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RLF - Rolfes Holdings Limited - Unaudited consolidated condensed interim results
for the six months ended 31 December 2011
ROLFES HOLDINGS LIMITED
(formerly Rolfes Technology Holdings Limited)
(Registration number 2000/002715/06)
Share Code: RLF
ISIN:ZAE000159836
("Rolfes" or "the Group" or "the Company")
www.rolfesza.com
UNAUDITED CONSOLIDATED CONDENSED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2011
Highlights
- Turnover increased by 30,2% to R302,8 million
- Operating profit increased by 29,0% to R31,0 million
- Headline earnings increased by 16,1% to 17,3 cents per share
- Net asset value increased by 24,1% to 180,2 cents per share
CONDENSED CONSOLIDATED GROUP STATEMENTS OF COMPREHENSIVE INCOME
for the period ended 31 December 2011
UNAUDITED UNAUDITED AUDITED
SIX MONTHS SIX MONTHS YEAR
31 DEC 31 DEC 30 JUNE
2011 2010 2011
R`000 R`000 R`000
Revenue 302 837 232 680 460 699
Cost of sales (249 966) (190 180) (373 675)
Gross profit 52 871 42 500 87 024
Gross profit margin 17,5% 18,3% 18,9%
Other operating income 7 864 1 286 4 075
Operating expenses (29 719) (19 747) (41 531)
Operating profit before
interest 31 016 24 039 49 568
Operating profit percentage 10,2% 10,3% 10,8%
Interest paid and finance
charges (3 192) (2 173) (3 780)
Income from investments - - 40
Net profit before taxation 27 824 21 866 45 828
Tax expenses (8 124) (6 584) (13 497)
Profit and total comprehensive income
for the period 19 700 15 282 32 331
Attributable to:
Owners of parent 17 632 15 282 32 331
Non-controlling interest 2 068 - -
Attributable to:
Continuing operations 19 700 15 282 32 331
Reconciliation of headline
earnings
Attributable profit 17 632 15 282 32 331
Adjustment for the after-tax
effect of:
Loss/(Gain) from sale of
fixed asset 191 87 (171)
Headline earnings 17 823 15 369 32 160
Weighted average number of
shares in issue (`000) 102 968 102 968 102 968
Earnings per share (cents)
- Basic 17,1 14,8 31,4
- Headline 17,3 14,9 31,2
- Diluted 17,1 14,8 31,4
- Diluted headline 17,3 14,9 31,2
CONDENSED CONSOLIDATED GROUP STATEMENTS OF FINANCIAL POSITION
as at 31 December 2011
UNAUDITED UNAUDITED AUDITED
31 DEC 31 DEC 30 JUNE
2011 2010 2011
R`000 R`000 R`000
ASSETS
Non-current assets 140 433 98 426 97 526
Plant and equipment 45 540 38 306 37 352
Property 28 642 27 762 27 816
Intangible assets 66 251 32 358 32 358
Current assets 330 600 157 554 179 582
Inventories 161 554 80 427 94 953
Trade and other receivables 166 762 74 036 74 454
Financial asset - 573 -
Cash and cash equivalents 596 - 4 833
Tax asset - - 636
Value Added Tax asset 1 688 2 518 4 706
Total assets 471 033 255 980 277 108
EQUITY AND LIABILITIES
Capital and reserves 186 677 150 422 162 291
Share capital 1 036 1 036 1 036
Share premium 28 603 28 603 28 603
Treasury shares (868) (868) (868)
Retained income 145 972 121 651 133 520
Non-controlling interest 11 934 - -
Non-current liabilities 62 556 25 015 23 830
Interest-bearing
liabilities 40 714 12 093 8 688
Acquisition vendor 5 547 - -
Outside shareholders loans 1 207 - -
Deferred tax liability 11 636 9 691 11 799
Provisions 3 452 3 231 3 343
Current liabilities 221 800 80 543 90 987
Trade and other payables 141 744 59 316 82 947
Cash and cash equivalents - 11 983 -
Current portion of
interest-bearing liabilities 12 808 7 373 7 213
Financial liability 43 - 184
Value Added Tax liability - - -
Tax liability 2 696 1 226 -
Provisions 709 645 643
Short term loans 63 800 - -
Total equity and
liabilities 471 033 255 980 277 108
Number of shares in
issue (`000) 103 609 103 609 103 609
