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ACE - Accentuate Limited - Audited results for the year ended 30 June 2011
Accentuate Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2004/029691/06)
Share code: ACE
ISIN code: ZAE000115986
("Accentuate" or "the group")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2011
Highlights
* Strong cash generation in the continuing operations
* Gross margin increased to 54.5% by continuing operations
* Strong performance by FloorworX
* HEPS from continuing operations 8.32 cents per share
Consolidated Financial Statements for the year ended 30 June 2011
Consolidated statement of financial position
Audited Audited
30 June 2011 30 June 2010
R`000 R`000
Assets
Non-current assets
Property plant and equipment 48 348 37 153
Goodwill 34 928 96 290
Intangible assets 11 69 2 440
Deferred taxation 29 40 3 512
87 385 139 395
Current assets
Inventories 41 360 46 994
Other financial assets 368 368
Current tax receivables 2 647 3 013
Trade and other receivables 34 918 57 230
Cash and cash equivalents 15 729 1 170
Non-current assets held for sale 16 281 -
111 303 108 775
Total assets 198 688 248 170
Equity and liabilities
Equity
Equity attributable to
Equity holders of parent
Capital and reserves
Share capital 125 555 124 916
Reserves 23 924 10 557
Retained earnings (32 428) 43 984
Total equity 117 051 179 457
Non-current liabilities
Other financial liabilities 8 550 14 500
Finance lease obligations - 233
Deferred taxation 5 247 2 915
13 797 17 648
Current liabilities
Other financial liabilities 6 007 6 006
Finance lease obligations 269 433
Trade and other payables 31 999 37 304
Operating lease liability 794 1 040
Current tax payable 551 526
Bank overdraft 21 496 5 756
Liabilities that relate to
non-current assets held for sale 6 724 -
67 840 51 065
Total liabilities 81 637 68 713
Total equity and liabilities 198 688 248 170
Number of shares in issue 111 108 119 111 108 119
Net asset value per share (cents) 105 162
Tangible net asset value per share (cents) 73 73
Statement of comprehensive income
Audited Audited
30 June 2011 30 June 2010
R`000 R`000
Revenue 249 390 254 828
Cost of sales (113 556) (120 041)
Gross profit 135 834 134 787
Other income 415 1 048
Other operating expenses (114 351) (113 078)
Earnings before interest, tax,
depreciation and amortisation and impairments 21 898 22 757
Depreciation and amortisation (6 435) (6 482)
Impairments (70 836)
(Loss)/Profit before interest and taxation (55 373) 16 275
Finance costs (2 942) (4 068)
(Loss)/Profit before tax (58 315) 12 207
Income taxation expense (3 738) (2 626)
(Loss)/Profit for the period from
continuing operations (62 053) 9 581
(Loss)/Profit for the period from
discontinued operations (12 554) 2 662
(Loss)/Profit for the year (74 607) 12 243
Other comprehensive (loss)/income for
the year net of taxation 417 367
Total comprehensive (loss)/income for the period (74 190) 12 610
(Loss)/Profit attributable to:
Equity holders of the parent (74 190) 12 610
Minority interest - -
Total comprehensive (loss)/income for the year (74 190) 12 610
Reconciliation of headline earnings
Net (loss)/profit for the period (74 607) 12 243
Adjusted for profit on disposal of property
plant and equipment 111 73
Impairments 70 836 -
Headline (loss)/ Earnings attributable
to the equity holders of the parent (3 659) 12 170
Weighted average number of shares in issue 104 231 138 101 843 234
Earnings per share (cents)
(Loss)/earnings per share from continuing operations (59.53) 9.41
Headline earnings per share from continuing operations 8.32 9.34
(Loss)/Earnings per share from discontinued operations(12.04) 2.61
Headline (loss)/ Earnings per share
from discontinued operations (12.04) 2.61
(Loss)/earnings per share combined (71.58) 12.02
Diluted (loss)/ Earnings per share combined (71.58) 12.02
Headline (loss)/ Earnings per share combined (3.72) 11.95
Diluted headline(loss)/earnings per share combined (3.72) 11.95
Final dividend per share - 2
Consolidated statement of cash flows
Audited Audited
30 June 2011 30 June 2010
R`000 R`000
Cash flows from operating activities
Cash generated from operations 15 667 19 366
Investment income 163 29
Taxation paid (3 000) (1 434)
Finance costs (2 949) (4 069)
Cash flows from operating activities 9 881 13 892
Cash flows from investing activities
Proceeds on sale of property plant and equipment 384 1 486
Acquisition of property plant and equipment (2 834) (4 092)
Acquisition of intangible assets (173) (1 416)
Cash flows from investing activities (2 623) (4 022)
Cash flows from financing activities
Reduction of share capital or buy-back of shares - (159)
Repayment of other financial liabilities (6 002) (6 008)
Repayment of financial liabilities (228) (510)
Dividends paid (2 208) (2 210)
Cash flows from financing activities (8 438) (8 887)
