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Omnia Holdings Limited - Audited Results For The Year Ended 31 March 2013

Release Date: 25/06/2013 07:05:00      Code(s): OMN     
OMNIA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1967/003680/06
JSE code OMN
ISIN ZAE000005153 
(Omnia or the Group)
AUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2013

Highlights
- Profit for the year up 40% to a record high R880 million
- Operating margin up from 8,1% to 9,1%
- EPS up 40% to 1 332 cents per share
- Total dividend for the year up 50% to 420 cents per share
- Debt:equity ratio improves to 11,6%  
  
  
  Summary consolidated income statement                                                                              
  for the year ended 31 March 2013                                                                                   
                                                                   Audited                 Audited   
  Rm                                                                  2013         %          2012   
  Revenue                                                           13 543        24        10 945   
  Cost of sales                                                    (10 453)       22        (8 552)  
  Gross profit                                                       3 090        29         2 393   
  Other operating income                                                69        (1)           70   
  Administrative expenses                                             (744)       26          (591)  
  Distribution expenses                                             (1 154)       24          (928)  
  Other operating expenses                                             (27)                    (59)  
  Operating profit                                                   1 234        39           885   
  Finance expenses                                                    (119)       49           (80)  
  Finance income                                                        35        (3)           36   
  Share of loss of associate                                            (2)                     (5)  
  Profit before taxation                                             1 148        37           836   
  Income tax expense                                                  (268)       29          (207)  
  Profit for the year                                                  880        40           629   
  Attributable to:                                                                                   
  Owners of Omnia Holdings Limited                                     883                     630   
  Non-controlling interest                                              (3)                     (1)  
                                                                       880                     629   
  Earnings per share from profit attributable to owners of                               
  Omnia Holdings Limited                                                                 
  Basic earnings per share (cents)                                 1 332,1        40         949,6   
  Diluted earnings per share (cents)                               1 250,4        32         948,3   


  Summary consolidated statement of comprehensive income                                                                                               
  for the year ended 31 March 2013                                    
                                                    Audited        Audited   
  Rm                                                   2013           2012   
  Profit for the year                                   880            629   
  Other comprehensive income, net of tax                                     
  Currency translation differences                      248            114   
  Cash flow hedge                                         -             (1)  
  Total comprehensive income for the year             1 128            742   
  Attributable to:                                                           
  Owners of Omnia Holdings Limited                    1 131            743   
  Non-controlling interest                               (3)            (1)  
                                                      1 128            742   


  Summary consolidated cash flow statement                                           
  for the year ended 31 March 2013                                                   
                                                                   Audited          Audited   
  Rm                                                                  2013             2012   
  Operating profit                                                   1 234              885   
  Depreciation and amortisation                                        272              180   
  Adjustment for non-cash items                                         32               13   
  Cash generated from operations                                     1 538            1 078   
  Utilised by working capital                                         (176)            (448)  
  Interest paid                                                       (119)             (79)  
  Interest received                                                     35               36   
  Taxation paid                                                       (207)             (58)  
  Net cash inflow from operating activities                          1 071              529   
  Cash outflow from investing activities                              (653)            (917)  
  Cash outflow from financing activities                              (315)            (524)  
  Net increase/(decrease) in cash and cash equivalents                 103             (912)  
  Net cash and cash equivalents at beginning of the year              (433)             462   
  Exchange rate movements on cash and cash equivalents                   -               17   
  Net cash and cash equivalents at end of the year                    (330)            (433) 


  Summary consolidated balance sheet               
  as at 31 March 2013                                                                             
                                                                   Audited                    Audited   
  Rm                                                                  2013           %           2012   
  ASSETS                                                                                                
  Non-current assets                                                 3 700          12          3 293   
  Property, plant and equipment                                      3 099          15          2 705   
  Intangible assets                                                    516          (1)           522   
  Available-for-sale financial assets                                   21          17             18   
  Investment in associate                                               61          45             42   
  Deferred income tax assets                                             3         (50)             6   
  Current assets                                                     5 354          27          4 226   
  Inventories                                                        2 914          40          2 079   
  Trade and other receivables                                        2 170          12          1 943   
  Cash and cash equivalents                                            270          32            204   
  Total assets                                                       9 054                      7 519   
  Equity                                                                                                
  Equity attributable to owners of Omnia Holdings Limited            4 954          23          4 027   
  Stated capital                                                     1 289                      1 289   
  Treasury shares                                                       (9)                       (15)  
  Other reserves                                                       389                        133   
  Retained earnings                                                  3 285          25          2 620   
  Non-controlling interest in equity                                    (2)                         1   
  Total equity                                                       4 952          23          4 028   
  Liabilities                                                                                           
  Non-current liabilities                                              406         (14)           470   
  Deferred income tax liabilities                                      293          14            257   
  Debt                                                                 113         (47)           213   
  Current liabilities                                                3 696          22          3 021   
  Trade and other payables                                           2 907          31          2 224   
  Debt                                                                 130                        131   
  Income tax liabilities                                                59         103             29   
  Bank overdrafts                                                      600          (6)           637   
  Total liabilities                                                  4 102                      3 491   
  Total equity and liabilities                                       9 054                      7 519   
  Net debt                                                             573                        777   
  Net asset value per share (Rand)                                   74,41                      60,63   
  Capital expenditure                                                                                   
  Depreciation                                                         242                        151   
  Amortisation                                                          30                         29   
  Incurred                                                             646                        993   
  Authorised and committed                                             234                        322   
  Authorised but not contracted for                                     53                        187


