Wrap Text
PPC - Pretoria Portland Cement Company - Unaudited interim result for the
half-year ended 31 March 2009
Pretoria Portland Cement Company Limited
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE Code: PPC
ISIN: ZAE000125886
("PPC" or "the company")
PPC Unaudited interim result for the half-year ended 31 March 2009
- Strong cash-generation of R1,03 billion
- Revenues up 12% to R3,3 billion
- New Dwaalboom kiln contributing to improved efficiencies
- Reducing input costs positive for second half
John Gomersall, CEO said "PPC has again managed to produce a solid set of
results with strong operating cash flows, despite our economy experiencing
the effects of the global crisis."
Commentary
Industry regional cement demand declined by 7,5% for the period under
review. Rural demand showed positive growth, reflecting both the increased
level of social grants and consumers` increased access to building supplies
in these areas. Demand in the construction sector increased by 12%,
indicating that infrastructure project offtake partially offsetting the
slowdown in the residential sector.
PPC`s total regional sales volumes ended only 6% below last year benefiting
from growing demand from major projects and the continued growth in the
Botswana market which helped offset the lower demand in coastal markets.
PPC Lime`s sales volumes declined significantly due to lower demand from
the steel industry resulting in a commensurately sharp fall in operating
profit to R31 million (2008: R77 million).
Group revenue increased by 12% to R3 261 million (2008: R2 919 million)
whilst operating profit before the IFRS 2 charges for the BBBEE transaction
rose 2% to R1 100 million (2008: R1 077 million).
The group EBITDA grew by 5% to R1 245 million (2008: R1 181 million). The
group EBITDA percentage margin decreased compared to the same period last
year, reflecting the lower lime and cement volumes and input cost
increases. The cement EBITDA margin dropped 1,7 percentage points as the
consistently high cost increases experienced since last year were only
partially recovered by the January cement selling price increase in the
second quarter. The cost recovery impact effect thereof will be more
significant in the second half.
Finance charges increased to R171 million (2008: R69 million) and
investment income declined to R39 million (2008: R59 million) due mainly to
the increased borrowings on capital expansions.
Cash generated from operations remained strong at R1 026 million (2008: R1
106 million) in spite of an increase in working capital, and earnings per
share excluding BBBEE IFRS 2 charges declined by 16% to 105,8 cents
(2008: 125,8 cents).
Long-term borrowings increased to R2,6 billion post the finalisation of the
BBBEE transaction. R1,5 billion was raised to replace expansion capex
related short-term debt and R1,1 billion relates to debt consolidated in
respect of the BBBEE transaction funding. The company will continue to
raise appropriate long-term debt to fund future major expansion projects.
In view of the continued strong cash-generation, the directors have
declared an unchanged interim dividend of 45 cents per share (2008: 45
cents per share). The company expects to maintain dividend cover for the
full year in the stated range of 1,2 to 1,5 times based on earnings before
the IFRS 2 charges resulting from the BBBEE transaction.
Cement
PPC`s regional cement sales volumes were down 6% compared to the
corresponding period last year while some export opportunities were re-
established. PPC`s inland market share increased in most bag markets and
through several major infrastructural projects that are now consuming
cement and this helped offset the decline in the coastal markets.
Input cost increases particularly on coal, put pressure on margins but
recent price trends and renegotiated contracts will see recoveries in the
second half and into next year. Transport costs are coming down which
together with the strong rand`s impact on other inputs should also provide
a benefit in the second half.
The output of the new kiln at Dwaalboom continues to improve and it has
regularly performed at daily production and cost levels beyond our
expectations.
In view of expected cost reductions and the current economic situation, it
is possible that the normal mid-year selling price increase may be
deferred.
The Hercules mill expansion project has experienced a capital cost
escalation of R95 million and experienced some delays and will now only
contribute to output and cost savings in the new financial year. The
environmental approvals for the proposed Riebeeck expansion are still
awaited.
In Zimbabwe, the formation of the Inclusive Government and the
dollarisation of the economy are a step forward, but difficult operating
and trading conditions are likely to persist for some time. Operations at
Porthold are still plagued by low demand and significant input constraints
particularly electricity and coal.
