Wrap Text
MIX - Telimatrix Limited - Audited consolidated financial information and
unaudited illustrative pro forma financial information of Telimatrix for the
year ended 31 March 2008
TELIMATRIX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/013858/06)
JSE code: MIX ISIN: ZAE000104683
("TeliMatrix" or "the company" or "the Group")
AUDITED CONSOLIDATED FINANCIAL INFORMATION AND UNAUDITED ILLUSTRATIVE PRO FORMA
FINANCIAL INFORMATION OF TELIMATRIX FOR THE YEAR ENDED 31 MARCH 2008
HIGHLIGHTS
Pro forma results
Adjusted HEPS up 33,7% to 12,7 cents per share
`Maiden` dividend declared
Revenue of R688 million
R348 million annuity based
R295 million in foreign currency
Operating margin increased to 23,3%
Cash from operations at 93% of EBITDA
180 000 subscribers
A WORD FROM THE CEO, STEFAN JOSELOWITZ ("JOSS")
This publication represents the maiden annual results for TeliMatrix as a listed
entity. When we started this business (initially as Matrix Vehicle Tracking)
some 13 years ago, we were confident that it would grow into an operation of
substance, but never imagined that today the Group would be a truly global
service provider operating in more than 75 countries worldwide.
As many of our valued investors are aware, we concluded the acquisition of the
OmniBridge SA and Datatrak UK businesses in October last year and merged them
with our Matrix operation under the TeliMatrix banner. Barely one month later,
we listed the enlarged group on the main board of the JSE with the primary
purpose being to facilitate the acquisition.
With hindsight, I can now confess to some initial trepidation in the enormity of
the task that faced our team back then - through both bedding down a major
acquisition and managing a complex listing process. I am delighted to report
that your management team rose to the challenge and we achieved every one of the
major objectives that we set ourselves going into this process.
These objectives included:
Bedding down the acquisition;
Streamlining our structure;
Instilling a common focus across the Group;
Achieving a `big win`; and
Delivering a `solid` set of numbers.
We remain optimistic about the growth prospects of our businesses moving
forward. Like most businesses we are vulnerable to the interest-rate cycle and
the depressed state of the vehicle sales market in South Africa is likely to
dampen growth in our local Matrix business. This is counterbalanced by the
bullish demand for more effective fleet management solutions in all the
territories in which we operate with the two main drivers for growth in this
area being rising fuel-costs and global health-and-safety considerations. Our
order pipeline is filling up nicely and we recently announced the award of a
R250 million (five year) debis contract. All-in-all, we believe that your
management team is equipped to deal with the challenges that the businesses are
faced with and we believe we are capable of delivering another year of
impressive growth.
Dividend
Pro forma numbers aside, TeliMatrix as a listed Group has been operating for
only six months. Despite our pre listing statement that we would not consider a
dividend in the short term, your board has elected to declare a `maiden`
dividend of 1,5 cents per share. This is a reflection of our confidence in the
sustainability of the TeliMatrix business model.
A WORD FROM THE CHAIRMAN, RICHARD BRUYNS
I would like to take this opportunity to thank all our people for a job well
done, it has been a stressful few months, but we have achieved an immense
amount.
To every member of staff, I say thank you from me, Joss, our board, and the
shareholders - we hope we continue to meet your work expectations into the
future.
To our executive directors, we must also pay tribute to their efforts as they
have settled the company and set course for the future with amazing speed and
commitment.
To our non-executive directors, thank you for your time and contribution to our
deliberations. Your counsel, as always, is wise and succinct.
BUSINESS OVERVIEW
TeliMatrix is focused on all levels of vehicle telematics, combining vehicle
tracking, driver/passenger safety and recovery services with a complete range of
fleet management products and services.
Matrix (MD - Riette Botha)
Matrix is the largest GSM tracking service in South Africa. In keeping with our
vision, Matrix this year also took the first step in globalising the vehicle
tracking and recovery business by appointing distribution partners in both
Nigeria and Pakistan. Both countries will contribute to the Matrix annuity base.
Matrix`s core activity is vehicle recovery and the business operates a network
of dedicated air and ground response teams throughout South Africa.
