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November 2017
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  Home - Listed Company Financial News
Listed Company Financial News
 
Coronation Fund Managers Ltd.  click here for the company's news page
Coronation final results September 2017 Tuesday 21 November 2017
 
Revenue for the year declined 3% to R3.9 billion (R4.0 billion). Results from operating activities remained unchanged at R2.0 billion (R2.0 billion). Profit for the year went down 3% to R1.5 billion (R1.6 billion). In addition, headline earnings per share decreased by 2% to 437.5 cents per share (447.6 cents per share).

Dividend
Coronation continues to reward shareholders through regular and significant distributions of free cash flow generated. The company endeavours to distribute at least 75% of after-tax cash profit. After assessing any projected future cash requirements, a final gross dividend of 217.0 cents per share has been declared for the year ended 30 September 2017, which has resulted in a final net dividend of 173.6 cents per share for shareholders subject to Dividends Tax (DT). Together with the interim gross dividend of 220.0 cents per share, this amounts to a total gross dividend of 437.0 cents per share for the year.

Company prospects
Our business remains anchored in our relentless commitment to the long term and the delivery of compelling investment returns for our clients. The near-term outlook appears sound. Net flows have normalised over the past year; we are yet to see the flow impact of our re-opened South African institutional strategies and our global franchise continues to show strong prospects across a wider range of products. Further, our long-term investment track record has been bolstered by our contrarian views, which have been vindicated over the past two years. While continued near-term volatility and uncertainty may persist, our robust investment approach enables us to make appropriate long-term decisions for the benefit of our clients. We believe that our success in achieving this will ensure long-term value for all stakeholders.
 
Transaction Capital Ltd.  click here for the company's news page
Transcap final results September 2017 Tuesday 21 November 2017
 
Net interest income grew to R1.0 billion (R879 million)) whilst profit attributable to ordinary equity holders rose to R555 million (R458 million). Furthermore, headline earnings per share jumped to 92.8 cents per share (80.6 cents per share).

Dividend
Following the interim dividend of 15 cents per share (12 cents per share), and in line with the new dividend policy, the board has declared a final gross cash dividend of 25 cents per share (18 cents per share) for the six months ended 30 September 2017 to those members on the record date.

Company prospects and strategy
Transaction Capital's strategy is to drive organic growth in each division through deep vertical integration within core and adjacent market segments. As SA Taxi and TCRS gain deeper insight into their respective sectors, underpinned by a maturing understanding of their social relevance, they are able to identify and create more value for all stakeholders.

This model is supported by the group's conservative approach to acquisitions, with a focus on acquiring and developing established platforms within these core and adjacent market segments. More than R500 million was deployed to fund the business acquisitions made in the year. The R419 million of equity capital raised thereafter has ensured that the group's balance sheet remains well capitalised, liquid and ungeared. With excess capital of around R650 million, the group has the flexibility for immediate cash settlement of any future acquisitions.

Despite difficult economic conditions, the performance of SA Taxi and TCRS has again demonstrated their defensive character. Robust organic growth of the group's high quality earnings, blended with the returns of the acquired businesses, will position Transaction Capital to continue to increase earnings and dividends in line with past performance.
 
Investec Ltd.  click here for the company's news page
Investec Ltd. interim results September 2017 Thursday 16 November 2017
 
Interest income for the period increased to GBP1.225 billion (2016: GBP1.038 billion), profit before taxation rose to GBP326.3 million (2016: GBP290.7 million), earnings attributable to shareholders climbed to GBP252.4 million (2016: GBP208.6 million), while headline earnings per share lowered to GBP24.6 pence per share (2016: GBP24.8 pence per share).

Ordinary share dividend announcement
Declaration of dividend number 124
An interim dividend number 124, being a gross dividend of 200.00000 cents (2016: 178.00000 cents) per ordinary share has been declared by the Board from income reserves in respect of the six months ended 30 September 2017 payable to shareholders recorded in the shareholders' register of the company at the close of business on Friday, 08 December 2017.

Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares ("preference shares") - Declaration of dividend number 26
Preference dividend number 26 has been declared from income reserves for the period 01 April 2017 to 30 September 2017 amounting to a gross preference dividend of 405.57588 cents per share payable to holders of the non-redeemable non-cumulative non- participating preference shares as recorded in the books of the company at the close of business on Friday, 08 December 2017.

Company outlook
Whilst the global economy has improved our two key geographies suffer from continued political uncertainty.

Notwithstanding this, the group has continued to improve in shape and capability. Further progress has been made in dealing with the UK legacy book and the development of the private bank in the UK is gaining traction, as are the various digital initiatives. The continued investment in infrastructure and people across the group is indicative of the group's confidence in the franchise and will position the businesses appropriately for future growth and development.
 
Investec plc  click here for the company's news page
Investec plc interim results September 2017 Thursday 16 November 2017
 
Interest income for the period increased to GBP1.225 billion (2016: GBP1.038 billion), profit before taxation rose to GBP326.3 million (2016: GBP290.7 million), earnings attributable to shareholders climbed to GBP252.4 million (2016: GBP208.6 million), while headline earnings per share lowered to GBP24.6 pence per share (2016: GBP24.8 pence per share).

Ordinary share dividend announcement - Declaration of dividend number 31
An interim dividend number 31, being a gross dividend of GBP10.5 pence (2016: 10 pence) per ordinary share has been declared by the Board from income reserves in respect of the six months ended 30 September 2017 payable to shareholders recorded in the shareholders' register of the company at the close of business on Friday, 08 December 2017.

Preference share dividend announcement
Non-redeemable non-cumulative non-participating preference shares ("preference shares") - Declaration of dividend number 23
Preference dividend number 23 has been declared from income reserves for the period 01 April 2017 to 30 September 2017 amounting to a gross preference dividend of GBP6.26712 pence per preference share payable to holders of the non-redeemable non- cumulative non-participating preference shares as recorded in the books of the company at the close of business on Friday, 01 December 2017.

