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Omn - Omnia Holdings Limited - Audited Results For The Year Ended 31 March

Release Date: 26/06/2012 07:05:03      Code(s): OMN
OMN - Omnia Holdings Limited - Audited results for the year ended 31 March      
2012                                                                            
OMNIA HOLDINGS LIMITED                                                          
(Incorporated in the Republic of South Africa)                                  
Registration number 1967/003680/06                                              
JSE code OMN                                                                    
ISIN ZAE000005153                                                               
("Omnia" or "the Group")                                                        
www.omnia.co.za                                                                 
Growth catalyst for the balance of life                                         
Audited results for the year ended 31 March 2012                                
HIGHLIGHTS                                                                      
- Profit for the year up 39% to a record high R629 million                      
- Operating margin up from 7,3% to 8,1%                                         
- EPS up 24% to 949,6 cents per share on 14% more average shares in issue       
- Total dividend for the year 280 cents                                         
- Debt: equity ratio at 19% after capex on new nitric acid complex              
- New nitric acid complex commissioned on time and within budget                
Condensed consolidated income statement                                         
for the year ended 31 March 2012                                                
                                           Audited           Audited            
Rm                                          2012       %      2011              
Continuing operations                                                           
Revenue                                      10 945     17     9 368            
Cost of sales                               (8 552)     16    (7 403)           
Gross profit                                 2 393      22     1 965            
Other operating income                        70        (18)    85              
Administrative expenses                     (591)       11    (532)             
Distribution expenses                       (928)       17    (790)             
Other operating expenses                    (59)              (41)              
Operating profit                              885       29      687             
Finance expenses                            (80)        (34)  (122)             
Finance income                                36        (8)     39              
Share of loss of associate                  (5)               (2)               
Profit before taxation                        836       39      602             
Income tax expense                          (207)             (151)             
Profit for the year                           629       39      451             
Attributable to:                                                                
Owners of Omnia Holdings Limited              630               448             
Non-controlling interest                    (1)                 3               
                                           629                 451              
Earnings per share from profit attributable                                     
to owners of Omnia Holdings Limited                                             
Basic earnings per share (cents)             949,6      24     768,2            
Diluted earnings per share (cents)           948,3      24     766,8            
Condensed consolidated statement of comprehensive income                        
for the year ended 31 March 2012                                                
Audited   Audited              
Rm                                                2012      2011                
Profit for the year                                 629       451               
Other comprehensive income, net of tax                                          
Currency translation differences                  114       (67)                
Cash flow hedge                                   (1)         9                 
Total comprehensive income for the year             742       393               
Attributable to:                                                                
Owners of Omnia Holdings Limited                    743       390               
Non-controlling interest                          (1)         3                 
                                                   742       393                
Condensed consolidated balance sheet                                            
as at 31 March 2012                                                             
                                            Audited          Audited            
Rm                                           2012      %      2011              
ASSETS                                                                          
Non-current assets                            3 293     29     2 561            
Property, plant and equipment                 2 705     40     1 938            
Intangible assets                              522     -        523             
Available-for-sale financial assets            18       13      16              
Investments in associates                      42       (46)   78               
Deferred income tax assets                     6       -       6                
Current assets                                4 226     13     3 743            
Inventories                                  2 079      40     1 488            
Trade and other receivables                  1 943      13     1 722            
Cash and cash equivalents                      204             533              
Total assets                                  7 519            6 304            
Equity and liabilities                                                          
Equity attributable to owners of Omnia        4 027     21     3 338            
Holdings Limited                                                                
Stated capital                                1 289    -       1 289            
Treasury shares                              (15)             (19)              
Other reserves                                 133              11              
Retained earnings                             2 620     27     2 057            
Non-controlling interest in equity           1                 1                
Total equity                                  4 028     21     3 339            
Liabilities                                                                     
Non-current liabilities                        470      14      411             
Deferred income tax liabilities              257        98      130             
Debt                                         213        (24)    281             
Current liabilities                           3 021     18     2 554            
Trade and other payables                     2 224      14     1 953            
Debt                                         131        (75)    523             
Current income tax liabilities               29                 7               
Bank overdrafts                              637                71              
Total liabilities                             3 491            2 965            
Total equity and liabilities                  7 519            6 304            
Net debt                                       777              342             
Net asset value per share (Rand)              60,63            50,35            
Capital expenditure                                                             
Depreciation                                   151              127             
Amortisation                                   29               28              
Incurred                                       993              801             
