Wrap Text
DAW - Distribution and Warehousing Network Limited - Unaudited interim results
for the six months ended 31 December 2011
DISTRIBUTION AND WAREHOUSING NETWORK LIMITED
("DAWN" or "the Group" or "the Company")
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Alpha code: DAW
ISIN: ZAE000018834
UNAUDITED INTERIM RESULTS for the six months ended 31 December 2011
CONDENSED CONSOLIDATED INCOME STATEMENT
Unaudited Unaudited Audited
6 months 6 months 12 months
31 December 31 December 30 June
% 2011 2010 2011
change R`000 R`000 R`000
Revenue 14 2 100 105 1 845 875 3 792 631
Cost of sales (1 587 279) (1 386 196) (2 848 747)
Gross profit 512 826 459 679 943 884
Net operating expenses 8 (427 269) (397 004) (842 105)
Operating profit before
impairments and
derecognition of
investments 37 85 557 62 675 101 779
Impairments of
intangibles and
property, plant
and equipment - - (49 446)
Net (loss)/gain on
derecognition of
previously
held interests - - (19 263)
Operating profit 37 85 557 62 675 33 070
Finance income 4 587 11 420 28 629
Finance expense (30 816) (32 549) (75 160)
Profit after net
financing costs 59 328 41 546 (13 461)
Impairment of associates - - (625)
Results of associates 6 006 2 989 (81)
Profit/(loss) before
taxation 65 334 44 535 (14 167)
Income tax expense (17 459) (12 390) (14 689)
Profit/(loss) for
the period 50 47 875 32 145 (28 856)
Profit/(loss)
attributable to:
Owners of the parent 47 285 31 963 (30 325)
Non-controlling interest 590 182 1 469
Profit/(loss) for
the period 47 875 32 145 (28 856)
CONDENSED CONDOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
31 December 31 December 30 June
% 2011 2010 2011
change R`000 R`000 R`000
Profit/(loss) for
the period 47 875 32 145 (28 856)
Other comprehensive
income
- Exchange differences
on translating
foreign operations 3 580 (3 484) (1 190)
- Effects of cash
flow hedges (748) (1 232) 1 563
- Taxation related to
components of other
comprehensive income 224 - (306)
Other comprehensive
income/(loss) for
the period
(net of taxation) 3 056 (4 716) 67
Total comprehensive
income/(loss)
for the period 50 931 27 429 (28 789)
Total comprehensive
income/(loss)
attributable to:
Owners of the parent 50 122 27 247 (30 077)
Non-controlling interest 809 182 1 288
50 931 27 429 (28 789)
Included above:
Depreciation and
Amortisation 35 891 29 813 68 330
Operating lease rentals 40 049 33 645 73 032
Determination of
headline earnings
Attributable earnings 47 285 31 963 (30 325)
Adjustment for the
after-tax effect and
non-controlling interest
effect of:
- Net profit/(loss) on
disposal of property,
plant and equipment (163) (111) (720)
- Loss/(gain) on
derecognition of
previously
held interests - - 19 263
- Impairment of
intangible asset - - 48 714
- Impairment of
Associate - - 625
- Impairment of property,
plant and equipment - 3 637 528
Headline earnings 47 122 35 489 38 085
Statistics
Number of
ordinary
shares (`000)
- in issue 240 243 240 243 240 243
- held in treasury (8 675) (8 347) (8 562)
Deferred ordinary shares
in issue (`000) 2 000 2 000 2 000
Weighted average
number of
shares (`000)
- for earnings
per share 233 568 233 896 233 681
- for diluted
earnings per share 234 517 234 517 233 681
Earnings
per share (cents) 49 20,3 13,7 (13,0)
Headline earnings
per share (cents) 33 20,2 15,2 16,3
Diluted earnings
per share (cents) 47 20,2 13,7 (13,0)
Diluted headline earnings
per share (cents) 33 20,1 15,1 16,3
Operating profit (%) 4,1 3,4 0,9
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 December 31 December 30 June
2011 2010 2011
R`000 R`000 R`000
ASSETS
Non-current assets 774 380 863 567 737 819
Property, plant and equipment 384 859 379 418 373 996
Intangible assets 232 019 268 174 218 099
Investment in associates 94 123 87 919 88 416
Deferred tax assets 62 659 88 324 57 308
Related party loans receivable 720 - -
Other receivables - 39 732 -
Current assets 1 743 092 1 536 469 1 778 512
Inventories 823 705 730 502 852 424
Trade and other receivables 729 770 672 823 773 497
Cash and cash equivalents 186 431 133 144 150 903
Derivative financial
instruments 295 - 165
Current tax receivable 2 891 - 1 523
Assets held for sale
Subsidiary held for sale - - 42 466
Total assets 2 517 472 2 400 036 2 558 797
EQUITY AND LIABILITIES
Capital and reserves 1 232 421 1 206 658 1 174 930
Equity attributable to equity
holders of the Company 1 230 831 1 206 148 1 173 669
Non-controlling interest 1 590 510 1 261
Non-current liabilities 272 817 383 434 116 802
Borrowings 196 747 256 767 40 862