Rand-denominated preference share dividend announcement
Rand-denominated non-redeemable non-cumulative non- participating perpetual preference shares ("preference shares") - Declaration of dividend number 13
Preference dividend number 13 has been declared from income reserves for the period 01 April 2017 to 30 September 2017 amounting to a gross preference dividend of ZAR495.43151 cents per preference share payable to holders of the Rand-denominated non-redeemable non- cumulative non-participating perpetual preference shares as recorded in the books of the company at the close of business on Friday, 01 December 2017.

Company outlook
Whilst the global economy has improved our two key geographies suffer from continued political uncertainty.

Notwithstanding this, the group has continued to improve in shape and capability. Further progress has been made in dealing with the UK legacy book and the development of the private bank in the UK is gaining traction, as are the various digital initiatives. The continued investment in infrastructure and people across the group is indicative of the group's confidence in the franchise and will position the businesses appropriately for future growth and development.
 
Peregrine Holdings Ltd.  click here for the company's news page
Peregrine interim results September 2017 Thursday 16 November 2017
 
Total revenue for the interim period decreased by 6% to R1.220 billion (2016: R1.302 billion), profit from operations fell 6% to R368.3 million (2016: R392.2 million), profit for the period attributable to equity holders of the company came in 2% lower at R261.2 million (2016: R267.6 million), while headline earnings per ordinary share grew by 3% to 122 cents per share (2016: 118.5 cents per share).

Conclusion
In continuing difficult and challenging market conditions, Peregrine has again managed to deliver a set of results which has capitalised on its strong base of profitable, cash generative operating businesses. Annuity income continues to grow strongly, in addition to which the growth in performance fees and prospective performance fees has also been very pleasing. The Group continues to focus on growing its businesses organically and through acquisition and driving cross business revenue synergies, and remains well positioned to capitalise on further growth opportunities. In addition, further measures are being put in place to ensure that all the group entities, particularly Peregrine Securities, are optimally capitalised to take advantage of the ever changing environment.

With the unpredictable nature of the returns of the Group's proprietary investments no longer introducing unnecessary volatility into the company's earnings (with these interim results and the results for the year ending 31 March 2018 being the last sets of results which will include returns on proprietary investments), the Group believes that the predominantly higher quality, diversified operating annuity earnings streams will result in the ability of the Group to adopt a substantially higher dividend payout ratio and ultimately maximise shareholder value over time.

Directorate
Jonathan Hertz, the previous Group CEO, stepped down on 31 July 2017 and, with effect from 1 August 2017, Robert Katz was appointed as the interim CEO following the dispensation obtained from the JSE in respect of this interim CEO appointment.

With effect from 15 November 2017, Robert Katz has been appointed as the permanent CEO and the board has commenced the process to appoint a CFO. Until such appointment is made (the intention to make such appointment by no later than 31 March 2018), Robert Katz will act as both CEO and CFO.
 
Brait SE  click here for the company's news page
Brait interim results September 2017 Wednesday 15 November 2017
 
Loss for the period widened to EUR532 million (loss of EUR277 million). Furthermore, headline earnings per share worsened to EUR105cps (loss of EUR54cps).

Group outlook
– Virgin Active remains focused on delivering an outstanding member experience through continued innovation and investment. A streamlined, more cash generative UK estate, positive momentum in Italy and a strong pipeline in Asia Pacific provides good momentum and medium term growth opportunities in these territories. In South Africa, the challenging consumer market looks set to continue, consequently Virgin Active is moderating the roll-out pipeline, focusing future growth at lower price points, as well as trialling different membership options.
– The extreme maize commodity price volatility significantly impacted Premier's milling business over the period January 2017 to July 2017. Having cleared through the expensive 2016 season maize, performance normalised during the second quarter of FY2018. With sales volumes increasing as the market restocks, the milling business expects to outperform the comparable period for the second half of FY2018. Premier continues to execute on its strategy of brand building, producing consistent quality offerings and product innovation, as well as operational efficiencies, with its core brands well positioned to compete in their respective markets.
– Iceland's growth remains ahead of the market into its third quarter due to new stores, however LFL growth has softened due to tougher comparatives and increased value messaging by its competitors. The 50th Food Warehouse store opened in September 2017 and 34 new format Iceland store refits have now been completed and continue to perform well. The recent refinancing gives a strong platform from which to pursue Iceland's well-established long-term strategy for growth and deleveraging with the benefit of lower borrowing costs.
– New Look's H2 FY2018 will remain difficult and thus the immediate focus is on short term stabilisation together with a strict focus on costs to preserve an adequate liquidity profile. The necessary changes have been made in senior management. New Look is a proven brand with a clear market position and thus when looking beyond FY2018, the 'back to basics' mentality and progressive return to broad appeal, with a heightened focus on an improved planning cycle combined with speed appropriate for today's market, will serve to reconnect New Look with its heartland customer. The business has the appropriate liquidity and operating facilities in place to implement its plans and thereby provide time to recover.

Brait continues to explore new pools of capital to enhance its capital structure and ensure that it is well placed to execute on opportunities. Driving value in the existing portfolio remains the key focus for the year ahead.
 
Efficient Group Ltd.  click here for the company's news page
Efficient final results August 2017 Monday 13 November 2017
 
Revenue for the year increased to R1 billion (2016: R880 million). Operating profit was lower at R44.5 million (2016: R49.4 million). Profit for the year attributable to equity holders of the parent was higher at R47.8 million (2016: R37.5 million). Furthermore, headline earnings per share increased to 69.01 cents per share (2016: 41.53 cents per share).

Dividend
Dividends are declared at the discretion of the board, after taking the financial position of the group into consideration. The directors determined that a final dividend of 6.41000 cents per share will be paid.


 
YeboYethu Ltd.  click here for the company's news page
YeboYethu interim results September 2017 Monday 13 November 2017
 
Income for the interim period increased to R13.2 million (2016: R11.9 million). Operating profit grew to R10.8 million (2016: R9.4 million). Net profit shot up to R214.5 million (2016: R15.7 million). Furthermore, headline earnings per share rose to 1 490 cents per share (2016: 108.9 cents per share).

Dividends
Dividends are declared and paid annually as per the dividend policy. The final gross dividend of 112 cents per ordinary share, paid on 12 June 2017 (2016: 111 cents per ordinary share paid on 31 May 2016).

