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SILVERBRIDGE HOLDINGS LIMITED - Unaudited Condensed Consolidated Interim Financial Statements for the Six Month Period ended 31 December 2016

Release Date: 20/02/2017 11:15
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Unaudited Condensed Consolidated Interim Financial Statements for the Six Month Period ended 31 December 2016

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

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE
SIX MONTH PERIOD ENDED 31 DECEMBER 2016

GROUP PROFILE
SilverBridge offers reliable solutions that support the operations of
companies offering financial products and services. Our understanding
of contract administration processes helps our clients to improve and
simplify their business processes. We achieve this by implementing
our system platforms and customising them to meet product and process
needs. We have extended our services to include cloud hosted
solutions. This is a result of experience gained over many years.

Exergy is our flagship platform that enables core back office policy
administration in the life assurance industry. The Exergy solution
package can be customised to suit the needs of a life assurer’s on-
premise software requirements. We have extended our portfolio to
include group scheme administration, pension fund administration as
well as elements of medical and short-term insurance. This caters for
clients wanting to offer a wider range of financial services
offerings.

We use a project approach to help our clients translate business
objectives into IT requirements. We then implement sustainable
solutions. Our software products and hosted services are rented to
our customers on a usage basis.

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2016




                              Unaudited Unaudited
                             six months six months   Audited
                                  ended      ended 12 months
                                     31         31     ended
                               December December     30 June Percentage
                                   2016       2015      2016     change
                     Notes        R’000      R’000     R’000          %

Revenue              1.5         46 158     39 646    86 442         16
Other income                        434         88       152        393
Operating expenses              (40 395)   (34 657)  (74 557)        17
Operating profit                  6 197      5 077    12 037         22
Finance income                      675        634     1 367          6
Finance expense                       -          -     (250)          -
Profit before
taxation                          6 872      5 711    13 154          20
Taxation                         (1 982)   (1 692)   (3 064)          17
Profit and total
comprehensive
income for the
period                             4 890      4 019     10 090        22

Number of shares
in issue (‘000)      1.2          34 781     34 781     34 781
Weighted average
number of shares
in issue (‘000)      1.2          33 696     34 675     34 675
Diluted weighted
average number of
shares (‘000)        1.2          37 261     35 610     36 680
Basic earnings per
share (cents)        1.2            14.5       11.6       29.1         25
Diluted earnings
per share (cents)    1.2            13.1       11.3       27.5         16

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL
POSITION AS AT 31 DECEMBER 2016

                                                         Unaudited
                                            Unaudited        as at    Audited
                                                as at           31      as at
                                          31 December     December    30 June
                                                 2016         2015       2016
                                  Notes         R’000        R’000      R’000
ASSETS
Non-Current Assets
Equipment                                       4 380          813        983
Intangible assets                              13 393       11 740     12 371
Deferred tax assets                             1 306        1 158      1 266
Withholding tax rebates
receivable                                      1 502        2 206      1 190
Total Non-Current Assets                       20 581       15 917     15 810
Current Assets
Withholding tax rebates
receivables                                     1 312          558      1 312
Income tax receivable                               -            -        802
Revenue recognised not yet
invoiced                           1.3          3 243        1 022      4 737
Trade and other receivables                    13 731       10 959     13 422
Cash and cash equivalents                      10 104       24 471     26 956
Total Current Assets                           28 390       37 010     47 229
Total Assets                                   48 971       52 927     63 039

EQUITY AND LIABILITIES
Capital and Reserves
Issued capital                                   348          348        348
Share premium                                 11 871       11 871     11 871
Treasury shares                             (11 948)        (197)      (197)
Share based payment reserve                    1 107          747        910
Retained earnings                             37 860       28 984     35 056
Total Equity                                  39 238       41 753     47 988
Non-Current Liabilities
Deferred tax liability                         1 692          817      1 098
Total Non-Current Liabilities                  1 692          817      1 098
Current Liabilities
Deferred revenue                   1.3         1 078        1 213        398
Income tax payable                             1 245        2 888      1 791
Trade and other payables           1.4         5 718        6 256     11 764
Total Current Liabilities                      8 041       10 357     13 953
Total Liabilities                              9 733       11 174     15 051
Total Equity and Liabilities                  48 971       52 927     63 039

