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African Oxygen Limited - Results For The Six Months Ended 31 March 2006

Release Date: 26/04/2006 15:32:09      Code(s): AFX
African Oxygen Limited - Results for the six months ended 31 March 2006         
African Oxygen Limited                                                          
African Oxygen Limited                                                          
(Incorporated in the Republic of South Africa).                                 
Registration number: 1927/000089/06.                                            
ISIN: ZAE000067120                                                              
JSE code: AFX                                                                   
NSX code: AOX                                                                   
("Afrox").                                                                      
AFROX                                                                           
Afrox has an ongoing growth strategy, which includes building and upgrading gas 
producing plants and the re-engineering of its Gases Operations Centre in       
Germiston, which will be complete in 2007.  This will result in capital         
expenditure of over R600 million.                                               
- Industrial revenue up 19% to R1,87 billion                                    
- Operating profit from industrial operations up 16%                            
- HEPS at 93,7 cents                                                            
Dividend of 48,0 cents up 20%                                                   
The company has been awarded a BB rating for Black Economic Empowerment         
African Oxygen Limited results for the six months ended 31 March 2006           
Summarised Balance Sheet                                                        
                                            IFRS                                
                                            Restated     IFRS                   
Unaudited   Unaudited    Restated               
                                As at       As at        As at                  
                                31 March    31 March     30 September           
R"000                           2006        2005         2005                   
ASSETS                                                                          
Non-current assets              2 360 943   2 035 204    2 178 944              
Property, plant and equipment   1 768 383   1 582 312    1 664 795              
Investment in associates        426 321     375 000      377 490                
Other non-current assets        166 239     77 892       136 659                
Current assets                  1 137 329   2 861 337    1 065 360              
Inventories                     408 293     303 652      325 706                
Trade and other receivables     660 428     552 357      572 235                
Cash and cash equivalents       68 608      2 005 328    167 419                
Total assets                    3 498 272   4 896 541    3 244 304              
EQUITY AND LIABILITIES                                                          
Capital and reserves            1 800 208   3 731 723    1 639 387              
Issued capital                  15 428      17 143       15 428                 
Share premium                   537 314     537 314      537 314                
Accumulated profits and                                                         
reserves                        1 247 466   3 177 266    1 086 645              
Minority interest               21 163      10 687       12 083                 
Non-current liabilities         632 103     167 351      591 936                
Borrowings                      507 419     11 303       466 856                
Other non-current liabilities   124 684     156 048      125 080                
Current liabilities             1 044 798   986 780      1 000 898              
Current portion of borrowings   248 977     68 002       56 923                 
Provisions for liabilities                                                      
and charges                     248 693     151 571      205 455                
Other current liabilities       532 176     762 656      733 330                
Bank overdraft                  14 952      4 551        5 190                  
Total equity and liabilities    3 498 272   4 896 541    3 244 304              
Summarised Income Statement                                                     
IFRS                                
                                            Restated     IFRS                   
                                Unaudited   Unaudited    Restated               
                                6 months    6 months     12 months              
to March    to March     to September           
R"000                           2006        2005         2005                   
Revenue                         1 866 686   4 071 347    5 852 639              
Operating profit                379 388     605 507      922 816                
Profit on sale of investment    -           1 084 777    1 084 777              
Profit from operations          379 388     1 690 284    2 007 593              
Finance (costs)/income          (16 739)    (20 854)     980                    
Income from associates          52 620      27 805       74 863                 
Profit before taxation          415 269     1 697 235    2 083 436              
Income tax expense              (123 908)   (343 378)    (637 466)              
Profit for the period           291 361     1 353 857    1 445 970              
Attributable to:                                                                
Equity holders of the company   288 531     1 260 448    1 350 390              
Minority interest               2 830       93 409       95 580                 
Net profit for the period       291 361     1 353 857    1 445 970              
Statistics and Ratios                                                           
IFRS         IFRS                   
                                            Restated      Restated              
                                6 months    6 months     12 months              
                                to March    to March     to September           
R"000                           2006        2005         2005                   
Attributable net profit for                                                     
the period                      288 531     1 260 448    1 350 390              
Adjustments for headline                                                        
earnings                                                                        
- Profit on sale of investment  -           (1 084 777)  (1 084 777)            
- Capital gains tax on sale of                                                  
investment                      -           143 937      143 937                
- Other adjustments             471         5 070        18 273                 
Headline earnings               289 002     324 678      427 823                
- Secondary tax on companies on                                                 
special dividend paid from the                                                  
profit on sale of investment    -           -            177 858                
Headline earnings before                                                        
STC related to the special                                                      
dividend                        289 002     324 678      605 681                
Basic earnings per ordinary                                                     