Lime and aggregates
Lime sales volumes declined by 36% reflecting mainly lower steel sector
demand, severely impacting margins. Some improvement however can be
expected when the current global destocking cycle has run its course. This
is supported by a recent press release from the World Steel Association
predicting that global usage of steel will only decline
by 14,9% in 2009.
Continued substantial energy input cost increases are a concern but will be
recovered through the cost recovery mechanisms in long-term supply
agreements in due course.
Aggregates` overall profitability reduced marginally due to reduced demand
for metallurgical stone from the steel
industry and tighter market conditions in Gauteng, which were partially
offset by continued strong demand in
Botswana.
Broad-based Black Economic Empowerment transaction
The 15% BBBEE transaction became effective on 15 December 2008, with 48,6
million new shares being issued in terms of the transaction and treated as
a separate class of shares. As required by IFRS a further 38 million shares
valued at R1,2 billion are consolidated as treasury shares as a result of
PPC guarantees for part of the transaction funding.
The IFRS 2 charges for the transaction for this period were R487 million of
the currently estimated R492 million for this financial year in total.
Further charges totaling an estimated R80 million will be expensed in
future financial years over the respective vesting periods.
Board changes
During the period under review the following board changes took place.
Mr BL Sibiya was appointed as a non-executive director to the PPC board on
10 November 2008 and assumed the role of chairman with effect from 17
November 2008. He succeeds Mr MJ Shaw who retired as chairman on
10 November 2008 and retired from the board following the annual general
meeting on 26 January 2009.
Messrs MP Malungani and JS Vilakazi were appointed as non-executive
directors with effect from 27 February 2009.
Prospects
The government commitment to infrastructural development indicates that
growth in Gross Fixed Capital Formation is likely to continue until well
beyond 2010 and to this end the government`s infrastructural budget of R787
billion over the next three years confirms this. This incorporates housing
delivery and the formation of the Housing Development
Agency to secure land for low cost housing which should accelerate the much
needed delivery of low cost housing.
Further reductions in SA interest rates are likely to generate some
resumption of activity in the residential and other interest rate sensitive
sectors later in 2009 and heading into 2010. In the meantime, rural demand
should continue to underpin bagged cement demand.
Although these are positive signs, the company anticipates that industry
regional cement demand for this financial year could decline by up to 10%
from the prior year volumes demand.
With the new Dwaalboom kiln now running, as planned the company was able to
shut down three older production units to match output to current demand
and take advantage of the more efficient new capacity. In addition, the
easing in cement demand growth provides us with the opportunity to switch
production between plants to undertake some of the major maintenance
required on existing lines that have been running at high output levels for
the last five years as it is vital that they are fully fit and ready for
the next demand growth phase.
The Lime division should see some improvement in the second half and
Aggregates should maintain a steady performance.
Management remains confident, given the economic circumstances, that a
solid performance reflecting strong operating cash flows will be reported
for the full year.
On behalf of the board
BL Sibiya JE Gomersall
Chairman Chief executive officer
11 May 2009
DIVIDEND ANNOUNCEMENT
Notice is hereby given that interim ordinary dividend number 211 of 45
cents per share has been declared in respect of the six months ended 31
March 2009.
This dividend will be paid out of profits as determined by the directors.
The important dates pertaining to this dividend for shareholders trading on
the JSE Limited are as follows:
Last day to trade "CUM"
Dividend Friday, 29 May 2009
Shares trade "EX" dividend Monday, 1 June 2009
Record date Friday, 5 June 2009
Payment date Monday, 8 June 2009
Share certificates may not be dematerialised or rematerialised between
Monday, 1 June 2009 and Friday, 5 June 2009, both days inclusive.
Zimbabwe
The important dates pertaining to this dividend for shareholders trading on
the Zimbabwe Stock Exchange are as follows:
Shares trade "EX" dividend Monday, 1 June 2009
Last day to register to receive the dividend Friday, 5 June 2009
Payment date on or shortly after
Monday, 8 June 2009
The register of members in Zimbabwe will be closed from Monday, 1 June 2009
to Friday, 5 June 2009, both days inclusive, for the purpose of determining
those shareholders to whom the dividend will be paid.
The dividend payable to shareholders registered in Zimbabwe will be paid in
SA rand.