 
Purple Group Ltd.  click here for the company's news page
Purple final results August 2017 Wednesday 8 November 2017
 
Revenue for the year fell to R74.5 million (R105.8 million) whilst deficit before interest, depreciation and amortisation came to R21.6 million (earnings of R1.3 million). Loss attributable to owners widened to R57.9 million (loss of R3.2 million). In addition, headline loss per share worsened to 6.42cps (loss of 0.37cps).

Annual General Meeting
The Annual General Meeting of ordinary shareholders of the company will be held at Ground Floor, Block B, The Offices of Hyde Park, Strouthos Place (off 2nd Road), Hyde Park on Friday, 8 December 2017 at 10:00.
 
African Equity Empowerment Investments Ltd.  click here for the company's news page
AEEI final results August 2017 Tuesday 7 November 2017
 
Revenue grew to R1.1 billion (R735.6 million) whilst gross profit increased to R398 million (R275.3 million). Total comprehensive income attributable to equity holders jumped to R477.1 million (R216.6 million). In addition, headline earnings per share from continuing operations rose to 94.32 cents per share (43.11 cents per share).

Dividend
The board of directors are pleased to announce that it has approved and declared a final dividend of 5.50 cents per share for the year ended 31 August 2017.

Prospects
The Group will continue with its strategic focus to grow the value of its core operational investments and improve the value add to our strategic investments. The AEEI Group has built a solid platform for further organic growth and has positioned itself well to increase its investments by acquisition. Management is focussed on its five-year strategic plan ("Vision 2020 Vision") and has firmed up its acquisition pipeline for both the food and fishing and technology divisions. The Group's auditors have not reviewed nor reported on any comments relating to prospects. The auditor's report does not necessarily report on all of the information contained in this announcement/financial results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a copy of the auditor's report together with the accompanying financial information from the issuer's registered office.
 
Long4Life Ltd.  click here for the company's news page
Long4Life interim results September 2017 Friday 27 October 2017
 
The following results are the company's maiden interim results since listing. Trading loss came to R4.9 million whilst profit for the period of R41.3 million was recorded. In addition, headline earnings per share were 10.55cps.

Change of financial year-end
The board of Long4Life considers it appropriate to align the company's financial year to that of its largest investee company, Holdsport, and accordingly Long4Life's financial year-end will be changed to the end of February, effective 28 February 2018.

Dividend
The board intends to commence the payment of dividends with effect from the February 2018 financial year. This will be based on the operating income of the group, excluding passive income, with appropriate dividend cover.

Company prospects
With the newly acquired companies, Long4Life's market capitalisation will increase substantially as it now gains substance and scale as a JSE-listed entity. This places the group in a position to conclude larger acquisition transactions going forward.

The future of the South African economy remains uncertain in the short- to medium-term. Invariably in these circumstances, opportunities present themselves and Long4Life is ideally positioned to take advantage of this situation. Long4Life is well capitalised and under-geared, creating capacity for both organic and acquisitive growth into 2018.
 
Finbond Group Ltd.  click here for the company's news page
Finbond interim results August 2017 Thursday 12 October 2017
 
Interest income rose by 22% to R244.1 million (2016: R200.9 million).Profit before taxation shot up by 127% to R171.4 million (2016: 75.6 million). Profit attributable to owners of the company grew by 87% to R92.8 million (2016: R49.6 million). Furthermore, headline earnings per share rose 87% to 12.4 cents per share (2016: 6.7 cents per share).

Dividend
No interim dividend has been declared.

Company's strategic initiatives and future prospects
Strategic initiatives under way include:
  • Growing market share through the increased sale of short- and medium-term products, specifically 30 days, 90 days and 6 months;
  • Further refining, developing and improving all bank information technology systems and processes;
  • Converting Finbond’s mutual banking license to a commercial banking license;
  • Expansion of the South African branch network in high growth areas;
  • Acquiring a further 40 to 60 branches located in Alabama, Missouri and Florida in the United States of America and Ontario in Canada; and
  • Selective further strategic acquisitions in the South African and North American unsecured short-term lending markets.

The challenging and difficult macro-economic environment as well as the adverse market conditions in the South African market within which Finbond operates are not expected to abate in the short- and medium-term. However, we remain confident that we have the required resources and depth in management to successfully confront and overcome these various challenges.

We remain positive about our prospects for the future due to Finbond’s improved earnings and profitability despite difficult market conditions, improvement achieved in cash generated from operating activities, significant percentage of revenue now earned in USD, management expertise, strong cash flow, strong liquidity and surplus cash position, uniquely positioned 410 branch network in South Africa and 223 branches in North America (with a number of branches in the process of being acquired), superior asset quality, access to funding, conservative risk management and growth potential.

We believe that our continued growth in South Africa, the expansion into the North American short-term lending market and the implementation of our strategic action plan will ensure that we achieve results in the medium- and long-term.

References to future financial performance included anywhere in this announcement have not been reviewed or reported on by the Group’s external auditors.
 
PSG Group Ltd.  click here for the company's news page
PSG interim results August 2017 Wednesday 11 October 2017
 
Income for the interim period lowered to R3.2 billion (R3.6 billion). Profit for the period attributable to owners fell to R833 million (R1.0 billion). Furthermore, headline earnings per share took a knock to 362.6 cents per share (470.5 cents per share).

Dividends
Ordinary shares
PSG’s policy remains to pay up to 100% of available free cash flow as an ordinary dividend, of which approximately one third is payable as an interim and the balance as a final dividend at year-end. The directors have resolved to declare an interim gross dividend of 138 cents (2016: 125 cents) per share from income reserves for the six months ended 31 August 2017.

Preference shares
The directors of PSG Financial Services declared a gross dividend of 438.68 cents per share in respect of the cumulative, non-redeemable, non-participating preference shares for the six months ended 31 August 2017, which was paid on Tuesday, 26 September 2017. The detailed announcement in respect hereof was disseminated on the JSE’s Stock Exchange News Services.

Company prospects
Although Zeder in particular experienced strong head winds during the period under review, we believe PSG’s investment portfolio should continue yielding above-average returns. PSG currently has R1.2bn cash available for further investments.
 