OmniBridge SA (MD - Charles Tasker)
OmniBridge specialise in the design, development and sale of fleet management
products and services for the commercial vehicle market globally, we own the
intellectual property for our comprehensive range of vehicle and driver
management products, currently marketed as the VDO Fleet Manager range. These
products and services include a full suite of functionality that forms the basis
of a wide range of fleet solutions, primarily targeted at driver safety,
productivity and risk management. The OmniBridge products are sold globally in
75 countries.
Datatrak UK (MD - Terry Buzer)
Born out of the acquisition of the Siemens fleet management business in 2007,
Datatrak UK forms the hub of the group`s sales distribution into Europe and the
Middle East with offices in the UK and Germany. This business includes a `track
and trace` operation via our proprietary network that covers the bulk of the UK.
We are at an advanced stage of preparation for the launch of our Matrix products
into the UK.
PRO FORMA INCOME STATEMENT
The unaudited pro forma Income Statement below has been compiled for
illustrative purposes only using the audited, or reviewed, underlying financial
information of the respective entities. By its nature, this information may not
fairly reflect the financial results of the Group after the acquisitions of
OmniBridge SA and Datatrak UK.
The pro forma Income Statement is the responsibility of the directors of
TeliMatrix. An unqualified reporting accountant`s report was issued on the pro
forma Income Statement of the Group for the year ended 31 March 2008, as set out
hereafter.
Financial OmniBridge SA
Year to & Datatrak UK Consolidation
31 March 2008 first 6 months adjustments
(R`000) Note 1 Note 2 Note 3
Revenue 504 490 183 057 -
Cost of sales (199 528) (58 727) -
Gross profit 304 962 124 330 -
Other operating income 8 229 2 830 -
Other operating expenses (189 724) (90 386) -
Earnings before interest, 123 467 36 774 -
taxation, depreciation and
amortisation ("EBITDA")
Depreciation and amortisation (14 358) (5 712) -
Amortisation arising from (11 217) (5 022) (5 700)
purchase price allocations
Operating profit before 97 892 26 040 (5 700)
interest and tax
Finance income 1 242 472 -
Finance costs (16 779) (1 186) (6 658)
Profit before tax 82 355 25 326 (12 358)
Taxation expense (25 250) (11 454) 3 584
Profit for the period` 57 105 13 872 (8 774)
Profit on fixed assets (after (34) - -
tax)
Negative goodwill (after tax) - - -
Headline earnings 57 071 13 872 (8 774)
Amortisation arising from 7 909 3 515 4 047
purchase price allocations
(after tax)
Impact of tax rate reduction (1 651) - -
arising from purchase price
allocations
One-off adjustments resulting 2 025 3 240 -
from business combination
Adjusted headline earnings 65 354 20 627 (4 727)
(note 6)
Shares in issue (000`s) - - -
Earnings per share (cents) - - -
Headline earnings per share - - -
(cents)
Adjusted headline earnings - - -
per share (cents)
Segmental analysis
Revenue
- Vehicle Tracking (Matrix) 300 877 - -
- Fleet Management 203 613 183 057 -
(OmniBridge SA and Datatrak
(UK)
Revenue 504 490 183 057 -
EBITDA
- Vehicle Tracking (Matrix) 83 601 - -
- Fleet Management 41 413 36 774 -
(OmniBridge SA and Datatrak
(UK)
- Unallocated (1 547) - -
EBITDA 123 467 36 774 -
Pro forma Pro forma
Year to Year to
31 March 2008 31 March 2007
(R`000) Note 4 Note 5
Revenue 687 547 578 837
Cost of sales (258 255) (226 795)
Gross profit 429 292 352 042
Other operating income 11 059 14 992
Other operating expenses (280 110) (238 430)
Earnings before interest, taxation, 160 241 128 604
depreciation and amortisation ("EBITDA")
Depreciation and amortisation (20 070) (14 886)
Amortisation arising from purchase price (21 939)` (21 662)
