Wrap Text
EQS - Eqstra Holdings Limited - Audited abridged year-end results for the year
ended 30 June 2011 and cash dividend declaration
Eqstra Holdings Limited
Registration number: 1998/011672/06
Share code: EQS
ISIN: ZAE000117123
("Eqstra" or "the Group")
Audited abridged year-end results for the year ended 30 June 2011 and cash
dividend declaration
Salient Features
* Revenue increased 9.3% to R7 586 million
* Operating profit increased 25.8% to R903 million
* Profit before taxation increased 385.0% to R388 million
* Headline earnings per share improved to 77.9 cents from a headline loss per
share of 21.7 cents
* Cash generated by operations up 11.3% to R3 209 million
* Maiden dividend of 25 cents per share declared
Introduction
The board of directors is pleased to report that the Eqstra group ("the group")
delivered improved results during another challenging year, testifying to the
resilience of the group`s underlying business model. Contract Mining and Plant
Rental performance remained below expectations. Construction and Mining
Equipment Distributorships (CMED) turnaround was due to the benefits of past
restructuring and increased equipment demand from the mining sector. Passenger
and Commercial Vehicles delivered a solid performance underpinned by annuity
contracts and growth in non-capital based value added services. Industrial
Equipment delivered a commendable performance as firm demand for its established
products in southern Africa, the United Kingdom (UK) and Ireland continued.
Overview of results
* Revenue increased by 9.3% to R7 586 million (2010: R6 939 million) primarily
as a result of increased revenue in CMED and Industrial
Equipment.
* Operating profit increased by 25.8% to R903 million (2010: R718 million)
mainly on the back of a turnaround in CMED.
* Net finance costs decreased by 29.3% to R448 million (2010: R634 million) as
average debt levels decreased during the year due to efficient working
capital management, effects of the rights issue in June 2010 and a lower
prime interest rate.
* The taxation charge of 22.9% is below the statutory rate due to the
utilisation of R27 million of previously impaired deferred tax assets.
* Basic earnings per share and headline earnings per share are 71.5 cents and
77.9 cents respectively, against the comparable basic loss per share of 19.6
cents and headline loss per share of 21.7 cents.
* Leasing assets increased by 13.1% to R7 625 million (2010: R6 740 million)
primarily as a result of the ramp-up of the Benga project
in Mozambique.
* Working capital decreased by R822 million, further contributing to the
increase in cash generated by operations.
Long-term debt funding
The group successfully concluded its long-term debt funding package in February
2011, whereby the quantum and duration of long-term debt was increased. In
August 2011 the group renewed its UK debt facilities for a further three years.
The group comfortably exceeded all bank debt covenants.
* Interest cover (EBITDA ) increased to 5.3 times (2010: 3.6 times); and
* Capital adequacy improved to 25.3% (2010: 24.6%).
The board believes that sufficient facilities are in place to meet the group`s
liquidity requirements.
Divisional review
Contract Mining and Plant Rental
Unaudited Audited Unaudited Audited
H1`11 H2`11 30 June H1`10 H2`10 30 June
2011 2011 2011 2010 2010 2010
Rm Rm Rm Rm Rm Rm
Revenue 1 628 1 561 3 189 1 588 1 535 3 123
Operating profit 170 153 323 194 163 357
Operating margin 10.4% 9.8% 10.1% 12.2% 10.6% 11.4%
Net finance costs (101) (116) (217) (130) (120) (250)
Profit (loss) before
taxation 69 (13) 56 64 43 107
Leasing assets 3 033 3 839 3 839 3 173 3 061 3 061
Operating profit declined due to higher preventative maintenance costs, lower
asset utilisation and new contract start-up costs. The
unprecedented illegal industrial action during the latter part of the financial
year resulted in reduced margins as lost revenue opportunities and standing
costs relating to equipment and people affected results. A R50 million net
impairment charge to leasing assets following damages during illegal industrial
action at Pilanesberg Platinum mine has been made, which could be reduced by
salvage and insurance claims. The plant rental business unit experienced weak
demand from the construction industry and reduced infrastructure spend.
