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Audited Consolidated Results of the Group for the year ended 28 February 2022
FINBOND GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/015761/06)
Share code: "FGL" ISIN: ZAE000138095
(“Finbond” or “the Company” or “the Group")
AUDITED CONSOLIDATED RESULTS OF THE GROUP FOR THE YEAR ENDED 28 FEBRUARY 2022
HIGHLIGHTS
• The value of loans advanced increased by 25.9% to R5.02 billion (February 2021: R3.99 billion).
• Gross consumer loans and advances accordingly increased by 32.6% to R1.13 billion from R849.1 million last
year.
• Total assets increased by 5.8% to R4.62 billion (February 2021: R4.37 billion).
• In contrast to increased sales volumes, total turnover decreased by 13.7% to R1.64 billion (February 2021:
R1.90 billion). This was due to two factors. Firstly, a revenue lag effect relating to our new Illinois Savings
Account Instalment Loan (“SAIL”) product. The most popular SAIL product is a 24-month product, with interest
earned over this period. With longer-term products, interest is spread out over a longer period. It will
therefore take some time for the portfolio to mature. Secondly, a year-on-year revenue mismatch exists as
we bring in our 17% equity profit from C1 Holdings on one line (at 17%), compared to last year when we
brought in 100% of the old Illinois product revenue and then eliminated applicable minority interest “below
the line”.
• Headline Earnings per Share (“HEPS”) recovered by 25.3% to a loss of 17.9 cents from a loss of 23.9 cents last
year.
• Following several cost savings initiatives and restructurings, operational expenses decreased by 12.8% to
R1.33 billion (February 2021: R1.52 billion).
• EBITDA decreased by 4.2% to R184.3 million (February 2021: R192.4 million).
With planned growth in mind, as well as considering the Group’s ongoing and slower recovery from COVID-19 and
the impact of Illinois regulatory change, the board has decided not to declare a dividend for the financial year
ended 28 February 2022 (February 2021: no dividend).
The auditors, BDO South Africa Inc., expressed an unmodified audit opinion on the Group’s audited financial
statements in their report dated 27 May 2022. The report also includes communication of key audit matters. Key
audit matters are those matters that, in their professional judgement, were of most significance in their audit of
the consolidated financial statements of the current period. The full audit report and the Group’s audited financial
statements are available on the company’s website at https://finbondgroup.com/page8.html.
Mr. Sean Riskowitz joined the board on 1 January 2022 in the capacity of non-executive director, with Mr. Tyrone
Moodley serving as his alternate. Mr. Riskowitz is the founder Protea Asset Management LLC and graduated from
the University of the Witwatersrand with a Bachelor of Commerce Degree, after which he specialised in private
wealth management. He is the managing member of Riskowitz Capital Management LLC. Mr. Herman Kotzé
resigned as non-executive director of Finbond with effect from 3 November 2021. Finbond wishes Mr. Kotzé well
with his current and future endeavours.
Following a decrease in indirect shareholding, the status of Mr. Riskowitz has been amended to independent non-
executive director and the status of Mr Moodley has been amended to independent alternate non-executive
director.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors and is a summary of the information in the
full announcement, and accordingly, does not contain comprehensive details. The full announcement was
published on SENS on 27 May 2022 and can also be accessed online at
https://senspdf.jse.co.za/documents/2022/JSE/ISSE/FGL/FGLYE2022.pdf.
Copies of the full announcement may also be requested at the Company's registered office or the office of the
sponsor, at no charge, during office hours. Any investment decision by shareholders and/or investors should be
based on consideration of the full announcement.
By order of the board
DR MALESELA MOTLATLA DR WILLEM VAN AARDT
Chairman Chief Executive Officer
27 May 2022
Year ended Year ended %
28 February 2022 28 February 2021 Change
Revenue (R'000) 1,634,963 1,895,478 (13.7)
Basic (loss)/earnings per share (cents) (28.6) (34.1) 16.2
Diluted (loss)/earnings per share (cents) (28.6) (34.1) 16.2
Headline (loss)/earnings per share (cents) (17.9) (23.9) 25.3
Diluted Headline (loss)/earnings per share
(cents) (17.9) (23.9) 25.3
Dividend per share (cents) - - -
Net asset value per share (cents) 121.3 143.7 (15.6)
Directors: Chairman: Dr MDC Motlatla* (BA, DCom (Unisa)); Chief Executive Officer: Dr W van Aardt (BProc (Cum
Laude), LLM (UP), LLD (PU CHE) Admitted Attorney of The High Court of South Africa, QLTT (England and Wales),
Solicitor of the Supreme Court of England and Wales); Chief Financial Officer: GW Labuschagne (CPA (CA), BCom
(Hons Acc), BCom (Fin Acc) (Cum Laude)); HJ Wilken-Jonker* (BCom Hons (Unisa), M.ConSci (UP)); PA
Naudé*(BCom (Marketing), Gaining Competitive Advantage (Michigan), IEP (INSEAD))*; Adv. N Melville* (BLaw,
LLB (Natal) LLM(Cum Laude) (Natal), SEP (Harvard)); DC Pentz* (B Com (Hons), (Chartered Accountant (SA), AEP
(Unisa)); SM Riskowitz* (BCom (Wits)); TC Moodley*^ (BCom (Finance))
*Non-executive
^Alternate
Secretary: B Bredenkamp (BCom Accounting, LLB, MBA (Edinburgh))
Transfer secretaries: JSE Investor Services (Proprietary) Limited (Registration number 2000/007239/07), 13th
floor, Rennie House, 19 Ameshoff Street, Braamfontein 2001, (PO Box 4844, Johannesburg, 2000)
Sponsor: Grindrod Bank Limited
Date: 27-05-2022 05:00:00
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