Wrap Text
GPL - Grand Parade Investments Limited - Unaudited interim results for the six
months ended 31 December 2010
GRAND PARADE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1997/003548/06
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the Company" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
Headlines
- Adjusted HEPS increased by 34%;
- Grandslots increases revenue by 11%;
- Kingdomslots increases revenue by 19%;
- Binding sale agreement concluded with Gauteng LPM operator;
- GrandWest strengthens its position to post a 6% revenue growth on last year.
Restated
Unaudited unaudited Audited
31 Dec 31 Dec 30 June
2010 2009 2010
Notes R`000s R`000s R`000s
Condensed group statement of comprehensive income
Revenue 1 160 184 2 601 6 329
Cost of sales 2 (91 394) - -
Gross profit 68 790 2 601 6 329
Operating costs 3 (40 169) (8 182) (26 480)
Operating profit / (loss) 28 621 (5 581) (20 151)
Profit from equity-
accounted investments 4 61 272 58 086 117 628
Profit from jointly-
controlled entities 42 764 40 489 82 200
Profit from associates 18 508 17 597 35 428
Impairment of investment 5 (32 838) - (3 860)
Re-measurement of investment 6 - - 42 488
Depreciation and amortisation (14 265) (231) (478)
Interest received 1 018 - -
Finance costs 7 (17 932) (11 657) (29 835)
Net profit before taxation 25 876 40 617 105 792
Taxation (3 773) (785) (1 084)
Net profit for the period 22 103 39 832 104 708
Other comprehensive income
Changes in reserves of
associated companies,
net of tax 15 552 (15 431) 22 391
Unrealised fair value
(losses) / gains on
available-for-sale
investments, net of tax (1 532) 1 553 3 950
Total comprehensive income
for the period 36 123 25 954 131 049
Profit for the period
attributable to:
- Ordinary shareholders 21 980 39 832 104 708
- Non-controlling interest 123 - -
22 103 39 832 104 708
Total comprehensive income
attributable to:
- Ordinary shareholders 36 000 25 954 131 049
- Non-controlling interest 123 - -
36 123 25 954 131 049
Basic and diluted earnings
per share (cents) 4.75 8.86 23.04
Headline earnings per share
(cents) 8 11.56 8.86 15.45
Adjusted headline earnings per
share (cents) 8 12.00 8.98 19.52
Dividends paid per share (cents) 7.50 7.50 7.50
Restated
Unaudited unaudited Audited
31 Dec 31 Dec 30 June
2010 2009 2010
Notes R`000s R`000s R`000s
Headline earnings reconciliation
Earnings attributable to
ordinary shareholders 21 980 39 832 104 708
Impairment of investment 32 838 - 3 860
Re-measurement of investment - - (42 488)
Loss on sale of property,
plant and equipment 131 - -
Adjustments by jointly-
controlled entities - - 1 534
- Loss on disposal of plant
and equipment - - 560
- Fair value adjustments - - 974
Adjustments by associates (1 526) - 2 613
- Profit on disposal of shares (1 526) - -
- Impairment of casino licence - - 3 482
- Impairment of available-for-sale
investments - - 2 027
- Realised investment profits - - (544)
- Bargain purchase in
respect of associates - - (788)
- Re-measurement of investment - - (1 564)
Headline earnings 53 423 39 832 70 227
Reversal of employee share trust (7) - 62
Reversal of transaction costs 1 349 - 17 307
Adjusted headline earnings 54 765 39 832 87 596
Headline earnings calculation
Shares in issue (before
deducting treasury shares)(`000s) 462 331 449 581 462 331
Shares in issue (after
deducting treasury shares)(`000s) 456 511 443 761 456 511
Weighted average number of
shares in issue (`000s) 462 331 449 581 454 507
Adjusted weighted average
number of shares in issue (`000s) 456 511 443 761 448 687
Basic and diluted earnings
per share (cents) 4.75 8.86 23.04
Headline earnings per
share (cents) 8 11.56 8.86 15.45
Adjusted headline earnings
per share (cents) 8 12.00 8.98 19.52
Dividends paid per
share (cents*) 7.50 7.50 7.50
* Final dividend declared in respect of the previous financial year and paid
in December
Condensed group statement of financial position
Restated
Unaudited unaudited Audited
31 Dec 31 Dec 30 June
2010 2009 2010
Notes R`000s R`000s R`000s
ASSETS
Non-current assets 2 142 364 1 856 316 2 156 127
Current assets 85 471 76 628 122 352
Total assets 2 227 835 1 932 944 2 278 479
EQUITY AND LIABILITIES
Total equity 1 774 265 1 632 387 1 772 380
Shareholders` interest 1 769 164 1 632 387 1 767 402
Non-controlling interest 5 101 - 4 978
Non-current liabilities
- Deferred tax liabilities 1 360 2 613 17 111
