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SNT
SNT
SNT - Santam Limited And Its Subsidiaries, Reviewed Interim Report For
The Six Months Ended 30 June 2007 and dividend declaration
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Reg No: 1918/001680/06)
JSE Share Code: SNT & ISIN: ZAE000006854
("Santam")
Highlights
* Underwriting profit increased by 126%
* Headline earnings of 803 cps, up 61%
* Annualised return on shareholders` funds of 27%
* R947 million cash generated by operations
* Repurchased 5.88% of share capital and raised R600 million of debt
* Interim dividend of 166 cps
CONSOLIDATED BALANCE SHEETS
Reviewed Reviewed Audited
At 30 At 30 June At 31 Dec
June 2007 2006 2006
Notes R million R million R million
ASSETS
Non-Current assets
Property and equipment 63 57 59
Intangible assets 147 107 108
Deferred income tax 39 35 27
Investments in 240 254 215
associates
Financial assets
Equity securities
- at fair value through 3 5 672 4 439 5 435
income
Debt securities
- at fair value through 3 2 255 2 029 2 106
income
Current assets
Reinsurance assets 2 026 2 302 2 080
Deferred acquisition 222 203 211
costs
Loans and receivables 1 747 1 458 1 394
including insurance
receivables
Income tax assets 3 - 39
Cash and cash 5 682 4 564 5 142
equivalents
Total assets 18 096 15 448 16 816
EQUITY
Capital and reserves
attributable to the
company`s equity holders
Share capital 99 67 71
Treasury shares 4 (713) - -
Other reserves 1 186 982 1 119
Distributable reserves 6 026 4 405 5 437
6 598 5 454 6 627
Minority interest 127 110 123
Total equity 6 725 5 564 6 750
LIABILITIES
Non-Current liabilities
Cell owners` interest 383 286 329
Deferred income tax 249 224 297
Financial liabilities 5
Debt securities 553 - -
Investment contracts 289 250 276
Derivative 28 - -
Current liabilities
Insurance liabilities 8 194 7 483 7 694
Deferred reinsurance 55 68 74
acquisition revenue
Provisions for other 152 150 148
liabilities and charges
Trade and other payables 1 350 1 348 1 213
Current income tax 118 75 35
liabilities
Total liabilities 11 371 9 884 10 066
Total shareholders` 18 096 15 448 16 816
equity and liabilities
CONSOLIDATED INCOME STATEMENTS
Reviewed Reviewed Audited
Six months Six months Year ended
ended ended
30 June 30 June 31 Dec 2006
2007 2006
Notes R million R million % R million
Change
Gross written premium 6 664 5 879 13 12 736
Less: reinsurance 1 151 934 2 052
premium
Net premium 5 513 4 945 11 10 684
Less: change in
unearned premium
Gross amount 110 57 428
Reinsurers` share (73) (9) 53
Net insurance premium 5 476 4 897 12 10 203
revenue
Investment income 6 299 246 21 540
Income from 162 190 342
reinsurance contracts
ceded
Net gains on 485 415 1 265
financial assets at
fair value through
income
Net income 6 422 5 748 12 12 350
Insurance claims and 4 196 3 838 8 089
loss adjustment
expenses
Insurance claims and (487) (328) (1 052)
loss adjustment
expenses recovered
from reinsurers
Net insurance 3 709 3 510 6 7 037
benefits and claims
Expenses for the 917 863 1 764
acquisition of
insurance contracts
Expenses for 611 537 1 117
marketing and
administration
Expenses for asset 12 20 46
management services
rendered
Amortisation of 1 1 2
intangible assets
Expenses 5 250 4 931 6 9 966
Results of operating 1 172 817 43 2 384
activities
Finance costs (9) (6) (7)
Share of profit of 50 52 105
associates
Profit before tax 1 213 863 41 2 482
Income tax expense 7 (275) (281) (615)
Profit for the period 938 582 61 1 867
Attributable to:
- equity holders of 928 577 1 844
the company
- minority interest 10 5 23
938 582 1 867
Earnings attributable cents cents % Change cents
to equity
shareholders
Earnings per share 10