PSG Konsult Ltd.  click here for the company's news page
PSG Konsult interim results August 2017 Thursday 5 October 2017
 
Total income grew to R2.1 billion (R2.0 billion). Profit attributable to owners jumped to R239.4 million (R214.4 million). In addition, headline earnings per share rose to 18.2 cents per share (16.6 cents per share).

Dividend
The board approved and declared a gross interim dividend of 5.7 cents per share (2016: 5.1 cents per share) from income reserves for the six months ended 31 August 2017. This is in line with the group's dividend payout policy as approved by the board of directors at the time of listing of distributing between 40% and 50% of recurring headline earnings as dividends (one third as an interim dividend and two thirds as a final dividend).

Company looking forward
The group's aim remains to service existing clients expertly, and gain new clients. A number of initiatives are in place to ensure that this happens. The group remains confident that we are well positioned to continue building our adviser network and client base despite the current uncertain and challenging economic circumstances in which we operate. The group's focus on products, platforms and client service excellence through the quality of its advice is proving to be a resilient strategy.

The cash-generative nature of the business enabled PSG Konsult to continue to invest in IT infrastructure and systems. The primary objective of this investment is to enhance the overall client experience and improve the scalability and efficiency of the group's core IT-dependent business processes. The group will continue to prioritise organic growth in the domestic market, where it has relatively low, but rapidly expanding market share. Cash flow generation remains strong, and the group will use this to fund growth initiatives which include expanding our adviser base and to pay dividends consistent with its dividend policy.
 
Zeder Investments Ltd.  click here for the company's news page
Zeder interim results August 2017 Wednesday 4 October 2017
 
Revenue for the interim period lowered to R4.4 billion (R4.9 billion) whilst gross profit decreased to R577 million (R711 million). Total income rose to R187 million (R162 million). Profit attributable to owners dived to R127 million (R214 million). Furthermore, headline earnings per share dipped to 4.3cps (14.3cps).

Dividend
It is currently Zeder’s policy to only declare a final dividend at year-end.

Company prospects
Zeder remains actively involved with its underlying portfolio of companies and continuously seeks new investment opportunities. We believe that, despite inevitable cyclicality, investing in the agribusiness industry should offer attractive long-term returns and the strength of our companies and management teams, combined with a defensive portfolio mix, should contribute to the continued sustainability of results. We believe that the company and its shareholders will benefit from same.
 
London Finance & Investment Group PLC  click here for the company's news page
Lonfin final results June 2017 Thursday 28 September 2017
 
Operating income rose to GBP1.0 million (GBP0.9 million) whilst operating profit grew to GBP275 000 (GBP239 000). Profit attributable to shareholders lowered to GBP1.1 million (GBP1.7 million). In addition, headline earnings per share decreased to GBP1.0p per share (GBP1.9p per share).

Directorate change
Michael Robotham, a non-executive director, will be retiring from the board of Lonfin at the company's forthcoming Annual General Meeting (“AGM”) to be held on 5th December 2017.

Dividend
The board recommends a final dividend of GBP0.55p per share, making a total of GBP1.1p per ordinary share for the year (2016 – GBP1.05p). Subject to shareholders' approval at the company's AGM to be held on 5th December 2017, the dividend will be paid on 15th December 2017 to those shareholders on the register at the close of business on 24th November 2017. Shareholders on the South African register will receive their dividend in South African rand converted from sterling at the closing rate of exchange on 19th September 2017 being GBP1= ZAR 18.0089.

Company outlook
We believe our mix of Strategic Investments and a General Portfolio gives us every chance of outperforming the broader market in the medium to long term notwithstanding any short term volatility in markets, currencies and commodities.
 
EPE Capital Partners Ltd.  click here for the company's news page
Ethos Capital final results June 2017 Thursday 28 September 2017
 
Ethos Capital released their maiden set of final results since listing. Total income came in at R126.6 million, profit for the year was R102.1 million, while headline earnings per share was recorded at 57 cents per share.

Conference call
Ethos Capital will host a conference call at 09h00 on Friday, 28 September 2017 to present and discuss the annual results. The presentation will be a dial-in format, and a copy of the presentation is available for download on the Company's website www.ethoscapital.mu; dial-in details are also available on the website.

Notice of AGM
Notice was given that the Annual General Meeting of Ethos Capital shareholders will be held at the VOC Boardroom, 28th Floor Portside Building (report to the 8th Floor Reception), 5 Buitengracht Street, Cape Town on 13 November 2017 at 14h00 to transact the business as stated in the Annual General Meeting Notice forming part of the Annual Financial Statements.
 
Conduit Capital Ltd.  click here for the company's news page
Conduit final results June 2017 Wednesday 27 September 2017
 
Income from insurance operations grew to R750.8 million (R692.7 million) whilst operating loss widened to R87.0 million (loss of R34.4 million). Loss attributable to equity holders worsened to R136.7 million (loss of R32.9 million). Furthermore, headline loss per share increased to 17.3cps (loss of 5.7cps).

Dividend
Conduit has a wide range of opportunities in which to deploy capital at attractive rates and therefore no dividend has been declared. It is unlikely Conduit will pay dividends in the future.

Company prospects
The completion of the Snowball and Midbrook transactions has significantly increased the capital base and the earnings potential of the company. The investment made in ASOC has already shown promise. The accounting results of Constantia were disappointing in the first half of the financial year, but much improved in the second half. Conduit is a vastly changed company from this time last year and is a few steps further into the journey of real value creation over time. We are not afraid of big investments for big returns. The only requirement is patience.

People are our greatest asset. We trust and empower our leaders to get the best out of them and all those who work with them. I would like to thank every person who is part of the Conduit ecosystem for his or her effort, energy and enthusiasm. Our business will grow to great heights and it is through your hard work that we will get there. I would also like to thank our board of directors and shareholders for sharing in our long-term vision for Conduit Capital.
 
