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NETWORK HEALTHCARE HOLDINGS LIMITED - AUDITED GROUP RESULTS FOR THE YEAR ENDED
30 SEPTEMBER 2003
NETWORK HEALTHCARE HOLDINGS LIMITED
The Integrated Healthcare Network
Registration number 1996/008242/06
Incorporated in the Republic of South Africa
JSE share code: NTC
ISIN code: ZAE000011953
("Netcare" or "the Company")
Growing with people
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2003
* Revenue up 24,9%
(Organic 17,9%)
* EBIT up 30,0%
* Headline earnings per share up 25,1%
* Capital distribution up 30,4%
* Market share growth across all divisions
* Netpartner completes Integrated Healthcare strategy
* Netcare International establishes UK platform
* Netcare receives highest quality rating
INTRODUCTION
The year under review has been characterised by three key factors:
1. GROWTH
As a result of the Group"s focused integrated healthcare strategy, Netcare
has experienced significant organic growth in all of the primary healthcare
businesses. The commitment of management, as well as the dedication and
professionalism of medical professionals and staff has once again yielded
significant returns for all stakeholders.
2. DEVELOPMENT
Platforms have been established in three pivotal areas of Netcare"s defined
strategy to ensure sustainable growth for the Group:
* Completion of the healthcare value and supply chain through the development
and formation of Netpartner Investments Limited ("Netpartner");
* Initiation of the Public Private Partnership with the Free State Health
Department; and
* Progression of the International Expansion plans with two potential major
contracts to provide quality care to patients under the National Health
Service ("NHS") in the United Kingdom.
3. LEADERSHIP STRATEGIES
During the year Netcare made key enhancements to its stated value
disciplines;
* Operational excellence - Specific management interventions have resulted in
improved margins in the majority of the Group"s businesses.
* Customer intimacy - Together with the overwhelming support for Netpartner,
an additional 95 specialists have relocated to Netcare facilities, and a
further 104 general practitioners and dentists have contracted with
Medicross for management and administration services.
* Best and safest product - Independent research by TWIG S.A. has found that
Netcare achieved the highest quality ratings in its peer group. In
addition, comprehensive patient satisfaction questionnaires completed by
over 1 million patients across the operational units have reflected ratings
in excess of 90%.
These three leadership strategies, together with fanatical attention to
detail and the Group"s commitment to investing purposefully in businesses
which directly or indirectly support the core hospital business, will
ensure that Netcare succeeds in its objective of generating sustainable
shareholder wealth.
Significantly, the year has not been without its challenges. The dynamic
nature of the healthcare industry as well as growing pressure on the Public
Sector Health Services has resulted in additional requirements being placed
on the Group in terms of its Corporate and Social commitments.
Encouragingly though, it is in the face of these challenges that the Group
has adapted and evolved to yield satisfying results.
FINANCIAL OVERVIEW
OPERATING RESULTS
Netcare"s Revenue for the year increased by 24,9% to R6012,6 million (2002:
R4812,3 million), with the Group"s interests in diagnostics and imaging
administration and management services, including its 50% interest in the Ampath
Trust ("Ampath") (collectively referred to as "Netcare Diagnostics") being
proportionately consolidated for the first time. Organic growth in Revenue
amounted to 17,9%. EBITDA margins increased to 20,1% (2002: 19,6%), while EBIT
margins have increased to 16,9% (2002: 16,3%).
Headline earnings per share ("HEPS") increased by 25,1% to 45,9 cents per share
(2002: 36,7 cents per share). Since 1997, the 6-year compound annual growth in
HEPS has amounted to 36,2%.
The results have led to a return on ordinary shareholders" equity ("ROE") of
25,0% which, after adjustments for past goodwill write-offs, amounts to a more
modest 19,3%.