share                                                                           
- Group (cents)                 93,5        367,6        403,6                  
Headline earnings per ordinary                                                  
share before Secondary Tax on                                                   
Companies (STC) relating to                                                     
special dividend                                                                
- Group (cents)                 93,7        94,7         181,0                  
Headline earnings per                                                           
ordinary share                                                                  
- Group (cents)                 93,7        94,7         127,9                  
Statistics                                                                      
Total number of shares in                                                       
issue excluding treasury                                                        
shares ("000)                   308 568     342 853      308 568                
Number of ordinary shares on                                                    
which earnings per share                                                        
are based ("000)                308 568     342 853      334 587                
Dividends per share (cents)     48,0         40,0         80,0                  
Special dividend per                                                            
share (cents)                   -           415,0        415,0                  
Ratios                                                                          
Interest cover (times)          22,7        81,1         >(100)                 
Effective tax rate (%)          29,8        20,2         30,6                   
Gearing (%)                     26,5        (97,2)       16,1                   
Dividend cover -                                                                
Headline earnings -                                                             
Industrial business (times)     1,95         1,53         1,75                  
Summarised Cash Flow Statement                                                  
                                            IFRS                                
                                            Restated     IFRS                   
                                Unaudited   Unaudited    Restated               
6 months    6 months     12 months              
                                to March    to March     to September           
R"000                           2006        2005         2005                   
Cash generated from                                                             
operations                      281 164     577 291      954 487                
Finance costs and taxation                                                      
paid                            (303 960)   (250 238)    (539 975)              
Dividends received              7 140       -            11 020                 
Cash (utilized)/available                                                       
from operations                 (15 656)    327 053      425 532                
Dividends paid                  (123 427)   (106 295)    (1 652 551)            
Net cash(outflow)/inflow                                                        
from operating activities       (139 083)   220 758      (1 227 019)            
Acquisition of business         -           (42 905)     (93 547)               
Disposal of business            -           2 214 243    2 214 243              
Purchase of property, plant                                                     
and equipment                   (200 152)   (308 291)    (492 187)              
Other investing cash flows,                                                     
net                             (1 955)     (317 792)    (254 567)              
Net cash(outflow)/inflow                                                        
from investing activities       (202 107)   1 545 255    1 373 942              
Minorities                      -           (29 788)     (29 774)               
Increase/(decrease) in                                                          
borrowings                      232 617     (213 333)    232 166                
Buy-back of shares by a                                                         
subsidiary company              -           -            (664 971)              
Net cash inflow/(outflow)                                                       
from financing activities       232 617     (243 121)    (462 579)              
Net (decrease)/increase in                                                      
cash and cash equivalents       (108 573)   1 522 892    (315 656)              
Cash and cash equivalents                                                       
at start of period              162 229     477 885      477 885                
Cash and cash equivalents                                                       
at end of period                53 656      2 000 777    162 229                
Summarised Statement of Changes in Equity                                       
                                    Re-         Accumu-                         
Issued    Share     valuation   lated                           
R"000           capital   premium   reserve     profits   Total                 
Balance at                                                                      
1 October                                                                       
2005            15 428    537 314   102 665     983 980    1 639 387            
Surplus on                                                                      
revaluation                                                                     
of properties   -         -         488         -          488                  
Other                                                                           
movements       -         -         (1 048)     (3 723)    (4 771)              
Net profit                                                                      
for the                                                                         
period          -         -         -           288 531    288 531              
Dividend                                                                        
declared        -         -         -           (123 427)  (123 427)            
Balance at                                                                      
31 March                                                                        
2006           15 428     537 314   102 105     1 145 361  1 800 208            
Balance at                                                                      
1 October                                                                       
2004           17 143     537 314   101 758     2 049 709  2 705 924            
Change in                                                                       
accounting                                                                      
policy         -          -         -           (42 845)   (42 845)             
IFRS                                                                            
restatement    -          -         (24 360)    (60 306)   (84 666)             
Restated                                                                        
opening                                                                         
balance        17 143     537 314   77 398      1 946 558  2 578 413            
Surplus on                                                                      
