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Omn - Omnia - Unaudited Results For The Six Months Ended 30 September 2011

Release Date: 22/11/2011 07:05:37      Code(s): OMN
OMN - Omnia - Unaudited results for the six months ended 30 September 2011      
OMNIA HOLDINGS LIMITED                                                          
(Incorporated in the Republic of South Africa)                                  
Registration number 1967/003680/06                                              
JSE code OMN                                                                    
ISIN ZAE000005153 ("Omnia" or "the Group")                                      
Unaudited results for the six months ended 30 September 2011                    
MAJOR FEATURES                                                                  
- Profit for the period up 38% to R230 million                                  
EPS up 2% on 37% increase in shares in issue before benefits of new Nitric Acid 
Complex                                                                         
- Resumption of dividend payment - interim dividend of 100 cents per share      
- Debt:equity ratio constant at 35% after capital expenditure of R379 million on
new Nitric Acid Complex in past 12 months                                       
- New R1,4 billion Nitric Acid Complex on track for commissioning in Q1 2012    
KEY DRIVERS                                                                     
- Good demand for mining and agriculture commodities                            
- Strong rand                                                                   
- Low activity levels SA manufacturing sector                                   
Condensed consolidated income statement                                         
for the six months ended 30 September 2011                                      
                             Unaudited        Unaudited Audited                 
                             6 months         6 months  12 months               
Rm                            30/9/2011  %     30/9/2010 31/3/2011              
Continuing operations                                                           
Revenue                        4 952       16   4 268     9 368                 
Cost of sales                  (3 915)     15   (3 394)   (7 403)               
Gross profit                   1 037       19    874      1 965                 
Other operating income          56         60    35        85                   
Administrative expenses        (230)      (7)   (247)     (532)                 
Distribution expenses          (474)       37   (345)     (790)                 
Other operating expenses       (38)        58   (24)      (41)                  
Operating profit                351        20    293       687                  
Finance cost                  (36)       (39)   (59)      (122)                 
Finance income                  3                8         39                   
Share of losses of             (1)              (3)       (2)                   
associates                                                                      
Profit before taxation          317        33    239       602                  
Income tax expense             (87)             (72)      (151)                 
Profit for the period           230        38    167       451                  
Attributable to:                                                                
Owners of Omnia Holdings      230        39    165       448                    
Limited                                                                         
Non-controlling interest      -                2         3                      
                             230        38    167       451                     
Earnings per share from                                                         
profit attributable                                                             
to owners of Omnia Holdings                                                     
Limited during the period                                                       
Basic earnings per share      346,8      2     341,4     768,2                  
(cents)                                                                         
Diluted earnings per share    346,1      2     340,5     766,8                  
(cents)                                                                         
Condensed consolidated statement of comprehensive income                        
for the six months ended 30 September 2011                                      
Unaudited  Unaudited Audited                    
                                6 months   6 months  12 months                  
Rm                               30/9/2011  30/9/2010 31/3/2011                 
Profit for the period              230        167       451                     
Other comprehensive income, net                                                 
of tax                                                                          
Currency translation difference    197       (43)      (67)                     
Cash flow hedge                   (1)       -           9                       
Total comprehensive income for     426        124       393                     
the period                                                                      
Attributable to:                                                                
Owners of Omnia Holdings           426        122       390                     
Limited                                                                         
Non-controlling interest         -            2         3                       
                                  426        124       393                      
Condensed consolidated cash flow statement                                      
for the six months ended 30 September 2011                                      
                                Unaudited  Unaudited Audited                    
                                6 months   6 months  12 months                  
Rm                               30/9/2011  30/9/2010 31/3/2011                 
Operating profit                   351        293       687                     
Depreciation and amortisation      79         73        155                     
Adjustment for non-cash items      20        (42)      (22)                     
Cash generated from operations     450        324       820                     
Utilised by working capital       (1 029)    (1 403)   (755)                    
Interest paid                     (36)       (59)      (119)                    
Interest received                  3          8         39                      
Taxation paid                     (7)        (44)      (94)                     
Utilised by operating             (619)      (1 174)   (109)                    
activities                                                                      
Dividends paid                   -          -         -                         
Net cash outflow from operating   (619)      (1 174)   (109)                    
activities                                                                      
Cash outflow from investing       (370)      (478)     (783)                    
activities                                                                      