Net Asset Value per
share (cents) 180,2 145,2 156,6
Net tangible Asset Value
per share (cents) 114,4 114,0 125,4
CONDENSED CONSOLIDATED GROUP STATEMENTS OF CHANGES IN EQUITY
for the period ended 31 December
Ordinary Share Retained Treasury Outside Total
shares premium income shares share equity
holders
R`000 R`000 R`000 R`000 R`000 R`000
Balance at
30 June 2010 1 036 28 603 111 549 (868) - 140 320
Net profit for the
period - - 15 282 - - 15 282
Dividends paid - - (5 180) - - (5 180)
Balance at
31 December 2010 1 036 28 603 121 651 (868) - 150 422
Net profit for the
period - - 17 049 - - 17 049
Dividends paid - - (5 180) - - (5 180)
Balance at
30 June 2011 1 036 28 603 133 520 (868) - 162 291
Outside shareholders
Obtained from purchase
Of subsidiaries - - - - 9 866 9 866
Net profit for the
period - - 17 632 - 2 068 19 700
Dividends paid - - (5 180) - - (5 180)
Balance at
31 December 2011 1 036 28 603 145 972 (868) 11 934 186 677
CONDENSED CONSOLIDATED GROUP CASH FLOW STATEMENTS
for the period ended 31 December 2011
UNAUDITED UNAUDITED AUDITED
SIX MONTHS SIX MONTHS YEAR
31 DEC 31 DEC 30 JUNE
2011 2010 2011
R`000 R`000 R`000
Cash and cash equivalents
at the beginning of the
period 4 833 6 127 6 127
Cash flow (utilised in) /
generated from
operating activities (1 075) 4 806 40 311
Net interest paid (3 191) (2 173) (3 740)
Taxation paid (3 250) (3 971) (10 609)
Dividends paid (5 180) (5 180) (10 360)
Cash flow utilised in
investing activities (62 867) (3 416) (3 437)
Cash flow generated from /
(utilised in)financing
activities 71 326 (8 176) (13 459)
Cash and cash equivalents
- end of the period 596 (11 983) 4 833
SEGMENTAL ANALYSIS
Gross Operating Net Liabi-
Revenue profit Profit Profit Assets lities
R`000 R`000 R`000 R`000 R`000 R`000
2011 - for the
six months ended
31 December
Industrial
Chemicals 88 726 12 394 8 541 5 575 81 226 73 650
Silica 22 581 5 227 3 323 2 212 53 240 26 408
Pigments 155 045 22 039 10 655 7 013 204 192 99 233
Agri - Chemicals 35 008 11 734 6 852 4 557 116 000 84 875
Other 1 477 1 477 1 645 343 34 554 53 048
Elimination
of intergroup
items - - - - (18 775)(53 454)
Total 302 837 52 871 31 016 19 700 470 437 283 760
Gross Operating Net Liabi-
Revenue profit Profit Profit Assets lities
R`000 R`000 R`000 R`000 R`000 R`000
2010 - for the
six months ended
31 December
Industrial
chemicals 66 304 9 376 5 747 3 597 58 479 57 592
Silica 20 799 5 532 3 270 2 245 53 273 30 756
Pigments 144 404 26 419 16 141 11 010 132 136 60 241 Other
1 173 1 173 (1 119) (1 570) 72 647 20 348
Elimination
of intergroup
items - - - - (60 555)(63 379)
Total 232 680 42 500 24 039 15 282 255 980 105 558
Gross Operating Net Liabi-
Revenue profit Profit Profit Assets lities
R`000 R`000 R`000 R`000 R`000 R`000
2011 - for the
twelve months ended
30 June
Industrial
chemicals 131 431 21 175 12 197 7 761 67 170 49 440
Silica 41 387 11 577 7 901 5 358 48 713 23 222
Pigments 285 675 52 214 31 686 22 358 130 644 49 502
Other 2 206 2 058 (2 216) (3 146) 30 776 (7 147)
Elimination of
intergroup
items and other - - - - (195) (200)
Total 460 699 87 024 49 568 32 331 277 108 114 817
The basis of preparation of the segmental analysis includes certain intercompany
transactions which are eliminated in the respective segmental results in the
current and previous year`s reporting. This is consistent with the presentation
in the latest annual financial statements. Acquisition finance interest has been
reallocated under line item "other". The basis of measurement of segment profit
and loss is discussed in more detail in the following paragraph.