- Cumulative redeemable
preference shares 281 124 285 124 281 124
- Interest-bearing borrowings 7 112 000 - 120 058
- Provisions 809 - 94
- Finance lease liabilities 2 469 - -
Current liabilities 55 808 12 820 87 712
Total equity and liabilities 2 227 835 1 932 944 2 278 479
Net asset value (before
deducting treasury shares)(cents) 383 363 383
Adjusted net asset value
(after deducting treasury
shares)(cents) 388 368 388
Tangible net asset value per
share (cents) 351 363 351
Adjusted tangible net asset
value per share (cents) 355 368 356
Condensed group statement of cash flows
Restated
Unaudited unaudited Audited
31 Dec 31 Dec 30 June
2010 2009 2010
Notes R`000s R`000s R`000s
Net profit before taxation 25 876 40 617 105 792
Non-cashflow items:
- Depreciation and amortisation 14 265 231 478
- Re-measurement of investment - - (42 488)
- Impairment of investment 32 838 - 3 860
- Profit from equity-
accounted investments (61 272) (58 086) (117 628)
- Loss on sale of property,
plant and equipment 131 - -
Finance costs per the
statement of comprehensive
income 17 932 11 657 29 835
Interest received per the
statement of comprehensive
income - investments (965) (1 491) (3 943)
Interest received per the
statement of comprehensive
income - Operations (1 018) - -
Dividends received per the
statement of comprehensive
income - Investments (1 355) (1 075) (1 910)
Net working capital changes (33 451) (22 145) (3 931)
Income tax paid (5 575) (705) (842)
Interest received - operations 1 018 - -
Finance costs paid - operations (4 747) - -
Net cash outflows from
operating activities (16 323) (30 997) (30 777)
Plant and equipment acquired (15 476) (164) (181)
Acquisition of intangible assets (205) - -
Net investments made (32 838) (298) (203 308)
Proceeds on sale of property,
plant and equipment 10 - -
Cash acquired -
Carentan Group - - 42 916
Net cash outflows from
investing activities (48 509) (462) (160 573)
Dividends received - Group 77 614 66 101 130 203
Finance costs paid - investments (13 185) (6 324) (30 075)
Interest received - investments 965 1 491 3 552
Repayment of borrowings (8 000) - -
Increase in finance
lease liabilities 2 469 - -
Borrowings raised - - 120 000
Share capital raised - - 29 921
Ordinary dividends paid (32 270) (32 251) (32 814)
Preference shares redeemed - - (24 000)
Preference share capital raised - - 20 000
Net cash inflows from
financing activities 27 593 29 017 216 787
Net (decrease)/increase
in cash and cash equivalents 7 (37 239) (2 442) 25 437
Cash and cash equivalents
at beginning of period 81 191 55 754 55 754
Cash and cash equivalents
at end of period 43 952 53 312 81 191
Group statement of changes in equity
Available-
Capital for-sale
Redemption Ordinary Fair Non- Accum-
Reserve Share Share Treasury Value controlling ulated
Fund Capital Premium Shares Reserve interest Profits Total
R`000s R`000s R`000s R`000s R`000s R`000s R`000s R`000
Balance at 30 June 2009
252 112 697 269 (11 669) 14 349 - 939 402 1 639 715
Total comprehensive income for the period
- - - - (13 878) - 39 832 25 954
Ordinary dividends paid
- - - - - - (33 282) (33 282)
Restated balance at 31 Dec 2009
252 112 697 269 (11 669) 471 - 945 952 1 632 387
Total comprehensive income for the period
- - - - 40 219 - 64 875 105 094
Share issue expenses
- - (41) - - - - (41)
Share capital raised
- 3 29 959 - - - - 29 962
Transfer to capital redemption reserve fund
24 - - - - - (24) -
Non-controlling interest
- - - - - 4 978 - 4 978
Balance at 30 June 2010
276 115 727 187 (11 669) 40 690 4 978 1 010 803 1 772 380
Total comprehensive income for the period
- - - - 14 020 123 21 980 36 123
Ordinary dividends paid
- - - - - - (34 238) (34 238)
Balance at 31 Dec 2010
276 115 727 187 (11 669) 54 710 5 101 998 545 1 774 265
Accounting policies and basis of preparation
The interim financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and comply with IAS 34-
Interim Financial Reporting and the Companies Act of South Africa (61 of
1973), as amended. The interim report has not been audited and therefore no
review opinion has been obtained. The accounting policies and methods of
computation are consistent with those applied in the financial results for the
year ended 30 June 2010 and reflect the change in accounting policy and prior
period re-classification made therein detailed below.