Basic earnings per 804 493 63 1 574
share
Diluted earnings per 793 483 64 1 553
share
Headline earnings per 803 498 61 1 555
share
Diluted headline 793 488 63 1 535
earnings per share
Weighted average 115.45 117.09 117.13
number of shares -
millions
Dividend per share 166 118 41 380
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders Minority Total
of the company Interest
Share Treasury Other Distribu-
table
capital shares reserves reserves
R R R R R R
million million million million million million
Balance as 42 - 763 4 922 125 5 852
at 1
January
2006
Share issue 29 - - - - 29
Retained - - - 1 844 23 1 867
income for
the period
Transfer to - - 177 (177) - -
reserves
Share-based - - - 13 - 13
payments
Currency - - 179 - - 179
translation
differences
Dividends - - - (1 165) (20) (1 185)
paid
Interest - - - - (5) (5)
sold by
minorities
Balance as 71 - 1 119 5 437 123 6 750
at 31
December
2006
Share issue 28 - - - - 28
Purchase of - (713) - - - (713)
treasury
shares
Retained - - - 928 10 938
income for
the period
Transfer to - - 35 (35) - -
reserves
Share-based - - - 6 - 6
payments
Currency - - 32 - - 32
translation
differences
Dividends - - - (310) (10) (320)
paid
Interest - - - - 4 4
acquired by
minorities
Balance as 99 (713) 1 186 6 026 127 6 725
at 30 June
2007
Balance as 42 - 763 4 922 125 5 852
at 1
January
2006
Share issue 25 - - - - 25
Retained - - - 577 5 582
income for
the period
Transfer to - - 70 (70) - -
reserves
Share-based - - - 8 - 8
payments
Currency - - 149 - - 149
translation
differences
Dividends - - - (1 032) (9) (1 041)
paid
Interest - - - - (11) (11)
sold by
minorities
Balance as 67 - 982 4 405 110 5 564
at 30 June
2006
CONSOLIDATED CASH FLOW STATEMENTS
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
30 June 2007 30 June 2006 31 Dec 2006
Notes R million R million R million
Cash generated from 947 1 007 2 196
operations
Income tax paid (214) (277) (606)
Net cash from operating 733 730 1 590
activities
Cash flows from investing
activities
Cash generated/(utilised) in 136 (205) (390)
investment activities
Acquisition of subsidiary, 8 (30) (30) (30)
net of cash acquired
Cash acquired/(sold) through 41 - (188)
acquisition/sale of
subsidiary
Purchases of equipment (12) (12) (18)
Proceeds from sale of - - 1
equipment
Capital refund from - 1 1
associated companies
Proceeds from sale of 1 23 23
associated companies
Proceeds from sale of - 1 183
subsidiary, net of cash sold
Acquisition of book of - (2) (2)
business
Net cash from investing 136 (224) (420)
activities
Cash flows from financing
activities
Proceeds from issuance of 28 25 29
ordinary shares
Purchase of treasury shares (713) - -
Increase in financial 591 - -
liabilities
Dividends paid to company`s (310) (1 032) (1 165)
shareholders
Dividends paid to minority (10) (9) (20)
interest
Increase in cell owners` 54 19 61
interest
Net cash used in financing (360) (997) (1 095)
activities
Net increase/(decrease) in 509 (491) 75
cash and cash equivalents
Cash and cash equivalents at 5 142 4 927 4 927
beginning of period
Exchange gains on cash and 31 128 140
cash equivalents
Cash and cash equivalents at 5 682 4 564 5 142
end of period
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1.BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The consolidated financial statements for the six months ended 30 June 2007 were
prepared in accordance with International Financial Reporting
Standards (IFRS), IAS 34 - Interim Financial Reporting and in compliance with
the Listing Requirements of the JSE Limited. The condensed consolidated interim
financial statements do not include all of the information required by IFRS for
full annual financial statements.