Capitec Bank Holdings Ltd.  click here for the company's news page
Capitec interim results August 2017 Wednesday 27 September 2017
 
Lending and investment income for the period increased to R8.628 billion (2016: R7.926 billion), profit for the year rose to R2.054 billion (2016: R1.759 billion), while headline earnings per share grew to 1 769 cents per share (2016: 1 517 cents per share).

Interim dividend
The directors declared a gross interim dividend for the 6 months ended 31 August 2017 of 525 cents per ordinary share on Tuesday, 26 September 2017. The dividend will be paid on Monday, 23 October 2017. There are 115 626 991 ordinary shares in issue.

Company prospects
We believe that our DNA of client centric values, energy and ownership in everything we do, achieves personal service that ensures long-lasting relationships with our clients. We believe that this approach gives us a competitive edge.

The real value we generate for our clients through personal service and delivery of affordable, accessible financial solutions drives the growth of our company.

Investing in our people and infrastructure supports this growth and allows us the opportunity to create jobs, stimulate the economy and ultimately transform the country in which we live.
 
Sasol Inzalo Public Ltd. (RF)  click here for the company's news page
Sasol Inzalo final results June 2017 Friday 22 September 2017
 
Operating loss narrowed to R8 million (loss of R17 million) whilst loss for the year widened to R106 million (loss of R95 million). In addition, basic loss per share worsened to 659cps (loss of 591cps).

Dividend
Taking into account the continued decline in the value of the investment in Sasol Ltd. due to the low oil price and the volatile macro-economic environment, the board of directors has seen it prudent to conserve cash and have concluded that no cash dividend should be declared for the year ended 30 June 2017 (Rnil).
 
Sasfin Holdings Ltd.  click here for the company's news page
Sasfin final results June 2017 Tuesday 19 September 2017
 
Total income for the year was lower at R1.167 billion (2016: R1.197 billion), profit from operations decreased to R245.6 million (2016: R304.6 million), profit attributable to equity holders of the Group fell to R176.6 million (2016: R224.4 million), while headline earnings per ordinary share came in at 611.76 cents per share (2016: 731.27 cents per share).

Dividends
Ordinary dividend
The Directors have declared a final ordinary share gross cash dividend for the year ended 30 June 2017 of 160.42 cents per share (2016: 188.82 cents per share).

Preference dividend
The Directors have declared a gross cash preference dividend number 26 amounting to 429.57 cents per share (2016: 424.42 cents per share ) for the period 1 January 2017 to 30 June 2017.

Prospects
Sasfin continues to focus on its long-term strategy of providing solutions for the banking and financial needs of its Business and Wealth clients.

The Group continues to prioritise achieving critical mass to drive strong revenue generation across its businesses, combined with cost containment, where appropriate, together with strategic investment in technology and distribution. The Group is finalising a proposed restructure to adopt a more focused approach to its target markets along its core pillars of Banking, Wealth and Capital. The acquisition of the Absa Technology Financial Solutions (Pty) Ltd. rental book, as previously advised, is in process.

Sasfin is expected to benefit from its recently concluded black economic empowerment transaction with Women Investment Portfolio Holdings Ltd. (WIPHOLD), which is subject to shareholder and regulatory approvals.

Notice of AGM and posting of the integrated report
The AGM of Sasfin will be held at 29 Scott Street, Waverley, Johannesburg, on Monday, 27 November 2017 at 14:00. The last date to trade in order to be eligible to participate in and vote at the Annual General Meeting will be Tuesday, 14 November 2017 and the record date for the purposes of determining which shareholders of the Company are entitled to participate in and vote at the Annual General Meeting is Friday, 17 November 2017.

Sasfin's Integrated Report 2017 is expected to be distributed to shareholders on or about 27 October 2017.

Change of independent sponsor
Shareholders are advised that Sasfin has changed its Independent Sponsor from KPMG Services (Pty) Ltd. to Deloitte & Touche Sponsor Services (Pty) Ltd. with effect from Tuesday, 19 September 2017.

 
Rand Merchant Investment Holdings Ltd.  click here for the company's news page
RMIH final results June 2017 Tuesday 19 September 2017
 
Income from continuing operations rose 5% to R14.8 billion (R14.1 billion). Profit attributable to equity holders grew 12% to R3.3 billion (R3.0 billion). In addition, headline earnings per share from continuing operations jumped 19% to 234.2 (197.6).

Cash dividend or, as an alternative, an election to either (i) receive a scrip dividend; or (ii) reinvest the cash dividend
The board of directors (RMIH board) of RMIH has declared a final gross cash dividend of 65 cents per RMI ordinary share for the year ended 30 June 2017 (cash dividend).

The RMI board has resolved to:
i. Make the capitalisation shares available to shareholders, in lieu of the cash dividend (scrip distribution alternative); and
ii. Offer RMI shareholders the ability to reinvest all or part of their cash dividend (net of any applicable taxes) (subscription value) in RMI ordinary shares by RMI (a) crediting such subscription value to RMI shareholders; and (b) applying such credit on behalf of RMI shareholders to subscribe for reinvestment shares (reinvestment option),
as may be elected by RMI shareholders in respect of all or a part of their shareholding recorded in RMI's securities register at 12:00 on the record date, being Friday, 6 October 2017 (record date).

Terms of the scrip distribution alternative and reinvestment option
Each of the scrip distribution alternative and reinvestment option applies to the final gross cash dividend of 65 cents per RMI share for the year ended 30 June 2017 declared on Tuesday, 19 September 2017. This will result in the payment of a net cash dividend of 52 cents per RMI share to RMI shareholders liable for the full local 20% dividends tax and 65 cents per RMI share to RMI shareholders exempt from dividends tax. Non-resident RMI shareholders may qualify for a reduced rate of dividends tax, depending on whether or not there is an applicable agreement for the avoidance of double taxation between South Africa and the country in which a non-resident RMI shareholder is resident for tax purposes.

The scrip distribution alternative and reinvestment option will proceed pursuant to the approval of RMI shareholders in terms of the section 60 notice authorising the allotment and issue of up to a maximum of 25 755 195 RMI shares as fully paid capitalisation shares (in terms of the scrip distribution alternative) or fully paid reinvestment shares (in terms of the reinvestment option) to RMI shareholders. The issue price for the capitalisation and reinvestment shares is R38.00 per RMI share, being a 3.9% discount to the closing share price of RMI shares on the JSE as at 15 September 2017.