By order of the board
JHDLR Snyman
Group company secretary
11 May 2009
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months ended Year ended
31 March 31 March 30 Sept
2009 2008 2008
Unaudited Unaudited* % Audited*
Rm Rm Change Rm
Revenue 3 261 2 919 12 6 248
Cost of sales 1 956 1 673 (17) 3 547
Gross profit 1 305 1 246 5 2 701
Administration and net 205 169 (21) 378
operating expenditure
Operating profit before 1 100 1 077 2 2 323
item listed below
BBBEE IFRS 2 charges 487 - -
Operating profit 613 1 077 (43) 2 323
Fair value (losses)/gains (9) 12 4
on financial instruments
Finance costs 171 69 (148) 157
Investment income 39 59 (34) 84
Profit before exceptional 472 1 079 (56) 2 254
items
Exceptional items - 1 2
Share of associate`s 4 7 10
retained profit
Profit before taxation 476 1 087 (56) 2 266
Taxation 363 413 12 767
Profit for the period 113 674 (83) 1 499
Attributable to:
Ordinary shareholders 103 674 (85) 1 499
Other shareholders 10 - -
113 674 (83) 1 499
Profit for the period 113 674 1 499
Other comprehensive (6) 28 17
income, net of taxation
Effect of translation of 2 9 5
foreign operation
Effect of cash flow hedges (10) 27 4
Investments available-for- - - 10
sale revalued
Taxation on other 2 (8) (2)
comprehensive income
Total comprehensive income 107 702 1 516
Earnings per share (cents)
- basic 20,7 125,8 (84) 283,5
- diluted 20,6 125,8 (84) 283,5
Earnings per share (cents)
(excluding BBBEE IFRS 2
charges)
- basic 105,8 125,8 (16) 283,5
- diluted 105,4 125,8 (16) 283,5
*Reclassified for the disclosure impact of IAS 1 (revised): Presentation of
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 31 March 30 Sept
2009 2008 2008
Unaudited Unaudited Audited
Rm Rm Rm
ASSETS
Non-current assets 3 498 2 885 3 196
Property, plant and equipment 3 114 2 487 2 813
Intangible assets 18 20 19
Investment in non-consolidated 260 260 260
subsidiary
Other non-current financial assets 90 105 90
Investment in associate 16 13 14
Current assets 1 713 1 560 1 338
Inventories 482 336 363
Trade and other receivables 857 756 751
Cash and cash equivalents 374 468 224
Total assets 5 211 4 445 4 534
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium (1 070) 279 115
Other reserves 163 47 57
Retained profit 1 073 972 1 541
Total equity 166 1 298 1 713
Non-current liabilities 3 174 360 511
Deferred taxation liabilities 340 165 299
Long-term borrowings 2 627 68 55
Provisions and other non-current 207 127 157
liabilities
Current liabilities 1 871 2 787 2 310
Short-term borrowings 1 237 2 161 1 619
Accounts payable and provisions 634 626 691
Total equity and liabilities 5 211 4 445 4 534
Net asset value per share (cents) 31 248 331
CONDENSED STATEMENT OF CHANGES IN EQUITY
Six months ended Year ended
31 March 31 March 30 Sept
2009 2008 2008
Unaudited Unaudited* Audited*
Rm Rm Rm
Total equity
Balance at beginning of period 1 713 2 349 2 349
Total comprehensive income 107 702 1 516
Equity-settled share-based payment 487 - 4
reserves
Dividends paid (956) (1 166) (1 401)
Other movements - 2 (2)
Treasury shares purchased and held - (589) (753)
by group subsidiary company
1 351 1 298 1 713
Other BBBEE transaction impacts as
below:
Issue of PPC Company Limited 5 - -
shares
Treasury shares (refer note 8) (1 190) - -
Balance at end of period 166 1 298 1 713
*Reclassified for the disclosure impact of IAS 1 (revised): Presentation of
Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended Year ended
31 March 31 March 30 Sept
2009 2008 2008
Unaudited Unaudited Audited
Rm Rm Rm
Cash flow from operating activities
Operating cash flows before 1 258 1 194 2 563
movements in working capital
Net increase in working capital (232) (88) (17)
Cash generated from operations 1 026 1 106 2 546
Net (finance costs)/investment (97) 9 (102)
income
Taxation paid (398) (555) (800)
Cash available from operations 531 560 1 644
Dividends paid (956) (1 166) (1 401)
Equity-settled share incentive - - 2
scheme receipt
Net cash (outflow)/inflow from (425) (606) 245
operating activities
Acquisition of property, plant and (396) (433) (809)
equipment and other movements
Acquisition of treasury shares (1 190) (589) (753)
Net cash outflow from investing (1 586) (1 022) (1 562)
activities
Net cash inflow from financing 2 161 795 240
activities
Net increase/(decrease) in cash and 150 (833) (1 077)
cash equivalents
Cash and cash equivalents at 224 1 301 1 301
beginning of period
Cash and cash equivalents at end of 374 468 224
period
NOTES
1. Basis of preparation
This unaudited interim report has been prepared using accounting policies
compliant with International Financial Reporting Standards (IFRS), and is
in compliance with IAS 34: Interim Financial Reporting, the JSE Limited`s
listing requirements and the South African Companies Act. The accounting
polices and methods of computation used are consistent with those applied
in the preparation of the annual financial statements for the year ended 30
September 2008, except where the group has adopted new or revised
accounting standards and interpretations of those standards.