Authorised and committed                       187              322             
Authorised but not contracted for             322               604             
Condensed consolidated cash flow statement                                      
for the year ended 31 March 2012                                                
                                                 Audited    Audited             
Rm                                                2012       2011               
Operating profit                                    885        687              
Depreciation and amortisation                       180        155              
Adjustment for non-cash items                       13       (22)               
Cash generated from operations                     1 078       820              
Utilised by working capital                       (448)      (755)              
Interest paid                                     (79)       (119)              
Interest received                                   36         39               
Taxation paid                                     (58)       (94)               
Net cash inflow/(outflow) from operating            529      (109)              
activities                                                                      
Cash outflow from investing activities            (917)      (783)              
Cash (outflow)/inflow from financing activities   (524)        852              
Net decrease in cash                              (912)      (40)               
Net cash at beginning of year                       462        508              
Effects of exchange rate movements                  17       (6)                
Net (overdraft)/cash at end of year               (433)        462              
Condensed consolidated statement of changes in equity                           
Attributable to the owners of            
                                       Omnia Holdings Limited                   
                                                                                
                                       Stated     Treasury  Other               
Rm                                      capital    shares    reserves           
At 31 March 2010                          318      (8)         54               
Recognised income and expense                                                   
Profit for the year ended 31 March                                              
2011                                                                            
Cash flow hedge                                                9                
Currency translation difference                              (67)               
Transactions with shareholders                                                  
Ordinary shares issued                    971                                   
Treasury shares purchased                          (12)                         
Treasury shares sold                                 1                          
Share-based payment - value of                                 15               
services provided                                                               
At 31 March 2011                         1 289     (19)        11               
Recognised income and expenses                                                  
Profit for the year ended 31 March                                              
2012                                                                            
Currency translation difference                                114              
Cash flow hedge                                              (1)                
Transactions with shareholders                                                  
Ordinary dividends paid                                                         
Treasury shares purchased                            4                          
Share-based payment - value of                                 9                
services provided                                                               
Transfer from non-controlling interest                                          
At 31 March 2012                         1 289     (15)        133              
Condensed consolidated statement of changes in equity (continued)               
                                      Attributable to the owners of             
Omnia Holdings Limited                    
                                                    Non-con-                    
                                      Retained      trolling                    
Rm                                     earnings      interest  Total            
At 31 March 2010                        1 609        (2)        1 971           
Recognised income and expense                                                   
Profit for the year ended 31 March       448           3         451            
2011                                                                            
Cash flow hedge                                                  9              
Currency translation difference                                (67)             
Transactions with shareholders                                                  
Ordinary shares issued                                           971            
Treasury shares purchased                                      (12)             
Treasury shares sold                                             1              
Share-based payment - value of                                   15             
services provided                                                               
At 31 March 2011                        2 057          1        3 339           
Recognised income and expenses                                                  
Profit for the year ended 31 March       630         (1)         629            
2012                                                                            
Currency translation difference                                  114            
Cash flow hedge                                                (1)              
Transactions with shareholders                                                  
Ordinary dividends paid                (66)                    (66)             
Treasury shares purchased                                        4              
Share-based payment - value of                                   9              
services provided                                                               
Transfer from non-controlling interest (1)           1         -                
At 31 March 2012                        2 620        1          4 028           
Reconciliation of headline earnings                                             
for the year ended 31 March 2012                                                
                                                    Audited  Audited            
Rm                                                   2012     2011              
Profit for the year attributable to owners of Omnia  630        448             
Holdings Limited                                                                
Adjusted for loss/(profit) on disposal of fixed      3         (4)              
assets                                                                          
Adjusted for insurance proceeds for replacement of   (5)      -                 
property, plant and equipment                                                   
Adjusted for profit on disposal of investment        (2)      -                 
Adjusted for impairment of property, plant and       10       -                 
equipment                                                                       
Adjusted for impairment of intangible assets         -          3               
Headline earnings                                    636        447             
Headline earnings per share                                                     
Headline earnings are 958,6 cents per share (2011:                              
766,5 cents per share)                                                          
Diluted headline earnings are 957,3 cents per share                             