SEGMENTAL REPORTING
REVENUE (RM) EBITDA (RM)
2003 2002 % 2003 2002 %
Hospitals 4 625,1 3 992,6 15,8 1 070,9 869,5 23,2
Other businesses 1 387,5 1 114,7 24,5 139,5 127,5 9,4
Medicross 569,3 489,6 16,3 63,9 52,8 21,0
Netcare Diagnostics 324,5 295,0 10,0 67,7 54,1 25,1
Traumanet 219,3 163,0 34,5 (32,2) 8,0 NA
International 59,1 31,6 87,0 6,2 (1,5) NA
Other 215,3 135,5 58,9 33,9 14,1 140,4
Total 6 012,6 5 107,3 17,7 1 210,4 997,0 21,4
EBIT (RM)
2003 2002 %
Hospitals 923,7 741,6 24,6
Other businesses 94,2 86,2 9,3
Medicross 42,1 30,8 36,7
Netcare Diagnostics 58,8 44,7 31,5
Traumanet (33,0) 5,1 NA
International 4,8 (1,6) NA
Other 21,5 7,2 198,6
Total 1 017,9 827,8 23,0
The Group has several business units with the South African hospital division
being its core business. An analysis of Revenue, EBITDA and EBIT for certain of
the Group"s larger business units is set out below.
The comparative figures have been adjusted on a pro-forma basis to take account
of Netcare Diagnostics. These investments are now accounted for as joint
ventures and are proportionately consolidated, whereas in the prior year they
were largely accounted for as associates. This change has no effect on earnings.
Whilst the core hospital business, which represents 76,9% and 88,5% of Group
Revenues and EBITDA respectively, reported solid results for the period under
review, the reported loss at Traumanet was extremely disappointing.
BORROWINGS AND FINANCING COSTS
Financing costs increased to R157,6 million (2002: R104,7 million) due
primarily to the cash resources being cost effectively applied in reducing
creditor financing and the Netcare Diagnostics inclusion. Material cash flows
during the period included: investment in the Group"s capital expenditure
programme amounting to R425,1million (2002: R366,1million), share repurchase of
R79,8 million, capital distributions of R183,1million (2002: R137,4million), and
the net cash inflow of R106million on the Netpartner transaction.
Notwithstanding, interest cover remains at a satisfactory 6,5 times (2002: 7,5
times). The current declining interest rate climate, with rates having been
significantly reduced during the past six months, bodes well for reduced finance
charges in 2004.
These factors, as well as the proportionate consolidation of Netcare
Diagnostics, have contributed to net interest-bearing debt increasing to R899,4
million (2002: R752,1 million) and net debt:equity ratio reducing to 28,7%
(2002: 34,3%).
CREDIT RATING
During the year Netcare achieved a credit rating upgrade by Global Credit
Ratings to A1 for its short-term debt and A (previously A-) in respect of its
long-term debt.
ACCOUNTING POLICIES
The financial statements are prepared in accordance with and comply with South
African Statements of Generally Accepted Accounting Practice. The principal
accounting policies as set out in the 2002 annual report have been consistently
applied, except for the change in policy as detailed below.
During the year the Group applied AC133 relating to the Recognition and
Measurement of financial instruments. The Group has elected to account for the
changes in fair value of financial instruments regarded as "available for sale"
through changes in equity and not through the income statement. The adoption of
AC133 has resulted in an increase in opening reserves of R46,1 million, and a
positive impact on equity in the current year to the extent of R118,6 million.
AUDIT REPORT
The joint auditors, Grant Thornton and Fisher Hoffman PKF (Jhb) Inc. have issued
their opinion on the Group"s financial statements for the year ended 30September
2003. A copy of their unqualified report is available for inspection at the
Company"s registered office.
JSE SECURITIES EXCHANGE REQUIREMENTS
The final announcement has been prepared in accordance with the listing
requirements of the JSE Securities Exchange South Africa.
SIGNIFICANT CORPORATE TRANSACTIONS
During the year the Group implemented a specific repurchase of 52,7 million
Netcare shares for an effective consideration of R79,8 million. Shareholders
are referred to the circular and announcement dated 12 December 2002 and 27
January 2003 respectively for further INFORMATION ON THIS REPURCHASE.
At the end of the financial year a transaction between the Group and Netpartner
was implemented in terms of which the Group sold a 20% stake in Medicross and
issued 100 million Netcare shares for a total consideration of R324 million to
Netpartner, while Netcare invested R218 million in Netpartner in consideration
for a 48,4% stake.
OPERATIONAL REVIEW
The Netcare Group and its associated divisions demonstrated significant organic
growth for the period under review. Despite pressure on margins due to improved
staff benefits; lower inflation and the impact of a strengthening Rand on the
hospital division, profitability improved across the Group with the exception of
Traumanet. The Group"s strong performance was largely underpinned by good growth
in market share and effective buying strategies introduced at the end of 2002.