  Summary consolidated statement of changes in equity                                                                                
  for the year ended 31 March 2013                                                                                                
                                                                       Attributable to the owners of                                                                     
                                                                         Omnia Holdings Limited                                                                     
                                                                                                            Non-con-                   
                                                       Stated      Treasury         Other      Retained     trolling                   
  Rm                                                  capital        shares      reserves      earnings     interest       Total       
  At 31 March 2011                                      1 289           (19)           11         2 057            1       3 339       
  Recognised income and expenses                                                                                                       
  Profit for the year ended 31 March 2012                                                           630           (1)        629       
  Cash flow hedge                                                                      (1)                                    (1)      
  Currency translation difference                                                     114                                    114       
  Transactions with shareholders                                                                                                       
  Ordinary dividends paid                                                                           (66)                     (66)      
  Treasury shares sold                                                    4                                                    4       
  Share-based payment- value of services provided                                       9                                      9       
  Transfer from non-controlling interest                                                             (1)           1           -       
  At 31 March 2012                                      1 289           (15)          133         2 620            1       4 028       
  Recognised income and expenses                                                                                                       
  Profit for the year ended 31 March 2013                                                           883           (3)        880       
  Currency translation difference                                                     248                                    248       
  Transactions with shareholders                                                                                                       
  Ordinary dividends paid                                                                          (220)                    (220)      
  Treasury shares purchased                                               8                                                    8       
  Share-based payment- value of services provided                                       8                                      8       
  Share appreciation rights exercised                                    (2)                          2                        -       
  At 31 March 2013                                      1 289            (9)          389         3 285           (2)      4 952  
  
  
  Reconciliation of headline earnings                                                                                                                                                             for the year ended 31 March 2013                                                                           
                                                                    Audited        Audited   
  Rm                                                                   2013           2012   
  Profit for the year attributable to owners of 
  Omnia Holdings Limited                                                883            630   
  Adjusted for (profit)/loss on disposal of fixed assets                 (1)             3   
  Adjusted for insurance proceeds for replacement of 
  property, plant and equipment                                           -             (5)  
  Adjusted for profit on disposal of investment                           -             (2)  
  Adjusted for impairment of property, plant and equipment                -             10   
  Headline earnings                                                     882            636   
  Headline earnings per share                                                                
  Headline earnings per share (cents)                               1 330,6          958,6   
  Diluted headline earnings per share (cents)                       1 249,0          957,3 
  
  
  Summary segmental analysis                                                                                                                      
  for the year ended 31 March 2013                                        
                                             Audited                  Audited   
  Rm                                            2013          %          2012   
  Revenue, net of intersegmental sales        13 543         24        10 945   
  Mining                                       4 379         44         3 051   
  Agriculture                                  5 399         21         4 476   
  Chemicals                                    3 765         10         3 418   
  Operating profit                             1 234         39           885   
  Mining                                         735         54           476   
  Agriculture                                    443         37           323   
  Chemicals                                       56        (35)           86   


  Other reserves                                                                                                                                                                        
  as at 31 March 2013                                                                       
                                                                   Audited        Audited   
  Rm                                                                  2013           2012   
  Reserves comprise of:                                                                     
  Share-based payment reserve                                          113            105   
  Foreign currency translation reserve                                 273             25   
  Net discount arising on acquisition of shares of subsidiaries          3              3   
                                                                       389            133
  
