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Netcare - Group audited results for the year ended 30 September 2005
NETWORK HEALTHCARE HOLDINGS LIMITED
Registration number 1996/008242/06
(Incorporated in the Republic of South Africa)
(JSE share code: NTC)
(ISIN code: ZAE000011953)
("Netcare" or "the Company" or "the Group")
GROUP AUDITED RESULTS for the year ended 30 September 2005
Solid performance throughout core healthcare businesses
International accreditation of hospital facilities and accolades for service
excellence programmes
Improved clinical governance and patient safety
Fully diluted headline earnings per share up 34,4%
Cash generated from operating activities up 46,9% to R1,6 billion
Capital distributions up 31,6%
ABRIDGED GROUP BALANCE SHEET
at 30 September 2005
Audited
Audited Restated
30 Sept 30 Sept
2005 2004
Rm Rm
ASSETS
Non-current assets 4 280,7 3 737,9
Property, plant and equipment 3 108,7 2 880,0
Goodwill and development expenditure 350,4 227,2
Associated companies, investments and 802,9 588,0
loans (note 1)
Deferred taxation asset 18,7 42,7
Current assets 1 991,5 1 758,5
Inventories 274,6 241,6
Accounts receivable 1 348,2 1 278,1
Loans and held for trading investments 75,8 93,3
Cash and cash equivalents 292,9 145,5
Total assets 6 272,2 5 496,4
EQUITY AND LIABILITIES
Capital and reserves 3 418,1 2 796,0
Share capital and premium 597,2 860,8
Treasury shares (897,5) (865,3)
Reserves 3 642,6 2 726,3
Ordinary shareholders" equity 3 342,3 2 721,8
Minority interest 75,8 74,2
Non-current liabilities 714,2 1 148,3
Interest-bearing debt 492,9 792,5
Deferred lease liability 159,5 152,9
Deferred taxation liability 61,8 202,9
Current liabilities 2 139,9 1 552,1
Accounts payable and provisions 1 217,4 935,3
Short-term interest-bearing debt 913,4 559,6
Taxation payable 9,1 57,2
Total equity and liabilities 6 272,2 5 496,4
Ordinary shareholders" equity per 231,1 190,9
share (cents)
GROUP INCOME STATEMENT
for the 12 months ended 30 September 2005
Audited
Audited Restated
30 Sept 30 Sept
2005 % 2004
Rm change Rm
Revenue 7 533,7 9,9 6 852,5
Net operating costs (6 092,4) (5 616,7)
Operating profit before 1 441,3 16,6 1 235,8
depreciation and amortisation
("EBITDA")
Depreciation and amortisation (251,6) (214,8)
Operating profit before 1 189,7 16,5 1 021,0
abnormal items
Abnormal items (3,5) (56,6)
Operating profit ("EBIT") 1 186,2 23,0 964,4
Interest - received 46,5 80,2
Interest - paid (176,0) (199,3)
Profit before taxation 1 056,7 25,0 845,3
Taxation (299,5) (215,8)
Profit after taxation 757,2 629,5
Attributable earnings of 62,9 24,7
associates*
Profit after taxation 820,1 25,4 654,2
including associates
Minority interests (1,7) (2,4)
Attributable earnings 818,4 25,6 651,8
Earnings reconciliation
Attributable earnings 818,4 651,8
Goodwill amortised - 10,7
Impairment of goodwill 19,9 -
Impairment of investments 29,3 -
Reversal of impairment of land (9,8) -
and buildings
Net capital loss on disposal 6,1 -
of assets
Capital loss on discontinued - 9,0
operations
Headline earnings 863,9 28,7 671,5
Earnings per share ("EPS")
(cents)
Headline - basic 60,3 32,8 45,4
Headline - diluted 58,6 34,4 43,6
Attributable - basic 57,2 30,0 44,0
Attributable - diluted 55,5 31,2 42,3
* The associate earnings include income derived from Netpartner arising from the
cross-holding iteration between Netcare and Netpartner.
