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OAO - Oando - Posting of Annual Report and Slight Change Statement

Release Date: 16/05/2007 14:30:03      Code(s): OAO
OAO - Oando - Posting of Annual Report and Slight Change Statement              
Oando Plc                                                                       
(Incorporated in Nigeria and registered as an external company in South Africa) 
Registration number: RC 6474                                                    
(External company registration number: 2005/038824/10)                          
Share Code on the JSE Limited: OAO                                              
Share Code on the Nigerian Stock Exchange: UNTP                                 
ISIN: NG00000UNTP0                                                              
("Oando" or "the Company")                                                      
- Turnover of $1,648m                                                           
- Gross Profit of $140m                                                         
- Gross Profit Margin of 8.50%                                                  
- Operating Profit of $57m                                                      
- Profit After Tax of $22m                                                      
- Attributable Profit After Tax of $19.3m                                       
- Earning Per Share: 3.37c                                                      
- Continued expansion and consolidation of efforts across the companies         
within the Group                                                               
- Gaining competency, improved efficiency and seamless work processes           
Oando releases its annual report for the year ended 31 December 2006 on         
Wednesday, 16 May 2007.  The annual report contains slight modifications to the 
provisional reviewed results published on 2 April 2007.                         
These changes are largely a reflection of post year-end events; subsequent      
provisions recognised on some receivables and the reclassification of certain   
items on the profit and loss statement and balance sheet of the Group. Specific 
details are as follows:                                                         
Administrative Expenses                                                         
Administrative expenses reduced due to a reclassification of certain expenses as
part of cost of sales expenses.                                                 
Finance Cost/Interest Income Received                                           
The change in finance cost is due to the reclassification of Interest income    
received income to finance cost and an additional $1m finance cost reclassified 
as part of cost of sales expenses.                                              
Profit Before Taxation                                                          
The increase in Profit Before Taxation is a function of the following factors:  
reversal of $1.54m tank decommissioning provision made in prior year; accretion 
discount on provision of $0.2m and $4.9m net change in administrative, selling  
and marketing expenses and operating profit brought about a $6.7m increase in   
the Group PBT.                                                                  
Income Tax Expense:                                                             
Income tax expense increased largely as a result of the re-computation of       
assessable profit and recognition of under provision on deferred tax in prior   
years as well as an additional deferred income tax charge of $8.2m.             
Minority Interest                                                               
Minority interest reduced as a post year end sales provision was recognised on  
some receivables from one of the subsidiaries subsequent to finalising the      
Long Term Investment                                                            
Long Term Investment increased due to the revaluation of the Group quoted       
investment using the market price at the close of business on 31 December 2006. 
Long Term Receivables                                                           
Long Term Receivables increased due to the reclassification of all leasehold    
(specifically Land & Building) to long term receivables. They are subsequently  
amortised over the lease period.                                                
Borrowings reduced as the value was restated using fair value and not book      
Other Non-Current Liabilities                                                   
Other Non-Current Liabilities were restated and treated as a provision in the   
accounts after some were released subsequent to the year end.                   