The principal policies used in the preparation of the reviewed results for the
six months ended 30 June 2007 are consistent with those applied in the annual
financial statements for the year ended 31 December 2006 and for the results for
the six months ended 30 June 2006 in terms of IFRS.
2. SEGMENTAL REPORT
2.1 For the six months ended 30 June
2007
Insurance Investment
activities activities Total
Business activity R million R million R million
Gross written premium 6 664 - 6 664
Net written premium 5 513 - 5 513
Net earned premium 5 476 - 5 476
Claims incurred 3 709 - 3 709
Net commission 755 - 755
Management expenses 611 - 611
Underwriting result 401 - 401
Investment return on insurance funds 166 - 166
Net insurance result 567 - 567
Investment income net of management - 597 597
fee
Income from associates - 50 50
Amortisation of intangible assets (1) - (1)
Income before taxation 566 647 1 213
Total assets 9 929 8 167
Total liabilities 10 818 553 11 371
Gross written Underwriting Total Total
premium result assets liabilities
Insurance class R million R million R million R million
Accident and health 160 9 33 129
Alternative risk 942 7 385 1 935
Crop 83 (47) 55 109
Engineering 240 132 163 309
Guarantee 9 19 22 35
Liability 488 175 756 1 676
Miscellaneous 13 (3) 9 25
Motor 2 761 42 237 2 035
Property 1 817 66 514 1 760
Transportation 151 1 74 237
Unallocated - - 15 848 3 121
TOTAL 6 664 401 18 096 11 371
Comprising:
Commercial 3 393 349 1 841 5 922
insurance
Personal insurance 2 329 45 22 393
Alternative risk 942 7 385 1 935
Unallocated - - 15 848 3 121
TOTAL 6 664 401 18 096 11 371
Geographical
Southern Africa 6 269 470 15 825 10 062
UK and Europe 395 (69) 2 271 1 309
TOTAL 6 664 401 18 096 11 371
2.2 For the six months ended 30 June 2006
Insurance Investment
activities activities Total
Business activity R million R million R million
Gross written premium 5 879 - 5 879
Net written premium 4 945 - 4 945
Net earned premium 4 897 - 4 897
Claims incurred 3 510 - 3 510
Net commission 673 - 673
Management expenses 537 - 537
Underwriting result 177 - 177
Investment return on insurance 127 - 127
funds
Net insurance result 304 - 304
Investment income net of - 508 508
management fee
Income from associates - 52 52
Amortisation of intangible assets (1) - (1)
Income before taxation 303 560 863
Total assets 8 727 6 721 15 448
Total liabilities 9 884 - 9 884
Gross Underwriting Total Total
written
premium result assets Liabilities
Insurance class R million R million R million R million
Accident and health 153 (5) 39 132
Alternative risk 585 (2) 301 1 445
Crop 96 46 22 27
Engineering 230 64 458 605
Guarantee 9 14 51 65
Liability 332 16 731 1 328
Miscellaneous 61 25 55 119
Motor 2 490 96 156 1 693
Property 1 789 (109) 702 2 038
Transportation 134 32 64 171
Unallocated - - 12 869 2 261
TOTAL 5 879 177 15 448 9 884
Comprising:
Commercial insurance 3 076 212 2 249 5 767
Personal insurance 2 218 (33) 29 411
Alternative risk 585 (2) 301 1 445
Unallocated - - 12 869 2 261
TOTAL 5 879 177 15 448 9 884
Geographical
Southern Africa 5 589 198 13 217 8 461
UK and Europe 290 (21) 2 231 1 423
TOTAL 5 879 177 15 448 9 884
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS cont.