revaluation of                                                                  
properties     -          -         200         -          200                  
Other                                                                           
movements      -          -         (495)       (548)      (1 043)              
Net profit                                                                      
for the                                                                         
period         -          -         -           1 247 251  1 247 251            
Change in                                                                       
accounting                                                                      
policy 2005    -          -         -           (4 290)    (4 290)              
IFRS                                                                            
restatement                                                                     
2005           -          -         -           17 487     17 487               
Dividend                                                                        
declared       -          -         -           (106 295)  (106 295)            
Balance at                                                                      
31 March                                                                        
2005           17 143     537 314   77 103      3 100 163  3 731 723            
Reconciliation SA GAAP to IFRS                                                  
                                   As at       As at        As at               
                                   31 March    30 September 30 September        
                                   2005        2005         2004                
EQUITY                             R"000       R"000        R"000               
Total equity under SA GAAP                                                      
Stated originally                  3 798 902   1 719 622   2 705 924            
Straight-lining of operating                                                    
lease expenses                     (47 135)    -           (42 845)             
Restatement of sale of investment  47 135      -           -                    
Restated under SA GAAP             3 798 902  *1 719 622  *2 663 079            
Adjusted for the IFRS effect of:                                                
Opening balances and reserve                                                    
movements                          (84 666)    (64 956)    (84 666)             
IAS 12 - Income taxes              (24 360)    (4 650)     (24 360)             
IFRS 2 - Share based payments      (41 218)    (41 218)    (41 218)             
IAS 17 - Leases                    (36 890)    (36 890)    (36 890)             
Minority interest in above         17 802      17 802      17 802               
Income statement movements                                                      
Operating profits                  (24 791)    (64 245)                         
IAS 17 - Leases                    (8 232)     (8 232)                          
IFRS 2 - Share based payments      (16 559)    (56 013)                         
Restatement of sale of investment  34 051      34 051                           
Restatement of investment                                                       
in associate                       -           (1 300)                          
IAS 12 - Income taxes              5 701       13 689                           
Minority interest in above         2 526       2 526                            
Total equity under IFRS            3 731 723   1 639 387   2 578 413            
BALANCE SHEET                                                                   
Total assets                                                                    
As previously reported under                                                    
SA GAAP                            4 896 541  *3 245 604                        
Adjusted as follows:                                                            
Investment in associates           -           (1 300)                          
Restated under IFRS                4 896 541   3 244 304                        
Total liabilities                                                               
As previously reported under                                                    
SA GAAP                            1 086 952  *1 513 899                        
Adjusted as follows:                                                            
Deferred taxation                  6 863       (20 835)                         
Provisions for liabilities                                                      
and charges                        60 316      99 770                           
Restated under IFRS                1 154 131   1 592 834                        
Minorities as previously                                                        
reported under SA GAAP             10 687     *12 083                           
Total net assets under IFRS         3 731 723   1 639 387                       
INCOME STATEMENT                                                                
Net attributable profit                                                         
As previously reported under                                                    
SA GAAP                            1 247 251   1 365 669                        
Straight-lining of operating                                                    
lease expenses                     (4 290)     -                                
Restated under SA GAAP             1 242 961  *1 365 669                        
IFRS adjusted as follows:                                                       
Operating expenses                 (24 791)    (64 245)                         
Profit on sale of investment       34 051      34 051                           
Income from associates             -           (1 300)                          
Taxation                           5 701       13 689                           
Minority interest                  2 526       2 526                            
Restated under IFRS                1 260 448   1 350 390                        
Basic earnings per ordinary share                                               
(cents)                              367,6        403,6                         
*Audited numbers                                                                
Accounting Policies                                                             
These results have been prepared in accordance with International Financial     
Reporting Standards("IFRS"), IAS 34 - Interim Financial Reporting and the       
listing requirements of the JSE Limited. These are Afrox"s first interim        
financial statements under IFRS and the provisions of IFRS 1 - First-time       
Adoption of IFRS have been applied. Afrox"s date of transition to IFRS is 1     
October 2004 and at this date the group prepared its opening balance sheet under
IFRS. IFRS has been applied consistently to all periods presented on a          
retrospective basis, except for certain exceptions and exemptions, as prescribed
by IFRS 1.                                                                      
On 11 January 2006 a SENS announcement was made giving an overview of the       
transition from SA GAAP to IFRS and the effect of IFRS compliance on previously 
reported financial statements. Afrox"s financial results prepared in accordance 
with  SA GAAP for  years ending 30 September 2004 and 30 September 2005 have    
been audited.The IFRS restatements have not as yet been audited.                
