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  Home - Listed Company Financial News
Listed Company Financial News
 
Hosken Consolidated Investments Ltd.  click here for the company's news page
HCI final results March 2017 Wednesday 24 May 2017
 
Revenue for the year grew to R14.8 billion (R13.0 billion). EBITDA was 14.5% higher at R6.6 billion (R5.7 billion). Operating profit rose to R5.2 billion (R4.4 billion). Profit attributable to equity holders came in at R1.2 billion (R1.0 billion). In addition, headline earnings per share from continuing operations jumped to 1 331.77 cents per share (940.92 cents per share).

Dividend
The directors of HCI have resolved to declare a final ordinary dividend number 55 of 170 cents (gross) per HCI share for the year ended 31 March 2017 from income reserves.
 
Sygnia Ltd.  click here for the company's news page
Sygnia interim results March 2017 Wednesday 24 May 2017
 
Revenue for the interim period rose to R147.5 million (R131.4 million) whilst profit from operations lowered marginally to R48.2 million (R48.6 million). Total profit and other comprehensive income for the period also decreased to R34.3 million (R34.9 million). Furthermore, headline earnings per share increased to 26.75 cents per share (25.83 cents per share).

Dividend
Sygnia is committed to rewarding its shareholders with regular distributions of free cash flow generated. Accounting for projected cash requirements, a gross dividend (No. 3) for the interim period ended 31 March 2017 of 25 cents per share has been declared out of retained income, resulting in a net dividend of 20 cents per share for shareholders subject to Dividends Tax ("DT").
 
Deneb Investments Ltd.  click here for the company's news page
Deneb final results March 2017 Wednesday 24 May 2017
 
Revenue for the year was R2.9 billion (2016: R2.7 billion) whilst gross profit increased to R743.7 million (2016: R628.9 million). Operating profit before finance costs rose to R196.7 million (2016: R155.5 million). Profit attributable to owners of the company grew to R73.1 million (2016: R56.7 million). Furthermore, headline earnings per share increased to 9.85 cents per share (2016: 8.07 cents per share).

Distribution
Notice is hereby given that a final distribution of 3 cents (gross) per ordinary share in respect of the 12 months ended 31 March 2017 has been declared and approved by the board of directors out of stated capital through the reduction of contributed tax capital (distribution).
 
Transaction Capital Ltd.  click here for the company's news page
Transaction Capital interim results March 2017 Wednesday 24 May 2017
 
Net interest income grew 8% to R464 million (R429 million). Profit attributable to ordinary equity holders was 10% higher at R232 million (R210 million). In addition, headline earnings per share increased by 7% to 39.5 cents per share (37.0 cents per share).

Dividend
In line with the stated dividend policy of 2.5 to 3 times, the board has declared an interim gross cash dividend of 15 cents per share for the six months ended 31 March 2017 to those members on the record date.

Company prospects and strategy
Transaction Capital's strategy is to drive organic growth by enhancing and developing each division to achieve deep vertical integration within current and adjacent market segments. The composition of its portfolio and the defensive positioning of its divisions augurs well for the group's performance going forward.

Acquisitions remain a key component of Transaction Capital's growth strategy. The group favours a conservative approach with a narrow focus on businesses operating within existing or adjacent market segments. More than R500 million was deployed in December 2016 to fund the business acquisitions made in the period. The R418.9 million of additional equity capital raised in February 2017 has ensured that the balance sheet remains well capitalised, liquid and ungeared at a holding company level. This will enable the group to pursue acquisition opportunities with the flexibility of immediate cash settlement.

In addition, the share issue is also expected to help continue building trading liquidity in Transaction Capital shares.

Transaction Capital continues to enjoy strong support from both local debt investors and international DFIs. During November 2016, Transaction Capital established a R2 billion credit rated and JSE-listed Domestic Note Programme. Transaction Capital has been accorded a A-(ZA) (Long Term, National Scale) and A1-(ZA) (Short Term, National Scale) credit rating from Global Credit Ratings Co. It is expected that this programme will enable the group to gain access to a new capital pool at an attractive cost.

Considering Transaction Capital's defensive positioning within the socio-economic context, management is confident about the group's prospects. The combination of robust organic growth together with the accretive acquisitions supports good growth in the medium term. In addition, earnings will become more evenly weighted between its two divisions after the business acquisitions.
 
Coronation Fund Managers Ltd.  click here for the company's news page
Coronation interim results March 2017 Tuesday 23 May 2017
 
Revenue for the interim period decreased to R1.9 billion (2016: R2.1 billion). Results from operating activities lowered to R1 billion (2016: R1.1 billion), profit attributable to equity holders of the company fell to R763 million (2016: R804 million), while headline earnings per share weakened to 220.7 cents per share (2016: 229.7 cents per share).

Interim cash dividend
Coronation continue to reward shareholders through regular and significant distributions of free cash flow generated. The company endeavour to distribute at least 75% of after-tax cash profit. After assessing any projected future cash requirements, a gross dividend of 220.0 cents per share has been declared for the interim period ended 31 March 2017, resulting in a net dividend of 176.0 cents per share for shareholders subject to Dividends Tax (DT).

Company prospects
The group are focused on long-term investing, which remains the bedrock of our business. Volatile markets offer opportunities to take long-term positions that will ultimately deliver compelling returns for our clients over meaningful periods. We believe our portfolios are well-positioned to manage the risk that recent political uncertainty has created for South African investors. While continued near-term volatility and uncertainty may persist, our robust investment approach enables us to make the appropriate long-term decisions for the benefit of our clients. Our success in achieving this will generate long-term value for all stakeholders.
 
Investec plc  click here for the company's news page
Investec in good position to continue growth Friday 19 May 2017
 
According to Business Report, international specialist bank and asset manager Investec has said that its balanced business model together with strategic initiatives placed it in a favourable position to continue with the growth that it has shown in the year to end March despite persistent macroeconomic uncertainty in the market. The group indicated that the market volatility caused by Brexit in the UK and the recent downgrades in South Africa, had not dampened its appetite for business. Managing director Bernard Kantor said the bank and its businesses had already factored the uncertainties into its balance sheet.
 
