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NVEST FINANCIAL HOLDINGS LIMITED - Summarised audited consolidated results for the year ended 289 February 2019 and Dividend Declaration Number 9

Release Date: 24/05/2019 08:45
Code(s): NVE     PDF:  
 
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Summarised audited consolidated results for the year ended 289 February 2019 and Dividend Declaration Number 9

NVEST FINANCIAL HOLDINGS LIMITED AND ITS SUBSIDIARIES
(Incorporated in the Republic of South Africa)
(Registration number 2008/015990/06)
(“NVest”, “the Group” or “the Company”)
ISIN Code: ZAE000199865 JSE Code: NVE


SUMMARISED AUDITED CONSOLIDATED RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2019 AND
DIVIDEND DECLARATION NUMBER 9


HIGHLIGHTS:

•      Revenue increased by 5.29% to R306.3 million (2018: R290.94 million).
•      Headline earnings increased by 10.79% to R65.95 million (2018: R59.53 million).
•      Headline earnings per share increased to 21.78 cents per share (2018: 19.66 cents per
       share).
•      Net asset value increased by 7.18% to 149.07 cents per share (2018: 139.09 cents per
       share).
•      Net Profit After Tax increased by 7.76% to R64.8 million (2018: R60.1 million).
•      NFB Asset Management (Pty) Limited received the 2019 Morningstar Awards for Best Fund
       House (Smaller Fund Range) and Best Moderate Allocation Fund (NFB Ci Managed Fund)
       and the 2019 Raging Bull Award for the Best South African Multi-Asset Low Equity Fund (NFB
       Ci Stable Fund).
•      Declaration of a final dividend of 6.25 cents per share (total dividend for the 2019 financial
       year amounts to 11.75 cents which represents an increase of 6.82% from the prior year).

STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2019

                                                                   Audited                 Audited
                                                               28 February             28 February
    Figures in Rand                                                   2019                    2018
    ASSETS
    Non-Current Assets
    Property, plant and equipment                               47 487 774              41 099 087
    Investment property                                        306 121 663             308 338 397
    Goodwill                                                    87 008 312              87 438 936
    Investments in associates                                      625 910                     100
    Other financial assets                                               -                 625 957
    Operating lease asset                                        6 906 762               7 654 398
    Deferred tax                                                 2 280 922               2 648 327
                                                               450 431 343             447 805 202
    Current Assets
    Other financial assets                                               -              31 017 508
    Investments at fair value                                   36 865 109                       -
    Loans to related parties                                        84 772                       -
    Loans to shareholders                                           28 547                 120 381
    Operating lease asset                                        1 627 262               1 153 480
    Current tax receivable                                         967 177               1 088 576
    Trade and other receivables                                 22 550 323              30 807 328
    Cash and cash equivalents                                  135 024 089             125 818 709
                                                               197 147 279             190 005 982
    Total assets                                               647 578 622             637 811 184

    EQUITY AND LIABILITIES
    EQUITY
    Equity Attributable to Equity Holders of Parent
    Share capital                                              324 779 200             324 779 200
    Reserves                                                     6 181 035               4 874 481
    Retained earnings                                          120 348 317              91 437 239
                                                               451 308 552             421 090 920
    Non-controlling interest                                     2 283 980               2 053 817
                                                               453 592 532             423 144 737
    LIABILITIES
    Non-Current Liabilities
    Deferred tax                                                16 108 502              16 466 876
    Other financial liability                                  109 591 596             142 233 919
                                                               125 700 098             158 700 795
    Current Liabilities
    Other financial liabilities                                 32 593 609              11 819 600
    Current tax payable                                            325 437                 158 166
    Provisions                                                           -                 500 000
    Trade and other payables                                    35 366 946              43 487 886
                                                                68 285 992              55 965 652
    Total Liabilities                                          193 986 090             214 666 447
    Total Equity and Liabilities                               647 578 622             637 811 184

