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Oao - Oando - Unaudited Results For The Third Quarter Ended 30 September 2009

Release Date: 23/11/2009 10:30:02      Code(s): OAO
OAO - Oando - Unaudited results for the third quarter ended 30 September 2009   
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: NGOANDO00002NG                                                            
("Oando" or "the Company" or "the Group")                                       
Unaudited results for the third quarter ended 30 September 2009                 
Highlights                                                                      
-   Turnover of $2,335m                                                         
-   Gross profit of $111m                                                       
-   Operating profit of $96m                                                    
-   Profit after tax of $45m                                                    
-   Attributable profit after tax of $45m                                       
-   Earnings per share of 0.04c                                                 
-   Significant contribution from upstream operation                            
-   Marked growth in non-fuel revenue income                                    
-   Acquisition of additional rigs bringing the total to five                   
-   Marked improvement in contribution from non marketing business              
-   Exceptional income earned on debt factoring for an upstream company         
-   Local currency lost over 26% against USD in relation to 2008                
-   Government has not taken a position on full deregulation of downstream      
   sector                                                                       
                                                                                
Review of results                                                               
Oando, which has a primary listing on the Nigerian Stock Exchange ("NSE") and   
a secondary listing on the JSE Limited ("JSE"), reports profit after tax        
("PAT") for the three quarters ended 30 September, 2009 of $45.20m.             
Income statement analysis                                                       
As a result of depreciation of the local currency (Naira) to the USD by about   
26%, the Group revenue reduced by about 15% compared with the corresponding     
period of 2008. Our Marketing and Supply & Trading arms of the business were    
affected by lack of clarity of government policies on the petroleum sector      
deregulation. In addition, gross margins of Supply & Trading businesses were    
eroded by delay in receiving reimbursement on petroleum products imported on    
behalf of the Government, which resulted in increased costs of those            
products.                                                                       
The upstream assets that commenced revenue generation last year continues to    
positively impact the Group`s bottom line. We are working towards ensuring      
that other assets in the upstream portfolio are monetised.                      
Other Income increased significantly driven by one-off fees arising from        
mobilisation of rigs and other income earned through ancillary upstream         
activities.                                                                     
The increase in administrative expenses arose primarily from significant        
depreciation charged on the revenue-generating upstream assets. These costs     
were not incurred during the same period last year.                             
Financing cost also rose over the figures for 2008 as a result of interest on   
acquisition costs on revenue-generating upstream assets, hitherto capitalised   
which were charged to income statement during the period under review. In       
addition, the financiers increased interest rates on borrowings by over 30%     
as a result of the global economic issues.                                      
Consolidated PAT marginally reduced by 4% due to a combination of increased     
cost of financing and deteriorating exchange rate. Similarly, PAT               
attributable to ordinary shareholders reduced for the same reasons.             
Balance sheet analysis                                                          
In spite of additional investments by the Group on upstream, rigs and           
pipeline assets, total assets and total liabilities dropped by 8% because of    
devaluation of the Naira by about 26% when compared with the same period in     
2008. The additional capital investment brought about the growth in Property    
Plant and Equipment (PPE) by about 129% from $306m in 2008 to $696m during      
the year. The increase in PPE was as a result of additional investments in      
the acquisition of new rigs, pipeline and power projects and upstream assets.   
We continue to improve our working capital management to ensure efficiency.     
Trade account receivables (TAR) and inventory were kept lower than prior        
periods. However, the banking sector reforms with the resulting liquidity       
squeeze made the company close the period with lower cash than prior periods.   
Long term borrowings reduced by about 20% from $403m in 2008 to $322m in        
2009. The reduction occurred due to exchange rate fluctuation as most of the    
facilities were not due for repayment. The short term borrowings were           
bridging facilities used in the acquisition of our upstream and rigs assets.    
