Wrap Text
JDG - JD Group Limited - Reviewed Results for the four-month (Interim) period
ended 31 December 2011
JD Group Limited
Registration number: 1981/009108/06
Share code: JDG
ISIN: ZAE000030771
("JD" or "the Company" or "the Group")
REVIEWED RESULTS FOR THE FOUR-MONTH (INTERIM) PERIOD ENDED
31 DECEMBER 2011
Operating profit
Operating profit increased by 24% on a like-for-like basis
(15% up on previous six-month interim period)
Headline earnings per share
Headline earnings per share up by 14% on a like-for-like basis
(16% down on previous six-month interim period)
Debtors` costs
Debtors` cost down by 18% on a like-for-like basis
(46% down on previous six-month interim period)
Condensed Group statement of comprehensive income R million
Audited Reviewed Reviewed Change
12 months 4 months 6 months %
ended ended ended
31 Aug 31 Dec 28 Feb
2011 2011 2011
11 740 Sale of merchandise 8 832 5 535 60
1 587 Finance charges earned 540 794 (32)
1 343 Financial services 758 624 21
1 071 Other services 595 510 17
15 741 Revenue 10 725 7 463 44
8 550 Cost of sales 7 259 3 857 88
5 457 Operating expenses 2 667 2 707 (1)
1 207 Administration and other expenses 556 640
229 Depreciation and amortisation 120 111
2 550 Employees 1 209 1 205
363 Marketing 196 217
824 Occupancy 406 399
35 Share-based payment 13 16
246 Transport and travel 164 118
3 Loss on disposal of property, 3 1
plant and equipment
1 734 Operating profit before debtors` 799 899 (11)
costs
677 Debtors` costs (note 2) 209 384 (46)
1 057 Operating profit 590 515 15
5 Investment income 2 -
65 Finance income 15 30
(160) Finance costs (92) (64)
2 Share of profits of associates 2 1
969 Profit before taxation from 517 482 7
continuing operations
264 Taxation 146 148 (1)
705 Profit for the period from 371 334 11
continuing operations
(1) Loss after tax for the year from - -
discontinued operations
704 Profit for the period 371 334 11
Attributable to:
699 Shareholders 364 333
5 Minorities 7 1
704 371 334
Earnings per share (cents)
406,2 - basic 168,7 202,4
402,0 - diluted 167,7 199,6
Condensed Group statement of other comprehensive income R million
Audited Reviewed Reviewe
12 months 4 months d
ended ended 6
31 Aug 31 Dec months
2011 2011 ended
28 Feb
2011
704 Profit for the period 371 334
(1) Exchange differences on translating (1) 8
foreign operations
703 Total comprehensive income for the period 370 342
Attributable to:
698 Shareholders 363 341
5 Minorities 7 1
703 370 342
Condensed Group statement of financial position R million
Audited Reviewed Reviewe
31 Aug 31 Dec d
2011 2011 28 Feb
2011
Assets
4 630 Non-current assets 5 125 1 635
1 440 Property, plant and equipment 1 814 809
17 Vehicle rental fleet 14 -
1 324 Goodwill (note 3) 1 384 493
1 658 Intangible assets (note 3) 1 648 193
84 Investments and loans 64 30
6 Interest in associate company 7 1
101 Deferred taxation 194 109
11 887 Current assets 12 778 8 522
3 059 Inventories 3 782 1 730
6 704 Trade and other receivables (note 4) 7 374 5 952
352 Vehicle rental fleet 628 -
1 Financial assets - -
395 Taxation 40 423
1 376 Bank balances and cash 954 417
217 Assets classified as held for sale - -
16 734 Total assets 17 903 10 157
Equity and liabilities
Equity and reserves
4 245 Share capital and premium 4 245 1 779
(263) Treasury shares (247) (310)
231 Non-distributable and other reserves 248 191
3 644 Retained earnings 4 025 3 593
34 Reserves of a disposed business - -
classified as held for sale
216 Shareholders for dividend - 165
8 107 Shareholders` equity 8 271 5 418
58 Minority shareholders` interest 67 33
8 165 Total equity 8 338 5 451
2 448 Non-current liabilities 2 352 1 627
1 717 Interest-bearing long-term liabilities 1 476 1 136
202 Non-interest-bearing long-term liability 221 71
529 Deferred taxation 655 420
6 030 Current liabilities 7 213 3 079
