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Wsl - Wescoal Holdings Limited - Reviewed Condensed Consolidated Results For

Release Date: 20/06/2012 07:05:02      Code(s): WSL
WSL - Wescoal Holdings Limited - Reviewed condensed consolidated results for    
the year ended 31 March 2012                                                    
Wescoal Holdings Limited                                                        
(Incorporated in the Republic of South Africa)                                  
(Registration number 2005/006913/06)                                            
(JSE code: WSL ISIN: ZAE000069639)                                              
("Wescoal" or "the Group")                                                      
SALIENT FEATURES - CONTINUING OPERATIONS                                        
Revenue up  13,1% to R 630,8 million                                            
EBITDA - R 45 million ( 2011: - R 6,2 million)                                  
Operating profit - R 26 million ( 2011: - R 21,4 million)                       
HEPS - 11.4 cents ( 2011: - 8.1 cents)                                          
Cash reserves - R 20m                                                           
REVIEWED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR ENDED 31 MARCH 2012        
The results for the year ended 31 March 2012, with comparative audited          
results for the year ended 31 March 2011                                        
are presented.                                                                  
Condensed consolidated statement of comprehensive income                        
                                          Reviewed      Restated                
results for   audited                 
                                          the year      results for             
                                          ended          the year               
                                          31 March      ended                   
2012           31 March               
                                                        2011                    
                                          R`000                                 
                                                        R`000                   

                                                                                
Continuing operations                                                           
Revenue                                    630 752       557 614                
Gross profit                               81 440        28 390                 
Other operating income                     2 693         644                    
Operating costs                            (38 903)      (35 232)               
Earnings /(Loss) before interest, tax      45 230        (6 198)                
depreciation and amortization                                                   
Depreciation                               (11 413)      (5 420)                
Amortisation                               (7 858)       (9 744)                
Earnings/(Loss) before interest, tax and   25 959        (21 362)               
other costs                                                                     
Profit on sale of assets                   (171)         90                     
Impairment of assets                       -             (4 776)                
Investment income                          168           175                    
Finance costs                              (4 464)       (3 296)                
Profit/ (Loss) before taxation             21 492        (29 169)               
Taxation                                   (3 873)       12 150                 
Profit/ (Loss) for the year from           17 619        (17 019)               
continuing operations                                                           
                                                                                
Discontinued operations                                                         
                                          -             (26 714)                
Operating loss from discontinued           2 983         -                      
operations                                                                      
Profit on sale of fixed assets                                                  
                                                                                
Profit/(Loss) for the year                 20 602        (43 733)               
Attributable to:                                                                
                                                                                
Owners of the parent                       20 602        (43 589)               
Non-controlling interest                   -             (     144)             
Profit for the year                        20 602        (43 733)               
                                                                                
Headline earnings reconciliation:                                               
Net profit for the year                    20 602        (43 733)               
Less: Profit on sale of assets             (2 655)       (    501)              
Plus: Impairment of assets                 -             4 776                  
Plus: Minority interest                    -             144                    
Headline earnings for the year             17 947        (39 314)               
                                                                                
                                          17 947        (12 190)                
Continuing operations - Profit/(Loss)                                           
Discontinued operations - (Loss)           -             (27 124)               
Headline earnings for the year             17 947        (39 314)               
                                                                                
Ordinary shares in issue (000`s)                                                
-Total at year end                         157 931       157 931                
-Weighted average shares in issue          157 931       150 271                
                                          158 247       151 931                 
-Fully diluted weighted average shares in                                       
issue (Note 1)                                                                  
                                                                                
Basic earnings per ordinary share                                               
(cents):                                                                        
Profit/(Loss) from continuing operations   11.2          (11.3)                 
Profit/(Loss) from discontinued            1.9           (17.8)                 
operations                                                                      
Profit/(Loss) attributable to ordinary     13.1                                 
Owners                                                   (29.1)                 
                                                                                
                                                                                
Fully diluted basic earnings per                                                
ordinary share (cents):                                                         
Profit/(Loss) from continuing operations   11.1          (11.3)                 
Profit/(Loss) from discontinued            1.9           (17.8)                 
operations                                                                      
Profit/(Loss) attributable to ordinary     13.0                                 
Owners                                                                          
                                                        (29.1)                  
                                                                                