Net (decrease) / increase in cash and
cash equivalents (1 180) 983
Cash and cash equivalents at the beginning of
the year (4 586) (5 569)
Cash and cash equivalents at the end of the year (5 766) (4 586)
Statement of changes in equity
Attributable to equity holders of the parent
Share Share Total Retained
capital premium reserves income
R`000 R`000 R`000 R`000
Balance at 1 July 2009 1 125 074 10 872 33 583
Total comprehensive
(loss)/income for the year (315) 12 610
Share premium expenses (4)
Purchase of own/treasury shares (155)
Dividends (2 222)
Changes in ownership interests 13
Balance at 30 June 2010 1 124 915 10 557 43 984
Total comprehensive
loss for the year (354) (74 190)
Revaluation of property, plant
and equipment 13 721
Share options exercised 639
Dividends (2 222)
Balance at 30 June 2011 1 125 554 23 924 (32 428)
Total Minority Total
R`000 interest equity
R`000 R`000
Balance at 1 July 2009 169 530 13 169 543
Total comprehensive (loss)/income
for the year 12 295 12 295
Share premium expenses (4) (4)
Purchase of own/treasury shares (155) (155)
Dividends (2 222) (2 222)
Changes in ownership interests 13 (13)
Balance at 30 June 2010 179 457 - 179 457
Total comprehensive loss for the year (74 544) (74 544)
Revaluation of property, plant and equipment 13 721 13 721
Share options exercised 639 639
Dividends (2 222) (2 222)
Balance at 30 June 2011 117 051 117 051
Segment report
Audited Audited
30 June 2011 30 June 2011
R`000 R`000
Infrastructure Supplies Environmental
Division Solutions Division
Flooring Glass - Environmental
discontinued Solutions
Revenue 185 286 27 318 66 262
Total segment revenue 185 286 - 66 262
Gross profit 91 553 4 587 39 132
Result
Segment result
(profit before interest and tax) 12 860 (12 361) 2 058
Finance costs (637) - (1 203)
Segment operating result 12 223 (12 361) 855
Income tax
Loss from discontinued operations
Loss from ordinary activities
Other information
Capital expenditure 1 625 319
Depreciation and amortisation (3 300) (1 482)
Impairments
Balance sheet
Assets
Segment assets 126 234 16 281 23 372
Goodwill
Consolidated
total assets 126 234 16 281 23 372
Segment liabilities 32 697 6 724 16 600
Consolidated total liabilities 32 697 6 724 16 600
Audited Audited
30 June 2011 30 June 2011
R`000 R`000
Corporate Total
and
eliminations
Revenue (29 476) 249 390
Total segment revenue (29 476) 249 390
Gross profit 562 135 834
Result
Segment result (profit before interest and tax) (57 930) (55 373)
Finance costs (1 102) (2 942)
Segment operating result (59 032) (58 315)
Income tax (3 738)
Loss from discontinued operations (12 554)
Loss from ordinary activities (74 607)
Other information
Capital expenditure 127 2 071
Depreciation and amortisation (1 635) (6 435)
Impairments (70 836) (70 836)
Balance sheet
Assets
Segment assets
Goodwill 34 928 34 928
Consolidated total assets 32 801 198 688
Segment liabilities
Consolidated total liabilities 25 616 81 637
Audited Audited
30 June 2010 30 June 2010
R`000 R`000
Infrastructure Supplies Environmental
Division Solutions Division
Flooring Glass - Environmental
discontinued Solutions
Revenue 191 056 50 668 59 217
Total segment revenue 191 056 50 668 59 217
Gross profit 91 383 24 405 39 291
Result
Segment result
(profit before interest and tax) (12 493) 3 375 3 254
Finance costs (1 099) - (1 579)
Segment operating result 11 394 3 375 1 675
Income tax
Loss from discontinued operations
Loss from ordinary activities
Other information
Capital expenditure 2 217 941 870
Depreciation and amortisation (2 851) (648) (1 150)
Balance sheet
Assets
Segment assets 101 939 33 836 24 625
Goodwill
Consolidated total assets 101 939 33 836 24 625
Segment liabilities 30 121 13 104 17 505
Consolidated total liabilities 30 121 13 104 17 505
Audited Audited
30 June 2010 30 June 2010
R`000 R`000
Corporate Total
and
eliminations
Revenue (46 113) 254 828
Total segment revenue (4 420) 254 828
Gross profit (20 292) 134 787
Result
Segment result
(profit before interest and tax) (2 847) 16 275
Finance costs (1 390) (4 068)
Segment operating result (4 237) 12 207
Income tax (2 626)
Loss from discontinued operations 2 662
Loss from ordinary activities 12 243
Other information
Capital expenditure - 4 028
Depreciation and amortisation (1 833) (5 186)
Balance sheet
Assets
Segment assets (8 520) 151 880
Goodwill 96 290 96 290
Consolidated total assets 87 770 248 170
Segment liabilities 7 983 68 713
Consolidated total liabilities 7 983 68 713
INTRODUCTION
Accentuate is engaged in the manufacture and distribution of infrastructural
supplies and maintenance solutions including flooring, glass and aluminium,
chemical cleaning and related products and services. The group reports
segmentally across two divisions: Infrastructure Supplies Division and
Environmental Solutions Division.
