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ERB - Erbacon - Trading update, posting of annual report, notice of annual
general meeting ("AGM"), and abridged consolidated financial statements and
change statement
Erbacon Investment Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2007/014490/06)
Share code: ERB
ISIN: ZAE000111571
("Erbacon" or "the Company")
TRADING UPDATE, POSTING OF ANNUAL REPORT, NOTICE OF ANNUAL GENERAL MEETING
("AGM"), AND ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS AND CHANGE STATEMENT
1. TRADING UPDATE
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes reasonably certain
that the financial results for the next period to be reported on will show a 20%
or more difference from those of the previous corresponding period.
Erbacon hereby wishes to advise shareholders that a reasonable degree of
certainty exists that the basic earnings per share and headline earnings per
share for the six month period to 31 August 2010, will be at least 65% lower
than that of the prior corresponding period.
The reduced performance follows on from Erbacon`s previously disclosed comments
on the construction sector and in particular on the growth prospects for the
construction sector, in the short to medium term, being reliant on the momentum
of government`s budgeted infrastructure spend programme. Furthermore, the board
had predicted and commented on in the past that the heightened competition in
the industry and lower margins would impact the current financial year of
Erbacon.
The effect of the above, especially within the Civils Construction - Coastal
division (comprising Erbacon Construction (Pty) Ltd), has resulted in a low
throughput of base workload from the public sector in the first half year. In
addition, the Civils Construction - Inland division (comprising Civcontract
Civils (Pty) Ltd ("Civcon")) experienced a delay in the mobilization of certain
key contract awards, also mainly affecting the first half year. In addition,
start-up costs in respect of the newly established Erbacon Roads and Earthworks
(Pty)Ltd venture, preference share interest and contract amortization charges,
are incremental costs that will feature in the financial results to 31 August
2010.
Basic earnings per share and headline earnings per share for the six month
period to 31 August 2010, will also be impacted as a result of the increase in
the weighted average number of ordinary shares in issue at 31 August
2010, namely 192,959,500 ordinary shares (2009: 136,073,694 ordinary shares)
- an increase of 41,8%. This includes the issue of a further 31 999 500 Erbacon
ordinary shares to the Civcon vendors in settlement of a portion of the purchase
consideration following from Erbacon`s acquisition/merger of Civcon.
Shareholders are further advised that the results for the second half of the
financial year 2011 are, at this point, expected to be at least comparable to
those achieved for the corresponding period last year. The financial information
contained in this trading update has not been reviewed or reported on by the
company`s auditors.
The unaudited interim results for the period ended 31 August 2010 is expected to
be released on SENS on or about 18 October 2010.
2. POSTING OF ANNUAL REPORT
Shareholders are advised that Erbacon`s annual report for the year ended 28
February 2010 was posted to shareholders today, 6 August 2010, and contains
modifications to the reviewed provisional report published on SENS on 21 May
2010, the details of which are set out in paragraph 4 below.
3. NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of Erbacon shareholders
will be held in the boardroom, Mount Edgecombe Country Club, Golf Course Drive,
Gate 2, Mount Edgecombe at 09H00 on Tuesday, 31 August 2010, to transact the
business as stated in the notice of annual general meeting which forms part of
the annual report.
4. ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS AND CHANGE STATEMENT
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
for the year ended 28 February 2010
Audited Audited
Figures in Rand 28 February 28 February
2010 2009
Revenue 834,531,633 720,956,601
Cost of sales (691,752,498) (608,133,909)
Gross profit 142,779,135 112,822,692
Other income 1,618,598 664,694
Administrative and operating expenses (49,995,282) (40,828,549)
Operating profit 94,402,451 72,658,837
Finance income 7,108,222 5,403,793
Finance costs (6,112,732) (3,594,246)
Profit before taxation 95,397,941 74,468,384
Taxation (30,055,330) (21,024,940)
Total profit and comprehensive income for
the year attributable to equity holders of
the Company 65,342,611 53,443,444
Reconciliation of headline earnings:
Profit attributable to ordinary shareholders 65,342,611 53,443,444
Adjustments for non-trading items:
profit on disposal of plant and equipment (323,965) (696,591)
Headline earnings 65,018,646 52,746,853
Earnings per share (cents)
Basic earnings per ordinary share 45.33 40.64
Diluted earnings per ordinary share 37.81 40.64
Headline earnings per share (cents)
Basic headline earnings per ordinary share 45.10 40.11
Diluted headline earnings per ordinary share 37.62 40.11
Weighted average number of shares in issue 144,151,421 131,517,332
Diluted weighted average number of shares
in issue 176,289,287 131,517,332
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
at 28 February 2010
Audited Audited
Figures in Rand 28 February 28 February
2010 2009
ASSETS
Non-current assets
Plant for hire 72,215,117 66,986,191
Property, plant and equipment 93,570,912 36,900,573
Intangible assets 126,559,949 52,822,314
Deferred income tax assets 1,990,238 173,737
294,336,216 156,882,815
Current assets
Inventories 24,448,705 31,024,552
Income tax receivable 1,014,868 -
Trade and other receivables 187,373,080 128,195,106
Intangible assets 3,577,019 -
Investments 41,858,077 -
Cash and cash equivalents 81,731,839 57,303,643
340,003,588 216,523,301
TOTAL ASSETS 634,339,804 373,406,116
EQUITY AND LIABILITIES
Equity
Share capital and premium 377,233,636 293,919,518
Common control deficit (177,246,106) (177,246,106)
Share-based payments reserve 1,414,432 572,971
Shares to be issued 51,199,199 -
Retained earnings 122,133,341 94,115,744
374,734,502 211,362,127
Non-current liabilities
Convertible redeemable and participating
preference shares 54,519,158 -
Borrowings 14,861,192 16,558,854
Deferred income tax liabilities 25,218,197 986,713
94,598,547 17,545,567
Current liabilities
Borrowings 11,072,106 7,312,776
Income tax liability 1,755,038 15,840,405
Trade and other payables 152,179,611 121,345,241
165,006,755 144,498,422
TOTAL EQUITY AND LIABILITIES 634,339,804 373,406,116
Total number of shares in issue (net of
treasury shares and including contingently
issuable shares) 192,959,500 136,073,694
Net asset value per share (cents) 194.20 155.33
CONDENSED GROUP STATEMENT OF CASH FLOW
for the year ended 28 February 2010
Audited Audited
Figures in Rand 28 February 28 February
2010 2009
Cash receipts from customers 821,233,621 694,447,373
Cash paid to suppliers and employees (726,751,081) (604,529,633)
Cash generated by operations 94,482,540 89,917,740
Net finance income adjusted for non-cash
interest 2,810,490 1,809,547
Dividends paid (37,325,014) -
Tax paid (60,226,517) (17,718,495)
Other non-cash items - 572,971
Net cash from operating activities (258,501) 74,581,763
Purchase of property, plant and equipment (9,602,539) (25,879,706)
Proceeds on disposal of property, plant and
equipment 1,212,205 1,880,359
Acquisition of subsidiary - net of cash
acquired (26,769,369) -
Purchase of Investment (19,275,077) -
Purchase of plant for hire (23,300,740) (40,369,478)
Proceeds on disposal of plant for hire 5,500,818 5,006,705
Net cash from investing activities (72,234,702) (59,362,120)
Proceeds from issue of convertible
redeemable and participating preference
shares 113,248,800 -
Repayment of borrowings (16,327,401) (319,658)
Net cash from financing activities 96,921,399 (319,658)
Net movement in cash and cash equivalents 24,428,196 14,899,985
Cash and cash equivalents at the beginning
of the year 57,303,643 42,403,658
Cash and cash equivalents at the end of the
year 81,731,839 57,303,643
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February 2010
Share Share Total share
Figures in Rand capital premium capital and
premium
Balance at 01 March 2008 1,163,644 243,219,216 244,382,860
Total profit and comprehensive
income for the year - - -
Issue of shares - acquisition of
subsidiary 204,388 50,892,645 51,097,033