Headline earnings per ordinary share                                            
(cents):                                                                        
Profit/(Loss) from continuing operations   11.4          (8.1)                  
Profit/(Loss) from discontinued            -             (18.1)                 
operations                                                                      
Profit/(Loss) attributable to ordinary     11.4          (26.2)                 
Owners                                                                          
                                                                                
Fully diluted headline earnings per                                             
ordinary share (cents):                                                         
                                          11.4          (8.0)                   
Profit/(Loss) from continuing operations                                        
Profit/(Loss) from discontinued            -             (17.9)                 
operations                                                                      
Profit/(Loss) attributable to ordinary                   (25.9)                 
Owners                                     11.4                                 

Note:                                                                           
(1)  Fully diluted earnings per share information s reflected shows the         
    potential effect of dilution for 8.87 million                               
options held in terms of the share incentive trust by the directors and     
    employees of the Wescoal Holdings                                           
    group.                                                                      
                                Reviewed      Restated   Restated               
results for  audited    audited                
                                the year      results    results for            
                                ended         for        the year               
                                31 March       the year  ended                  
2012          ended      31 March               
                                               31 March  2010                   
                                R`000         2011                              
                                                         R`000                  
R`000                             
ASSETS                                                    `                     
                                                                                
                                                                                

Non-current assets               135 124       150 290    136 146               
                                                                                
Property, plant and              55 685        67 510                           
Equipment                                                 57 033                
Investment property              709           709        709                   
Investments                      1 210         -          -                     
Goodwill                         49 737        49 737     54 513                
Intangible assets                18 801        16 871     19 743                
Deferred taxation                8 982         15 463     4 148                 
                                                                                
Non-current assets held for      -             2 079      3 058                 
sale                                                                            
                                146 453       121 602    116 454                
Current assets                                                                  
                                                                                
Inventories and work in          13 157        13 032     37 449                
progress                                                                        
Trade and other receivables      113 133       77 230     67 624                
Cash and cash equivalents        20 163        31 340     11 381                

Total assets                     281 577       273 971    255 658               
                                                                                
EQUITY AND LIABILITIES                                                          
157 062       136 460    166 453                
Total Shareholders` funds                                                       
                                                                                
Share capital                    158           158        146                   
Share premium                    136 934       136 934    123 704               
Retained earnings                19 343        (1 259)    43831                 
Employee share option reserve    803           803        305                   
                                (176)         (176)      (1533)                 
Non-controlling interest                                                        
                                17 656        28 243     17.825                 
Non-current liabilities                                                         
                                                                                
Installment sale agreement       8 183         18 550     8 106                 
Interest bearing loans           548           683        -                     
Rehabilitation provision         8 793         8 911      8 393                 
Deferred tax                     132           99         1 326                 
106 859       109 268    71.380                 
Current liabilities                                                             
                                                                                
Trade and other payables         96 206        96 720     66 869                
Bank overdraft                   250           17         -                     
Current portion of installment   10 403        12 531     4 511                 
sale agreements and bank loans                                                  
                                                                                
Total equity and liabilities     281 577       273 971    255 658               
                                                                                
Net asset value per share        99.45         90.81      114.06                
(cents)                                                                         
Tangible net asset value per     56.05         46.48      63.18                 
share                                                                           
(cents)                                                                         
                                                                                

Condensed consolidated statement of changes in equity                           
Attributable to owners of the parent                                            
                                    Employee Total     Non-        Total        
share    R`000     Controlling Equity       
         Share    Share   Retained  option             Interests                
         Capital  Premium Earnings  reserve                                     
         R`000    R`000   R`000     R`000                                       

Restated  146      123 704 43 831    305      167 988   (1 533)     166 453     
Balance                                                                         
at 1                                                                            
April                                                                           
2010                                                                            
Loss for  -        -       (43 589)  -        (43 589)  (144)       (43         
the                                                                 733))       
period                                                                          
Shares    21       21 921  -         -        21 942                21 942      
issued,                                                                         
including                                                                       
treasury                                                                        
shares                                                                          
Treasury  (9)      (8 373) -         -        (8 382)   -           (8 382)     
shares                                                                          
Capital   -        (318)   -         -        (318)     -           (318)       
raising                                                                         
costs                                                                           
Share-    -        -       -         498      498       -           498         
based                                                                           
payment                                                                         
reserve                                                                         
Change in -        -       (1 501)   -        (1 501)   1501        -           
ownership                                                                       
                                                                                