These changes are detailed in the tables below:                                 
Income statement changes                                                        
                                  Provisional Results Audited Results           
                                  $`000               $`000                     
Administrative Expenses            (56,460)            (50,572)                 
Interest Income Received           3,554               -                        
Finance Costs                      (25,464)            (20,946)                 
Profit Before Taxation             29,165              35,861                   
Income Tax expense                 (5,269)             (13,839)                 
Minority interest                  3,228               2,755                    
Earning Per Share                  3.79                3.37                     
Impact on earnings per share                                                    
Earnings per share   Headline Earnings per          
                            Cents                Cents                          
Per provisional results       3.79                 2.95                         
Administrative expenses                                                         
   Decommissioning costs     0.26                 0.26                          
   Accretion discount        0.89                 0.89                          
   Additional provisions    (0.07)               (0.06)                         
Taxation adjustment          (1.50)               (1.50)                        
Per Audited results           3.37                 2.54                         
Balance sheet changes:                                                          
                                  Provisional Results Audited Results           
$`000               $`000                     
Long Term Investments              78                  256                      
Long Term Receivables              27,080              38,281                   
Borrowings                         12,078              9,996                    
Deferred Income Tax Liabilities    4,984               18,557                   
Retirement Benefit Obligations     1,076               3,373                    
Other non-current Liabilities      5,500               -                        
Dividend Payables                  15                  -                        
Posting of Oando`s Annual Report and Annual General Meeting                     
Oando will post its annual report to shareholders on Wednesday, 16 May 2007 and 
the Annual General Meeting of Oando shareholders will be held on Wednesday, 30  
May 2007 at 10:00 at The Cultural Centre, Mary Slessor Avenue, Calabar, Cross   
River State, Nigeria.                                                           
Below is the abridged income statement, balance sheet, summarised cashflow      
statement, movement in equity of majority shareholders of the Company, as well  
as the accompanying notes.                                                      
Consolidated Balance Sheet                                                      
As at 31 December 2006                                                          
ASSETS                                     2006          2005                   
                                          $`000         $`000                   
Non-current assets                                                              
Property Plant & Equipment                 117,771       108,659                
Intangible Assets                          113,094       101,999                
Long Term Investments                      256           -                      
Long Term Receivables                      38,281        31,349                 
                                          269,402       242,007                 
Current assets                                                                  
Inventories                                119,835       75,623                 
Trade & Other Receivables                  285,689       250,340                
Debenture                                  -             -                      
Cash & Cash Equivalents                    60,121        57,769                 
                                          465,645       383,732                 
Total assets                               735,047       625,739                
Capital & Reserves attributable to equity                                       
Share Capital                              2,162         2,162                  
Share Premium                              120,742       120,792                
Revaluation Reserve                        18,475        10,649                 
Exchange Difference                        -             -                      
Retained Earnings                          28,025        20,034                 
                                          169,404       153,587                 
Minority Interest                          14,645        10,791                 
Total equity                               184,049       164,378                
Non-Current Liabilities                                                         
Borrowings                                 9,996         12,781                 
Deferred Income Tax Liabilities            18,557        9,941                  
Retirement Benefit Obligation              3,373         8,612                  
Provisions                                 2,940         4,111                  
                                          34,866        35,445                  
Current Liabilities                                                             
Trade & Other Payables                     192,161       143,962                
Current Income Tax Liabilities             7,342         4,782                  
Borrowings                                 316,629       277,172                
                                          516,132       425,916                 
Total Liabilities                          550,998       461,361                
Total Equity & Liabilities                 735,047       625,739                
Consolidated Income Statement                                                   
For the year ended 31 December 2006                                             
2006          2005              
                                                $`000         $`000             
Sales                                            1,647,840     1,381,200        
Cost of Sales                                    (1,507,512)   (1,249,369)      
Gross Profit                                     140,328       131,831          
Selling & Marketing Costs                        (42,514)      (50,734)         
Administrative Expenses                          (50,572)      (55,856)         
Other Operating Income                           9,565         3,862            
Operating Profit                                 56,807        29,103           
Shares of Profit of Associates                   -             -                
Finance Costs                                    (20,946)      (7,511)          
Profit Before Taxation                           35,861        21,592           
Income Tax Expense                               (13,839)      (6,405)          
Profit After Expense                             22,022        15,187           
Attributable to:                                                                
Minority Interest                                2,755         1,774            
Equity Holders of the Company                    19,267        13,413           
                                                22,022        15,187            
Summarised Consolidated Cash Flow Statement                                     