NOTES
ACCOUNTING POLICIES  
The summary consolidated financial statements for the year ended 31 March 2013 were prepared in accordance with the
requirements of the JSE Limited Listings Requirements for provisional reports and the requirements of the Companies 
Act applicable to summary financial statements.  The Listings Requirements require provisional reports to be prepared
in accordance with the framework concepts, the measurement and recognition requirements of International Financial 
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and 
Financial Reporting Pronouncements (FRPs) as issued by the Financial Reporting Standards Council (FRSC)and must also 
contain the information required by IAS 34 Interim Financial Reporting.  The accounting policies applied in the 
preparation of the consolidated financial statements from which the summary consolidated financial statements were
derived are in terms of IFRS and are consistent with the accounting policies applied in the preparation of the previous
consolidated annual financial statements.  The summary consolidated financial statements do not include all of the 
information required by IFRS for full annual financial statements.
The accounting standards, amendments to issued accounting standards and interpretations, which are not yet effective
at 31 March 2013, have not been early adopted by the Group.
DIVIDENDS
An interim dividend of 150 cents was declared on 22 November 2012 in respect of the current year. 
A final dividend of 270 cents per share was declared on 20 June 2013 bringing the dividend for the year to 420 cents
per share.
AUDIT OPINION
The Groups auditors, PricewaterhouseCoopers Inc., have  issued their opinion on the Groups financial statements for
the year ended 31 March 2013.  The audit was conducted in accordance with International Standards on Auditing.  They
have issued an unmodified audit opinion on the Group's financial statements. These summarised financial statements have 
been derived from the Group financial statements and are consistent in all material respects with the Group financial 
statements. PricewaterhouseCoopers Inc. have also issued an unmodified audit opinion on these summarised financial 
statements. Copies of these audit reports are available for inspection at the Companys registered office.  The auditors 
report does not necessarily cover all of the information contained in this announcement.  Shareholders are therefore 
advised that in order to obtain a full understanding of the nature of the auditors work they should obtain a copy of that 
report together with the accompanying financial information from the registered office of the company.
Any reference to future financial performance included in this announcement, has not been reviewed or reported on by the
Group's independent auditors.


  Additional information                                                                                                                                                                      
  for the year ended 31 March 2013                                                             
                                                                           Audited        Audited   
                                                                              2013           2012   
  Final dividend paid per share (cents) in respect of the prior year           180              -   
  Interim dividend paid per share (cents) in respect of current year           150            100   
  Weighted average number of shares in issue ('000)                         66 288         66 342   
  Weighted average number of diluted shares in issue ('000)                 70 615         66 433   
  Number of shares in issue ('000) (excluding treasury shares)              66 543         66 437    

  
COMMENTARY

Introduction 
Omnia is a diversified provider of specialised chemical products and services used in the mining,
agriculture and chemicals sectors. Omnia has been in business for 60 years and has its head office in Johannesburg, 
South Africa. The Groups operations extend into broader Africa, Australasia and Brazil. Omnia 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 strengthen our business model 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, Agriculture and Chemicals divisions. 
The Groups 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,
with the expert application of these.
 
Macro environment 
The macro environment for this year was exceptionally positive for our Mining division, good for our
Agriculture division and difficult for our Chemicals division. The global economy experienced a slow but gradual
recovery, with growth moderating in emerging economies, a small but directionally firm recovery in the USA economy and some
stabilisation- albeit at low activity levels- in the Eurozone economies. The net impact was continued strong demand for
mining and agricultural commodities, large fluctuations in mining commodity prices, relatively firm prices for
agricultural commodities and flat to reduced prices for chemical products. The rand was weaker against the US dollar 
especially in our second half which positively impacted our profit performance. Rand weakening occurred too late in the 
season to fully benefit the Agriculture division. Inflation increased but did not move materially outside the South African
Reserve Banks target inflation band. Interest rates remained at historical lows for the year. Despite low interest rates and
a weaker rand exchange rate, economic activity levels in the South African manufacturing sector remained muted which was not 
supportive of our Chemicals division, as its primary customer base is drawn from the South African manufacturing sector. 