We are at advanced stages of raising various long term funding to refinance     
the short term liabilities.                                                     
Expectations and Prospects for the Future                                       
We have made significant progress in the efforts at generating revenue and      
cash from other upstream assets apart from OML 125 & 134. To this end, our      
OML 90 and OML 56 fields are expected to start production within the next two   
quarters. We shall also take advantage of the opportunities provided by the     
strategic alliance formed with major producers to accelerate our block-to-      
production process for identified assets in the division. In an attempt to      
increase our upstream assets portfolio, we are at advanced stages of            
concluding the acquisition of controlling interests in Equator Exploration      
Limited for about $US21.2 million.                                              
We continue to connect valuable customers to the gas grid as a result of        
additional capacity created by the Greater Lagos II Gas project. This has       
increased the volume of gas sold. Construction work on the 124km East Horizon   
gas pipeline project at the Eastern part of the country is progressing          
steadily and this is expected to contribute to further improving the Group`s    
gas revenue. The captive power plant, a pioneering effort of the Gas and        
Power division is also expected to be commissioned for use before the end of    
this year. Furthermore, our Gas and Power Division has been shortlisted in      
the projects to be executed under the Nigerian gas Masterplan programme. We     
were also part of the consortium selected to execute a $1billion gas project    
in Ghana.                                                                       
Our Energy Services Division has stamped its feet as a leader in the swamp      
rig business in the country, with the acquisition of two more rigs. One of      
our rigs has commenced revenue generation while another one is expected to be   
mobilised before the end of the year.                                           
The Federal Government has announced a definite position about the petroleum    
sector deregulation. However, our Marketing and Supply and Trading Divisions    
have instituted appropriate strategies towards taking full advantage of the     
opportunities inherent in the deregulation while also minimising the side       
effects. We are also constantly improving our service stations and adding       
ancillary services to make them stations of choice by customers.                
We expect these initiatives to translate into better bottom lines in not        
distant future.                                                                 
Consolidated Balance Sheet                                                      
As at 30 September 2009                                                         
ASSETS                                        2009           2008               
$`millions     $`millions          
Non-current assets                                                              
Property Plant & Equipment                    696.33         306.52             
Intangible Assets                             152.23         256.31             
Long Term Investments                         0.01           2.88               
Long Term Receivables                         111.65         118.08             
                                             960.23         683.79              
Current Assets                                                                  
Inventories                                   128.12         327.28             
Trade & Other Receivables                     745.44         675.93             
Cash & Cash Equivalents                       78.88          391.29             
                                             952.44         1,394.50            
Total assets                                  1,912.67       2,078.29           
EQUITY                                                                          
Capital & Reserves attributable to equity                                       
holders                                                                         
Share Capital                                 3.08           3.90               
Share Premium                                 202.40         232.91             
Revaluation Reserve                           49.14          85.20              
Foreign Exchange Difference                   -              5.74               
Retained Earnings                             73.33          39.99              
                                             327.96         367.74              
Minority Interest                             1.03           1.70               
Total equity                                  328.99         369.44             
LIABILITIES                                                                     
Non-Current Liabilities                       322.85         402.59             
Deferred income tax liabilities               38.88          5.80               
Retirement benefit obligation                 7.82           0.38               
Provisions                                    -              -                  
                                             369.55         408.77              
Current Liabilities                                                             
Trade & Other Payables                        399.30         525.58             
Current Income Tax Liabilities                28.91          22.64              
Borrowings                                    779.70         730.03             
Dividend payable                              6.22           21.83              
                                             1,214.13       1,300.08            
Total Liabilities                             1,583.68       1,708.85           
Total Equity & Liabilities                    1,912.67       2,078.29           
Consolidated Income Statement                                                   
for the third quarter ended 30 September 2009                                   
Details                                       2009         2008                 
                                             $`millions   $`millions            
Sales                                         2,334.94     2,754.84             
Cost of Sales                                 (2,224.03)    (2,616.18)          
Gross Profit                                  110.91       138.66               
Selling & Marketing Costs                     (9.66)       (37.04)              
Administrative Expenses                       (99.48)      (33.44)              
Other Operating Income                        93.82        4.59                 
Operating Profit                              95.59        72.77                
Shares of Profit  of Associates               -            -                    
Finance Costs                                 (32.71)      (9.92)               
Profit Before Taxation                        62.88        62.85                
Income Tax Expense                            (17.69)      (14.93)              
Profit After Tax Expense                      45.20        47.92                
Attributable to:                                                                
Non-Controlling Shareholders                  0.08         0.08                 
Equity Holders of the Company                 45.12        47.84                
                                             45.20        47.92                 
Consolidated Statement of changes in Shareholder`s Equity Attributable to       
equity holders of the Company for the third quarter ended 30 September 2009     
Share    Share    Revaluation  Cumulative       
                                Capital  Premium  reserve      translation      
                                                               adjustment       
                                US$m     US$m     US$m         US$m             
Balance as at 31 December 2008   3.45     227.28   55.18        6.15            
Retained profit for the period                                                  
Exchange difference              (0.37)   (24.88)  (6.04)                       
Balance as at 30 September 2009  3.08     202.40   49.14        (1.02)          