Change in accounting policy
Western Cape Casino Resort Manco (Proprietary) Limited (Western Cape Manco) is
now equity-accounted following the change in accounting policy with regards to
the method used for measuring jointly-controlled entities from proportionately
consolidating to equity accounting in the year ended 30 June 2010.
Prior period re-classification
SunWest International (Proprietary) Limited (SunWest) is now treated as a
jointly-controlled entity that is equity accounted following the re-
classification from an investment in associate to a jointly-controlled entity
in the year ended 30 June 2010.
The above changes in accounting policy and prior period re-classification had
no effect on net earnings, and comparatives have been restated for the
retrospective application of these changes as detailed in the table below:
Effect of Prior
Balance change in period Restated
previously accounting re- balance
reported Policy classification R`000s
Restated 31 Dec 2009
Non-current assets 1 852 222 4 094 - 1 856 316
- Investments in jointly-
controlled entities - 4 094 1 294 641 1 298 735
- Investment in associates 1 832 622 - (1 294 641) 537 981
- Other non-current assets 19 600 - - 19 600
Current assets 81 020 (4 392) - 76 628
Current liabilities (13 119) 299 - (12 820)
Revenue 12 005 (9 404) - 2 601
Profit from jointly-
controlled entities - 5 470 35 019 40 489
Profit from associates 52 616 - (35 019) 17 597
Operating costs (9 238) 1 056 - (8 182)
Taxation (3 663) 2 878 - (785)
Segmental analysis
IFRS 8-Operating Segments requires a "management approach" whereby segment
information is presented on the same basis as that used for internal reporting
purposes to the chief operating decision maker/s who have been identified as
the Board of Directors. With the acquisition of the Limited Payout Slot
Machine business (LPM) the Group now reports to the Board of Directors in
respect of its fully controlled assets, jointly-controlled entities and
associates. Listed on the right is a detailed analysis of adjusted headline
earnings:
Restated
Unaudited unaudited Audited
31 Dec 2010 31 Dec 2009 30 June 2010
R`000s R`000`s R`000s
Fully controlled assets
Operations 8 550 - -
- Gross profit 64 204 - -
- Operating costs (50 907) - -
- Finance costs (4 747) - -
Investments (16 711) (20 070) (56 793)
- Operating costs (3 526) (8 413) (26 958)
- Finance costs (13 185) (11 657) (29 835)
Other # 435 1 816 9 392
Jointly-controlled
entities 42 764 40 489 82 200
- SunWest 37 003 35 019 71 111
- GrandWest 43 984 40 779 82 208
- Table Bay Hotel (6 981) (5 760) (11 097)
- Western Cape Manco 5 761 5 470 11 089
Associates 18 508 17 597 35 428
- RAH 17 009 13 114 23 619
- Akhona GPI 1 499 1 973 6 807
- Grandslots - 2 510 5 002
Reversal of employee
share trust (7) - 62
Total transaction costs* 1 349 - 17 307
Non-controlling interest (123) - -
Adjusted headline
earnings 54 765 39 832 87 596
# Other includes dividends and interest received, other revenue, tax paid and
adjustments to headline earnings.
* Total transaction costs include the transaction costs expensed as part of
the operating costs and the finance costs.