Cash (outflow)/inflow from        (1)         928       852                     
financing activities                                                            
Net decrease in cash              (990)      (724)     (40)                     
Net cash at beginning of period    462        508       508                     
Effects of exchange rate           25       -          (6)                      
movements                                                                       
Net cash and cash equivalents     (503)      (216)      462                     
Condensed consolidated balance sheet                                            
as at 30 September 2011                                                         
Unaudited   Unaudited  Audited                  
                                6 months    6 months   12 months                
Rm                               30/9/2011   30/9/2010  31/3/2011               
ASSETS                                                                          
Non-current assets                2 862       2 347      2 561                  
Property, plant and equipment     2 277       1 715      1 938                  
Intangible assets                  516         524        523                   
Available-for-sale financial       19          18         16                    
assets                                                                          
Investments in associates          47          86         78                    
Deferred income tax assets         3           4          6                     
Current assets                    4 911       3 962      3 743                  
Inventories                       2 489       1 913      1 488                  
Trade and other receivables       2 329       1 865      1 722                  
Cash and cash equivalents          93          184        533                   
Total assets                      7 773       6 309      6 304                  
EQUITY AND LIABILITIES                                                          
Capital and reserves              3 769       3 075      3 338                  
attributable to the owners of                                                   
Omnia Holdings Limited                                                          
Stated capital                    1 289       1 303      1 289                  
Treasury shares                   (18)        (20)       (19)                   
Other reserves                     211         18         11                    
Retained earnings                 2 287       1 774      2 057                  
Non-controlling interest in        1         -            1                     
equity                                                                          
Total equity                      3 770       3 075      3 339                  
Liabilities                                                                     
Non-current liabilities            406         827        411                   
Deferred income tax liabilities    126         75         130                   
Debt                               280         752        281                   
Current liabilities               3 597       2 407      2 554                  
Trade and other payables          2 391       1 862      1 953                  
Debt                               523         116        523                   
Current income tax liabilities     87          29         7                     
Bank overdrafts                    596         400        71                    
Total liabilities                 4 003       3 234      2 965                  
Total equity and liabilities      7 773       6 309      6 304                  
Net debt                          1 306       1 084       342                   
Net asset value per share         56,8        46,4       50,4                   
(rand)                                                                          
Capital expenditure                                                             
Depreciation                       65          59         127                   
Amortisation                       14          14         28                    
Incurred                           406         478        784                   
Authorised and committed           474        1 052       322                   
Authorised but not contracted      633         162        604                   
for                                                                             
Condensed consolidated statement of changes in equity                           
for the six months ended 30 September 2011                                      
                                    Attributable to the owners of               
                                    Omnia Holdings Limited                      
Stated    Treasury  Other                   
Rm                                   capital   shares    reserves               
At 31 March 2010 (audited)             318      (8)        54                   
Total recognised income and                               (43)                  
expense for the period                                                          
Profit for the period                                                           
Currency translation difference                           (43)                  
Ordinary shares issued                 985                                      
Treasury shares purchased                       (12)                            
Share-based payment - value of                           7                      
services provided                                                               
At 30 September 2010 (unaudited)      1 303     (20)       18                   
Total recognised income and                               (15)                  
expense for the period                                                          
Profit for the period                                                           
Cash flow hedge                                            9                    
Currency translation difference                           (24)                  
Share issue expenses                  (14)                                      
Treasury shares sold                           1                                
Share-based payment - value of                           8                      
services provided                                                               
At 31 March 2011 (audited)            1 289     (19)       11                   
Total recognised income and                                196                  
expense for the period                                                          
Profit for the period                                                           
Cash flow hedge                                           (1)                   
Currency translation difference                            197                  
Ordinary shares issued                                                          
Treasury shares sold                           1                                
Share-based payment - value of                             4                    
services provided                                                               