The group has adopted the following revised accounting standards,
amendments and interpretations in the current period, which did not have a
material impact on the reported results:
IAS 1 (revised): Presentation of Financial Statements
IFRS 1 and IAS 27 (revised): Cost of an Investment in Subsidiary, Jointly
Controlled Entity or Associate
IFRS 3 (revised): Business Combinations, IAS 27 (revised): Consolidated and
Separate Financial Statements, IAS 28 (amendment): Investments in
Associates and IAS 31 (amendment): Interests in Joint Ventures
IFRS 7 (amendment): Financial Instruments: Disclosures - fair value and
liquidity risk enhancements
IFRIC 17: Distributions of Non-cash Assets to Owners
IFRIC 18: Transfer of Assets from Customers
IAS 32 (amendment) and IAS 1 (amendment): Puttable Financial Instruments
and Obligations Arising on Liquidation
IAS 39 (amendment): Eligible Hedged Items
IAS 39 and IFRS 7 (amendment): Reclassification of Financial Assets
Improvements to International Financial Reporting Standards 2008
31 March 31 March 30 Sept
2009 2008 2008
Unaudited Unaudited Audited
Rm Rm Rm
2. Profit before taxation
Included in profit before taxation
are:
Amortisation of intangible assets 3 2 4
Depreciation 142 102 214
BBBEE consultation fees expensed 8 - 20
Dividends paid to BBBEE trusts 5 - -
treated as an expense
3. Finance costs
Bank borrowings 93 80 182
Dividends on redeemable preference 18 - -
shares
Long-term borrowings 58 - -
Financial lease interest 4 5 10
Unwinding of discount on 5 4 9
rehabilitation provisions
178 89 201
Interest capitalised to property, (7) (20) (44)
plant and equipment
171 69 157
4. Headline earnings per share
Headline earnings per share
(cents)
- basic 20,4 125,6 282,6
- diluted 20,3 125,6 282,6
Headline earnings per share
(cents) (excluding BBBEE IFRS 2
charges)
- basic 105,4 125,6 282,6
- diluted 105,0 125,6 282,6
Determination of headline earnings
per share (cents)
Earnings per share 20,7 125,8 283,5
Adjusted for (after taxation):
- Profit on disposal of property, (0,3) (0,2) (0,9)
plant and equipment and intangible
assets
Headline earnings per share 20,4 125,6 282,6
BBBEE IFRS 2 charges 85,0 - -
Headline earnings per share 105,4 125,6 282,6
(excluding BBBEE IFRS 2 charges)
Headline earnings (Rm)
Profit for the period attributable 103 674 1 499
to ordinary shareholders
Profit on disposal of property, (2) (1) (4)
plant and equipment
and intangible assets
Headline earnings 101 673 1 495
BBBEE IFRS 2 charges (after 421 - -
taxation)
Headline earnings (excluding BBBEE 522 673 1 495
IFRS 2 charges)
5. Reconciliation of weighted average
number of ordinary shares in issue
(000)
Weighted average number of shares 537 612 537 612 537 612
in issue
Less: Weighted average number of (20 140) (1 766) (8 562)
shares held by consolidated
subsidiary company
Add: Weighted average number of 28 548 - -
shares issued to the BBBEE CSG and
SBP funding SPVs
Less: Weighted average number of (28 548) - -
shares issued to the BBBEE CSG and
SBP funding SPVs*
Less: Weighted average number of (22 336) - -
shares held by consolidated BBBEE
trusts and trust funding SPVs^
Weighted average number of shares 495 136 535 846 529 050
used for the basic earnings per
share calculation
Add: Dilutive adjustment for 1 717 - -
potential ordinary shares
Weighted average number of shares 496 853 535 846 529 050
used for the dilutive earnings per
share calculation
*Treated as a separate class of shares for earnings per share
calculations.