Although the IFRS restatement is based on management"s best knowledge of        
expected standards and interpretations and current facts and circumstances, this
information may change. Therefore, until the Group prepares its first full IFRS 
financial statements in respect of the year ending 30 September 2006, the       
possibility cannot be excluded that this preliminary IFRS information may need  
to be adjusted.                                                                 
In August 2005 SAICA issued circular 7/2005 operating leases, a clarification of
the interpretation of IAS 17 - Leases, for South African Companies. This was    
adopted in preparing the 2005 Annual Financial Statements. The comparative      
figures for March 2005 have been restated accordingly.                          
Geographical Segments for Group                                                 
R"000                        South Africa  Rest of Africa  Total                
Six months ended                                                                
31 March 2006                                                                   
Revenue                      1 628 313     238 373         1 866 686            
Operating profit before                                                         
finance costs                330 133       49 255          379 388              
Six months ended                                                                
31 March 2005                                                                   
Revenue                      3 827 737     243 610         4 071 347            
Operating profit before                                                         
finance costs                555 037       50 470          605 507              
Year ended                                                                      
30 September 2005                                                               
Revenue                      5 382 696     469 943         5 852 639            
Operating profit before                                                         
finance costs                826 148       96 668          922 816              
Business Segments**                                                             
                            6 months ended 31 March 2006                        
                   Industrial                                                   
operations  Industrial                                       
R"000              % change    Operations   Healthcare   Total                  
Revenue            19          1 866 686    -            1 866 686              
Operating profit   16          360 395      -            360 395                
Income from                                                                     
healthcare                     -            18 993       18 993                 
Operating profit                                                                
before finance                                                                  
costs                          360 395      18 993       379 388                
Finance(costs)/income         (4 372)      (12 367)     (16 739)                
Income from                                                                     
associate                      694          51 926       52 620                 
Profit before                                                                   
taxation           16          356 717      58 552       415 269                
Income tax expense             (111 852)    (12 056)     (123 908)              
Profit after                                                                    
taxation           15          244 865      46 496       291 361                
Minorities                     (2 830)      -            (2 830)                
Total net profit                                                                
for the period                                                                  
before sale of                                                                  
investment         15          242 035      46 496       288 531                
Net profit on sale                                                              
of shares in                                                                    
investment after CGT              -            -            -                   
Net profit for                                                                  
the period                                                                      
attributable to                                                                 
equity holders     15          242 035      46 496       288 531                
Basic earnings                                                                  
per ordinary                                                                    
share (cents)      27          78,4         15,1         93,5                   
**Based on                                                                      
mangement"s allocation                                                          
Business Segments                                                               
                                         IFRS Restated                          
6 months ended 31 March 2005                  
                    Industrial              Exceptional                         
R"000               Operations  Healthcare    Profit    Total                   
Revenue             1 563 173   2 508 174        -      4 071 347               
Operating profit    311 466     294 041          -      605 507                 
Income from                                                                     
healthcare          -           -                -      -                       
Operating profit                                                                
before finance                                                                  
costs               311 466     294 041          -      605 507                 
Finance costs       (4 943)     (15 911)         -     (20 854)                 
Income from                                                                     
associate           -           27 805           -      27 805                  
Profit before                                                                   
taxation            306 523     305 935          -      612 458                 
Income tax                                                                      
expense             (93 570)    (105 871)        -      (199 441)               
Profit after                                                                    
taxation            212 953     200 064          -      413 017                 
Minorities          (2 153)     (91 256)         -      (93 409)                
Total net profit                                                                
for the period                                                                  
before sale of                                                                  
investment          210 800     108 808          -      319 608                 
Net profit on sale                                                              
of shares in                                                                    