Construction and Mining Equipment Distributorships
Unaudited Audited Unaudited Audited
H1`11 H2`11 30 June H1`10 H2`10 30 June
2011 2011 2011 2010 2010 2010
Rm Rm Rm Rm Rm Rm
Revenue 691 646 1 337 530 550 1 080
Operating profit
(loss) 24 79 103 (89) (27) (116)
Operating margin 3.5% 12.2% 7.7% (16.8%) (4.9%) (10.7%)
Net finance costs (35) (15) (50) (76) (63) (139)
(Loss) profit before
taxation (14) 54 40 (175) (97) (272)
Inventories 575 576 576 1 088 771 771
Profit before taxation of R40 million compares to a loss of R272 million in the
prior year. The division benefited from a rationalised overhead cost base,
reduced debt, an impairment reversal and increased equipment demand from the
mining industry. The construction sector however remained depressed. Inventories
reduced by a further 25.3% during the year with a continued focus on working
capital management.
The Bucyrus distribution agreement remains in place until December 2013, with
profitable maintenance contracts extending to 2015.
Passenger and Commercial Vehicles
Unaudited Audited Unaudited Audited
H1`11 H2`11 30 June H1`10 H2`10 30 June
2011 2011 2011 2010 2010 2010
Rm Rm Rm Rm Rm Rm
Revenue 967 944 1 911 911 911 1 822
Operating profit 154 162 316 160 166 326
Operating margin 15.9% 17.2% 16.5% 17.6% 18.2% 17.9%
Net finance costs (69) (61) (130) (81) (85) (166)
Profit before
taxation 85 101 186 79 81 160
Leasing assets 2 524 2 576 2 576 2 691 2 567 2 567
The division delivered a solid performance on the back of its annuity contracts
with revenue increasing 4.9% as a result of the growth in value added products.
Operating profit decreased by 3.1% on the back of a lower prime interest rate
and lower margins attributable to non-capital intensive services. The decrease
was countered by a positive contribution from the remarketing of vehicles.
Industrial Equipment
Unaudited Audited Unaudited Audited
H1`11 H2`11 30 June H1`10 H2`10 30 June
2011 2011 2011 2010 2010 2010
Rm Rm Rm Rm Rm Rm
Revenue 728 774 1 502 655 690 1 345
Operating profit 96 94 190 80 105 185
Operating margin 13.2% 12.1% 12.6% 12.2% 15.2% 13.8%
Net finance costs (41) (39) (80) (52) (46) (98)
Profit before
taxation 48 60 108 29 56 85
Leasing assets 1 101 1 201 1 201 1 134 1 096 1 096
Revenue increased by 11.7% and profit before taxation increased by a robust
27.1% as the division benefited from improved demand for its products in most
sectors of the economy. Reduced financing costs due to the improvement of
working capital management.
The CAT Lift Trucks distributorship in the UK and Ireland has exceeded our
short-
term expectations.
Dividend and cash dividend declaration
In line with the dividend policy as stated in the pre-listing statement and
given the profitability of the group, the annual dividend payout ratio will be
conservatively managed between 30% to 35% of attributable headline earnings.
The recovery in earnings gives the board confidence to declare a maiden dividend
of 25 cents per share. The board considered the solvency and liquidity of the
company and is satisfied that the company will be solvent and liquid immediately
after completing the distribution.
Notice is hereby given that a cash dividend of 25 cents per share has been
declared for the year ended 30 June 2011.
The salient dates will be as follows:
Last day to trade cum the dividend Friday, 16 September 2011
Shares commence trading "ex" Monday, 19 September 2011
distribution
Record date Friday, 23 September 2011
Payment date Monday, 26 September 2011
Share certificates may not be dematerialised or rematerialised between Monday,
19 September 2011 and Friday, 23 September 2011, both days inclusive.
Outlook
The group is well positioned to improve profitability notwithstanding the
current global economic uncertainty. We remain cautious about the economic
developments in our major markets in view of continued market volatility.