At 30 September 2011 (unaudited)      1 289     (18)       211                  
Condensed consolidated statement of changes in equity (continued)               
for the six months ended 30 September 2011                                      
                                  Attributable to the owners of                 
                                  Omnia Holdings Limited                        
Non-con-                        
                                  Retained      trolling                        
Rm                                 earnings      interest  Total                
At 31 March 2010 (audited)          1 609         (2)       1 971               
Total recognised income and          165           2         124                
expense for the period                                                          
Profit for the period                165           2         167                
Currency translation difference                             (43)                
Ordinary shares issued                                       985                
Treasury shares purchased                                   (12)                
Share-based payment - value of                             7                    
services provided                                                               
At 30 September 2010 (unaudited)    1 774        -          3 075               
Total recognised income and          283         1         269                  
expense for the period                                                          
Profit for the period                283         1           284                
Cash flow hedge                                              9                  
Currency translation difference                            (24)                 
Share issue expenses                                       (14)                 
Treasury shares sold                                       1                    
Share-based payment - value of                             8                    
services provided                                                               
At 31 March 2011 (audited)          2 057        1          3 339               
Total recognised income and          230         -           426                
expense for the period                                                          
Profit for the period                230         -           230                
Cash flow hedge                                             (1)                 
Currency translation difference                              197                
Ordinary shares issued                                                          
Treasury shares sold                                         1                  
Share-based payment - value of                             4                    
services provided                                                               
At 30 September 2011 (unaudited)    2 287        1          3 770               
Reconciliation of headline earnings                                             
for the six months ended 30 September 2011                                      
                                Unaudited   Unaudited  Audited                  
6 months    6 months   12 months                
Rm                               30/9/2011   30/9/2010  31/3/2011               
Net profit for the period          230         165        448                   
Adjusted for profit on disposal  -           -           (4)                    
of fixed assets                                                                 
Adjusted for impairment of       -           -            3                     
intangible assets                                                               
Headline earnings                  230         165        447                   
Headline earnings per share                                                     
Headline earnings are 346,8 cents per share (2010:  341,4 cents                 
per share)                                                                      
Diluted headline earnings are 346,1 cents per share (2010:  340,5               
cents per share)                                                                
Segmental analysis                                                              
for the six months ended 30 September 2011                                      
                           Unaudited        Unaudited  Audited                  
6 months         6 months   12 months                
Rm                          30/9/2011  %     30/9/2010  31/3/2011               
Revenue, net of              4 952       16   4 268      9 368                  
intersegmental sales                                                            
Chemicals                    1 693      (3)   1 748      3 596                  
Mining                       1 378      27    1 081      2 092                  
Agriculture                  1 881      31    1 439      3 680                  
Operating profit              351        20    293        687                   
Chemicals                     57        78     32         64                    
Mining                        187       9      172        311                   
Agriculture                   107       20     89         312                   
Other reserves                                                                  
as at 30 September 2011                                                         
                                Unaudited   Unaudited  Audited                  
                                6 months    6 months   12 months                
Rm                               30/9/2011   30/9/2010  31/3/2011               
Share-based payment reserve        100         88         96                    
Foreign currency translation       108        (65)       (89)                   
reserve                                                                         
Cash flow hedge                  -            (8)         1                     
Net discount arising on          3           3          3                       
acquisition of shares of                                                        
subsidiaries                                                                    
                                  211         18         11                     
Notes                                                                           
ACCOUNTING POLICIES                                                             
The unaudited consolidated condensed interim financial statements for the six   
months ended 30 September 2011 were prepared in accordance with International   
Financial Reporting Standards (IFRS), IAS 34 Interim Financial Reporting, the AC
500 standards as issued by the Accounting Practices Board and in compliance with
the Listings Requirements of the JSE Limited. The unaudited consolidated        
condensed interim financial statements do not include all of the information for
full annual financial statements.                                               
The principal policies used in the preparation of the results for the six months
ended 30 September 2011 are consistent with those applied in the annual         
financial statements for the year ended 31 March 2011.                          