Patient care quality continues at satisfactory levels and remains a high
priority as a differentiator going forward.
CORE HOSPITAL NETWORK
NETCARE HOSPITAL DIVISION
* The hospital division has shown increased market share and recorded strong
organic growth in Revenue of 15,4%. Inflation and case mix accounted for
approximately 11,2%. The out of pocket Revenue continues to increase
reflecting the growing need by patients for first world quality healthcare
on demand.
* The key activity indicators of patient days, admissions and maternity cases
increased by 3,5%; 8,6% and 7,4% respectively.
* EBITDA margins increased significantly from 21,8% in 2002 to 23,2% in 2003,
reflecting the implementation of alternative reimbursement methods, the
performance highlighted above and further operational efficiency gains.
* The hospital infrastructure was bolstered by the realignment and improved
utilisation of more than 150 beds, all forming part of the national capital
expenditure programme incurred in upgrading and expanding certain of the
Group"s full service acute care hospitals. As these became effective at
various stages during the year, the benefits are likely to be realised more
fully in 2004.
SUPPLY CHAIN
TRAUMANET
Traumanet (the owner of the Netcare 911 brand) offers fully integrated, world-
class pre-hospital emergency medical assistance, evacuation by road or air and
telephonic medical advisory services in South Africa and the rim countries.
The number of insured principal members grew 64% year-on-year, rising from 5,2
million to over 8,5 million by September 2003 and the number of emergency cases
attended increased by 50% over last year to a record of 133 848 (1 case every 4
minutes).
Increased brand awareness (082 911) as well as the with lack of resources and
budgetary constraints in the state sector resulted in indigent, non paying
patient transfers increasing by 79% during the year. This reflects 24% of total
response calls and translates into a loss of more than R39million. The Board
however considers this to be a humane and important responsibility and will
continue this practice. To date, while no agreement has been reached to recover
these losses from the Provinces, Netcare has deemed it prudent to write the
above amounts off as irrecoverable.
Despite the higher workload, overall service levels remained high. The first
emergency ambulance was on scene within twelve minutes in at least 90% of the
time-critical (Priority 1, red code) cases across metropolitan regions. TWIG SA
market research, conducted monthly among our user base, revealed positive
service satisfaction indices and overall experience ratings in excess of 92%.
The disappointing performance was substantially due to increased services to
indigents, administration issues and exponential growth in market share which
outstripped infrastructure and controls. The division is receiving the
necessary attention with a new management team in place.
NETCARE INTERNATIONAL
The NHS has committed to increase its healthcare spend to GBP87 billion over the
next five years, which includes outsourcing of certain services.
With three successful waiting lists having been completed and the fourth
currently underway, Netcare International is developing a sustainable working
relationship with the NHS. Netcare is also the preferred bidder on two
Independent sector Treatment Centre contracts with the NHS. These contracts each
span over five years with guaranteed patient volumes and a combined contract
value of approximately GBP113,8 million.
Importantly, this expansion represents a valuable human retention strategy for
Netcare by allowing staff to work on a rotation basis in the UK and return to
employ their skills and expertise into their respective hospitals.
NETPARTNER
Netcare"s strategy has always been to develop an integrated healthcare delivery
model and to be the lowest cost provider of quality healthcare.
Netpartner is key to achieving this end with the overall intention of ensuring
that private healthcare will be more sustainable, affordable and accessible,
while offering the new SA a new healthcare solution. The most encouraging
aspect of Netpartner has been the support of healthcare professionals for its
primary objective to bring "BETTER CARE TO MORE PEOPLE", and will certainly;
* provide a meaningful foundation to increase the number of insured lives;
* offer a comprehensive solution for those Public Sector employees who are
currently uninsured; and most importantly,
* be a positive advance in retaining quality healthcare professionals in the
country.
The private placement of Netpartner shares was over-subscribed with more than
4000 General Practitioners and Specialists and 2 200 Dentists, Pharmacists,
Optometrists and other shareholders investing (32% representing individuals from
previously disadvantaged communities). Netpartner is well capitalised and
favourably positioned to roll out its business development strategy with
approximately R600 million in assets (includes R100 million in cash resources).
As at the date of this announcement the ruling share price was trading at a 40%
premium to the offer price.