Investec plc  click here for the company's news page
Investec plc final results March 2017 Thursday 18 May 2017
 
Net interest income increased to GBP679.9 million (2016: GBP573.8 million) and operating profit was higher at GBP637.4 million (2016: GBP523.0 million). Earnings attributable to shareholders rose to GBP442.5 million (2016: GBP368.5 million). In addition, headline earnings per share were recorded at GBP48.2 pence per share (2016: GBP38.5 pence per share).

Declaration of ordinary dividend number 30
Notice is hereby given that final dividend number 30, being a gross dividend of GBP13 pence (2016: GBP11.5 pence) per ordinary share has been recommended by the board from income reserves in respect of the financial year ended 31 March 2017 payable to shareholders recorded in the shareholder's register of the company at the close of business on Friday, 28 July 2017.

Non-redeemable, non-cumulative, non-participating preference shares number 22
Notice is hereby given that preference dividend number 22 has been declared from income reserves for the period 01 October 2016 to 31 March 2017 amounting to a gross preference dividend of GBP6.23288 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, 09 June 2017.

Rand-denominated non-redeemable, non-cumulative, non-participating perpetual preference shares dividend number 12
Notice is hereby given that preference dividend number 12 has been declared from income reserves for the period 01 October 2016 to 31 March 2017 amounting to a gross preference dividend of 497.38356 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, 09 June 2017.

Company outlook
Sound levels of activity supported performance as the group continued to strengthen its client franchise businesses.

Whilst macro uncertainty persists, which could impact activity levels going forward, the group believes that its balanced business model together with its strategic initiatives place it in a favourable position to continue the growth in its core markets.
 
Investec Ltd.  click here for the company's news page
Investec Ltd. final results March 2017 Thursday 18 May 2017
 
Net interest income increased to GBP679.9 million (2016: GBP573.8 million) and operating profit was higher at GBP637.4 million (2016: GBP523.0 million). Earnings attributable to shareholders rose to GBP442.5 million (2016: GBP368.5 million). In addition, headline earnings per share were recorded at GBP48.2 pence per share (2016: GBP38.5 pence per share).

Declaration of ordinary dividend number 123
Notice is hereby given that final dividend number 123, being a gross dividend of 225 cents (2016: 266 cents) per ordinary share has been recommended by the board from income reserves in respect of the financial year ended 31 March 2017 payable to shareholders recorded in the shareholders' register of the company at the close of business on Friday, 28 July 2017.

Non-redeemable, non-cumulative, non-participating preference shares dividend number 25
Notice is hereby given that preference dividend number 25 has been declared from income reserves for the period 01 October 2016 to 31 March 2017 amounting to a gross preference dividend of 407.17389 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, 09 June 2017.

Company outlook
Sound levels of activity supported performance as the group continued to strengthen its client franchise businesses.

Whilst macro uncertainty persists, which could impact activity levels going forward, the group believes that its balanced business model together with its strategic initiatives place it in a favourable position to continue the growth in its core markets.
 
YeboYethu Ltd.  click here for the company's news page
YeboYethu final results March 2017 Monday 15 May 2017
 
YeboYethu released their maiden set of final results since listing on the JSE. Income for the period came in at R19.4 million, operating profit was R15.3 million, net profit was recorded at R289.7 million, while headline earnings per share was 2 012.1 cents per share.

Declaration of final dividend number nine - payable from income reserves
A gross final dividend number nine of 112 cents per ordinary share in respect of the financial year ended 31 March 2017 has been declared payable on Monday 12 June 2017 to shareholders recorded in the register at the close of business on Friday 9 June 2017.
 
African Equity Empowerment Investments Ltd.  click here for the company's news page
AEEI optimistic after solid results Friday 12 May 2017
 
According to Business Report, African Equity Empowerment Investments (AEEI) is excited about growth prospects after reporting solid financial results for the six months to February. Khalid Abdulla, the group chief executive said he was pleased with the company's performance because all sectors in the group had done well. Mr Abdulla added that AEEI had a solid balance sheet and its cash flow had improved. The business model also remains on a firm growth path, investing in other companies and market strategies as well as in its own people, which will assist in continuing to deliver long-term value to shareholders.
 
African Equity Empowerment Investments Ltd.  click here for the company's news page
AEEI interim results February 2017 Thursday 11 May 2017
 
Revenue for the interim period increased to R448.8 million (2016: R305.3 million). Gross profit rose to R160.9 million (2016: R97.7 million). Total comprehensive income attributable to equity holders of the parent grew to R144.8 million (2016: R69.0 million). In addition, headline earnings per share increased to 29.53 cents per share (2016: 14.02 cents per share).

Dividends
Dividends have been declared and approved by the board of directors on 26 October 2016. These dividends of R16.2 million were paid to shareholders on 13 February 2017.

The board of directors announces that it has approved and declared a gross interim dividend of 2.00 cents per share for the six month period ended 28 February 2017 from income reserves. The interim dividend amount, net of South African dividend tax of 20% which equates to 0.40 cents per share, is therefore a net 1.60 cents per share for those shareholders that are not exempt from dividend tax.

Company prospects
The group will continue with its strategic focus to grow the value of the 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 its food and Fishing and IT companies.



 
Efficient Group Ltd.  click here for the company's news page
Efficient interim results February 2017 Tuesday 25 April 2017
 
Revenue for the interim period increased by 9% to R465 million (2016: R428.2 million). Operating profit remained at R24.2 million (2016: R24.2 million). Profit for the period attributable to equity holders of the parent lowered by 5% to R18.3 million (2016: R19.2 million). In addition, headline earnings per share dropped by 4.9% to 20.22 cents per share (2016: 21.26 cents per share).

Dividend
Dividends are declared at the discretion of the board of directors after taking the financial position of the company into consideration. As a guideline, 80% of free cash flow is paid as a dividend. Based on this policy the directors determined that 1.63000 cents per share dividend will be paid to shareholders. An interim dividend of 1.58824 cents per share was paid for the comparative period.
 
Purple Group Ltd.  click here for the company's news page
Purple interim results February 2017 Monday 24 April 2017
 
Revenue for the interim period took a 43% knock to R37.4 million (R65.5 million). Net loss came in at R15.1 million (income of R18.2 million). Loss attributable to owners was R48.2 million (profit of R11.2 million). Furthermore, headline loss per share was 5.52cps (earnings of 1.29cps).
 