Retained  Minority  Total           
                                            earnings  interest  equity          
                                            US$m      US$m      US$m            
Balance as at 31 December 2008               56.16     1.15      349.37         
Retained profit for the period               45.20     0.08      45.28          
2008 dividend paid in 2009                   (18.47)             (18.47)        
Exchange Difference                          (9.56)    (0.20)    (48.22)        
Balance as at 30 September 2009              73.33     1.03      327.96         
Share    Share    Revaluation  Cumulative       
                                Capital  Premium  reserve      translation      
                                                               adjustment       
                                US$m     US$m     US$m         US$m             
Balance as at 31 December 2007   2.90     232.91   85.20                        
Retained profit for the period                                                  
Bonus issue of shares                                                           
Dividend paid                                                                   
Exchange difference              (0.34)   (5.63)   (0.47)       (6.10)          
Reversal of revaluation surplus                    (29.55)                      
Deferred tax on revaluation                                                     
surplus                                                                         
Share Issue Cost                                                                
Balance as at 31 December 2008   3.24     227.28   55.18        0.22            
                                          Retained  Minority  Total             
                                          earnings  interest  equity            
US$m      US$m      US$m              
Balance as at 31 December 2007             53.74     1.61      376.36           
Retained profit for the period             63.80     0.03      63.83            
Bonus issue of shares                                                           
Dividend paid                              (55.87)   (0.48)    (56.35)          
Exchange Difference                        (5.51)    (0.01)    (17.72)          
Reversal of revaluation surplus                                (29.55)          
Deferred tax on revaluation surplus                            (4.78)           
Share Issue Cost                                                                
Balance as at 31 December2008              56.16     1.15      343.23           
Notes to reviewed results                                                       
1. General information                                                          
Oando (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 has its 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 this unaudited financial    
report for the First quarter of 2008.                                           
IAS 2 (revised 2003) Inventories                                                
IAS 8 (revised 2003) Accounting Policies, Changes in Accounting Estimates and   
Errors                                                                          
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 IFRIC    
10 (Issued 2006) Interim Financial Reporting and Impairment.                    
-   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 respectively.                                  
-   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.                                            
-   The Group has recently obtained approval for its share-based option         
scheme and all share based payments will be accounted for under IFRS 2.      
   The operational framework for the scheme is still being worked out.          
-   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      
standards                                                                       
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 Group.                                              
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.                                    
2009   2008           
Profit attributable to equity holders of the Company       45.20  47.92         
($`m)                                                                           
Average number of shares in issue (millions)               904.88 904.88        
Basic Earnings Per Share (cents)                           0.04   0.05          
Diluted                                                                         
Profit attributable to equity holders of the Company       45.20  47.92         
Weighted average number of shares in issue (millions)      904.88 904.88        
Adjustment for Bonus issues                                                     
Weighted average number of shares for diluted Earnings     904.88 904.88        
Per Share (millions)                                                            
Diluted Earning Per Shares (cents)                         0.04   0.05          
Headline Earnings Per Share                                0.02   0.05          
Profit Attributable to equity holders of the Company       45.20  47.92         
Adjusted for:                                              0      0             
Profit on sale of buildings associated with                                     
discontinued operations                                                         
Profit/(Loss) on sale of other assets                      0      0             
Loss on sales of investment in affiliate companies         0      0             
Tax thereon                                                0      0             
Headline Earnings Per Share attributable to earnings       0.04   0.05          
basis (cents)                                                                   
Headline Earnings Per Share attributable to diluted        0.04   0.05          
earnings basis (cents)                                                          
Net Assets Per Share (cents)                               211    229           
Tangible Assets Per Share (cents)                          106    75            
4. Independent audit by the auditors                                            
This condensed consolidated result has not been audited by our auditors         
PricewaterhouseCoopers being the third quarter of our financial year.           
5. Post balance sheet events                                                    
There are no significant post balance sheet events that in the opinion of the   
Directors will have any material impact on the accounts herein presented.       
For and on behalf of the Board                                                  
Mr J Adewale Tinubu                                                             
Group Chief Executive                                                           
16 November 2009                                                                
Directorate:                                                                    
1  Major General M. Magoro (Rtd.) OFR, Galadiman Zuru   Chairman                
2  Mr. J. A. Tinubu                                     Group CEO               
3  Mr. O. Boyo                                          Deputy Group CEO        
4  Mr. B. Osunsanya                                     Group Ex. Director      
5  Mr. O. Adeyemo                                       Group Ex. Director      
6  Mr. A. Akinrele SAN                                  Director                
7  Mr. Navaid Burney                                    Director                
8  HRM. Oba. A. Gbadebo CFR                             Director                
9  Mr. O. Ibru                                          Director                
10 Alhaji H. Mahmud Walin Mubi                          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         
(Proprietary) Limited (Registration number: 2004/003647/07)                     
70 Marshall Street, Johannesburg, 2001. PO Box 61051, Marshalltown, 2107        
Sandton                                                                         
23 November 2009                                                                
Sponsor: Deutsche Securities (SA) (Proprietary) Limited                         
Date: 23/11/2009 10:30:01 Supplied by www.sharenet.co.za                     
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