient). A strong growth in foreign income (32%) earned from managed global share portfolios and institutional asset management
fees was offset by a drop in local portfolio management and stockbroking fees. In addition, costs were negatively impacted by increased allocation of centre costs. Sasfin Wealth also
continues to strengthen its team (including the appointment of a new CEO), product offering, technology (partly through the Sasfin Wealth Investment Platform (SWIP) acquisition -
a technology driven investment business) and service model, thereby providing a wide range of private, corporate and institutional investors with appropriate investment advice
and investment offerings. While there was a further write-down in the Efficient investment, it's prospects remain positive. Assets under Advice and Management increased by 3.6%
to R39.663 billion (2017: R38.298 billion).
The Capital Pillar showed a decrease in earnings to R39.182 million (2017: R48.384 million) largely due to lower Private Equity fair value adjustments. Furthermore, the Pillar's
year-on-year tax expense increased due to a change in estimate on a deferred tax liability. However, there was a strong performance within the Property Equity unit which has been
successfully turned around over the last few years. This business unit has built a strong portfolio of income generating properties, specifically in the student and affordable
housing segments. Sasfin Capital is increasingly offering debt to business clients and we see good opportunities to further scale this business in a capital efficient way.
Adoption of IFRS 9
The Group will adopt IFRS 9 in its 2019 Financial Statements without restating comparatives i.e. restating opening retained income on 1 July 2018, from the effective date and this will
be reflected in the 2019 financial statements. The change from "incurred loss" to an "expected loss" model in accordance with IFRS 9, resulted in an extensive project
to update and build new credit models to incorporate these changes. Based on initial results, we anticipate an increase in the provision for credit impairment losses
of R114.700 million, when first applying IFRS 9. The consequential impact on the capital adequacy ratio is a reduction of 0.40% to 15.689%.
Prospects
2018 was a year of significant change for the Sasfin Group with the following material changes:
- The restructure into three focused, yet symbiotic Pillars to decentralise management and enhance performance;
- Women Investment Portfolio Holdings Limited (WIPHOLD) becoming a 25,1% shareholder;
- Changes to our board through the appointment of Gugu Mtetwa, Gloria Serobe, Gugu Dingaan, Shaun Rosenthal (as an Alternate Director) and Richard Buchholz as non-executive directors;
- Enhancing our executive leadership with most notably a new Financial Director and CEO, and several key appointments of experienced Bankers across the Group.
The Executive Leadership team went through a rigorous strategic process, the outcome of which was a five-year strategy approved by the Board, and bought into by our management and staff,
which established seven strategic focus areas that enable our purpose and unlock our vision.
Our purpose is to contribute to society by going beyond a bank to enable the growth in the businesses and global wealth of our clients.
The South African economy critically needs growing entrepreneurial businesses and, unfortunately, small to medium size businesses struggle to engage with banking and financial service
providers in a way which works for their business. Sasfin, through its Banking and Capital pillars, is well positioned to deliver value to these entrepreneurial businesses through our
excellent team, wide range of products and services and solution orientated mindset. This is increasingly being supported by enhancements in technology.
The economy also needs to grow a generation of investors and savers, at a time when South Africa's savings rates are amongst the lowest in the world. Sasfin has been successfully
managing global wealth for generations and as the world becomes smaller, the need for global investment management is greater than ever. Over the last couple of years Sasfin has
developed a wider range of solutions to service a broader spectrum of investors in a manner which is simple, agile and cost effective. This approach too, is being constantly enhanced
through technology.
We have developed a clear vision of how we will unlock our purpose and, as highlighted below, we are making meaningful progress in each of our strategic focus areas which should result
in growing stakeholder value into the future:
- High-performance culture built on the Sasfin values - significant changes to the Executive Leadership Team including the finalisation of our long-term incentive scheme which is
aligned to responsible stakeholder value creation;
- Sustainable and effective transformation - the introduction of WIPHOLD as a shareholder together with meaningful transformation initiatives, has resulted in an improved Level 4 BB-BEE
Score on the revised codes;
- Effective organisational capacity - aligning our people, technology and processes to limit red tape so that our clients can engage with us in a seamless way, while ensuring regulatory
compliance;
- Enhancing our products, user-experience and innovation - this is evident in our digital offerings including our novel B\\Yond banking platform and our acquired SWIP business;
- Building strong sales capability - we are driving growth in organic sales through strengthening our distribution and origination teams across the Pillars, remuneration structures and
product sets;
- Growing our offshore revenue - we continue to grow foreign income within Sasfin Wealth which was strengthened by the investment in DMA (previously Saxo Capital Markets South Africa)
and we are exploring opportunities in all three pillars;
- Improving our credit quality - we have strengthened our team and processes and have refined our risk appetite to ensure greater granularity in loans and advances while driving growth.
We are operating in uncertain times globally and challenging times in South Africa, and therefore businesses and investors need, more than ever, a partner to go beyond for them. The
economy recently went into technical recession, and a significant improvement in the economy is not expected in the short term, which is concerning, but opportunities should continue
to present themselves, for which, we are well-positioned to capitalise on.
Our strong balance sheet, good brand and diversified product offering together with the investment we are making in human capital and technology, positions Sasfin well in the medium term.
These efforts, together with a renewed focus on revenue growth, active management of our credit portfolio and cost management should result in long term shareholder value creation.