COMMENTARY
Group product offering and divisional structure
The Rolfes Group manufactures and distributes a wide range of market-leading,
high-quality chemical products to diverse industries including the coatings,
plastics, vinyl, leather, ink, metallurgical, water filtration, cleaning,
formulators, automotive, general manufacturers, agricultural and construction
industries.
The strategic acquisition of a controlling stake, effective 1 November 2011,
in Agchem Holdings (Pty) Limited ("Agchem"), a distributor and manufacturer
of agri-chemical products, will allow Rolfes to realise its strategy of being
able to offer a complete range of chemicals to diverse markets and industries.
Shareholders are referred to the SENS announcements released on 12 July 2011,
18 August 2011 and 31 October 2011, respectively, detailing the terms and
conditions pertaining to the acquisition of Agchem. The strategic acquisition
of a 70% controlling stake, effective 1 November 2011, in Amazon Colours (Pty)
Ltd ("Amazon"), a manufacturer and distributor of in-plant and point-of-sale
dispersions now enables the Group to offer a complete basket of products in
the colourants industry. Shareholders are referred to the SENS announcement
released on 2 November 2011, detailing the terms and conditions pertaining
to the acquisition of Amazon.
In line with strategic objectives, the Group companies are allocated to specific
divisions being Pigments, Industrial Chemicals, Silica and Agri-Chemicals. The
Pigments division includes the results of Rolfes Colour Pigments International
and Amazon who are responsible for the manufacture and distribution of alkyd
resins, various organic and inorganic pigments, additives, and in-plant and
point-of-sale dispersions. The Industrial Chemicals division comprise the
results of Rolfes Chemicals and Acacia Specialty Chemicals. Rolfes Chemicals
distributes solvents, lacquer thinners, surfactants, cleaning solvents,
creosotes, waxes, and other industrial chemicals while Acacia Specialty
Chemicals procures and distributes specialty chemicals for the agricultural,
food and certain other sectors. The Agri-Chemical division contains the newly
acquired Agchem group of companies, including Introlab. Agchem manufactures and
distributes products including herbicides, insecticides, fungicides, adjuvants,
foliar feeds and enriched compost pellets, promoting general plant, root,
foliage and soil health. Introlab procures certain raw materials and soluble
fertilisers for Agchem and also sells these products to other local and export
customers.
The Group exports products into Europe, Asia, South America, and the rest of
Africa which now includes Zambia, Kenya, Uganda, Mauritius, Madagascar, Malawi,
Tanzania, Zimbabwe, Botswana, Swaziland and Namibia.
Group results overview
The Group performed satisfactorily for the six months to December 2011
considering the European financial crises resulting in unstable world-wide
economic conditions, and adverse local conditions. Results were bolstered by the
inclusion of the Agchem and Amazon results for two months from 1 November 2011.
Revenue increased by 30,2% notwithstanding a one month long labour strike during
July 2011 affecting performance significantly during the first few months of the
period under review. Reduced European product demand prompted a decline in
exports while certain high volume product demand reduced locally due to weak
trading conditions and unfavourable import pricing, resulting in increased
competition. Overall market share was sustained for the period under review, and
divisions yielded mixed results, very much dependent on the sector in which they
operate.
Exports into the rest of Africa continued to grow, albeit from a very low base.
Total exports now comprise R34,7 million or 11.5% of revenue for the period
under review.
Group financial performance
Group revenue for the six months increased by 30,2% to R302,8 million (December
2010: R232, 7 million). The Agchem acquisition, included from 1 November 2011,
contributed R35,0 million to Group turnover and R4,6 million to profit after
tax. Amazon, included from the same date contributed R4,2 million to group
turnover and R0,2 million to profit after tax. Gross profit increased to R52,9
million (December 2010: R 42,5 million) with gross profit margins decreasing to
17,5% (December 2010: 18,3%). Operating profit increased by 29,0% to R31,0
million (December 2010: R24,0 million), with headline earnings increasing by
16,0% to R17,8 million (December 2010: R15,4 million). Fully diluted headline
earnings per share was 17,3 cents (December 2010: 14,9 cents), increasing by
16,1% over the comparative period.