The performance of the Flooring and Chemical Divisions has been consistent and
acceptable from the listing of the company in November 2006 to date. The
acquisition of the Glass and Aluminium division was concluded in 2008 with
management believing that this acquisition would enhance market presence in the
construction industry and on the understanding that it would be earnings
enhancing to shareholders. It has however become evident that the CGA has not
delivered on either of these strategic imperatives. In addition, the business
has required a disproportionate amount of management time and resources which
finally led to the decision to dispose of this asset and to concentrate on the
exceptional businesses that were originally brought to the market and to
leverage off these in order to deliver the necessary shareholder value.
The performance of CGA has been strongly impacted by macro-economic factors as
evidenced by many of our peers but this has been further impacted due to the
fact that the Board is of the opinion that the warranties presented in terms of
the acquisition have not been fulfilled by the Vendors. To this end the
necessary legal process has been embarked on in an attempt to recover the lost
value.
The consistent performance of both the flooring and chemical divisions allow
Accentuate to concentrate on expanding these operations both through organic
growth as well as identified strategic acquisitions.
THE OPERATING ENVIRONMENT
These results are presented in the context of a depressed macro environment
evidenced by the commentary of the majority of companies operating in both the
construction and the construction supply sectors and as elaborated on in
Accentuate`s interim results commentary.
The fall-off in activity, partly anticipated, deepened with the conclusion of
the 2010 FIFA World Cup and failed to pick up meaningful momentum through the
first half of 2011. The International Business Report (IBR) index released by
Grant Thornton at the beginning of February 2011 indicated that South African
Business Owners were less hopeful for investment in buildings in the year ahead,
noting expected investment in buildings to decline by a further 17% compared to
the 25% in 2010. According to the IBR, a tough 2011 for the construction
industry in general was predicated - and this was certainly felt by suppliers to
the construction sector, such as Accentuate.
Currently the industry is experiencing major infrastructure project bottlenecks
resulting in delays, reduced number of contract awards, fierce competition and
massive margin pressures resulting in less than desirable trading conditions.
The results for the year ended 30 June 2011 are therefore presented in the
context of a severely depressed macro-economic environment.
REVIEW OF OPERATIONS
The impact of these macro-economic factors on Accentuate has directly and
dramatically affected the performance of CGA and indirectly impacted on the rate
of growth within SAFIC, while FloorworX, the largest operating company within
Accentuate, has managed to take advantage of its dominant position within the
resilient flooring market and produced an credible set of financial results
under these most challenging conditions.
Infrastructure Supplies Division
In general the division has been impacted by the low investment in both the
commercial and private property sectors. The lack of meaningful infrastructure
spend on behalf of Government further impacted the performance, especially
affecting the glass and aluminium sector.
FloorworX
The flooring division managed to deliver and excellent set of results under very
challenging trading conditions. Notwithstanding the fact that FloorworX reported
a dramatic downturn at interims, resulting in reduced revenues, margins and
earnings, the incredible efforts of the management team saw the promised
recovery during the second half of the financial reporting period.
Although revenues were down by 3.1% (15% at the interim period) over the
corresponding period, margins recovered and costs were contained in order to
present an earnings increase of over R1 million over the corresponding period
ended 2010.