For the year ended 31 December 2006                                             
2006         2005             
                                                  US$`000      US$`000          
Cash and cash equivalents at the beginning of                                   
the period                                         (167,753)    53,625          
Net cash inflow used in operating activities       403          (140,700)       
Cash used in investing activities                  (26,934)     (55,128)        
Net cash flows (used in)/generated from                                         
financing activities                               137,130      (25,034)        
Exchange gains / (losses) in cash and cash                                      
equivalents                                        4,714        (516)           
Cash and bank overdrafts at end of period          (52,440)     (167,753)       
Consolidated Statement of changes in Shareholder`s Equity                       
Attributable to equity holders of the Company                                   
                                Attributable to equity    Minorit  Total        
                                holders of the Company    y        equity       
                                Share   Other    Retaine                        
                                capital reserve  d                              
                                        s        earning                        
Year ended 31 December 2005      US$`000 US$`000  US$`000  US$`000  US$`000     
At start of year                                                                
- as previously reported         122,904 18,068   11,959   10,730   163,661     
- reversal of revaluation                                                       
 surplus on leases              -       2,321)   -        -        (2,321)      
- deferred tax on revaluation                                                   
 surplus                        -       (4,801)  -        -        (4,801)      
- reversal of fair value loss                                                   
 on receivables                 -       -        530      -        530          
- reversal of fair value loss                                                   
 on borrowings                  -       -        183      -        183          
- as restated                    122,904 10,946   12,672   10,730   157,252     
Restatement of residual                                                         
values                           -       -        7,530    -        7,530       
Deferred income tax effect of    -       -        (2,259)  -        (2,259)     
residual values                                                                 
Other consolidation              -       -        (2,672)  (1,852)  (4,524)     
Currency translation             -       (297)    -        139      (158)       
Net gains/(losses) recognised                                                   
directly in equity               -       (297)    2,599    (1,713)  589         
Profit for the year              -       -        13,413   1,774    15,187      
Total recognised income for      -       (297)    16,012   61       15,776      
- Final for 2005                 -       -        (8,650)  -        (8,650)     
At end of year                   122,904 10,649   20,034   10,791   164,378     
Year ended 31 December 2006                                                     
At start of year                                                                
- as previously reported         122,954 18,027   20,142   10,969   172,092     
- reversal of revaluation                                                       
 surplus on leases              -       (2,321)  -        -        (2,321)      
- deferred tax on revaluation                                                   
 surplus                        -       (4,801)  -        -        (4,801)      
- reversal of fair value gain                                                   
 on receivables                 -       -        (1,932)  254      (1,678)      
- reversal of fair value loss                                                   
 on borrowings                  -       -        1,518    (432)    1,086        
- transfer of currency                                                          
 translation differences        (50)    (256)    306      -        -            
- as restated                    122,904 10,649   20,034   10,791   164,378     
Fair value gains on available-                                                  
for-sale financial assets                                                       
                                -       177      -        -        177          
Currency translation             -       7,649    -        1,099    8,748       
Net gains recognised directly                                                   
in equity                        -       7,826    -        1,099    8,925       
Profit for the year              -       -        19,267   2,755    22,022      
Total recognised income for      -       7,826    19,267   3,854    30,947      
- Final for 2005                 -       -        (11,276  -        (11,276     
                                                 )                 )            
At end of year                   122,904 18,475   28,025   14,645   184,049     
Notes to reviewed results                                                       
1. General information                                                          
Oando Plc (formerly Unipetrol Nigeria Plc) was registered by a special          
resolution as a result of the acquisition of the shareholding of Esso Africa    
Incorporated (principal shareholder of Esso Standard Nigeria Limited) by the    
Federal Government of Nigeria. The Company was partially privatised in 1991. It 
was however fully privatised in the year 2000 consequent upon the sale of       
Federal Government`s 40% shareholding in the Company. 30% was sold to core      
investors (Ocean and Oil Investments Limited) and the remaining 10% to the      
Nigerian public. In December 2002, the Company merged with Agip Nigeria Plc     
following its acquisition of 60% Agip Petroli`s stake of Agip Nigeria Plc in    
August of the same year. The Company formally changed its name from Unipetrol   
Nigeria Plc to Oando Plc in December 2003.                                      
Oando and its subsidiaries (together "the Group") have their primary listing on 
the Nigerian Stock Exchange.                                                    
The Group has marketing and distribution outlets in Nigeria, Ghana and Togo and 
other smaller markets along the West African coast.                             
2. Summary of significant accounting policies                                   
The principal accounting policies applied in the preparation of these           
consolidated financial statements are set out below. These policies have been   
consistently applied to all the years presented, unless otherwise stated.       
2.1 Basis of preparation                                                        
The consolidated financial statements of Oando have been prepared in accordance 
with International Financial Reporting Standards (IFRS). The consolidated       
financial statements have been prepared under the historical cost convention, as
modified by the revaluation of land and buildings, and financial assets and     
financial liabilities at fair value through profit or loss.                     
The preparation of financial statements in accordance with IFRS requires the use
of certain critical accounting estimates. It also requires management to        
exercise judgement in the process of applying the Group`s accounting policies.  
