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SHP - Shoprite Holdings - Unaudited Interim Results For the 6 Months Ended
31 December 2008 and dividend declaration
SHOPRITE HOLDINGS LIMITED
(Reg. No. 1936/007721/06)
(ISIN: ZAE000012084)
(JSE Share code: SHP)
(NSX Share code: SRH)
(LuSE Share code: SHOPRITE)
("the Group")
UNAUDITED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 DECEMBER 2008
Key information
- Trading profit was up 38,2% to R1,409 billion.
- Turnover increased 27,3% - from R23,260 billion to R29,604 billion.
- Non-RSA supermarkets achieved 54,3% sales growth.
- Diluted headline earnings per share rose 43,3% to 184,0 cents.
- Dividend per share declared 70,0 cents (2008: 49,0c) an increase of 42.9%.
Whitey Basson, chief executive, commented:
Despite difficult trading conditions brought about by the global economic
slowdown, all the divisions of Shoprite Holdings posted first-rate results for
the six months to end December 2008, comfortably exceeding food inflation
levels. This was achieved notwithstanding the sacrifice of approximately R170
million to support consumers trying to cope with higher food inflation. Locally
the low-price positioning of all three of its supermarket chains continued to
attract growing numbers of increasingly price-sensitive consumers across the
income spectrum. To assist struggling shoppers, savings brought about by falling
fuel prices were rapidly passed on to consumers. Continued support led to an
increase of 1,6% in local market share to 30,4% on a like-for-like basis. The
Group`s non-RSA supermarket operations again produced pleasing results growing
turnover by more than 54% in rand terms on the back of a weaker local currency.
By further sacrificing gross margin to build turnover on the one hand and
managing the cost base efficiently on the other, a trading margin of 4,8% was
achieved in the business as a whole.
17 February 2009
Enquiries:
Shoprite Holdings Limited Tel: 021 980 4000
Whitey Basson, chief executive
Carel Goosen, deputy managing director
De Kock Communications Tel: 021 422 2690
Ben de Kock Cell: 076 390 7725
OPERATING ENVIRONMENT
Factors that dominated the market in the first six months of 2008 - high
interest rates, soaring financing and debt-servicing costs as well as rampant
food inflation - became even more pronounced in the last six months of the year
while the gloom of the global financial crisis started to cast a larger shadow
over the local economy. The disposable income of many consumers was curtailed,
especially at the higher end of the market with its greater exposure to the
effects of the present economic slump. At the same time job insecurity became a
reality. A certain resilience nevertheless remained in especially the lower end
of the market where it was sustained by the government`s wide-ranging support
for low-income earners and its investment in infrastructure. This resilience was
clearly in evidence in the December sales of the Group`s various businesses.
COMMENTS ON THE RESULTS
Income statement
Total turnover
Total turnover increased by 27,3% from R23,260 billion to R29,604 billion, due
to the excellent performance from all the divisions. The growth considerably
exceeded internal food inflation, which averaged 16,9% for the review period
compared to 9,2% in the corresponding six months.
Gross profit
To compete successfully in the vigorously contested South African market, the
Group`s supermarket brands sacrificed gross margin of approximately R170 million
for turnover growth. As a result, the gross margin reduced from 20,0% to 19,5%.
Expenses
The cost base was managed well. In November a historic agreement was reached
with the South African Commercial Catering and Allied Workers Union (Saccawu) to
make a once-off additional payment over and above employees` normal Christmas
bonus to address prevailing economic circumstances.
Trading margin
The trading margin of 4,8% was a factor of the strong growth in turnover against
a much slower increase in expenditure and subsequent growth in trading profit of
38.2%.
Interest received and finance costs
The increase of 24,5% in net interest received resulted mainly from the stronger
cash flow generated by higher turnover.
Exchange rate gains
The exchange rate gains of R26,3 million (2008: R7,1 million) was purely a
factor of the relative weaker rand vis ' vis the currencies of the main
countries in which the Group trades outside South Africa and was not a
reflection of operational activities.
Dividend declared
The board declared an interim dividend of 70,0 cents per ordinary share (2008:
49,0 cents) payable to shareholders on Monday, 16 March 2009.
Balance sheet
Property, plant and equipment
The increase of 26,3% to R5,199 billion was mainly due to the purchase of land
and buildings in excess of R450 million in the past 12 months for future store
development, as well as refurbishment and new stores opened during the period.
