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Salient features of the unaudited results for the six months ended 30 June 2023 and cash dividend declaration
SABVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/030059/06
“Sabcap” or “the Group” or “the Company”
ISIN: ZAE000283511
JSE share code: SBP
SALIENT FEATURES OF THE UNAUDITED RESULTS FOR THE SIX MONTHS ENDED
30 JUNE 2023 AND CASH DIVIDEND DECLARATION
PROFILE
Sabvest Capital Limited (“Sabcap”) is an investment group first
listed on the JSE in 1988 as Sabvest Limited and as Sabcap from
2020. The Seabrooke Family Trust (“SFT”) has voting control of
Sabcap through an unlisted Z share and has an economic interest of
40,5% through its holding in the listed ordinary shares. At the
end of the reporting period Sabcap had 39 390 000 shares in issue
net of treasury shares (31 Dec 2022: 39 400 000).
Sabcap has long-term interests in thirteen unlisted and three
listed investments, all accounted for on a fair value basis.
Sabcap’s primary focus is on industrial and service businesses,
usually unlisted and co-invested with family, management or
financial partners in terms of Sabcap’s Partnership Principle.
Sabcap also makes finance advances and holds listed debt, equity
and cash portfolios when it has surplus liquidity, and undertakes
other fee and profit earning activities from time to time.
RESULTS
% %
increase increase
30 June 30 June
2023 2023
compared compared Unaudited Unaudited
to to 6 months 6 months
31 December 30 June to to
2022 2022 30 June 30 June
– 6 months – 12 months 2023 2022
Net asset value
per share – cents 4,1 10,4 11 465 10 388
Shareholders’
funds – R’m 4,0 10,1 4 515,9 4 100,3
Gross
assets – R’m 5,3 13,5 5 380,2 4 741,6
Dividends per
share – cents – 30 30
Profit after
taxation – R’m (72,2) 109,8 394,4
Headline earnings
per share – cents (72,2) 278,7 1 001,3
Earnings per
share – cents (72,2) 278,7 1 001,1
RESULTS (continued)
Audited
12 months
to
31 December
2022
Net asset value per share – cents 11 017
Shareholders’ funds – R’m 4 340,9
Gross assets – R’m 5 110,1
Dividends per share – cents 90
Profit after taxation – R’m 627,9
Headline earnings per share – cents 1 591,2
Earnings per share – cents 1 590,7
GROWTH METRICS
Sabcap’s primary financial metric is growth in NAV per share. This
is measured annually and growth rates over different periods are
included in the year-end results.
The 15-year compounded annual growth rate in NAV per share to the
2022 year-end was 17,0%, calculated without re-investing
dividends. The compounded annual growth rate in NAV per share over
15 years with dividends reinvested was 18,1%*. The 15-year
compound annual growth rate in the share price was 16,3%^.
* Calculated with dividends notionally not paid and the amounts
notionally retained by the Company growing at 10% per annum.
^ Calculated with reference to the weighted average share prices
of the Sabvest ordinary and ‘N’ ordinary shares.
INVESTMENT HOLDINGS PER SECTOR
as at 30 June 2023
Number of Economic Fair
Listed/ ordinary interest value
Unlisted shares/units % R’000
INDUSTRIAL AND
SERVICES
Apex Partners
Holdings (Pty) Ltd U 45,3 559 893
ARB Holdings
(Pty) Ltd U 18,5 544 706
Classic Food
Brands (Pty) Ltd U 40,0 –
DNI-4PL Contracts
(Pty) Ltd U 19,7 984 219
Flexo Line Products
(Pty) Ltd U 47,5 12 569
Halewood International
South Africa
(Pty) Ltd U 19,0 138 049
ITL Holdings Group U 34,4 684 863
Metrofile Holdings
Limited L 56 000 000 13,2 182 000
SA Bias Industries
(Pty) Ltd U 85,2 1 218 422
Sunspray Food
Ingredients
(Pty) Ltd U 27,7 95 064
Valemount Trading
(Pty) Ltd U 39,3 57 038
4 476 823
MINING, CHEMICALS AND
AGRICULTURE
Masimong Group
Holdings (Pty) Ltd U 10,0 513 573
Rolfes Holdings
(Pty) Ltd U 25,0 181 370
694 943
SPECIALISED FINANCIAL
AND TECHNOLOGY
Corero Network
Security Plc L 50 000 000 10,1 69 004
Revix UK Limited U 11,0 –
Transaction Capital
Limited L 6 000 000 0,7 34 980
103 984
Non-current investment holdings 5 275 750
PROSPECTS
Sabcap is satisfied with the performance of most of its unlisted
investees in difficult trading conditions, and confident that the
few negatively affected to date will show stronger trading
positions by year-end. The values of its three listed investments
are determined by market prices.
Accordingly, Sabcap expects moderate growth in NAV per share for
the 2023 financial year.
Management regards Sabcap as fully invested at the present time.
References to future financial information in this announcement
have not been reviewed or reported on by the Group’s auditors.
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 30 cents (2022:
30 cents) per ordinary share for the six months ended 30 June 2023
has been declared out of income reserves.
The issued share capital of the Company at the declaration date is
39 550 000 ordinary shares. The income tax number of the Company
is 9660061186.
Withholding tax on dividends at a rate of 20% will be deducted for
all shareholders who are not exempt in terms of the applicable
legislation. This will result in a net cash dividend of
24 cents per ordinary share to non-exempt shareholders.
Last date to trade “CUM” dividend Tuesday, 12 September 2023
Trading “EX” dividend commences Wednesday, 13 September 2023
Record date Friday, 15 September 2023
Dividend payment date Monday, 18 September 2023
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 13 September 2023 to
Friday, 15 September 2023, both days inclusive.
Sandton
17 August 2023
The above announcement is a summary of information in the full
announcement and does not contain full or complete details and is
the responsibility of the directors. Any investment decisions by
investors and/or shareholders should be based on the full
announcement which is available on
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/SBPE/Int23.pdf
and published on the Company’s website on
http://www.sabvestcapital.com/pdf/2023/IntRes23.pdf on 17 August
2023.
REGISTERED ADDRESS:
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
COMMUNICATIONS:
Postal address: PO Box 78677, Sandton 2146, Republic of South
Africa
Telephone: (011) 268 2400
Fax: (011) 268 2422
e-mail: ho@sabvest.com
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Ltd, Rosebank Towers,
15 Biermann Avenue, Rosebank 2196 (Private Bag X9000, Saxonwold
2132)
DIRECTORS:
K Pillay# (Chairperson), O Ighodaro# (Lead Independent Director),
CS Seabrooke* (Chief Executive), BJT Shongwe#, L Mthimunye#,
K De Matteis*, L Rood*
*Executive #Independent
SPONSOR:
Rand Merchant Bank (A division of FirstRand Bank Limited),
1 Merchant Place, Corner of Fredman Drive and Rivonia Road,
Sandton 2196
COMPANY SECRETARY:
Levitt Kirson Business Services (Pty) Ltd
www.sabvestcapital.com
Date: 17-08-2023 05:00:00
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