Restated  158      136 934 (1 259)   803      136 636   (176)       136 460     
Balance                                                                         
as at 31                                                                        
March                                                                           
2011                                                                            
Profit    -        -       20 602    -        20 602    -           20 602      
for the                                                                         
period                                                                          
                                                                                
Balance   158      136 934 19 343    803      157 238   (176)       157 062     
as at 31                                                                        
March                                                                           
2012                                                                            
                                         Reviewed       Restated                
results for   audited                 
                                         the year ended results for             
                                         31 March       the year                
                                         2012           ended 31                
R`000          March 2011              
                                                        R`000                   
                                                                                
Cash flow from operating activities:      5 612          12 234                 

                                                                                
Cash generated by operations              12 721         17 209                 
Interest paid                             (3 870)        (2 655)                
Income tax paid                           (3 239)        (2 320)                
                                                                                
Cash flows from investing activities      (4 367)        (24 682)               
                                                                                

Purchase of property, plant and           (7 655)        (29 123)               
equipment                                                                       
Capitalised exploration costs             (4 658)        ( 1 247)               
Proceeds from the sale of property,                                             
plant                                     8 998          5 513                  
and equipment                             (1 220)        -                      
Increase in restricted investments        168            175                    
Interest received                                                               
                                                                                
                                                                                
Cash flows from financing activities      (12 655)       32 390                 

Loans raised                              -              906                    
Loans repaid                              (169)          (23)                   
Installment sale agreements repaid        (12 486)       18 266                 
Proceeds from shares issued, net of       -              13 241                 
share issue expenses                                                            
                                                                                
Net increase/in cash and cash             (11 410)       19 942                 
equivalents                                                                     
Cash and cash equivalents at beginning    31 323         11 381                 
of period                                                                       
                                                                                
Cash and Cash equivalents at end          19 913         31 323                 
of period                                                                       
                                                                                