The total net asset value increased to R186,7 million (December 2010: R150,4
million). The net asset value per share improved to 180,2 cents (December 2010:
145,2 cents) while net tangible asset value per share remained stable at 114,4
cents ( December 2010: 114,0 cents), based on 103 609 469 shares in issue.
Interest cover reduced to 9,7 times (December 2010: 11,0 times) with the total
debt (interest-bearing) equity ratio at 0,6 for December 2011 (2010: 0,2). The
significant increase in the debt equity ratio is primarily due to the
consideration for the acquisition of Agchem and Amazon, totalling R 54 million,
financed through a combination of short and long term debt. Management is in the
process of restructuring certain of the short term debt to long term debt. The
reduction in interest cover is primarily due to the increase in interest paid
emanating from the debt incurred on the Agchem and Amazon acquisitions.
The Group incurred capital expenditure of R3,1 million (December 2010: R2,6
million) mainly to upgrade current logistics and production capabilities.
Group cash flow
The Group paid an interim cash dividend of R5,2 million during the financial
year (excluding STC) (December 2010: R5,2 million) to shareholders, from current
cash resources. The increase in net working capital investment since 30 June
2011 of R35,1 million, represents an increase in inventory and accounts
receivable of R19,8 million and R8,1 million respectively, and a decrease in
accounts payable and value added tax of R7,2 million. Working capital days were
calculated on a proportionate basis, due to turnover and cost of sales, debtors,
stock and creditors of the two acquisitions being included since 1 November 2011
only. Debtors` days increased to 62 days (June 2011: 52 days) due to slower debt
collection over December, which has since improved within acceptable norms..
Stock days increased to 99 days (June 2011: 93 days) mainly as a result of
Agchem and Rolfes Colour Pigments having longer stock cycles at this time of the
year, and an investment in imports directly related to the closure of Asian
harbours for the Chinese New Year in January. Creditor days decreased to 66 days
(June 2010: 71 days). Initiatives are currently underway to align new
acquisitions` working capital practices to Group policies. Transaction costs
relating to the two acquisitions amounting to R2,0 million were paid through
cash resources. Due to the nature of capital expenditure incurred during the
year, R2,5 million of the R3,1 million spent was financed through cash
resources.
Divisional review
Pigments
Turnover increased by 7,4% to R155,1 million (December 2010: R144,4 million)
mainly due to increased sales in certain resin product lines of 45,8% albeit at
a breakeven margin due to severely adverse competitive market pricing tactics.
Pigments and dispersion turnover performance, displaying marginal growth for the
period under review, was hampered by primarily weaker trading conditions in the
coatings industry, the labour dispute in July 2011, lower product demand for
titanium and a reduction of iron oxide volumes due the weak construction
industry and increased competition. Furthermore, the European financial crises
directly impacted the export of organic pigment into Europe resulting in
significantly lower than expected export volumes. The inclusion of Amazon
results from 1 November 2011 contributed marginally to turnover growth.
The division`s gross profit margin decreased to 14,2% (December 2010: 18,3%) due
to competitors pricing strategies in the resin market, placing margins under
severe pressure, as well as slightly higher raw material input costs in the
pigments business and depressed margins in the iron oxide business. Net
operating expenses increased by 10,8 % due to extending the sales force and the
addition of Amazon Colours operating costs from 1 November 2011 to the division.
Strategies are underway to synergise and optimise cost structures between the
two companies.
Capital expenditure amounted to R0,8 million (December 2010: R0,3 million)
incurred to expand and improve production and logistics capabilities.
The division is constantly exploring opportunities to optimise and increase its
product basket, expecting further increases in local market and export
activities, especially into Africa and South America.
Industrial chemicals
The wider product offering and expanded national presence resulted in the
significant increase in turnover of 33,8% to R88,7 million (December 2010: R66,3
million). Gross profit margins was maintained at 14,0% (December 2010: 14,1%).
The inclusion of Acacia Specialty Chemicals for the period from 1 November 2011
contributed marginally to the divisions` results. The divisions` achievement was
notwithstanding the month long labour strike in July 2011 and untimely refinery
shut downs for routine maintenance and safety reasons resulting in key product
shortages for a prolonged period, hampering delivery to market. Increased market
share, assisted by strategic pricing in both Kwa Zulu Natal and the Western Cape
compensated for key product shortages. Rolfes Chemicals remains a key player in
the Gauteng solvents market, supplying from small to large customers.
