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 | Unaudited | |||
30 June 2022 | 30 June 2022 | Unaudited | Audited | ||
compared to | compared to | 6 months to | 6 months to | 12 months to | |
31 December 2021 | 30 June 2021 | 30 June | 30 June | 31 December | |
- 6 months | - 12 months | 2022 | 2021 | 2021 | |
Net asset value per share - cents | 10,9 | 26,1 | 10 388 | 8 240 | 9 371 |
Shareholders' funds - R'm | 10,7 | 23,8 | 4 100,3 | 3 311,8 | 3 704,3 |
Gross assets - R'm | 11,1 | 24,1 | 4 741,6 | 3 820,1 | 4 265,2 |
Dividends per share - cents | 50,0 | 30 | 20 | 75 | |
Profit after taxation - R'm | 23,3 | 394,4 | 320,6 | 679,2 | |
Headline earnings per share - cents | 26,2 | 1 001,3 | 793,2 | 1 689,7 | |
Earnings per share - cents | 26,2 | 1 001,1 | 793,2 | 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.pdfand 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.
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
GRAPHICULTURE
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Disclaimer
Sabvest Capital Ltd. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 12:30:13 UTC.