The number of capitalisation shares which RMI shareholders may elect to receive under the scrip distribution alternative has been determined in the ratio of 1.71053 fully paid RMI shares for every 100 RMI shares held on the record date.

The reinvestment shares will be issued in consideration for the amount of the cash dividend (net of any applicable taxes) as elected to be reinvested by RMI shareholders. The number of reinvestment shares, which RMI shareholders may elect to receive under the reinvestment option, assuming RMI shareholders are liable for the full local 20% dividends tax, has been determined in the ratio of 1.36842 reinvestment shares for every 100 RMI shares held on the record date. If no dividends tax is payable, the number of reinvestment shares, which RMI shareholders may elect to receive under the reinvestment option has been determined in the ratio of 1.71053 reinvestment shares for every 100 RMI shares held on the record date.

Company outlook and future value creation
Existing portfolio
The year under review saw Discovery continuing development of its operating model, with refinements in its three components, namely the Vitality shared-value insurance model, its growth engine and capital management philosophy. These together form the group's ambition of being the best insurance organisation globally and a powerful force for social good by 2018. Discovery has set three-dimensional criteria against which to measure the group against the aims of its ambition, namely:
  • Brilliant businesses: Market-leading businesses with sustainable products that meet complex consumer needs, driving significant engagement and superior loss ratios and lapse rates, supported by an exceptional service ecosystem.
  • Profound impact: Incentivises millions of people around the world to live healthier and be engaged in their wellness, with a measurable positive effect on their health. A return of risk-free plus 10% on equity and capital, as well as each business meeting an internal rate of return of risk-free plus 10%, with operating profit growth of CPI + 10% and robust cash management.
  • Powerful assets: A unique business model underpinned by powerful science and data assets. A fully operational global Vitality network and a distinctive global brand.

The year under review saw material progression in all three these criteria, positioning Discovery strongly to meet the goals of its ambition.

The strategic focus areas of MMI are client-centricity, growth and excellence, with client engagement solutions through Multiply identified as an area of specific strategic importance to differentiate MMI's client value proposition. MMI continues to invest in growth initiatives with the aim of enhancing shareholder value over the longer term, with an increasing amount of the investment budget being allocated to initiatives that will broaden the South African distribution footprint. The partnership with African Bank creates the opportunity to expand MMI's distribution network and solution set. MMI has started the rationalisation of its African portfolio, with the health insurance joint venture in India likely to be its largest ongoing investment initiative outside of South Africa in the near future.

The South African economy is expected to remain challenging for the foreseeable future, which is likely to result in below inflationary premium growth for OUTsurance's South African operations. The Youi group is expected to achieve improved growth in the near future following the roll-out of product and service innovations coupled with entering the compulsory third party and commercial insurance markets. These strategies will take some time to contribute to premium growth. OUTsurance is excited about the strength of the client proposition of OUTvest and the positive impact this business can have on the savings and investment landscape in South Africa. The advice and administrative offering of this new venture will be expanded in the 2018 financial year. In the likely absence of strong premium growth in the next financial year, OUTsurance will retain its focus on underwriting discipline and the pursuit of operational excellence.

Hastings continues on its profitable growth trajectory. Its significant presence and strategic focus on price comparison websites, together with its straightforward insurance offering appeals to clients. It therefore continues to grow market share by both attracting new clients and maintaining strong retention levels. Hastings continues to invest in its digital and data-driven model to ensure agile and responsive pricing. This approach allows Hastings to maintain its robust underwriting discipline, resulting in loss ratios below the target range. Hastings is well on course to deliver on its ambitious 2019 targets set at the time of its listing in October 2015.

The assets under management across the affiliates of RMI Investment Managers continue to grow as clients look to independent asset managers for alternative choices to managing their assets. Industry flows, however, slowed during the year under review. This, coupled with the impact of lower asset class returns and heightened fee pressure, has resulted in a more challenging environment for the profitability of its affiliate asset managers. Each affiliate has substantially strengthened their business during the year by diversifying their client base, adding to their investment and operations teams as well as through the value that RMI Investment Managers has brought to each affiliate across strategy, distribution and operations. The team is pleased with the overall progress, especially with its growing reputation as a trusted, value-adding but non-interfering shareholder of choice for the independent asset management industry.

As mentioned in the RMI interim results announcement in March 2017, while the team is more focused on the execution of the growth initiatives at each affiliate than on further acquisitions, they continue to look for opportunities to add affiliates, particularly in the areas where the business is underexposed, notably in the managing of global assets and unlisted assets. In keeping with this, the team is very excited about Ethos becoming an affiliate, given the quality of the business as South Africa's oldest and one of the most highly-regarded alternative asset managers as well as the constructive outlook for the alternatives landscape, given client demand and a supportive regulatory environment. The team and its joint venture partners in MMI and RBH look forward to working with Ethos as they broaden out their business into other parts of the alternatives market to create a more diversified and transformed business.

Merchant Capital's short-term strategy entails solidifying the South African core business and operating platform. The business continues to launch new products and partnerships to further differentiate the product and grow the client base.

New investments
In addition to optimising its existing portfolio, RMI plans to diversify and modernise its investment portfolio through opportunities across a wide spectrum of scale and lifecycles of financial services businesses.

Traditional financial services
The investment team continues to investigate potential investment opportunities, both locally and globally, that conform to RMI's investment philosophy and generate superior returns for shareholders.

Next-generation financial services
AlphaCode's vision is to pioneer the next stage of financial services by identifying, partnering and growing extraordinary next-generation financial services entrepreneurs. Over the last year, AlphaCode has had success with partnering these next-generation businesses with its underlying portfolio companies to drive innovation and modernisation and building an investment portfolio of superior entrepreneur-led, early-stage fintech-focused businesses that have achieved some market traction and are poised for rapid growth.

