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NAMPAK LIMITED - AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2003
NAMPAK LIMITED
(Registration number 1968/008070/06)
(Incorporated in the Republic of South Africa)
Share Code: NPK
ISIN: ZAE000004933
AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2003
HIGHLIGHTS
* Good South African performance and successful integration of acquisitions
- Group revenue up 33%
- Group profit from operations up 43%
* Solid group performance impacted by stronger rand
- Basic earnings per share up 14%
- Fully diluted headline earnings per share up 4%
* Strong cash flows
- R2 billion cash generated from operations
- Net gearing reduced to 26%
* Increased value for shareholders
- Return on equity increased to 19%
- Dividend increase of 15%
GROUP INCOME STATEMENT
2003 2002 Change
Notes Rm Rm %
Revenue 18 174.0 13 684.7 32.8
Continuing operations 17 494.0 13 215.0 32.4
Discontinuing 680.0 469.7 44.8
operations
Profit before 1 1 801.6 1 257.0 43.3
abnormal items
Net abnormal expenses 2 64.5 98.7
Profit from 3 1 737.1 1 158.3 50.0
operations
Continuing operations 1 628.2 1 114.7 46.1
Discontinuing 108.9 43.6 149.8
operations
Net finance costs 4 252.9 122.9
Income from 5.7 2.6
investments
Profit before tax 1 489.9 1 038.0 43.5
Income tax 566.9 352.2
Profit after tax 923.0 685.8 34.6
Minority interest 19.5 28.7
Net profit for the 903.5 657.1 37.5
year
Number of ordinary 640 571 640 178
shares in issue (000)
Weighted average 640 444 531 237
number of ordinary
shares on which
headline earnings and
basic earnings per
share are based (000)
Weighted average 642 681 534 617
number of ordinary
shares on which
diluted headline
earnings and diluted
basic earnings per
share are based (000)
Headline earnings per 145.4 140.9 3.2
ordinary share
(cents)
Basic earnings per 141.1 123.7 14.1
share (cents)
Dividend per share 69.7 60.6 15.0
(cents)
Fully diluted 144.9 140.0 3.5
headline earnings per
share (cents)
Fully diluted 140.6 122.9 14.4
earnings per share
(cents)
Determination of
headline earnings
Net profit for the 903.5 657.1
year
Adjusted for:
Impairment losses 9.9 86.0
Goodwill amortised 61.3 13.9
Capital restructuring 7.9 29.0
costs
Net profit on sale of (2.9) (46.6)
businesses, property,
plant and equipment
Capital equipment (74.6) -
damage profit
Loss on re- 7.8 4.5
organisation of debt
Tax effects 18.4 4.5
Headline earnings for 8 931.3 748.4 24.4
the year
Note:
September 2002 headline earnings calculation has been restated as set out in
Note 8 to comply with revised SAICA Circular 7/2002 - Headline Earnings.
GROUP STATEMENT OF CHANGES IN EQUITY
2003 2002
Notes Rm Rm
Equity at beginning of year 4 785.8 2 627.6
Defined benefit funds not 6 - (29.0)
previously recognised
Changes in capital 2.3 1 673.8
Share capital - 6.5
Share premium on new issue and 2.3 1 667.3
odd-lot buyback
Changes in non-distributable (479.9) 136.3
reserves
(Decrease)/increase in foreign (463.8) 136.3
currency translation reserve
Hyperinflation capital (16.1) -
adjustment
Changes in accumulated profit 546.9 377.1
Attributable profit for the year 903.5 657.1
Ordinary shares - dividends (409.4) (282.9)
Preference shares - dividends (0.1) (0.1)
Negative goodwill recognised 71.9 -
directly in equity
Change in accounting policy 7 (19.0) -
Goodwill reversal - 6.2
Subsidiaries not previously - (3.2)
consolidated
Equity at end of year 4 855.1 4 785.8
GROUP BALANCE SHEET
2003 2002
Notes Rm Rm
Assets
Non-current assets 5 430.5 6 372.0
Property, plant and equipment 4 255.7 5 075.8
Goodwill and other intangibles 1 092.3 1 145.8
Investments 82.5 150.4
Current assets 5 643.7 6 872.7
Inventories 2 051.8 2 142.7
Trade and other receivables 2 843.4 3 116.4
Bank balances, deposits and 5 748.5 1 613.6
cash
Total assets 11 074.2 13 244.7
Equity and liabilities
Capital and reserves 4 855.1 4 785.8
Capital 2 033.7 2 031.4
Non-distributable reserves (294.9) 185.0
Accumulated profits 6 3 116.3 2 569.4
Minority interest 6 92.7 100.2
Non-current liabilities 1 771.8 2 357.3
Interest-bearing debt 5 1 289.0 1 879.1
Net long-term retirement 6 147.8 106.7
benefit obligation
Net deferred tax liabilities 6 335.0 371.5