During the year the following accounting pronouncements became effective:       
Amended IFRS 1 First-time Adoption of International Reporting, Amended IFRS 7   
Financial Instruments:  Disclosures, Amended IAS 1 Presentation of Financial    
Statements, Revised IAS 24 Related Party Disclosures  and Amended IAS 34 Interim
Financial Reporting. These pronouncements had no material impact on the         
accounting of transactions or the disclosure thereof.                           
The accounting standards, amendments to issued accounting standards and         
interpretations, which are not yet effective at                                 
30 September 2011, have not been early adopted by the Group. The Group is       
currently evaluating the impact of these pronouncements.                        
The unaudited consolidated condensed interim financial statements and           
information for the six months ended 30 September 2011 has not been reviewed or 
reported on by the Group`s auditors, PricewaterhouseCoopers. Any reference to   
future financial performance included in this announcement, has also not been   
reviewed or reported on by the Group`s auditors.                                
Additional information                                                          
for the six months ended 30 September 2011                                      
                                Unaudited   Unaudited  Audited                  
                                6 months    6 months   12 months                
Rm                               30/9/2011   30/9/2010  31/3/2011               
Interim dividend declared per    100         -          -                       
share (cents) in respect of                                                     
current year                                                                    
Weighted average number of        66 322      48 336     58 316                 
shares in issue (`000)                                                          
Weighted average number of        66 464      48 456     58 427                 
diluted shares in issue (`000)                                                  
Number of shares in issue         66 340      66 278     66 307                 
(`000)                                                                          
Commentary                                                                      
Introduction                                                                    
Omnia is a diversified, specialist chemical services provider with business     
interests balanced across chemical, mining and agricultural markets. The Group`s
model, which leverages its intellectual capital and technology, differentiates  
it from commodity chemical companies.                                           
The Group`s three business divisions (chemical, mining and agriculture) continue
to provide value-add customised solutions built on a continually expanding      
knowledge base. Omnia`s business model places it at the forefront of the        
chemical services industry and involves uniquely matching customer needs to     
product innovation and application expertise to add extraordinary value to its  
customers` businesses.                                                          
Market conditions                                                               
The macro environment for this period was positive for our Mining and           
Agriculture divisions and difficult for our Chemical division. Improved         
commodity prices and increased demand, benefited the Mining and Agriculture     
divisions. Difficult conditions persisted in the Chemical division as volumes   
declined further on the back of a continued reduction in the output of the South
African manufacturing sector. The rand continued to strengthen against the US   
dollar, negatively impacting all our divisions` selling prices and margins. The 
average rand:US dollar exchange rate for the period was 6,98, 6% stronger than  
the average of 7,39 for the prior period. The weakening of the rand in September
occurred too late to impact the operating results of this period.               
Financial review                                                                
Group revenue rose 16% to R4 952 million (2010: R4 268 million) on the back of  
volume and international commodity price increases, partially offset by rand    
strength, in the Mining and Agriculture divisions.                              
Gross profit increased 19% to R1 037 million (2010: R874 million) and improved  
to 20,9% of revenue (2010: 20,5%).                                              
Other operating income increased by 60% from R35 million to R56 million mainly  
due to receipt of supplier volume rebates.                                      