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

                                                             Year             Year
                                                          Audited          Audited
                                                      28 February      28 February
 Figures in Rand                                             2019             2018
 Revenue                                              306 336 355      290 942 740
 Cost of sales                                       (116 785 774)    (111 187 866)
 Gross profit                                         189 550 581      179 754 874
 Other income                                           5 021 901        1 866 616
 Movement in credit loss allowances                      (192 282)               -
 Fair value adjustments                                (2 450 210)        (491 867)
 Operating expenses                                   (99 632 153)     (93 731 632)
 Operating profit                                      92 297 837       87 397 991
 Investment revenue                                     9 631 577       10 144 574
 Finance costs                                        (13 798 383)     (15 455 685)
 Income from associates                                 1 317 832          942 735
 Profit before taxation                                89 448 863       83 029 615
 Taxation                                             (24 649 251)     (22 898 709)
 Profit for the year ended                             64 799 612       60 130 906

 Other comprehensive income:

 Items that will not be reclassified to profit or
 loss:
 Gains and losses on property valuation                1 814 660          829 570
 Income tax relating to items that will not be
 reclassified                                           (508 105)       (232 279)
 Total items that will not be reclassified to
 profit or loss                                        1 306 555         597 291

 Total comprehensive income for the year              66 106 167      60 728 197

 Profit attributable to:
 Equity holders of the parent                         63 726 376      59 046 895
 Non-controlling interest                              1 073 236       1 084 011
                                                      64 799 612      60 130 906

 Total comprehensive income attributable to:
 Equity holders of the parent                         65 032 931      59 644 186
 Non-controlling interest                              1 073 236       1 084 011
                                                      66 106 167      60 728 197
STATEMENT OF CASH FLOWS

                                                      Audited        Audited
                                                  28 February    28 February
Figures in Rand                                          2019           2018
Cash flows from operating activities
Cash generated from operations                     96 904 759     91 812 436
Interest received                                   8 465 949      9 620 360
Dividends received                                  1 893 910      1 466 949
Finance costs                                     (13 798 383)   (15 455 685)
Tax paid                                          (24 856 864)   (24 928 841)
Net cash generated by operating activities         68 609 371     62 515 219

Cash flows used in investing activities
Purchase of property, plant and equipment         (6 793 886)     (3 212 602)
Disposal of property, plant and equipment            179 160          25 343
Disposal of investment property                            -      17 442 190
Purchase of subsidiary through business
combination                                                -      (4 500 000)
Net cash acquired in business combination                  -         523 011
Additional investments in current subsidiaries      (412 370)     (2 309 188)
Loans advanced to related parties                    (84 772)              -
Purchase of investments at fair value            (36 873 932)              -
Purchase of financial assets                               -     (25 000 000)
Disposal of financial assets                      31 643 465       4 342 017
Decrease in trade and other receivables
(non-current)                                              -       9 686 370
Other non-cash item                                   58 680               -
Loans to shareholders repaid                          91 834
Net cash used in investing activities            (12 191 821)     (3 002 859)

Cash flows from financing activities
Repayment of other financial liabilities         (11 868 314)    (18 611 345)
Proceeds from shareholders loan                             -        468 958
Dividends paid                                   (34 815 298)    (30 274 172)
Dividends paid to non-controlling interests         (712 200)       (728 270)
Proceeds on sale of shares in subsidiary to
non-controlling interest where control is not
lost                                                 183 642               -
Net cash used in financing activities            (47 212 170)    (49 144 829)

Total cash movement for the year                   9 205 380      10 367 531
Cash at the beginning of the year                125 818 709     115 451 178
Total cash at end of the year                    135 024 089     125 818 709
STATEMENT OF CHANGES IN EQUITY

                                                                                                                       Total
                                                                             Share                              attributable
                                                                             based                                 to equity           Non-
                                                            Revaluation    payment       Total      Retained      holders of    controlling
Figures in Rand                             Share capital       reserve    reserve    reserves        income       the Group       interest   Total equity
Balance at 1 March 2017                       324 779 200     3 866 845          -   3 866 845     64 360 955    393 007 000      2 310 826    395 317 826
Profit for the year                                     -             -          -           -     59 046 895     59 046 895      1 084 011     60 130 906
Other comprehensive income                              -       597 291          -     597 291              -        597 291              -        597 291
Total comprehensive income for the
year                                                    -       597 291          -     597 291     59 046 895     59 644 186      1 084 011     60 728 197
Employee share option scheme                            -             -    410 345     410 345              -        410 345              -        410 345