Current liabilities 4 354.6 6 001.4
Trade and other payables 3 231.8 3 920.8
Interest-bearing debt 768.5 1 897.3
Net tax liabilities 354.3 183.3
Total equity and liabilities 11 074.2 13 244.7
Total borrowings:total 42% 77%
shareholders" funds
Net borrowings:total 26% 44%
shareholders" funds
Total liabilities:total 114% 161%
shareholders" funds
Net worth per ordinary share 758 748
(cents) calculated on number of
ordinary shares in issue of
640 571 091 (2002: 640 178 086)
Tangible net worth per ordinary 587 569
share (cents) calculated on
number of ordinary shares in
issue of 640 571 091 (2002: 640
178 086)
ABRIDGED GROUP CASH FLOW STATEMENT
2003 2002
Note Rm Rm
Cash generated from operations 2 006.9 1 766.5
Net finance costs (252.9) (122.9)
Income from investments 5.7 2.6
Tax paid (367.9) (299.0)
Cash available from operations 1 391.8 1 347.2
Dividends paid (410.8) (308.8)
Retirement benefit contributions (44.1) (14.0)
Net cash inflow from operating 936.9 1 024.4
activities
Net cash outflow from investing (628.1) (939.4)
activities
Net cash inflow before financing 308.8 85.0
activities
Net cash outflow from financing (290.9) (463.4)
activities
Net increase/(decrease) in cash 17.9 (378.4)
and cash equivalents
Cash and cash equivalents at 121.9 408.3
beginning of year
Translation of cash in foreign (122.6) 92.0
subsidiaries
Cash and cash equivalents at end 5 17.2 121.9
of year
NOTES
2003 2002 Change
Rm Rm %
1. Profit before abnormal
items
South Africa 1 400.5 1 068.6 31.1
Africa 99.4 20.9 375.6
Europe 301.7 167.5 80.1
1 801.6 1 257.0 43.3
2. Net abnormal expenses
Retrenchment costs 48.1 15.8
Restructuring costs 10.9 36.2
Impairment losses 10.0 86.0
Net profit on disposal (13.6) (44.7)
of property
Net loss on disposal of 0.9 0.9
businesses
Loss on re-organisation 7.8 4.5
of debt
Net monetary adjustment 5.4 -
- hyperinflation
Financial instruments 48.5 -
fair value adjustment
FEC costs on plant and 21.1 -
equipment
Capital equipment damage (74.6) -
profit
64.5 98.7
3. Profit from operations
South Africa 1 398.4 977.2 43.1
Africa 95.4 20.9 356.5
Europe 243.3 160.2 51.9
1 737.1 1 158.3 50.0
4. Net finance costs
Interest paid (339.5) (283.7)
Interest received 86.6 160.8
(252.9) (122.9)
5. Cash and cash
equivalents
Interest-bearing debt (2 057.5) (3 776.4)
Less: long-term 1 289.0 1 879.1
liabilities
Less: short-term portion 37.2 405.6
of long-term liabilities
Bank balances, deposits 748.5 1 613.6
and cash
17.2 121.9
6. Restatement of
comparatives
During the year certain
defined benefit funds were
identified that were not
recognised on adopting AC
116 - Employee Benefits in
the previous year. The
effect of recognising these
funds on the prior year
balance sheet is as
follows:
Opening accumulated profit 2 598.4
as previously stated
Defined benefit funds not (42.2)
previously recognised
Deferred tax 12.7
Minority interest 0.5
Accumulated profit as 2 569.4
restated
The effect on the prior and
current year income
statement is immaterial
7. Change in accounting
policy
The aggregate effect of
the change in accounting
policy on net profit for
the year ended 30
September 2003 is as
follows:
Financial instruments (48.5)
fair value adjustment
Normal tax 15.4
(33.1)
The aggregate effect of the
change in accounting policy
on the opening accumulated
profit is as follows:
Financial instruments fair (25.0)
value adjustment
Normal tax 6.0
(19.0)
8. Reconciliation of
headline earnings
Headline earnings as
previously stated 736.2
Revised Circular 7/2002
adjustment:
Provision for 12.2
retrenchments
Headline earnings as 748.4
restated
9. Detailed disclosures
Depreciation 715.4 556.5
Capital expenditure 884.4 784.4
- expansion 442.8 391.7
- replacement 441.6 392.7
Capital commitments 459.0 540.1
- contracted 222.2 174.2
- approved not 236.8 365.9
contracted
Lease commitments 514.6 591.7
- land and buildings 427.9 508.3
- other 86.7 83.4
Contingent liabilities* 146.3 147.9
* Included in these numbers is a put option in favour of Fasic Africa (Pty)
Ltd for R126m exercisable if Kimberly-Clark Corporation USA exits South
Africa before 31 March 2004 subject to certain exit conditions and
guarantees in respect of certain property leases of R17m.