4 933 Trade and other payables (note 6) 5 475 2 350
41 Provisions 33 -
946 Interest-bearing liabilities 1 282 643
- Financial liabilities 2 1
82 Taxation 182 85
28 Bank overdraft 239 -
91 Liabilities classified as held for sale - -
16 734 Total equity and liabilities 17 903 10 157
84 Directors` valuation of unlisted 64 30
investments
634 Capital expenditure authorised and 733 143
contracted
151 Capital expenditure authorised and not yet 159 899
contracted
2 657 Operating lease commitments 2 815 1 545
3 687,8 Net asset value per share (cents) 3 762,5 3
177,6
14,5 Gearing ratio (net) (%) 24,7 25,2
Condensed statement of changes in equity R million
Audited Reviewed Reviewe
31 Aug 31 Dec d
2011 2011 28 Feb
2011
4 245 Share capital and premium 4 245 1 779
1 779 Opening balance 4 245 1 779
2 466 Proceeds on issue of shares - -
(263) Treasury shares (247) (310)
(378) Opening balance (263) (378)
65 Proceeds on disposal of shares by share 8 38
incentive trust
50 Loss on disposal of treasury shares 8 30
115 Share-based payment reserve 128 96
80 Opening balance 115 80
35 Share-based payment expense 13 16
116 Non-distributable reserves 120 95
78 Opening balance 116 78
(1) Translation of foreign entities (2) 8
19 Transfer to reserves of a disposed business - -
(2) Net disposal of joint venture interests - -
22 Transfer from retained income 6 9
3 644 Retained earnings 4 025 3 593
3 464 Opening balance 3 644 3 464
699 Profit attributable to shareholders 364 333
(50) Loss on disposal of treasury shares (8) (30)
(391) Distributable to shareholders - (170)
9 Distributable to share incentive trust - 5
(53) Transfer from reserves of a disposed 34 -
business
(12) Arising on increase in shareholding in (3) -
subsidiary
(22) Transfer to non-distributable reserves (6) (9)
34 Reserves of a disposed business - -
- Opening balance 34 -
(19) Transfer from non-distributable reserves - -
53 Transfer from retained income (34) -
216 Shareholders for dividend - 165
131 Opening balance 216 131
391 Distributable to shareholders - 170
(9) Distributable to share incentive trust - (5)
(307) Paid to shareholders (220) (136)
10 Paid to share incentive trust 4 5
8 107 Shareholders` equity 8 271 5 418
58 Minority shareholders` interest 67 33
34 Opening balance 58 34
28 Minority interest arising on acquisition of - -
subsidiaries
5 Profit attributable to minorities 7 1
(4) Dividends paid to minorities (2) (2)
- Contributions from minorities 4 -
(5) Net disposal of joint venture interests - -
8 165 Total 8 338 5 451
Condensed Group cash flow statement R million
Audited Reviewe Reviewed
12 months d 6 months
ended 4 ended
31 Aug months 28 Feb
2011 ended 2011
31 Dec
2011
343 Cash flows from operating activities (62) (600)
1 322 Cash generated by trading 725 635
(313) Increase in working capital (839) (898)
1 009 Cash generated/(utilised) by operations (114) (263)
5 Investment income 2 -
(92) Finance costs - net (77) (37)
(282) Taxation paid 343 (166)
640 Cash available from /(utilised in)operating 154 (466)
activities
(297) Dividends paid (216) (134)
(622) Cash flows from investing activities (672) (134)
128 Acquisition of subsidiary companies (note (52) -
5)
- Acquisition of other business interest (22) -
- Disposal of subsidiary company 125 -
- Investment and loan receipts 23 -
12 Proceeds on disposal of property, plant and 5 8
equipment
(722) Additions to property, plant and equipment (442) (142)
43 Proceeds on disposal of rental fleet 161 -
vehicles
(83) Additions to rental fleet vehicles (470) -
1 008 Cash flows from financing activities 101 394
65 Proceeds on disposal of treasury shares by 8 38
share incentive trust
(12) Increase in shareholding in subsidiary - -
company
(7) Settlement of minority interest in business -- -
combination
1 632 Long-term borrowings raised 97 519