Net asset value per share
(cents)                            1.6         136.2        120.4      138.4
Net tangible asset value per
share (cents)                      1.6          89.7         86.6      102.7

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN
EQUITY FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2016


                                                  Share
                                                  based
                  Issued     Share   Treasury   payment Retained     Total
                 capital   premium     shares   reserve earnings    equity
                   R'000     R'000      R'000     R'000    R'000     R'000
Balance at 1
July 2015            348    11 871      (197)       462   26 704    39 188
Total
comprehensive
income for the
period
Profit or loss         -        -           -         -    4 019     4 019
Total
comprehensive
income for the
period                 -        -           -         -    4 019     4 019
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Dividend paid          -        -           -         -   (1 739)   (1 739)
Equity settled
share based
payment                -        -           -       285        -       285
Total
transactions
with owners            -        -           -       285   (1 739)   (1 454)
Balance at 31
December 2015        348    11 871       (197)      747    28 984    41 753
Total
comprehensive
income for the
period
Profit or loss         -        -           -         -     6 072     6 072
Total
comprehensive
income for the
period                 -        -           -         -     6 072     6 072
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Equity settled
share based
payment                   -        -           -    163         -     163
Total
transactions
with owners               -        -           -    163         -   6 235
Balance at 30
June 2016               348   11 871        (197)   910    35 056  47 988
Total
comprehensive
income for the
period
Profit or loss                                              4 890   4 890
Total
comprehensive
income for the
period                                                      4 890   4 890
Transactions
with owners,
recorded
directly in
equity
Contributions
by and
distributions
to owners
Dividend paid
(note 2.1)             -        -           -       -     (2 086)   (2 086)
Purchase of
treasury
shares by
Employee Share
Trust (note 3)         -        -     (11 751)      -          -   (11 751)
Equity settled
share based
payment                -        -           -     197          -        197
Total
contributions
by and
distributions
to owners              -        -    (11 751)     197      2 804    (8 750)
Total
transactions
with owners
Balance at 31
December 2016        348   11 871    (11 948)   1 107     37 860    39 238

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2016


                                                         Unaudited   Audited
                                            Unaudited   six months        12
                                           six months        ended    months
                                                Ended           31     ended
                                          31 December     December   30 June
                                                 2016         2015      2016
                                  Notes         R’000        R’000     R’000

Cash generated from operations                  2 774        9 152    15 455
Interest received                                 675          634     1 367
Taxation paid                                 (1 172)        (797)   (3 894)
Net cash inflow from operating
                                                2 277        8 989    12 928
activities
Cash flows from investing
activities
Equipment acquired to maintain
                                              (3 802)        (117)     (585)
operations
Proceeds from disposal of
                                                   65           32        23
equipment
Purchase of treasury shares         3        (11 751)            -         -
Cash outflow from
capitalisation of development                 (1 555)         (909)   (1 886)
costs
Net cash outflow from investing
                                             (17 043)         (994)   (2 448)
activities
Cash flows from financing
activities
Dividends paid to equity
                                              (2 086)       (1 738)   (1 738)
holders
Net cash outflow from financing
                                              (2 086)       (1 738)   (1 738)
activities

Net increase/(decrease) in cash
                                             (16 852)        6 257     8 742
and cash equivalents

Cash and cash equivalents at
                                               26 956       18 214    18 214
the beginning of the period

Cash and cash equivalents at
                                               10 104       24 471    26 956
the end of the period

UNAUDITED CONDENSED CONSOLIDATED INTERIM SEGMENT REPORTS FOR THE SIX
MONTH PERIOD ENDED 31 DECEMBER 2016

REPORTABLE SEGMENT REPORT

As reported at the year ended June 2016, there were changes made to
our segment reporting. The current unaudited interim results for the
6 months ended 31 December 2016 are consistent with these changes.
The unaudited comparative period (6 months to December 2015) already
reflected these changes. No further changes to the segment report
have been made in the current reporting period.