ABRIDGED GROUP CASH FLOW STATEMENT
for the 12 months ended 30 September 2005
Audited Audited
30 Sept 30 Sept
2005 2004
Rm Rm
Cash generated from operations 1 441,5 1 190,7
Working capital movements 178,4 (88,1)
Cash generated from operating 1 619,9 1 102,6
activities
Interest paid (176,0) (199,3)
Taxation paid (465,7) (357,6)
Capital distributions paid (307,8) (245,6)
Net cash retained from operating 670,4 300,1
activities
Cash flows from investing activities (612,9) (699,9)
Capital expenditure (497,3) (362,3)
Proceeds from sale of non-current 40,3 -
assets
Interest received 46,5 80,2
Net investment in businesses and loans (170,2) (181,0)
to businesses
Share buy-backs (32,2) (236,8)
Cash flows from financing activities 89,9 108,4
Net interest-bearing liabilities raised 54,1 10,7
Net equity movements 35,8 97,7
Increase/(decrease) in cash and cash 147,4 (291,4)
equivalents
Cash and cash equivalents at beginning 145,5 442,0
of year
Net cash resources assumed on - (5,1)
acquisition of businesses
Cash and cash equivalents at end of 292,9 145,5
year
ABRIDGED STATEMENT OF CHANGES IN GROUP
SHAREHOLDERS" EQUITY
for the 12 months ended 30 September 2005
Share Non-
capital distri-
and Treasury butable
Rm premium shares reserves
Ordinary shareholders" equity 860,8 (865,3) 230,8
at beginning of year
Prior year adjustments (refer
to note 4)
Negative goodwill derecognised
Attributable earnings
Issue of shares 44,2
Share buy-backs (32,2)
Fair value (deficit)/surplus (10,3)
on investment net of tax
Treasury shares on unwinding
of Netcare Trust financial
asset
Capital distributions (307,8)
Currency translation reserves (8,3)
and other movements
Ordinary shareholders" equity 597,2 (897,5) 212,2
at end of year
Audited
Distri- Audited Restated
butable 30 Sept 30 Sept
Rm reserves 2005 2004
Ordinary shareholders" equity 2 495,5 2 721,8 2 967,4
at beginning of year
Prior year adjustments (refer (100,4)
to note 4)
Negative goodwill derecognised 116,6 116,6
Attributable earnings 818,4 818,4 651,8
Issue of shares 44,2 61,5
Share buy-backs (32,2) (236,8)
Fair value (deficit)/surplus (10,3) 71,3
on investment net of tax
Treasury shares on unwinding (485,3)
of Netcare Trust financial
asset
Capital distributions (307,8) (245,6)
Currency translation reserves (0,1) (8,4) 37,9
and other movements
Ordinary shareholders" equity 3 430,4 3 342,3 2 721,8
at end of year
KEY FINANCIAL INFORMATION
at 30 September 2005
Audited
Audited Restated
30 Sept 30 Sept
2005 2004
Ordinary shares (net of treasury shares)
(millions)
In issue 1 446,2 1 425,8
Weighted average number of shares 1 431,5 1 479,7
Diluted weighted average number of shares 1 473,8 1 540,4
Distributions
Capital distributions (cents per share) 25,0 19,0
Other salient features
EBITDA margin (%) 19,1 18,0
EBIT margin (%) 15,7 14,1
Interest cover (times) 9,2 8,1
Effective taxation rate (%) 27,2 24,9
Operating profit return on net assets (%) 29,9 25,5
Return on ordinary shareholders" equity 28,5 24,0
(%)
Debt/equity ratio (%) 32,6 43,2
NOTES TO FINANCIAL INFORMATION
Rm Rm
1. Associated companies, investments and
loans consists of:
Investments and loans to associated 728,4 539,2
companies
Investments and loans to joint ventures 11,7 (6,3)
Loans 62,8 55,1
802,9 588,0
Directors" valuation of investments and 823,9 589,7
loans to associated companies
2. Fair value adjustment on held for 29,2 18,1
trading shares taken to EBITDA
3. Operating lease charges 130,4 136,9
4. Change in accounting interpretation
The South African Institute of Chartered Accountants issued circular 7/2005 on 2
August 2005 detailing practice in the past and the revised correct treatment
thereof. Accordingly, during the year, the Company changed its interpretation of