Acquisition from non-controlling interest               -             -          -           -     (1 696 439)    (1 696 439)      (612 750)    (2 309 189)
Dividends                                               -             -          -           -    (30 274 172)   (30 274 172)      (728 270)   (31 002 442)
Total contributions by and distributions
to owners of company recognised
directly in equity                                      -             -    410 345     410 345    (31 970 611)   (31 560 266)    (1 341 020)   (32 901 286)
Balance at 28 February 2018                   324 779 200     4 464 136    410 345   4 874 481     91 437 239    421 090 920      2 053 817    423 144 737

Profit for the year                                     -             -          -           -     63 726 376     63 726 376      1 073 236     64 799 612
Other comprehensive income                              -     1 306 554          -   1 306 554              -      1 306 554              -      1 306 554
Total comprehensive income for the
year                                                    -     1 306 554          -   1 306 554     63 726 376     65 032 930      1 073 236     66 106 166


Acquisition from non-controlling interest               -             -          -           -              -              -       (130 873)      (130 873)
Dividends                                               -             -          -           -    (34 815 298)   (34 815 298)      (712 200)   (35 527 498)
Total contributions by and distributions
to owners of company recognised
directly in equity                                      -             -          -           -    (34 815 298)   (34 815 298)      (843 073)   (35 658 371)
Balance at 28 February 2019                   324 779 200     5 770 690    410 345   6 181 035    120 348 317    451 308 552      2 283 980    453 592 532

SEGMENT ANALYSIS

The following information relates to segment financial information of the group:

2019
                                                       Profit
                                    Revenue        before tax           Assets      Liabilities
 Segments:
 Insurance broking                21 643 291        4 090 771       11 544 006        2 605 878
 Wealth management               234 201 137       69 466 451      106 136 011       40 471 641
 Administration of estates
 and trusts                        4 139 628        1 411 693        3 295 346        1 357 075
 Property services                54 642 576        5 891 130      374 817 245      286 443 262
 Investments                      62 291 848       53 067 339      341 145 672        1 652 755
 Intercompany eliminations       (70 582 125)     (44 478 521)    (189 359 658)    (138 544 521)
                                 306 336 355       89 448 863      647 578 622      193 986 090

2018
                                                        Profit
                                     Revenue        before tax           Assets         Liabilities
 Segments:
 Insurance broking                18 734 067         3 122 351        9 466 754           2 098 653
 Wealth management               221 080 433        60 044 057      104 701 466          49 544 513
 Administration of estates
 and trusts                        3 396 941         1 060 710        3 666 243           1 370 390
 Property services                55 809 585         8 146 002      372 011 441         287 753 474
 Investments                      56 724 801        48 797 638      325 705 044           1 893 655
 Intercompany eliminations       (64 803 087)      (38 141 142)    (177 739 764)       (127 994 238)
                                 290 942 740        83 029 616      637 811 184         214 666 447

The operating segments of the Group operate predominantly in South Africa, with a newly
established associate, NFB AM International, operating in Mauritius (See “Acquisitions, Disposals,
Share Issues and Repurchases” information below). Operations are integrated and therefore not
shown per geographical area.

Per share information

                                                                         2019               2018
 Earnings per share information:
 Earnings per share (cents)                                             21.05              19.50
 Diluted earnings per share (cents)                                     21.05              19.50
 Headline earnings per share (cents)                                    21.78              19.66

 Earnings attributable to equity holders of the parent             63 726 376         59 046 896
 Fair value loss/(gain) adjustment of investment property           2 216 734            400 515
 Loss on disposal of fixed assets                                     224 653            110 117
 Impairment loss on goodwill                                          436 624                  -
 Impairment loss on fixed assets                                            -             44 463
 Tax effect                                                          (649 737)           (70 470)
                                                                   65 954 650         59 531 521
 Weighted average number of shares                                302 741 722        302 741 722

 Net asset value per share:
 Net asset value per share (cents)                                     149.07             139.09
 Net tangible asset value per share (cents)                            120.33             110.21
 Shares in issue at 28 February 2019                              302 741 722        302 741 722

BASIS OF PREPARATION AND ACCOUNTING POLICIES

The accounting policies and method of measurement and recognition applied in the preparation
of these summarised audited consolidated provisional results are in terms of International Financial
Reporting Standards (“IFRS”) and are consistent with those applied in the audited annual financial
statements for the previous year ended 28 February 2018, except for the first-time adoption of
IFRS 15 and IFRS 9. Details of the effect of the adoption of these new standards have been
disclosed under the Results Commentary below.

