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SASFIN HOLDINGS LIMITED - Year end results and dividend declarations

Release Date: 17/09/2019 10:25
Code(s): SFNP SFN     PDF:  
 
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Year end results and dividend declarations

SASFIN HOLDINGS LIMITED
(Incorporated in The Republic of South Africa)
(Registration Number 1987/002097/06)
(“Sasfin” or “the Company”)
Ordinary share code: SFN ISIN: ZAE000006565
Preference share code: SFNP ISIN: ZAE000060273



Summarised annual results for the year ended 30 June 2019 and dividend declarations



Purpose Statement

At Sasfin we contribute to society by going beyond a bank to enable growth in the businesses and the
global wealth of our clients.

Salient features

 Key indicators                                                    Growth      June 2019     June 2018
 Revenue (Total income incl. associate income) (R’bn)               2.21%          1.246         1.219

 Headline earnings for the year (R'm)                              32.05%         161.305       122.152

 Headline earnings per ordinary share (cents)                      31.42%          501.00        381.21
 Earnings per ordinary share (cents)                               28.21%          459.86        358.68
 Net asset value per ordinary share (cents)                         2.33%           4 909         4 797
 Dividends per ordinary share (cents)                            (33.97)%           99.88        151.26
 Return on average shareholders' equity (%)                        220bps           10.29          8.09
 Cost to income (%)                                                513bps           76.59         71.46
 Total assets (R'bn)                                                1.97%          14.601        14.319
 Total equity (excl. Preference shares and non-
 controlling interest) (R'bn)                                        2.39%          1.586         1.549
 Gross loans and advances (R'bn)                                   (0.18)%          7.889         7.903
 Credit loss ratio (bps)                                           (95)bps            102           197
 Funding base (including prefs) (R'bn)                               3.71%         10.736        10.352
 Total assets under management (R'bn)                                3.67%         41.119        39.663
 Group total capital adequacy (%)                                    65bps         15.783        15.136

Dividends

Preference Share Cash Dividend

The Directors have declared gross cash preference dividend number 30 of 419.34 cents per share
(2018: 414.03 cents per share) (“preference dividend”) for the period 1 January 2019 to 30 June 2019.
Preference dividends have been paid on 1 000 000 (2018: 1 000 000) preference shares issued at
R100.00 (2018: R100.00) each, and on 797 226 (2018: 797 226) preference shares issued at R110.49
(2018: R110.49) each.

The following further information is provided to shareholders with regard to the preference dividend
declaration in respect of dividends tax:

    •   The dividend has been declared from income reserves;
    •   The dividend withholding tax rate is 20%, and a net dividend of 335.472 cents (2018: 331.224
        cents) per share is to be 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 (2018: 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, 11 October 2019.

The salient dates relating to the preference dividend are as follows:

Last day to trade cum the preference dividend                             Tuesday, 08 October 2019
Preference shares commence trading “ex” the
preference dividend                                                       Wednesday,9 October 2019
Preference dividend record date                                           Friday, 11 October 2019
Payment date of preference dividend                                       Monday, 14 October 2019

Preference share certificates may not be dematerialised or rematerialised between Wednesday,
09 October 2019 and Friday, 11 October 2019, both days inclusive.

Ordinary Share Cash Dividend

The Directors have declared a final ordinary share cash dividend for the year ended 30 June 2019 of
50.013 cents (2018: 104.37 cents) per share.

Together with the interim ordinary dividend of 49.862 cents (2018: 46.894 cents) per share declared on
13 March 2019, the total ordinary dividends for the financial year ended 30 June 2019 amount to 99.88
cents (2018: 151.26 cents) per share.

Ordinary share certificates may not be dematerialised or rematerialised between Wednesday,
09 October 2019 and Friday, 11 October 2019, both days inclusive.

The above dates and times are subject to amendment. Any such amendment will be published on
SENS.

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 40.0104 cents (2018: 83.496
        cents) per share is to be 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 (2018: 32 301 441);
        and
    •   The issued number of ordinary shares (excluding treasury shares) as at declaration date is 32
        196 882 (2018: 32 196 882).

The ordinary dividend is payable to holders of ordinary shares recorded in the register of the Company
at the close of business on Friday, 11 October 2019.

The salient dates relating to the ordinary dividend are as follows:

Last day to trade cum the ordinary dividend                               Tuesday, 08 October 2019
Ordinary shares commence trading “ex”
the Ordinary Dividend                                                     Wednesday, 09 October 2019
Ordinary dividend record date                                             Friday, 11 October 2019
Payment date of ordinary dividend                                         Monday, 14 October 2019



Full Announcement

This short-form announcement is the responsibility of the Directors of the Company and is a summary of the
information relating to the audited annual results in the full announcement which is available for viewing on
the following websites, but this announcement itself has not been audited nor reviewed by the external
auditors:
Company’s website: https://www.sasfin.com/investor-relations/.

JSE website: https://senspdf.jse.co.za/documents/2019/jse/issh/sfnh/sfn170919.pdf


Any investment decision by investors and/or shareholders should be based on consideration of the full
announcement, copies of which are also available for inspection at our offices and our sponsor’s offices on
work-days during business hours, at no charge.

Changes to the board
In terms of Directive 4 of 2018, issued by the SARB Prudential Authority, the Board has reviewed the
composition of the non-Executive directors. In this regard, we advise that Mr Shahied Rylands (Lead
Independent non-Executive Director) who has served and added much value to the Group for 13 years, will
be retiring from the Board at the next AGM in November 2019. The Board thanks Mr Rylands for his
contribution. Mr Richard Buchholz will take over as Lead Independent non-Executive Director and we wish
him well in his new role.

On behalf of the Board


Mr Roy Andersen                                                Mr Michael Sassoon
Chairperson                                                    Group Chief Executive Officer

Johannesburg
17 September 2019

Sponsor: Sasfin Capital (a member of the Sasfin Group)

Independent Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

Date: 17/09/2019 10:25:00
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