Sectors have been identified for opportunities to expand our footprint through
organic growth and complementary acquisitions.
By order of the board
DC Cronje WS Hill
Chairman Chief executive officer
22 August 2011
Condensed group income statement
for the years ended 30 June 30 June
2011 2010
Rm Rm
Revenue 7 586 6 939
Profit from operations before depreciation,
amortisation and recoupments 2 417 2 257
Depreciation, amortisation and recoupments (1 514) (1 539)
Operating profit 903 718
Foreign exchange losses (17) (20)
Reversal of impairment of share scheme loan 16
Net impairment of leasing assets (50)
Profit before net finance costs 836 714
Net finance costs (448) (634)
Finance costs including fair value gains
(losses)(9) (474) (653)
Finance income 26 19
Profit before taxation 388 80
Income tax expense (89) (135)
Profit (loss) for the year 299 (55)
Attributable to:
Owners of the parent 300 (56)
Non-controlling interest (1) 1
Profit (loss) for the year 299 (55)
Earnings (loss) per share(8) Cents Cents
Ordinary shares (cents)
- Basic 71.5 (19.6)
- Diluted 68.8 (19.6)
Condensed group statement of comprehensive income
for the years ended 30 June 30 June
2011 2010
Rm Rm
Profit (loss) for the year 299 (55)
Other comprehensive income
Net losses arising on translation of foreign
subsidiaries (15) (2)
Fair value (loss) gain (7) 11
Other comprehensive (loss) income for the year (22) 9
Total comprehensive income (loss) for the year 277 (46)
Attributable to:
Owners of the parent 278 (47)
Non-controlling interest (1) 1
277 (46)
Condensed group statement of financial position
as at 30 June 30 June
2011 2010
Rm Rm
Assets
Non-current assets 8 316 7 261
Intangible assets 22 9
Property, plant and equipment 429 367
Leasing assets 7 625 6 740
Deferred tax assets 56 54
Finance lease receivables(2) 51 2
Other investments, loans and derivatives(3) 133 89
Current assets 2 325 2 401
Inventories 986 1 130
Trade and other receivables and derivatives 1 084 949
Finance lease receivables(2) 39 4
Taxation in advance 25 51
Cash and cash equivalents 191 267
Total assets 10 641 9 662
Equity and liabilities
Capital and reserves
Share capital and premium 2 060 2 060
Other reserves 31 22
Retained income 578 278
Equity attributable to owners of the parent 2 669 2 360
Non-controlling interest 19 20
Total equity 2 688 2 380
Non-current liabilities 5 206 5 403
Interest-bearing borrowings 4 570 4 796
Deferred tax liabilities 636 607
Current liabilities 2 747 1 879
Trade and other payables and provisions and
derivatives 1 726 1 142
Current tax liabilities 20 17
Current portion of interest-bearing borrowings(4) 1 001 720
Total liabilities 7 953 7 282
Total equity and liabilities 10 641 9 662
Condensed group statement of cash flows
for the years ended 30 June 30 June
2011 2010
Rm Rm
Cash flows from operating activities
Cash generated by operations before working capital
movements 2 387 2 203
Working capital movements 822 681
Cash generated by operations 3 209 2 884
Finance income 26 19
Interest expense (481) (648)
Income tax paid (40) (51)
Net cash flows from operating activities 2 714 2 204
Cash flows from investing activities
Acquisition of business (3)
Gross capital expenditure (3 076) (1 657)
Proceeds on disposal of assets 292 140
Increase in finance lease receivables (84)
(Increase)decrease in other investments and loans (4) 73
Net cash flows from investing activities (2 875) (1 444)
Cash flows from financing activities
Increase of share capital 650
Share issue expenses (17)
Increase of share call option (1)
Increase (decrease) in interest-bearing borrowings 89 (1 175)
Net cash flows from financing activities 89 (543)
Net (decrease) increase in cash and cash
equivalents (72) 217
Foreign exchange effects on cash and cash