Administrative and distribution expenses increased by 19% to R704 million (2010:
R592 million) primarily due to higher volumes in the Mining and Agriculture     
divisions and investment in infrastructure in the Mining division in            
anticipation of increased activity especially in West Africa. The year on year  
comparison of the individual components of administrative and distribution      
expenses are not strictly comparable as certain expenses classified as          
administrative expenses in the prior period have been classified as distribution
expenses in this period in order to better align expense management and         
reporting with management responsibilities.                                     
Other operating expenses of R38 million (2010: R24 million) comprises foreign   
exchange losses on normal trading activities of R24 million (2010: R10 million) 
and amortisation of intangible assets of R14 million (2010: R14 million).       
Operating profit increased by 20% to R351 million (2010: R293 million) and the  
operating margin improved to 7,1% (2010: 6,9%).                                 
Finance costs of R36 million comprises interest paid of R36 million (2010: R55  
million) and foreign exchange loss on conversion of foreign bank balances of    
R129 000 (2010: R4 million). Interest paid reduced from R55 million to R36      
million due to a reduction in debt following receipt of the net proceeds of R971
million from the rights offer that was received on 14 September 2010, lower     
overall cost of debt due to lower interest rates, offset by an additional cost  
of funding higher level of working capital as a result of higher unit costs     
resulting from increased international commodity prices.                        
Earnings per share increased by 2% to 346,8 cents per share based on a weighted 
average 66,32 million shares in issue, a 37% increase over the prior period. The
increase in the weighted average number of shares in issue arose from the rights
issue that was concluded on 14 September 2010 to raise capital for the          
construction of the new Nitric Acid Complex which is expected to be commissioned
in the first quarter of 2012. The increase in EPS is commendable because the    
benefits of the Nitric Acid Complex have not yet commenced whereas the number of
shares issued to raise requisite capital have been taken into account in the    
calculation of EPS.                                                             
Total assets increased by 23% from R6 309 million to R7 773 million due         
primarily to capital expenditure on the new Nitric Acid Complex and higher      
levels of working capital. Property, plant and equipment increased by R562      
million to R2 277 million mainly as a result of R379 million spent on the new   
Nitric Acid Complex.                                                            
Inventory increased 30% from R1 913 million to R2 489 million due to higher unit
costs as a result of higher international commodity prices and a degree of      
stocking up in the Agriculture division in anticipation of an improved summer   
sales season. Trade and other receivables increased 25% from R1 865 million to  
R2 329 million due to a high level of sales towards the end  of this period.    
Cash flow utilised by operating activities was R619 million compared to R1 174  
million utilised in the previous year due to improved cash flow attributable to 
working capital and cash generated through operating profits. Cash outflow from 
investing activities of R370 million (2010: R478 million) is due primarily to   
capital expenditure of R225 million on the Nitric Acid Complex.  After taking   
into account the cash outflow from finance activities of R1 million (2010: R928 
million inflow - to which the rights offer contributed R971 million), there was 
a net cash outflow of R990 million (2010: R724 million).                        
Traditionally Omnia`s borrowings peak in September / October ahead of the       
agriculture summer planting season. The period ended with a strong balance sheet
with net debt of R1 306 million (2010: R1 084 million) and a debt:equity ratio  
of 35% (2010: 35% - immediately after proceeds of rights issue received). Of the
R971 million equity raised to partially finance  the Nitric Acid Complex, R846  
million has been spent to date on the Nitric Acid Complex and the balance of    
R125 million has been utilised to reduce short-term debt.                       
Divisional review                                                               
Chemicals                                                                       
Protea Chemicals, operating throughout southern and eastern Africa, is a well-  
established manufacturer and distributor of speciality, functional and effect   
chemicals and polymers, with a major presence in every sector of the broader    
chemical distribution market. It is rated as the 13th largest chemical          
distribution company in a global survey by the respected industry journal, ICIS 
Chemical Business.                                                              
Revenue reduced by 3% to R1 693 million (2010: R1 748 million) as a volume      
decline of 6% was offset by a small improvement of 3% in selling prices as      
international chemical price increases were able to offset the effects of rand  
strength.  The rand gross profit and the gross profit percentage improved       
marginally year on year, and with overheads reduced below the previous periods  
level due to cost reduction measures undertaken, operating profit improved 78%  
to R57 million (2010: R32 million). The operating margin improved to 3,4% (2010:
1,8%), a noteworthy improvement towards the target.                             