Financial review
Group revenue rose 23,7% to R13 543 million (2012: R10 945 million) on the back of volume and sales
price increases in the Mining and Agriculture divisions.   
Gross profit increased 29,1% to R3 090 million (2012: R2 393 million) and improved to 22,8% of revenue (2012: 21,9%)
due to improved gross margins in the Mining and Agriculture divisions being partially offset by reduced margins in the
Chemicals division.  
Other operating income of R69 million (2012: R70 million) included an insurance claim receipt of R21 million (2012:
R22 million). The insurance claim proceeds in both years were for the incident that occurred in March 2011 at BMEs
Losberg megamite plant.   
Administration overheads increased by 25,9% to R744 million (2012: R591 million). Included in administration expenses
are share-based payment charges of R8,4 million (2012: R8,5 million), charges for long-term incentive schemes being
Share Appreciation Rights, Partnership with Management 4 and Phantom Share Scheme of R64,8 million (2012: R4,9 million) as
well as higher provisions for annual short-term cash incentive bonuses for all levels of employees. Taking these higher
employee related costs into account, administration costs were well controlled. Distribution overheads increased by 24,4%
to R1 154 million (2012: R928 million), primarily due to higher volumes in the Mining and Agriculture divisions. Other
operating expenses comprise foreign exchange gain of R3 million (2012: R30 million loss) and amortisation of intangible
assets of R30 million (2012: R29 million).
Operating profit increased 39,4% to a new record high of R1 234 million (2012: R885 million), on the back of the
improved operating margins of our Mining and Agriculture divisions, offset by a reduction in the operating margin of the
Chemicals division. The Mining division improved its operating margin to 16,8% (2012: 15,6%) as a result of an improved
gross margin and operating leverage. The Agriculture divisions operating margin improved to 8,2% (2012: 7,2%) due to the
positive impact of the production of fertilizers and explosives products from the new nitric acid complex that replaced
more expensive purchased product, partially offset by the unfavourable ammonia to urea ratio which reduced margins.
Overhead costs were tightly controlled. The Chemicals divisions operating margin reduced to 1,5% (2012: 2,5%) due to a full
1,6% point reduction in the gross margin.  
Finance expenses increased to R119 million (2012: R80 million) due to higher levels of working capital, the cessation
of capitalisation of interest costs relating to the new nitric acid complex and which in FY2012 amounted to R51 million,
partially offset by the full year benefit of having repaid the DMTN R404 million high interest rate loan in November
2011.
Income tax expense increased to R268 million (2012: R207 million), incurring an effective tax rate of 23,3% (2012:
24,8%). Income tax expense was reduced by R14 million (2012: R23 million) due to the Sect12i tax allowance attributable to
the new nitric acid complex and the reversal of overprovisions in prior years of R21 million (2012: R7 million).     
Total assets increased by 20,4% from R7 519 million to R9 054 million due to higher inventory levels.
Property, plant and equipment increased by R394 million to R3 099 million. This was due to capex spend of R623 million
on new and replacement assets and the balance of costs for ancillary items around the logistics and downstream plants
connected to the new nitric acid complex; offset by depreciation of R242 million.      
Inventory increased by R835 million from R2 079 million to R2 914 million. The Agriculture divisions inventory
increased by R468 million because of higher ammonia inventory levels in the imported ammonia supply chain and higher unit
costs.  The Mining division inventory increased by R280 million because of higher inventory levels required to support BMEs
operations in more remote parts of Africa. 
Trade and other receivables increased only 11,7% from R1 943 million to R2 170 million on a 23,7% rise in revenue, due
to stringent management of receivables.
Equity increased by 23% from R4 027 million to R4 954 million as a result of retained current-year earnings of R880
million and an increase of R248 million in our foreign currency translation reserve due to the impact of the weaker rand:
US dollar year end rate of 9,23 (2012: 7,66) on our US dollar-denominated equity, partially offset by the dividend
payments of R220 million.
Cash flow generated from operating activities improved to R1 071 million (2012: R529 million) due to increased cash
generated from operations and lower investment in net working capital. In the prior year, cash outflow on working capital
increased by R448 million as a result of a R544 million increase in inventory and a R125 million increase in
receivables, offset by an increase in payables of R221 million.   This year, cash outflow on working capital increased by R176
million as a result of R712 million increase in inventory, the reasons for which were explained earlier, R81 million
increase in receivables, offset by an increase in payables of R617 million. Cash outflow from investing activities of R653
million (2012: R917 million) comprises mainly expansion capex of R535 million. After taking into account the cash outflow
from finance activities of R315 million (2012: R524 million) to which dividends paid contributed R220 million, there was a
net cash inflow of R103 million (2012: Outflow R912 million).
The year ended with a pleasingly strong balance sheet, net debt of R573 million (2012: R777 million) and a net
debt:equity ratio of 11,6% (2012: 19,3%). This position is particularly pleasing given the substantial expenditure on the new
nitric acid complex over the last three years.