allocations
Operating profit before interest and tax 118 232 92 056
Finance income 1 714 595
Finance costs (24 623) (22 168)
Profit before tax 95 323 70 483
Taxation expense (33 120) (24 907)
Profit for the period` 62 203 45 576
Profit on fixed assets (after tax) (34) (3 118)
Negative goodwill (after tax) - (1 881)
Headline earnings 62 169 40 577
Amortisation arising from purchase price 15 471 15 380
allocations (after tax)
Impact of tax rate reduction arising from (1 651) -
purchase price allocations
One-off adjustments resulting from 5 265 4 835
business combination
Adjusted headline earnings (note 6) 81 254 60 792
Shares in issue (000`s) 640 000 640 000
Earnings per share (cents) 9,7 7,1
Headline earnings per share (cents) 9,7 6,3
Adjusted headline earnings per share 12,7 9,5
(cents)
Segmental analysis
Revenue
- Vehicle Tracking (Matrix) 300 877 276 602
- Fleet Management (OmniBridge SA and 386 670 302 235
Datatrak (UK)
Revenue 687 547 578 837
EBITDA
- Vehicle Tracking (Matrix) 83 601 66 628
- Fleet Management (OmniBridge SA and 78 187 61 976
Datatrak (UK)
- Unallocated (1 547) -
EBITDA 160 241 128 604
NOTES TO THE PRO FORMA INCOME STATEMENT
1. Extracted from the audited financial information of TeliMatrix for the year
ended 31 March 2008;
2. Represents the aggregated results of OmniBridge SA and Datatrak UK for the 6
months ended 30 September 2007, based on the following:
Reviewed results of the continuing operations of OmniBridge SA for the 6 months
ended 30 September 2007;
Audited results of Datatrak UK for the 4 months ended 30 September 2007 adjusted
to represent 6 months.
3. Consolidation adjustments represent:
Adjustment to the interest expense to reflect the debt position of the merged
businesses on the date of the merger of approximately R190 million.
In terms of IFRS 3: Business Combinations, a preliminary purchase price
allocation exercise has been completed, resulting in the identification and
valuation of intangible assets included in the acquisitions (effective date: 1
October 2007). Intangible assets have been assumed to be amortised over an
average period of five years. This represents the amortisation of intangible
assets arising on the acquisition of OmniBridge SA and Datatrak UK. Upon
finalisation of the purchase price allocation exercise, the value attached to
the intangible assets could differ from that presented in the audited financial
results.
4. Reflects the pro forma results for the year ended 31 March 2008 as if the
acquisitions had been effective 1 April 2007.
5. Reflects the pro forma income statement for the year ended 31 March 2007 as
presented in the pre-listing statement dated 13 September 2007.
6. The adjusted headline earnings figures represent the results after
adjustments to eliminate:
The IFRS 3 amortisation expense (after tax and impact of change in tax rate) in
respect of intangible assets with determined useful lives.
Any other costs related to the OmniBridge SA and Datatrak UK transactions which
are not representative of the Group going forward, amounting to R5,3 million and
comprising the following:
i. Write off of distribution rights previously acquired from
TeliMatrix amounting to R0,5 million; and
ii. Costs related to the early exercise of share options arising from
the de-grouping of OmniBridge SA from the vendor`s group amounting
to R0,8 million; and
iii. Normalisation of the tax liability through elimination of the
following:
Section 45 tax liability within OmniBridge SA arising due to OmniBridge SA no
longer forming part of the vendor`s group, amounting to R1,4 million; and
STC tax liability in Matrix relating to the special dividend payable in terms of
the merger agreement amounting to R2,6 million.