The following is a reminder of the changes that were made and
communicated for the year ended June 2016:
 Connect support and Rubix support are now reported as one Support
  services segment.
 A new segment, Hosting and outsourcing services was established.


                                             Hosting Software    Research
                          Implemen-         and out- rental &          &
                             tation Support sourcing    main-    develop-
                    Total services services services  tenance        ment
                    R’000     R’000   R’000    R’000    R’000       R’000
Unaudited six
months ended 31
December 2016
Total revenue      46 473     4 508   18 716     1 575    21 674        -
Inter-group
revenue             (315)         -    (196)     (119)         -        -
Net revenue        46 158     4 508   18 520     1 456    21 674        -
Direct segment
cost             (24 494)   (2 731) (11 761)    (1 981)   (2 756)  (5 265)
Cost capitalised    1 555        -        -          -         -     1 555
Segment gross
profit             23 219     1 777   6 759       (525)    18 918  (3 710)
Indirect segment
cost             (17 022)   (1 417)   (6 445)   (2 172)   (1 671)  (5 317)
Segment result      6 197       360       314   (2 697)    17 247  (9 027)
Finance income        675
Finance expense         -
Income tax
expense           (1 982)
Profit for the
period              4 890
                                               Hosting Software     Research
                         Implemen-            and out- rental &            &
                            tation    Support sourcing    main-     develop-
                   Total services    services services tenance          ment
                   R’000     R’000      R’000    R’000    R’000        R’000
Unaudited six
months ended 31
December 2015
Total revenue     40 652    4 846      17 716      175    17 915           -
Inter-group
revenue          (1 006)        -       (711)    (175)     (120)           -
Net revenue       39 646    4 846      17 005        -    17 795           -
Direct segment
cost            (18 991)   (2 845)    (9 032)   (1 013)   (3 158)    (2 943)
Cost
capitalised          909        -          -         -         -         909
Segment gross
profit            21 564    2 001       7 973   (1 013)   14 637     (2 034)
Indirect
segment cost    (16 487)   (2 372)    (7 265)     (212)   (3 260)    (3 378)
Segment result     5 077     (371)        708   (1 225)    11 377    (5 412)
Finance income       634
Finance expense        -
Income tax
expense          (1 692)
Profit for the
period             4 019
                                                Hosting Software Research
                         Implemen-             and out- rental &        &
                            tation Support     sourcing    main- develop-
                   Total services services     services tenance      ment
                   R’000     R’000   R’000        R’000    R’000    R’000
Audited 12
months ending
30 June 2016
Total revenue     89 449    11 027   38 145       3 060    37 217       -
Inter-group
revenue          (3 007)         -   (1 900)      (867)     (240)       -
Net revenue       86 442    11 027    36 245      2 193    36 977       -
Direct segment
cost            (42 609)   (5 775)  (19 775)    (3 562)   (6 894)  (6 603)
Cost
capitalised        1 885         -        -           -        -     1 885
Segment gross
profit            45 718     5 252   16 470     (1 369)    30 083  (4 718)
Indirect
segment cost    (33 681)   (4 568) (14 458)       (558)    (7 002) (7 095)
Segment result    12 037       684    2 012     (1 927)    23 081 (11 813)
Finance income     1 367
Finance expense    (250)
Income tax
expense          (3 064)
Profit for the
period            10 090

ASSETS AND LIABILITIES

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

COMMENTARY

1. NOTES TO THE CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL
   STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2016

1.1. BASIS OF PREPARATION

The condensed unaudited consolidated interim financial statements are
prepared in accordance with International Accounting Standard 34 (“IAS
34”), the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Reporting Pronouncements as issued
by the Financial Reporting Standards Council, the Listings
Requirements of JSE Limited ("the Listings Requirements") and the
requirements of the Companies Act of South Africa (Act 71 of 2008) as
amended (“the Companies Act”).

