GROUND-BREAKING OWNERSHIP TRANSACTION
- SANTACO acquired a 25% interest in SA Taxi for R1.7 billion
on 19 November 2018.
- The transaction delivers broad-based participation in the value
chain for an entirely black-owned industry.
- Alignment with minibus taxi industry to yield further operational
For details, see the Q&A with David Hurwitz, CEO and the Q&A with Terry Kier,
SA Taxi CEO.
DELIVERING ON GROWTH – ACQUISITION
OF NON-PERFORMING LOANS (NPLs) AS
- 33 portfolios acquired for R639 million with a face value of R13.4 billion in South Africa.
- Further investment of R23 million in Australian portfolios.
- 239 portfolios owned in total with a face value of
- Purchased book debts increased 54% to R1.4 billion.
- Estimated remaining collections (120 months) increased 60% to
R3.0 billion, expected to support positive future performance.
For details, see the Q&A with David McAlpin, TCRS CEO.
EVOLUTION BEYOND FOUNDATION PHASE
Accelerated bookbuild in March 2018
- Expanded base of local and specifically international investors.
- International shareholding increased to 16% (from 6%).
- Everglen remains the largest shareholder at 29%.
For details, see the Chairman’s report.
Enhanced liquidity and daily trade
- Significant increase in free float to 68%.
- Average daily number of shares traded increased 105% to 468 558.
- Average daily value traded increased 142% to USD595 601.
DEBT CAPITAL MARKETS
- SA Taxi raised R4.0 billion in 2018, with 2019 fully funded.
- R1.0 billion Transsec 3 initial and tap issuance more than 2.6 times
oversubscribed and priced more than 80 basis points lower than
Transsec 2 total issuance.
- 20% international debt and 80% local debt.
- USD100 million debt facility approved by African Development Bank.
For details, see the Q&A with Mark Herskovits, executive director: capital management.
UNGEARED AND LIQUID BALANCE SHEET
- Balance sheet remains well capitalised.
- Liquid excess capital of approximately R650 million.
- Capital adequacy ratio of 30.9%.
- Capacity and flexibility to continue investing in organic and acquisitive opportunities.
- Early adoption of IFRS 9 in 2015 (prior to 2018 deadline).
For details, see the Financial director’s report.
STRATEGIC POSITIONING OF OPERATING DIVISIONS
Six years since listing
- Headline earnings per share compound annual growth rate (CAGR) of 20%.
- Dividend per share CAGR of 33%, growing faster than earnings and supported by high cash conversion rates.
- Total dividend per share increased 25% to 50.0 cents from prior year.
Delivering robust organic growth
- Highly defensive businesses.
- Vertically integrated, diversified and scalable financial services platforms led by entrepreneurial and innovative management teams.
- Leveraging proprietary data and technology to develop new products and expand into new markets.
- Delivering commercial returns and social benefits.
For details on these divisions, see the SA Taxi section and TCRS section.