(Registration number 1970/01541/06)
Share code SGG ISIN code ZAE000006623
("Sage" or "the Group")
Change of financial year-end
The directors of Sage have resolved to change the company's financial year-
end from March to December, effective 31 December 2002. This will bring it
into line with the statutory reporting date of its international insurance
subsidiaries and its South African-listed peer companies.
Sage will consequently report financial results for the year ending 31 March
2002 in the normal way in May this year and the next interim report will be
for the three months ending 30 June 2002. Audited results for the nine
months ending 31 December 2002 will be announced in March 2003 together with
a dividend declaration for that period.
The rationale for the change of year-end is as follows:
- The Group's rapid international expansion is having a positive material
impact on overall Group results. The international insurance subsidiaries,
based in the United States and Bermuda, are bound by statutory requirements
to report on a calendar year basis - it is consequently logical to align the
Sage Group year-end with the international standards. This will have the
additional benefit of avoiding the expensive and disruptive additional
financial reporting and audit requirements necessitated by the existing
March year-end.
- The majority of Sage's peer companies in the life sector have December
year-ends and the change will therefore facilitate comparative analysis for
investors and analysts. In addition, in view of the Group's growing exposure
to international business, it is increasingly assessed relative to calendar
year comparisons.
The Group's strategic investment in ABSA Group Limited is treated as an
investment and is marked to market at financial reporting periods and there
will thus be no effect as a result of the year-end change.
By order of the board
CS Cant Secretary
13 March 2002
Sponsor
ABSA Corporate & Merchant Bank
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