Major factors influencing the profitability of the organisation remain the
excessive increase in energy costs, volatility in commodity pricing as well as
the relative strength of the rand against major global currencies.
Although the strength of the Rand acts as a hedge against rising global
commodity prices, especially fuel and petro-chemical derivatives, the effect
negatively impact on the ability of FloorworX to export into Africa.
Overall market share increased slightly with significant increases in the wood,
wood laminate and luxury vinyl segments. IWF has been successfully integrated
into FloorworX and is making a meaningful contribution towards the profitability
of the company. The Signature range continues to grow in acceptance and
popularity and the progress made in this area of the business is extremely
pleasing to management.
Further growth has been evidenced in the Flotex Carpet segment and FloorworX is
currently finalising the introduction of a carpet tile range as alluded to in
the interim results.
Strengthening relationships with global suppliers of floorcoverings remain
central to our strategy of dominating the resilient flooring market segment
within the Southern African market.
FloorworX is a dominant player within the resilient flooring market in Southern
Africa and this has allowed Accentuate to concentrate on expanding its influence
in the general flooring market and a number of opportunities have been
identified in this regard.
The focus of this business going forward includes:
1. Expanding the current product range into the existing customer base through
collaboration with global players within the floorcovering market;
2. Expanding the distribution network geographically including further
expansion on the African continent;
3. Ensuring the maintenance of margins through effective pricing, cost control
and productivity initiatives; and
4. Wherever possible, minimising the volatility of global commodity and
currency fluctuations.
Although Government Infrastructure spend has not yet materialised and has played
no significant role in the financial results for the year ended 30 June 2011,
management remains confident that pent up demand will result in this long
anticipated spending materialising within the not too distant future. Positive
Government spending within the areas of healthcare and education will have a
material impact on the profitability of FloorworX.
Management remain cautiously optimistic about the continued positive performance
of the flooring division within Accentuate and to this end a number of strategic
initiatives to expand this area of the operation are currently being evaluated.
Centurion Glass & Aluminium ("CGA")
The macro-economic factors impacting on CGA, as reported at interim results,
further deteriorated during the period under review. This coupled with the fact
that the business took up a disproportionate amount of Accentuate management
time and resources, has led the board to action the disposal of CGA as a going
concern. The financial statements have been drafted taking into account the
proposed disposal of this asset.
The lack of activity within the construction sector led to a reduction in
revenue over the corresponding period of close to 40%. This coupled with
enormous pressure on margins as well as some structural issues within CGA
resulted in substantial losses being incurred within this operating unit.
A significant portion of the losses incurred during the current reporting period
can be attributed to an overrun on costs during previous accounting periods as
well as contra charges and penalties incurred during these periods having to be
adjusted within the current period.
Although significant measures have been introduced to curb expenditure with a
cost reduction in excess of 30% of total fixed costs and great attention has
been paid to rebuilding relationships with major contractors and brand building,
management is of the opinion that the current state of the glass and aluminium
industry will not recover substantially for at least the next two years,
resulting in a position where at best the forecast will be a break-even
scenario.
Legal proceedings are continuing against the vendors of the business for the
enforcement of the guarantees. As mentioned in the interim commentary, we are of
the opinion that the challenges within the business had not been adequately
identified and addressed by the previous management and vendors and this has
resulted in a situation where the relationships with stakeholders has been
compromised and has impacted irreparably on the profitability and sustainability
of the business.
The result of the inactivity in this sector as well as the structural issues
identified has resulted in a loss in this division of R12.5 million and an
impairment of to the value of R70.8 million.
The reasons that led the Board to agree to the disposal of this company can be
summarised as follows:
1. The exposure to contracting is far more challenging than initially
anticipated;
2. The macro-economic environment is to say the least challenging and we do
not anticipate a dramatic change within the short to medium term;
3. Relationships with key customers have been substantially damaged
historically;
4. The cultural integration of the business has proved to be difficult; and
5. The business requires a disproportionate amount of Accentuate management
time and resources relative to its potential returns.
Discussions regarding the disposal of CGA are currently underway and Management
will make the necessary announcements in due course. Management is confident
that the disposal of this company will be completed in the not to distant future
and all anticipated costs and losses relating to this disposal have been
provided during the current accounting period.
Environmental Solutions Division
The Environmental Solutions Division has continued along its stated strategy of
repositioning the business away from the traditional "down the street", direct
representation model to an emphasis on centrally managed accounts that provide
steady annuity income.
The division is a specialist chemical blending operation which provides
customised, environmentally acceptable solutions to the industrial,
institutional, and construction industry.
