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Salient features of the unaudited results for the six months ended 30 June 2022 and cash dividend declaration
SABVEST CAPITAL LIMITED
Incorporated in the Republic of South Africa
Registration number 2020/030059/06
“Sabcap” or “the group” or “the company”
ISIN: ZAE000283511
JSE share code: SBP
SALIENT FEATURES OF THE UNAUDITED RESULTS for the six months ended
30 June 2022 and cash dividend declaration
PROFILE
Sabvest Capital Limited (Sabcap) is an investment group first
listed on the JSE in 1988 as Sabvest Limited and as Sabcap from
2020. The Seabrooke Family Trust (SFT) has voting control of
Sabcap through an unlisted Z share and has an economic interest of
40,5% through its holding in the listed ordinary shares. At the
period end Sabcap had 39 470 000 shares in issue net of treasury
shares (31 Dec 2021: 39 530 000).
Sabcap has long-term interests in twelve unlisted and three listed
investments, all accounted for on a fair value basis. Sabcap’s
primary focus is on industrial and service businesses, usually
unlisted and co-invested with family, management or financial
partners in terms of Sabcap’s Partnership Principle. Sabcap also
makes finance advances and holds listed debt, equity and cash
portfolios when it has surplus liquidity, and undertakes other fee
and profit earning activities from time to time.
RESULTS
% %
increase increase
30 June 30 June
2022 2022
compared compared Unaudited Unaudited
to to 6 months 6 months
31 December 30 June to to
2021 2021 30 June 30 June
– 6 months – 12 months 2022 2021
Net asset value
per share – cents 10,9 26,1 10 388 8 240
Shareholders’
funds – R’m 10,7 23,8 4 100,3 3 311,8
Gross
assets – R’m 11,1 24,1 4 741,6 3 820,1
Dividends per
share – cents 50,0 30 20
Profit after
taxation – R’m 23,3 394,4 320,6
Headline earnings
per share – cents 26,2 1 001,3 793,2
Earnings per
share – cents 26,2 1 001,1 793,2
RESULTS (continued)
Audited
12 months
to
31 December
2021
Net asset value per share – cents 9 371
Shareholders’ funds – R’m 3 704,3
Gross assets – R’m 4 265,2
Dividends per share – cents 75
Profit after taxation – R’m 679,2
Headline earnings per share – cents 1 689,7
Earnings per share – cents 1 689,6
GROWTH METRICS
Sabcap’s primary financial metric is growth in NAV per share. This
is measured annually and growth rates over different periods are
included in the year-end results.
The 15-year compounded annual growth rate in NAV per share to the
2021 year-end was 16,9%, calculated without re-investing
dividends. The compounded annual growth rate in NAV per share over
15 years with dividends reinvested was 18,6%*. The 15-year
compound annual growth rate in the share price was 16,0%^.
* Calculated with dividends notionally not paid and the amounts
notionally retained by the Company growing at 10% per annum.
^ Calculated with reference to the weighted average share prices
of the Sabvest ordinary and ‘N’ ordinary shares.
INVESTMENT HOLDINGS PER SECTOR
as at 30 June 2022
Number of Economic Fair
Listed/ ordinary interest value
Unlisted shares/units % R’000
INDUSTRIAL AND
SERVICES
Apex Partners
Holdings (Pty) Ltd U 44,8 443 460
ARB Holdings
(Pty) Ltd U 18,5 207 869
Classic Food
Brands (Pty) Ltd U 40,0 9 428
DNI-4PL Contracts
(Pty) Ltd U 19,1 1 014 452
Flexo Line Products
(Pty) Ltd U 47,5 66 197
Halewood
International
South Africa
(Pty) Ltd U 19,0 116 539
ITL Holdings Group U 34,4 768 778
Metrofile Holdings
Limited L 56 000 000 12,9 184 800
Rolfes Holdings
(Pty) Ltd U 25,1 228 883
SA Bias Industries
(Pty) Ltd U 85,2 885 134
Sunspray Food
Ingredients
(Pty) Ltd U 27,7 77 978
4 003 518
MINING AND AGRICULTURE
Masimong Group
Holdings (Pty) Ltd U 10,0 365 885
365 885
SPECIALISED FINANCIAL
AND TECHNOLOGY
Corero Network
Security Plc L 50 000 000 10,1 106 868
Revix Group U 11,0 –
Transaction
Capital Limited L 5 000 000 0,7 183 550
290 418
Non-current investment holdings 4 659 821
CURRENT INVESTMENTS
Capital Group New
Perspective Fund
(LUX – Equity) L 146 685 43 430
43 430
TOTAL HOLDINGS 4 703 251
PROSPECTS
Sabcap is comfortable with the current performance and future
prospects of its investees and in particular of the new
investments concluded during the period.
Accordingly, Sabcap expects continued satisfactory growth for the
remainder of the 2022 financial year.
CASH DIVIDEND DECLARATION
Notice is hereby given that an interim dividend of 30 cents (2021:
20 cents) per ordinary share for the six months ended 30 June 2022
has been declared out of income reserves.
The issued share capital of the Company at the declaration date is
39 550 000 ordinary shares. The income tax number of the Company
is 9660061186.
Withholding tax on dividends at a rate of 20% will be deducted for
all shareholders who are not exempt in terms of the applicable
legislation. This will result in a net cash dividend of 24 cents
per ordinary share to non-exempt shareholders.
Last date to trade “CUM” dividend Tuesday, 30 August 2022
Trading “EX” dividend commences Wednesday, 31 August 2022
Record date Friday, 2 September 2022
Dividend payment date Monday, 5 September 2022
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 31 August 2022 to
Friday, 2 September 2022, both days inclusive.
Sandton
10 August 2022
The above announcement is a summary of information in the full
announcement and does not contain full or complete details and is
the responsibility of the directors. Any investment decisions by
investors and/or shareholders should be based on the full
announcement which is available on
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SBPE/Int22.pdf
and published on the company’s website on
http://www.sabvestcapital.com/pdf/2022/IntRes22.pdf
on 10 August 2022. The full announcement is also available at
Sabvest’s registered office and the offices of the sponsor at no
charge, between 8:30 and 17:00, Monday to Friday.
SABVEST CAPITAL LIMITED
REGISTERED ADDRESS:
4 Commerce Square, 39 Rivonia Road, Sandhurst, Sandton 2196
COMMUNICATIONS:
Postal address: PO Box 78677, Sandton 2146, Republic of South
Africa
Telephone: (011) 268 2400 Fax: (011) 268 2422
e-mail: ho@sabvest.com
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Ltd, Rosebank Towers,
15 Biermann Avenue, Rosebank 2196 (Private Bag X9000, Saxonwold
2132)
DIRECTORS:
K Pillay # (Chairperson), BJT Shongwe # (Deputy Chairperson and
Lead Independent Director), CS Seabrooke * (Chief Executive),
K De Matteis *, O Ighodaro #, L Mthimunye #, L Rood *
*Executive #Independent
SPONSOR:
Rand Merchant Bank (A division of FirstRand Bank Limited),
1 Merchant Place, Corner of Fredman Drive and Rivonia Road,
Sandton 2196
COMPANY SECRETARY:
Levitt Kirson Business Services (Pty) Ltd
www.sabvestcapital.com
Date: 10-08-2022 01:45:00
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