Treasury shares (7,295) (1,455,315) (1,462,610)
Share issue expenses - (97,765) (97,765)
Value of employee services - - -
Balance at 28 February 2009 1,360,737 292,558,781 293,919,518
Total profit and comprehensive
income for the year - - -
Issue of shares - acquisition of
subsidiary 250,209 39,783,193 40,033,402
Treasury shares (1,346) (193,781) (195,127)
Convertible redeemable and
participating preference shares 674,100 59,870,542 60,544,642
Deferred tax on liability
component of convertible
redeemable and participating
preference shares - (16,952,500) (16,952,500)
Share issue expenses - (116,299) (116,299)
Value of employee services - - -
Dividends - - -
Balance at 28 February 2010 2,283,700 374,949,936 377,233,636
Share-based Common Shares to be
Figures in Rand payments control issued
reserve deficit
Balance at 01 March 2008 - (177,246,106) 51,097,033
Total profit and
comprehensive income for the
year - - -
Issue of shares -
acquisition of subsidiary - - (51,097,033)
Treasury shares - - -
Share issue expenses - - -
Value of employee services 572,971 - -
Balance at 28 February 2009 572,971 (177,246,106) -
Total profit and
comprehensive income for the
year - - -
Issue of shares -
acquisition of subsidiary - - 51,199,199
Treasury shares - - -
Convertible redeemable and
participating preference
shares - - -
Deferred tax on liability
component of convertible
redeemable and participating
preference shares - - -
Share issue expenses - - -
Value of employee services 841,461 - -
Dividends - - -
Balance at 28 February 2010 1,414,432 (177,246,106) 51,199,199
Figures in Rand Retained Total
earnings equity
Balance at 01 March 2008 40,672,300 158,906,087
Total profit and comprehensive income for
the year 53,443,444 53,443,444
Issue of shares - acquisition of subsidiary - -
Treasury shares - (1,462,610)
Share issue expenses - (97,765)
Value of employee services - 572,971
Balance at 28 February 2009 94,115,744 211,362,127
Total profit and comprehensive income for
the year 65,342,611 65,342,611
Issue of shares - acquisition of subsidiary - 91,232,601
Treasury shares - (195,127)
Convertible redeemable and participating
preference
shares - 60,544,642
Deferred tax on liability component of
convertible
redeemable and participating preference shares - (16,952,500)
Share issue expenses - (116,299)
Value of employee services - 841,461
Dividends (37,325,014) (37,325,014)
Balance at 28 February 2010 122,133,341 374,734,502
GROUP SEGMENTAL REPORT
The segment information set out below is based on the requirements of IFRS 8:
Segment Reporting. For management purposes the Group is split into five
distinctive operating segments.
The Board of directors has determined the operating segments based on the
reports reviewed that are used to make strategic decisions.
The Board assesses the performance of the operating segments based on a measure
of profit before taxation. This measurement is consistent with the recognition
and measurement principles applied within the statement of comprehensive
income. Sales amongst segments are carried out at arm`s length. The revenue
from external customers reported to the Board is measured in a manner
consistent with that in the statement of comprehensive income.
29,9% of total external revenue arises from transactions with two customers,
each of which exceeds 10% of total external revenue.
These revenues are included in Civils Construction (Coastal), R227,7 million
and Commercial and Industrial Building, R22,2 million.
Civils Construction (Coastal)
Business Segment 2010 2009
Segment revenue and result
Revenue
Total segment sales 531,039,381 201,867,066
Less: Inter-segment sales (3,947,510) -
Total external revenue 527,091,871 201,867,066
Result
Operating profit 56,433,553 33,420,757
Finance income 2,717,225 3,030,248
Finance costs (179,392) (399,707)
Profit before taxation 58,971,386 36,051,298
Taxation (15,892,648) (10,110,404)
Profit after taxation 43,078,738 25,940,894
Segment assets and liabilities
Assets 116,366,526 107,438,093
Plant for hire - -
Property, plant and equipment 6,774,218 5,238,634
Goodwill - -
Deferred tax asset 1,990,238 -
Income tax asset - -
Intangible assets - -
Inventories 3,422,342 21,379,504
Trade and other receivables 82,953,165 54,260,996
Investments - -
Cash and cash equivalents 21,226,563 26,558,959
Liabilities 47,154,079 68,814,343
Convertible redeemable and
participating preference shares - -
Borrowings 377,335 1,088,240
Deferred tax liabilities - 672,152
Income tax liabilities 1,755,038 7,721,466
Trade and other payables 45,021,706 59,332,485
Other information