2.3 For the year ended 31 December 2006
Insurance Investment
activities activities Total
Business activity R million R million R million
Gross written premium 12 736 - 12 736
Net written premium 10 684 - 10 684
Net earned premium 10 203 - 10 203
Claims incurred 7 037 - 7 037
Net commission 1 422 - 1 422
Management expenses 1 117 - 1 117
Underwriting result 627 - 627
Investment return on insurance funds 279 - 279
Net insurance result 906 - 906
Investment income net of management - 1 473 1 473
fee
Income from associates - 105 105
Amortisation of intangible asset (2) - (2)
Income before taxation 904 1 578 2 482
Total assets 9 060 7 756 16 816
Total liabilities 10 044 22 10 066
Gross written Underwriting Total Total
premium result assets liabilities
Insurance class R million R million R million R million
Accident and 316 20 31 123
health
Alternative risk 1 416 18 244 1 591
Crop 360 40 98 194
Engineering 476 77 325 538
Guarantee 26 32 48 64
Liability 809 58 700 1 494
Miscellaneous 124 65 40 107
Motor 5 171 254 179 1 801
Property 3 748 (1) 580 1 678
Transportation 290 64 46 178
Unallocated - - 14 525 2 298
TOTAL 12 736 627 16 816 10 066
Comprising:
Commercial 6 815 551 2 020 5 425
insurance
Personal insurance 4 505 58 27 752
Alternative risk 1 416 18 244 1 591
Unallocated - - 14 525 2 298
TOTAL 12 736 627 16 816 10 066
Geographical
Southern Africa 11 864 617 14 786 8 989
UK and Europe 872 10 2 030 1 077
TOTAL 12 736 627 16 816 10 066
3. FINANCIAL ASSETS
Reviewed Reviewed Audited
At 30 June 2007 At 30 June At 31 December
2006 2006
R million R million R million
The group`s financial
assets are summarised
below by measurement
category.
Fair value through income 7 927 6 468 7 541
Loans and receivables 1 747 1 458 1 394
Total financial assets 9 674 7 926 8 935
Financial assets at fair
value through income
Equity securities: 5 651 4 423 5 415
- quoted
- unquoted 21 16 20
5 672 4 439 5 435
Debt securities - fixed 1 506 1 017 1 339
interset rate: -
government and other bonds
- unquoted bonds - 312 1
- unquoted redeemable 749 700 766
preferences shares
2 255 2 029 2 106
Total financial assets at 7 927 6 468 7 541
fair value through income
4. TREASURY SHARES
The group acquired 6 972 940 of its own shares through a voluntary share buy-
back offer on 20 April 2007 at R102 per share. The amount paid to acquire the
shares was R713 million and has been deducted from shareholders` equity. The
shares are held as `Treasury shares`. The company has the right to reissue these
shares at a later date subject to approval by the JSE and the regulator.
5. FINANCIAL LIABILITIES
Debt securities: Debentures issued 586 - -
Fair value adjustment (33) - -
Investment contracts: At the beginning of the year 276 250 250
Fair value adjustment 13 - 26
Derivative: At fair value through income 28 - -
870 250 276
The group issued 600 000 unsecured subordinated debentures with a nominal value
of R600 million on 11 May 2007 for R586 million (net of accrued interest and
costs) at 8.25%. On 15 September 2017 the debentures are redeemable at the
option of Santam and from that date until maturity, 15 September 2022, a
floating rate will apply. The value of the liability was determined at issuance
of the debentures. The fair value of the liability was calculated using a market
interest rate for an equivalent non-convertible bond (R203).
6.INVESTMENT INCOME
Dividend income 106 88 192
Interest income 187 141 333
Foreign exchange differences 6 17 15
299 246 540
7.INCOME TAX EXPENSE
South African normal taxation
Current year 314 307 578
Charge for the year 295 194 465
STC 19 113 113
Prior year 23 - (42)
Foreign taxation
Current year (1) 2 43
Income taxation for the year 336 309 579
Deferred taxation (61) (28) 36
Current year (61) (28) 27
Prior year - - 9
Total taxation as per the 275 281 615
income statement
8.BUSINESS COMBINATIONS
During the first six months the group acquired an additional shareholding in
Admiral Professional Underwriting Agency, increasing its shareholding from 28.9%
to 70%.