PSG Group Ltd.  click here for the company's news page
PSG final results February 2017 Wednesday 19 April 2017
 
Revenue from the sale of goods increased to R14.4 billion (2016: R13.0 billion). Profit for the year attributable to owners of the parent grew to R2.2 billion (2016: R1.5 billion). Furthermore, headline earnings per share rose to 1 001 cents per share (2016: 666 cents per share).

Ordinary shares
PSG’s policy remains to pay up to 100% of 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 a final gross dividend of 250 cents (2016: 200 cents) per share from income reserves for a total dividend of 375 cents (2016: 300 cents) per share in respect of the year ended 28 February 2017.

Preference shares
The directors of PSG Financial Services declared a gross dividend of 433.89 cents per share in respect of the cumulative, non-redeemable, non-participating preference shares for the six months ended 28 February 2017, which was paid on Monday, 20 March 2017. The detailed announcement in respect hereof was disseminated on the JSE’s Stock Exchange News Services.

Company prospects
We believe PSG’s investment portfolio should continue yielding above average returns. PSG currently has R1.3 billion cash available for further investments.
 
PSG Konsult Ltd.  click here for the company's news page
PSG Kst final results February 2017 Thursday 13 April 2017
 
Total income soared to R4.908 billion (2016: R3.502 billion), profit attributable to owners of the parent jumped to R486.9 million (2016: R292.9 million), while headline earnings per share grew to 37.2 cents per share (2016: 22.9 cents per share).

Dividend
The board approved and declared a final gross dividend of 10.2 cents per share (2016: 8.8 cents per share) from income reserves. This follows the gross interim dividend of 5.1 cents per share (2016: 4.4 cents per share) declared in October 2016. This brings the total gross dividend declared for the 2017 financial year to 15.3 cents per share (2016: 13.2 cents per share). This is in line with the group's dividend payout policy as approved by the board of directors at the time of listing.

Looking forward
The group's aim remains to service existing clients well, and gain new clients. Current economic circumstances are uncertain, and volatility in investment markets remains. However, the group is confident that it will continue to build its client franchise despite this market outlook. A number of initiatives are in place to ensure this happens. 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 make a substantial investment in IT infrastructure and systems. The primary objective of this investment is to enhance the overall client experience and to 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 a relatively low, but rapidly expanding market share. Cash flow generation remains strong, and the group will use this to fund current growth initiatives and to pay dividends consistent with its dividend policy.
 
Zeder Investments Ltd.  click here for the company's news page
Zeder final results February 2017 Monday 10 April 2017
 
Revenue increased to R10.2 billion (R9.3 billion). Gross profit rose to R1.66 billion (R1.55 billion). Total income grew to R313 million (R289 million). Loss attributable to owners was recorded at R796 million (profit of R782 million). In addition, headline loss per share came to 47.5 cents per share (headline earnings per share of 36.5 cents per share).

Dividend
The directors have resolved to declare a gross final dividend of 11 cents (2016: 9 cents) per share from income reserves in respect of the year ended 28 February 2017, which represents a 22.2% increase.

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.
 
Discovery Ltd.  click here for the company's news page
Discovery streaks ahead of index Tuesday 4 April 2017
 
Business Day highlighted that Discovery's share price had considerably outperformed its parent life insurance index over the past decade as the insurer's healthy growth in profit, embedded value and new business initiatives have kept investors coming back for more. The share was up 446% over 10 years and 157% over five years. This was compared with the increases in the JSE's life insurance index of 124% and 82% over the same periods.
 
Capitec Bank Holdings Ltd.  click here for the company's news page
Capitec final results February 2017 Tuesday 28 March 2017
 
Lending and investment income for the year increased to R16.071 billion (2016: R14.019 billion), net income rose to R10.679 billion (2016: R9.063 billion), profit for the year climbed to R3.806 billion (2016: R3.228 billion), while headline earnings per share grew 18% to 3 281 cents per share (2016: 2 787 cents per share).

Dividend
The directors declared a final gross dividend of 800 cents per ordinary share on 27 March 2017, bringing the total dividends for the year to 1 250 cents per share. There are 115 626 991 ordinary shares in issue.

Company prospects
We continue to grow our client numbers, branches and ATM network. This will provide us with the opportunity to offer new financial services in the future. New products will continue to have the same foundation of simplicity and affordability as our other products. Our strategy to increase self-service and digital banking will result in improved capacity and efficiencies in the branches.

On 24 March 2017, we announced our investment in Cream Finance Holding Ltd. ('Creamfinance'). Creamfinance is a leading online technology-driven consumer loans company, offering multiple credit products across international markets. We will acquire an interest of 40% for EUR21 million in three tranches at nine-month intervals, subject to specific agreed performance measures being met. We are excited about this investment and the opportunities it presents for us as we expand our interests beyond the borders of South Africa. We continue to pursue our strategy to be the best retail bank.

Annual General Meeting
Notice is hereby given that the annual general meeting of the shareholders of Capitec will be held on Friday, 26 May 2017. The detailed notice will be available from 26 April 2017 at www.capitecbank.co.za/investor-relations/shareholders-centre.
 
Ecsponent Ltd.  click here for the company's news page
Ecsponent second interim results December 2016 Friday 24 March 2017
 
Following the change in year-end from December to March, the following December 2016 results are referred to as the second interim results which are compared to corresponding December 2015 period. Revenue jumped to R245.0 million (R135.0 million) and gross profit grew to R203.6 million (R119.8 million). Operating profit shot up to R129.3 million (R43.3 million). Total comprehensive income attributable to ordinary shareholders rose to R29.0 million (R22.9 million). Furthermore, headline earnings per share lowered to 1.94cps (2.49cps).

Dividend
No ordinary dividends have been declared or proposed for the year.

Company prospects
Key elements of the on-going expansion strategy are:
• continued investment in the credit operations of the Group;
• continued growth of underlying assets through product and market extension;
• focus on core businesses;
• aggressive trading and cost rationalisation/reduction; and
• increased emphasis on high yield private equity opportunities.