Capital additions 3,694,027 2,965,261
Property, plant and equipment 3,694,027 2,965,261
Plant for hire - -
Depreciation 1,724,091 1,746,003
Civils Construction (Inland)
Business Segment 2010 2009
Segment revenue and result
Revenue
Total segment sales 77,400,623 -
Less: Inter-segment sales - -
Total external revenue 77,400,623 -
Result
Operating profit 10,816,487 -
Finance income 899,260 -
Finance costs (704,098) -
Profit before taxation 11,011,649 -
Taxation (2,672,407)
Profit after taxation 8,339,242 -
Segment assets and liabilities
Assets 254,724,102 -
Plant for hire - -
Property, plant and equipment 56,679,390 -
Goodwill 73,737,635 -
Deferred tax asset - -
Income tax asset 637,143 -
Intangible assets 3,577,019 -
Inventories 5,952,849 -
Trade and other receivables 47,790,385 -
Investments 41,858,077 -
Cash and cash equivalents 24,491,604 -
Liabilities 54,897,935 -
Convertible redeemable and
participating preference shares - -
Borrowings 8,879,718 -
Deferred tax liabilities 8,216,424 -
Income tax liabilities - -
Trade and other payables 37,801,793 -
Other information
Capital additions 3,477,528 -
Property, plant and equipment 3,477,528 -
Plant for hire - -
Depreciation 3,953,655 -
Small Plant and Formwork
Business Segment 2010 2009
Segment revenue and result
Revenue
Total segment sales 86,675,676 83,063,650
Less: Inter-segment sales (9,832,107) (6,084,681)
Total external revenue 76,843,569 76,978,969
Result
Operating profit 18,229,960 18,007,814
Finance income 80,356 341,543
Finance costs (3,331,375) (2,642,485)
Profit before taxation 14,978,941 15,706,872
Taxation (3,771,617) (4,406,735)
Profit after taxation 11,207,324 11,300,137
Segment assets and liabilities
Assets 120,888,686 115,667,846
Plant for hire 72,215,117 66,986,191
Property, plant and equipment 22,234,804 22,936,126
Goodwill - -
Deferred tax asset - 67,379
Income tax asset 184,120 -
Intangible assets - -
Inventories 4,266,918 5,098,293
Trade and other receivables 20,661,534 18,916,469
Investments - -
Cash and cash equivalents 1,326,193 1,663,388
Liabilities 19,933,902 27,074,420
Convertible redeemable and
participating preference shares - -
Borrowings 14,861,267 19,289,198
Deferred tax liabilities 528,485 -
Income tax liabilities - 1,489,140
Trade and other payables 4,544,150 6,296,082
Other information
Capital additions 24,731,043 58,653,474
Property, plant and equipment 1,430,303 18,283,996
Plant for hire 23,300,740 40,369,478
Depreciation 15,366,969 14,571,631
Commercial and Industrial Building
Business Segment 2010 2009
Segment revenue and result
Revenue
Total segment sales 299,610,157 444,855,103
Less: Inter-segment sales (146,414,587) (2,744,537)
Total external revenue 153,195,570 442,110,566
Result
Operating profit 16,310,690 22,353,471
Finance income 2,042,893 1,415,952
Finance costs (82,590) (524,657)
Profit before taxation 18,270,993 23,244,766
Taxation (4,581,769) (6,614,159)
Profit after taxation 13,689,224 16,630,607
Segment assets and liabilities
Assets 126,189,842 148,853,187
Plant for hire - -
Property, plant and equipment 7,829,417 8,640,393
Goodwill 52,822,314 52,822,314
Deferred tax asset - -
Income tax asset 80,704 -
Intangible assets - -
Inventories 10,806,596 4,546,755
Trade and other receivables 35,891,850 54,877,851
Investments - -
Cash and cash equivalents 18,758,961 27,965,874
Liabilities 64,261,867 64,953,090
Convertible redeemable and
participating preference shares - -
Borrowings 1,814,978 3,494,192
Deferred tax liabilities 279,904 314,561
Income tax liabilities - 6,629,799
Trade and other payables 62,166,985 54,514,538
Other information
Capital additions 989,212 4,507,499
Property, plant and equipment 989,212 4,507,499
Plant for hire - -
Depreciation 1,614,892 3,086,943
Services
Business Segment 2010 2009
Segment revenue and result
Revenue
Total segment sales 5,976,000 5,400,000
Less: Inter-segment sales (5,976,000) (5,400,000)
Total external revenue - -
Result
Operating profit (7,388,239) (1,123,205)
Finance income 1,368,488 616,050
Finance costs (1,815,277) (27,397)
Profit before taxation (7,835,028) (534,552)
Taxation (3,136,889) 106,358
Profit after taxation (10,971,917) (428,194)
Segment assets and liabilities
Assets 16,170,648 1,446,990
Plant for hire - -
Property, plant and equipment 53,083 85,420
Goodwill - -
Deferred tax asset 106,358
Income tax asset 112,901 -
Intangible assets - -
Inventories - -
Trade and other receivables 76,146 139,790
Investments - -
Cash and cash equivalents 15,928,518 1,115,422
Liabilities 73,357,519 1,202,136
Convertible redeemable and
participating preference shares 54,519,158 -
Borrowings - -
Deferred tax liabilities 16,193,384 -