Inventories
The increase of 39,5% in inventory to R6,489 billion exceeded the growth in
turnover. The main reasons were the following:
- A net of 55 supermarkets and 26 furniture stores were opened in the past 12
months and had to be provisioned.
- Supplier deliveries remained erratic forcing the Group to continue stockpiling
certain products to prevent out-of-stock situations and to curtail rampant
inflation, thus enabling the Group to maintain an internal rate of inflation
lower than the official rate of inflation.
- The decline in the world economy and the resultant increase of supplier
capacities led to the early delivery of orders by international suppliers, with
some deliveries scheduled for January already arriving in December, benefiting
low price stability due to the weakening of the rand subsequent to placing
orders.
Cash and cash equivalents
A favourable balance sheet closing date produced a temporary surge in net cash
and cash equivalents from R 2,619 billion at December 2007 to R 4,066 billion
and should be read together with the increase in trade creditors.
OPERATIONAL REVIEW
Turnover increased by 27,3% to R29,604 billion while trading profit was boosted
by 38,2% to R1,409 billion from R1,020 billion in the corresponding period. This
was achieved against a background of tougher trading conditions, lower consumer
confidence and declining disposable income as the Group continued to benefit
from its positioning as the country`s leading value-provider in food retailing;
its promotion of a one-stop shopping experience, extended consumer services and
its ongoing investments in infrastructure, IT and supply chain management.
Excellent results were achieved by all the divisions in the Group and by almost
all departments within each division. The major contributor to turnover and
trading profit was obviously its core business of food retailing, but the
franchise division as well as the furniture division, the latter despite
operating in a highly aggressive discount environment, produced better results
than in the previous reporting period. Within South Africa support from an ever-
increasing consumer spectrum continued to grow while outside the country`s
borders the strong spurt in sales was supported by cheaper exports from South
Africa due to the weakening of the rand.
Number of outlets
Confirmed
new stores
JUN 2008 Open Closed DEC 2008 JUN 2010
SUPERMARKETS 636 44 3 677 77
- SHOPRITE 372 13 385 31
- CHECKERS 124 6 1 129 35
- CH HYPER 24 24
- USAVE 116 25 2 139 11
HUNGRY LION 112 10 3 119 12
FURNITURE 236 20 1 255 25
- OK FURNITURE 197 13 1 209 22
- HOUSE & HOME 39 7 46 3
TOTAL OWN STORES 984 74 7 1051 114
- OK FRANCHISE 252 33 4 281 6
- H/LION FRANCHISE 4 1 5
TOTAL FRANCHISE 256 34 4 286 6
TOTAL STORES 1240 108 11 1337 120
COUNTRIES OUTSIDE RSA 16 16
RSA supermarkets
The Group`s supermarket operation in South Africa, encompassing the Shoprite,
Usave and Checkers brands forms the core of the business and represented 77,6%
of total turnover. In the six months the division grew ahead of the market by
increasing sales by 24,5% to R22,963 billion. This should be seen against the
background of internal food inflation that escalated to 16,9% from 9,2% in the
corresponding six months. At the same time the prices of certain staples dropped
substantially during the current period thereby assisting lower-income
consumers. To strengthen its positioning as the food retailer consistently
offering the best value, the Group continued its policy of reducing gross margin
to bring down prices while also using savings achieved in other areas - such as
lower fuel costs - to further soften prices. This policy attracted increasing
numbers of price-conscious consumers so that the total number of customer
transactions in the three chains increased by 8,5% (or 314 million transactions)
while the value per transaction grew 15,2% or slightly below internal inflation.
The Group benefited from higher sales against lower cost increases, due to the
majority of costs being fixed. Market share increased by 1,6% to 29,8% (30,4%
on a like-for-like basis), the highest growth achieved by any of the South
African food retailers. Shrinkage was kept well under control in all three
chains. Turnover in non-foods did not grow at the same pace as foods due to more
consumer spend directed to food.
Shoprite
Shoprite, with its 312 local stores accounting for 59,2% of the sales generated
by the Group`s supermarket operations in South Africa, increased turnover by
23,3% to R13,600 billion, having opened 11 new stores during the review period.
On a like-for-like basis turnover advanced by 20,8%. Positive growth was
achieved in all departments of all divisions. Shoprite`s low-price positioning
continued to appeal to shoppers in ever-increasing numbers across the income
spectrum enabling it to increase its share of the local food market by 0,7% to
16,5% (17,2% on a like-for-like basis).The number of customer transactions
increased by 6,2% and the value per transaction by 16,5%.