AUDITED FINANCIAL INFORMATION FOR THE YEAR ENDED 31 MARCH 2008
CONDENSED CONSOLIDATED INCOME STATEMENT
Year to 9 months to
31 March 31 March
(R`000) 2008 2007
Revenue 504 490 206 433
Cost of sales (204 885) (90 126)
Gross profit 299 605 116 307
Other operating income 8 229 132
Other operating expenses (209 942) (68 380)
Operating profit before interest and tax 97 892 48 059
Finance income 1 242 363
Finance costs (16 779) (6 502)
Profit before tax 82 355 41 920
Taxation expense (25 250) (15 735)
Profit for the period 57 105 26 185
Attributable to:
- Equity holders 52 504 19 654
- Minority shareholders 4 601 6 531
57 105 26 185
Attributable earnings per share (cents) 11,9 8,2
Diluted attributable earnings per share (cents) 11,9 8,2
Dividend per share (cents) 6,5 11,9
CONDENSED CONSOLIDATED BALANCE SHEET
31 March 31 March
(R`000) 2008 2007
Assets
Non-current assets
Property, plant and equipment 52 036 12 886
Intangible assets 695 917 3 649
Available for sale investment 5 024 -
Deferred income tax asset 10 337 5 030
Total non-current assets 763 314 21 565
Current assets
Inventories 59 406 12 942
Inventories in client vehicles 24 000 20 412
Trade and other receivables 121 540 13 126
Current income tax asset 79 62
Cash and cash equivalents 29 590 7 732
Restricted cash 1 000 1 000
Total current assets 235 615 55 274
Total assets 998 929 76 839
Equity and liabilities
Capital and reserves
Share capital 13 3
Share premium 770 353 13
Accumulated losses (62 531) (99 536)
Fair value and other reserves (109 817) -
Total capital and reserves 598 018 (99 520)
Minority interest - 17 974
Total equity 598 018 (81 546)
Non-current liabilities
Interest bearing borrowings 95 127 34 098
Deferred income tax liabilities 40 043 15 195
Provisions and other liabilities 19 066 -
Total non-current liabilities 154 236 49 293
Current liabilities
Trade and other payables 124 702 43 926
Current income tax liabilities 25 287 2 337
Bank overdraft 31 256 -
Interest-bearing borrowings 56 827 62 161
Provisions and other liabilities 8 603 668
Total current liabilities 246 675 109 092
Total equity and liabilities 998 929 76 839
Net asset value per share (cents) 93,4 (34,0)
Net tangible asset value per share (cents) (15,3) (35,5)
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
Year to 9 months to
31 March 31 March
(R`000) 2008 2007
Operating activities
Cash generated from operations 114 928 53 982
Interest received 1 242 363
Interest paid (16 257) (6 502)
Taxation paid (13 023) (19 761)
Net cash from operating activities 86 890 28 082
Investing activities (1 958) (5 703)
Financing activities (97 003) (18 674)
Net change in cash and cash equivalents (12 071) 3 705
Foreign currency translation differences 2 673 -
Cash and cash equivalents at beginning of 7 732 4 027
the period
Cash and cash equivalents at end of the (1 666) 7 732
period
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
31 March 31 March
(R`000) 2008 2007
Opening balance (81 546) (79 140)
Attributable net profit for the period 52 504 19 654
Minority interest 4 601 6 531
Dividends paid
- paid to equity holders (15 500) (28 591)
- paid to minority (5 167) -
Share based payments 155 -
Minority share acquisition
- Shares issued 155 302 -
- Minority interest acquired (17 407) -
- Transaction with minority (137 895) -
Shares issues on business combination, net of 615 048 -
listing costs
Foreign currency translation differences 27 569 -
Revaluation of shareholder loan 871 -
Fair value reserve on available for sale (517) -
financial asset
Closing balance 598 018 (81 546)
NOTES TO THE CONSOLIDATED FINANCIAL INFORMATION
1. Basis of preparation
The condensed consolidated financial information ("financial information") is
based on the audited financial statements of the Group for the year ended 31
March 2008 (which have been prepared in accordance with International Financial
Reporting Standards ("IFRS"), and has been compiled in accordance with
International Accounting Standard 34, the Listings Requirements of the JSE
Limited and the South African Companies Act (1973) as amended. The principal
accounting policies have been consistently applied for all periods as used in
the preparation of the latest audited financial statements, with the exception
of the accounting for the cash sales of tracking units. During the financial
year under review, the Group deferred revenue relating to the cash sales of
tracking units and the directly related costs over the contract period. The
comparative periods have not been adjusted due to the financial impact being
regarded as not material.
2. Subsequent events
The following events have occurred post the balance sheet date:
The Group has entered into an agreement to acquire 100% of the equity of
Tripmaster Corporation Limited, a US company, for a nominal amount with the only
condition outstanding being the formality of SA Reserve Bank approval;
OmniBridge SA was awarded a five year contract to manage a large portion of the
debis fleet valued at R250 million;
Certain loans in Matrix were renewed on terms no less favourable than in effect
at 31 March 2008, and
On 1 April 2008, Matrix concluded a shareholders agreement to start up a company
in Nigeria (Matrix-V Track Pvt). Matrix has a 60% shareholding in this company.