Income tax liabilities - -
Trade and other payables 2,644,977 1,202,136
Other information
Capital additions 11,469 122,950
Property, plant and equipment 11,469 122,950
Plant for hire - -
Depreciation 43,806 37,530
Group
Business Segment 2010 2009
Segment revenue and result
Revenue
Total segment sales 1,000,701,837 735,185,819
Less: Inter-segment sales (166,170,204) (14,229,218)
Total external revenue 834,531,633 720,956,601
Result
Operating profit 94,402,451 72,658,837
Finance income 7,108,222 5,403,793
Finance costs (6,112,732) (3,594,246)
Profit before taxation 95,397,941 74,468,384
Taxation (30,055,330) (21,024,940)
Profit after taxation 65,342,611 53,443,444
Segment assets and liabilities
Assets 634,339,804 373,406,116
Plant for hire 72,215,117 66,986,191
Property, plant and equipment 93,570,912 36,900,573
Goodwill 126,559,949 52,822,314
Deferred tax asset 1,990,238 173,737
Income tax asset 1,014,868 -
Intangible assets 3,577,019 -
Inventories 24,448,705 31,024,552
Trade and other receivables 187,373,080 128,195,106
Investments 41,858,077 -
Cash and cash equivalents 81,731,839 57,303,643
Liabilities 259,605,302 162,043,989
Convertible redeemable and
participating preference shares 54,519,158 -
Borrowings 25,933,298 23,871,630
Deferred tax liabilities 25,218,197 986,713
Income tax liabilities 1,755,038 15,840,405
Trade and other payables 152,179,611 121,345,241
Other information
Capital additions 32,903,279 66,249,184
Property, plant and equipment 9,602,539 25,879,706
Plant for hire 23,300,740 40,369,478
Depreciation 22,703,413 19,442,107
Basis of preparation of the Abridged consolidated annual financial statements
The abridged consolidated annual financial statements have been prepared in
Accordance with International Financial Reporting Standards ("IFRS"), IAS 34:
Interim Financial Reporting, the AC 500 series as issued by the Accounting
Practices Board, in compliance with the Listings Requirements of the JSE
Limited, and Schedule 4 of the Companies Act of South Africa, 1973, as amended.
The accounting policies used in the preparation of the financial statements are
consistent with those used in the annual financial statements for the year ended
28 February 2009. The Company adopted IAS 1: Presentation of Financial
Statements and IFRS 8: Operating Segments for the first time in the current
year.
The abridged consolidated annual financial statements have been extracted from
the annual financial statements for the year ended 28 February 2010 on which
PricewaterhouseCoopers Inc. issued an unmodified audit report. This report is
available for inspection at the Company`s registered office.
Change Statement:
The changes from the Reviewed Provisional Report for the year ended 28 February
2010, released on SENS on Friday 21 May 2010, relate to the re-classification
and revaluation of certain balance sheet items in respect of the treatment of
the contingent purchase consideration of Civcontract Civils (Pty) Ltd
("Civcon"). The changes did not have any effect on the statement of
comprehensive income.
On 3 November 2009, the acquisition of all of the shares in issue and claims
against Civcon were concluded, with the required clearance having been obtained
from the Competition Commission authorities. Accordingly, the Civcon balance
sheet was consolidated in the Group balance sheet as at 28 February 2010.
In the Reviewed Provisional Report, the contingent purchase consideration to be
settled in shares, the number of which is based on the Civcon profit warranty
calculation as laid out in the "Sale of Civcon Shares and Claims Agreement", was
calculated based on a preliminary profit figure for Civcon. Following the
release of the provisional report, this profit warranty figure was finalised and
a revision was made to the number of shares to be issued. Accordingly, Goodwill
and Equity have increased by R5 080 034.
Following the release of the provisional results, various classification issues
were identified.
The material changes are as follows:
- R6 149 489 included under non-current borrowings identified as current,
reallocated out of non-current borrowings to current borrowings;
- Debit balance of R3 520 088 included in Trade and other payables reallocated
to Trade and other receivables, with an impact on the cash receipts from
customers disclosed in the cash flow;
- Materials on site of R3 943 904 incorrectly included in Trade and other
payables, reallocated to Inventory; and
- R1 723 888 correction to an understatement of the tax paid and proceeds on
disposal of plant hire amounts as disclosed in the statement of cash flows.