Checkers
In the review period the benefits of its more up-market repositioning and its
growing appeal to consumers in the LSM 8 - 10 categories were amply demonstrated
as turnover jumped 23,6%, its strongest growth since its repositioning and
matching for the first time the growth rate of the Group`s core business,
Shoprite. Independent market surveys show Checkers was, in fact, the country`s
fastest-growing chain during the 6 months under review. It performed
particularly well in the last three months of 2008 having added six new stores
to bring its total to 149. Turnover reached R8,565 billion as a result of an
increase of 9,9% in the number of customer transactions and a growth of 12,8% in
the value per transaction. This brought the chain`s market share to 7,3% from
6,7%.
Usave
This small, primarily hard-grocery chain continued to grow apace both in its
footprint and in turnover. Assisted by a net gain of 24 new stores bringing the
total to 115, Usave raised turnover by 63,5% albeit off a low base compared to
the other two chains. Customer loyalty was reflected in same-store growth of
32,1%. During the six months the number of customer transactions grew by 31,0%
and transaction value by 24,8%. In line with Shoprite and Checkers, Usave also
sacrificed gross margin to boost turnover. It also increasingly switched to
private label products with their higher margins, but lower prices than
comparable branded items.
Supermarkets outside South Africa
The Group`s non-RSA supermarkets again performed satisfactorily and continued to
grow despite intense difficulties and long lead times. At the end of the review
period it comprised 101 supermarkets trading in 16 countries outside South
Africa, predominantly under the Shoprite and Usave banners. Supported by a
weaker rand, this business increased total turnover by 54,3% in rand terms and
by 50,3% on a like-for-like basis. Lower export prices from South Africa
provided the Group with a major price advantage in certain product categories.
The non-RSA supermarkets represented 14,1% of the Group`s supermarket sales for
the period under review. As in the past the commodity-rich countries on the west
coast of Africa delivered the best performance. The Group intends continuing its
growth strategy in these countries and negotiations are at an advanced stage for
the opening of a number of new outlets.
OK Franchise
In line with the rest of the Group`s food business, the franchise division
performed well, increasing turnover by 28,7% as members, attracted by very
competitive prices, rebates and payment conditions, increased the volume of
business placed through OK Franchise. Trading profit climbed steeply as the gap
widened between turnover growth and overhead costs. During the reporting period
33 new members joined, to bring the total number of franchisees to 281. The
division, which over the past two years has greatly stabilised its franchise
holder base, exercises rigorous credit control and bad debt provisions remained
well within acceptable levels.
Furniture
The turmoil on international markets, a weaker rand, soaring food inflation and
the generally high cost of living placed great strain on the sector for durable
and semi-durable goods as consumers struggled to make ends meet. Trading
conditions became increasingly difficult as competitors vied to build turnover
through increased unit sales, even if it meant doing so at extremely low
margins. In these conditions sales in House & Home, the furniture division`s
more upmarket chain, were initially very muted while OK Furniture, which caters
to the middle and lower end of the spectrum, managed to maintain sales volumes
comparable to those before the introduction of the National Credit Act in June
2007. However, in the last two months of the reporting period there was a spurt
in sales in both the chains and the division ended the period with sales 13,3%
higher than in the corresponding period. Trading profit increased by 5,9%. A
positive trend emerging is the steady increase in credit sales and the
consequent rise in finance income. Due to the division`s dedicated collection
policy bad debts remained well within acceptable limits.
GROUP PROSPECTS AND OUTLOOK
Despite sales continuing to grow in January at the same rate as in the reporting
period, the board does not expect this to be maintained for the remaining five
months of the financial year. As a result of the global financial meltdown and a
slowdown in world trade, reduced exports will lead to job losses which will
impact negatively on business. Although retail markets in Africa to date have
given little evidence of being troubled by these developments it is bound to
happen as the crisis deepens worldwide. As a board we therefore don`t believe
the present growth rate is sustainable although we do believe that because of
its value positioning the Group is better placed than most to weather the storm
and to achieve satisfactory results for the remainder of the financial year.
CORPORATE GOVERNANCE
The Group is committed to the principles embodied in the Code of Corporate
Practice and Conduct in the King Report 2002 ("the Code"). The Group complies
with the significant requirements incorporated in the Code and in the Listings
Requirements of the JSE Ltd.