The abovementioned approach is aimed at the continued development of a robust and complementary financial services Group which provides sustainable returns.
 
Sanlam Ltd.  click here for the company's news page
Sanlam to acquire major stake in PineBridge Thursday 23 March 2017
 
According to Business Report, Sanlam has reached an agreement with PineBridge Investments to acquire a majority stake in PineBridge East Africa Ltd. (PIEAL) in Kenya through Sanlam Emerging Markets. Following the acquisition, which is subject to regulatory approval (PIEAL) will be rebranded to Sanlam Investments East Africa Ltd.. The transaction will increase Sanlam's asset management prominence in the East Africa region.
 
Sasol Inzalo Public Ltd. (RF)  click here for the company's news page
Sasol Inzalo interim results December 2016 Friday 17 March 2017
 
Operating loss for the interim period narrowed to R7 million (2015: loss of R16 million) whilst loss for the period widened to R58 million (2015: loss of R50 million). Basic loss per share came in at 361 cents per share (2015: loss of 313 cents per share).

Declaration of cash dividend
Taking into account the current volatile macro-economic environment, the board of directors has seen it prudent to utilise cash for repayment of financing activities and have concluded that no cash dividend be declared for the six months ended 31 December 2016 (31 December 2015: Rnil).

 
Sasfin Holdings Ltd.  click here for the company's news page
Sasfin sees future earnings boost from IT Friday 17 March 2017
 
According to Business Report, Sasfin Holdings indicated that the money it invested in improving its information technology (IT) division as well as acquisitions would help to boost earnings in the future. Chief executive Ronald Sassoon said the group now hoped to finalise the recently announced acquisition of the Absa equipment rental book and its BEE deal with Wiphold in the next few months, both of which should stimulate growth.
 
Sasfin Holdings Ltd.  click here for the company's news page
Sasfin interim results December 2016 Thursday 16 March 2017
 
Total income for the interim period increased by 4.3% to R592.7 million (2015: R568.3 million), profit from operations decreased to R112.9 million (2015: R150 million), profit attributable to equity holders of the group fell by 20.26% to R84.7 million (2015: R106.2 million), while headline earnings per ordinary share declined by 18.84% to 271.42 cents per share (2015: 334.43 cents per share).

Preferance share cash dividend
The Directors have declared a gross cash preference dividend number 25 of 436.68 cents per share (December 2015: 396.28 cents per share) ("preference dividend") for the period 1 July 2016 to 31 December 2016.

Interim ordinary share cash dividend
The Directors have declared an interim ordinary share cash dividend for the period ended 31 December 2016 of 80.004 cents (December 2015: 98.575 cents) per share.

Prospects
Political and economic uncertainty coupled with market volatility continues to raise potential threats to financial stability. Nonetheless we are cautiously optimistic about the South African economy, mainly due to the break in the drought, improved commodity prices and reduced strike action.

The fixed overhead relating to regulatory compliance for a challenger banking group such as Sasfin has increased considerably. In order to improve its performance, Sasfin is in the process of:
  • strengthening its IT capabilities
  • acquiring, subject to the fulfilment of conditions precedent, the ABSA Technology Financial Solutions (Pty) Limited equipment rental book, as advised on SENS
  • negotiating with a potential BEE partner, as advised in a recently published SENS announcement
  • restructuring the Group in order to adopt a more focused approach to its target markets along its core pillars of Banking, Wealth and Capital.

These initiatives should result in solid and sustainable growth for the Group.

 
Grand Parade Investments Ltd.  click here for the company's news page
GPI interim results December 2016 Thursday 16 March 2017
 
Revenue for the interim period increased to R506.8 million (2015: R363.2 million), gross profit rose to R240.2 million (2015: R191 million), loss from continuing operations narrowed to R22 million (2015: loss of R24.2 million), while profit for the period attributable to ordinary shareholders rose to R31.6 million (2015: R26.8 million). Headline earnings per share was lower at 0.84 cents per share (2015: 2.05 cents per share).

Annual dividend
GPI paid its 2016 annual dividend of 25.0 cents per share on 28 December 2016, which represents a 66.7% increase from the 2015 dividend of 15.0 cents per share. The total dividend amounted to R122.2 million. However, GPI received R10.2 million back as a result of the 43.8 million GPI shares held in treasury; therefore, the total dividend paid, net of treasury shares amounted to R112.0 million

Prospects
GPI's food brands have been built around the common objective of achieving superior quality which will allow them to continue to grow against the backdrop of a negative local economy. GPI's immediate focus is to move it's existing food investments to sustainable profitability by:
  • Continuing to improve the efficiencies of its food operations;
  • Increasing its holding in Spur;
  • Establishing a doughnut production facility for Dunkin Donuts to localise doughnut production and reduce its overall food cost;
  • Optimising operating costs through the rationalisation of costs and integrating Mac Brothers into the shared services company; and
  • Opening profitable restaurants and outlets, in line with the legal commitments of the respective food brands.

Burger King is in its 4th year of operations and has reached sufficient critical mass, which allows effective rationalisation of costs through the shared services company. Having already achieved profitability at a Company EBITDA level and with 12 new drive-through restaurants in the pipeline, the expansion of the Burger King Restaurant network will start gaining momentum over the next year, which will ensure that a bottom line profit is attained. The introduction of Dunkin Donuts and Baskin-Robbins into the South African market is a huge success and by leveraging the knowledge gained from operating Burger King, GPI is confident that it can reach profitability in the two new brands over a much shorter time frame than Burger King. This will ensure that the earnings from its food investments will replace the earnings of the gaming and leisure investments, which have recently been sold. GPI will continue to be a dividend active company and will look to improve its return to shareholders.
 
EPE Capital Partners Ltd.  click here for the company's news page
Ethos Capital interim results December 2016 Thursday 16 March 2017
 
The following results are the company's maiden interim results. Total income came in at R41.7 million whilst profit for the period was R28.9 million. Furthermore, headline earnings per share were 16cps.
 