The major focus placed on the growth of sustainable revenue within the division
has forced it to re-define the product and market offering while at the same
time strengthening sales, marketing and research and development structures to
support this objective. Innovations over the past year included the development,
manufacture and supply of a range of easy dilution super-concentrates in sachets
for the general cleaning industry, the development of a carpet adhesive, and the
further addition of a broader range of cleaning equipment to support the
offering of a total solution package for key clients.
Growth in volume over the period resulted in a far more sustainable business
with in excess of 28% of the revenue now secured contractually.
Challenges remain the continued depressed macro-economic environment within
which SAFIC operates, the relatively high cost of petro-chemical derivative raw
material inputs, the increase in energy costs as well as those relating to the
distribution of the products.
Revenue increased by 4% over the corresponding period, but a corresponding
decrease in margin resulted in a reduction in gross profit of approximately
4.25%. EBITDA decreased by 37.13% over the corresponding period. This can be
attributed to the following factors:
* Margins were under severe pressure in the traditional manufacturing and
industrial market segments;
* Increased cost pressure due to an increase in commodity pricing and the
inability to react immediately to such pricing pressure due to medium-term
contracts in place with customers;
* Increase in fixed costs in the area of sales and sales management in line
with the marketing strategy of the organisation; and
* Costs running ahead of revenues in the roll out of our product and service
offering to major key accounts. It is anticipated that these will rectify
themselves during the current financial year resulting in much improved
profit margins going forward.
The strategy for the division includes:
* A major focus on growth within the institutional markets, specifically the
contract cleaning industry;
* Further extraction of synergies between group companies and the Thebe
invested companies;
* Expansion of the footprint within the construction chemical sector;
* Expansion of our key account initiatives with the intent of ensuring
stronger secured annuity income; and
* The Africa market remains a huge opportunity, and will be expanded through
identified distributors that have the capacity to support our vision.
Although progress in this division has been slower than anticipated, we are
confident that this company will become a major contributor towards the
profitability of the group within the foreseeable future. This will be done
through focused attention on building strong relationships with identified blue
chip clients and the systematic exploitation of the synergies that exist between
itself and FloorworX, especially in the areas of cementations screeds, adhesives
and maintenance products to the flooring industry.
FINANCIAL RESULTS
Continuing operations profitability of R8.8 million was negatively impacted by a
R12.6 million loss from the discontinued operations. An impairment of R70.8
million resulted in a loss of R74.6 million for the period.
During the financial year a decision was taken to dispose of CGA. The assets and
liabilities of this investment are therefore disclosed as held for sale. The
trading results of the held for sale assets and liabilities are disclosed as
discontinued operations. The comparative reclassification between continuing and
discontinued operations in the statement of comprehensive income and the
business segmental results has been made.
Discontinued operations
The discontinued operations contributed a trading loss of R12.6 million and
caused an impairment of R70.8 million of the attributable loss of R74.2 million
of the group.
Continuing operations
Continuing operations reported a reduction in turnover from R254.8 million to
R249.4 million. The pressure on revenue has been offset by an increase in gross
margin from 52.9% to 54.5% over the comparative period. Other operating expenses
have been contained by overheads increasing by only 1.1% over the period under
review despite inflationary pressure and the impact of rising energy prices. A
loss after tax of R62.1 million was reported. An impairment of R70.8 million has
been taken in the re-measurement of the assets and liabilities held for sale to
net realisable value. This impairment has reduced a trading profit after tax
from continued operations of R8.8 million to a reported loss of R62.1 million.
The directors are not aware of any matter or circumstance occurring between the
balance sheet date and the date of this report that materially affects the
results of the group for the year ended 30 June 2011 or the financial position
at that date.
As was the case in the past period, management and the board of Accentuate have
not declared a final dividend.
GOING CONCERN
The Board of Directors is satisfied that, after taking into account the current
banking facilities, its utilisation thereof and the budgeted profits and cash
flows for the year ending 30 June 2012, the working capital available to
Accentuate will be sufficient to meet its requirements for the next 12 months.
LITIGATION STATEMENT
Accentuate has instituted legal proceedings against vendors of the CGA business
for the breach of warranties. During our recent dealing with the alledged
misconduct, which is the basis of our warranty claim, we discovered evidence of
certain subversive activity which we have interpreted to be a means of
preventing our legal claims and actions being processed. Shareholders will be
informed as the proceeding unfolds.
