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Sasfin - Unaudited interim results; Declarations of preference share dividend
and interim ordinary share dividend
Sasfin Holdings Limited
(Incorporated in the Republic of South Africa)
(`Sasfin` or `the Group` or `the Company`)
(Ordinary share code: SFN ISIN: ZAE000006565)
(Preference share code: SFNP ISIN: ZAE000060273)
Unaudited interim results for the six month period ended 31 December 2004 and
Declarations of preference share dividend and interim ordinary share dividend
Total assets up 23%
Pre-tax profit up 36%
Headline earnings per share up 17%
Consolidated balance sheet
30 June 31 Dec 31 Dec
2004 2004 2003
Audited % Unaudited Unaudited
R`000 change R`000 R`000
ASSETS
188 535 Short-term interbank 88 322 400 171 227
funds
Short-term negotiable
14 320 securities 19 348 13 359
159 507 Accounts receivable 157 342 140 677
959 745 Advances 12 1 050 169 938 587
19 497 Investments 37 403 19 878
520 Deferred taxation 520 433
40 547 Property, plant and 38 805 38 968
equipment
1 382 671 Total assets 23 1 625 987 1 323 129
LIABILITIES AND EQUITY
Liabilities
36 014 Interbank funding 32 042 60 506
268 568 Deposits 59 401 531 251 880
135 806 Accounts payable 130 171 108 460
7 277 Provisions 6 459 4 521
666 679 Commercial paper 667 624 663 757
31 065 Deferred taxation 35 033 27 077
1 145 409 Total liabilities 1 272 860 1 116 201
12 378 Minority interest 14 393 12 520
Equity
Ordinary share capital
16 976 and premium 19 021 16 732
206 908 Distributable reserves 219 713 175 676
1 000 Non-distributable - 2 000
reserves
224 884 Ordinary shareholders` 238 734 194 408
equity
Preference share
- capital and premium 100 000 -
224 884 Total equity 74 338 734 194 408
1 382 671 Total liabilities and 1 625 987 1 323 129
equity
35 716 Commitments and 42 010 28 698
contingencies
Number of ordinary
shares in
issue at end of the
25 759 period (`000) 25 971 25 721
Net asset value per
873,0 ordinary share (cents) 22 919,2 755,8
KEY RATIOS
Operating expenses to
68.2 total income (%) 63.2 68.5
Return on ordinary
shareholders`
30.6 average equity (%) 31.0 33.8
Return on total average
4.6 assets (%) 4.8 4.6
Consolidated income statement
Year ended Six months ended
30 June 31 Dec 31 Dec
2004 2004 2003
Audited % Unaudited Unaudited
R`000 change R`000 R`000
192 103 Interest income 99 421 99 165
96 318 Interest expense 44 167 54 950
95 785 Net interest income 25 55 254 44 215
174 708 Other income 23 103 002 83 693
270 493 Total income 158 256 127 908
760 Credit losses 6 702 2 258
269 733 Income after credit 151 554 125 650
losses
184 383 Operating expenses 14 99 954 87 572
85 350 Income before taxation 36 51 600 38 078
23 261 Taxation 13 843 7 066
62 089 Income after taxation 37 757 31 012
1 852 Minority interest 1 828 1 021
Earnings attributable
to
60 237 ordinary shareholders 20 35 929 29 991
Weighted average number
of
ordinary shares in
25 472 issue (`000) 25 843 25 217
Headline earnings per
236,5 ordinary share (cents) 17 139,0 118,9
Earnings per ordinary
236,5 share (cents) 17 139,0 118,9
Diluted earnings per
232,5 ordinary share (cents) 134,1 118,9
Dividend per ordinary
94,0 share (cents) 41,0 -
Dividend per preference
- share (cents) 101,72 -
Consolidated statement of changes in equity
Year ended Six months ended
30 June 31 Dec 31 Dec
2004 2004 2003
Audited Unaudited Unaudited
R`000 R`000 R`000
16 976 Ordinary share capital and 19 021 16 732
premium
16 732 Opening balance 16 976 16 732
1 926 Issue of shares 2 065 -
Consolidation of the Sasfin
(1 682) Share Incentive Trust (20) -
206 908 Distributable reserves 219 713 175 676
148 862 Opening balance 206 908 148 862
Earnings attributable to
60 237 ordinary shareholders 35 929 29 991
Available-for-sale portfolio
(1 404) fair value adjustment 282 (637)
Consolidation of the Sasfin
696 Share Incentive Trust - -
Transfer from/(to) non-
1 815 distributable reserves 1 000 815
(3 298) Ordinary share dividend (24 406) (3 355)
1 000 Non-distributable reserves - 2 000
2 815 Opening balance 1 000 2 815
Transfer (to)/from
(1 815) distributable reserves (1 000) (815)
224 884 Ordinary shareholders` equity 238 734 194 408
Preference share capital and
- premium 100 000 -
- Opening balance - -
- Issue of shares 100 000 -
224 884 Total equity 338 734 194 408
Consolidated cash flow information
Year ended Six months ended
30 June 31 Dec 31 Dec
2004 2004 2003
Audited Unaudited Unaudited
R`000 R`000 R`000
Net cash inflow/(outflow) from:
(4 729) Operating activities 59 415 (52 131)
(11 706) Investing activities (17 807) (4 128)
60 998 Financing activities 101 257 58 061
Net increase in cash and cash
44 563 equivalents 142 865 1 802
Cash and cash equivalents at
122 278 beginning of period 166 841 122 278
Cash and cash equivalents at
166 841 end of period 309 706 124 080
Segmental earnings analysis
Year ended Six months ended
30 June 31 Dec 31 Dec
2004 2004 2003
Audited Unaudited Unaudited
R`000 R`000 R`000
55 707 Banking 26 864 28 674
Investment advisory and asset
2 831 management 7 260 344
2 778 Freight 2 071 1 532
(1 079) Group costs (266) (559)
60 237 Total 35 929 29 991
Commentary
Nature of business
Sasfin is a bank-controlling company listed under the `Financials: Speciality
and other Finance` sector of the JSE Securities Exchange South Africa (`the
JSE`), whose subsidiaries provide a wide range of complementary banking,
financial and related services to its target market of entrepreneurial
corporate, commercial and private clients.