(2011:  765,1 cents per share)                                                  
Segmental analysis                                                              
for the year ended 31 March 2012                                                
                                            Audited         Audited             
Rm                                           2012     %      2011               
Revenue, net of intersegmental sales          10 945   17     9 368             
Mining                                        3 051    46     2 092             
Agriculture                                   4 476    22     3 680             
Chemicals                                     3 418    (5)    3 596             
Operating profit                               885     29      687              
Mining                                         476     53      311              
Agriculture                                    323     4       312              
Chemicals                                      86      34      64               
Other reserves                                                                  
as at 31 March 2012                                                             
                                                    Audited  Audited            
Rm                                                   2012     2011              
Reserves comprise:                                                              
Share-based payment reserve                           105      96               
Foreign currency translation reserve                  25       (89)             
Cash flow hedge                                      -         1                
Net discount arising on acquisition of shares of      3        3                
subsidiaries                                                                    
                                                    133        11               
Notes                                                                           
ACCOUNTING POLICIES                                                             
The condensed consolidated financial statements for the year ended 31 March     
2012 were prepared in accordance with International Financial Reporting         
Standards (IFRS), IAS 34 - Interim Financial Reporting and in compliance with   
the Listings Requirements of the JSE Limited.   The condensed consolidated      
financial statements do not include all of the information required by IFRS     
for full annual financial statements.                                           
The principal policies used in the preparation of the results for the year      
ended 31 March 2012 are consistent with those applied for the year ended 31     
March 2011.                                                                     
The accounting standards, amendments to issued accounting standards and         
interpretations, which are not yet effective at 31 March 2012, have not been    
early adopted by the Group.                                                     
DIVIDENDS                                                                       
An interim dividend of 100 cents was declared on 22 November 2011 in respect    
of the current year. A final dividend of 180 cents per share was declared on    
21 June 2012 bringing the dividend for the year to 280cents per share.          
AUDIT OPINION                                                                   
The Group`s auditors, PricewaterhouseCoopers Inc., have issued their opinion    
on the Group`s financial statements for the year ended 31 March 2012.  The      
audit was conducted in accordance with International Standards on Auditing.     
They have issued an unmodified audit opinion.  These summarised financial       
statements have been derived from the Group financial statements and are        
consistent in all material respects with the Group financial statements.  A     
copy of their audit report is available for inspection at the Company`s         
registered office.  Any reference to future financial performance included in   
this announcement, has not been reviewed or reported on by the auditors.        
Additional information                                                          
for the year ended 31 March 2012                                                
                                                  Audited   Audited             
                                                  2012      2011                
Interim dividend declared per share (cents) in     100       -                  
respect of current year                                                         
Weighted average number of shares in issue (`000)   66 342    58 316            
Weighted average number of diluted shares in        66 433    58 427            
issue (`000)                                                                    
Number of shares in issue, excluding treasury       66 437    66 307            
shares (`000)                                                                   
Commentary                                                                      
INTRODUCTION                                                                    
Omnia has been in business for 58 years and is a diversified provider of        
specialised chemical products and services used in the mining, agricultural     
and chemical sectors. The Group differentiates itself from commodity chemical   
providers by adding value at every stage of the supply and service chain        
through technological innovation and by deploying our intellectual capital. We  
make our business model sustainable by targeted backward integration through    
installing technologically-advanced plants to manufacture core materials such   
as nitric acid and explosives emulsions. Besides securing sources of supply,    
this enables us to improve operational efficiencies throughout the product      
development and production chain.                                               
Omnia provides customised, knowledge-based solutions through our mining,        
agricultural and chemical divisions. The Group`s proven business model makes    
us a market leader in chemical services. We prosper through offering            
extraordinary value to our customers by tailoring our solutions to their        
business needs through product and service innovation and expert application    
of these.                                                                       
MACRO ENVIRONMENT                                                               
The macro environment for this year was exceptionally good for our Mining       
division, positive for our Agriculture division and difficult for our           
Chemicals division. Global economic performance was somewhat mixed, with good   
growth in emerging economies and a moderate recovery in the USA economy being   
offset by substantial turmoil in the Eurozone economies. The net impact was     
continued strong demand for mining commodities, while the mining and            
agricultural commodities experienced moderate price increases and minimal       
price increases were evident for chemical products. The rand was strong         
against the US dollar in the first half, which negatively impacted all our      
divisions` selling prices and margins. Rand weakening in the second half        
benefited our Mining division, but was too late in the season to fully benefit  
the Agriculture division, whereas the benefit to the Chemicals division was     
offset by the drop in international chemical prices. Despite low interest       
rates, economic activity levels in the South African manufacturing sector       
remained muted due, in part, to rand strength against the US dollar. This       
hindered our Chemicals division, as its primary customer base is drawn from     
the South African manufacturing sector.                                         
FINANCIAL REVIEW                                                                
Group revenue rose 16,8% to R10 945 million (2011: R9 368 million) on the back  
of volume and sales price increases in the Mining and Agriculture divisions.    
