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T2IB02053 Sasfin Ar 09.Indd ANNUAL REPORT 2009 CONTENTSCONTENTS 2 Glossary 3 Sasfi n Group’s Mission, Markets and Values 4 The Sasfi n Group 5 The Board of Directors 6 Executive Committee 7 Business Banking 8 Capital 9 Wealth Management 10 Treasury 11 Logistics and Risk Management 12 Corporate Services 13 Group Salient Features 16 Group Structure 19 Chairman’s Report 23 Chief Executive Offi cer’s Report 28 Risk Management Report 30 Compliance Report 31 Corporate Governance Report 36 Sustainability Report 39 Directors’ Responsibility Statement 39 Company Secretary’s Certifi cate 40 Report of the Independent Auditors 40 Audit Committee Report 41 Directors’ Report 44 Consolidated Statement of Financial Position 45 Consolidated Income Statement 46 Consolidated Statement of Comprehensive Income 47 Statement of Changes in Equity 48 Cash Flow Statements 49 Notes to the Consolidated Financial Statements 110 Company Financial Statements 113 Notes to the Company Financial Statements 120 Shareholder and Administrative Information 122 Notice of Annual General Meeting Insert Form of Proxy IBC Sasfi n Group Contact Information 1 GLOSSARY ABI Accredited Business Introducer Basel II Basel II Capital Accord BEE Black Economic Empowerment ERM Enterprise Risk Management FIC Financial Intelligence Centre FSB Financial Services Board FSC Financial Sector Charter HR Human Resources IFRS International Financial Reporting Standards InnoVent InnoVent Investment Holdings (Pty) Limited InnoVent Rentals InnoVent Rental and Asset Management (Pty) Limited NCA National Credit Act Premier Premier Freight (Pty) Limited SAL Sasfi n Asia Limited SAM Sasfi n Asset Managers (Pty) Limited SasCred SasCred Financial Services Limited Sasfi n Sasfi n Holdings Limited SASP South African Securitisation Programme (Pty) Limited SasSec Sasfi n Securities (Pty) Limited SFAS Sasfi n Financial Advisory Services (Pty) Limited SFS Sasfi n Financial Services (Pty) Limited SME Small to Medium Enterprises SREF Sasfi n Real Estate Fund The Bank Sasfi n Bank Limited The Company/The Group Sasfi n Holdings Limited The JSE JSE Limited The SARB South African Reserve Bank TOPP Training Outside Public Practice 2 ANNUAL REPORT 2009 OUR MISSION To be the preferred specialist banking and fi nancial services provider in our chosen markets. OUR MARKETS Entrepreneurial corporate, commercial and private clients seeking wealth creation, enhancement and preservation. OUR VALUES The Sasfi n Group has identifi ed the following core values as being imperative to the achievement of its objectives: satisfy all our stakeholders. act with integrity, fairness and trust in all matters. stay transparent and honest while striving for excellence. focus 100% on our clients’ needs. instil passion and create a culture of entrepreneurial thinking and innovation. nurture our personnel and contribute to the development of our country. 3 THE SASFIN GROUP Sasfi n is an independent banking and fi nancial services group, listed on the JSE since 1987. Having evolved from a family-owned textile company established in 1951, Sasfi n understands and appreciates what it takes to be a successful entrepreneur and the perseverance and dedication needed to grow and manage a business. We partner each and every client with respect and honesty offering tailor-made solutions to meet business challenges. Each of our fi ve divisions, Business Banking, Capital, Wealth Management, Treasury and Logistics and Risk Management offer a range of specialised products and services to assist clients at all stages of their development. 4 ANNUAL REPORT 2009 THE BOARD OF DIRECTORS Seated from left to right: Martin Glatt (Chairman), Dolly Mokgatle, Roland Sassoon (Chief Executive Offi cer) Standing from left to right: Eddie Blight, Malcolm Segal (Financial Director), Norman Axten, Shahied Rylands, Marius Smith 5 EXECUTIVE COMMITTEE Seated from left to right: Malcolm Segal, Louis Dirker, Kurt Diedrick, Naseema Fakir, Brenton Booth, Dawie Olivier, Maston Lane, Linda Fröhlich, Enzo Pietropaolo, Howard Brown, Deon van der Westhuizen, Nirri Ranchod, Gavin Came, Leonard Eiser, Roland Sassoon Standing from left to right: Tyrone Soondarjee, Gary Patterson, Gary Taylor, DJ Kumbula, Tracey Chinman, Zakhe Khuzwayo 6 BUSINESS BANKING BUSINESS BANKING Business Banking assists entrepreneurs with tailor-made fi nancial and managerial solutions to assist in business growth. Be it Trade Finance, Debtor Finance, Rental Finance or Capital Equipment Finance, Sasfi n’s experienced lending arm affords entrepreneurs the opportunity, insight and expert advice to unlock business potential by improving access to working capital and assist with cash fl ow challenges. Seated from left to right: Linda Fröhlich, Nirri Ranchod Standing from left to right: DJ Kumbula, Deon Kleynhans, Zakhe Khuzwayo, Brenton