Business review
The Group`s headline earnings per share have increased 17% on the corresponding
period last year.
It is gratifying that all divisions of the Group traded profitably, more
particularly:
* Commercial Finance;
* Stock Broking and Asset Management; and
* Freight Services.
In January 2005, Sasfin Asia Limited, a wholly-owned subsidiary of Sasfin Bank
Limited, subscribed for a 50% interest in a Jersey registered offshore financial
services company styled SasCred Financial Services Limited (`SasCred`). It is
envisaged that SasCred will carry out foreign trade finance, asset management
and fiduciary services.
The statutory risk-weighted capital adequacy of Sasfin Bank Limited (`the
Bank`), a wholly owned subsidiary of the Company, is 18.3% (2003: 27.6%), which
is well above the prescribed minimum of 10%. The Company will consider utilising
proceeds from its recent R100 million preference share capital issue to increase
the Bank`s capital.
Financial sector charter
Substantive progress has already been made in meeting the 2008 employment equity
targets set out in the Charter.
Sasfin continues to make progress with its black empowerment programme to comply
with the Charter.
The Group has a 50% interest in Faranani Asset Management (Pty) Limited, a black
empowered company, which will be involved in asset management, once the required
regulatory approvals are received.
Basis of accounting
The accounting policies applied in the preparation of the unaudited interim
financial statements are in accordance with South African Statements of
Generally Accepted Accounting Practice and are consistent with those applied in
the annual financial statements for the financial year ended 30 June 2004.
Preference share dividend
Notice is hereby given that a preference share dividend number 1 amounting to
101,72 cents per preference share (`preference dividend`) has been declared for
the period 17 November 2004 to 31 December 2004 on one million preference shares
issued at R100 each.
The preference dividend is payable to holders of preference shares recorded in
the register of the Company at the close of business on Friday, 1 April 2005.
The salient dates relating to the preference dividend are as follows:
Last day to trade cum the preference dividend Wednesday, 23 March 2005
Preference shares commence trading ex the
preference dividend Thursday, 24 March 2005
Preference dividend record date Friday, 1 April 2005
Payment of preference dividend Monday, 4 April 2005
Preference shares may not be dematerialised or rematerialised between Thursday,
24 March 2005 and Friday, 1 April 2005, both days inclusive.
Interim ordinary share dividend
The Group has a stated policy of annually declaring ordinary share dividends
equal to 40% of headline earnings. Without changing this policy, the board of
directors of Sasfin has resolved to pay both an interim and final ordinary share
dividend where it may be appropriate to do so.
In view of the above, notice is hereby given that an interim ordinary share
dividend of 41 cents per share (2003: Nil) (`interim dividend`) has been
declared and is payable to shareholders recorded in the register of the Company
at the close of business on Friday, 15 April 2005.
The salient dates relating to the interim dividend are as follows:
Last day to trade cum the interim dividend Friday, 8 April 2005
Ordinary shares commence trading ex the
interim dividend Monday, 11 April 2005
Interim dividend record date Friday, 15 April 2005
Payment of interim dividend Monday, 18 April 2005
Ordinary shares may not be dematerialised or rematerialised between Monday, 11
April 2005 and Friday, 15 April 2005, both days inclusive.
Prospects
The Group is well placed to expand the depth and breadth of its activities and
remains optimistic that earnings will continue to grow at a satisfactory pace.
For and on behalf of the Board
MB GLATT RDEB SASSOON
Chairman Chief Executive Officer
2 March 2005
This announcement and additional information is available on our website:
www.sasfin.com
Chairman: MB Glatt (Non-executive)
Executive directors: RDEB Sassoon* (Chief Executive Officer),
AW Greenstein (Managing Director)
Non-executive directors: CN Axten, ETB Blight, D Paizes, ML Smith
*British
Company secretary: SK Erasmus
Registered office:
Sasfin Place, 13-15 Scott Street, Waverley, 2090, Johannesburg
Tel: +27 11 809-7500 Fax: +27 11 887-6167
Lead sponsor: KPMG Services (Pty) Limited
Joint Sponsor: Sasfin Corporate Finance, a division of Sasfin Bank Limited
Websites: www.sasfin.com www.sfpsecurities.com
Transfer secretaries:
Computershare Investor Services 2004 (Pty) Limited
70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
Company registration number: 1987/002097/06
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