ADMINISTRATION, LOGISTICAL AND SUPPORT SERVICES
Netcare has invested in and developed a core competency in providing
administrative, logistical and support services to a range of healthcare
providers.
MEDICROSS
Medicross has successfully increased its management and administration services
to more than 92 general practitioner and dental practices (2002: 60) across
South Africa.
The financial turnaround of Medicross since its acquisition by Netcare in 2001
has continued during the reporting period. The organisation has outperformed
expectations by posting a 21,0% increase in EBITDA to R63,9 million (2002: R52,8
million) and a 16,3% increase in Revenue to R569,3 million (2002: R489,6
million).
Patient visits grew by 16,3% to 2,8 million for the period, with dispensed
prescriptions rising by 11,9%. The use of generics has increased from 32% to 39%
over the period. In addition, the number of capitated lives managed by the
organisation grew during the year to over 40 000 across nine medical aid
schemes. These figures are indicative of the growth and operational
efficiencies experienced across the organisation.
NETCARE DIAGNOSTICS
Netcare"s increased involvement during the year with the management and
administration of diagnostic and imaging practices as well as Ampath, has
resulted in EBITDA increasing to R67,7 million (Pro forma 2002: R54,1 million)
with EBITDA margins at 20,9% (Pro forma 2002: 18,3%). The professional practices
served by Ampath have gained further market share, with the number of
requisitions growing by more than 3,7% year-on-year.
Ampath remains the only pathology management group in South Africa with a truly
national footprint.
JOINT INVESTMENTS WITH COMMUNITY HOSPITAL GROUP ("CHG") (BEE Partner)
The Group"s strategy towards the empowerment of previously disadvantaged
communities has proven successful with the performance of Community Hospital
Group ("CHG") meeting all expectations. CHG generates Revenue on an aggregated
basis in excess of R250 million per annum with an EBIT margin of 16,0%.
The prospects for this Group are encouraging given the opportunities within
healthcare in SA and given Netcare and Community"s commitment towards working
with Government on a national scale in providing meaningful healthcare
assistance and solutions.
OTHER SUPPLY SIDE BUSINESSES
NATIONAL RENAL CARE ("NRC")
NRC remains the leading Total Renal Disease Management Company in the private
renal dialysis market in South Africa, focusing on cost effective quality renal
care and outcome management, benchmarked against international standards. Six
additional dialysis units were opened during the year bringing the total number
of NRC units in southern Africa to 38. Revenue and EBIT grew by 19,2% and 19,6%
respectively versus the prior year.
CLINICAL PARTNERS
Clinical Partners healthcare managed care model continues to deliver excellent
results, as evidenced by the Netcare Medical Scheme. The scheme"s reserves
exceed 30% with contribution increases for 2004 the lowest in the industry at
less than 8%, despite paying participating specialists above the recommended
tariff. The expertise developed by Clinical Partners, together with the
Medicross capitated product, will be utilised by Netpartner to develop and
manage new products.
SAA-NETCARE TRAVEL CLINICS
There are now eleven retail SAA-Netcare Travel Clinics on a national basis.
Revenue was up 44,3% which includes a growth strategy around large scale site
tenders for occupational health.
CORPORATE CITIZENSHIP
The Group provides support to disadvantaged communities for humanitarian and
social endeavours. In the past year more than R60 million was applied in this
regard.
Walter Sisulu Cardiac Institute for Africa ("WSCIA")
Following on the relocation of Dr Kinsley and his team to Sunninghill hospital
in January 2003 the WSCIA has been established as a cardiology centre of
excellence specialising in paediatric cardiac medicine. The WSCIA was officially
opened by former president Nelson Mandela with a Section 21 company (Not for
profit) established to raise an apply funds to, inter alia, reduce mortality
associated with congenital heart disease for all the children across Africa.
GROWING WITH PEOPLE
The Netcare Group increased its spend on training to more than R84,0 million by
expanding training and development at all levels in the organisation to improve
service levels; encourage personal growth; meet SETA objectives and position the
Group favourably for expansion. As an additional spend and focus was motivated
by the SETA programme, which grants did not all materialise, an unexpected under
recovery of approximately R8,6 million resulted.
The Goldcare programme continues to be a successful staff initiative in
maintaining high quality care with new modules continuously being introduced.
In addition, Netcare was once again voted one of the top 40 companies to work
for in South Africa, a commendation the Group is extremely proud of.