IAS16 (Leases). The Group has previously been accounting for operating leases in
a manner widely regarded as accepted practice within the South African
environment. The policy applied by the Company involved expensing and recording
operating lease expenses as and when incurred. The impact of this change in
interpretation is as follows:
2005 2004
Income statement Rm Rm
Decrease in net profit due to change
in accounting interpretation
Gross (6,6) (11,5)
Taxation 1,9 3,3
Net (4,7) (8,2)
Effect on distributable reserves prior
to 2004:
Gross (141,4)
Taxation 41,0
Net (100,4)
Deferred Deferred
lease taxation
Balance sheet liability liability
Effects of prior year adjustment on
the 2004 balance sheet:
As previously reported - 247,2
Increase/(decrease) 152,9 (44,3)
As restated 152,9 202,9
5. Commitments
Capital commitments 390,3 388,3
- contracted 260,0 324,6
- not contracted 130,3 63,7
Operating lease commitments 798,6 823,9
6. Contingent liabilities 381,1 372,8
COMMENTARY
INTRODUCTION
The Netcare Group ("the Group") has achieved a solid financial and operational
performance for the year ended 30 September 2005, largely as a result of organic
growth across its core healthcare businesses and the increasing contribution to
profitability from non-hospital ancillary healthcare investments. Netcare"s
diversified business model has proven to be an optimal framework that has
contributed to these rewarding results.
The past year has recorded the lowest healthcare inflation in over a decade;
finalisation of the legal process relating to the pharmacy regulations;
meaningful steps towards increasing the number of medically insured people, and
the emergence of an improved relationship between the public and private
healthcare sectors. These positive developments bode well for increasing
accessibility to quality and affordable healthcare for all South Africans.
The Group has made positive strides in a number of key areas including:
* Achieved international ISO 9002 accreditation for certain hospital facilities;
* Enhanced and improved skills, training and employee satisfaction resulting in
Netcare"s improved ranking in the survey of the Best Companies to Work For in
South Africa;
* Launched The Health Partners for Life broad-based empowerment transaction;
* Participated in the development of the Health Charter;
* Improved Clinical Governance throughout the Group;
* Commenced the rollout of an enterprise wide SAP IT system and shared services
platform throughout the organisation;
* Experienced increased use of Netcare"s primary and tertiary care facilities
by self-funded private patients;
* Accomplished significant operational and financial improvements at Netcare
911; and
* Awarded the tender for emergency service provision by Netcare 911, and is one
of the preferred providers of hospital services to the successful bidder for the
comprehensive Topaz plan, for the Government Employee Medical Scheme ("GEMS").
2005 has also seen the retirement of Dr Jack Shevel, founder and former CEO of
Netcare. The Board wishes to record its special thanks and gratitude to Dr
Shevel for his outstanding contribution to the establishment and development of
Netcare as a world-class healthcare organisation.
FINANCIAL REVIEW
Netcare"s revenue for the year increased by 9,9% to R7 533,7 million (2004: R6
852,5 million), supported by higher volumes within the core hospital division
arising from encouraging increases in admissions, patient days and maternity
cases. Pleasing activity and performance improvements were also achieved by the
Netcare Diagnostics, Netcare 911 and Netcare UK businesses.
Overall fully diluted headline EPS grew by 34,4% to 58,6 cents (2004 restated:
43,6 cents).
