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Sabvest Capital Limited (JSE:SBP) News - Salient features extracted from audited preliminary results for year ended 31/12/2021 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 EXTRACTED FROM AUDITED PRELIMINARY RESULTS FOR
YEAR ENDED 31/12/2021 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% through its holding in the listed ordinary shares. At the
year-end Sabcap had 39 530 000 shares in issue net of treasury
shares (2020: 40 959 500). The maximum number of Sabvest shares in
issue in prior years was 52 327 962, which has been reduced to the
current level through buy backs (net of the issue of additional
shares when Sabcap listed).
Sabcap has long-term interests in ten 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.
The unaudited combined revenues of Sabcap’s nine industrial
investees was R15,5bn in 2021.
RESULTS
%
change 2021 2020
Net asset value per share – cents 25,9 9 371 7 444
Headline earnings per
share – cents 138,5 1 689,7 708,5
Earnings per share – cents 138,5 1 689,6 708,4
Dividends per share – cents 200,0 75 25
Profit after taxation – R’m 131,7 679,2 293,2
Total comprehensive income – R’m 117,5 735,2 338,0
Shareholders’ funds – R’m 21,5 3 704,3 3 049,0
Gross assets – R’m 17,0 4 265,2 3 645,8
GROWTH METRICS
Sabcap’s primary financial metric is growth in NAV per share. The
15 year compound annual growth rate (CAGR) in NAV per share to the
2021 year-end was 16,9%, calculated without reinvesting dividends.
The CAGR after reinvesting dividends was 18,6% (calculated with
dividends notionally not paid and the amounts notionally retained
by the Company, growing at 10% per annum).
Sabcap’s share price is usually at a discount to its NAV per share
but the discount narrowed considerably in 2021. However,
notwithstanding the fluctuating discounts in different periods,
the growth in share price itself over different periods is set out
in the table below. The growth rate over one year was 105,0% and
the CAGR over 15 years was 16,0%.
Percentage Compound Growth
1 year 3 years 5 years
Cents % % %
NAV per share 9 371 25,9 17,0 20,8
Market price per share * 6 100 105,0 12,3 17,9
GROWTH METRICS (continued)
Percentage Compound Growth
10 years 15 years
% %
NAV per share 19,6 16,9
Market price per share * 22,6 16,0
* The 1 year CAGR is calculated using the Sabcap share price, with
the remaining CAGRs calculated with reference to the weighted
average share prices of the Sabvest ordinary and ‘N’ ordinary
shares.
INVESTMENT HOLDINGS PER SECTOR
as at 31 December 2021
Number
of Economic Fair
Listed/ ordinary interest value
Unlisted shares/units % R’000
INDUSTRIAL
AND SERVICES
Apex Partners
Holdings (Pty) Ltd U 44,8 303 760
Classic Food Brands
(Pty) Ltd U 25,0 15 091
DNI-4PL Contracts
(Pty) Ltd U 19,1 907 682
Flexo Line Products
(Pty) Ltd U 47,5 109 611
ITL Holdings Group U 34,0 611 239
Metrofile Holdings
Limited L 55 000 000 12,7 189 750
Rolfes Holdings
(Pty) Ltd U 25,1 201 594
SA Bias Industries
(Pty) Ltd U 85,2 906 348
Sunspray Food
Ingredients
(Pty) Ltd U 27,7 78 556
3 323 631
MINING AND AGRICULTURE
Masimong Group
Holdings (Pty) Ltd U 10,0 296 197
296 197
SPECIALISED FINANCIAL
AND TECHNOLOGY
Corero Network
Security Plc L 47 000 000 9,5 126 181
Revix UK U 15,5 –
Transaction Capital
Limited L 6 000 000 0,8 270 180
396 361
NON-CURRENT INVESTMENT
HOLDINGS 4 016 189
CURRENT INVESTMENTS
Capital Group New
Perspective Fund
(LUX – Equity) L 191 662 75 138
75 138
TOTAL HOLDINGS 4 091 327
PROSPECTS
Sabcap is comfortable with the current performance and future
prospects of its investees and of new investments in the pipeline.
Accordingly, Sabcap expects continued satisfactory growth in the
2022 financial year.
CASH DIVIDEND DECLARATION
Notice is hereby given that a final dividend of 55 cents (2020: 15
cents) per ordinary share for the year ended 31 December 2021 has
been declared out of income reserves making a total of 75 cents
for the year (2020: 25 cents).
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 final net cash dividend of 44
cents per ordinary share to non-exempt shareholders.
Last date to trade “CUM” dividend Tuesday, 5 April 2022
Trading “EX” dividend commences Wednesday, 6 April 2022
Record date Friday, 8 April 2022
Dividend payment date Monday, 11 April 2022
No dematerialisation or rematerialisation of share certificates
will be allowed during the period Wednesday, 6 April 2022 to
Friday, 8 April 2022, both days inclusive.
Sandton
16 March 2022
The short-form announcement, prepared by the directors, has itself
not been audited, however, the financial information included
herein has been extracted from the audited consolidated annual
financial statements which have been audited by Deloitte & Touche.
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/YEres21.pdf
and published on the Company’s website on
http://www.sabvestcapital.com/pdf/2022/YE-results-Dec21.pdf
on 16 March 2022. The full announcement is also available at
Sabcap’s registered office and the offices of the sponsor at no
charge, between 8:30 and 17:00, Monday to Friday.
The annual financial statements including the audit opinion of the
external auditor, Deloitte & Touche, which sets out the key audit
matters and the basis for its unmodified opinion, is available on
the Company’s website on
http://www.sabvestcapital.com/pdf/2022/AFS-Dec21.pdf
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
(PO Box 61051, Marshalltown 2107)
DIRECTORS:
K Pillay # (Chairperson), BJT Shongwe # (Deputy Chairperson and
Lead Independent Director), CS Seabrooke * (Chief Executive),
O Ighodaro #, L Mthimunye #, R Pleaner *, 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: 16-03-2022 05:30:00
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