BASIS OF PREPARATION AND PRESENTATION OF THE SUMMARISED FINANCIAL STATEMENTS
The Summarised Consolidated Financial Statements have been prepared in accordance with the presentation requirements of 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 the Audited Consolidated Annual Financial Statements are the same as those applied in the Group's Audited Consolidated and Separate Annual Financial
Statements for the year ended 30 June 2018.
There are no material events to report subsequent to 30 June 2018.
Summarised financial statements
The Summarised 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 year ended 30 June 2018.
Responsibility for financial statements
These Condensed Consolidated Financial Statements have been prepared under the supervision of Angela Pillay, CA(SA), Group and Bank Financial Director.
The financial information contained in this report is extracted from audited information, but is itself not audited. This announcement does not include the information required
pursuant to paragraph 16A(j) of IAS 34. The full provisional report is available on our website (http://www.sasfin.com/), and at our offices upon request to the company
secretary Pieter Bester: Pieter.bester@sasfin.com. The Directors take full responsibility for the preparation of this report and the financial information that has been extracted
from the underlying annual financial statements. The annual financial statements were audited by PricewaterhouseCoopers Inc. who expressed an unmodified opinion thereon. The audited
annual financial statements and the auditors’ report thereon are available for inspection at the Company’s registered office.
The auditor's report does not necessarily report on all the information contained in these financial results. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditors' engagement they should obtain a copy of the auditor's report together with the accompanying financial information from the Company's
registered office.
PREFERENCE SHARE CASH DIVIDEND
The Directors have declared a gross cash preference dividend number 28 of 414.03 cents per share (2017: 429.57 cents per share) ("preference dividend") for the period 1 January 2018 to
30 June 2018.
Preference dividends have been paid on 1 000 000 (2017: 1 000 000) preference shares issued at R100.00 (2017: R100.00) each, and on 797 226 (2017: 797 226) preference shares issued at
R110.49 (2017: 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 331.224 cents (2017: 343.656 cents) per share is paid to those shareholders who are not exempt from dividend withholding tax; and
- The issued number of preference shares as at the declaration date is 1 797 226 (2017: 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, 12 October 2018.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend
Tuesday, 09 October 2018
Preference shares commence trading "ex" the preference dividend
Wednesday, 10 October 2018
Preference dividend record date
Friday, 12 October 2018
Payment date of preference dividend
Monday, 15 October 2018
Preference share certificates may not be dematerialised or rematerialised between Wednesday, 10 October 2018 and Friday, 12 October 2018, both days inclusive.
ORDINARY SHARE CASH DIVIDEND
The Directors have declared a final ordinary share cash dividend for the year ended 30 June 2018 of 104.37 cents (2017: 160.42 cents) per share.
Together with the interim ordinary dividend of 46.894 cents (2017: 80.004 cents) per share declared on 20 March 2018, the total ordinary dividends for the financial year ended
30 June 2018 amount to 151.26 cents (2017: 240.42 cents) per share.
Ordinary share certificates may not be dematerialised or rematerialised between Wednesday, 17 October 2018 and Friday, 19 October 2018, both days inclusive.
The above dates and times are subject to amendment. Any such amendment will be published on SENS and in the press.
The following further information is provided to shareholders with regards to the ordinary 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 83.496 cents (2017: 128.336 cents) per share is paid to those shareholders who are not exempt from dividend withholding tax;
- The issued number of ordinary shares as at declaration date is 32 301 441 (2017: 32 301 441); and
- The issued number of ordinary shares (excluding treasury shares) as at declaration date is 32 196 882 (2017: 31 736 515).
The ordinary dividend is payable to holders of ordinary shares recorded in the register of the Company at the close of business on Friday, 19 October 2018.
The salient dates relating to the ordinary dividend are as follows:
Last day to trade cum the ordinary dividend
Tuesday, 16 October 2018
Ordinary shares commence trading "ex" the ordinary dividend
Wednesday, 17 October 2018
Ordinary dividend record date
Friday, 19 October 2018
Payment date of ordinary dividend
Monday, 22 October 2018
CORPORATE DETAILS
Independent Non-Executive Chair Website and email
Roy Andersen www.sasfin.com
investorrelations@sasfin.com
Executive Directors
Michael Sassoon (Chief Executive Officer) Transfer Secretaries
Roland Sassoon Computershare Investor Services (Pty) Ltd
Angela Pillay Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196, PO Box 61051, Marshalltown, 2107
Independent Non-Executive Directors Sponsor
Linda de Beer Sasfin Capital (a member of the Sasfin Group)
Grant Dunnington
Gugu Mtetwa Independent sponsor
Shahied Rylands (Lead) Deloitte & Touche Sponsor Services (Pty) Ltd
Richard Buchholz
Auditors
Non-Independent, Non-Executive Directors PricewaterhouseCoopers Inc.
Gloria Serobe
Gugu Dingaan Registered Office
Shaun Rosenthal (Alternate) 29 Scott Street, Waverley, Johannesburg, 2090
Tel: +27 11 809 7500
Group Company Secretary Fax: +27 11 887 6167/2489
Howard Brown Company Registration number: 1987/002097/06
Tax reference number: 9300/204/71/7
Johannesburg
17 September 2018
Date: 17/09/2018 10:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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