PROSPECTS
Accentuate will utilise cash generated from the sale of CGA for further
expansion into the flooring and related market segments. The disposal will avail
Accentuate management time to focus on the remaining continuing businesses of
FloorworX and SAFIC which are well known and understood by Accentuate. The
current market share of FloorworX needs to be maintained, at the very least, but
grown in terms of product offering and innovation and within SAFIC the annuity
revenue stream growth and input efficiencies will be the main drivers taking
this cleaning company forward. Management does expect difficult economic
operating conditions to remain but will continue to assess growth opportunities
in areas of supply finishing and maintenance products to enhance the esthetics
of buildings.
Although it is anticipated that the macro-economic environment will remain under
pressure during the next financial year, management is confident that Accentuate
will be able to leverage off its leadership position within the resilient
flooring market in order to deliver an acceptable return to its shareholders
while taking conginicence of the needs of all stakeholders. Management remains
cautiously optimistic for continuing operations during the year ahead.
CHANGES TO THE BOARD
Accentuate is pleased to announce the further strengthening of the Board through
the appointment of two Independent Non-Executive Director`s namely, Mr Ralph
Patmore and Mr. Eric Ratshikhopa to the Board.
Ralph Patmore is appointed as Lead Independent Non-Executive Director. He has an
impeccable management career in South African industry, having most recently
served as the Chief Executive Officer of Iliad Africa Limited for 10 years,
stepping down in 2008. This experience in the building material supply area will
be critical to Accentuate as the company moves forward to capture additional
market share. Ralph currently holds Non- Executive Directorships on four other
listed companies on the Johannesburg Stock Exchange. His experience, not only of
management, strategy, mergers and acquisitions and accounting matters, but also
his vast knowledge of the construction, building and retail environment, will
benefit Accentuate immensely.
Eric Ratshikhopa is appointed as an Independent Non-Executive Director. He
currently holds a number of directorships on foundations and serves on as a
trustee on a number of trusts. His background includes vast work experience in
the mining sector, having been involved in industrial relations, health and
safety, strategic management and corporate social investment. Eric Ratshikhopa
has worked in Gencor, Genmin, Billiton S.A and most recently Corporate
Development Director at Xstrata. His wealth of experience in transformation,
stakeholder relations and community development as well as general management
practices will be a massive advantage to Accentuate.
Wesley Delport has stepped down as the Company Secretary and Accentuate is
pleased to announce Wesley`s replacement as Paresh Dayah. For the past two
years, Paresh has fulfilled the position of Company Secretary for all the
subsidiary companies in Accentuate and has acted as an additional support to the
Holding Company when required. He is well-qualified with a B. Compt degree,
majoring in Auditing and Finance from the University of South Africa.
The Chairman, the current Board and management of Accentuate welcome all the new
appointees and look forward to a long and prosperous working relationship.
During the period under review, A Kerrod, a Non-Executive Director of
Accentuate, resigned from the Board of Directors.
BASIS OF PREPARATION
The abridged report complies with IAS 34 - Interim Financial Reporting, AC 500-
Statements and Interpretations, as well as the South African Companies Act, 71
of 2008, and disclosure requirements of the JSE Limited`s Listings Requirements.
The abridged report has been prepared using policies that comply with
International Financial Reporting Standards. Accounting policies are consistent
with those applied in the financial statements for the year ended 30 June 2010.
AUDITORS` OPINION
The abridged consolidated annual financial results have been audited by
Accentuate`s auditors, PKF (Pta) Inc. Their unqualified audit report is
available for inspection at the company`s registered office.
APPRECIATION
The Board would like to take this opportunity to thank the various management
teams for their loyalty and dedication towards the achievement of the objectives
that have been set. The Board would also like to thank its business partners,
advisers and suppliers, and most importantly the shareholders for their ongoing
support and faith in the group.
By order of the Board
23 September 2011
F C Platt A J Voogt
Chief Executive Officer Financial Director
CORPORATE INFORMATION
Non-executive directors: M D C Motlatla
L Gadd
D Bokaba (Alternate)
Executive directors: F C Platt
A J Voogt
Dr. D E Platt
Registration number: 2004/029691/06
Registered address: 32 Steele Street
Steeledale
Postal address: PO Box 1754
Alberton
1450
Company secretary: P S Dayah
Telephone: 011 406 4100
Facsimile: 0865093246
Transfer secretaries: Computershare Investor Services (Pty)
Limited
Designated Adviser: Bridge Capital Advisors (Pty) Limited
Auditors: PKF (Pta) Inc
Date: 23/09/2011 10:00:01 Supplied by www.sharenet.co.za
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