Net operating expenses increased by 6,1% mainly due to expansion costs into the
Western Cape and Kwa Zulu Natal with a further investment in sales
representatives, in line with new business development initiatives. Net
operating costs were reduced by R 0.9 million due to the successful arbitration
outcome of a long standing legal case.
Capital expenditure amounted to R0,7 million (December 2010: R1,1 million) spent
on safety requirements, upgrading of logistics and manufacturing facilities.
With its on-going expanding product basket, increasing exports into Africa and
national footprint being extended, the division looks forward to stimulating
further volume growth in all areas by further extending its product basket to
include a wider range of specialty and commodity chemicals.
Agri-chemicals
The newly acquired Agchem group companies have contributed R35,0 million to the
Group turnover and R11,7 million to gross profit (gross profit margin 33.5%) and
R6,8 million to operating profit. The business was acquired on 1 November 2011
during its high season. Late rainfalls have resulted in a better than expected
performance since acquisition. New product development initiatives and efforts
to increase export opportunities to European and African countries are already
underway to compensate and assist with counteracting lessor performance during
low season.
Capital expenditure to improve and expand production facilities to a world class
standard, meeting future local and export product demands will be undertaken
during the next six months.
Silica
Turnover increased by 8,6% to R22,6 million (December 2010: R20,8 million).
Volume demands for silica fines increased by 2,0% while the demand for
aggregates reduced by 10,7%. Market share was maintained with the lower demand
by larger aggregate customers continuing to influence the results.
Gross profit margins at 23,2% (December 2010: 26,6%) declined as a result of
changes in production and sales mix adjusted to match market demands.
Manufacturing and transport costs were contained at 2010 levels with operating
expenses decreasing by 15,8% due to a reduction in consulting fees related to
the mining licence application finalised during the previous financial year.
Capital expenditure incurred to build sleep over facilities and increase safety
standards, amounted to R0,5 million (December 2010: R1,2 million).
Government infrastructure spending remained on hold during the period under
review, influencing aggregate demand. Opportunities for increased supply into
the metallurgical and fertiliser industries continue to present themselves,
locally and in the rest of Africa, promising improved prospects for business
growth.
Market conditions
Conditions for the Group improved slightly during last few months of the period
under review partly due to the African, Cape Town and Durban markets responding
very well to the Rolfes branches and products. However, local trading conditions
remain strained, especially in the coatings industry, but with some optimism in
other sectors.
Efforts to grow the African market have paid off with the fully operational
Rolfes Africa`s Zambian branch with product available at an outsourced
distribution facility in Lusaka. The Kenya branch is in the setting up phase
with Ghana to follow in March. The physical presence in Africa has already,
stimulated much interest in the Group`s product offering. Furthermore the Group
has also entered into various agency and distribution type agreements to sell
more products into more African countries.
The European economic crises peaked during the last quarter of the period under
review and the outlook remains difficult influencing European exports
negatively.
The Group will continue to actively pursue new acquisition opportunities in the
chemicals sphere, especially in the mining and specialty chemicals sectors.
None of the market conditions and prospects information in this report have been
reviewed or reported on by Rolfes` auditors.
Related party transactions
The Group companies entered into various related party transactions. These
transactions are no less favourable than those entered into with third parties
and occur on an arm`s length and commercial basis.
Trade and other receivables
Certain trade and other receivables are ceded to the Nedbank Limited under a
debtor financing agreement with recourse.
Short term loans
The loan represents the Nedbank Limited loan and is secured by debtors.
Corporate governance and sustainability
The Group recognises the recommendations of King III and remains committed to
sound corporate governance and sustainability practices.
Dividends and share liquidity
The Group declared an interim dividend to shareholders of 5 cents per share
payable on 19 March 2012.
The salient dates of the dividend payment are as follows:
2012
Last date to trade "cum" the dividend Friday, 9 March
Shares to commence trading "ex" the dividend Monday, 12 March
Record date Friday, 16 March
Payment date Monday, 19 March
Share certificates may not be dematerialised or rematerialised between Monday,
12 March 2012 and Friday, 16 March 2012, both days inclusive.
Investor relationship strategies continued to focus on improving share
liquidity. Regular investor and stockbroker visits and creation of communication
platforms will keep the investment community informed on corporate activity and
developments within the Group.