^For additional information refer note 8.
CSG: Community Service Groups; SBP: Strategic Black Partners; Also refer
notes 8 and 11.
6. Dividend per share (cents)
- final - - 180
- interim 45 45 45
45 45 225
7. Cash earnings per share
Cash earnings per share (cents)
- basic 101,4 104,3 310,9
Cash earnings per share is
calculated using cash available
from operations divided by the
weighted average number of shares
in issue for the period.
Reconciliation of weighted average
number of shares used for cash
earnings per share
Weighted average number of shares 495 136 535 846 529 050
used for the basic earnings per
share calculation
Add: Weighted average number of 28 548 - -
shares issued to the BBBEE CSG and
SBP funding SPVs
Weighted average number of shares 523 684 535 846 529 050
used for the cash earnings per
share calculation
8. Share capital and premium
Issued share capital
517 471 989 (March 2008 and 52 54 54
September 2008: 537 612 390)
ordinary shares in issue at
beginning of the period^
Nil (March 2008: - (1) (2)
14 900 000; September 2008:
20 140 401) ordinary shares bought
back during the year
37 991 203 treasury shares held by (4) - -
the consolidated BBBEE trusts and
trust funding SPVs
48 557 982 other shares issued to 5 - -
the BBBEE CSG and SBP funding SPVs
528 038 768 (March 2008: 53 53 52
522 712 390; September 2008:
517 471 989) shares in issue at
end of the period^
Share premium (1 123) 226 63
Balance at beginning of the period 63 814 814
Utilised for purchase of treasury - (588) (751)
shares held consolidated
subsidiary company
Adjustment for treasury shares (1 186) - -
held in respect of the BBBEE
transaction*
Total issued share capital and (1 070) 279 115
premium
^ Net of treasury shares.
* In terms of IFRS SIC Interpretation 12 (Consolidation - Special
Purpose Entities), The PPC Black Managers Trust, The Current PPC Team
Trust, The Future PPC Team Trust, The PPC Black Independent Non-
executive Directors Trust and the Trust funding SPVs are consolidated,
and as a result, shares owned by the entities are carried as treasury
shares on consolidation.
9. Group segment analysis
Revenue
Cement 2 900 2 514 5 368
Lime 239 286 599
Aggregates 124 121 281
3 263 2 921 6 248
Less: Inter-segment revenue (2) (2) -
Total revenue 3 261 2 919 6 248
EBITDA
Cement 1 168 1 056 2 281
Lime 46 90 167
Aggregates 31 35 93
EBITDA (excluding BBBEE IFRS 2 1 245 1 181 2 541
charge)
Operating profit
Cement 1 043 970 2 100
Lime 31 77 141
Aggregates 26 30 82
Operating profit (excluding BBBEE 1 100 1 077 2 323
IFRS 2 charges)
BBBEE IFRS 2 charges (487) - -
Operating profit 613 1 077 2 323
Assets
Cement 4 702 3 959 3 944
Lime 338 357 404
Aggregates 171 129 186
Total assets 5 211 4 445 4 534
10. Non-consolidation of Portland Holdings Limited (Porthold)
The results of Porthold, a wholly-owned Zimbabwean subsidiary, have not
been consolidated as at 31 March 2009. There still remain significant
constraints impacting on the normal operations of Porthold and the PPC
board concluded that management does not have the ability to exercise
effective control over the business. In addition, Porthold does not
currently have the ability to produce financial statements in conformity
with IFRS in that the requirements of IAS 29: Financial Reporting in
Hyperinflationary Economies could not be complied with due to the absence
of meaningful financial indices.
