Audited Consolidated Results of the Group for the year ended 28 February 2021
FINBOND GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: "FGL" ISIN: ZAE000138095
(“Finbond” or “the Company” or “the Group" )
AUDITED CONSOLIDATED RESULTS OF THE GROUP FOR THE YEAR ENDED 28 FEBRUARY 2021
· The value of loans advanced decreased by 33% to R3.99 billion (February 2020: R5.91 billion).
· Net unsecured loans and advances decreased by 34% to R621.4 million (February 2020: R938.4 million). The significant drop in loans advanced
(sales volumes) due to COVID-19 has resulted in less capital being granted, but with collections holding firm, this has led to an increase in surplus
cash as unsecured loans and advances were essentially being converted into cash. We are starting to see this trend reverse slowly as sales volumes
increase as the COVID-19 recovery progresses.
· Cash, cash equivalents & liquid assets increased by 17% to R1.60 billion (February 2020: R1.36 billion).
· Total assets decreased by 6% to R4.37 billion (February 2020: R4.67 billion).
· Turnover decreased by 28% to R1.90 billion (February 2020: R2.62 billion).
· EBITDA decreased by 73% to R192.4 million (February 2020: R722.3 million).
· Following several cost savings initiatives and restructurings, operational expenses decreased by 8% to R1.52 billion (February 2020 R1.65 billion).
· With planned growth in mind, as well as considering the current COVID-19 crisis, the board has decided not to declare a dividend for the financial
year ended 28 February 2021 (Feb 2020: 0 cents).
· The auditors, BDO South Africa Inc., expressed an unmodified audit opinion on the Group’s audited financial statements in their report dated 28
May 2021. The report also includes communication of key audit matters. Key audit matters are those matters that, in their professional judgement,
were of most significance in their audit of the consolidated financial statements of the current period. The full audit report and the Group’s audited
financial statements are available on the company’s website at https://finbondgroup.com/page8.html.
· Mr. Tyrone Moodley joined the board on 1 January 2021 in the capacity of non-executive director. Mr Moodley holds a Bachelor of Commerce
degree in Finance and has over 15 years’ experience in investment related activities, business development and corporate finance, investment firms
and companies, with focus on the financial sector (banking and insurance), property development and retail. Mr. Alex Smith resigned as non-
executive director of Finbond with effect from 19 March 2021, indicating that his other commitments had recently increased significantly and that he
did not have the capacity to apply the necessary diligence to the role of non-executive director at Finbond. He did not anticipate this situation when
accepting the appointment last year.
This short-form announcement is the responsibility of the directors and is a summary of the information in the full announcement, and accordingly,
does not contain comprehensive details. The full announcement was published on SENS on 28 May 2021 and can also be accessed online at
https://senspdf.jse.co.za/documents/2021/JSE/ISSE/FGL/FGLYE2021.pdf. Copies of the full announcement may also be requested at the Company's
registered office or the office of the sponsor, at no charge, during office hours. Any investment decision by shareholders and/or investors should be
based on consideration of the full announcement.
By order of the board
DR MALESELA MOTLATLA DR WILLEM VAN AARDT
Chairman Chief Executive Officer
28 May 2021
Year ended Year ended %
28 February 2021 29 February 2020 Change
Revenue (R'000) 1 895 478 2 621 162 (27,7)
Basic (loss)/earnings per share (cents) (34.1) 10,6 (>100)
Diluted (loss)/earnings per share (cents) (34.1) 10,6 (>100)
Headline (loss)/earnings per share (cents) (23.9) 10,3 (>100)
Diluted Headline (loss)/earnings per share (cents) (23.9) 10,3 (>100)
Dividend per share (cents) - - -
Net asset value per share (cents) 143,7 193,8 (25,9)
FINBOND GROUP LIMITED and its subsidiaries (“Finbond” or “the Company” or “the Group") (Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06), Share code: “FGL” ISIN: ZAE00013895
Directors: Chairman: Dr MDC Motlatla* (BA, DCom (Unisa)); Chief Executive Officer: Dr W van Aardt (BProc (Cum Laude), LLM (UP), LLD (PU CHE)
Admitted Attorney of The High Court of South Africa, QLTT (England and Wales), Solicitor of the Supreme Court of England and Wales); HJ Wilken-
Jonker* (BCom Hons (Unisa)); Chief Financial Officer: GW Labuschagne (CA (SA), CPA (CA), BCom (Hons Acc), BCom (Fin Acc) (Cum Laude)); PA
Naudé*(BCom (Marketing), Gaining Competitive Advantage (Michigan), IEP (INSEAD))*; Adv. N Melville* (BLaw, LLB (Natal) LLM(Cum Laude)
(Natal), SEP (Harvard)); DC Pentz* (B Com (Hons), (Chartered Accountant (SA), AEP (Unisa)); HG Kotze* (BCom (Acc)(Hons), HDip Tax, Certificate in
Treasury Management) ; TC Moodley* (BCom (Finance))
Secretary: B Bredenkamp (BCom Accounting, LLB, MBA (Edinburgh))
Transfer secretaries : JSE Investor Services (Proprietary) Limited (Registration number 2000/007239/07), 13th floor, Rennie House, 19 Ameshoff
Street, Braamfontein 2001, (PO Box 4844, Johannesburg, 2000)
Sponsor: Grindrod Bank Limited
Date: 28-05-2021 05:45:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.