A pro-forma analysis of revenue and EBIT of the business groupings of Netcare is
set out below:
Revenue
Audited Audited
30 Sept 30 Sept
2005 2004 %
Rm Rm Increase
Hospital and Trauma 5 927,8 5 444,9 8,9
operations
Ancillary Healthcare 1 424,8 1 280,7 11,3
businesses
Netcare International 181,1 126,9 42,7
Total 7 533,7 6 852,5 9,9
EBIT
Restated
Audited Audited
30 Sept 30 Sept
2005 2004 %
Rm Rm Increase
Hospital and Trauma 975,1 837,7 16,4
operations
Ancillary Healthcare 195,3 133,3 46,5
businesses
Netcare International 15,8 (6,6) -
Total 1 186,2 964,4 23,0
The Group"s strong cash generation was once again evidenced by a 46,9% increase
in cash generated from operating activities. Cash inflows were applied
substantially during the period towards, inter alia, tax payments of R465,7
million (2004: R357,6 million), capital expenditure of R497,3 million (2004:
R362,3 million), increased capital distributions of R307,8 million (2004: R245,6
million) and other investments of R170,2 million (2004: R181,0 million). Despite
these factors, as well as the significant equity impact of the treasury shares,
the debt/equity ratio declined to a sound 32,6% (2004: 43,2%).
Associate earnings
Attributable earnings of associates increased by 154,6% to R62,9 million (2004:
R24,7 million).
Netcare"s investment in Netpartner Investments Limited (Netpartner) contributed
a net R41,1 million (2004: R25,9 million) to the associate earnings, including
the effect of the cross-holding adjustment between Netcare and Netpartner, which
amounted to R67,1 million (2004: R28,1 million). The mark-to-market gain earned
by Netpartner with respect to the Netcare shares held by Netpartner has not been
reflected at the Netcare group level.
The balance of the associate earnings was contributed to largely by Netcare`s
investments in Community Hospital Group ("CHG") and Healthshare, which are
referred to herein.
Accounting policies and JSE Limited Listings Requirements
The financial statements comply with South African Statements of Generally
Accepted Accounting Practice. Save for the change in accounting interpretation
relating to operating leases (as required by SAICA Circular 7/2005) and the
adoption of IFRS 3 in relation to the accounting treatment for goodwill, the
principal accounting policies as set out in the 2004 Annual Report have been
consistently applied.
This announcement has been prepared in accordance with the Listings Requirements
of the JSE Limited.
Audit report
The joint auditors, Grant Thornton and PKF (Jhb) Inc., have issued their opinion
on the Group"s financial statements for the year ended 30 September 2005. A copy
of their unqualified report is available for inspection at the Company"s
registered office.
OPERATIONAL REVIEW
The Group has expended substantial effort and cost at improving quality and
service delivery across the organisation. To this end, HQS, an international
accreditation agency affiliated to ISQua has been contracted to accredit
Netcare"s hospital facilities, with Sunninghill Hospital in Johannesburg and
Unitas Hospital in Pretoria having already been accredited over the period. In
addition, the core healthcare divisions have embarked on a countrywide programme
to further enhance clinical governance, patient safety and outcomes throughout
the Group.
Netcare`s use of human performance technology to create two key business driver
programmes, the first aimed at its core customer base of doctors (Netpartner
Excellence Program), and the second at its general staff (Goldcare Winners
Program), were documented for the International Society of Performance
Improvement ("ISPI") and selected from several hundred submissions worldwide as
the Master Series Presentation for the ISPI 43rd Annual Congress in Vancouver in
April.
CORE HOSPITAL NETWORK AND TRAUMA OPERATIONS
This division yielded good results for the period and recorded organic growth in
revenue of 8,9% and an increase in EBIT of 16,4%, a solid performance given the
introduction of Single Exit Pricing ("SEP") and significantly lower pharma
inflation. The performance of these businesses continues to show improvement in
all areas of patient care and service delivery. During the period, the
introduction of selected business re-engineering processes and rationalisation
programmes have resulted in the hospital and trauma support services being
operated more efficiently.