COMMENTS
NAMPAK PROFILE
Nampak is the largest and most diversified packaging manufacturer in Africa with
operations in the United Kingdom and Europe. It produces packaging products from
metal, glass, paper and plastics, is a major manufacturer and marketer of tissue
products, and has a significant position in the paper merchanting market.
The group operates from manufacturing sites in South Africa, Kenya, Malawi,
Mozambique, Namibia, Nigeria, Swaziland, Tanzania, Zambia, Zimbabwe, the United
Kingdom, Belgium, France, Holland, Ireland and Italy, and also exports to many
countries worldwide. The group is actively engaged in the collection and
recycling of all forms of used packaging.
NamITech provides secure business solutions to customers in the
telecommunications and financial services industries and to large corporates.
KEY INVESTMENT ACTIVITIES IN 2003
On 17 October 2002, M.Y. Holdings acquired Gallagher Printers Limited of Ireland
for R40 million. Gallagher is a niche specialist in cartons, leaflets and
commercial printing for the Healthcare industry.
In October 2002, Pamodzi Investment Holdings, an empowerment company, acquired
28% of NamITech through its subsidiary Clidet No. 426 (Pty) Limited. As part of
the combined transaction, NamITech acquired the minority interests in Integrated
Card Technology and NamITprepaidz. Nampak subscribed for redeemable preference
shares in Clidet as part of the funding mechanism to assist Pamodzi to make the
acquisition and Nampak"s resultant shareholding in NamITech decreased to 51.08%.
Clidet has been consolidated in terms of AC 412.
On 7 May 2003, Nampak reached agreement to sell its interest in NamITech to
Allied Technologies Limited for a total consideration of R522.5 million, subject
to the approval of the competition authorities. NamITech has been shown as a
discontinuing operation in the income statement.
The PET business in Spain and the protective clothing business in the United
Kingdom were sold for a total consideration of R150 million in March 2003.
On 30 July 2003, Disaki Cores and Tubes (Pty) Limited was incorporated as a
black economic empowerment partnership. Nampak"s Cores and Tubes business was
sold as a going concern to Disaki on 1 September 2003.
GROUP FINANCIAL REVIEW
The past year has been a difficult one for both the South African and European
economies. Nampak has felt the impact of the strong rand through the translation
effect on European earnings, the slowing-down of direct and indirect exports and
the effect of applying AC 133 - Financial Instruments: Recognition and
Measurement.
A major focus for 2003 has been one of consolidating and integrating the Malbak
and Crown Africa businesses into Nampak. This process has proceeded well and the
results of these two businesses are incorporated for a full year, as compared to
two months in the last financial year.
Group revenue increased by 33% to R18.2 billion and operating profit before
abnormal items grew by 43% to R1.8 billion with the operating margin improving
to 9.9% from 9.2% in 2002.
The abnormal items consist of restructuring and retrenchment costs, the sale of
the Spanish business and the protective clothing business in the United Kingdom,
adjustments in respect of applying hyperinflation to the Zimbabwe operations,
fair value adjustments to financial instruments in terms of AC 133 and profit
from the material damages claim as a result of the fire at the Glass operation.