Notes to financial statements
GPI acquired control of its LPM business on 30 June 2010. These results
therefore include, for the first time, the consolidated results of these LPM
operations. Similarly, the consolidated results of the LPM business are not
included in the comparative reporting period.
1. Revenue
Revenue comprises GGR from GPI`s LPM operations, dividends received from
National Casino Resort Manco (Proprietary) Limited (National Manco) and
interest earned on positive cash balances.
Gross Gaming Revenue (GGR) is the term used for the revenue generated from an
LPM. It refers to the amount of cash played through the LPM less payouts to
players. Although there is no prior period GGR comparative, as explained
above, it is pleasing to report that GGR increased by 14% on the prior year.
Revenue Restated revenue
unaudited unaudited
31 Dec 2010 31 Dec 2009
R`000s R`000s
LPM operations 157 864 -
- Grandslots 106 702 -
- Kingdomslots 48 896 -
- Other 2 266 -
Investment income 2 320 2 601
Total revenue 160 184 2 601
2. Cost of sales
Cost of sales is directly related to GGR, and comprises direct costs such as
commissions to site owners, gambling levies and monitoring fees. Although not
consolidated in the prior period comparative, cost of sales has increased by
14% in line with the increase in GGR.
3. Operating costs
Operating costs include transaction costs of R0,6 million which are expensed
in terms of IFRS 3-Business Combinations and which are reversed for adjusted
headline earnings per share.
4. Profit from equity-accounted investments
Profit from equity-accounted investments comprises profits from jointly-
controlled entities and profits from associates. Total profit from equity-
accounted investments for the period increased by R3,1 million or 5% compared
to the prior year.
Profits from jointly-controlled entities
SunWest`s attributable earnings consist of attributable earnings from
GrandWest and The Table Bay Hotel.
Western Cape Manco`s attributable earnings consist of management fees which
are based on SunWest`s attributable earnings and EBITDA less its operating
expenses.
Golden Valley Casino is yet to produce positive attributable earnings.
Profits from associates
Profits from associates consist of attributable earnings from RAH and Akhona
GPI. Grandslots which was an associate in the prior year is now consolidated
as a wholly owned subsidiary.
5. Impairment of investment
In terms of IAS 36-Impairment of Assets, an entity must determine whether
there is any indication of impairment at each reporting date. IAS 36 requires
assets to be impaired to the higher of market value or value in use based on
discounted free cash flow valuations.
GPI fully subscribed for its allocation of Golden Valley Casino`s rights
offer shares allotted in July 2010 and December 2010 at a total cost of R32
million. These additional capital contributions did not increase the value of
this investment to GPI above its recoverable amount. Consequently the
additional capital contributions to this investment have been impaired.
6. Re-measurement of investment
There was no change in control of investments and therefore, no re-measurement
during the period required in terms of IFRS 3R. The R42.4 million adjustment
in the audited 30 June 2010 results relates to the re-measurement of GPI`s
previously held 25.1% interest in Grandslots, as required by IFRS 3R, and
arose due to the acquisition of Carentan Investments (Proprietary) Limited on
30 June 2010.
7. Finance costs
Finance costs increased by 54% due to the higher level of debt, which was
raised on 30 June 2010. This additional debt is made up of a R40 million term
loan from Grindrod Bank, an R80 millon term loan from Sanlam Capital Markets
and additional preference shares of R20 million drawn down from the existing
preference share facility held with Sanlam Capital Markets. During the
period, R8 million was repaid on the Sanlam term loan. Finance costs also
include R0.7 million in respect of the LPM operations which are reversed for
adjusted headline earnings per share.
8. Headline earnings, HEPS and adjusted HEPS
Headline earnings for the six-month period ended December 2010 increased by
R13 million to R53 million. Such increase arose from the acquisition of the
LPM operations and an improved performance by its associate and jointly-
controlled investments.
As a result, adjusted headline earnings per share (HEPS) increased by 34% from
8.98 (2009) cents last year to 12.00 (2010) cents this year.
OPERATIONAL HIGHLIGHTS
PERFORMANCE OF GPI`S LPM SLOTS OPERATIONS
The GPI Board`s decision to take control of its LPM operations are already
yielding exciting benefits for the Group.