Rand Merchant Investment Holdings Ltd.  click here for the company's news page
RMI interim results December 2016 Monday 13 March 2017
 
Earned premiums net of reinsurance increased by 10% to R7.048 billion (2015: R6.405 billion). Income was 12% higher at R7.404 billion (2015: R6.623 billion). Profit for the period attributable to equity holders of RMI was 4% higher at R1.619 billion (2015: R1.550 billion). Furthermore, headline earnings per share from continuing operations changed by 9% to 109.4 cents per share (2015: 100.5 cents per share).

Dividend
Notice is hereby given that a gross interim dividend of 53.0 cents per ordinary share payable out of income reserves was declared on 13 March 2017 in respect of the six months ended 31 December 2016.

Strategy and outlook
Existing portfolio
South Africa is experiencing a tough macroeconomic environment, characterised by high inflation and weak growth, resulting in pressure on the disposable income of consumers. Ratings agencies share the view that more needs to be done to improve South Africa's growth prospects. A downgrade to sub-investment grade could result in higher interest payments, a weaker Rand, higher cost of living and subdued confidence, giving rise to higher unemployment and lower investments. Against the background of an increasingly complex regulatory environment, local growth in new business volumes and profit at RMI's existing investments are expected to be affected.

In parallel to the South African market, the international markets in which RMI's portfolio companies operate are also expected to face growth and stability issues. Although the global economy appears to have shrugged off earlier concerns related to Brexit and the result of the US election through further stimulus and a swift response by central banks, the world economy remains under pressure.

Against this demanding backdrop, RMI believes that its investee companies have appropriate strategies in place to continue producing resilient operational performances.

Through its Vitality shared-value insurance model, organic growth strategy and sophisticated capital management philosophy, Discovery believes it could create sustainable long-term growth. The Vitality shared-value insurance model has a profound impact on sales, lapses, behaviour change and improved insurance risk. The organic growth strategy includes substantial investment in new initiatives, whilst the capital management philosophy applies rigorous solvency assessments and standards according to a five-year capital plan.

MMI is focusing on client-centricity, growth and excellence. Client engagement solutions have been identified as being of specific strategic importance to differentiate MMI's client value proposition. Continued investment in growth initiatives aims to enhance shareholder value over the longer term and an increasing amount of this investment budget will be allocated to initiatives that broaden MMI's South African distribution footprint. The joint venture in India is expected to be MMI's largest ongoing initiative outside of South Africa. The MMI board believes that the group has identified and is implementing innovative strategies that will unlock value and generate the required return on capital for shareholders over time.

The weak South African economy has resulted in a significant decrease in vehicle sales, coupled with a highly competitive market. OUTsurance expects a slow recovery for the South African economy and that the growth trajectory for its South African operations will remain unchanged for the foreseeable future. Product innovation in Australia and New Zealand should contribute to future growth. A key strategic focus is to enable interaction with clients through digital channels, as this will widen new business acquisition opportunities. OUTsurance is also looking forward to launching new products and innovations over the next year whilst maintaining a strong focus on growing the established operations.

In September 2016, RMI Investment Managers finalised the acquisition of a 25% equity stake in Polar Star, a commodity arbitrage hedge fund managing R4 billion of assets. In February 2017, the acquisition of a 25% equity stake in Truffle, an active equity and multi-asset boutique asset manager managing R22 billion of assets, was completed. Royal Investment Managers completed its acquisition of a 25% equity stake in Sesfikile Capital in November 2016. Sesfikile Capital is a listed property manager with assets under management of R15 billion.


RMI Investment Managers' team already had an impact on adding value to the strategy, operations, marketing and distribution of its affiliates. The affiliates collectively managed R67 billion of client assets as at the end February 2017 (up from R65 billion as at 30 June 2016). Notable achievements across the affiliates in 2016 include:
  • Coreshares' listing of an S&P500 exchange-traded fund on the JSE, the first of its kind;
  • the Perpetua MET Equity Fund ranking in the top 5% of all general equity funds in 2016, a difficult year for active equity managers;
  • Polar Star's ZAR hedge fund ranked as the top performing hedge fund across all South African hedge funds over five years to the end of December 2016 by HedgeNews Africa; and
  • Truffle rated as the number two asset manager in South Africa by Morningstar (with more than R5 billion of unit trust assets under management) as at 31 December 2016, with 100% of their funds rated 4 or 5 stars.

The focus at RMI Investment Managers is on ensuring the success of its existing affiliates through the various initiatives underway to diversify and grow their client base, add efficiencies and best practice to their operational capabilities and back their strategic initiatives as a supportive shareholder. The team is very pleased with the overall progress. While management will in 2017 focus more on the execution of these initiatives than on further acquisitions, the team will continue to look for opportunities to add to its affiliates, particularly in the areas where they are underexposed. These include the managing of global assets and unlisted assets (e.g. private equity), both of which are seen as attractive areas of the South African asset management industry.

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.

The sale of RMB Structured Insurance is expected to be concluded by mid-March 2017.

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 life cycles of financial services businesses.

Traditional financial services
Hastings achieved excellent results for the year ended 31 December 2016 and increased some of the targets set during its initial public offering in October 2015. RMI is excited about the diversification impact and growth prospects that this investment will have on its investment portfolio. RMI has entered into exclusive negotiations with its 84%-owned subsidiary, OUTsurance, regarding the potential disposal by RMI of a 49% interest in Main Street 1353 Proprietary Limited (Main Street 1353) to OUTsurance.


Main Street 1353, a wholly-owned subsidiary of RMI, holds the 29.9% interest in Hastings, which was acquired with effect from 1 March 2017. The proposed transaction creates enhanced alignment between RMI and OUTsurance and optimises the investment in Hastings through cooperation and potential synergies that may be realised between Hastings and OUTsurance. OUTsurance and Hastings employ similar business models, albeit in different markets, specifically in relation to dynamic and analytical approaches to risk underwriting and the use of modern direct distribution channels. OUTsurance and Hastings have identified areas of potential collaboration that may include the sharing of best practices and learnings between the businesses, as appropriate.

The proposed transaction remains subject, inter alia, to the necessary terms being agreed, including key terms pertaining to pricing and to the requisite regulatory approvals being obtained.