In the core hospital network patient days were up by 2,2%, theatre cases up by
1,8%, maternity cases increased by over 5,9%, and the length of stay declined
marginally from 3,22 days to 3,20 days. This result is due to increased
utilisation by the currently insured population (admissions/1 000) and private
uninsured patients; a net increase of more than 120 specialists joining Netcare
hospitals; improved patient satisfaction indices; and benefits of
infrastructural and strategic investments in high performing facilities.
In addition, capital expenditure increased to R497,3 million (2004: R362,3
million), as the Group continued to expand and upgrade facilities within the
hospital network, started the development of two new greenfield hospitals in the
Western Cape and KwaZulu-Natal, and invested the initial capital expenditure
relating to the introduction of SAP into the organisation.
In differentiating patient care and ensuring sustainable resources of quality
nursing within Netcare institutions, during the year the Group trained over
1,500 nurses within its training academies, supported over 345 unit managers in
business management programmes and provided over R7,0 million worth of bursaries
to students. In addition, a R5 million founding contribution was endowed to the
Jack Shevel Nurses Benefit Trust and Netcare is partnering with Government in an
Employer Forum established to address supply and quality issues facing the
health sector.
Netcare 911 (previously Traumanet) continues to play a leading role in providing
emergency medical assistance and evacuation ("EMS") with over 767 employed
paramedics, and 508 emergency vehicles in the Netcare 911 network. Management
has made outstanding progress in restoring the business unit to profitability.
The year was also characterised by the 082 911 call centre service levels
consistently exceeding 95%, customer base increased to exceed 9,0 million lives,
and being awarded the EMS contract for GEMS.
ANCILLARY HEALTHCARE BUSINESSES
The continued investment and development of allied healthcare businesses (which
provide a wide spectrum of administrative, logistical and support services to a
range of healthcare providers) have continued to contribute increasingly to
revenue and profitability and provide the Group with important avenues for
future growth.
* Primary care - Medicross
The positive performance by this business was encouraging given a difficult
trading environment particularly as a result of the reduction in the SEP of
medicines and the increased competition in retail pharmacy given new entrants to
the market. Medicross continues to develop its administration capability and
will seek to expand its services to practices situated in previously
disadvantaged communities. In addition, finding innovative and effective
products and services for the treatment of people living with HIV and Aids is
seen as an area of focus going forward.
* Netcare Diagnostics
The businesses and ventures falling within Netcare Diagnostics performed well
over the period given improvements in activity, operational efficiencies, and
the volume related benefits associated with recent expansion initiatives.
* CHG pharmacies
The pharmacies within the hospitals comprising Netcare"s empowerment affiliate
CHG, an entity in which Netcare has a joint investment with Community Healthcare
Holdings (a black owned healthcare company) ("CHH"), continue to contribute
increasingly on an annual basis.
ASSOCIATED HEALTHCARE INTERESTS
The investments in, inter alia, Netpartner, CHG and Healthshare performed well,
albeit that they are at varying stages of development.
The Group"s investment in Netpartner continues to be a key strategic initiative
in developing a Health Maintenance Organisation ("HMO") model. Netpartner has
more than 10 500 medical professionals as shareholders, a direct collective
empowerment shareholding of more than 27%, and is the single largest shareholder
in Netcare at more than 20%. Given the regulatory processes involved in the
rollout of certain innovative managed care products, and the lack of precedent
of certain concepts which are being developed, there have been delays in
progressing this business model. Despite these challenges, Netpartner will
continue to seek to introduce alternative reimbursive models and attract
uninsured but employed lives by offering greater access and product simplicity
at affordable prices.
Netcare"s associate investment in CHG has performed well over the period as the
hospitals develop in terms of expansion, occupancies and financial performance.
Various options are being considered in regard to CHG, CHH and other BEE
healthcare providers in line with the Group"s transformation objectives.
Netcare"s investment and participation in Healthshare, a healthcare services
outsourcing business to the mining and similar industries, continues to generate
benefits for Netcare and its partners who seek to develop innovative models to
improve access by their employees and their dependents to quality healthcare.