The accounting policies applied in the preparation of these condensed
unaudited consolidated interim financial statements, which are based
on reasonable judgment and estimates, are in accordance with
International Financial Reporting Standards (“IFRS”) and are
consistent with those applied in the annual audited financial
statements for the year ended 30 June 2016.

These condensed unaudited consolidated interim financial statements
have been prepared by Petro Mostert CA(SA), Head of Finance and Shared
Services, under the supervision of the Financial Director, Lee Kuyper
CA(SA).

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

1.2. EARNINGS PER SHARE

BASIC AND DILUTED EARNINGS PER ORDINARY SHARE

Basic earnings per ordinary share is calculated by dividing the
earnings for the period attributable to ordinary equity holders of the
parent by the weighted average number of ordinary shares outstanding
during the period.
                                        Unaudited   Unaudited     Audited
                                       six months six months    12 months
                                            as at       as at       as at
                                      31 December 31 December     30 June
                                             2016        2015        2016
                                           Number      Number      Number
                                        of shares   of shares   of shares
                                             '000        '000        '000
Reconciliation of the weighted
average number of shares in issue
Shares in issue at the beginning of
the period                                 34 781     34 781       34 781
Effect of treasury shares acquired
on 1 March 2007                             (106)      (106)        (106)
Effect of treasury shares acquired
on 30 Nov 2016                              (979)          -           -
Weighted average number of shares
in issue at the end of the period          33 696     34 675       34 675

Earnings attributable to ordinary
shareholders (R'000)                        4 890      4 019       10 090
Basic earnings per share (cents)            14.51      11.59        29.10

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

                                        Unaudited   Unaudited     Audited
                                       six months six months    12 months
                                            as at       as at       as at
                                      31 December 31 December     30 June
                                             2016        2015        2016
                                           Number      Number      Number
                                        of shares   of shares   of shares
                                             '000        '000        '000
Reconciliation between weighted
average number of shares in issue
and weighted average number of
shares in issue used for diluted
earnings per share
Weighted average number of shares
in issue                                   33 696     34 675      34 675
Diluted amount of shares due to
share options in issue                      3 565        935       1 985
Weighted average number of shares
in issue used for diluted earnings
per share                                  37 261     35 610      36 660

Earnings attributable to ordinary
shareholders (R'000)                        4 890      4 019      10 090
Diluted earnings per share (cents)          13.12      11.29       27.52

HEADLINE AND DILUTED HEADLINE EARNINGS PER ORDINARY SHARE

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

                                        Unaudited   Unaudited     Audited
                                       six months six months    12 months
                                            as at       as at       as at
                                      31 December 31 December     30 June
                                             2016        2015        2016
                                           Number      Number      Number
                                        of shares   of shares   of shares
                                             '000        '000        '000
Weighted average number of shares
in issue                                   33 696     34 675      34 675

                                            R’000      R’000       R’000
Reconciliation between basic
earnings and headline earnings
Basic earnings                              4 890      4 019      10 090
Adjusted for:
– Profit on disposal of equipment            (47)       (23)        (17)
Headline earnings (R'000)                   4 843      3 996      10 073
Headline earnings per share (cents)         14.37      11.52       29.05

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

                                        Unaudited   Unaudited     Audited
                                       six months six months    12 months
                                            as at       as at       as at
                                      31 December 31 December     30 June
                                             2016        2015        2016
                                           Number      Number      Number
                                        of shares   of shares   of shares
                                             '000        '000        '000
Weighted average number of shares
in issue used for diluted earnings
per share                                  37 261     35 610      36 660
                                            R’000      R’000       R’000
Diluted headline earnings (R'000)           4 843      3 996      10 073
Diluted headline earnings per share
(cents)                                     13.00      11.22       27.48

1.3. DEFERRED REVENUE AND REVENUE RECOGNISED BUT NOT YET INVOICED

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


                                        Unaudited   Unaudited   Audited
                                       six months six months  12 months
                                            Ended       ended     ended
                                      31 December 31 December   30 June
                                             2016        2015      2016
                                            R’000       R’000     R’000
Current asset
Revenue recognised not yet
invoiced                                    3 243       1 022     4 737
Current liability
Deferred revenue                          (1 078)      (1 213)    (398)
Net asset/(liability)                       2 165        (191)    4 339