Grandslots and Kingdomslots
During the first six months of the financial year, our LPM operations
generated R155,6 million in GGR which has exceeded the prior year by 14%
(R18,5 million).
Grandslots and Kingdomslots are licensed to operate 1,000 LPMs each in the
Western Cape and KwaZulu-Natal respectively.
At the end of December 2010, 1 685 LPMs were operational in the Western Cape,
12 less than last year. At the end of December 2010, Grandslots operated 928
LPMs in the province, 9 more than last year.
Average GGR/Machine/Day for the month of December in the Western Cape
increased from R603.31 (2009) to R702.87 (2010).
At the end of December 2010, 1 971 LPMs were operational in KwaZulu-Natal, 125
more than last year. At the end of December 2010, Kingdomslots operated 754
LPMs in the province, 49 more than last year.
Average GGR/Machine/Day for the month of December in KwaZulu-Natal increased
from R303.75 (2009) to R354.70 (2010).
Both these route operations` revenues are ahead of the feasibilities on which
our decision to acquire the businesses were based.
Management have also been hard at work implementing improvements to
productivity and overall levels of cost effectiveness and efficiency, which
have contributed substantially to the improvement in adjusted headline
earnings.
Expanding GPI`s LPM footprint into Gauteng
As previously announced on SENS during November 2010, GPI has taken a
significant step towards reaching its goal of expanding its LPM network from 2
000 to 5 000 machines, through its subsidiary Thuo Gaming Gauteng
(Proprietary) Limited (Thuo GG) which concluded a binding sale of business
agreement with LPM operator Playmeter Leisure Services (Proprietary) Limited
(Playmeter).
The transaction, which is still subject to approval by the Gauteng Gambling
Board (GGB), will see Thuo GG acquire the assets and contracts of Playmeter`s
route operator business in Gauteng, including its Route Operator Licence,
which will provide Thuo GG with the ability to operate up to 1,000 LPMs in
Gauteng.
At the time of the transaction Playmeter`s route operator business consisted
of 62 LPMs across sixteen venues in Gauteng, along with an approval from the
GGB to roll out an additional ten machines at two new venues. As at
31 December 2010 Playmeter were operating a total of 77 LPMs at nineteen
venues.
In addition to the 15 machines activated since the aforementioned SENS
announcement, additional applications have been submitted to the GGB and
approved.
Average GGR/Machine/Day for the month of December in Gauteng increased from
R239.19 (2009) to R421.66 (2010) and active LPMs from 182 to 620 respectively.
PERFORMANCE OF GPI`S JOINTLY CONTROLLED ENTITIES
SunWest
As announced on SENS on 23 September 2010, GPI exercised its remaining option
to purchase 140 182 SunWest shares at a very favourable option price of R165
per share. At the Annual General Meeting held on 15 December 2010 the
shareholders approved the payment of 10 cents per GPI share to certain black
GPI shareholders as compensation for restricting the sale of their shares in
GPI until 30 June 2012, which was necessary to achieve the 35% lock-in
required by the option agreement. This together with other pre-emptive rights
exercised during June 2010 increased GPI`s direct shareholding in SunWest from
29.24% to 30.04%.
GrandWest Casino and Entertainment World`s (GrandWest) initial 10-year casino
exclusivity in the Cape Metropole expired during December 2010. The Provincial
Government of the Western Cape (PGWC) is still considering whether to permit
the relocation of one of the other casino licences in the Western Cape to the
Cape Metropole and is presently engaging interested stakeholders before taking
a final decision.
GrandWest`s revenue increased by 6% compared to the prior year, whilst its
attributable earnings increased by 5% (R7,2 million). GrandWest`s performance
is encouraging in light of the very difficult conditions it has traded under.
The Table Bay Hotel`s attributable losses increased by 19% (R3,8 million)
mainly due to the 10% drop in room occupancies from 54.3% to 44.3%. During the
year the average room rate increased by 18%.
Golden Valley Casino
The GPI Group took up certain rights and increased its direct and indirect
economic stake in Worcester Casino (Proprietary) Limited (Golden Valley
Casino) from 44.39% to 45.37%. The funds raised were partly used to fund the
completion of the Worcester N2 Interchange that was due for construction as
committed to in the initial casino licence application submission to the
Western Cape Gambling and Racing Board (WCGRB) in respect of the Golden Valley
Casino`s licence. The cost of this investment to GPI has historically been
very small given that it has largely been funded internally through interest -
bearing debt. The investment is yet to produce a positive earnings
contribution.