Purchase consideration paid 30
Net asset value acquired 9
Less: Investment in associated share (9)
Goodwill 30
9. BROAD-BASED BLACK ECONOMIC EMPOWERMENT (BBBEE)
In February 2007, Santam formally announced its intention to facilitate the
acquisition, by a special purpose company (BEE SPV Co), of an effective 10%
ownership in Santam. In terms of this scheme, Santam shareholders sold 10% of
their Santam shares, held by them at the record date (21 May 2007), to BEE SPV
Co for a cash consideration of R82 per share. Following the implementation of
the scheme, the BEE SPV Co is now the registered holder of 10% of the issued
shares of Santam (excluding treasury shares). In turn, the shares of BEE SPV Co
are held by three trusts:
* 26% by the Staff Trust - This will ensure that a meaningful portion of
Santam`s equity is owned by black staff and that they have a worthwhile role in
Santam`s operations, management and development,
* 25% by the Community Trust - This will allow Santam to be truly broad-based,
thereby providing upliftment of black people in the bigger community,
* 49% by the Business Partners Trust - This will benefit black strategic
business partners of Santam and enable them to participate, at ownership level,
in the future growth of Santam.
The acquisition of the shares by BEE SPV Co was funded by a R430 million
preference share facility from Sanlam Capital Markets and a bridging loan of
R490 million from Sanlam Life Insurance Ltd. The BEE SPV Co has the right to
refinance the bridging loan when it becomes due in February 2008. Dividends
received by BEE SPV Co from the Santam scheme shares will be used to service the
debt.
The Santam scheme shares held by BEE SPV Co will be "locked-in" to the SPV until
28 February 2015. Post the "lock-in" period:
* A major portion of the Santam shares will be sold to settle all outstanding
debt.
* All remaining Santam shares will be distributed by BEE SPV Co as dividends in
specie to the three trusts.
* The three trusts will deal with the remaining shares in accordance with the
rules of each trust.
As the newly-created BEE SPV Co is not controlled by Santam in terms of the
requirements as defined by SIC 12 - Special Purpose Entities, the entity is not
consolidated into Santam`s results. Furthermore, as the detailed arrangements of
the BEE share trusts are in the process of being finalised, the trusts have not
granted any shares to beneficiaries yet and no charge in terms of IFRS 2 has
been included in the income statement for the first half of 2007.
10. EARNINGS PER SHARE
Reviewed Reviewed Audited Year
Six months Six months ended ended
ended 31 December
30 June 2007 30 June 2006 2006
R million R million R million
Basic earnings per share
Profit attributable to the 928 577 1 844
company`s equity holders (R
million)
Weighted average number of 115.45 117.09 117.13
ordinary shares in issue
(million)
Earnings per share (cents) 804 493 1 574
Diluted earnings per share
Profit attributable to the 928 577 1 844
company`s equity holders (R
million)
Weighted average number of 115.45 117.09 117.13
ordinary shares in issue
(million)
Adjusted for share-options 1.53 2.32 1.58
Weighted average number of 116.98 119.41 118.71
ordinary shares for diluted
earnings per share (million)
Diluted basic earnings per 793 483 1 553
share (cents)
Headline earnings per share
Profit attributable to the 928 577 1 844
company`s equity holders
Adjust for:
(Profit)/loss on sale of (1) 6 (22)
subsidiaries and associates
Headline earnings (R million) 927 583 1 822
Weighted average number of 115.45 117.09 117.13
ordinary shares in issue
(million)
Headline earnings per share 803 498 1 555
(cents)
Diluted headline earnings per
share
Headline earnings (R million) 927 583 1 822
Weighted average number of 116.98 119.41 118.71
ordinary shares for diluted
earnings per share (million)
Diluted headline earnings per 793 488 1 535
share (cents)
COMMENTS
Santam experienced an excellent first half, both from an underwriting and
investment income perspective, generating an annualised return on weighted
average shareholders` funds of 27.4% compared to 21.6% for June 2006. Headline
earnings of R927 million for the six months were 59% higher than the same period
in 2006, equating to headline earnings per share of 803 cents against 498 cents
in 2006.