Adding to its investment in Merchant Capital, the SME working capital financier, AlphaCode acquired 25.1% of Entersekt, an innovator that has developed world-class mobile banking security technology. AlphaCode also participated in a large capital raise in Prodigy Finance, an international fintech platform that offers loans to postgraduate students accepted into business, engineering and law at the world's top universities, alongside one of Europe's leading venture capital fintech investors, Balderton Capital. In August 2017, RMI invested in Luno, a company that offers clients a wallet to buy, store and use Bitcoin and operates a Bitcoin exchange platform. AlphaCode has a strong pipeline of investment opportunities and will continue to invest in this space.

AlphaCode remains committed to building the broader entrepreneurial sector in South Africa by supporting high-impact black technology entrepreneurs, providing mentorship, free office space, support facilities and access to enterprise development funding through its broad-based black economic empowerment centre of excellence.

RMI remains confident that its clear strategy, in conjunction with its solid investment portfolio and underpinned by unwavering values, will allow it to continue delivering on its primary objective of creating sustainable, long-term value for shareholders.
 
Discovery Ltd.  click here for the company's news page
Discovery final results June 2017 Monday 18 September 2017
 
Net income for the year went up 3% to R45.2 billion (R43.7 billion) whilst profit from operations was 8% higher at R6.2 billion (R5.8 billion). Profit attributable to ordinary shareholders jumped 21% to R4.4 billion (R3.7 billion). In addition, headline earnings per share increased by 20% to R683.1 cps (571.1cps).

Final dividend declaration
B preference share cash dividend declaration:
On 24 August 2017, the directors declared a final gross cash dividend of 520.68493 cents (416.54794 cents net of dividend withholding tax) per B preference share for the period 1 January 2017 to 30 June 2017, payable from the income reserves of the company.

Ordinary share cash dividend declaration:
Notice is hereby given that the directors have declared a final gross cash dividend of 98 cents (78.4 cents net of dividend withholding tax) per ordinary share, out of income reserves for the year ended 30 June 2017.

Prospects for growth
A sophisticated capital management structure supports the organic growth methodology to ensure Discovery's financial strength, sufficient financial flexibility through cash generation, and production of above-target returns. Discovery foresees continued strong performance from existing businesses going forward; and spend on new initiatives to reduce over time, absent of the intent to enter banking. The combination of the above positions Discovery for continued growth in the future.
 
Grand Parade Investments Ltd.  click here for the company's news page
GPI final results June 2017 Thursday 14 September 2017
 
Revenue for the year increased to R963.0 million (R772.3 million). Loss from operations narrowed to R61.1 million (loss of R75.7 million). Profit attributable to ordinary shareholders tumbled to R19.3 million (R202.8 million). In addition, headline loss per share was 4.59 cents per share (earnings of 1.99 cents per share).

Dividend
On 25 November 2016 GPI declared a dividend of 25.0 cents per share in respect of the 2016 financial year, which amounted to R122.2 million of which R9.1 million related to GPI shares held as treasury shares. GPI is committed to remaining dividend-active. Any distribution relating to 2017 profits will be considered once future cash flows can be determined with more certainty.

Company prospects
The Group's focus during the next financial year will be to continue on delivering on its strategy to grow its food business which includes the continued improvement in the profitability of Burger King, roll out of both Dunkin' Donuts and Baskin-Robbins and unlocking the synergies between the various food investments. In addition the Group will look to continue investing in food businesses via premium restaurant brands and supply chain services and product to support the restaurant brands. The Group will remain dividend active and will look to realign its dividend policy to align its ordinary dividends with the Group's earnings profile. Special dividends will be paid out of surplus proceeds from the realisation of the Group's investments.
 
RMB Holdings Ltd.  click here for the company's news page
RMH final results June 2017 Friday 8 September 2017
 
Revenue for the year jumped to R16 million (R7 million) whilst income from operations went up 9% to R8.4 billion (R7.7 billion). Profit for the year also grew by 9% to R8.2 billion (R7.6 billion). Furthermore, headline earnings per share rose by 6% to 561.7 cents per share (531.7 cents per share ).

Final dividend
The board of RMH has resolved to declare a gross final dividend of 174.0 cents per share (153.0 cents), bringing the total dividend for the year ending 30 June 2017 to 327.0 cents per ordinary share (295.0 cents). The dividend is covered 1.8 times (1.8 times) by normalised earnings per share and represents a year-on-year increase of 11%.

Company outlook and future value creation
Management will focus on the following in the year ahead:

Diversification of income stream and distribution of assets:
Management will focus on the newly-created property business in identifying opportunities for both the core portfolio and specialist portfolio. It will evaluate expanding RMH's geographic footprint further, either independently and/or through the existing portfolio.

Optimisation of our established investments:
Management will continue its strategic dialogue and activity across the portfolio. It will assist with creating leadership stability and succession planning.

Modernisation:
RMH will continue to identify new businesses, technologies and industry trends to complement RMH and its investee companies.

We remain confident that both our clear strategy, in conjunction with the solid investment portfolio and underpinned by unwavering values, will allow RMH to continue delivering on its primary objective of creating sustainable, long-term value for shareholders.
 
FirstRand Ltd.  click here for the company's news page
FirstRand final results June 2017 Thursday 7 September 2017
 
Net interest income before impairment of advances increased by 7% to R44.917 billion (2016: R42.041 billion), income from operations rose by 8% to R77.785 billion (2016: R71.816 billion), profit attributable to ordinary equityholders climbed by 9% to R24.572 billion (2016: R22.563 billion), while headline earnings per share grew by 6% to 423.7 cents per share (2016: 399.2 cents per share).

Dividend
The directors declared a gross cash dividend of 136.0 cents per ordinary share, totalling 255.0 cents per ordinary share out of income reserves for the year ended 30 June 2017.

Company prospects
South Africa's growth prospects remain weak and uncertain. Persistent political and policy uncertainty, ongoing governance issues at SOEs and further erosion of confidence in institutional strength and independence all continue to weigh on confidence, which in turn constrains private sector investment, places pressure on employment and ultimately undermines GDP growth. Such a macroeconomic environment will be characterised by low domestic demand growth (consumption, investment and government spending), downward pressure on personal incomes and further rating agency downgrades. Many of these pressures will create headwinds for topline growth in the group's domestic franchises. Sub-Saharan growth rates are, however, expected to show a recovery over the next twelve months, which should be supportive of the rest of Africa portfolio.