equivalents held in foreign currencies (4) (1)
Cash and cash equivalents at beginning of year 267 51
Cash and cash equivalents at end of year 191 267
Condensed group statement of changes in equity
for the years ended
Share
capital Non-
and Other Retained controlling
premium reserves income interest Total
Rm Rm Rm Rm Rm
Balance at 30 June
2009 1 475 (2) 334 19 1 826
Total comprehensive
income (loss) for the
year 9 (56) 1 (46)
- Loss for the year (56) 1 (55)
- Other comprehensive
income 9 9
Proceeds from share
issue 650 650
Share issue expense (17) (17)
Transfer to treasury
shares (48) (48)
Revaluation of Lereko
call option 5 5
Increase in share call
option (1) (1)
Share-based payment
expense 11 11
Balance at 30 June
2010 2 060 22 278 20 2 380
Total comprehensive
(loss) income for the
year (22) 300 (1) 277
- Profit for the year 300 (1) 299
- Other comprehensive
loss (22) (22)
Revaluation of Lereko
call option 17 17
Deferred tax effect on
share call option (7) (7)
Share-based payment
expense 21 21
Balance at 30 June
2011 2 060 31 578 19 2 688
Notes
(1) Basis of preparation and accounting policies
The audited abridged consolidated financial statements have
been prepared using accounting policies compliant with
International Financial Reporting Standards (IFRS), the AC 500
standards as issued by the Accounting Practices Board or its
successor and contains information required by IAS 34: Interim
Financial Reporting , the JSE Limited Listings Requirements and
the South African Companies Act. The accounting policies and
their application are consistent, in all material respects with
those detailed in Eqstra`s 2010 annual report, except for the
adoption on 1 July 2010 of those new, revised and amended
standards and interpretations in Eqstra`s 2011 annual report.
The adoption of the new and amended statements of generally
accepted accounting practice, interpretations of statements of
generally accepted accounting practice, and improvements project
amendments has not had an effect on the group`s financial
results.
(2) Finance lease receivables
In the prior year, finance lease receivables were disclosed as
part of trade and other receivables.
(3) Other investments, loans and derivatives
as at 30 June 30 June
2011 2010
Rm Rm
- Listed, at market value 61 47
- Unlisted, at fair value or directors`
valuation 44 26
- Loans receivable 10 16
- Derivative financial asset 18
133 89
(4) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes R652
million (2010: R569 million) commercial paper that is supported
by a R1 000 million standby liquidity facility that has a 13-
month rolling notice period.
30 June 30 June
2011 2010
Rm Rm
(5) Capital commitments 3 058 2 506
- Contracted 1 042 1 346
- Authorised by directors but not contracted 2 016 1 160
Contingent liabilities 5 27
This expenditure is substantially for the acquisition and
replacement of leasing assets. Expenditure will be financed from
proceeds on disposals and existing banking facilities.
(6) Funding for the Benga project in Mozambique
US Dollar funding outside of the Common Monetary Area was put in
place for the contracted capital commitments relating to the
Benga project in Mozambique.
30 June 30 June
2011 2010
Cents Cents
(7) Net asset value per share attributable to
owners of the parent 624.0 571.2
(8) Earnings (loss) per share
Ordinary shares
- Basic 71.5 (19.6)
- Diluted 68.8 (19.6)#
Headline earnings (loss) per share
- Basic 77.9 (21.7)
- Diluted 74.9 (21.7)#
Reconciliation
Basic earnings (loss) per share 71.5 (19.6)
Profit on sale of property, plant and
equipment (0.5) (0.3)
Profit on sale of leasing assets (2.6) (2.7)
Net impairment of leasing assets 11.9
Taxation effect (2.4) 0.9
Headline earnings (loss) per share 77.9 (21.7)