Net financing costs increased as a result of the borrowings acquired with the
acquisitions last year, the repatriation of interest rate hedge instruments and
the high interest rates in South Africa which prevailed for most of the
financial year. Interest cover, however, remains strong at 7 times.
The group"s effective tax rate is 38% due mainly to the amortisation of
goodwill, disallowable expenses, STC and the Zimbabwean hyperinflation
adjustments, all of which reduced the reported profit. After adjustment for
these factors the effective tax rate would be 29.6%.
Attributable earnings rose 38% to R904 million and, with the additional shares
issued to fund the Malbak transaction, basic earnings per share increased by
14%.
Fully diluted headline earnings per share increased by 4% as recalculated on the
revised basis required by the SAICA Circular 7/2002 which came into effect from
December 2002 (revised March 2003) and taking into account the increased number
of shares in issue.
The balance sheet continues to strengthen, with operating cash flow of R2
billion and net gearing improving from 44% in 2002 to the current 26%.
SEGMENTAL REVIEW
Geographical Analysis
Revenue Profit from Margin %
operations
Rm 2003 2002 2003 2002 2003 2002
South Africa 12 648 10 453 1 399 977 11.1 9.3
Rest of 698 206 95 21 13.6 10.2
Africa
Europe 5 262 3 256 243 160 4.6 4.9
Intergroup (434) (230)
eliminations
Total 18 174 13 685 1 737 1 158 9.6 8.5
The South African economy grew by 2% but demand for non-durable consumer
products continued to lag. In the early part of the year the weaker rand
contributed to good volume growth but, as the currency strengthened, both direct
and indirect exports declined. Imports of finished products also increased.
Volume growth of 2% for South African packaging products in the first half
declined to minus 2.5% in the second half, culminating in negative growth of
0.5% for the year.
In the Rest of Africa the Crown acquisitions, and the inclusion of Zimbabwe,
which has been consolidated following a revision of the restrictions placed on
these businesses, have contributed to growth.
The European packaging markets in which Nampak participates are still to benefit
from industry consolidation and continue to experience fierce competition and
margin pressure. Despite this our businesses are well run and performance was at
expected pound sterling levels.
SEGMENTAL ANALYSIS
Metals & Glass
Revenue Profit from Margin %
operations
Rm 2003 2002 2003 2002 2003 2002
Africa 4 483 3 766 623 430 13.9 11.4
In April a fire severely damaged Furnace 2 of the Glass plant rendering it out
of production for 7 months. The damage is covered by insurance and the new
furnace came into production during October. An abnormal gain on the capital
equipment claim has increased the operating margin in the current year.
Demand for beverage cans continued to fall and the stronger rand had a negative
effect on indirect exports. Iscor significantly increased its historically low
price of beverage can tinplate, however a reduction in aluminium prices enabled
beverage can selling price increases to be held below inflation. 2003 was one of
South Africa"s best fruit seasons and this, together with better fishing
catches, increased the demand for food cans.
Paper
Revenue Profit from Margin %
operations
Rm 2003 2002 2003 2002 2003 2002
Africa 5 491 4 507 452 378 8.2 8.4
Europe 2 882 571 211 39 7.3 6.8
Total 8 373 5 078 663 417 7.9 8.2
Printpak and Kohler Carton & Print were successfully merged, with market shares
being retained and anticipated benefits being delivered. The stronger rand put
pressure on export margins and raw material costs increased at double-digit
levels following the decline of the rand in the previous year. Demand for
corrugated boxes in South Africa was strong in the first quarter of the year but
then fell away quite markedly, leaving volumes down on last year. Nevertheless
an improved performance was achieved through better utilisation of raw materials
and efficient cost management.
In Europe, the folding cartons market continued to be highly competitive and,
although some industry consolidation took place, pressure remained on selling
prices. Market share was gained in some segments and, together with productivity
improvement initiatives, contributed to results in pound sterling being ahead of
expectations.