(588) Long-term borrowings repaid (173) (135)
(82) Finance lease liabilities (repaid)/raised 171 (28)
- Dividend paid to minority shareholders (2) -
729 Net increase/(decrease) in cash and cash (633) (340)
equivalents
757 Cash and cash equivalents at beginning of 1 348 757
period
1 486 Cash and cash equivalents at end of period 715 417
(138) Cash included in disposed business held for - -
sale
1 348 Cash and cash equivalents at end of period 715 417
from continuing operations
Supplementary information R million
Audited Reviewed Reviewed
12 months 4 months 6 months
Ended Ended ended
31 31 Dec 28 Feb
31 Aug 2011 2011
2011 31
De3131
Dec
2011
31 Aug 31 Dec 28 Feb
2011 2011 2011
Reconciliation of headline earnings
699 Profit attributable to shareholders 364 333
4 Loss/(surplus) on disposal of property, 4 1
plant and equipment
(1) Taxation thereon (1) -
702 Headline earnings 367 334
219 830 Number of shares in issue (000) 219 830 170 500
(4 310) Treasury shares held (000) (4 052) (5 108)
215 520 Number of shares held outside the Group 215 778 165 392
(000)
Weighted average number of shares in
issue (000)
172 142 - basic 215 613 164 580
173 932 - diluted 217 244 166 848
Headline earnings per share (cents)
407,7 - basic 170,1 202,9
403,5 - diluted 168,9 200,1
200 Distribution to shareholders (cents) - 100
100 - Interim (proposed) - 100
100 - Final
6,7 Operating margin (%) 5,5 6,9
The earnings and headline earnings per share are calculated in
R thousands as opposed to R million.
Segmental report - business divisions
For the 4-month/6-month Furniture Retail Financial Services
period ended
31 Dec 28 Feb 31 Dec 28 Feb*
2011 2011 2011 2011
Revenue Rm 2 539 3 309 1 144 1 625
Operating profit Rm 269 294 190 235
Depreciation Rm 20 27 8 12
Total assets Rm 1 413 1 188 6 840 5 928
Total current liabilities Rm 973 1 266 61 354
Capital expenditure Rm 26 44 111 9
Operating margin % 10,6 8,9 16,6 14,5
Total sale of merchandise Rm 2 186 2 830
Share of Group sale of % 24,8 51,1
merchandise
Credit sales Rm 1 441 1 874
Percentage of total % 65,9 66,2
Cash sales Rm 745 956
Percentage of total % 34,1 33,8
Number of stores 1 007 970 1 007 970
Retail square meterage 502 617 500 125 55 846 55 569
Number of employees 9 298 9 092 4 931 4 672
Instalment sale, loan and Rm 6 550 5 663
other trade receivables
Impairment provision Rm 547 543
Bad debts written off Rm 205 427
Receivables` arrears Rm 1 130 1 054
Deposit rate on credit sales % 5,4 6,2
Collection rate % 6,5 6,4
Segmental report - business divisions (continued)
For the 4-month/6-month Cash Retail Unitrans Auto
period ended
31 Dec 28 Feb 31 Dec 28 Feb
2011** 2011 2011 2011
Revenue Rm 2 149 2 426 5 026 -
Operating profit Rm 82 97 120 -
Depreciation Rm 22 25 44 -
Total assets Rm 1 564 1 123 3 311 -
Total current liabilities Rm 855 675 2 017 -
Capital expenditure Rm 33 26 474 -
Operating margin % 3,8 4,0 2,4
Total sale of merchandise Rm 2 138 2 417 4 508
Share of Group sale of % 24,2 43,7 51,0
merchandise
Credit sales Rm
Percentage of total %
Cash sales Rm 2 138 2 417 4 508
Percentage of total % 100,0 100,0 100,0
Number of stores 154 94 112
Retail square meterage 221 313 93 362 338 578
Number of employees 5 104 3 665 4 523
Instalment sale, loan and Rm 119 522
other trade receivables
Impairment provision Rm 13 42
Bad debts written off Rm
Receivables` arrears Rm
Deposit rate on credit sales %
Collection rate %
Segmental report - business divisions (continued)
For the 4-month/6-month Blake Corporate
period ended
31 Dec 28 Feb* 31 Dec 28 Feb
2011 2011 2011 2011
Revenue Rm 91 118 (224)# (308)#
Operating profit Rm 10 13 (81) (129)
Depreciation Rm 5 9 21 35
Total assets Rm 110 107 4 665 1 618
Total current liabilities Rm 23 24 3 284 696
Capital expenditure Rm 10 6 258 53
Operating margin % 11,0 11,0
Total sale of merchandise Rm