NETCARE INTERNATIONAL (NETCARE UK)
The Ophthalmic Chains Independent Sector Treatment Centres ("ISTC"),
commissioned during January 2004, continued to provide quality patient care and
successfully treated more than 17,000 patients by 30 September 2005 from its
innovative mobile solution. On 9 May 2005, Netcare UK opened its second ISTC
project, The Greater Manchester Surgical Centre in Manchester. Netcare UK has
undertaken to perform over 44 800 procedures comprising, Orthopaedic, Ear Nose
and Throat and General surgery over a five-year period within a high volume
elective surgery unit.
The change in revenue character from intermittent activity associated with
waiting list activities to annuity income from ISTC projects has resulted in a
42,7% increase in revenue, with initial operating performance being affected by
start up and diligence costs. Over time Netcare UK is poised to leverage
operational activities to improve financial performance and is continuously
seeking new opportunities for growth.
TRANSFORMATION
Health Partners for Life ("HPFL") - Netcare"s broad-based black economic
empowerment transaction.
Netcare recently added to its transformation objectives with the finalisation of
the Group"s broad-based black economic empowerment transaction which entailed
the facilitation of an investment by a broad grouping of historically
disadvantaged individuals ("HDIs") in 10% of Netcare"s equity, valued at
approximately R1 billion. Importantly, this grouping entailed the inclusion of
almost 45 000 stakeholders within the healthcare industry, with the emphasis on
HDIs.
Further reference is made to the public announcements released on 21 April 2005
and 30 June 2005, as well as the circular to shareholders dated 1 September
2005, the key resolutions to which were approved by shareholders on 26 September
2005.
The progress that has been made through the HPFL transaction and Netcare"s
Transformation Committee has seen advancement in the areas of equity ownership,
human resource development, enterprise development, preferential procurement,
corporate and social contributions, and equity in access.
CORPORATE AND SOCIAL CONTRIBUTIONS
During the year Netcare contributed more than R65 million in terms of financial
and human resources in the areas of:
* Pre-hospital emergency medical services;
* Academic grants, bursaries, skills training and industry initiatives;
* Corporate community health and welfare sponsorships;
* Event management and sport sponsorships; and
National and international disaster management.
* Notably, this included having organised, coordinated and executed the
evacuation of stranded South Africans from South East Asia, as well as the
fundraising initiative, following the Tsunami of December 2004.
CHANGES IN DIRECTORATE
* Dr VLJ Litlhakanyane and Professor MB Kistnasamy were appointed to the Board
as Executive and Non-Executive Directors respectively with effect from 1
December 2004.
* With effect from 1 March 2005, Mr MI Sacks (Executive Chairman) became Non-
Executive Chairman.
* On 31 August 2005, Dr J Shevel resigned as Chief Executive Officer and became
a Non-Executive Director with effect from 1 September 2005.
* With effect from 1 September 2005, Dr RH Friedland (formerly CEO -
International) was appointed Netcare Group Chief Executive Officer.
* With effect from 16 September 2005, Dr RH Bush, Dr I Kadish and Mr PJ Lindeque
resigned as Directors of the Company. The Company has significantly benefited
under the leadership of these Directors and wishes to place on record its
gratitude and appreciation for their outstanding contribution to the success of
the Netcare Group. Mr Lindeque will continue as a valued executive to Netcare as
the Regional Director of the Hospital Division, while the roles and functions of
Drs" Bush and Kadish will be absorbed by current executives.
PROSPECTS
The South African healthcare market is currently experiencing some significant
structural and economic changes, including,
* a lower inflationary environment and regulatory changes which have led to
improved affordability;
* the strength of the South African economy resulting in more people being
employed in the formal sector;
* encouraging signs through Government initiatives to increase the size of the
medically insured population;
* the launch of the GEMS which may result in a substantial increase in the
number of people accessing healthcare;
* tax reforms to increase the access of low-income earners to medical insurance;
and
* the release of the revised Health Charter on 31 October 2005.