Plastics
Revenue Profit from Margin %
operations
Rm 2003 2002 2003 2002 2003 2002
Africa 2 693 1 916 243 149 9.0 7.8
Europe 2 137 2 544 23 115 1.1 4.5
Total 4 830 4 460 266 264 5.5 5.9
The integration of the Malbak Flexibles businesses was successfully managed and
market shares were retained. Demand for HDPE and PET bottles was buoyant and
contributed to good growth for plastics. Demand for shopping bags fell by 85%
following the implementation of new legislation on shopping bags and the
agreement by retailers to charge consumers for thicker bags. Polyfoil was not
viable at this volume and has been downsized.
The dairy in-plant programme in the United Kingdom was completed and contributed
to a satisfactory performance in pound sterling, however the general plastic
containers market showed little growth and margins continued under pressure.
Abnormal costs of R64m were incurred as a result of restructuring the Leicester
operation, the sale of the Spanish and protective clothing businesses and the
costs of re-organising the offshore debt.
NamITech
Revenue Profit from Margin %
operations
Rm 2003 2002 2003 2002 2003 2002
Africa 680 470 109 44 16.0 9.4
Strong demand continued in the mobile telecommunications industry and contracts
have been secured with most of South Africa"s banking groups for the supply of
EMV chip cards. Benefits from the implementation of the ERP system flowed
through during the year with savings throughout the supply chain resulting in
operating profit increasing faster than revenue.
Group services
Revenue Profit from operations
Rm 2003 2002 2003 2002
Africa 67 (3)
Europe 242 141 9 6
Intergroup (434) (230)
eliminations
Total (192) (89) 76 3
Group services comprise head office activities, procurement, treasury and
property rental. The current year"s results predominantly consist of profit from
property rental which has been reduced to some extent by foreign exchange losses
incurred by treasury on covered positions. The prior year includes the
impairment of the Zimbabwean investment.
ACCOUNTING POLICIES
The group prepares its annual financial statements in accordance with South
African Statements of Generally Accepted Accounting Practice and as such are
consistent with the previous year except for the adoption of AC 133 - Financial
Instruments: Recognition and Measurement. Comparatives are not restated for the
effects of this standard.
COMPARATIVE FIGURES
Comparative figures have been restated to show the effect of the inclusion of
retirement benefit funds not previously recognised and the effect of applying
revised SAICA Circular 7/2002 on headline earnings.
AUDITED RESULTS
The results have been audited by Deloitte & Touche and their unqualified audit
opinion and the annual financial statements are available for inspection at the
registered office of the company. The annual report will be posted to
shareholders in December.
DIRECTORATE
Mr GE Bortolan, formerly Group Managing Director, was appointed Chief Executive
Officer effective from 1 August 2003.
With effect from 1 October 2003, the following changes to the board have taken
place:
Mr T Evans, formerly Executive Chairman, became Non-Executive Chairman. Mr RP
Becker, who was appointed an alternate director on 15 January 2003 with the
title of Finance Director Designate, has been appointed Executive Director
Finance in the place of Mr JWC Sayers who relinquished his role as Executive
Director Finance. Mr Sayers will remain with Nampak in a senior financial role.
Mr CJ Miller, an alternate director of Nampak Limited and the previous Chief
Executive Officer of Kohler Packaging Limited, elected to retire on 30 September
2003.
Messrs PA De Weerdt and ADS Morais stepped down as alternate directors on 30
September 2003 in order to streamline the executive participation on the board
and in line with corporate governance best practice relating to the balance
between the number of executive and non-executive directors. Both Messrs De
Weerdt and Morais will continue in senior positions within Nampak.
PROSPECTS
The suspensive conditions relating to the NamITech disposal to Altech are not
expected to be fulfilled before the end of 2003.
Recent cuts in interest rates will result in higher disposable income for
consumers. Some of which is likely to be spent on non-durable consumer products
leading to increased demand for packaging. However, the strength of the rand
continues to make conditions difficult for the group and is an impediment to
increasing export sales.
Operating conditions, which were particularly favourable for some of the
businesses in 2003, may not be as strong in the year ahead. Higher-than-
inflation wage increases and the costs incurred in the major ERP system
implementation under way, will impact adversely on profitability.
Conditions in Europe are forecast to remain tough and both revenue and profit
growth is expected to be difficult.
Cash generation should remain strong and borrowings in South Africa are
anticipated to be substantially reduced by the end of next year.
It is expected that the year ahead will be challenging and it will be difficult
to achieve real earnings growth. However, a number of initiatives are being
undertaken that will have a positive impact on future earnings.
