20 Aug - 5 min read

Unaudited interim results for the period ended 30/06/2021 and cash dividend declaration

Unaudited interim results for the period ended 30/06/2021 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 OF THE UNAUDITED RESULTS for the six months ended 
30 June 2021 and cash dividend declaration

PROFILE

Sabvest Capital Limited (Sabcap) was listed on the JSE on 13 May 
2020 when it acquired 100% of the ordinary and N ordinary shares 
of Sabvest Limited (Sabvest), an investment group which had been 
listed on the JSE since 1988, in exchange for Sabcap ordinary 
shares. The Seabrooke Family Trust (SFT) controls Sabcap through 
an unlisted Z share. At the interim reporting date Sabcap had 
40 190 000 shares in issue net of treasury shares.

Sabcap has interests in ten unlisted and three listed investments, 
and also holds listed equity, debt and cash portfolios when it has 
surplus liquidity – 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 undertakes other fee and 
profit earning activities from time to time.  

RESULTS
                         %           %
                  increase    increase
                   30 June     30 June                 
                      2021        2021    Unaudited   Unaudited
                  compared    compared     6 months    6 months
                        to          to           to          to
               31 December     30 June      30 June     30 June
                      2020        2020         2021        2020
Net asset value 
per share – cents     10,7        24,4        8 240       6 624
Shareholders’ 
funds – R’m            8,6        20,4      3 311,8     2 749,6
Gross assets 
– R’m                  4,8        19,5      3 820,1     3 195,8
Dividends per 
share – cents                    100,0           20          10
Profit after 
taxation – R’m                 > 100,0        320,6      (160,9)
Headline earnings 
per share – cents              > 100,0        793,2      (387,4)
Earnings per 
share – cents                  > 100,0        793,2      (387,5)

RESULTS (continued)
                                                        Audited
                                                      12 months
                                                             to
                                                    31 December 
                                                           2020
Net asset value per share – cents                         7 444
Shareholders’ funds – R’m                               3 049,0
Gross assets – R’m                                      3 645,8
Dividends per share – cents                                  25
Profit after taxation – R’m                               293,2
Headline earnings per share – cents                       708,5
Earnings per share – cents                                708,4

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 to the 2020 year-end was 18,6%, calculated without re-
investing dividends. The compounded annual growth rate in NAV per 
share over 15 years with dividends reinvested was 19,89%*. 

With regard to the discount of the share price to NAV per share, 
Sabcap hopes to facilitate a reduction through buybacks, continued 
sound investment performance, improved communications to 
shareholders and a more long-term shareholder profile of family 
offices, HNWIs and institutions. However, it should be noted that 
shareholders investing at a particular discount get the same 
growth in share price as the growth in NAV as long as the discount 
doesn’t widen, and any reduction in discount is an added return.

* Calculated with dividends notionally not paid and the amounts 
  notionally retained by the Company growing at 9% per annum.

INVESTMENT HOLDINGS PER SECTOR
as at 30 June 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       240 854
Classic Food 
Brands (Pty) Ltd       U                      25,0         7 730
DNI-4PL Contracts 
(Pty) Ltd              U                      19,1       864 631
Flexo Line 
Products (Pty) Ltd     U                      47,5       104 525
ITL Holdings Group     U                      34,0       588 003
Metrofile Holdings 
Limited                L     51 000 000       11,8       161 160
Rolfes Holdings 
(Pty) Ltd              U                      25,1       172 988
SA Bias Industries 
(Pty) Ltd              U                      85,1       801 229
Sunspray Food 
Ingredients 
(Pty) Ltd              U                      27,7        75 843
                                                       3 016 963

MINING AND AGRICULTURE 
Masimong Group 
Holdings (Pty) Ltd     U                      10,0       213 493
                                                         213 493

SPECIALISED FINANCIAL 
AND TECHNOLOGY 
Corero Network 
Security Plc           L     36 250 000        7,3        75 850
Revix Group            U                      15,5             –
Transaction Capital 
Limited                L      8 000 000        1,1       302 560
                                                         378 410

NON-CURRENT 
INVESTMENT HOLDINGS                                    3 608 866

CURRENT INVESTMENTS 
Capital Group New 
Perspective Fund 
(LUX – Equity)         L         12 500                   63 567
                                                          63 567

TOTAL HOLDINGS                                         3 672 433


PROSPECTS 

Sabcap is comfortable with the current performance and future 
prospects of its investees. Accordingly Sabcap expects continued 
satisfactory growth in the 2021 financial year.

CASH DIVIDEND DECLARATION

Notice is hereby given that an interim dividend of 20 cents (2020: 
10 cents) per ordinary share for the six months ended 30 June 2021 
has been declared out of income reserves. 

The issued share capital of the Company at the declaration date is 
41 000 000 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 16 cents 
per ordinary share to non-exempt shareholders.

Last date to trade “CUM” dividend     Tuesday, 14 September 2021
Trading “EX” dividend commences     Wednesday, 15 September 2021
Record date                            Friday, 17 September 2021
Dividend payment date                  Monday, 20 September 2021

No dematerialisation or rematerialisation of share certificates 
will be allowed during the period Wednesday, 15 September 2021 to 
Friday, 17 September 2021, both days inclusive.

Sandton
20 August 2021

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/2021/JSE/ISSE/SBPE/Int21.pdf 
and published on the company’s website on 
http://www.sabvestcapital.com/pdf/2021/IntRes21.pdf 
on 20 August 2021. 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), 
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: 20-08-2021 07:30:00
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