DIVIDEND NO 120
The board has declared an interim dividend of 70,0 cents (2008: 49,0 cents) per
ordinary share, payable to shareholders on Monday, 16 March 2009. The last day
to trade cum dividend will be Friday, 6 March 2009. As from Monday, 9 March
2009, all trading of Shoprite Holdings Ltd shares will take place ex dividend.
The record date is Friday, 13 March 2009. Share certificates may not be
dematerialised or rematerialised between Monday, 9 March 2009 and Friday, 13
March 2009, both days inclusive.
ACCOUNTABILITY
These condensed consolidated interim results have been prepared in accordance
with International Financial Reporting Standards ("IFRS"), IAS 34: Interim
Reporting, and Schedule 4 of the South African Companies Act (Act no 61 of
1973), as amended. The accounting policies are consistent with those used in the
annual financial statements for the financial period ended June 2008.
CONDENSED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months for the
% ended ended year ended
R`000 change Dec 08 Dec 07 June 08
Sale of merchandise 27.3% 29 603 953 23 259 616 47 651 548
Cost of sales 28.2% (23 847 251) (18 602 366) (38 161 987)
Gross profit 23.6% 5 756 702 4 657 250 9 489 561
Other operating
income 17.1% 493 045 421 019 982 770
Depreciation and
amortisation 34.7% (376 733) (279 661) (596 841)
Operating leases 15.9% (610 747) (526 798) (1 122 522)
Employee benefits 21.0% (2 227 095) (1 839 937) (3 655 978)
Other expenses 15.1% (1 625 780) (1 412 238) (2 800 440)
Trading profit 38.2% 1 409 392 1 019 635 2 296 550
Exchange rate gains 272.5% 26 319 7 065 33 187
(Expenditure)/
income of a capital
nature 116.9% (9 917) (4 573) 6 756
Operating profit 39.5% 1 425 794 1 022 127 2 336 493
Interest received 17.1% 103 844 88 694 183 915
Finance costs (1.2%) (25 380) (25 679) (59 149)
Profit before tax 38.6% 1 504 258 1 085 142 2 461 259
Tax 34.9% (542 235) (401 852) (875 570)
Profit for the
period 40.8% 962 023 683 290 1 585 689
ATTRIBUTABLE TO:
Equity holders of
the Company 41.6% 955 185 674 653 1 570 252
Minority interest (20.8%) 6 838 8 637 15 437
962 023 683 290 1 585 689
Earnings per share
(cents) 41.6% 188.3 133.0 309.5
Diluted earnings
per share (cents) 42.3% 181.9 127.8 298.3
Ordinary dividend
per share (cents) 155.0
Final/interim
dividend paid 106.0 66.0 49.0
Interim/final
dividend declared 70.0 49.0 106.0
Number of weighted
average ordinary
shares (`000) used
for calculation of:
earnings per share 507 320 507 320 507 320
:diluted earnings per share 525 106 527 804 526 455
CONDENSED GROUP BALANCE SHEET
Unaudited Unaudited Audited
R`000 Dec 08 Dec 07 June 08
ASSETS
Non-current assets 5 905 919 4 724 238 5 120 964
Property, plant and equipment 5 199 474 4 115 159 4 502 928
Available-for-sale
investments 51 798 27 894 37 548
Loans and receivables 7 325 47 402 4 056
Deferred tax assets 317 142 232 510 248 614
Intangible assets 320 080 297 024 319 825
Fixed escalation
operating lease accrual 10 100 4 249 7 993
Current assets 12 874 310 9 299 360 9 733 319
Inventories 6 489 063 4 650 266 4 707 394
Other current assets 2 115 686 1 898 381 1 718 427
Assets classified as held
for sale 109 548 24 981 107 389
Loans and receivables 67 146 3 898 43 468
Cash and cash equivalents 4 092 867 2 721 834 3 156 641
Total assets 18 780 229 14 023 598 14 854 283
EQUITY AND LIABILITIES
Total equity 5 036 537 3 982 153 4 818 838
Capital and reserves
attributable to equity
holders 4 976 780 3 926 022 4 758 656
Minority interest 59 757 56 131 60 182
Non-current liabilities 989 391 753 145 841 031
Borrowings 23 898 2 498 12 762
Deferred tax liabilities 13 193 12 642 16 241
Provisions 425 718 292 414 316 600
Fixed escalation operating
lease accrual 418 479 445 591 439 762
Other non-current liabilities 108 103 - 55 666
Current liabilities 12 754 301 9 288 300 9 194 414
Other current liabilities 12 680 741 9 137 637 9 060 941
Provisions 46 851 47 394 112 682
Bank overdraft 26 709 103 269 20 791
Total liabilities 13 743 692 10 041 445 10 035 445
Total equity and liabilities 18 780 229 14 023 598 14 854 283
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
6 months 6 months for the
% ended ended year ended
R`000 change Dec 08 Dec 07 June 08