The summarised audited consolidated provisional results are prepared in accordance with the
requirements of the JSE Limited Listings Requirements for provisional reports and the requirements
of the Companies Act, 71 of 2008.

The summarised audited consolidated provisional results are presented in terms of the minimum
disclosure requirements set out in International Accounting Standards (“IAS”) 34 – Interim Financial
Reporting, as well 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 Group Financial Manager, Charl Herselman, (B.Compt, Honours, CA(SA)) was responsible for
the preparation of the summarised audited consolidated provisional results and Professor Sean
Weldon CA (SA) compiled the annual financial statements. Any reference to future financial
performance included in this announcement has not been reviewed or reported on by the
Group’s external auditors.

The Directors of NVest (“the Board”) take full responsibility for the preparation of the provisional
report. The financial information has been correctly extracted from the underlying annual financial
statements.

This summarised report is extracted from audited information but is itself not audited.

The annual financial statements for the year ended 28 February 2019 have been audited by
BDO Cape Inc. A copy of the auditor’s unmodified opinion is available for inspection at the
Company’s registered office.

This announcement does not include the information required pursuant to paragraph 16A(j) of
IAS 34. The full (interim, preliminary, provisional or abridged) report is available on the issuer’s
website, at the issuer’s registered offices and upon request www. nvestholdings.co.za.

COMMENTARY

Although NVest listed on the Alternative Exchange in May 2015, the Company has been in
operation (through its NFB Financial Advisory business) for 34 years and continues to grow steadily
as a broad-range Financial Services Provider.

The Group consists of ten wholly or majority owned subsidiaries located in Gauteng, East London,
Port Elizabeth and Cape Town. The core business operations are Private Wealth Management,
Stockbroking and Asset Management. The Group also includes other complementary business
subsidiaries aimed at providing a holistic and integrated financial services proposition, which
includes a short-term insurance brokerage, a commercial property investment portfolio and a wills
and administration of deceased estates business. This collection of businesses, alongside the
commercial property portfolio, provides a diverse set of income streams. The Group’s long-term
strategy is to become a pre-eminent independent Wealth Management business providing a
holistic and integrated client product and service proposition. This will be achieved through both
organic and acquisitive growth. NVest is well positioned in terms of both capital reserves and
human resources to execute against this strategy.

RESULTS

The Board is pleased to report another year of growth and strong results despite continuing market
headwinds, increasing regulation and margin compression which collectively make for a very
challenging operating environment.

Particularly pleasing is the continued year on year growth in key indicators including;

-   Revenue increased by 5.29% to R306.3 million (R290.94 million in 2018); and
-   Net Profit After Tax increased by 7.76% to R64.8 million (2018: R60.1 million).

Prudent cost management remains a priority for the business. Cost of Sales has increased by 5.03%
(R5.60 million) which was broadly in line with expectation and is proportionate to the overall
growth of the business. As in prior years, the increase in costs is a product of variable costs growing
in line with revenue, costs associated with operating in the listed environment such as Legal,
Regulatory and Compliance costs, as well as increased investment in Marketing which was
identified as a strategic priority.

Headline earnings increased to R65.95 million (2018: R59.53 million). The overall position in terms of
revenue growth and the increased cost of sales translated into a profit before tax and net of fair
value adjustments of R91.90 million (2018: R83.52 million), which represents growth of 10.03%.

Headline earnings per share increased to 21.78 cents per share (2018: 19.66 cents per share),
which represents an increase of 10.78% - despite the tough market and operating environment.