# Limited to loss per share per IAS 33.
Weighted average number of shares in issue for
the period million million
Number of ordinary shares
- in issue 427.7 413.2
- weighted average 413.2 258.4
- effects of June 2010 rights issue 28.6
- transfer to treasury shares (8.3) (1.1)
- conversion of "B" deferred ordinary shares 14.5
Weighted average number of shares 419.4 285.9
- dilutionary shares 16.8 26.7
Diluted weighted average number of shares 436.2 312.6
(9) Finance costs including fair value (gains)
losses Rm Rm
Interest expense 481 648
Fair value (gains) losses on borrowings and
interest swaps (unrealised) (7) 5
474 653
(10) The auditors, Deloitte and Touche, have audited the financial
statements in accordance with section 29(1)(e) of the Companies
Act (Act 71 of 2008) and have issued their unmodified opinion on
the group`s annual financial statements for the year ended 30
June 2011. The audit was conducted in accordance with
International Standards on Auditing. These abridged financial
statements have been derived from the group financial statements
and are consistent in all material respects with the group
financial statements.
A copy of their audit report is available for inspection at the
company`s registered office.
Segmental information - statements of financial position
as at
Contact Mining
Group and Plant Rental
30 June 30 June 30 June 30 June
2011 2010 2011 2010
Rm Rm Rm Rm
Business segmentation
Assets
Intangible assets 22 9
Property, plant and equipment 429 367 203 150
Leasing assets 7 625 6 740 3 839 3 061
Finance lease receivables 90 6
Other investments, loans and
derivatives 133 89 72 64
Inventories 986 1 130 60 62
Trade and other receivables and
derivatives 1 084 949 505 461
Operating assets and derivatives 10 369 9 290 4 679 3 798
Deferred tax assets 56 54
Taxation in advance 25 51
Cash and cash equivalents 191 267
Total assets per statement of
financial position 10 641 9 662
Liabilities
Trade and other payables and
provisions and derivatives 1 726 1 142 761 335
Interest-bearing borrowings 5 571 5 516 2 656 2 340
Operating liabilities 7 297 6 658 3 417 2 675
Deferred tax liabilities 636 607
Current tax liabilities 20 17
Total liabilities per statement
of financial position 7 953 7 282
Geographic segmentation
Operating assets and derivatives 10 369 9 290 4 679 3 798
- South Africa 8 958 8 624 3 947 3 733
- Rest of World 1 411 666 732 65
Trade and other payables and
provisions and derivatives 1 726 1 142 761 335
- South Africa 1 267 997 486 318
- Rest of World 459 145 275 17
Interest-bearing borrowings 5 571 5 516 2 656 2 340
- South Africa 5 001 5 136 2 369 2 340
- Rest of World 570 380 287
Gross capital expenditure 3 076 1 657 1 698 695
- South Africa 2 210 1 520 1 040 688
- Rest of World 866 137 658 7
Less: Proceeds on disposal (292) (140) (159) (85)
Net capital expenditure 2 784 1 517 1 539 610
Construction and Passenger and
Mining Equipment Commercial
Distributorships Vehicles
30 June 30 June 30 June 30 June
2011 2010 2011 2010
as at Rm Rm Rm Rm
Business segmentation
Assets
Intangible assets 2 4 19 5
Property, plant and equipment 75 74 52 44
Leasing assets 73 60 2 576 2 567
Finance lease receivables 90 6
Other investments, loans and 3 3
derivatives
Inventories 576 771 44 28
Trade and other receivables and
derivatives 243 210 139 127
Operating assets and derivatives 1 059 1 125 2 833 2 774
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per statement of