This additional contribution does not increase the value of this investment
above its recoverable amount. Consequently the investment has been impaired.
Golden Valley Casino`s revenue increased by 11% compared to the prior year
while its EBITDA increased by 5%.
Western Cape Manco
Western Cape Manco`s attributable earnings increased by 5%, which is in line
with the increase in GrandWest`s revenue and EBITDA.
PERFORMANCE OF GPI`S ASSOCIATE INVESTMENTS
Real Africa Holdings Limited (RAH)
GPI`s share of RAH`s attributable earnings grew by 29% and it is pleasing that
RAH has declared a dividend of 13 cents per share compared to 12 cents per
share the previous year. RAH comprises some of the best performing urban
casinos in South Africa and certainly the crown jewels of Sun International`s
portfolio of assets.
Akhona GPI
We disclosed in our 2010 annual report that an offer was made to Akhona Gaming
Portfolio Investments (Proprietary) Limited (Akhona GPI) to acquire its 30%
stake in Kingdomslots. A revised offer was accepted on 15 December 2010, which
is conditional on certain approvals being obtained, including that of the
KwaZulu-Natal Gambling Board.
Akhona GPI exercised and took up an additional 3.8 shares in Dolcoast
Investments Limited (Dolcoast) in terms of its pre-emptive rights during
December 2010. This transaction increased Akhona GPI`s stake in Dolcoast from
23.0% to 24.9% increasing GPI`s indirect stake in Sibaya Casino to 8.38%.
GPI`s share of Akhona GPI`s attributable earnings decreased by 24%. This was
due to Dolcoast declaring a special dividend during the prior year which was
not repeated during the current year.
RELATED PARTY TRANSACTIONS
The Group, in the ordinary course of business, entered into various
transactions with related parties. All transactions were concluded at arm`s
length. Any intra-group related party transactions and outstanding balances
are eliminated in the preparation of the consolidated financial statements of
the Group as presented.
DIVIDENDS
GPI has historically never declared interim dividends and believes that it is
prudent in the current environment to maintain this status quo.
SUBSEQUENT EVENTS
As announced on SENS on 11 Februaury 2011, Sukena Petersen has replaced
Richard Hoption as Financial Director. Daisy Naidoo and Faldi Samaai have been
appointed as non executive directors. Lazelle Parton has replaced Richard
Hoption as Company Secretary. Richard will continue providing services to the
Group in a consulting capacity.
PROSPECTS
GPI is focused on realising its vision of becoming a major and respected force
in the gaming and leisure industry in Africa and maintaining its philosophy of
being a dividend active business.
With the successful integration of the LPM operations into the GPI Group, GPI
is well placed to take advantage of the opportunities that this market
presents and is excited at the prospects of completing the Playmeter
transaction, which gives GPI access to the lucrative Gauteng market.
The discussions with Sun International which gave rise to the cautionary
announcement on 8 December 2010 and the renewal thereof on 21 January 2011 and
4 March 2011 continue and remain positive.
For and on behalf of the Board
H Adams
Chairman
3 March 2011
Cape Town
A Funkey
Chief Executive Officer
3 March 2011
Cape Town
Directors
H Adams (Chairman)#, A Abercrombie #, A W Bedford #,
A Funkey (CEO), Dr N Maharaj #*, N Mlambo #, D Naidoo #*,
S Petersen (Financial Director), F Samaai #, C Williams #*
(# non-executive * independent)
GRAND PARADE INVESTMENTS LIMITED
Registered office
15th Floor Triangle House
22 Riebeek Street
(P O Box 7746, Roggebaai, 8012)
Registration number
1997/003548/06
ISIN
ZAE000119814
Share code
GPL
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Attorneys
Bernadt Vukic Potash & Getz Attorneys
Corporate advisers
Leaf Capital (Proprietary) Limited
Sponsor
PSG Capital (Proprietary) Limited
Company Secretary
Lazelle Parton
Date: 07/03/2011 14:24:01 Supplied by www.sharenet.co.za
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