investment                                                                      
after CGT   -           -                   940 840     940 840                 
Net profit for the                                                              
period attributable                                                             
to equity holders   210 800     108 808     940 840     1 260 448               
Basic earnings                                                                  
per ordinary                                                                    
share (cents)       61,5        31,7        274,4       367,6                   
Business Segments                                                               
                                   IFRS Restated                                
12 months ended 30 September 2005                   
                    Industrial              Exceptional                         
R"000               Operations  Healthcare  Profit      Total                   
Revenue             3 344 465   2 508 174      -       5 852 639                
Operating profit    596 955     294 041        -       890 996                  
healthcare          -           31 820         -        31 820                  
Operating profit                                                                
before finance                                                                  
costs               596 955     325 861        -        922 816                 
Finance income/                                                                 
(costs)             16 891      (15 911)       -        980                     
Income from                                                                     
associate           5 071       69 792         -         74 863                 
Profit before                                                                   
taxation            618 917     379 742        -         998 659                
Income tax expense  (387 657)   (105 872)      -         (493 529)              
Profit after                                                                    
taxation            231 260     273 870        -         505 130                
Minorities          (4 367)     (91 213)       -         (95 580)               
Total net profit                                                                
for the period                                                                  
before sale of                                                                  
investment          226 893     182 657        -         409 550                
Net profit on sale                                                              
of shares in                                                                    
investment                                                                      
after CGT   -           -                  940 840      940 840                 
Net profit for the                                                              
period attributable                                                             
to equity holders   226 893     182 657     940 840     1 350 390               
Basic earnings                                                                  
per ordinary                                                                    
share (cents)       67,8        54,6        281,2       403,6                   
Performance summary                                                             
For the six months ended 31 March 2006, Afrox continued to show good growth in  
its underlying businesses, highlighted by significant demand for industrial     
products.                                                                       
The industrial business saw a 19 percent increase in revenue to R1,87 billion   
with operating profit increasing by 16 percent to R360,4 million and net profit 
attributable to shareholders increasing 15 percent to R242,0 million. (This     
comparison excludes the healthcare results). These results were achieved in     
mixed trading conditions where overheads were well controlled, but the high oil 
price impacted on both Handigas and company margins. In addition, closure of    
three refineries in the first quarter of the financial year led to a national   
liquefied petroleum gas shortage, which impacted negatively on our business.    
Our growth strategy is focused on adding new plants, upgrading manufacturing    
facilities and replacing infrastructure to maintain and grow market share into  
the future. It is also designed to expand our range of product offerings and to 
raise further the service levels to customers. The implementation of this       
strategy is currently under way and is expected to realise benefits in 2007 and 
beyond. In all, it includes construction of gas producing plants and the R100   
million re-engineering and expansion of the Gas Operations Centre in Germiston. 
Management"s continued focus on working capital once again produced a strong    
balance sheet with gearing at 26,5 percent, which supports our growth plans.    
Business review                                                                 
Afrox is a broad based company with a wide range of business segments. Process  
Gas Solutions (PGS) consists of large gas supply schemes and bulk liquid gases. 
The Industrial and Special Products (ISP) line of business, involves cylinder   
and liquid fabrication gases, special and medical gases, Handigas, welding      
products and two welding product factories, as well as safety products and other
consumer focused products supplied through our national retail centre network.  
Our range of cutting and welding products showed significant growth in demand   
and this was strengthened by our keen focus on customer service and our efforts 
to improve product offerings and quality.                                       
We continue to expand our Gas & Gear retail outlets and now have 15 fully       
operational. Our commitment to customers has been increased significantly       
through our CustomerFirst initiative, which has improved service levels across  
all business areas.                                                             
Our medical business has grown with the introduction of new medical product     
offerings to customers. Other businesses such as Special Gases, Safety and      
Hospitality performed satisfactorily and plans have been implemented to realise 
further growth in these businesses.                                             
Handigas was able to keep major customers supplied during the liquified         
petroleum gas shortage and continued to perform well in spite of some margin    
reduction.                                                                      
PGS maintained market share and despite a shortage of carbon dioxide from       
source, kept all customers supplied. This line of business now enters an        
exciting growth phase as it has won and renewed several long-term gas contracts.
These new contracts will come on stream, in the main, in financial years 2007   
and 2008.                                                                       
In February, the board of directors approved a business case for the            
implementation of SAP to replace our current commercial and financial systems.  