Operations, market and financial review                                         
Operations and market review                                                    
The group produced a solid set of results for the financial year ending March   
2012, which reinforces the clear turnaround from the loss position in March     
2011.                                                                           
The mining division achieved revenues of R291-million and EBITDA of R47,2-      
million from a total of 1,52 million tons of coal while the trading division    
revenues grew by 13,2% generating EBITDA of R7,0-million.  Overall the Group    
increased its revenue by 13,1% to R630,8 million with EBITDA increasing from    
a loss of  R6,2 million to a profit of R45,3 million.                           
Discounting the non-recurring write off of R29,3 million in the year to March   
2011, the group increased EBITDA by R22,1 million (96%) an extremely positive   
result. Management is confident of strong growth going forward and is focused   
on maximizing profitability of the divisions.                                   
Mining division                                                                 
The goal for the Mining division to focus on supplying Eskom with quality       
product and to dispose of all other associated operations is continuing to      
prove to be a valid strategy.                                                   
While revenues in the division are down by 7,5% due to the disposals, when      
excluding the non-recurring write off R29,3 million, EBITDA has increased by    
73%. In addition to the ongoing rehabilitation program, R7,7 million was        
spent in the period November 2011 to March 2012 to accelerate the               
rehabilitation of  two mined out areas at Khanyisa.                             
Deliveries to Eskom continue unabated however negotiations are at an advanced   
stage to secure a three year contract to include the Vlakvarkfontein            
resource.                                                                       
Executive management at Wescoal Mining (Pty) Ltd. has been strengthened by      
the appointment of an executive director for group development and a project    
manager to focus on development and the various prospects outlined below and    
to separate the operational management from group development and projects.     
Trading division                                                                
The division delivered positive results with revenue up by 13,2% and EBITDA     
at R7,0 million, an increase of 67% on the results to March 2011.               
Transnet Freight Rail (TFR) railings to Richards Bay Coal Terminal (RBCT) for   
the calendar year to April 2012 totaled 23,8 million tons, an annualized rate   
of 71,5 million tons. The increase on the 2011 calendar year of 5,8 million     
tons is primarily being taken from domestic coal supply resulting in            
shortages of sized coal for the domestic market.                                
Despite export prices decreasing to as low as $82, the railings continue and    
domestic prices have increased with demand remaining strong. Management is of   
the opinion that the trading environment will show significant improvement in   
the next financial year.                                                        
Financial overview                                                              
The current year financial results reflect the final sale of the                
Blesboklaagte beneficiation plant in the discontinued results of the group.     
An after tax profit of R 2.9 million was made on the sale of the plant and      
substantial rehabilitation work was done on the Witbank site and recouped       
from the proceeds of the sale. Management is comfortable that this business     
venture has now been concluded successfully but will monitor the sub-lessee     
activities until the end of the lease period.                                   
Continuing operations within the group which includes coal mining, processing   
and trading reflected a healthy growth in revenue of R 73.1 million up 13.1%    
from the comparative financial period. It is notable that the half year         
revenue only reflected an R 2.8 million (0.8%) increase in revenue and          
substantial improvement in revenue was experienced towards the latter part of   
the financial year. During the month of March the Group experienced an          
increase in revenue of R 30 million compared to the previous financial year.    
This is specifically disclosed because of the trend in revenue improvement      
but more to substantiate the high levels of trade and other receivables and     
the decline in cash generated from operations.                                  
Market conditions in the trading environment continued to improve with          
revenue ending on R 359 million which is R 42 million (13.2%) up on the         
previous reporting period.                                                      
Mining activities at Khanyisa were stabilised towards the end of the previous   
financial year and this division managed to generate revenues of R 291          
million. This is however 7.5% lower than the previous financial year but        
generated an EBITDA of R 47 million compared to a loss of R 2 million last      
year.                                                                           
Operating costs increased by 10.45% to R 38.9 million mainly due to             
inflationary factors, expansion in the mining division and legal,               
professional and consulting fees incurred in the Sutha dispute. All of these    
costs have been expensed and the group is involved in a legal process to        
recover the punitive cost orders.                                               
Group EBIDTA ended on R 45 million compared to a loss of R 6 million. This      
improvement was driven by cost savings in the mining division, lower cost per   
stripping ratio achievements and increased selling prices in the trading        
environment.                                                                    
Headline earnings per share is 11.4 cents compared to a loss of 25.9 cents in   
the comparative period. The current financial period also carried an            
additional  6 million (4.2%) fully diluted weighted average shares in issue     
due to a shares for cash issue done in the previous financial year.             
The debt to equity levels remain low at 12% compared to 23% in the previous     
financial year and significantly below industry norms. The group is committed   
to balance the level of debt to other funding alternatives and continuously     
monitors the cost effects thereof. The group reduced debt to the value of       
R 13 million during the reporting period.                                       
Cash and cash equivalents reduced by R 11 million to R 20 million but it must   
be noted that trade receivables increased by R 36 million without a             
corresponding increase in trade payables. Instead, trade payables remained      
