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Integrated Annual Report

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Integrated Annual Report Integrated Annual Report for the year ended 30 June 2012 The Group adopted the “Combined” or “One Report” approach in the development of its first integrated annual report in 2011. In the current year, the Group seeks to enhance the structure and content of the report as part of its journey. In particular, there is a greater focus on financial sustainability reporting across all areas of the business. The Group is including an abridged set of financial statements in its 2012 integrated annual report, with the aim of reducing the overall volume of pages printed which results in substantial cost savings for the Group, as well as creating indirect environmental benefits. The full set of statutory financial statements is accessible on the Group’s website at www.sasfin.com, as well as in the enclosed digital disk, and is available in printed form to all stakeholders on request. These are further steps taken by the Group to enhance its journey towards an all-encompassing SEE THE WEB integrated annual report. FOR MORE DETAILS www. sasfin.com Scope of reporting This report covers the period from 1 July 2011 to 30 June 2012 and provides an overview of the strategy, operations, financial performance and integrated sustainability developments across all clusters, operational areas and majority-owned businesses of the Group. While organisations which do not constitute subsidiaries of the Group are not included in the sustainability scope of the report, the Group works closely with these companies to provide guidance and assistance with all aspects of their economic, environmental, social and cultural sustainable development. In compiling this report, Sasfin has applied the following reporting framework: Framework, codes, guidelines Framework for the following sections IFRS Annual financial statements Companies Act Annual financial statements and corporate governance King III Corporate governance GRI G3.1 Sustainable development information BBBEE code BEE contributor level ratings Basel II and 2.5 Annual financial statements, corporate governance and regulatory reporting Basel III Annual financial statements and corporate governance JSE Listings Requirements Full suite of reports and index Sustainability issues addressed in the integrated annual report 2012 In assessing required disclosures, Sasfin has adhered to the concepts of materiality and relevance to all its stakeholders. Assurance Sasfin has adhered to a combined assurance model in compiling this report. This is further expanded upon on page 33. Approval of the integrated annual report The board acknowledges its responsibility to ensure the integrity of the integrated annual report. The board confirms that they have collectively reviewed the content of the integrated annual report and believe it addresses the material issues and is a fair presentation of the integrated performance of the Group. Feedback Any comments, queries and suggestions on the content and form of the Group integrated annual report may be directed to the Group financial director at [email protected]. SASFIN at A GLANCE Sasfin is an independent and diversified banking and financial services group, listed on the JSE since 1987. The Group is structured into distinct, yet closely interactive offerings which are directed at its broad target markets of entrepreneurial corporate, commercial and private clients. Sasfin partners with each and every client, acting with respect and honesty, to offer tailor-made solutions to meet business challenges. Sasfin believes that a close relationship and a thorough understanding of its clients’ needs are absolutely essential to deliver the correct financial solution. This enables Sasfin to be “a partner beyond expectations” in its chosen markets. The five divisions, Business Banking, Treasury, Capital, Wealth Management and Commercial Solutions offer a range of specialised products and services to assist clients at all stages of their development. our mission to be the preferred specialist banking and financial services provider in our chosen markets our markets entrepreneurial corporate, commercial and private clients seeking wealth creation, enhancement and preservation our values respect and integrity close relationship understanding of clients’ needs Below is a summary of the main operating entities within the Group and its link to primary business segments which underpin our “go-to-market” approach. For the detailed Group organogram and structure, please refer to the Group’s website. SEE THE WEB FOR MORE DETAILS www. sasfin.com SASFIN HOLDINGS LIMITED INtegrateD ANNUAL REPort 2012 1 HOW SASFIN GENERATES VALUE AND PROFITS Overview: Business segments into products and service offerings and the respective contribution to Sasfin’s value chain Sasfin positions its product offering around its clients, providing financial solutions for the various stages of their business and personal wealth life cycles. Typically a client will enter the “Product Wheel” on the Business Banking side in order to obtain a debt solution to provide working capital for its business. As the business grows, there is a point in time where equity finance is needed to propel a client’s business into its next growth phase. Ultimately the business may explore merger and acquisition opportunities or may wish to list on a bourse. The Capital division provides clients with private equity as well as equity and debt capital market services, including securitisation. With time, owner-managers of the business will begin to accumulate wealth in their own personal capacity, and the Wealth Management division can assist in growing and protecting these assets. Treasury provides money market products to optimise yields and the Bank, being a registered foreign exchange dealer, offers foreign exchange products and services for companies and private clients. Commercial Solutions provides business advisory and complementary services that can be offered along the entire life cycle of the client, which includes healthcare and short-term insurance, logistics and trade solutions, verification services and growth incentives. This holistic client-centric approach allows Sasfin to position its offerings around the specific needs of its clients to provide acomprehensive start-to-finish tailored solution. 2012: R90,6m 2011: R88,0m 2012: R19,2m 2012: R0,1m 2011: R7,0m 2011: R3,9m Group 2012: -R14,7m 2011: -R11,7m 2012: R5,9m 2012: R31,5m 2011: R5,9m 2011: R20,8m SASFIN HOLDINGS LIMITED INtegrateD ANNUAL REPort 2012 2 STRATEGY Sasfin’s strategy for sustainable growth and above market performance is centred on three fundamental pillars, linked to its mission to be “a partner beyond expectations” in its chosen markets. These pillars synergise to create a robust positioning for Sasfin which enables the organisation to: • develop and maintain its core competencies • remain agile and responsive to changes in the economic and environmental areas, and • offer a unique value proposition to its clients. These strategic pillars result in key business objectives which are achieved through strategic business enablers. Specialised and integrated offerings Diversified Group Partnerships with clients • Focused target markets • Diversified income streams • Understanding clients’ needs – Corporate SME market • Diversified funding base • Personalised service – Family-owned businesses • Avoidance of concentration risk • Strong relationships – Entrepreneurs • Well-balanced asset and liability • Flexibility – High-net-worth individuals structure • Quick turnaround objectives • Focus on clients requiring high touch Key business Key relationships which larger more bureaucratic institutions find difficult to deliver • Synergistic products and services across the entrepreneur “value chain” • Working capital and equity • Multiple product offerings • Highly experienced and passionate • Tailor-made solutions • Lending, wealth management, staff • Quick processing ability transactional, logistics and • Dedicated and experienced teams • Appropriate flat operating and management advisory services • Personal guidance structure • Balanced interest and non- • Innovative client-centric products enablers • Bespoke IT systems interest income • Excellent service • Equity and debt capital and • Regular client interactions Strategic business Strategic securitisation market expertise • Exceed client expectations Mapping out strategic imperatives The Group conducts an annual strategic business planning and budgeting process which incorporates two distinct approaches. There is the “top-down” approach where high-level objectives and goals are set by the Strategic committee and the board of directors, taking into account the Group’s performance against its stated strategic drivers and growth initiatives going forward, to ensure Sasfin maintains financial stability on a continued basis. The “bottom-up” approach begins where the individual business units and senior managers set their goals and targets for their business units. Annual planning and budgeting extends to medium- and long-term strategies and targets. Strategy sessions are scheduled for the directors, all business units and corporate services departments. Once this process is complete, a gap analysis is performed to align the “top-down” and “bottom-up” approaches to ensure that all strategic imperatives and targets that will be set for the future have been robustly examined and critically analysed by the board as well as senior management in the Group. The progress of the implementation of the strategic imperatives
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