Net profit
attributable
to shareholders 955 185 674 653 1 570 252
Expenditure/(income)
of a capital nature 9 917 4 573 (6 756)
Loss/(profit) on
disposal of property 9 607 711 (2 234)
Loss on disposal
and scrapping of plant,
equipment and
intangible assets 647 3 600 9 250
Insurance claims
received for buildings - - (21 689)
Impairment of
property, plant and
equipment and assets
held for sale - - 6 091
Impairment of goodwill - - 2 336
(Profit)/loss on
other investing
activities (337) 262 (510)
Tax effect on items of
a capital nature 962 (1 335) 8 735
Headline earnings 966 064 677 891 1 572 231
Earnings per share
(cents) 41.6% 188.3 133.0 309.5
Diluted earnings
per share (cents) 42.3% 181.9 127.8 298.3
Headline earnings
per share (cents) 42.5% 190.4 133.6 309.9
Diluted headline
earnings per share
(cents) 43.3% 184.0 128.4 298.6
Ordinary dividend
per share (cents) 155.0
Final/interim
dividend paid 106.0 66.0 49.0
Interim/final
dividend declared 70.0 49.0 106.0
CONDENSED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months for the
ended ended year ended
R`000 Notes Dec 08 Dec 07 June 08
Cash generated by
operations 2 763 057 1 756 497 3 286 747
Operating profit 1 425 794 1 022 127 2 336 493
Less: investment
income (4 199) (5 594) (27 760)
Non-cash items 1 482 825 335 813 709 744
Cash settled share
options (97 460) (93 138) (128 615)
Changes in
working capital 2 956 097 497 289 396 885
Net interest received 82 434 67 658 146 182
Dividends received 229 951 6 344
Dividends paid (544 187) (335 742) (587 789)
Tax paid (406 642) (412 051) (616 141)
Cash flows from
operating activities 1 894 891 1 077 313 2 235 343
Cash flows utilised
by investing activities (1 019 288) (443 100) (1 167 589)
Purchase of property,
plant and equipment
and intangible assets (1 039 336) (644 383) (1 436 195)
Proceeds on disposal
of assets held for
sale, property,
plant and equipment
and intangible assets 45 386 204 921 262 565
Acquisition of
operations - (5 909) (5 909)
Other investment
activities (25 338) 2 271 11 950
Cash flows from
financing activities 999 - 20 497
Other financing
activities 999 - 20 497
Movement in cash and
cash equivalents 876 602 634 213 1 088 251
Effect of exchange
rate movements
on cash and cash
equivalents 53 706 (3 350) 59 897
Net movement in cash
and cash equivalents 930 308 630 863 1 148 148
Unaudited Unaudited Audited
6 months 6 months for the
ended ended year ended
R`000 Dec 08 Dec 07 June 08
CASH FLOW INFORMATION
1. Non-cash items
Depreciation on property,
plant and equipment 356 684 282 092 597 786
Amortisation of intangible
assets 35 334 11 258 29 002
Net fair value losses/
(gains) on financial
instruments 7 500 (1 967) (5 612)
Exchange rate gains (26 319) (7 065) (33 187)
(Profit)/loss on disposal
of property and assets
held for sale (3 744) 711 (2 234)
Loss on disposal and
scrapping of plant,
equipment and intangible
assets 647 3 600 9 250
Impairment of property, plant
and equipment - - 6 091
(Profit)/loss on other
investing activities (337) 262 -
Impairment of goodwill - - 2 336
Movement in provisions 49 687 5 933 86 030
Movement in cash-settled
share-based payment accrual 88 758 45 724 59 835
Insurance claims received
for buildings - - (21 689)
Movement in fixed escalation
operating lease accrual (25 385) (4 735) (17 864)
482 825 335 813 709 744
2. Changes in working capital
Inventories (1 736 324) (956 631) (913 824)
Trade and other receivables (401 561) (346 299) (133 276)
Trade and other payables 3 093 982 1 800 219 1 443 985
956 097 497 289 396 885
CONDENSED SEGMENT INFORMATION
Unaudited Unaudited Audited
6 months 6 months for the
% ended ended year ended
R`000 change Dec 08 Dec 07 June 08
SEGMENT REVENUE -
by business segment
- Supermarkets 28.0% 28 223 917 22 041 909 45 393 380
- Furniture 13.3% 1 380 036 1 217 707 2 258 168
Total segment
revenue 27.3% 29 603 953 23 259 616 47 651 548
SEGMENT RESULT* -
by business segment
- Supermarkets
(including
unallocated) 43.9% 1 324 962 920 498 2 150 178
- Furniture 5.9% 106 550 100 608 151 799
Total segment result40.2% 1 431 512 1 021 106 2 301 977
*Segment result comprises trading profit plus exchange rate gains less
investment income.