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
RMI continues to identify, partner and grow extraordinary entrepreneurs building disruptive scalable businesses in the financial services industry through its AlphaCode initiative. Numerous early-stage investment opportunities have been assessed across the fintech value chain, including lending, payments, advanced data analytics, block chain and investment solutions to identify businesses that have achieved some market traction and are poised for growth. RMI has a strong pipeline of investment opportunities and will continue to invest in this space.
 
RMB Holdings Ltd.  click here for the company's news page
RMH interim results December 2016 Friday 10 March 2017
 
Net income for the interim period increased by 16% to R4.106 billion (2015: R3.543 billion), profit attributable to equity holders of the company was 14% higher at R3.990 billion (2015: R3.498 billion), while headline earnings per share grew by 14% to 280.7 cents per share (2015: 246.4 cents per share).

Interim dividend declaration
Notice is hereby given that a gross interim dividend of 153.0 cents per share, payable out of income reserves, was declared on 10 March 2017 in respect of the six months ended 31 December 2016.

Changes to the board of directors
In compliance with the JSE Ltd. Listings Requirements, RMH advises the following changes to its board of directors:
- Jannie Durand was appointed deputy chairman and non-executive director, effective 13 March 2017. He was previously alternate to Faffa Knoetze.
- In turn, Faffa Knoetze resigned as non-executive director from the RMH board effective the same day and was appointed as alternate to Jannie Durand effective 13 March 2017.

Outlook
Based on the FirstRand outlook and current macroeconomic conditions, the group expects economic growth to pick up in the second half of the year. Global and local political uncertainty imposes downside risk.
 
Old Mutual plc  click here for the company's news page
Old Mutual final results December 2016 Thursday 9 March 2017
 
Total revenue for the year increased to GBP18.7 billion (GBP13.2 billion). Profit attributable to equity holders decreased to GBP570 million (GBP614 million). In addition, headline earnings per share (gross of tax) increased to GBP14.8 pence per share (GBP13.9 pence per share).

Dividend
A second interim dividend of GBP3.39 pence (or its equivalent in other applicable currencies) per ordinary share in the Company has been declared by the Directors. The second interim dividend will be paid on 28 April 2017 to shareholders on the register at the close of business on 31 March 2017. The dividend will absorb an estimated GBP162 million of shareholders' funds.

 
FirstRand Ltd.  click here for the company's news page
FirstRand interim results December 2016 Thursday 9 March 2017
 
Net interest income before impairment of advances increased by 11% to R22.200 billion (2015: R20.020 billion), profit for the period attributable to ordinary equityholders was 13% higher at R11.889 billion (2015: R10.480 billion), while headline earnings per share grew by 14% to 211.5 cents per share (2015: 185.4 cents per share).

Dividend
The directors declared a gross cash dividend totalling 119 cents per ordinary share out of income reserves for the six months ended 31 December 2016.

Prospects
Looking ahead the group expects economic growth to pick up slightly in calendar year 2017, although this is unlikely to provide significant support to topline growth for some time. In addition, global and domestic political risks continue to pose downside risk to this expectation.

FirstRand is committed to its current investment cycle despite ongoing topline pressures, as it believes its growth strategies both in broadening its financial services offerings and building its rest of Africa franchise will deliver outperformance over the medium to long term. The group aims to deliver real growth in earnings and an ROE of between 18% and 22%.
 
Sanlam Ltd.  click here for the company's news page
Sanlam final results December 2016 Thursday 9 March 2017
 
Net income for the year increased to R86.695 billion (2015: R85.293 billion), net operating result came in at R11.969 billion (2015: R14.039 billion), profit for the year was R10.578 billion (2015: R10.910 billion), while normalised headline earnings per share lowered by 6% to 408.5 cents per share (2015: 432.5 cents per share).

Dividend
The Group only declares an annual dividend due to the costs involved in distributing an interim dividend to our large shareholder base. Sustainable growth in dividend payments is an important consideration for the Board in determining the dividend for the year. The Board uses cash operating earnings as a guideline in setting the level of the normal dividend, subject to the Group's liquidity and solvency requirements. Dividend cover of cash operating earnings is managed broadly within a 1 to 1,1 times range to target consistent real growth in the Group's normal dividend payment. The operational performance of the Group in the 2016 financial year enabled the Board to increase the normal dividend per share by 9,4% to 268 cents. This will maintain a cash operating earnings cover of approximately 1,1 times. The South African dividend withholding tax regime applies in respect of this dividend. The dividend will in full be subject to the 20% withholding tax, where applicable, which will result in a net final dividend, to those shareholders who are not exempt from paying dividend tax, of 214,4 cents per ordinary share. The number of ordinary shares in issue in the company's share capital at the date of the declaration is 2 010 119 548 (excluding treasury shares of 156 352 258). The company's tax reference number is 9536/346/84/5.

Shareholders are advised that the final cash dividend of 268 cents for the year ended 31 December 2016 was declared.
 
Santam Ltd.  click here for the company's news page
Santam final results December 2016 Thursday 2 March 2017
 
Net income for the period improved slightly to R22.0 billion (R21.2 billion). Results of operating activities dipped to R2 billion (R3 billion). Profit attributable to equity holders fell to R1.2 billion (R2.3 billion). Furthermore, headline earnings per share slumped to 1 086 cents per share (1 844 cents per share).

Declaration of ordinary dividend (number 126)
Notice is hereby given that the board has declared a gross final dividend of 570 cents per share (528 cents per share).

Prospects
Trading conditions in the South African insurance industry remain very competitive in a low-growth economic environment. Real annual GDP was a low 0.7% for 2016, with inflation (average CPI) of 6.4%, which equates to low growth of insurable assets for the insurance industry. The repo rate increased by a further 75 basis points in 2016, following the 50 basis points increase in 2015, which resulted in more pressure on consumers and increased interest income for the group.

The rand appreciated by 12% against the US dollar since January 2016 following the significant weakening in December 2015, which resulted in significant currency losses on foreign assets in 2016. The rand is, however, still weaker than pre-2014 levels, which continues to have a negative impact on claims cost (mainly imported motor parts). Santam continues to focus on the optimisation of the claims and procurement value chains to increase efficiency and counter the impact of the weakening rand.