3. Comparative figures
In the prior year, the company changed its year-end from 30 June to 31 March to
facilitate the OmniBridge SA and Datatrak UK transactions and the subsequent
listing of the company. The comparative figures shown are therefore for the 9
months ended
31 March 2007.
4. Transaction with minority
Effective 1 October 2007, TeliMatrix acquired the remaining 25% of Matrix held
by an outside shareholder for a consideration of R155 million which was settled
by the issue of 80 million TeliMatrix shares.
The Group accounted for this transaction under the economic entity model in
accordance with IAS27 Consolidated and Separate Financial Statements.
5. Business combinations
Effective 1 October 2007 TeliMatrix acquired 100% of the issued share capital
of:
OmniBridge SA and
Sunstore Limited (the holding company of Datatrak UK)
for a consideration of R621 million which was settled by the issue of 320
million TeliMatrix shares.
The fair value of the TeliMatrix shares was calculated by an independent
valuation expert and was determined using a discounted cash flow model and the
following assumptions:
Revenue growth rate of 14% per annum,
Weighted average cost of capital of 16,2%,
Tax rate of 29%,
Terminal growth rate of 4% after year 5, and
A debt burden of R95 million in the business at effective date.
If these acquisitions had been effective from 1 April 2007, the Group`s revenue
would have increased by R183 million and the profit after tax for the year would
have increased by R5 million.
OmniBridge SA and Datatrak UK contributed revenues of R204 million and profit
after tax of R13 million to the Group for the year ended 31 March 2008.
These amounts have been calculated using the Group`s accounting policies. The
goodwill is attributable to the workforce and intellectual capital of the
acquired businesses as well as the significant synergies expected to arise after
the acquisition.
Details of the net assets acquired are as follows:
(R`000) Book value Fair value
Property, plant and equipment 39 343 40 859
Intangible assets 90 124 147 119
Available for sale investment 4 867 4 867
Inventories - other 35 875 35 133
Inventories in client vehicles 916 916
Trade and other receivables 80 754 80 754
Cash and cash equivalents 16 383 16 383
Borrowings (23 166) (23 166)
Vendor loans (102 293) (102 293)
Deferred income tax liabilities (4 264) (21 017)
Trade and other payables (51 414) (51 414)
Income tax liabilities (8 860) (8 860)
Provision and other liabilities (24 714) (24 714)
Net asset value/fair value acquired 53 551 94 567
Purchase consideration 621 209
Acquisition costs 1 711
Fair value acquired (94 567)
Goodwill, included in intangible assets 528 353
Provisionally allocated:
- OmniBridge 438 773
- Datatrak 89 580
528 353
Total purchase consideration (622 920)
Add: Settled through equity issue 621 209
Add: Cash acquired 16 383
Net cash effect of business combination 14 672
The fair value of the businesses acquired has been determined on a provisional
basis. This is due to certain fair valuations of tangible assets still being
finalised and an ongoing dispute between the company and the vendors of the
businesses acquired. This dispute relates to the calculation of the net working
capital of the businesses acquired as at 1 October 2007. The resolution of this
dispute could have an impact on either the purchase consideration or fair value
of assets acquired above.
6. Changes to share capital
During the year under review the authorised and issued share capital of the
company was altered, as follows:
38 705 capitalisation shares of 1 cent each were issued to existing
shareholders;
the authorised and issued share capital was subdivided in the ratio 500:1, into
shares with a par value of 0,002 cent each; and the authorised share capital was
increased to 1 billion shares of 0,002 cent each; and
52,5 million capitalisation shares of 0,002 cent each were issued to existing
shareholders.
The following share issues occurred in the year under review:
80 million shares were issued in consideration for the purchase of the remaining
25% of Matrix -refer note 4; and
320 million shares were issued in consideration for the purchase of OmniBridge
SA and Sunstore Limited (the holding company of Datatrak UK) - refer note 5.
7. Segmental analysis
The Group has the following primary reporting segments:
Vehicle tracking (Matrix)
Fleet management (OmniBridge SA and Datatrak UK)
Year to 9 months to
(R000) 31 March 31 March
2008 2007
Segmental analysis
Revenue
- Vehicle Tracking (Matrix) 300 877 206 433
- Fleet Management (OmniBridge SA and Datatrak 203 613 -
UK)
Revenue 504 490 206 433
Segment result
- Vehicle Tracking (Matrix) 75 733 48 059
- Fleet Management (OmniBridge SA and Datatrak 23 706 -
UK)
- Unallocated (1 547) -
Operating profit before interest and tax 97 892 48 059
8. Attributable, headline, diluted attributable and diluted headline earnings
per share
The calculations of attributable, headline, diluted attributable and diluted
headline earnings per ordinary share is based on attributable, headline and
diluted attributable and headline earnings of R52,5 million (2007: R19,7
million), and a weighted average number of shares in issue, as outlined below.