Gross profit increased 21,8% to R2 393 million (2011: R1 965 million) and       
improved to 21,9% of revenue (2011: 21,0%) due to improved gross margins in     
the Mining division being partially offset by reduced margins in the            
Agriculture division. The gross margin in the Chemicals division remained on a  
par with the prior year.                                                        
Other operating income of R70 million (2011: R85 million) included an           
insurance claim receipt of R22 million (2011: R44 million).                     
Administration overheads increased by 11,1% to R591 million (2011: R532         
million). Included in administration expenses are share-based payment charges   
of R9 million (2011: R15 million) and higher provisions for incentive bonuses.  
Taking these into account, administration costs were well controlled.           
Distribution overheads increased by 17,4% to R928 million (2011: R790           
million), primarily due to higher volumes in the Mining and Agriculture         
divisions. Other operating expenses comprise foreign exchange loss of R30       
million (2011: R30 million) and amortisation of intangible assets of R29        
million (2011: R11 million).                                                    
Operating profit increased 28,8% to R885 million (2011: R687 million), on the   
back of the improved operating margins of our Mining and Chemicals divisions,   
offset by a reduction in the operating margin of the Agriculture division. The  
Mining division improved its operating margin to 15,6% (2011: 14,9%) as a       
result of an improved gross margin and operating leverage. The Agriculture      
division operating margin declined to 7,2% (2011: 8,5%), due to margin          
compression caused by increased use of more expensive purchased nitrates,       
increased competitor activity in South Africa and significantly lower margins   
in our Zambia operation. Overhead costs were tightly controlled. Although the   
Chemicals division improved its operating margin to 2,5% (2011: 1,8%) due to    
vigorous cost control, its operating margin fell somewhat short of the          
targeted 4,5% to 5,5%.                                                          
Finance expenses of R80 million comprise net interest paid of R79 million       
(2011: R119 million) and foreign exchange losses on the conversion of foreign   
bank balances of R1 million (2011: R3 million). Net interest paid  reduced      
from R119 million to R79 million due to the continued benefit of the receipt    
of the net proceeds of R971 million from the rights offer received on 14        
September 2010, and the lower overall cost of debt due to repayment of the      
higher interest rate DMTN debt in November 2011. This was partially offset by   
higher average working capital requirements as a result of higher fertilizer    
commodity prices.                                                               
Income tax expense increased to R207 million (2011: R151 million), incurring    
an effective tax rate of 24,8% (2011: 25,0%). Income tax expense was reduced    
by R23 million due to the Sect12i tax allowance attributable to the new nitric  
acid complex.                                                                   
Total assets increased by 19,3% from R6 304 million to R7 519 million due to    
increased capex spend on the new nitric acid complex and higher inventory       
levels.                                                                         
Property, plant and equipment increased by R767 million to R2 705 million       
mainly as a result of R591 million spent on the new nitric acid complex.        
Included in property, plant and equipment is R1 212 million cumulative spend    
on the new complex, which includes capitalised interest of R89,4 million.       