Following on the growth momentum of 2006, Santam achieved a 13% increase in
gross written premiums during the first six months of 2007. Growth at 12% in our
southern African operations was pleasing, given the competition in the market
and the corrective action taken by Santam to retain and procure only quality and
profitable business. International premiums increased by 36%, largely due to
significant inflows in Santam Europe, while Westminster Motor Insurance
Association (WMIA) also experienced healthy double-digit growth.
Underwriting result of R401 million (1H2006: R177 million) exceeded expectations
with the overall net underwriting margin being double that achieved during the
first half of 2006. The timely corrective action taken regarding the personal
lines business yielded significantly improved results compared to 2006 despite
us operating in a very competitive market. Profitability varied in the
specialist underwriting classes. While results were affected favourably by the
downward estimation of large corporate claims, profitability was negatively
affected by the continued softening of premiums, large marine losses and high
claims in the crop environment due to severe drought in the summer rainfall
areas of South Africa. As part of Santam`s ongoing assessment of insurance
liabilities in terms of claims experience, the level of the incurred but not
reported (IBNR) reserve, was reduced by a further R35 million during the period,
mostly evident in the liability class. Continued initiatives to improve
efficiencies in cost structures ensured that the acquisition cost ratio remained
in line with that of 2006, and below the 25% level.
The underwriting performance of the international operations was disappointing
for the first half of 2007. Both WMIA and Santam Europe were significantly
affected by the unusually wet weather experienced in the United Kingdom and in
Ireland, culminating in increased claims with resultant underwriting losses for
these operations.
Having reached optimum retention levels at an acceptable risk profile, the level
of reinsurance earned premium was 16.5% of gross earned premium compared to
15.9% for 2006. If the impact of cell business is excluded, the ratio for the
first half of 2007 decreased to 8.7% as opposed to 11.1% for the same period in
2006.
The combined effect of all insurance activities resulted in a net insurance
margin of 10.4% for the first half of the year compared to 6.2% for the same
period in 2006.
Investment return on insurance funds exceeded that of the previous year by 31%,
mainly due to higher interest rates and average float levels (funds generated by
insurance activities). The company`s operating activities generated R947 million
in cash during the first half of 2007, which was somewhat less than the R1007
million generated during the same period in 2006.
Benefiting significantly from the continued bullish performance of the local
equity market during the first four months of the year, investment-related
income (excluding the investment return on insurance funds) was 17% higher than
the exceptional performance achieved during the first half of 2006. Earnings
from associated companies for the first half of the year were in line with the
same period in 2006, with very good results reported by Credit Guarantee
Insurance Corporation of Africa Limited and NICO Holdings Malawi.
During April 2007, through a voluntary share buy-back, Santam bought 5.88% of
its issued shares at R102 per share. This resulted in a reduction in share
capital of R713 million, translating into a 6% reduction in the solvency ratio
at that time. During May 2007, Santam issued unsecured subordinated callable
notes to the value of R600 million on open tender as alternative capital in
terms of its strategy to optimise its capital structure. In terms of regulatory
approval, this subordinated debt is regarded as part of capital for solvency
purposes. These changes in the capital structure, as well as the high
profitability of the first half of the year, resulted in a solvency ratio of 64%
at the end of June, compared to the figure of 62% as at the end of 2006. Net
asset value per share increased from 5634 cents at the end of 2006 to 5894 cents
at the end of June 2007.
