SASFIN HOLDINGS LIMITED - TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
SASFIN HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002097/06)
("Sasfin" or "the Group")
Share Code: SFN ISIN Number: ZAE000006565
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Shareholders were advised in the Group"s 2003 annual results announcement
(published on SENS on Wednesday, 10 September 2003) and in the Group"s annual
report that an improvement in the Group"s results was anticipated.
Mainly as a result of improved margins and reduced overheads, it is expected
that the results for the six months to 31 December 2003 ("the interim results")
will show a substantial improvement on the restated unaudited results of the
previous comparative period, being the six months to 31 December 2002 ("the
previous comparative period"). To comply with AC 133, the headline earnings of
the previous comparative period will be restated to R10,738 million from R0,715
million previously. The word substantial in this context is defined as meaning
a difference equal to or greater than 30%.
Sasfin is also pleased to announce that its securitisation vehicle, Equipment
Rentals Securitisation No. 1 (Pty) Ltd, which is the oldest active asset backed
securitisation vehicle in South Africa, has been re-engineered to bring it in
line with modern international standards. Apart from the resultant reduction in
funding costs, the new structure will allow the Group to further grow its
equipment rentals division.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group"s auditors. Shareholders are therefore
advised to exercise caution when dealing in Sasfin securities until the
publication of its interim results in February 2004.
Johannesburg
26 November 2003
Joint Sponsor Lead Sponsor
Sasfin Corporate Finance KPMG
A division of Sasfin Bank
Limited
Date: 26/11/2003 04:00:04 PM
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