Although the main plants in the nitric acid complex were commissioned in March  
2012, there are still a number of ancillary items around the logistics and      
downstream plants that are still in progress and the costs thereof will be      
incurred in FY2013.                                                             
Inventory increased by R591 million from R1 488 million to R2 079 million,      
primarily due to an increase of R355 million in the Agriculture division        
inventory, based on raised unit costs because of higher fertilizer commodity    
prices and early purchasing in anticipation of rising prices. Trade and other   
receivables increased only 12,8% from R1 722 million to R1 943 million on a     
16,8% rise in revenue, due mainly to the inclusion in the prior year of an      
earlier-than-normal advance payment of USD22,5 million made to a supplier that  
was not incurred this year.                                                     
Equity increased by 20,7% from R3 338 million to R4 027 million as a result of  
retained current-year earnings of R629 million and an increase of R114 million  
in foreign currency translation reserve due to the impact of the weaker rand:   
US dollar year end rate of 7,66 (2011: 6,75) on our US dollar-denominated       
equity, partially offset by the interim dividend payment of R66 million.        
Cash flow generated from operating activities was R529 million compared to      
cash utilised by operations of R109 million in the prior year, due to better    
cash generated through operating profits and lower investment in net working    
capital. In the prior year, cash outflow on working capital increased by R755   
million, due to higher inventory and receivables and lower payables. This       
year, cash outflow on working capital increased by R448 million as a result of  
R544 million increase in inventory, the reasons for which were explained        
earlier, R125 million increase in receivables, offset by an increase in         
payables of R221 million. Cash outflow from investing activities of R917        
million (2011: R783 million) is due primarily to capex on the nitric acid       
complex of R591 million. After taking into account the cash outflow from        
finance activities of R524 million (2011: Inflow R852 million), to which the    
repayment of the DMTN note contributed R405 million, there was a net cash       
outflow of R912 million (2011: R40 million).                                    
The year ended with a pleasingly strong balance sheet, net debt of R777         
million (2011: R342 million) and a net debt: equity ratio of 19,3% (2011:       
10,2%). Net debt in the prior year had been reduced by an amount of R350        
million from the equity raised in September 2010 that had not yet been          
expended on the nitric acid complex.  This position is particularly pleasing    
given the substantial expenditure on the new nitric acid complex and that the   
expected cash flow benefits from operating the complex will only start to flow  
from FY2013.                                                                    
DIVISIONAL REVIEW                                                               
Mining                                                                          
The Mining division services the mining industry through BME and Protea Mining  
Chemicals.                                                                      
BME operates throughout Africa with a strong presence in southern and West      
Africa. BME is a market leader in bulk emulsion and blended bulk explosives     
formulations for the opencast mining industry; produces electronic delay        
detonators and shocktube initiating systems; has its own range of boosters,     
and manufactures packaged explosives for underground mining and specialised     
surface blasting operations. BME adds value to its products through its world   
class blasting consultancy service, through which industry experts and          
experienced mining engineers advise and support customer operations,            
particularly in using its unique and proprietary AxxiSoftTrade Mark and         
BlastMapTrade Mark software solutions.                                          
In southern Africa, Protea Mining Chemicals offers value-added services to      
complement a wide range of chemical products. These include Protea              
ProcessTrade Mark, a comprehensive service that covers the handling, logistics  
and on site formulation of chemicals.                                           
Revenue increased 45,8% to R3 051 million (2011: R2 092 million) on the back    
of strong volume growth and higher sales prices. The South Africa and the West  
Africa operations demonstrated strong growth. Gross margins improved and        
operating leverage kicked in as a result of well controlled overhead costs,     
resulting in a 53,1% increase in operating profit to R476 million (2011: R311   
million) and the operating margin rising from 14,9% to 15,6%.                   