DECLARATION OF ORDINARY DIVIDEND NO. 70
The group is maintaining a conservative dividend policy, with an increase in
dividends over last year of 15% and a cover of 2.02 times.
Notice is hereby given that a final ordinary dividend No. 70 of 47.2 cents per
share (2002: 41.0 cents) has been declared in respect of the year ended 30
September 2003, payable to shareholders recorded as such in the register at the
close of business on the record date, Friday 9 January 2004, making a total
distribution for the year of 69.7 cents (2002: 60.6 cents). The last day to
trade to participate in the dividend is Friday 2 January 2004. Shares will
commence trading "ex" dividend from Monday 5 January 2004.
The important dates pertaining to this dividend are as follows:
Last day to trade ordinary
shares "cum" dividend Friday 2 January 2004
Ordinary shares trade
"ex" dividend Monday 5 January 2004
Record date Friday 9 January 2004
Payment date Monday 12 January 2004
Ordinary share certificates may not be dematerialised or re-materialised between
Monday 5 January 2004 and Friday 9 January 2004, both days inclusive.
On behalf of the board
T Evans G E Bortolan
Chairman Chief Executive Officer
20 November 2003
Non-executive directors:
T Evans (Chairman), PL Campbell*, BP Connellan, DA Hawton*, MM Katz*,
KM Mokoape*, ML Ndlovu*, MH Visser*, RA Williams*.
*Independent
Executive directors:
GE Bortolan (Chief Executive Officer), RP Becker, N Cumming, AS Lang (British),
AM Marthinusen, JA Monks, (British), RG Tomlinson.
Secretary:
NP O"Brien.
Registered office:
Nampak Centre,
114 Dennis Road,
Atholl Gardens,
Sandton 2196,
South Africa.
P O Box 784324,
Sandton 2146,
South Africa.
Telephone: +27 11 719-6300
Share registrars:
Computershare Limited,
70 Marshall Street,
Johannesburg 2001,
South Africa.
P O Box 61051,
Marshalltown 2107,
South Africa.
Telephone: +27 11 370-5000
Website: www.nampak.com
Joint sponsors
Lead sponsor:
UBS
Sponsor:
Cazenove
SUPPLEMENTARY INFORMATION
AC 133 has impacted on the group results through the fair value of financial
instruments and the cost of forward cover on fixed assets purchased during the
year. The application of this standard resulted in the reporting of headline
earnings per share growth being reduced from 9% to 4%.
Impact on segmental information
AC 133
fair
Profit from Abnormal value
operations adjust-
ments
as reported items
2003 2002 2003 2002 2003
Rm Rm Rm Rm Rm
Metals & Glass
Africa 623 430 (66) (1) 17
Paper
Africa 452 378 18 28
Europe 211 39 4 (7)
Plastics
Africa 243 149 3 10 11
Europe 23 115 64 7
NamITech
Africa 109 44 (1) 1 2
Group services
Africa 67 (3) (27) 82
Europe 9 6 (2)
Total 1 737 1 158 (5) 99 49
Profit Margins
before before abnormal
abnormal items
items
FEC costs
on fixed
assets
2003 2003 2002 2003 2002
Rm Rm Rm % %
Metals & Glass
Africa 20 594 429 13.3 11.4
Paper
Africa 499 379 9.1 8.4
Europe 209 39 7.2 6.9
Plastics
Africa 1 257 158 9.6 8.3
Europe 87 122 4.1 4.8
NamITech
Africa 110 45 16.1 9.5
Group Services
Africa 40 79
Europe 6 6
Total 21 1 802 1 257 9.9 9.2
Basis of calculation
Abnormal items are defined as items of income and expenditure which do not arise
from normal trading activities or are of such a size, nature or incidence that
their disclosure is relevant to explain the performance for the year.
The fair value adjustments under AC 133 are all calculated using the "mark-to-
market" methodology.
Forward exchange contract costs on fixed assets are calculated as the difference
between the spot rate on the date risks and rewards of ownership on the
underlying transaction pass and the forward rate per the financial instrument.
The presentation to be made to the Investment Analysts Society of South Africa
on 20 November 2003 will be available on the company"s website.
Date: 20/11/2003 02:36:31 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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