financial position
Liabilities
Trade and other payables and
provisions and derivatives 283 191 285 335
Interest-bearing borrowings 636 842 1 379 1 507
Operating liabilities 919 1 033 1 664 1 842
Deferred tax liabilities
Current tax liabilities
Total liabilities per statement
of financial position
Geographic segmentation
Operating assets and derivatives 1 059 1 125 2 833 2 774
- South Africa 985 1 078 2 606 2 575
- Rest of World 74 47 227 199
Trade and other payables and
provisions and derivatives 283 191 285 335
- South Africa 219 174 229 275
- Rest of World 64 17 56 60
Interest-bearing borrowings 636 842 1 379 1 507
- South Africa 632 807 1 359 1 422
- Rest of World 4 35 20 85
Gross capital expenditure 6 28 932 731
- South Africa 6 28 837 659
- Rest of World 95 72
Less: Proceeds on disposal (8) (1) (94) (52)
Net capital expenditure (2) 27 838 679
Industrial Corporate office
Equipment and eliminations
30 June 30 June 30 June 30 June
2011 2010 2011 2010
as at Rm Rm Rm Rm
Business segmentation
Assets
Intangible assets 1
Property, plant and equipment 68 72 31 27
Leasing assets 1 201 1 096 (64) (44)
Finance lease receivables
Other investments, loans and 58 22
derivatives
Inventories 306 269
Trade and other receivables and
derivatives 226 168 (29) (17)
Operating assets and derivatives 1 801 1 605 (3) (12)
Deferred tax assets
Taxation in advance
Cash and cash equivalents
Total assets per statement of
financial position
Liabilities
Trade and other payables and
provisions and derivatives 322 180 75 101
Interest-bearing borrowings 1 054 1 034 (154) (207)
Operating liabilities 1 376 1 214 (79) (106)
Deferred tax liabilities
Current tax liabilities
Total liabilities per statement
of financial position
Geographic segmentation
Operating assets and derivatives 1 801 1 605 (3) (12)
- South Africa 1 423 1 250 (3) (12)
- Rest of World 378 355
Trade and other payables and
provisions and derivatives 322 180 75 101
- South Africa 258 129 75 101
- Rest of World 64 51
Interest-bearing borrowings 1 054 1 034 (154) (207)
- South Africa 795 774 (154) (207)
- Rest of World 259 260
Gross capital expenditure 432 212 8 (9)
- South Africa 319 154 8 (9)
- Rest of World 113 58
Less: Proceeds on disposal (30) (2) (1)
Net capital expenditure 402 210 7 (9)
Segmental information - income statements
for the years ended
Contact Mining
Group and Plant Rental
30 June 30 June 30 June 30 June
2011 2010 2011 2010
Rm Rm Rm Rm
Business segmentation
Revenue
- Sales of goods 1 990 1 492
- Rendering of services 5 596 5 443 2 976 2 921
- Other 4
7 586 6 939 2 976 2 921
Inter-segment revenue 213 202
7 586 6 939 3 189 3 123
Operating expenses (5 169) (4 682) (2 236) (2 137)
Depreciation and amortisation (1 527) (1 548) (633) (631)
Recoupments 13 9 3 2
Operating profit (loss) 903 718 323 357
Foreign exchange losses (28) (37)
Fair value gains on foreign
exchange derivatives 11 17
Reversal of impairment of share
scheme loan 16
Impairment of leasing assets (50) (50)
Profit (loss) before net finance
costs 836 714 273 357
Net finance costs (income) (448) (634) (217) (250)
Finance costs including fair
value (losses) gains (474) (653) (223) (254)
Finance income 26 19 6 4
Profit (loss) before taxation 388 80 56 107
Income tax expense 89 135 (10) 31
Profit (loss) for the year 299 (55) 66 76
Geographic segmentation
Revenue 7 586 6 939 3 189 3 123
- South Africa 6 846 6 227 2 981 2 988
- Rest of World 740 712 208 135
Operating profit (loss) 903 718 323 357