Year to 9 months to
31 March 31 March
2008 2007
Total shares in issue (000`s) 640 000 240 000
Weighted average shares in issue (000`s) 440 000 240 000
Weighted average dilutive shares in issue (000`s) 440 155 240 000
9. Dividends
A dividend of R15,5 million (2007: R28,6 million) was paid during the year under
review. Using shares in issue of 240 million this equates to a dividend of 6,5
(2007: 11,9) cents per share.
10. Contingent liabilities
10.1 Connection incentives
The Group has received connection incentives from Mobile Telephone Networks
(Proprietary) Limited for connecting subscribers to their network. In the event
that the subscriber contract is terminated during the two year service contract
period the full amount of the connection incentive received for this subscriber
contract becomes repayable. In the unlikely event that all subscriber contracts
were terminated prematurely, the potential liability would amount to R77,6
million (2007: R69,7 million). No loss is expected under this arrangement.
10.2 Vehicle Security Association of South Africa (`VESA)
As previously reported the Competition Commission has referred a complaint that
VESA (of which Matrix was a member) had engaged in anti-competitive behaviour.
This complaint will be heard by the Competition Tribunal in the next few months.
The company has been advised that, due to the nature of the complaint, there
should be no monetary damages in the unlikely event of an adverse finding. The
company will continue to incur costs associated with defending this matter.
10.3 Net working capital dispute
The Group is in dispute with the vendors of Omnibridge SA and Datatrak UK
regarding the fair value of net working capital in the businesses at the
effective date of acquisition. The dispute is being resolved in terms of the
sale of shares agreement. Any award in the Group`s favour will have no material
impact on earnings and the Group has not accounted for any of the amounts
claimed in the dispute. In the event the award is not in the Group`s favour,
management does not expect the impact to be material.
11. Capital commitments
At year-end, capital commitments authorised but not yet contracted for amounted
to R27,6 million.
12. Directors
During the year, the following changes to the board of directors occurred:
Gordon Frew resigned on 28 August 2007;
Richard Bruyns, Terry Buzer, Richard Friedman, Afzal Patel, Howard Scott and
Charles Tasker were appointed on 29 August 2007;
Steven Evans was appointed on 1 February 2008, Howard Scott resigned on 28
February 2008;
Tony Welton was appointed as an independent non-executive director on 8 February
2008; and
Fundiswa Roji was appointed as an alternate non-executive director to Afzal
Patel on 14 March 2008.
13. Independent audit
The condensed consolidated financial information has been audited by our
auditors, PricewaterhouseCoopers Inc., who have performed their audit in
accordance with International Standards on Auditing. A copy of their unqualified
audit report is available for inspection at the registered office of the
company.
DIVIDEND DISTRIBUTION
Shareholders are advised that the directors have resolved to declare a cash
dividend of 1,5 cents per share for the year ended 31 March 2008.
The salient dates are as follows:
Last date to trade cum dividend Friday, 1 August 2008
Trading ex dividend commences Monday, 4 August 2008
Record date Friday, 8 August 2008
Payment date Monday, 11 August 2008
Shares may not be de-materialised or re-materialised between Monday, 4 August
2008 and Friday, 8 August 2008, both dates inclusive.
23 June 2008
TELIMATRIX LIMITED
Registered Office:
Matrix Corner, Howick Close, Waterfall Park, Midrand.
Directors:
SR Bruyns (Chairman); SB Joselowitz (CEO); R Botha; TE Buzer; SPJ Evans; RA
Frew; R Friedman; AR Patel; CWR Tasker; AR Welton; Ms F Roji (alternate).
Company Secretary:
Probity Business Services (Proprietary) Limited.
Reporting Accountants:
PricewaterhouseCoopers Advisory Services (Proprietary) Limited.
Auditors:
PricewaterhouseCoopers Inc.
Sponsors:
Java Capital (Proprietary) Limited
Date: 23/06/2008 08:00:03 Supplied by www.sharenet.co.za
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