Agriculture                                                                     
The Agriculture division comprises Omnia Fertilizer and Omnia Specialities and  
is the market leader in southern Africa in its field. This 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.                                                         
The Agriculture division`s range of specialised products and services are       
coordinated through its pioneering NutriologyRegistered offering, which         
incorporates leading edge research and development of new products and          
services to assist customers to optimise crop yield and quality for maximised   
returns. The Omnia NutriologyRegistered brand is highly regarded in the         
regional market and its core concept of value-added service is being            
increasingly recognised.                                                        
Revenue increased 21,6% to R4 476 million (2011: R3 680 million) on the back    
of higher fertilizer commodity prices and higher volumes. Operating profit      
only grew by 3,5% to R323 million (2011: R312 million), due to margin           
compression caused by the increased use of more expensive purchased nitrates    
as  more own produced lower cost nitric acid was channeled to supply  BME`s     
increased requirements due to its volume growth, pricing pressure due to an     
increase in competitor activity in South Africa as other fertilizer suppliers   
tried to stabilize their businesses after the industry restructure in the       
previous year and significantly lower margins in our Zambia operation as a      
result of significant increase in competitor activity. Overhead costs were      
exceptionally well controlled.                                                  
Chemicals                                                                       
Protea Chemicals, active throughout southern and eastern Africa, is a well-     
established manufacturer and distributor of specialty, functional and effect    
chemicals and polymers, with a major presence in every sector of the broader    
chemical distribution market. It represents a large number of domestic and      
international principals, counting among its suppliers many of the world`s      
leading chemical producers. Protea Chemicals was recently rated the 13th        
largest chemical distribution company in a global survey by the respected       
industry journal, ICIS Chemical Business.                                       
Revenue reduced by 4,9% to R3 418 million (2011: R3 596 million), on the back   
of a volume decline of 5,5% partially offset by a small improvement in selling  
prices. Volumes in the Polymer distribution business declined 49% following     
the implementation of a strategy to focus on more quality and less risky        
business, while volumes in the remainder of the Chemical division increased by  
2,6%. As the gross margin percentage was on par with the previous year, the     
gross profit reduced in line with the revenue drop, while overheads were lower  
than the prior year due to cost-reduction measures, thus enabling operating     
profit to increase 34,4% to R86 million (2011: R64 million). The operating      
margin at 2,5% is an improvement on the prior years` 1,8%, but is well below    
the target of 4,5% to 5,5%.                                                     
PROSPECTS                                                                       
The macro environment for next year appears promising, but it will be strongly  
influenced by the direction of the global economy and the rand. Recent rand     
weakness will benefit the Group and its customers.  Interest rates are          
expected to remain at current levels for most of next year, while inflation is  
expected to be contained within the 6% limit set by the SARB.                   
Our Mining division anticipates further volume growth across the division`s     
entire product range. Our Agriculture division anticipates favourable           
conditions as agriculture product prices are expected to remain at high         
levels. This should support generous planting levels which, combined with       
rising international fertilizer commodity prices, bode well for next year. Our  
Chemicals division is expecting to improve its performance in the year ahead    
by a renewed focus on growing revenue through volume growth in South Africa,    
supported by efficiency improvements and tight cost management.                 
The benefits of the new nitric acid complex will contribute to earnings for     
the first time in FY2013.                                                       
DIVIDENDS                                                                       
The Group took the decision to proceed with the new nitric acid complex in      
early 2010 and subsequently raised R971 million of equity in September 2010.    
At the time of the equity raising, the Board indicated that the Group would     
not pay dividends in FY2011 and would expect to only resume dividends in        
FY2013 after the new nitric acid complex was commissioned.  In the light of     
the better than expected cash flow, the better earnings, the strong balance     
sheet and the commissioning of the new nitric acid complex on time and within   
budget, the Board is pleased to  resume dividend payments a year ahead of       
expectation.                                                                    
The Board has declared a final gross cash dividend of 180 cents per ordinary    
share payable out of income in respect of the year ended 31 March 2012, which,  
together with the interim dividend of 100 cents per share provides              
shareholders with a total dividend this year of 280 cents per share. The total  
STC credits utilised as part of this declaration amount to R121 million. The    
number of ordinary shares in issue at the date of this declaration is 67 249    
825 and consequently the STC credits utilised amount to 180 cents per share.    
The gross dividend is therefore not subject to local dividends tax. The         
resultant net dividend amount is 180 cents per share. The company`s tax         
reference number is 9400087715.                                                 
The salient dates for the final dividend are as follows:                        
Last day to trade cum dividend             Friday, 13 July 2012                 
Shares trade ex-dividend                   Monday, 16 July 2012                 
Record date                                Friday, 20 July 2012                 
Payment date                               Monday, 23 July 2012                 
Share certificates may not be dematerialised or materialised between Monday,    
16 July 2012 and Friday, 20 July 2012, both dates inclusive.                    
NJ Crosse        RB Humphris                    NKH Fitz-Gibbon                 
Chairman         Group managing director        Group finance director          
Bryanston21 June 2012                                                           
The preparation of the Group`s condensed consolidated audited 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                              
Date: 26/06/2012 07:05:02 Supplied by www.sharenet.co.za                     
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information disseminated through SENS.                                          



                                        
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