Booth 7 CAPITAL Sasfi n’s specialised team assists entrepreneurs in optimising their business potential through opportunities in private equity, property private equity, corporate fi nance and mergers and acquisitions. Seated: Malcolm Segal Standing from left to right: Vernon Leas, Gayle Burbaitzky, Eton Price, Neil Eppel, Leonard Eiser 8 WEALTH MANAGEMENT With access to leading specialists, Sasfi n is equipped to offer expertise and practical advice in the creation and enhancement of individual investment portfolios. The Sasfi n Wealth Management division includes three subsidiary divisions: Sasfi n Securities, Sasfi n Financial Advisory Services and Sasfi n Asset Managers. Sasfi n Wealth Management offers a lucrative mix of investment products, advisory services and a blend of local and international investments. Furthermore, Sasfi n Asset Consulting is a highly focused, hands-on unit with the capabilities to offer unbiased quantitative and qualitative assessments on fund assets and liabilities. From left to right: Gillian Scott, David Shapiro, Dale Franklin, Gavin Came, Gerhardt van Niekerk 9 TREASURY Treasury offers a comprehensive range of products and services to manage both personal and company cash investment requirements through products such as domestic money market portfolios and asset-backed securitisation. In addition, Sasfi n’s International Treasury provides solutions to all personal or company foreign exchange requirements. Seated from left to right: Louis Dirker, Shereen Botha, Anneke van Wyk Standing from left to right: Lynette van der Westhuizen, Enzo Pietropaolo 10 LOGISTICS AND RISK MANAGEMENT Logistics and Risk Management provides clients with services not normally considered within the scope of ordinary banking but which are complementary to their needs. This division conveniently allows clients full access to a dynamic range of services from a single supplier. These exclusive services include healthcare consulting, freight forwarding and clearing and short-term insurance. From left to right: Steven Romberg, Gary Taylor, Tony Lenhoff 11 CORPORATE SERVICES RISK AND CREDIT INFORMATION TECHNOLOGY • Develops the Group’s IT strategy • Approves and controls credit • Enables and facilitates • Ensures credit policies are business through close and updated and strictly enforced continuous partnerships • Group risk management • Upgrades and maintains the Group’s IT infrastructure MARKETING BUSINESS DEVELOPMENT • Accredited Business • Strategic communication Introducer programme • Advertising • Customer relationship • Public relations management • Product launches and • Develops new business promotional requirements channels FINANCE AND ADMINISTRATION COMPLIANCE • Financial and statutory reporting • Group compliance deals with • Regulatory reporting internal control procedures, • Group administration and legislation and regulations, facilities management including the Financial Sector • Group accounting Charter • Group secretarial • Group taxation INTERNAL AUDIT HUMAN RESOURCES • Carries out the internal audit • Skills development and functions and provides reasonable training assurance that the Group’s • Transformation objectives will be met • Talent management 12 GROUP SALIENT FEATURES Years ended 30 June 2009 2008 2007 2006 2005 CONSOLIDATED STATEMENT OF FINANCIAL POSITION Total assets (Rm’s) 3 181 3 016 2 545 2 460 1 772 Total gross loans and advances (Rm’s) 1 867 1 850 1 552 1 223 1 115 Non-performing loans and advances (Rm’s) 149 96 71 64 27 Gross loans and advances growth (%) 1 19 27 10 13 INCOME STATEMENT (Rm’s) Headline earnings 154 156 140 106 85 Earnings attributable to ordinary shareholders 157 156 140 156 85 FINANCIAL PERFORMANCE (%) Return on ordinary shareholders’ average equity 25 28 31 31 34 Return on total average assets 5 6 6 5 5 OPERATING PERFORMANCE (%) Net interest margin on interest-bearing assets 7 7 7 7 8 Non-interest income to total income 75 74 74 77 66 Effi ciency ratio 63 61 56 58 61 Non-performing advances to total gross loans and advances 8 5 5 5 2 SHARE STATISTICS (CENTS) Headline earnings per ordinary share 560 576 523 404 326 Earnings per ordinary share 571 576 524 596 328 Diluted earnings per ordinary share 570 572 514 577 316 Diluted headline earnings per ordinary share 559 572 514 391 315 Dividends per ordinary share 220 228 207 161 130 Dividends per preference share 1 072 1 068 909 790 503 Net asset value per ordinary share 2 405 2 204 1 844 1 507 1 075 CAPITAL ADEQUACY (UNAUDITED) (%) Group capital to risk weighted assets 31 28 34 31* 32* Sasfi n Bank Limited and its subsidiaries capital to risk weighted assets 32 22 32 28 26 EMPLOYEES Permanent staff complement 573 542 496 487 435 * Restated ANNUAL REPORT 2009 13 GROUP SALIENT FEATURES Headline earnings per ordinary share (cents) Dividends
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