1.4. TRADE AND OTHER PAYABLES

Trade and other payables comprised of the following:

                                        Unaudited   Unaudited      Audited
                                       six months six months     12 months
                                            as at       as at        as at
                                      31 December 31 December      30 June
                                             2016        2015         2016
                                            R’000       R’000        R’000

Trade payables                                579         732        2 094
Leave accrual                                 808       1 727        2 542
Incentive accrual                               -       2 500        3 342
Other payables (accruals)                   4 331       1 297        3 786
Total                                       5 718       6 256       11 764

1.5 REVENUE PER GEOGRAPHICAL REGION

                                                                     Other
                                                     South         African
                                          Total     Africa      countries*
                                          R’000      R’000           R’000
 Unaudited 6 Months ended 31
 December 2016                           46 158     30 080          16 078
 Unaudited 6 Months ended 31
 December 2015                           39 646     23 916          15 730
 Audited 12 Months ended 30
 June 2016                               86 442     45 542          40 900

* Other African countries include Angola, Botswana, Kenya, Malawi,
Mauritius, Ghana, Namibia, Lesotho, Swaziland and Zimbabwe

1.6 NET ASSET AND TANGIBLE NET ASSET VALUE PER SHARE

                                                      Unaudited     Audited
                                      Unaudited      six months          12
                                     six months           as at      months
                                          as at              31       as at
                                    31 December        December     30 June
                                           2016            2015        2016
                                         Number          Number      Number
                                      of shares       of shares   of shares
                                           ’000            ’000        ’000
 Shares in issue at the
 beginning of the period                   34 781        34 781      34 781
 Effect of treasury shares
 acquired on 1 March 2007                   (106)         (106)       (106)
 Effect of treasury shares
 acquired on 30 Nov 2016                  (5 875)            -           -
 Shares at the end of the
 period                                    28 800        34 675      34 675
 Net asset value per share
 (cents)                                   136.24        120.41      138.39
 Tangible asset value per
 share (cents)                              89.74         86.56      102.71

2. CORPORATE ACTIVITY

2.1   DIVIDENDS AND CAPITAL DISTRIBUTION

No dividend was declared for the period under review. The directors
declared and approved a final gross dividend of 6 cents on 14
September 2016 for the year ended 30 June 2016 from income reserves
and the payment distributions were made during the period under
review.

2.2   SUBSEQUENT EVENTS

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

2.3   CHANGES TO THE BOARD OF DIRECTORS

Ms. Jocobeth Chikaonda has resigned as a non-executive director of the
Company with effect 24 January 2017. Her resignation is in line with
disposal of Kagiso Tiso Holdings shareholding in SilverBridge.

3. PURCHASE OF TREASURY SHARES

The SilverBridge Employee Share Trust concluded an agreement with C
Shell 448 Proprietary Limited for the purchase of shares during the
period under review. The SilverBridge Employee Share Trust purchased
and paid for 5 874 923 ordinary shares for the consideration of R11.7m
on 30 November 2016. Although these shares remain in issue, they are
treated as treasury shares resulting in the total issued number of
shares of R34.8 million being reduced to R28.8 million when considered
net of treasury shares.

The purchase of the treasury shares has been disclosed accordingly in
the Unaudited Condensed Consolidated Interim Statement of Financial
Position, Unaudited Condensed Consolidated Interim Statement of
Changes in Equity and Unaudited Condensed Consolidated Interim
statement of Cash Flows. The effect on the weighted number of shares
in issue and the resulting Earnings per Share has been disclosed in
note 1.2

4. FINANCIAL RESULTS AND PERFORMANCE

We are pleased to report a continued improvement in our results. Net
profit increased by 22% compared to the comparative period. Revenue
was up 16%, driven by good growth in annuity Software rental. Careful
management of indirect cost helped to increase operating profit by
22%. Headline earnings per share was up 25% to 14.4 cents from 11.5
cents in the comparative period.

