Financial metrics
The JSE continues to perform and execute its strategy despite a challenging macro-economic and trading environment. The Group is highly cash generative. This means that all planned investments and capital requirements for the foreseeable future can be funded from the Group’s own reserves.
Our key financial indicators
Strong balance sheet underpinned by healthy cash generation
The Group continued to be cash generative, with net cash generated from operations up 13.6% to R1.1 billion (2022: R978 million). At the end of December 2023, the cash balance stood at R2.3 billion (2022: R2.2 billion), excluding the bond investment of R256 million
Amount invested in bonds: R256m (2022: R143m)
A soundly capitalised Group
The Group holds two levels of non-distributable cash:
- Investor protection and other funds of R480.8 million.
- R987.7 million in regulatory capital.
These collectively amount to R1.47 billion and includes bond investments.
R1.47 billion of the Group’s total cash is categorised as “non-distributable” leaving an “available cash balance” of R1.09 billion. This cash is available for CAPEX spend, shareholders returns, other investments, and working capital.
Dividend policy
The JSE’s dividend policy aims to reflect an appropriate balance between cash returns to shareholders and reinvestment into the business. The dividend policy prescribes a pay-out ratio of between 67% – 100% of earnings. The Board is confident that the dividend policy is aligned with the Group’s growth strategy over the medium term.