PROSPECTS
With the solvency of Medical Aid Schemes being better than ever and single digit
provider medical inflation anticipated to be the lowest in a decade, the private
healthcare sector is well positioned to benefit from increasing numbers of
insured lives.
Several new legislative changes will be implemented with single exit pricing on
ethicals due to be finalised by May 2004.
The inefficient fee for service model is gradually being replaced with
alternative reimbursive models which Netcare has pioneered with great success
through its capitated products in Medicross and the integrated model via
Clinical Partners.
In partnership with Netpartner healthcare professionals, the Group can now offer
a full range of healthcare services to almost 80% of the insured population on a
national basis. This favourable positioning will see the development of numerous
preferred provider products in the future with the ultimate objective of making
private healthcare more affordable to more people of South Africa.
Netcare remains confident that as with other healthcare reforms introduced over
the past seven years, it will adapt its model and continue to provide acceptable
shareholder returns without compromising on its delivery of exceptional service
to its patients and customers.
Accordingly, in the absence of any unforeseen circumstances, the Group believes
that its business model is balanced and sound to continue to generate
satisfactory increases in earnings in the year ahead and meaningful returns for
all stakeholders.
CHANGES IN DIRECTORATE
Mrs SV Zilwa and Mr P Warrener resigned as non-executive and executive directors
with effect from 17 January and 23 September 2003, respectively.
CAPITAL DISTRIBUTIONS
In accordance with the authority given to the directors by way of an ordinary
resolution passed on 24 January 2004, the Board of directors has declared a
final capital distribution out of share premium of 9,0 cents per ordinary share,
payable to shareholders recorded in the register of the Company as at Friday, 6
February 2004. Taken together with the interim distribution of 6,0 cents per
share, the total distribution paid and to be paid in respect of the 2003
financial year amounts to 15,0 cents (2002: 11,5 cents) per ordinary share, an
increase of 30,4% over the prior period.
In compliance with the requirements of STRATE the following dates are
applicable:
2004
Last date to trade "CUM" the capital
distribution ("LDT") Friday, 30 January
Trading commences "EX" the capital
distribution Monday, 2 February
Record date Friday, 6 February
Date of payment Monday, 9 February
Share certificates may not be dematerialised or rematerialised between Monday, 2
February 2004 and Friday, 6 February 2004, both dates inclusive.
By order of the Board
Michael I Sacks Dr Jack Shevel Sandton
Chairman Chief Executive Officer 17 November 2003
GROUP BALANCE SHEET
Audited Audited
2003 2002
(Rm) (Rm)
Assets
Non-current assets
Property, plant and equipment 2 704,0 2 413,0
Intangible assets 169,6 89,8
Investments and loans 488,6 181,6
Deferred taxation 41,5 41,5
Other financial assets 426,7 183,1
Total non-current assets 3 830,4 2 909,0
Current assets
Inventories 376,5 233,6
Accounts receivable 1 159,9 854,0
Total current assets 1 536,4 1 087,6
Total assets 5 366,8 3 996,6
Equity and liabilities
Ordinary shareholders" equity 3 061,6 2 187,7
Minority interest 71,8 7,7
Total shareholders" equity 3 133,4 2 195,4
Net interest-bearing debt 899,4 752,1
Non-current liabilities
Deferred taxation 268,1 128,6
Current liabilities
Accounts payable 871,1 749,7
Vendors for acquisition - 13,3
Current taxation 194,8 157,5
Total current liabilities 1 065,9 920,5
Total equity and liabilities 5 366,8 3 996,6
Net equity per share (cents) 200,0 150,6
GROUP INCOME STATEMENT
Audited Audited
2003 2002 %
(Rm) (Rm) change
Revenue 6 012,6 4 812,3 24,9
Operating profit before
depreciation and amortisation
(EBITDA) 1 210,4 942,9 28,4