Share of Group sale of %
merchandise
Credit sales Rm
Percentage of total %
Cash sales Rm
Percentage of total %
Number of stores
Retail square meterage
Number of employees 1 525 1 466 593 537
Instalment sale, loan and Rm 52 47
other trade receivables
Impairment provision Rm - -
Bad debts written off Rm
Receivables` arrears Rm
Deposit rate on credit sales %
Collection rate %
Segmental report - business divisions (continued)
For the 4-month/6-month Discontinued Group
period ended operations (Abra)
31 Dec 28 Feb 31 Dec 28 Feb
2011 2011 2011 2011
Revenue Rm 293 10 725 7 463
Operating profit Rm 5 590 515
Depreciation Rm 3 120 111
Total assets Rm 193 17 903 10 157
Total current liabilities Rm 64 7 213 3 079
Capital expenditure Rm 4 912 142
Operating margin % 1,7 5,5 6,9
Total sale of merchandise Rm 288 8 832 5 535
Share of Group sale of % 5,2 100,0 100,0
merchandise
Credit sales Rm 1 441 1 874
Percentage of total % 16,3 33,9
Cash sales Rm 288 7 391 3 661
Percentage of total % 100,0 83,7 66,1
Number of stores 74 1 273 1 138
Retail square meterage 52 004 1 118 701 060
354
Number of employees 841 25 974 20 273
Instalment sale, loan other Rm 7 243 5 710
trade receivables
Impairment provision Rm 602 543
Bad debts written off Rm 205 427
Receivables` arrears Rm 1 130 1 054
Deposit rate on credit sales % 5,4 6,2
Collection rate % 6,5 6,4
# Elimination of interdivisional origination fees.
* Maravedi has been integrated into Financial Services and
reclassified from New Business Development, which now consists of
Blake only.
** Includes HiFi Corp, Incredible Connection and SteinBuild.
Notes
1. Accounting policies
The condensed financial information has been prepared in accordance
with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS),
the AC 500 standards as issued by the Accounting Practices Board
and in accordance with IAS 34: Interim Financial Reporting, the JSE
Listing Requirements and the requirements of the Companies Act. The
report has been prepared using accounting policies that comply with
IFRS which are consistent with those applied in the financial
statements for the year ended 31 August 2011, except for the
adoption of accounting standards and interpretations that became
effective during the current period.
The adoption of these standards had no material impact on the
Group.
R million
Audited Reviewed Reviewed
12 months 4 months 6 months
ended ended ended
31 Aug 31 Dec 28 Feb
2011 2011 2011
2. Debtors` costs
(34) Increase/(decrease) in impairment 4 (43)
provision
711 Bad debts written off 205 427
677 209 384
3. Goodwill and intangible assets (see note 5)
Goodwill comprises:
493 Carrying value at beginning of period 1 324 493
831 Arising on acquisitions during the 8 -
period
- Adjustment to acquisition purchase 52 -
price
1 324 Carrying value at end of period 1 384 493
Intangible assets comprise:
212 Carrying value at beginning of period 1 658 212
1 482 Arising on acquisitions during the -
period
(36) Amortisation for the current period (10) (19)
1 658 Carrying value at end of period 1 648 193
4. Trade and other receivables
5 921 Instalment sale and other loan 6 550 5 663
receivables (a)
629 Trade receivables 693 47
6 550 Total instalment sale, loan and other 7 243 5 710
trade receivables
(598) Less: Impairment provision (602) (543)
5 952 Net instalment sale, loan and other 6 641 5 167
trade receivables
752 Other receivables 733 785
6 704 Total trade and other receivables 7 374 5 952
9,1% Provisions as a percentage of total 8,3% 9,3%
instalment sale and trade receivables
(%)
In accordance with industry norms, amounts due from instalment sale
receivables after one year are included in current assets. The
credit terms of instalment sale receivables range from six to 36
months.
a.'Classified as loans and receivables and carried at amortised
cost.