Mining                                                                          
The Mining division offers a broad range of services to the mining industry     
through BME and Protea Mining Chemicals. BME, operating throughout Africa, is a 
market leader in blended bulk explosives formulations for the open cast mining  
industry, produces electronic delay detonators and shocktube initiation systems 
and manufactures packaged explosives for underground mining and specialised     
surface blasting operations. The company adds value to its products through its 
world-class blasting consultancy service using its unique in-house developed    
BlastMapTrade Mark software solution, which offers customers support and advice 
from industry experts and highly qualified mining engineers. Protea Mining      
Chemicals, operating in southern Africa, offers value added services to         
complement its wide range of chemical products. These include offerings such as 
Protea ProcessTrade Mark, a comprehensive service that covers the handling,     
logistics and on site formulation of chemicals for its customers.               
Revenue increased 27% to R1 378 million (2010: R1 081 million) on the back of   
volume growth and a rise in commodity prices. The operating profit increase of  
9% to R187 million (2010: R172 million) was negatively impacted by the megamite 
plant being out of commission and overheads increasing at a higher rate than the
increase in revenue resulting in the operating margin reducing from 15,9% to    
13,6%.                                                                          
As previously reported, there was an explosion incident at the megamite plant in
March this year which resulted in the megamite plant being out of commission    
until August whilst parts of the plant were rebuilt. The megamite plant became  
fully operational in September. This negatively affected BME in that alternative
product had to be sourced to supply customers, often at a gross loss and some   
revenue was lost due to the non-availability of product. The estimated loss to  
BME for the period is approximately R18 million and is the subject of an        
insurance claim being processed with insurers. The insurance proceeds for this  
loss of profits together with the asset damage claim will be accounted for when 
settlement is reached with insurers.                                            
BME`s overhead costs increased at a higher rate than the increase in turnover on
the back of investment in infrastructure to support anticipated higher levels of
activity especially in West Africa.                                             
Demand for AXXISTrade Mark, the new generation of electronic detonators,        
continues to increase as the product has been well received by the market.      
Protea Mining Chemicals achieved higher volumes and selling prices resulting in 
an increase in operating profit. Anticipated growth continues to be affected by 
delays in a number of customers` expansion projects, especially those in the    
uranium industry.                                                               
Agriculture                                                                     
Omnia`s Agriculture division, the market leader in southern Africa, comprises   
Omnia Fertilizer and Omnia Specialities. The division produces granular, liquid 
and speciality fertilizers for a broad customer base of farmers, co-operatives  
and wholesalers throughout southern and east Africa, Australasia and Brazil.    
Omnia Specialities exports its product to over 30 countries in Africa, Europe,  
South America and Asia.                                                         
Revenue increased 31% to R1 881 million (2010: R1 439 million) on the back of   
higher commodity prices and higher volumes. Operating profit increased by 20% to
R107 million (2010: R89 million) due to a degree of margin compression largely  
caused by additional input cost attributable to the purchase of more expensive  
nitrogen materials, as internal nitric acid production capacity was increasingly
utilised to supply BME`s volume growth. This margin compression will reverse on 
start-up of the new Nitric Acid Complex.                                        
Construction of the new Nitric Acid Complex is proceeding according to plan and 
within budget, for commissioning, in record time, in the first quarter of 2012. 
The R1,4 billion (excluding capitalised interest) Complex comprises a nitric    
acid, ammonium nitrate and PGAN plant, and associated ammonia Logistics         
Infrastructure. The new nitric acid plant production capacity is 40% higher than
the current fully utilised nitric acid plant. The new Nitric Acid Complex will  
significantly improve the Group`s future operating margins.                     