The cash position reduced to R10.1m from R27.0m at 30 June 2016. This
was mainly a result of the treasury share purchase, mentioned in note
3.

Our client relationships remain healthy. We continued with efforts
into higher value-added offerings for existing clients as well as
further developing our new offerings in cloud-based hosting and
managed services. We are pleased with the performance and that our
efforts have translated into revenue growth. We remain focused on
efforts to enable ongoing growth.

SEGMENTAL REVIEW

Implementation services

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

Although revenue declined by 7%, the segment posted a small profit
versus a small loss in the comparative period.

The revenue decline is a result of further improvement in delivery
efficiencies. We are implementing projects faster and more efficiently
to enable better growth in the support and software rental segments.

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

SUPPORT SERVICES

Support is contracted on a monthly basis and is annuity based.

Revenue increased by 9%, helped by new offerings in data analytics.
The segment result decreased to a profit of R314k compared to a profit
of R708k in the comparative period.

The gross profit margin and segment result was impacted by the hiring
of additional staff in this area to cater for the growth. We expect
the margin to improve as new staff get up to speed.

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

HOSTING AND OUTSOURCING SERVICES

This segment provides a range of complimentary managed services to our
clients. The services include cloud based hosting, outsourced
technical services and full business process outsourcing.

This is a relatively new initiative for the Group. It enables us to
offer additional services to existing clients as well as make our
offerings appeal to a wider range of potential clients. It also helps
keep our offerings relevant with regard to technology trends.

For the period, the segment generated revenue of R1.5 million with a
loss of R2.7 million. We remain satisfied with the progress thus far
and the opportunities that lie ahead. We envisage the segment becoming
profitable as it achieves more scale.

SOFTWARE RENTAL AND MAINTENANCE

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

Revenue was up 22%. New customers and complimentary products
contributed to the growth. The segment made a profit of R17.2 million,
compared to R11.4 million in the prior year. The overall margin
increased to 80% from 64% in the comparative period.

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

RESEARCH AND DEVELOPMENT (“R&D”)

Our efforts have continued on developing new products that can
generate future annuity revenue. Several new products have been
launched and are contributing to revenue. We have also put effort into
offerings for the new Hosting and outsourcing services segment.

We continue with R&D efforts in order to keep our existing assets
relevant in terms of technology and market trends.

During the period, total direct costs were R5.3 million, of which R1.6
million was capitalised.

5. GROUP OUTLOOK

Overall we remain positive about the outlook for the Group. We
continue to build our core annuity streams and we are making progress
with revenue growth.

We are pleased to see that new initiatives are starting to pay off. In
particular, the higher value-added offerings and the new cloud-based
hosting and managed services. We remain optimistic that our efforts
will help enable sustained growth.

The financial services industry continues to adapt to meet its
customers’ changing needs in an increasingly digital world. Financial
services providers are driving change in their business. They are
differentiating their products and services in order to remain
relevant in a rapidly changing world. SilverBridge remains well
positioned to meet these needs. It presents us with opportunities to
create platforms that can help the industry to adapt and continues
guiding our new product development initiatives.



On behalf of the board of directors



Robert Emslie                           Jaco Swanepoel
Chairman                                Chief Executive Officer

Pretoria
20 February 2017
CORPORATE INFORMATION

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

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

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

COMPANY SECRETARY
Fusion Corporate Secretarial Services Proprietary Limited
represented by
Melinda Gous
First Floor, The Greens Office Park
Charles de Gaulle Avenue, Highveld
Centurion, Gauteng
(PO Box 68528, Highveld, 0169)

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

GROUP AUDITORS:
PricewaterhouseCoopers Incorporated
(Registration number: 1998/012055/21)
2 Eglin Road, Sunninghill
Johannesburg
(Private Bag X36
Sunninghill, Johannesburg, 2157)

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

DESIGNATED ADVISER
PSG Capital
(Registration number: 2006/015817/07)
First Floor, Building 8,
Inanda Greens Business Park,
54 Wierda Road West, Wierda Valley, Sandton, 2196
(PO Box 650957, Benmore, 2010)

Date: 20/02/2017 11:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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