5. Acquisition of Unitrans Auto and SteinBuild (provisional values)
In terms of the acquisition agreement of Unitrans Auto, an
additional amount of R52 million was paid during the period under
review. This additional amount was classified as goodwill.
6. Trade and other payables
The directors consider the carrying amount of trade and other
payables to approximate their fair values.
The credit period of trade payables ranges between 30 and 120 days.
7. Diluted earnings and headline earnings per share
The number of shares for diluted earnings purposes has been
calculated after considering the dilutive impact of share options
and the cash value to be received in future, in respect of unissued
shares granted to employees.
8. Related parties
The Group entered into various transactions with related parties
which occurred under terms that are no more favourable than those
arranged with independent third parties.
9. Subsequent events
The Group announced on SENS on 13 February 2012 that Steinhoff
International Holdings Limited (Steinhoff) has made a partial offer
to all JD Group Shareholders other than Steinhoff. In terms of the
partial offer, JD Group Shareholders (other than Steinhoff) will be
entitled to tender and sell 26,2% of their shares in JD Group to
Steinhoff, based on an exchange ratio of 16 shares in KAP
International Limited for each share in JD Group. On completion,
the partial offer will result in Steinhoff acquiring an additional
38,2 million JD Group Shares, being 17,7% of the current issued
share capital (excluding treasury shares) of JD Group, which
together with Steinhoff`s existing 32,4% shareholding in JD Group,
will result in Steinhoff holding 50,1% of JD Group`s net issued
share capital. A circular containing details of the partial offer
was issued on 11 February 2012.
Other than disclosed in the profit announcement, no other
significant events have occurred in the period between 31 December
2011 and the date of this announcement.
INTRODUCTION
The Group is pleased to report an increase in headline earnings per share of
14,2%, to 170,1 cents on a like-for-like basis, for the four months ended 31
December 2011.
Comparability between these results and the previous reported interim results
for the six months ended 28 February 2011 is difficult, as a result of the
change in financial year end from 31 August to 30 June, as well as the
consolidation of Unitrans Auto and SteinBuild that were acquired with effect
from 1 July 2011. Unitrans Auto and SteinBuild are therefore not included in the
comparatives to 28 February 2011 ("February 2011"). The "like-for-like" numbers,
however, compare the four months ended 31 December 2011 with the four months
ended 31 December 2010, including the results of Unitrans Automotive and
SteinBuild but excluding Abra from both reporting periods ("like-for-like").The
like-for-like numbers have not been audited or reviewed by the independent
auditors and are the responsibility of the directors.
Shareholders are also advised to refer to the Investment Analysts document which
is available on our website www.jdgroup.co.za.
The Group is on track to achieve its strategic initiatives. The separation of
Furniture Retail from Financial Services continues to produce the desired
results. Within the next 18 months, we will not only introduce a more formal
Financial Services presence in all retail stores, but also expand our Financial
Services product offering to our target market through our retail outlets. The
deployment of new ERP systems across Furniture Retail and Financial Services is
on track and the centralisation of our distribution centre network continues to
gain traction.
FINANCIAL REVIEW
General
The financial performance for the four-month interim period from 1 September to
31 December 2011 is pleasing, with solid results reported across all divisions.
The key features of the interim results are the following:
* Revenue increased 11,4% on a like-for-like basis to R10,7 billion (like-for-
like 2010: R9,6 billion and February 2011: R7,5 billion).
* The reduction in debtors` costs from R255 million to R209 million on a like-
for-like basis (like-for-like 2010: R255 million and February 2011: R384
million).
* An increase in operating profit on a like-for-like basis of 24,2% to R590
million (like-for-like 2010: R475 million and February 2011: R515 million).
* A 16,2% increase in profit before tax to R517 million (like-for-like 2010:
R445 million and February 2011: R482 million).
* Headline earnings per share up 14,2% to 170,1 cents on a like-for-like basis
(like-for-like 2010: 149,0c and February 2011: 202,9c).
Furniture Retail
The Furniture Retail division performed well and generated operating income of
R269 million (like-for-like 2010: R260 million). While merchandise sales only
grew by 3,7%, gross margin improved by 1,7% to 36,9%. Sales over the festive
season were up a respectable 6,5%.