FirstRand remains committed to its current investment cycle despite pressures on growth, as it believes its strategies to diversify its financial services offering and build the rest of Africa and UK franchises will deliver outperformance over the medium to long term. In addition, the group remains focused on driving efficiencies and managing core costs.

The group aims to deliver real growth in earnings and an ROE near the upper end of its stated target range of 18% to 22%.
 
Sanlam Ltd.  click here for the company's news page
Sanlam interim results June 2017 Thursday 7 September 2017
 
Net income for the interim period lowered to R47.3 billion (R49.8 billion) whilst net operating result decreased to R6.5 billion (R6.2 billion). Profit for the period took a dip to R4.9 billion (R5.5 billion). In addition, headline earnings per share fell to 227.7cps (280.0cps)

Dividend
The Group only declares an annual dividend due to the costs involved in distributing an interim dividend to our large shareholder base.

Company outlook
Growth prospects outside of South Africa remain more positive with the improvement in economic conditions likely to persist in the medium term across most regions where we operate. Sanlam Emerging Markets is well placed to extract growth from this environment. In the short-term, though, growth in Rand terms in all key performance indicators will be inhibited by the stronger average Rand exchange rate. The disposal of the Group's stakes in the Enterprise Group in Ghana will also impact on full-year growth for 2017 and 2018, in particular for the Rest of Africa region. Ghana's contribution to the Group's new business volumes, net VNB and net result from financial services in the first half of 2017 were R130 million, R34 million and R28 million respectively.

In contrast, prospects for South Africa will remain muted for the remainder of 2017 and 2018. Political and economic policy uncertainty is not likely to dissipate before the African National Congress' National Elective Conference in December. Until policy certainty returns, low business and investor confidence will prevail. We commensurately do not expect an improvement in the performance of the South African businesses for the remainder of the year. The risk of further downgrades to South Africa's sovereign credit ratings must be recognised, which will likely result in equity market, interest rate and currency volatility.

Shareholders need to be aware of the impact that the level of interest rates and financial market returns and volatility have on the Group's earnings and Group Equity Value. Relative movements in these elements may have a major impact on the growth in normalised headline earnings, VNB and GEV to be reported for the 2017 financial year.

We will continue to diligently execute on the strategic priorities identified in the Group's 2016 Integrated Report.
 
MMI Holdings Ltd.  click here for the company's news page
MMI final results June 2017 Wednesday 6 September 2017
 
Net income lowered to R54.7 billion (R66.0 billion) whilst results from operations rose to R5.7 billion (R5.3 billion). Earnings attributable to owners dipped to R1.5 billion (R2.1 billion). In addition, headline earnings per share decreased to 118.3 cents per share (133.8 cents per share ).

Final dividend declaration
Ordinary shares
On 5 September 2017, a gross final dividend of 92 cents per ordinary share was declared by the board, resulting in a total dividend of 157 cents per share.

Preference shares
Dividends of R19.0 million (R20.1 million) (132 cents per share p.a.) were declared on the unlisted A3 MMI Holdings Ltd. preference shares as determined by the company's Memorandum of Incorporation.

Company strategy update
We remain committed to our client-centric strategy that is purposefully focused on providing for our clients' needs in order to enhance their lifetime Financial Wellness. At the same time we continue to refine the actions and decisions to optimise delivery on our strategy aspirations. Investors should be aware that:
  • The business is increasingly focused on execution, with strategy now well ingrained in the various business areas;
  • We have announced our plan to exit a number of African countries to improve focus on remaining operations.
  • We continue to invest in our Multiply programme and see it as a key component of our client engagement strategy;
  • We continue to invest in our distribution channels and the recent launch of our insurance products in selected African Bank branches is one manifestation of this focus.
 
Santam Ltd.  click here for the company's news page
Santam interim results June 2017 Thursday 31 August 2017
 
Net insurance premium revenue for the period increased by 9% to R10.551 billion (2016: R9.7 billion), profit for the period rose by 6% to R808 million (2016: R762 million), profit attributable to equity holders of the company climbed 8% to R753 million (2016: R697 million), while headline earnings per share lowered to 593 cents per share (2016: 633 cents per share).

Dividend
The board has declared a gross interim dividend of 336 cents per share (2016: 311 cents per share).

Company prospects
Trading conditions remain very competitive in a low-growth economic environment. Real annual GDP contracted by 0.7% in the first quarter following a contraction in the economy in the fourth quarter of 2016, which resulted in a technical recession. Inflation (average CPI) of 5.1% was reported at the end of the second quarter. The repo rate was lowered by 25 basis points in July 2017 following the 75 basis points increase in 2016. The decrease in the repo rate will marginally impact interest income for the group.

In April 2017, Standard & Poor's (S&P) decreased Santam's international counterparty credit and insurance financial strength rating from BBB to BBB-, in line with their local currency sovereign rating on South Africa (BBB-, negative). On a national scale basis, Santam's counterparty credit rating remained unchanged at zaAAA following the recalibration of South Africa's National scale ratings by S&P on 3 August 2017.

The group's focus remains on growing profitably in South Africa and to increase its international diversification through the Santam Specialist Business and Santam Re. International diversification is supported by close collaboration with the SEM general insurance businesses, which utilises the extensive emerging markets footprint to source new business opportunities. Santam continues to focus strategically on supporting the development of the SEM general insurance businesses by allocating appropriate technical resources. In South Africa, continued focus is placed on the development of Santam's full multichannel capability.

Santam will maintain its focus on cost efficiencies to improve the management expense ratio over the medium term. The investment market is likely to remain uncertain. Continued high volatility is expected on interest-bearing instruments. The increased exposure to non-rand-denominated business further increases foreign exchange volatility for the group.

The group economic capital requirement at 30 June 2017, based on the Santam internal model, amounted to R5.9 billion. The normalised economic capital coverage ratio, assuming a sub-debt of R2 billion, was 151%, which was close to the mid-point of the target range of 130% to 170%.

We remain committed to efficient capital management.
 
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