Business combinations and corporate actions
Acquisitions during the period
Purchase of interest in Agchem
On 1 November 2011 the Group acquired 70% of the voting equity instruments of
Agchem, a company whose principal activities compromise the manufacturing and
distribution of products including herbicides, insecticides, fungicides,
adjuvants, foliar feeds and enriched compost pellets.
Rolfes acquired 70% of Agchem`s share capital via a cash transaction. In
accordance with IFRS 3 disclosure requirements, Agchem`s contribution to group
revenue and profit before tax from 1 July 2011 would have been R 135, 6 million
and R 13, 6 million respectively.
Detail of the provisional fair value of identifiable assets and liabilities
acquired, purchase consideration and goodwill at the acquisition date are as
follows:
Book value Fair value Provisional
Adjustment fair value
R`000 R`000 R`000
Property, plant and
Equipment 7 823 - 7 823
Trade and other
Receivables 74 509 - 74 509
Inventory 42 775 - 42 775
Cash and cash equivalents (280) - (280)
Long term loans (12 499) - (12 499)
Trade and other payables (62 992) - (62 992)
Short term loans (22 624) - (22 624)
Deferred taxation 2 170 - 2 170
28 882 28 882
Non-controlling interest (8 665)
Consideration settled in cash (47 392)
Acquisition Vendor (5 511)
Goodwill (32 686)
The identifiable net assets of Agchem acquired on 1 November 2011 have been
determined on a provisional basis due to an independent valuation being carried
out on the fair value of property, plant and equipment, intangible assets not
previously recognised and inventory.
Acquisitions of subsidiaries and businesses are accounted for using the purchase
method. The cost of the business combination is measured as the aggregate of
the fair values (at the date of exchange) of assets given, liabilities incurred
or assumed, and equity instruments issued by the group in exchange for control
of the acquiree. The acquiree`s identifiable assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3 Business
Combinations are recognised at their fair values at the acquisition date.
The interest of non-controlling shareholders in the acquiree is initially
measured at the non-controlling shareholders proportion of the net fair value of
the assets, liabilities and contingent liabilities recognised.
Goodwill
Goodwill represents the excess of the cost of a business combination over the
total acquisition date fair value of the identifiable assets, liabilities and
contingent liabilities acquired.
Basis of preparation
The Board acknowledges its responsibility for the preparation of the unaudited
consolidated interim condensed financial results. The unaudited consolidated
interim condensed financial results for the six months ended 31 December 2011
have been prepared in accordance with and contains the information required by
International Accounting Standard 34 (IAS 34) as well as AC 500 standards.
Accounting policies
The unaudited consolidated interim condensed financial results do not include
all the information required by IFRS for full financial statements. The
accounting policies adopted in the preparation of the unaudited consolidated
interim condensed financial results are in terms of IFRS and consistent with
those applied in the preparation of the annual financial statements for the year
ended 30 June 2011. However, the following Standards and amendments to standards
have been adopted in the current financial year in accordance with the
transitional provisions of the standards:
* IFRS 3 - Business combinations
* IAS 12 - Income taxes
* IAS 24 - Related party disclosure
* IAS 34 - Interim financial reporting
There is no material effect on the unaudited consolidated interim condensed
financial results as a result of the adoption of the above standards.
For and on behalf of the Board
BT Ngcuka E van der Merwe
Chairman Chief Executive Officer
22 February 2012
Midrand
Company secretary: J Schlebusch
Registered office: 12 Jet Park Road, Jet Park, Boksburg, 1459
Transfer Secretaries: Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg 2001
Directors: BT Ngcuka* (Chairman), E van der Merwe (Chief Executive Officer),
L Dyosi*, AJ Fourie*, L Lynch (Financial Director),
KT Nondumo*#, TAM Tshivhase*#, NN Mthombeni*#
*Non-executive
#Independent
Sponsor: Grindrod Bank Limited
Registered auditors: BDO South Africa Incorporated
Preparer: L Lynch
www.rolfesza.com
Date: 22/02/2012 07:13:21 Supplied by www.sharenet.co.za
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