Early adoption of standards                                                     
In 2004, the Group early adopted the IFRS below, which are relevant to its      
operations. These have been consistently applied in these financial statements  
for 2006.                                                                       
IAS 2 (revised 2003) Inventories                                                
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and   
IAS 10 (revised 2003) Events after the Balance Sheet Date                       
IAS 16 (revised 2003) Property, Plant and Equipment                             
IAS 17 (revised 2003) Leases                                                    
IAS 21 (revised 2003) The Effects of Changes in Foreign Exchange Rates          
IAS 24 (revised 2003) Related Party Disclosures                                 
IAS 27 (revised 2003) Consolidated and Separate Financial Statements            
IAS 28 (revised 2003) Investments in Associates                                 
IAS 32 (revised 2003) Financial Instruments: Disclosure and Presentation        
IAS 33 (revised 2003) Earnings per share                                        
IAS 36 (revised 2004) Impairment of Assets                                      
IAS 38 (revised 2004) Intangible Assets                                         
IAS 39 (revised 2003) Financial instruments: Recognition and measurement        
IFRS 2 (issued 2004) Share-based payments                                       
IFRS 3 (issued 2004) Business Combinations                                      
IFRS 5 (issued 2004) Non-current Assets Held for Sale and Discontinued          
The early adoption of IAS 10 has resulted in a change in the accounting policy  
for dividends. Proposed dividends, which were previously recognised in the year 
prior to the declaration, have been adjusted in accordance with IAS 10 and 37   
The application IAS 16 has affected the accounting for fair value reserve       
relating to revalued land and buildings upon disposal.                          
Under previous GAAP, the revaluation surplus included in equity in respect of an
item of property, plant and equipment were transferred to the income, when the  
asset is disposed of, to determine profit on disposal. Adjustments have been    
passed to transfer the related amounts directly to retained earnings in         
accordance with IAS 16. Also, early adoption of IAS 16 (revised 2004) has       
necessitated the disclosure of prior year comparatives for all movements in     
property plant and equipment.                                                   
IAS 21 (revised 2003) has affected the translation of foreign entities` income  
statements, on which closing rates were previously applied but now amended and  
translated at average rates. The functional currency of each of the consolidated
entities has also been re-evaluated based on the guidance to the revised        
standard. All the Group entities have the same functional currency as their     
presentation currency. These financial statements have been presented in a      
currency other than the Company`s functional currency, being US Dollars, to meet
the filing requirements of the JSE.                                             
IAS 24 (revised 2003) has affected the identification of related parties and    
some other related-party disclosures.                                           
IAS 27 (revised 2004) has affected the consolidation of subsidiaries. Certain   
subsidiaries, which were not included in the consolidation under previous GAAP  
have now been consolidated.                                                     
The early adoption of IAS 33 has resulted in a change in the computation of     
earnings per share. Earnings per share, which were previously computed on the   
basis of the number of shares in issue at the end of the reporting period, have 
been adjusted on the basis of the weighted average number of shares in          
accordance with IAS 33                                                          
The early adoption of IAS 39 has resulted in a change in accounting for         
financial assets and liabilities.                                               
Although the Group did not have any share-based payments as at the balance sheet
date, upon adoption of a scheme, which is currently being considered by the     
Group, all share based payments will be accounted for under IFRS 2.             
The early adoption of IFRS 5 has resulted in a change in the accounting for non-
current assets held for sale and discontinued operations as qualifying assets   
have been reclassified accordingly.                                             
The early adoption of IFRS 3, IAS 36 (revised 2004) and IAS 38 (revised 2004)   
resulted in a change in the accounting policy for goodwill. Until 31 December   
2002, goodwill was:                                                             
- Amortised on a straight line basis over a period ranging from 5 to 20         
 years; and                                                                     
- Assessed for an indication of impairment at each balance sheet date.          
In accordance with the provisions of IFRS 3:                                    
- The Group ceased amortisation of goodwill from 1 January 2003;                
- Accumulated amortisation as at 31 December 2002 has been eliminated with a    
 corresponding decrease in the cost of goodwill;                                
- Goodwill was tested for impairment at 1 January 2003, the transition date.    
Also, from the year ended 31 December 2003 onwards, goodwill is tested annually 
for impairment, as well as when there are indications of impairment. The Group  
has also reassessed the useful lives of its intangible assets in accordance with
the provisions of IAS 38. No adjustment resulted from this reassessment.        