- South Africa 808 622 288 321
- Rest of World 95 96 35 36
Net finance costs (income) 448 634 217 250
- South Africa 428 601 213 246
- Rest of World 20 33 4 4
Construction and Passenger and
Mining Equipment Commercial
Distributorships Vehicles
30 June 30 June 30 June 30 June
for the years ended 2011 2010 2011 2010
Rm Rm Rm Rm
Business segmentation
Revenue
- Sales of goods 962 647 358 338
- Rendering of services 260 219 1 531 1 469
- Other
1 222 866 1 889 1 807
Inter-segment revenue 115 214 22 15
1 337 1 080 1 911 1 822
Operating expenses (1 221) (1 180) (1 004) (889)
Depreciation and amortisation (16) (17) (597) (613)
Recoupments 3 1 6 6
Operating profit (loss) 103 (116) 316 326
Foreign exchange losses (19) (34)
Fair value gains on foreign
exchange derivatives 6 17
Reversal of impairment of share
scheme loan
Net impairment of leasing assets
Profit (loss) before net finance
costs 90 (133) 316 326
Net finance costs (income) (50) (139) (130) (166)
Finance costs including fair
value (losses) gains (51) (141) (143) (178)
Finance income 1 2 13 12
Profit (loss) before taxation 40 (272) 186 160
Income tax expense 4 38 56 50
Profit (loss) for the year 36 (310) 130 110
Geographic segmentation
Revenue 1 337 1 080 1 911 1 822
- South Africa 1 245 976 1 761 1 669
- Rest of World 92 104 150 153
Operating profit (loss) 103 (116) 316 326
- South Africa 85 (123) 293 292
- Rest of World 18 7 23 34
Net finance costs (income) 50 139 130 166
- South Africa 50 138 124 154
- Rest of World 1 6 12
Industrial Corporate office
Equipment and eliminations
for the years ended 30 June 30 June 30 June 30 June
2011 2010 2011 2010
Rm Rm Rm Rm
Business segmentation
Revenue
- Sales of goods 670 507
- Rendering of services 826 830 3 4
- Other 4
1 496 1 337 3 8
Inter-segment revenue 6 8 (356) (439)
1 502 1 345 (353) (431)
Operating expenses (1 024) (868) 316 392
Depreciation and amortisation (289) (292) 8 5
Recoupments 1
Operating profit (loss) 190 185 (29) (34)
Foreign exchange losses (7) (2) (2) (1)
Fair value gains on foreign
exchange derivatives 5
Reversal of impairment of share
scheme loan 16
Impairment of leasing assets
Profit (loss) before net finance
costs 188 183 (31) (19)
Net finance costs (income) (80) (98) 29 19
Finance costs including fair
value (losses) gains (84) (104) 27 24
Finance income 4 6 2 (5)
Profit (loss) before taxation 108 85 (2)
Income tax expense 41 18 (2) (2)
Profit (loss) for the year 67 67 2
GEOGRAPHIC SEGMENTATION
Revenue 1 502 1 345 (353) (431)
- South Africa 1 212 1 025 (353) (431)
- Rest of World 290 320
Operating profit (loss) 190 185 (29) (34)
- South Africa 171 166 (29) (34)
- Rest of World 19 19
Net finance costs (income) 80 98 (29) (19)
- South Africa 70 82 (29) (19)
- Rest of World 10 16
Name and registration number
Eqstra Holdings Limited
1998/011672/06
Registered office and business address
61 Maple Street, Pomona, Kempton Park, 1619 (PO Box 1050, Bedfordview, 2008)
Non-executive directors
DC Cronje*(Chairman), MJ Croucamp*, S Dakile-Hlongwane, VJ Mokoena,
SD Mthembi-Mahanyele*, AJ Phillips*, TDA Ross* (*Independent)
Executive directors
E Clarke, WS Hill (CEO), JL Serfontein (CFO) (preparer of group abridged
results)
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Company secretary
L Moller
www.eqstra.co.za
23 August 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 23/08/2011 07:05:13 Supplied by www.sharenet.co.za
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