Depreciation and amortisation 192,5) (159,8)
Operating profit (EBIT) 1 017,9 783,1 30,0
Net finance charges (157,6) (104,7)
Profit before taxation 860,3 678,4
Taxation (202,5) (170,6)
Profit after taxation 657,8 507,8 29,5
Attributable earnings
of associates 0,4 20,5
Profit after taxation
including associates 658,2 528,3
Minority interest (1,1) (2,3)
Earnings attributable to
ordinary shareholders 657,1 526,0 24,9
EARNINGS RECONCILIATION
Audited Audited
2003 2002 %
(Rm) (Rm) change
Attributable earnings 657,1 526,0
Goodwill amortised 6,9 3,9
Profit on sale of investment (8,8) -
Headline earnings 655,2 529,9 23,6
Earnings per share (cents)
Headline - basic 45,9 36,7 25,1
- fully diluted 43,8 34,8 25,9
Attributable - basic 46,0 36,4 26,4
- fully diluted 43,9 34,5 27,2
Cash equivalent earnings per
share (cents) 58,7 49,6 18,3
STATEMENT OF CHANGES IN SHAREHOLDERS" EQUITY
Audited Audited
2003 2002
(Rm) (Rm)
Ordinary shareholders" equity at
beginning of year 2 187,7 1 580,2
Adjustment to opening balance on adoption
of AC 133 46,1 -
Restated balance 2 233,8 1 580,2
Earnings attributable to ordinary
shareholders 657,1 526,0
Fair value surplus on available for sale
investments net of tax 118,6 -
Currency translation reserves (7,9) -
Issue of shares 315,5 218,9
Share buyback (79,8) -
Capital distributions (183,1) (137,4)
Other 7,4 -
Balance at end of year 3 061,6 2 187,7
ABRIDGED GROUP CASH FLOW STATEMENT
Audited Audited
2003 2002
(Rm) (Rm)
Cash generated from operations 1 189,0 941,2
Working capital movements (310,2) (116,9)
Cash generated from operating activities 878,8 824,3
Net finance charges (157,6) (104,7)
Taxation paid (153,6) (130,5)
Cash inflow from operating activities 567,6 589,1
Capital distributions paid (183,1) (137,4)
Net cash retained 384,5 451,7
Other investing and financing activities (455,4) (525,6)
Capital expenditure (425,1) (366,1)
Net investment in businesses (255,8) (167,6)
Share buyback by subsidiary (79,8) -
Net equity movements 305,3 8,1
(70,9) (73,9)
Net debt assumed on consolidation of
businesses (76,4) (1,0)
Movement in net interest-bearing debt (147,3) (74,9)
Net interest-bearing debt
At beginning of year (752,1) (677,2)
At end of year (899,4) (752,1)
KEY FINANCIAL INFORMATION
Audited Audited
2003 2002
Ordinary shares (millions)
In issue 1 530,7 1 452,9
Weighted average number of shares 1 428,8 1 444,8
Fully diluted weighted average number
of shares 1 496,5 1 523,9
Distributions
Capital distributions (cents per share)
Interim 6,0 4,5
Final 9,0 7,0
Other salient features
EBITDA margin (%) 20,1 19,6
EBIT margin (%) 16,9 16,3
Interest cover (times) 6,5 7,5
Effective taxation rate (%) 23,6 25,0
Operating profit return on net assets (%) 29,2 30,4
Return on ordinary shareholders" equity (%)25,0 28,1
Debt:equity ratio (%) 28,7 34,3
Capital expenditure for the year (Rm) 425,1 366,1
Capital commitments (Rm) 185,4 206,4
This is a summarised commentary and results announcement. A full annual report
will be published on the Internet and a hard copy will be mailed to shareholders
on or about 12 December 2003. The annual general meeting will be held on 23
January 2004 and notice thereof will be given in the annual report. The results
can be viewed on the website www.netcareinvestor.co.za
Registered office - 76 Maude Street, Sandton 2196 (Private Bag X34, Benmore
2010). Transfer secretaries - Ultra Registrars (Pty) Limited, 11 Diagonal
Street, Johannesburg 2001 (PO Box 4844, Johannesburg 2000). Sponsor - Merrill
Lynch South Africa (Pty)Limited.
Executive directors: MI Sacks (Chairman), Dr J Shevel (Chief Executive Officer),
Dr RH Friedland (Chief Operating Officer), SR Favish (Chief Financial Officer),
Dr RH Bush, IM Davis, Dr I Kadish, PJ Lindeque, Dr C Rossolimos, N Weltman.
Non-executive directors: Dr APH Jammine, JM Kahn, HR Levin, Dr JA van Rooyen.
Company secretary: J Wolpert
Date: 18/11/2003 07:30:22 AM Supplied by www.sharenet.co.za
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