The effect on the consolidated statement of financial position and consolidated
statement of cash flow is as follows:
Consolidated Statement of Reviewed
Financial Position Annual financial provisional
statements report Change
Figures in Rand 2010 2010
ASSETS
Non-current assets
Plant for hire 72,215,117 72,215,117 -
Property, plant and equipment 93,570,912 93,570,912 -
Intangible assets 126,559,949 121,479,915 5,080,034
Deferred income tax assets 1,990,238 1,990,238 -
294,336,216 289,256,182 5,080,034
Current assets
Inventories 24,448,705 20,504,801 3,943,904
Income tax receivable 1,014,868 1,014,868 -
Trade and other receivables 187,373,080 183,852,992 3,520,088
Intangible assets 3,577,019 3,577,019 -
Investments 41,858,077 41,858,077 -
Cash and cash equivalents 81,731,839 81,731,839 -
340,003,588 332,539,596 7,463,992
TOTAL ASSETS 634,339,804 621,795,778 12,544,026
EQUITY AND LIABILITIES
Equity
Share capital and premium 377,233,636 377,233,636 -
Common control deficit (177,246,106) (177,246,106) -
Share-based payments reserve 1,414,432 1,414,432 -
Shares to be issued 51,199,199 46,119,165 5,080,034
Retained earnings 122,133,341 122,133,341 -
374,734,502 369,654,468 5,080,034
Non-current liabilities
Convertible redeemable and
participating preference shares 54,519,158 54,519,158 -
Borrowings 14,861,192 21,010,681 (6,149,489)
Deferred income tax
liabilities 25,218,197 25,218,197 -
94,598,547 100,748,036 (6,149,489)
Current liabilities
Borrowings 11,072,106 4,922,617 6,149,489
Income tax liability 1,755,038 1,755,038 -
Trade and other payables 152,179,611 144,715,619 7,463,992
165,006,755 151,393,274 13,613,481
TOTAL EQUITY AND
LIABILITIES 634,339,804 621,795,778 12,544,026
Consolidated Statement of Reviewed
Cash Flow Annual financial provisional
statements report Change
Cash receipts from customers 821,233,621 824,753,709 (3,520,088)
Cash paid to suppliers and
employees (726,751,081) (730,271,168) 3,520,087
Cash generated by operations 94,482,540 94,482,541 (1)
Net finance income
adjusted for non-cash interest 2,810,490 2,810,490 -
Dividends paid (37,325,014) (37,325,014) -
Tax paid (60,226,517) (58,502,629) (1,723,888)
Other non-cash items - - -
Net cash from operating
activities (258,501) 1,465,388 (1,723,889)
Purchase of property,
plant and equipment (9,602,539) (9,602,539) -
Proceeds on disposal of
property, plant and equipment 1,212,205 1,212,205 -
Acquisition of subsidiary
- net of cash acquired (26,769,369) (26,769,369) -
Purchase of Investment (19,275,077) (19,275,077) -
Purchase of plant for hire (23,300,740) (23,300,740) -
Proceeds on disposal of
plant for hire 5,500,818 3,776,929 1,723,889
Proceeds on disposal of
financial assets - - -
Net cash from investing
activities (72,234,702) (73,958,591) 1,723,889
Proceeds from issue of
convertible redeemable and
participating preference
shares 113,248,800 113,248,800 -
Repayment of borrowings (16,327,401) (16,327,401) -
Dividends paid - - -
Net cash from financing
activities 96,921,399 96,921,399 -
Net movement in cash and
cash equivalents 24,428,196 24,428,196 -
Cash and cash equivalents
at the beginning of the year 57,303,643 57,303,643 -
Cash and cash equivalents
at the end of the year 81,731,839 81,731,839 -
6 August 2010
Directors: A Dawson (Chairman) #, DB Erskine, RK Braithwaite (GFD),
SJ Flanagan (CEO), AH Henning, CHA Ramsay, ZR Angamia*, JA Holtzhausen*, NP
Mkwanazi*, S Totaram*
*Non-executive #Independent non-executive
Company Secretary: D Godfrey
Registered office: 2 Montreal Road, Glen Anil, 4051
Telephone: +27 31 569 2866
Website: http://www.erbacon.co.za
Auditor: PricewaterhouseCoopers Inc.
Designated and corporate advisor: PSG Capital (Pty) Limited
Date: 06/08/2010 15:20:03 Supplied by www.sharenet.co.za
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