constant year on year. The above scenario is a feature of increased sales       
towards the latter part of the financial year mentioned earlier and a trend     
in the trading environment where upfront payment for coal supply is required.   
Cash flow was further impacted by R 7.7 million spent on mine rehabilitation    
(referred to earlier).                                                          
The issues mentioned in cash and cash equivalents have had a negative impact    
on cash generated from operations but will have a positive free cash impact     
on the cash flow for the group going into the new financial year. The group     
invested a further R 5 million  into the improvement of the resource            
statement of it`s existing reserves and this investment will unlock value in    
the next financial year.                                                        
Legal matters                                                                   
Management has dealt with numerous legal issues during the financial year and   
with the exception of some costs orders awarded to Wescoal, the board           
considers these matters as closed and behind us.                                
Prospects                                                                       
It is expected that the trading division will continue to experience strong     
demand and with the large producers` focus on export, restricted supply will    
continue.                                                                       
The mining division will continue at maximum production and with                
Vlakvarkfontein coming on stream later in the year, increased profitability     
is forecast going forward.                                                      
Overall management expects strong growth in both divisions for the year         
ending March 2013 with the Vlakvarkfontein resource contributing                
substantially from there on.                                                    
Wescoal is very aware that the major assets the company has are resources,      
people and intellectual capital which it will continue to hone into producing   
greater shareholder value.                                                      
Resource statement.                                                             
Management remains focused on increasing the sustainability of the group by     
utilizing current coal resources and the acquisition of additional coal         
assets. The current status of the coal resources is:                            
-    Portion 16 of the farm Vlakvarkfontein 213 IR - an indicated resource of   
    1,8 million tons and an inferred resource of 238,000 tons of Eskom grade    
    coal. A Mining Right application was submitted to the Department of         
    Mineral Resources during December 2010 and is expected to be granted        
shortly. Mining is expected to commence in the latter half of 2012 with     
    the first coal available by February 2013.                                  
-    Portion 12 of the farm Vlakvarkfontein 213 IR - an inferred resource of    
    1.9 million tons of high-grade thermal coal. A Mining Right application     
was submitted to the Department of Mineral Resources during December        
    2010 and is ongoing. Further prospecting work is being undertaken.          
-    The farm Vlaklaagte (excluding various mineral areas) situated in the      
    district of Witbank with an inferred resource of 29,5 million tons. A       
Mining Right application was submitted to the Department of Mineral         
    Resources during June 2011.                                                 
-    The farm Silverbank 611 IR, excluding portions 1, 10, 12 and 14 district   
    of Standerton - a prospecting area of 3,925 hectares with an inferred       
resource of 24.5 million tons of Eskom and thermal coal. A Mining Right     
    application was submitted to the Department of Mineral Resources during     
    August 2011 and is ongoing. Further prospecting work is being               
    undertaken.                                                                 
-    The farm Verblyden 387 IS, excluding portions 18 and 35, district of       
    Standerton - a prospecting area of 2,266 hectares with an inferred          
    resource of 37 million tons of Eskom and thermal coal. A Mining Right       
    application was submitted to the Department of Mineral Resources during     
August 2011 and is ongoing.                                                 
-    Portions 8, 9 & 10 of the farm Mooiplaats 165 IS - sufficient              
    information available to indicate the presence of coal but insufficient     
    for any additional comment. An application for the renewal of the           
Prospecting Right has been submitted to the Department of Mineral           
    Resources.                                                                  
-    Portions 1, 3, 4, 6, 14, 23, 30-36, 38, 40 and 62 of the farm              
    Elandspruit 291 JS district of Middleburg - a prospecting area of 2 946     
hectares with an inferred resource of 5.1 million tons of high grade        
    thermal coal. An application for the renewal of the Prospecting Right       
    has been submitted to the Department of Mineral Resources.                  
Restatement                                                                     
A restatement of the financial results for the year ended 31 March 2011 was     
presented together with the half year results for the period ended 30           
September 2011.                                                                 
Environmental rehabilitation provisions recorded under IAS 37, provisions,      
contingent liabilities and contingent assets, were previously recorded          
directly in the income statement. In accordance with IAS 16, property, plant    
and equipment and the environmental rehabilitation provision are now raised     
as an asset and a full liability.                                               
The impact of the restatement is as follows:                                    
                       Restated                 Restated                        
                       audited results for the  audited results for the         
                       year ended               year ended                      
31 March 2011            31 March 2010                   
                       R`000                    R`000                           
Condensed consolidated                                                          
Statement of financial                                                          
position                                                                        
Property, plant and                                                             
equipment                                                                       
Previously reported     62 140                   49 557                         
Restated                67 510                   57 033                         
                                                                                