South Africa's foreign currency sovereign rating was affirmed at BBB- (negative outlook) in December 2016. S&P, however, lowered its local currency rating on South Africa to BBB from BBB+, reflecting their view of South Africa's weakening debt position and continued low GDP growth. As a result of this downgrade, Santam's international counterparty credit and insurer financial strength rating was also lowered to BBB from BBB+ as it is limited to the level of the S&P local currency sovereign credit rating. The revised rating was a reflection of S&P's view on South Africa and was not driven by any change in the financial performance of Santam.

In order to compete in the international insurance market, an A- or better international credit rating is often required. Santam has therefore entered into an agreement with Munich Reinsurance Company of Africa Ltd (Munich Re of Africa) in October 2016 in terms of which selected Santam business units will be able to use the reinsurer's S&P AA- credit rating to write inwards international reinsurance business on Munich Re of Africa's licence. This will enable Santam to further the group's strategic objective to profitably grow its business flows from territories outside South Africa in situations where an international credit rating of A- or better is required. The agreement between Santam and Munich Re of Africa is effective 1 January 2017.

The agreement with Munich Re of Africa replaces the credit rating agreement Santam had with another international reinsurer, which expired on 31 December 2016, in terms of which Santam could use that insurer's licence for business, which was dependent on a minimum international credit rating.

The group's focus remains on profitable growth in South Africa and to increase its international diversification through the Santam Specialist Business and Santam re. Santam continues to strategically focus on supporting the development of the SEM general insurance businesses in emerging markets by allocating appropriate technical resources. In South Africa, focus areas include developing Santam's full multichannel capability and MiWay's business insurance and broker-direct offerings, as well as the MiWay Life insurance initiative in conjunction with Sanlam Life.

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. The higher interest rate environment will result in increased interest income for the group, but higher volatility is expected on interest-bearing instruments. The increased exposure to non-rand-denominated business further increases foreign exchange volatility.

The group economic capital requirement at 31 December 2016, based on the Santam internal model, amounted to R5.8 billion or an economic capital coverage ratio of 155%, close to the midpoint of the target range of 130% to 170%.

The group remains committed to efficient capital management.
 
Standard Bank Group Ltd.  click here for the company's news page
Standard Bank final results December 2016 Thursday 2 March 2017
 
Total income for the year grew by 5% to R121.2 billion (2015: R115.1 billion). Profit for the year attributable to ordinary shareholders lowered by 7% to R22.2 billion (2015: R23.8 billion). In addition, headline earnings per share from continuing operations increased by 3% to 1 440.1 cents per share (2015: 1 394.5 cents per share).

Dividends
Ordinary shareholders are advised that the board of directors (the board) has resolved to declare a final gross cash dividend No. 95 of 440.00 cents per ordinary share (the cash dividend) to ordinary shareholders recorded in the register of the company at the close of business on Friday, 31 March 2017.

Preference shares
Preference shareholders are advised that the board has resolved to declare the following interim distributions:
  • 6.5% first cumulative preference shares (first preference shares) dividend No. 95 of 3.25 cents (gross) per first preference share, payable on Monday, 27 March 2017, to holders of first preference shares recorded in the books of the company at the close of business on the record date, Friday, 24 March 2017.
  • Non-redeemable, non-cumulative, non-participating preference shares (second preference shares) dividend No. 25 of 407.57 cents (gross) per second preference share, payable on Monday, 27 March 2017, to holders of second preference shares recorded in the books of the company at the close of business on the record date, Friday, 24 March 2017.

Prospects
The economic growth momentum that built towards the end of 2016, driven by China and the US, has continued into the start of 2017. The IMF is forecasting an uptick in global growth from 3.1% in 2016 to 3.4% and 3.6% in 2017 and 2018 respectively. Global trade activity should pick up on the back of policy stimulus and a gradual normalisation of large economies, such as Brazil and Russia. However, uncertainty surrounding US policy direction under the new administration, Brexit negotiations and the broader European macro outlook may pose downside risks to global growth prospects.

Sub-Saharan Africa's GDP growth is expected to be 2.8%, buoyed by global trade, resource demand and improved economic prospects generally. Rains in late 2016 and early 2017 bode well for the agriculture sectors in the countries previously afflicted by the drought. Commodity exporters will welcome higher prices. Nigeria is expected to return to positive growth, post a contraction of 1.5% in 2016, subject to oil supply and foreign exchange restrictions being eased. South Africa's forecast growth at 1.5% is an improvement, but remains subject to idiosyncratic event risk, such as rating agency and political decision points during the year. Lastly, the SARB has indicated that it expects rates to remain on hold, subject to inflation and exchange rate developments, which is likely to continue to constrain household consumptions and fixed investment.

With regards to Liberty, the group is working closely with its board and management and are supportive of their efforts to address their shorter term challenges relating to sales, the competitiveness of Liberty's product suite and ongoing cost management.

In April 2015 the South African Competition Commission announced that it had initiated a complaint against Standard New York Securities Inc. (SNYS) and 21 other institutions concerning possible contravention of the Competition Act in relation to USD/ZAR trading between 2007 and 2013. No mention was made of The Standard Bank of South Africa Limited (SBSA). On 15 February 2017 the Competition Commission lodged five complaints with the Competition Tribunal against 18 institutions, including SBSA and SNYS, in which it alleges unlawful collusion between those institutions in the trading of USD/ZAR. We only learned of the SBSA-related complaints at this time and are engaging with the Competition Commission to better understand the basis for the complaints and the appropriate response. We consider these allegations in an extremely serious light and remain committed to maintaining the highest levels of control and compliance with all relevant regulations. The allegations are confined to USD/ZAR trading activities within SBSA and do not relate to the conduct of the group more broadly.

The group remains steadfast in their commitment to doing the right business the right way. In this context, the group continues to embed a culture of responsible business practices. The group remains committed to delivering through-the-cycle headline earnings growth and ROE within a target range of 15% - 18% over the medium term. In order to do so, the group recognises the need to balance prudent capital management with appropriate return-based resource allocation and leverage.