All changes in the accounting policies have been made in accordance with the    
transition provisions in the respective standards.                              
The early adoption of IAS 1, 2, 8, 17 28, and 32 (all revised 2003) did not     
result in substantial changes to the Group`s accounting policies. In summary:   
- IAS 1, 2, 28 and 32 had no material effect on the Group`s policies.           
- IAS 8 (revised 2004) has resulted in the disclosure of the impact of new      
2.2 Consolidation                                                               
(a) Subsidiaries                                                                
Subsidiaries include all entities (including special purpose entities) over     
which the Group has the power to govern the financial and operating policies    
generally accompanying a shareholding of more than one half of the voting       
rights. The existence and effect of potential voting rights that are currently  
exercisable or convertible are considered when assessing whether the Group      
controls another entity. Subsidiaries are fully consolidated from the date on   
which control is transferred to the Group. They are deconsolidated from the date
that control ceases.                                                            
The purchase method of accounting is used to account for the acquisition of     
subsidiaries by the Group. The cost of the acquisition is measured as the fair  
value of the assets given, equity instruments issued and liabilities incurred or
assumed and the date of plus costs directly attributable to the acquisition.    
Identifiable assets acquired and liabilities and contingent liabilities assumed 
in a business combination are measured initially at their fair values at the    
acquisition date irrespective of the extent of any minority interest. The excess
of the cost of acquisition over the fair value of the Group`s share of the      
identifiable net assets acquired is recorded as goodwill. If the cost of        
acquisition is less than the fair value of the net assets of the subsidiary     
acquired, the difference is recognised directly in the income statement. All    
balances and unrealised surpluses and deficits on transactions between group    
companies have been eliminated. Where necessary, accounting policies for        
subsidiaries have been changed to be consistent with the policies adopted by the
Company. Separate disclosure (in equity) is made of Minority Interests.         
(b) Associates                                                                  
Associates are all entities over which the Group has significant influence but  
not control, generally accompanying a shareholding of between 20% and 50% of the
voting rights. Investments in associates are accounted for by the equity method 
of accounting and are initially recognised at cost. The Group`s investment in   
associates includes goodwill (net of any accumulated impairment loss) identified
on acquisition. The Group`s share of its associates` post-acquisition profits or
losses is recognised in the income statement, and its share of post acquisition 
movements in reserves is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of the investment.           
When the Group`s share of losses in an associate equals or exceeds its interest 
in the associate, including any other unsecured receivables, the Group does not 
recognise further losses, unless it has incurred obligations or made payments on
behalf of the associate. Unrealised gains on transactions between the Group and 
its associates are eliminated to the extent of the Group`s interest in the      
associates. Unrealised losses are also eliminated unless the transaction        
provides evidence of an impairment of the asset transferred. The accounting     
policies of the associates are consistent with the policies adopted by the      
Goodwill included in the carrying amount of an investment is neither amortised  
nor tested for impairment separately by applying the requirements for impairment
testing goodwill in IAS 36, Impairment of Assets. Instead, the entire carrying  
amount of the investment is tested under IAS 36 for impairment.                 
All subsidiaries and associates have uniform calendar year ends.                