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 AxxiSoft and BlastMap software solutions.
In southern Africa, Protea Mining Chemicals offers value-added services to complement a wide range of chemical
products. These include Protea Process, a comprehensive service that covers the handling, logistics and on site formulation of
chemicals.
Revenue increased 43,5% to R4 379 million (2012: R3 051 million) on the back of strong volume growth of 24% and an
average sales price increase of 20%. The South Africa, southern Africa and west Africa operations demonstrated strong
growth. Gross margins improved due to a higher ammonia price, differentiated supply offering and lowering the cost of raw
materials through backward integration in the supply chain. Operating leverage kicked in as a result of well controlled
overhead costs, resulting in a 54,4% increase in operating profit to R735 million (2012: R476 million) and the operating
margin rising from 15,6% to 16,8%. 
Net working capital increased to R796 million (2012: R540 million), due to higher volumes and the longer supply chain
process of our West Africa operations, which require higher levels of inventory. 
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 divisions range of specialised products and services are coordinated through its pioneering
Nutriology? 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 Nutriology? brand is highly regarded in the regional
market and its core concept of value-added service is being increasingly recognised. 
Omnia Fertilizer services the South African market through regional sales offices and a comprehensive network of
agents and representatives supported by qualified agronomists. The rest of southern Africa is supported from regional offices
located in Zambia, Zimbabwe, Angola, and more recently Mozambique, while other markets such as the Democratic Republic
of the Congo (DRC), Botswana, Namibia, Ethiopia and Kenya are serviced from South Africa. 
Omnia Specialities supplies a comprehensive range of water soluble and foliar products, trace elements and organic
soil conditioners to the South African market and through local offices in Australia, New Zealand and Brazil, while its
speciality products are also distributed to Europe, Asia and South America. 
Revenue increased 20,6% to R5 399 million (2012: R4 476 million) on the back of a 9% volume increase and an average
11% improvement in sales prices. The overall gross profit percentage improved due to lower cost own manufactured product
from the new nitric acid complex replacing more expensive purchased product, largely offset by the margin squeeze caused
by the unfavourable ammonia to urea ratio. With overheads being well controlled, operating profit increased by 37,2% to
R443 million (2012: R323 million) and the operating margin improved to 8,2% (2012: 7,2%).
Net working capital increased 16,2% to R959 million (2012: R825 million) due to increased levels of business and
higher unit costs.
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 worlds leading chemical producers. 
Revenue increased by 10,2% to R3 765 million (2012: R 3 418 million) due to higher unit selling prices. With gross
margin percentage reducing by a significant 1,6%, operating overheads being well controlled and much higher long-term
employee incentive scheme costs, the operating margin was reduced to 1,5% (against a target of 4,5%- 5,5%). 

Prospects 
The macro environment for next year appears promising and will be strongly influenced by the direction of
the rand. Interest rates are expected to remain at current levels while inflation is expected to move outside the 6% limit
set by the SARB, though probably only for a short period.  
Our Mining division anticipates further volume growth across its entire product range. Our Agriculture division
anticipates favourable sales volume conditions as plantings are expected to remain at high levels but less favourable margin
conditions as the ammonia to urea ratio is not expected to revert back to historical normal range in the next financial
year. Our Chemicals division anticipates improving its performance aided by a weaker rand and strategic cost reduction
initiatives being implemented. 
The Groups operating cash flow is likely to remain strong, but net cash flow will be impacted by the weakening of the
rand which- while positive for earnings- would necessitate an increase in working capital funding. Additional
investment in plant, infrastructure and storage capacity is required to support the growing volumes and geographical spread of
the Mining division and to further strengthen the security of the ammonia and ammonium nitrate supply chain.

Dividends 
The Board has declared a final gross cash dividend of 270 cents (2012: 180 cents) per ordinary share payable
out of income in respect of the year ended 31 March 2013, which, together with the interim dividend of 150 cents (2012:
100 cents) per share provides shareholders with a total dividend this year of 420 cents per share. The number of
ordinary shares in issue at the date of this declaration is 67 249 825.  As the company does not have any STC credits to
utilise, the gross dividend is subject to local dividends tax of 15% for those shareholders to which local dividends tax is
applicable. The resultant net dividend amount is 229,50 cents per share for those shareholders subject to local dividends
tax and 270 cents per share for those shareholders not subject to local dividends tax. The companys tax reference
number is 9400087715.
  
The salient dates for the final dividend are as follows:
Last day to trade cum dividend                         Friday, 12 July 2013
Shares trade ex-dividend                               Monday, 15 July 2013
Record date                                            Friday, 19 July 2013
Payment date                                           Monday, 22 July 2013 
Share certificates may not be dematerialised or materialised between Monday, 15 July 2013 and Friday, 19 July 2013,
both dates inclusive.
NJ Crosse                  RB Humphris                              NKH Fitz-Gibbon
Chairman                   Group managing director                  Group finance director
Bryanston
20 June 2013

The preparation of the Groups summary 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 (Pty) Ltd, 17 Fricker Road, Illovo 2196, 25 June 2013 

Date: 25/06/2013 07:05:00 Supplied by www.sharenet.co.za                     
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