The complaint of collusion against Omnia Fertilizer referred by the Competition 
Commission to the Competition Tribunal was dismissed by the Competition Appeal  
Court in 2010. The Competition Commission has filed an application with the     
Competition Appeal Court for leave to appeal to the Supreme Court of Appeal     
against the judgement of the Competition Appeal Court and has also filed an     
application directly with the Constitutional Court to appeal this judgement in  
the process seeking to obtain clarity on the powers and duties of the           
Competition Commission viz the Competition Act. The application for the matter  
to be heard by the Constitutional Court has been set down for 24 November 2011. 
Prospects                                                                       
The macro environment for the second half is promising and the weaker rand will 
positively impact all our divisions although the weakening has come too late to 
have a significant impact on the Agriculture division as most customer orders   
had been placed before September.                                               
The Chemical division is expecting to maintain the improved operating profit    
performance in the second half of the year even though volumes are not expected 
to show any meaningful increase. The Mining division is expected to continue to 
benefit from the buoyant global demand for mining commodities and the           
recommissioned megamite plant. The Agriculture division anticipates favourable  
conditions as maize plantings are expected to increase substantially given that 
the maize surplus inventory has been exported, grain prices are high and        
agronomic conditions are good. The recent sharp drop in global carbon credit    
(CER) prices will most likely result in negligible CER revenue for the year,    
despite having two years of CER`s available for sale.                           
The weighted average number of shares in issue for the full year will be in the 
order of 66,3 million shares, up 14% on the 2011 full year weighted average 58,3
million shares in issue.                                                        
Dividends                                                                       
Shareholders were advised in the 2011 annual report that the Board would        
positively review the resumption of dividend payments for this year. In the     
light of the better than expected cash flow, the strong balance sheet and the   
good progress made on the new Nitric Acid Complex, the Board has declared an    
interim dividend of 100 cents per share in respect of shareholders recorded in  
the register on Friday, 20 January 2012. The last day to trade cum dividend will
be Friday, 13 January 2012. The shares will commence trading ex dividend on     
Monday, 16 January 2012 and the record date will be Friday, 20 January 2012.    
The payment date will be Monday, 23 January 2012. Share certificates may not be 
dematerialised or rematerialised between Monday, 16 January 2012 and Friday, 20 
January 2012, both dates inclusive.                                             
NJ Crosse       RB Humphris                 NKH Fitz-Gibbon                     
Chairman        Group Managing Director     Group Finance Director              
Bryanston                                                                       
22 November 2011                                                                
The preparation of the Group`s condensed consolidated unaudited interim results 
was supervised by NKH Fitz-Gibbon, B Com, CA(SA).                               
Directors: RC Bowen (British), FD Butler, NJ Crosse (Chairman), NKH Fitz-Gibbon*
(Finance Director), R Havenstein, HH Hickey,                                    
RB Humphris* (Managing Director), Prof SS Loubser, Dr WT Marais, HP Marais      
(alternate), SW Mncwango, D Naidoo                                              
*Executive Directors                                                            
Registered office: 1st Floor, Omnia House, 13 Sloane Street,                    
Epsom Downs, Bryanston, Sandton. PO Box 69888, Bryanston 2021  Telephone: (011) 
709 8888                                                                        
Transfer secretaries: Link Market Services South Africa (Pty) Ltd, 13th Floor,  
Rennies House, 19 Ameshoff Street, Braamfontein                                 
Sponsor: One Capital, 17 Fricker Road, Illovo 2196                              
www.omnia.co.za                                                                 
Date: 22/11/2011 07:05:35 Supplied by www.sharenet.co.za                     
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Market Statistics are calculated by Sharenet and are therefore not the official JSE Market Statistics. The calculation/derivation may include underlying JSE data.