Cash Retail
The Cash Retail division, which includes the results of SteinBuild for the first
time, reported satisfactory results, delivering 18,8% growth in operating profit
from R69 million on a like-for-like basis in 2010, to R82 million in 2011. It is
encouraging to note the further improvement in margins, with the gross profit
percentage increasing from 23,0% on a like-for-like basis in 2010 to 24,7% for
the four months ended 31 December 2011. Both Incredible Connection and HiFi Corp
continue to be impacted negatively by price deflation across most of the
technology and consumer electronics categories.
Financial Services
Despite slower sales growth in the Furniture Retail division, net trade
receivables before credit impairments grew 15,8% to R6,6 billion (August 2011:
R5,7 billion). Particularly pleasing, was the growth in our personal loan book
which now exceeds R590 million as at 31 December 2011 (including Maravedi). In
addition to the personal loan book, the trade receivables originated outside the
furniture channel now amounts to R292 million. The performance of the
receivables book continues to exceed expectations, with the impairment ratio
reducing to 8,4% (28 February 2011: 9,6%) and a further reduction in debtors`
cost to R209 million from R255 million in the previous four-month period.
Unitrans Auto
Unitrans Auto achieved exceptional results, generating operating income of R120
million, up 33% for the four-month period ended 31 December 2011 (2010: R90
million), on the back of a 19% increase in vehicle sales.
Blake
It is pleasing to report the improvement in the financial results at Blake. Its
core business activities are now performing in line with expectations. Exciting
new ventures in e-commerce, as well as the further extension of the collections
and claims solution, give us much reason to be positive about the opportunities
and future performance of Blake.
Balance sheet and cash flow
Cash generated by trading activities amounted to R725 million for the four-month
period ended 31 December 2011, driven mainly by an increase in operating profit.
R670 million was utilised in growing the debtors book. Inventory increased by
R723 million, mainly due to the increase at Unitrans Automotive in this
reporting period. Additions to property, plant and equipment amounting to R442
million relate mainly to the investment in our key strategic initiatives. These
include nine new distribution centres and the roll-out of the ERP systems across
Furniture Retail and Financial Services. In addition, the rental fleet at Hertz
was replenished at a cost of R470 million.
The strong balance sheet reflects net interest-bearing debt of R2 billion at a
gearing ratio of 24,7%. This provides the Group a solid base to fund future
growth.
PROSPECTS
The performance in the first four months gives us reason to be positive about
the next six months.
REVIEW BY INDEPENDENT AUDITORS
The condensed financial information presented has been reviewed, but not audited
by Deloitte & Touche, whose unmodified review report is available for inspection
at the Company`s registered office.
DIVIDEND
An announcement regarding a dividend will be made during May 2012.
By order of the Board
I David Sussman Grattan Kirk Bennie van Rooy'
Executive Chairman Chief Executive Officer Financial Director
17 February 2012
Administration
Executive directors
ID Sussman (chairman), AG Kirk (chief executive officer), KR Chauke, Dr HP
Greeff, ID Thompson, BJ van Rooy
Independent non-executive directors
VP Khanyile (lead independent non-executive), N Bodasing, Dr D Konar, M Lock, M
Matlwa, MJ Shaw, JH Schindehutte, GZ Steffens
Company secretary
JMWR Pieterse
Press announcement prepared by BJ van Rooy CA(SA)
Registered office 11th Floor, JD House, 27 Stiemens Street, Braamfontein,
Johannesburg, 2001
(PO Box 4208, Johannesburg, 2000)
Telephone +27 11 408 0408
Facsimile +27 11 408 0604
Email: info@jdg.co.za
Transfer secretaries
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
Telephone +27 11 370 5000
Facsimile +27 11 688 5238
ADR depository
File number 82-4401, The Bank of New York Mellon Corporation, One Wall Street,
New York, NY 10286 United States of America Telephone +1 212 495 1284
Facsimile +1 212 635 1121
Sponsor
PSG Capital Proprietary Limited, Ground Floor, DM Kisch House, Inanda Greens
Business Park, 54 Wierda Road West, Wierda Valley, Sandton, 2196
Telephone +27 11 326 5083
Facsimile +27 11 784 4755
Independent auditors
Deloitte & Touche
www.jdgroup.co.za
Date: 20/02/2012 07:05:01 Supplied by www.sharenet.co.za
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