Trade receivables and trade payables both declined from the prior year due to the
standardisation of revenue accounting policies across the various Group subsidiaries. The
standardisation had the effect of lowering commission debtors (trade receivables) and provision
for commission payable (trade payables). Non-current liabilities reduced substantially by
R33 Million due to the maturity of a number of commercial notes during the next financial period,
resulting in these commercial notes being disclosed as current liabilities. There were no other
material changes to assets or liabilities from the prior period.

During the reporting period, the Group adopted IFRS 15 Revenue from Contracts with Customers
(as revised in April 2016) and IFRS 9 Financial Instruments (as revised in July 2014 ).

The Group has applied IFRS 15 with an initial date of application of 1 March 2018 in accordance
with the cumulative effect method, by recognising the cumulative effect of initially applying IFRS
15 as an adjustment to the opening balance of equity at 1 March 2018. No adjustment to the
opening balance of equity has been made as none was required. The comparative information
has therefore not been restated
As at 1 March 2018, the directors reviewed and assessed the Group's existing financial assets for
impairment using reasonable and supportable information that was available without undue cost
or effort in accordance with the requirements of IFRS 9 to determine the credit risk of the respective
items at the date they were initially recognised and compared that to the credit risk as at 1 March
2017 and 1 March 2018. No adjustment was required.

The Company remains highly cash generative. Net cash from operating activities increased by
9.75% from R62.5 million in 2018 to R68.6 million for the year under review. NVest continues to hold
substantial cash reserves of R171.8 million (which includes R135 024 089 in cash and cash
equivalents and R36 865 109 held in liquid investments at fair value). The strategic intention is to
apply these reserves predominantly in acquisitions going forward to ensure a more attractive yield
than what these funds currently earn on call.

PROSPECTS

The Group has performed well during the year under review, delivering strong results in the context
of particularly challenging operating conditions. Market volatility locally and abroad on the back
of heightened political and economic uncertainty and weak investor confidence have
contributed to a difficult business environment. Despite these prevailing headwinds NVest
continues to deliver growth in key areas including top line revenue, assets under management
and administration and headline earnings. This bears testimony to the resilience and sustainability
of NVest’s operating model and its continued relevance to the market. The Board and
Management team are positive about the future prospects for the Group. The business is well
placed in terms of capital reserves which provides a meaningful source of funding for acquisitions
and the leadership team is settled, supported by a Board and governance structures that are
maturing effectively year on year.

ACQUISITIONS, DISPOSALS, SHARE ISSUES AND REPURCHASES

During the year under review, the Company (through its subsidiary NFB Insurance Brokers (Border)
(Pty) Limited) acquired 100% of De Ridder Brokers CC (“DRB”), a short-term insurance brokerage,
as a going concern with effect from 1 September 2018 for an undisclosed amount.

In addition, the Company acquired 30% in NFB AM International in Mauritius (a subsidiary of the
Mauritian-domiciled Strategic Investment Partners Group of companies), thereby broadening its
service offering to its client base. As at 28 February 2019 NFB AM International had already
secured $60 million of Assets Under Management.

Various other acquisitive opportunities were actively considered during the year and this remains
a priority focus within the Group’s long-term strategy and ambition to become a pre-eminent
financial services Group of national significance.

There were no share issues and repurchases during the year under review.

As at 28 February 2019, the Company had 302 741 722 shares in issue.

RELATED PARTY INFORMATION

As reported previously, during the financial year ended 28 February 2017, NVest Properties Limited
(“NVP” a wholly owned subsidiary) entered into agreements to develop Erf. No. 3 Illovo into a
multi-purpose office park (“Illovo Point”) and to acquire units 16 and 17 of the Illovo Point
development.

Pursuant to the Agreements NVest Financial Holdings Limited ceded R27.1 million of its cash held
with Investec as a guarantee for the balance of the purchase price of the two office units in 2017.

NVP also issued a guarantee limited to R14.2 million for the construction phase of the
development. The development has now been substantially completed, albeit behind schedule.
Transfer of the respective units to NVP were registered on 15 May 2019 and Investec Bank Limited
paid out R27 122 168 on 15 May 2019 under their Letter of Guarantee in respect of the
development (refer to “Subsequent Events” below).