SUPPLEMENTARY INFORMATION
Unaudited Unaudited Audited
R`000 Dec 08 Dec 07 June 08
1. Capital commitments 261 063 254 181 327 424
2. Contingent liabilities 34 792 34 093 34 406
3. Net asset value per share
(cents) 981 774 938
4. Total number of shares in
issue (adjusted for treasury
shares) 507 345 507 345 507 345
CONDENSED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months for the
ended ended year ended
R`000 Dec 08 Dec 07 June 08
Balance at beginning of July 4 818 838 3 688 771 3 688 771
Net fair value profits on
available-for-sale investments,
net of tax 12 254 3 535 11 995
Net profit for the period 962 023 683 290 1 585 689
Cash settlement of share
options (382 843) (38 645) (62 341)
Foreign currency translation
differences 171 287 (17 871) 182 987
Dividends distributed to
shareholders (545 022) (336 927) (588 263)
Balance at end of December/
June 5 036 537 3 982 153 4 818 838
By order of the Board
CH Wiese JW Basson
Chairman Chief executive
Cape Town
17 February 2009
DIRECTORATE AND ADMINISTRATION
Executive directors
JW Basson (chief executive), CG Goosen (deputy managing director), B Harisunker,
AE Karp, EL Nel, BR Weyers
Non-executive directors
CH Wiese (chairman), TRP Hlongwane, JA Louw, JF Malherbe, JG Rademeyer
Alternate directors
JAL Basson, M Bosman, PC Engelbrecht, JD Wiese
Company secretary
PG du Preez
Registered office
Cnr William Dabs and Old Paarl Roads, Brackenfell, 7560, South Africa
PO Box 215, Brackenfell, 7561, South Africa ' Telephone: +27 (0)21 980 4000
Facsimile: +27 (0)21 980 4050. Website: www.shopriteholdings.co.za
Transfer secretaries
South Africa: Computershare Investor Services (Pty) Ltd, PO Box 61051,
Marshalltown, 2107, South Africa ' Telephone: +27 (0)11 370 5000
Facsimile: +27 (0)11 688 5248 ' Website: www.computershare.com
Namibia: Transfer Secretaries (Pty) Ltd, PO Box 2401, Windhoek, Namibia
Telephone: +264 (0)61 227 647 ' Facsimile: +264 (0)61 248 531
Zambia: Lewis Nathan Advocates, PO Box 37268, Lusaka, Zambia
Telephone: +260 (0)1 223 174 ' Facsimile: +260 (0)1 229 868
Sponsors
South Africa: Nedbank Capital, PO Box 1144, Johannesburg, 2000, South Africa
Telephone: +27 (0)11 295 8602 ' Facsimile: +27 (0)11 294 8602 ' Website:
www.nedbank.co.za
Namibia: Old Mutual Investment Group (Namibia) (Pty) Ltd, PO Box 25549,
Windhoek, Namibia
Telephone: +264 (0)61 299 3527 ' Facsimile: +264 (0)61 299 3528
Zambia: Lewis Nathan Advocates, PO Box 37268, Lusaka, Zambia
Telephone: +260 (0)1 223 174 ' Facsimile: +260 (0)1 229 868
Auditors:
PricewaterhouseCoopers Incorporated, PO Box 2799, Cape Town, 8000, South Africa
Telephone: +27 (0)21 529 2000 ' Facsimile: +27 (0)21 529 3300
Date: 18/02/2009 08:30:02 Supplied by www.sharenet.co.za
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