 
MMI Holdings Ltd.  click here for the company's news page
MMI interim results December 2016 Thursday 2 March 2017
 
Net income for the interim period slumped to R20.7 billion (R32.7 billion). Results from operations took a dip to R3.0 billion (R3.2 billion). Earnings for the period attributable to owners decreased to R1.0 billion (R1.5 billion). In addition, headline earnings per share fell to 64.3 cents per share (91.3 cents per share).

Interim dividend declaration
Ordinary shares
On 1 March 2017, a gross interim dividend of 65 cents per ordinary share was declared by the board.

Preference shares
Dividends of R19.5 million (2015: R20.7 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.

Prospects
The strategic focus areas of the MMI group are client centricity, growth and excellence.

While overall group strategy remains unchanged, we have identified Client Engagement Solutions and Multiply as areas of specific strategic importance in order to differentiate its client value proposition.

MMI continues to invest in growth initiatives with the aim of enhancing shareholder value over the longer term. Going forward an increasing amount of the group's investment budget will be allocated to initiatives that broaden our South African distribution footprint.

The company's health insurance JV in India is likely to be our largest ongoing investment initiative outside of South Africa in the near future.

MMI has implemented strategies to continue unlocking value and generating the required return on capital for shareholders over time.
 
JSE Ltd.  click here for the company's news page
JSE final results December 2016 Tuesday 28 February 2017
 
Revenue for the year climbed to R2.3 billion (2015: R2.1 billion). Profit from operating activities decreased to R975.1 million (2015: R1 billion). Profit for the year rose to R919.7 million (2015: R899.5 million). Furhtermore, headline earnings per share increased to 1063.2 cents per share (2015: 1026.3 cents per share).

Declaration of ordinary and special dividend
The Board has decided to declare an ordinary dividend for the year ended December 2016 at 560 cents per ordinary share (2015: 520 cents ordinary; 105 cents special).

Notice of annual general meeting
Notice is hereby given that the twelfth annual general meeting (AGM) of shareholders of the JSE will be held at the JSE on 18 May 2017, at 16:00, to transact the business as stated in the AGM notice forming part of the annual financial statements. The AGM notice includes the proxy form.

Prospects
Despite the difficult economic environment in which, for the first time, we expect to see local licensed exchange competitors, we are clear about our 2017 priorities and hence the issues that we need to tackle to achieve our strategy and grow this business sustainably. The JSE is a largely fixed-cost business. Therefore we will maintain our focus on costs, while making the necessary capital investments in areas that will enhance the Group's sustainability and diversify revenue. Our revenues are variable and largely driven by activity on the various markets that we operate. For this reason, the Board makes no projections regarding the Group's financial performance in 2017.
 
Nedbank Group Ltd.  click here for the company's news page
Nedbank Group final results December 2016 Tuesday 28 February 2017
 
Interest and similar income for the year jumped 21.7% to R73.395 billion (2015: R60.289 billion), operating income rose by 11.1% to R45.375 billion (2015: R40.844 billion), profit attributable to equity holders of the parent lowered by 5.5% to R10.132 billion (2015: R10.721 billion), while headline earnings per share grew by 5.1% to 2 400 cents per share (2015: 2 284 cents per share).

Final-dividend declaration
Notice is hereby given that a final dividend of 630 cents per ordinary share has been declared, payable to shareholders for the year ended 31 December 2016. The dividend has been declared out of income reserves.

Prospects
Nedbank Group's guidance on financial performance for the full year 2017 is as follows:
- Average interest-earning banking assets to increase slightly ahead of nominal GDP growth.
- NIM to be slightly above the 2016 rebased level of 3,54%.
- CLR to increase, but to remain below the mid-point of our target range of 60 – 100 bps.
- NIR, excluding fair-value adjustments, to grow at upper single digits.
- Associate income, including ETI's earnings likely to remain volatile and uncertain (reported quarterly in arrear).
- Expenses to increase by mid-to-upper single digits.

The group's financial guidance is for growth in DHEPS for the full 2017 year to be greater than growth in nominal GDP (consumer price index plus GDP growth).
 
Sasol Ltd.  click here for the company's news page
Sasol interim results December 2016 Monday 27 February 2017
 
Turnover for the interim period increased slightly to R84.895 billion (2015: R84.475 billion), operating profit lowered to R13.672 billion (2015: R14.916 billion), profit attributable to owners of Sasol rose to R8.676 billion (2015: R7.312 billion), while headline earnings per share fell to 1 512 cents per share (2015: 2 428 cents per share).

Declaration of cash dividend number 75
An interim gross cash dividend of South African 480 cents per ordinary share (31 December 2015 - 570 cents per ordinary share) has been declared for the six months ended 31 December 2016. The interim cash dividend is payable on the ordinary shares and the Sasol BEE ordinary shares.

Profit outlook - strong production performance and cost reductions to continue
The current economic climate remains volatile and uncertain. While oil price and foreign exchange movements are outside Sasol's control and may impact on their results, Sasol's focus remains firmly on managing factors within their control, including volume growth, cost optimisation, effective capital allocation, focused financial risk management and cash conservation.

Sasol expect an overall strong operational performance for 2017, with:
- Liquid fuels sales volumes for the Energy business in southern Africa to be approximately 61 million barrels;
- Base Chemicals sales volumes to be between 4% to 6% higher than the prior year, with US dollar product prices recovering;
- Performance Chemicals sales volumes to be between 1% to 2% higher, with average margins for the business remaining resilient;
- An average utilisation rate at ORYX GTL in Qatar of above 90% for the remainder of the financial year;
- Normalised cash fixed costs to remain in line with SA PPI;
- The RP cash flow contribution to range between R22 billion and R26 billion;
- BPEP cash cost savings to achieve an annual run rate of R5.4 billion by 2018;
- Capital expenditure, including capital accruals, of R66 billion for 2017 and R60 billion in 2018 as Sasol progress with the execution of their growth plan and strategy. Capital estimates may change as a result of exchange rate volatility;
- Sasol's balance sheet gearing up to a level of between 30% and 35%, with net debt:EBITDA being managed to below 2 times;
- Average Brent crude oil prices expected to remain between USD50/bbl and USD55/bbl; and
- Ongoing rand/US dollar volatility due to various factors, including the pending outcome of the next review of the South African sovereign credit rating and capital inflows.
 
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