2.3 Segment reporting                                                           
A business segment is a group of assets and operations engaged in providing     
products or services that are subject to risks and returns that are different   
from those of other business segments. A geographical segment is engaged in     
providing products or services within a particular economic environment that are
subject to risks and return that are different from those of segments operating 
in other economic environments.                                                 
2.4 Foreign currency translation                                                
(a) Functional and presentation currency                                        
Items included in the financial statements of each of the Group`s entities are  
measured using the currency of the primary economic environment in which the    
entity operates (`the functional currency`). The functional currency of the     
Group is the Naira. The consolidated financial statements are presented in US   
dollars, which is the company`s presentation currency for the purpose of filing 
outside Nigeria.                                                                
(b) Transactions and balances                                                   
Foreign currency transactions are translated into the functional currency using 
the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the
translation at year-end exchange rates of monetary assets and liabilities       
denominated in foreign currencies are recognised in the income statement, except
when deferred in equity as qualifying cash flow hedges and qualifying net       
investment hedges.                                                              
(c) Group Companies                                                             
The results and financial position of all the group entities (none of which has 
the currency of a hyperinflationary economy) that have a functional currency    
different from the presentation currency are translated into the presentation   
currency as follows:                                                            
1.  Assets and liabilities for each balance sheet presented are translated      
   at the closing rate at the date of that balance sheet;                       
2.  Income and expenses for each income statement are translated at average     
   exchange rates; and all resulting exchange differences are recognised        
as a separate component of equity.                                           
3.  On consolidation, exchange differences arising from the translation of      
   the net investment in foreign entities are taken to shareholders`            
   equity. Upon disposal of part or all of the investment, such exchange        
differences are recognised in the income statement as part of the gain       
   or loss on sale.                                                             
3. Earnings Per Share                                                           
Basic Earnings Per Share (EPS) is calculated by dividing the Profit Attributable
to the equity holders of the Company by the weighted average number of shares in
issue during the period.                                                        
                                                       2006       2005          
Profit attributable to equity holders of the Company                            
($`000)                                                 19,267     13,413       
Weighted average number of shares in issue                                      
(thousands)                                             572,301    572,301      
Basic Earnings Per Share (cents)                        3.37       2.34         
Profit attributable to equity holders of the Company    19,267     13,413       
Weighted average number of shares in issue                                      
(thousands)                                             572,301    572,301      
Adjustment for Bonus issues                             -          -            
Weighted average number of shares for diluted                                   
Earnings Per Share (thousands)                          572,301    572,301      
Diluted Earning Per Shares (cents)                      3.37       2.34         
Headline Earnings Per Share                                                     
Profit Attributable to equity holders of the Company    19,267     13,413       
Adjusted for:                                                                   
Profit on sale of property plant and equipment          (4,904)    (32)         
Loss on sales of investment in affiliate companies      -          25           
Tax thereon                                             172        -            
                                                       14,534     13,406        
Headline Earnings Per Share attributable to earnings                            
basis (cents)                                           2.54       2.34         
Headline Earnings Per Share attributable to diluted                             
earnings basis (cents)                                  2.54       2.34         
Net Assets Per Share (cents)                            32.13      28.72        
Tangible assets per share (cents)                       20.50      18.99        
4. Independent audit by the auditors                                            
These condensed consolidated results are currently being audited by our auditors
PricewaterhouseCoopers who perform their audit in accordance with the           
International Standards on Auditing.  The results have been reviewed by         
PricewaterhouseCoopers whose unqualified review opinion is available for        
inspection at the Company`s registered office.                                  
5. Post balance sheet events                                                    
There are no significant post balance sheet events.                             
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive Officer                                                   
16 May 2007                                                                     
Registration number: RC 647                                                     
External company registration number: 2005/038824/10                            
Share Code on the JSE Limited:  OAO                                             
Share Code on the Nigerian Stock Exchange:  UNTP                                
ISIN: NG00000UNTP0                                                              
1.   General M. Magoro (Rtd.)    - Chairman                                     
2.   Mr. J. A. Tinubu            - Group CEO                                    
3.   Mr. O. Boyo                 - Deputy Group CEO                             
4.   Mr. A. Akinrele SAN         - Director                                     
5.   Prince F. N. Atako JP.      - Director                                     
6.   HRM. Oba. A. Gbadebo        - Director                                     
7.   Mr. O. Ibru                 - Director                                     
8.   Alhaji H. Mahmud            - Director                                     
9.   Mr. I. Osakwe               - Director                                     
10.  Mr. O. Osifo                - Director                                     
11.  Mr Onajite Okoloko          - Director                                     
Company Secretary:  Mrs. Oredeji Delano                                         
Registered office: 2, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria     
Auditors: PriceWaterhouseCoopers, Plot 252E Muri Okunola Street, Victoria       
Island, Lagos                                                                   
E-mail: info@oandoplc.com                                                       
Registered office in South Africa: 1st Floor, 32 Fricker Road, Illovo Boulevard,
Sandton, 2196, South Africa                                                     
Office of the South African registrars: Computershare Investor Services 2004    
(Proprietary) Limited (Registration number: 2004/003647/07)                     
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107        
Sponsor: Deutsche Securities (SA) (Proprietary) Limited                         
Date: 16/05/2007 14:30:02 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  

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