Netcare is committed to seeking new ways to improve the access to and
affordability of quality healthcare, and to developing mutually beneficial
partnerships with Government, emerging providers, medical professionals and
other stakeholders in assisting to meet the healthcare needs of our nation.
Internationally, Netcare continues to explore opportunities and develop its
business models. The UK healthcare market, and many other markets in which the
public sectors seek to partner with private sector participants, represent real
and sustainable growth areas.
Accordingly, in the absence of any unforeseen circumstances in the South African
and global economies and also the healthcare regulatory environment, it is
considered that the Group has a well-balanced portfolio of healthcare businesses
to continue in the forthcoming financial year to generate increased earnings and
solid returns for all stakeholders.
STAKEHOLDERS
Netcare acknowledges that these results and the professional care given to the
millions of patients each year are testimony to its people. The Board wishes to
extend its sincere appreciation to the caring doctors, medical professionals,
paramedics, nurses, caregivers and staff for their commitment, passion and
dedication.
DECLARATION OF CAPITAL DISTRIBUTION NO 13
In accordance with the authority given to the Directors by way of an ordinary
resolution passed on 28 January 2005, the Board of Directors declared on Monday,
14 November 2005 a final capital distribution (No 13) out of share premium of 15
cents per share, payable on Monday 23 January 2006, to shareholders recorded in
the register of the Company as at Friday, 20 January 2006. Taken together with
the interim distribution number 12 of 10 cents per ordinary share, the total
distribution paid and to be paid in respect of the 2005 financial year amounts
to 25 cents (2004: 19 cents) per ordinary share, an increase of 31,6% over the
prior financial year.
In the absence of further issues of shares, with the resultant credits to share
premium, Netcare"s ability to pay capital distributions rather than dividends is
limited. Accordingly, it is likely that the Company may incur Secondary Tax on
Companies in the foreseeable future.
In compliance with the requirements of STRATE, the following dates are
applicable:
Last date to trade "cum" the capital Friday, 13 January 2006
distribution ("LDT")
Date trading commences "ex" the capital Monday, 16 January 2006
distribution
Record date Friday, 20 January 2006
Date of payment Monday, 23 January 2006
Share certificates may not be dematerialised nor rematerialised between Monday,
16 January 2006 and Friday, 20 January 2006, both dates inclusive.
By order of the Board
Michael I Sacks Dr Richard H Friedland
Chairman Chief Executive Officer
Sandton
14 November 2005
EXECUTIVE DIRECTORS:
Dr RH Friedland BVSc, MBBCh, Dip Fin Man, MBA, (Chief Executive Officer); PG
Nelson BCom (Hons), CA (SA) (Chief Financial Officer); IM Davis Dip Pharm (MPS);
Dr VLJ Litlhakanyane MBBCh, M Med (Radiotherapy), MBA; N Weltman CA (SA)
NON-EXECUTIVE DIRECTORS:
MI Sacks CA (SA), AICPA (ISR) (Chairman); APH Jammine BSc (Hons), BA (Hons),
MSc, PhD; JM Kahn BA (Law), MBA, DCom (hc), SOE; Prof MB Kistnasamy MBCHb, M Med
(Community Health); HR Levin BCom, LLB, LLM, H Dip Tax, H Dip Co Law; Dr J
Shevel MBBCh; Dr JA Van Rooyen MBBCh, M Med (Clin Path)
COMPANY SECRETARY:
J Wolpert CA (SA), FCMA, FCIS
REGISTERED ADDRESS:
76 Maude Street (corner West Street),
Sandton 2196. Private Bag X34, Benmore 2010
TRANSFER SECRETARIES:
Ultra Registrars (Proprietary) Limited,
11 Diagonal Street, Johannesburg 2001.
PO Box 4844, Johannesburg 2000
SPONSOR:
Merrill Lynch South Africa (Proprietary) Limited, Registration number
1995/001805/07,
138 West Street, Sandown, Sandton 2196
Date: 16/11/2005 07:00:19 AM Supplied by www.sharenet.co.za
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