11. Borrowings
- Long-term* 1 517 - -
- Finance lease liability 55 68 55
- Preference shares^ 152 - -
1 724 68 55
Consolidated debt - BBBEE 903 - -
Transaction
Long-term borrowings 2 627 68 55
Short-term borrowings 1 237 2 161 1 619
Total borrowings 3 864 2 229 1 674
*Comprises a bullet loan advanced by the BBBEE CSG and SBP funding SPVs,
bearing interest at a fixed rate of 10,86% p.a. This loan is repayable on
15 December 2016, with interest payable semi-annually.
^Redeemable preference shares bearing semi-annual dividends, after giving
effect to fixed-for-variable interest rate swaps, at a rate of 9,01% p.a.,
with repayment dates varying between 5 - 8 years.
Redeemable preference shares bearing semi-annual dividends, after giving
effect to fixed-for-variable interest rates swaps, at rates between 9,00%
and 9,62% p.a., with repayment dates varying between 5 - 8 years, and loans
bearing interest, after giving effect to fixed-for-variable interest rates
swaps, at a rate of 11,20% p.a., with interest and capital repayable on 15
December 2013.
In terms of IFRS, the long-term borrowings have been consolidated as
Pretoria Portland Cement Company Limited has provided guarantees for
funding that had an outstanding balance of R862 million as at 31 March
2009.
The company`s borrowing powers are not restricted.
12. Commitments
- Contracted capital commitments 315 648 378
- Approved capital commitments 589 563 427
Capital commitments 904 1 211 805
Operating lease commitments 35 44 31
939 1 255 836
These commitments will be met from existing cash resources and borrowing
facilities available to the group.
13. Post-balance sheet events
There are no post-balance sheet events that may have an impact on the
group`s reported financial position at 31 March 2009.
PRETORIA PORTLAND CEMENT COMPANY LIMITED
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06)
JSE code: PPC ISIN: ZAE000125886
DIRECTORS: BL Sibiya (Chairman), JE Gomersall* (Chief executive officer), O
Fenn* (Chief operating officer), S Abdul Kader, RH Dent, P Esterhuysen, ZJ
Kganyago, AJ Lamprecht, NB Langa-Royds, MP Malungani, TDA Ross,
J Shibambo, J Vilakazi
*British
REGISTERED OFFICE
180 Katherine Street Sandton, South Africa
PO Box 782248, Sandton, 2146
South Africa
TRANSFER SECRETARIES
Link Market Services SA (Pty) Limited
11 Diagonal Street, Johannesburg, South Africa
PO Box 4844, Johannesburg, 2000
South Africa
TRANSFER SECRETARIES: ZIMBABWE
Corpserve (Private) Limited
4th Floor, Intermarket Centre
Corner First Street/Kwame Nkrumah Avenue, Harare, Zimbabwe
PO Box 2208, Harare, Zimbabwe
12 May 2009
SPONSOR:
Merrill Lynch South Africa (Pty) Limited
DISCLAIMER
This document including, without limitation, those statements concerning
the demand outlook, PPC`s expansion projects and its capital resources and
expenditure, contain certain forward-looking views. By their nature,
forward-looking statements involve risk and uncertainty and although PPC
believes that the expectations reflected in such forward-looking statements
are reasonable, no assurance can be given that such expectations will prove
to have been correct. Accordingly, results could differ materially from
those set out in the forward-looking statements as a result of, among other
factors, changes in economic and market conditions, success of business and
operating initiatives, changes in the regulatory environment and other
government action and business and operational risk management. While PPC
takes reasonable care to ensure the accuracy of the information presented,
PPC accepts no responsibility for any consequential, indirect, special or
incidental damages, whether foreseeable or unforeseeable, based on claims
arising out of misrepresentation or negligence arising in connection with a
forward-looking statement. This document is not intended to contain any
profit forecasts or profit estimates, and the information published in this
report is unaudited.
These results and other information are available on the PPC website:
www.ppc.co.za
Date: 12/05/2009 07:05:03 Supplied by www.sharenet.co.za
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