Implementing SAP in Afrox will be managed within the company and the project    
will be finalised in the first half of 2008.                                    
Dividend                                                                        
The results for the six months under review have enabled the board of directors 
to declare an interim cash dividend of 48,0 cents per share (2005: 40,0 cents   
per share), an increase of 20 percent on the comparable period last year. The   
dividend is covered 1,95 times by earnings.                                     
Changes to the board                                                            
In December 2005, Afrox welcomed three new independent non-executive directors  
to the African Oxygen Limited board of directors. The new directors are Dr      
Khotso Mokhele, President of the National Research Foundation, Sipho Pityana,   
Chairperson of Izingwe Capital and David Lawrence, Executive Deputy Chairman of 
Investec Bank. All three are leaders in their respective fields and will add    
experience and depth to the board.                                              
Dr Conrad Strauss and Rick Cottrell, independent non-executive directors,       
reached retirement age and stepped down from the board at the end of February   
2006. The company is indebted to them for their valued leadership and service   
during their years as directors.                                                
BEE rating                                                                      
Empowerdex, the economic empowerment rating agency, awarded the company a BB    
rating.  This rating equates to a 26 percent legal BEE ownership and 16,7       
percent BEE control.  The company was particularly highly rated for preferential
procurement and skills development.                                             
Acknowledgment                                                                  
The company received special and singular recognition in the Deloitte"s Good    
Governance Awards for 2005.                                                     
Outlook                                                                         
Afrox"s strategy is to sustain our core business while using our strong         
infrastructure, and product and service offerings to expand into new markets,   
and new geographies. Our capital expenditure programme will help deliver this   
strategy and ensure we are positioned to further improve earnings growth.       
Kent Masters                                                                    
Chairman                                                                        
Rick Hogben                                                                     
Managing Director                                                               
Johannesburg                                                                    
26 April 2006                                                                   
Notice of interim dividend declaration and salient features                     
Notice is hereby given that an interim cash dividend of 48,0 cents (2005: 40,0  
cents) per ordinary share, being the interim dividend for the half year ended 31
March 2006, has been declared payable to all shareholders of African Oxygen     
Limited recorded in the register on Friday, 28 July 2006.                       
The salient dates for the declaration and payment of the interim dividend are as
follows:                                                                        
                                                   2006                         
Last day to trade ordinary shares "cum" dividend   Friday, 21 July              
Ordinary shares trade "ex" the dividend            Monday, 24 July              
Record date                                        Friday, 28 July              
Payment date                                       Monday, 31 July              
Share certificates may not be dematerialised or rematerialised between Monday,  
24 July 2006 and Friday, 28 July 2006, both days inclusive.                     
By order of the Board                                                           
Ria Sanz                                                                        
Company Secretary                                                               
Johannesburg 26 April 2006                                                      
www.afrox.com                                                                   
African Oxygen Limited                                                          
African Oxygen Limited (Incorporated in the Republic of South Africa).          
Registration number: 1927/000089/06.                                            
ISIN: ZAE000067120.                                                             
JSE code: AFX.                                                                  
NSX code: AOX. ("Afrox").                                                       
Registered office: Afrox House, 23 Webber Street, Selby, Johannesburg 2001. PO  
Box 5404, Johannesburg 2000. Telephone (+27 11) 490-0400.                       
Transfer secretaries: Computershare Investor Services 2004 (Pty) Limited, 70    
Marshall Street, Johannesburg 2001. PO Box 61051, Marshalltown 2107. Telephone: 
(+27 11) 370-5000.                                                              
Sponsor in South Africa: Barnard Jacobs Mellet Corporate Finance (Pty) Limited. 
Sponsor in Namibia: Namibia Equity Brokers (Pty) Limited.                       
Directors:  JK Masters* (Chairman), RL Hogben (Managing Director), AJ Cullens**,
AM Ferguson**, JA Ford**, DM Lawrence, LA MacNair, K Mokhele, SM Pityana, LL van
Niekerk,  CJPG van Zyl.                                                         
Alternate director:  D Shook*                                                   
Company secretary:  ME Sanz                                                     
* American                                                                      
** British                                                                      
Date: 26/04/2006 03:32:32 PM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                                             
                                                                                
                                                                                
                                                                                



                                        
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