NFB Finance Brokers Gauteng (Pty) Limited, along with NFB Asset Management (Pty) Limited and
the Sandton branch of NVest Securities (Pty) Limited, took occupation of one of the units on 15
April 2019.

There were no other transactions with related parties that would be material to an understanding
of these results.

CHANGES TO THE BOARD OF DIRECTORS

The following changes to the Board occurred during the year under review:.

-   Mr Frank Terence Knox retired from the role of Group Financial Director and consequently
    resigned from the Board as an Executive Director, effective from 31 August 2018 but remains
    employed in the Group heading up NVest’s property investments.
-   Mr Glenn Wayne Orsmond was appointed to the Board as an Executive Director with effect
    from 1 September 2018 to succeed Mr. Frank Terence Knox as Group Financial Director and
    subsequently resigned from the Board on 1 May 2019 to return to the aviation industry.
-   Mr Brendan Joseph Connellan was appointed as an Executive Director on 20 August 2018 and
    later changed his role to a Non-Executive Director with effect from 1 March 2019. He continues
    in his role as Group Company Secretary.
-   Mr Siviwe Relebohile Kwatsha resigned as an Independent Non-Executive Director with effect
    from 31 January 2019 to take up the executive position of Chief Information Officer for the
    Company with effect from 1 February 2019.
-   Ms Lusanda Mangxamba was appointed as an Independent Non-Executive Director with
    effect from 28 February 2019 and has been appointed as a member of the Audit and Risk
    Committee.

SUBSEQUENT EVENTS

NVest Properties Limited took transfer of units 16 and 17 in the Illovo Point office development with
effect from 15 May 2019. NFB Finance Brokers Gauteng (Pty) Limited, NFB Asset Management (Pty)
Limited and the Sandton branch of NVest Securities (Pty) Limited took occupation of unit 17 with
effect from 15 April 2019.

DIVIDEND DECLARATION

The Board has declared a final gross dividend (Number 9) of 6.25 cents per share for the year
ended 28 February 2019. In line with our target to grow the dividend on a year on year basis we
are pleased to confirm that the total dividends declared for the 2019 financial year reflect an
increase of 6.82% compared against the 2018 financial year.

The dividend is declared out of income reserves. The dividend will be subject to a dividend
withholding tax rate of 20% or 1.25 cents per ordinary share. Shareholders, unless exempt or
qualifying for a reduced withholding tax rate, will receive a net dividend of 5 cents per share.

NVest’s tax reference number is 9053981180. The number of ordinary shares in issue at the
declaration date is 302 741 722.
The salient dates for the dividend will be as follows:

                                                                                           2019
 Last date to trade “cum’ dividend                                             Tuesday, 11 June
 Shares commence trading ‘ex’ the dividend                                   Wednesday, 12 June
 Record date (date shareholders recorded in share register)                     Friday, 14 June
 Payment date                                                                  Tuesday, 18 June

Shareholders may not dematerialise or rematerialise their share certificates between Wednesday,
12 June 2019 and Friday, 14 June 2019, both dates inclusive.

For and on behalf of the Board

Anthony Godwin                                                                Jonathan Goldberg
Chief Executive Officer                                                          Group Chairman

24 May 2019

 Executive Directors:                                       Independent Non-executive Directors:
 Anthony Godwin (Chief Executive Officer)                           Jonathan Goldberg (Chairman)
 Michael Estment                                                          Professor Lana Weldon
 Christopher Lemmon                                                           Lusanda Mangxamba
                                                                        Non-executive Directors:
                                                                                  Dylan Schemel
                                                                              Brendan Connellan
 Company Secretary and Registered Office:                                  Transfer Secretaries:
 Brendan Connellan                                   Computershare Investor Services Proprietary
 42 Beach Road                                                                          Limited
 Nahoon                                                     Rosebank Towers, 15 Biermann Ave,
 East London                                                    Rosebank, Johannesburg, 2196
 Eastern Cape                                                (PO Box 61051 Marshalltown, 2107)
 (PO Box 8132, Nahoon, 5210)
 WEBSITE:                                                                     Designated Advisor:
 http://www.nvestholdings.co.za/                         Arbor Capital Sponsors Proprietary Limited

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