Retained income                                                                 
Previously reported     (1 086)                  44 033                         
Restated                (1 259)                  43 831                         
                                                                                
Rehabilitation                                                                  
provision                                                                       
Previously reported     (3 368)                  (716)                          
Restated                (8 911)                  (8 393)                        
                                                                                
Deferred tax                                                                    
Previously reported     15 470                   2 822                          
Restated                15 463                   2 822                          
Condensed consolidated                                                          
Statement of                                                                    
comprehensive                                                                   
income                                                                          
Gross profit                                                                    
Previously reported     25 731                   58 511                         
Restated                28 390                   59 227                         
                                                                                
Depreciation                                                                    
Previously reported     (3 438)                  (1 946)                        
Restated                (5 420)                  (2 657)                        
                                                                                
Finance costs                                                                   
Previously reported     (2 655)                  (795)                          
Restated                (3 296)                  (1 001)                        
                                                                                
Profit/(Loss) before                                                            
tax                                                                             
Previously reported     (29 205)                 28 948                         
Restated                (29 169)                 28 746                         
                                                                                
Tax                                                                             
Previously reported     12 158                   2 936                          
Restated                12 150                   2 936                          
Segment analysis                                                                
The analysis below, details the contribution of the main divisions within the   
group:                                                                          
             R`000                                                              
             31 March 2012                                                      
Statement of  Trading        Mining         Other          Total                
comprehensive                                                                   
income                                                                          
Total segment 359 267        290 827        27 314         677 408              
revenue                                                                         
Inter-segment 2 576          17 042         27 038         46 656               
revenue                                                                         
External      356 691        273 785        276            630 752              
revenues                                                                        
EBITDA        6 932          47 248         (8 950)        45 230               
             R`000                                                              
             31 March 2011                                                      
Statement of  Trading        Mining         Other          Total                
Comprehensive                                                                   
income                                                                          
Total segment 317 358        314 367        6 686          638 411              
revenue                                                                         
Inter-segment 3 645          71 498         5 654          80 797               
revenue                                                                         
External      313 713        242 869        1 032          557 614              
revenues                                                                        
EBITDA        4 165          (2 088)        (8 275)        (6 198)              
Black Economic Empowerment                                                      
Waterberg Portion Property (Pty) Limited("WPP"). Headed by Mr Robinson          
Ramaite and other BEE shareholders hold 34.9% of the issued share capital of    
Wescoal. WPP is a BEE company in the minerals and energy space.                 
Subsequent events                                                               
No material subsequent events occurred the period 31 March 2012 and the date    
of the publication of this condensed consolidated annual financial              
information.                                                                    
Dividends                                                                       
No dividend has been declared. The Board reviews the dividend policy on an      
ongoing basis and use new projects, possible acquisitions and the group`s       
financial position as as indicators in this decision making process.            
Basis of preparation                                                            
The condensed consolidated preliminary financial information for the year       
ended 31 March 2012 has been prepared in accordance with International          
Accounting Standard (IAS) 34, `Interim financial reporting`. The condensed      
consolidated preliminary financial information should be read in conjunction    
with the restated annual financial statements for the year ended 31 March       
2011, which have been prepared in accordance with International Financial       
Reporting Standards (IFRS) and Interpretations, the AC 500 standards (as        
issued by the Accounting Practices Board or its successor), requirements of     
the South African Companies Act and regulations of the JSE Limited.             
Independent audit review                                                        
The preliminary financial statements have been reviewed by the company`s        
independent auditors, PricewaterhouseCoopers Inc Their unmodified review        
opinion is available for inspection at the company`s registered office.         
Directorate                                                                     
There were no changes to the Board during the period under review.              
By order of the Board                                                           
20 June 2012                                                                    
M.R. Ramaite                       A.R. Boje                                    
Chairman                           Chief Executive Officer                      
CORPORATE INFORMATION                                                           
Non-Executive directors:      MR Ramaite                                        
                             JG Pansegrouw                                      
DMT van Gaalen                                     
                                                                                
                                                                                
Executive directors:          AR Boje                                           
P Janse van Rensburg                               
                             W Khumalo                                          
                                                                                
Registration number:          2005/006913/06                                    
Registered address:           228 Voortrekker Street                            
                             Krugersdorp                                        
                             1740                                               
Postal address:               PO Box 133                                        
Krugersdorp                                        
                             1740                                               
Company secretary:            JW Walters & Associates                           
Telephone:                    011 - 954 2721                                    
Facsimile:                    011 - 954 6737                                    
Transfer secretaries:         Computershare Investor Services (Pty) Limited     
Sponsor:                      Exchange Sponsors (2008) (Pty) Limited            
Date: 20/06/2012 07:05:01 Supplied by www.sharenet.co.za                     
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