Significant progress was made in finalising the Santam Broad Based Black
Economic Empowerment (BBBEE) structures following the compulsory 10% share buy-
back at R82 per share during May 2007. As the newly-created BEE entity is not
controlled by Santam in terms of SIC 12 - Special Purpose Entities, the entity
is not consolidated into Santam`s results. Furthermore, as share allocations are
yet to be made to individual beneficiaries by the respective BEE share trusts,
no charge in terms of IFRS 2 has been included in the income statement for the
first half of 2007.
Ian Kirk was appointed as the Chief Executive Officer with effect 14 June 2007
when Steffen Gilbert stepped down.
The board would like to extend its gratitude to Santam`s management, staff,
brokers and other business partners for their efforts and contributions during
the past six months.
PROSPECTS
Building on the strong base of healthy underwriting business, Santam will aim to
maintain margins above long-term averages. Underwriting margins are expected to
remain under pressure due to the softer market both in the commercial and
personal lines environments, but corrective action continues to be taken in
those areas, i.e. portfolio management, where profitability is not yet at
acceptable levels. There is ongoing focus on optimising the return generated by
our international investments. Santam will endeavour to continue to grow its
market share without compromising sustainable profitability.
Significant progress has been made in the capital restructuring of the company
with actions continuing to improve capital efficiency even further.
In light of the recent volatility and uncertainty in worldwide equity markets,
the South African market is being affected similarly; consequently, the
achievement of significant capital growth during the second half is uncertain.
Anticipated higher interest-rate levels, however, would have a favourable effect
on cash-related investments.
The company has decided to revise its dividend policy with respect to the ratio
of interim to final dividends to reflect profitability and cash generation
trends. Consequently the level of the interim dividend has been increased. The
final dividend will be considered taking due cognisance of profitability for the
year.
DECLARATION OF DIVIDEND (number 106)
Notice is hereby given that the board has declared an interim dividend of 166
cents per share (2006: 118 cents). Shareholders are advised that the last day to
trade "cum dividend" will be Friday, 7 September 2007. The shares will trade "ex
dividend" from the commencement of business on Monday, 10 September 2007. The
record date will be Friday, 14 September 2007, and the payment date will be
Monday, 17 September 2007. Shareholders may not dematerialise or rematerialise
their shares between Monday, 10 September 2007, and Friday, 14 September 2007,
both dates inclusive.
AUDITORS` REPORT
The company`s external auditors, PricewaterhouseCoopers Inc., have reviewed the
condensed financial report. A copy of their unqualified review opinion is
available on request at the company`s registered office.
On behalf of the board
DK Smith IM Kirk
Chairman Chief Executive
20 August 2007
NON-EXECUTIVE DIRECTORS
BTPKM Gamedze, JJ Geldenhuys,
JG le Roux, NM Magau, AR Martin,
JP Moller, RK Morathi,
P de V Rademeyer, JP Rowse,
GE Rudman, DK Smith (Chairman),
J van Zyl, BP Vundla
EXECUTIVE DIRECTORS
IM Kirk (Chief Executive Officer),
MJ Reyneke (Chief Financial Officer)
COMPANY SECRETARY
Sana-Ullah Bray
SANTAM HEAD OFFICE AND
REGISTERED ADDRESS
1 Sportica Crescent,
Tyger Valley, Bellville, 7530
P.O. Box 3881, Tyger Valley, 7536
Tel: (021) 915 7000
Fax: (021) 914 0700
http://www.santam.co.za
Registration number 1918/001680/06
ISIN ZAE000006854
JSE share code: SNT
NSX share code: SNM
TRANSFER SECRETARIES
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2004 (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
P.O. Box 61051, Marshalltown, 2107
Tel: (011) 370 5000
Fax: (011) 688 7721
http://www.computershare.com
SPONSOR
Investec Securities Limited
Date: 21/08/2007 08:00:01 Produced by the JSE SENS Department.
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