Deferred profit 34 839 51 329 37 735
Deferred tax liabilities 27 214 65 046 25 236
Retirement benefit obligation 5 800 - 5 979
Derivative financial
instruments 8 217 10 292 6 990
Current liabilities 1 012 234 809 944 1 267 065
Trade and other payables 666 274 533 884 766 601
Current portion of borrowings 322 389 262 129 476 186
Derivative financial
instruments 644 1 087 464
Deferred profit 5 793 - 8 150
Income tax liabilities 17 134 12 844 15 664
Total equity and liabilities 2 517 472 2 400 036 2 558 797
Capital commitments 27 274 38 403 16 969
Future commitments
Operating leases 456 086 486 447 459 351
Value per share
Asset value per share
- net asset value (cents) 512,4 522,6 488,5
- net tangible asset
value (cents) 415,8 408,0 397,8
- market price (cents) 510,0 875,0 639,0
Market capitalisation (R`000) 1 225 239 2 105 625 1 535 152
Net financial gearing
ratio (%)* 26,0 28,7 30,3
Current asset ratio (times) 1,7 1,9 1,4
* Includes cash and cash equivalents.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
31 December 31 December 30 June
2011 2010 2011
R`000 R`000 R`000
Opening balance 1 174 933 1 215 960 1 215 959
Total comprehensive income/
(loss) for the period 50 931 27 429 (28 789)
Treasury shares acquired - (2 248) (3 522)
Acquisition of non-controlling
interest in subsidiaries - (34 994) (33 880)
Recycling of foreign currency
translation reserve on
derecognition of subsidiaries - - 2 466
Recycling of foreign currency
translation reserve on
derecognition of joint venture - - 18 126
Share-based payment charge 7 037 511 4 924
Dividends (480) - (355)
Balance at end of period 1 232 421 1 206 658 1 174 930
CONDENSED CONSOLIDATED SEGMENTAL ANALYSIS
Impairments
and
Deprecia- derecog-
tion and nitions
and included in
amorti- operating
Revenue sation profit **
R`000 R`000 R`000
December 2011 (Unaudited)
Building 1 355 005 (18 905) -
Infrastructure 750 487 (7 983) -
DAWN Solutions 151 264 (7 980) -
Head office and
consolidation * (156 651) (1 023) -
2 100 105 (35 891) -
December 2010 (Unaudited)
Building 1 247 401 (13 577) (39)
Infrastructure 607 417 (7 503) (3 598)
DAWN Solutions 116 364 (7 813) -
Head office and
consolidation * (125 307) (920) -
1 845 875 (29 813) (3 637)
June 2011 (Audited)
Building 2 494 827 (32 690) (53 039)
Infrastructure 1 315 544 (17 902) 133
DAWN Solutions 241 083 (15 826) -
Head office and
consolidation * (258 823) (1 912) (15 803)
3 792 631 (68 330) (68 709)
Segment
results Share of
(operating profit of
profit) associates Assets
R`000 R`000 R`000
December 2011 (Unaudited)
Building 90 915 3 108 1 889 453
Infrastructure 16 574 2 898 767 297
DAWN Solutions 56 - 342 672
Head office and
consolidation * (21 988) - (481 950)
85 557 6 006 2 517 472
December 2010 (Unaudited)
Building 91 045 84 1 752 174
Infrastructure (25 351) 2 905 626 559
DAWN Solutions (2 136) - 292 522
Head office and
consolidation * (883) - (266 787)
62 675 2 989 2 404 468
June 2011 (Audited)
Building 115 819 (983) 1 881 157
Infrastructure (32 348) 277 770 613
DAWN Solutions (10 547) - 322 181
Head office and
consolidation * (39 854) - (415 154)
33 070 (706) 2 558 797
Capital
Liabilities expenditure
R`000 R`000
December 2011 (Unaudited)
Building 1 236 292 19 148
Infrastructure 492 021 4 246
DAWN Solutions 360 881 17 303
Head office and
consolidation * (804 143) 132
1 285 051 40 829
December 2010 (Unaudited)
Building 1 105 933 36 616
Infrastructure 418 015 15 209
DAWN Solutions 294 093 8 088
Head office and
consolidation * (620 231) 465
1 197 810 60 378
June 2011 (Audited)
Building 1 241 896 56 069
Infrastructure 508 463 23 377
DAWN Solutions 335 186 13 915
Head office and
consolidation * (701 678) 910
1 383 867 94 271
* Head office and consolidation predominantly include
elimination of intergroup sales, profits and losses and
intergroup receivables and payables and other unallocated
assets and liabilities contained with the vertically
integrated Group.
** Includes impairment of assets and derecognition of previously
held interest - refer to Income Statement.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 12 months
31 December 31 December 30 June
% 2011 2010 2011
change R`000 R`000 R`000
Cash generated from
operations 27 125 224 98 730 163 400
Working capital changes 63 (22 352) (60 225) (18 562)
Net finance charges paid (28 524) (24 416) (50 796)
Income tax paid (22 227) (27 744) (37 688)
Cash flow from operating
activities 52 121 (13 655) 56 354
Cash flow from investing
activities (37 243) (55 702) (92 326)
Cash flow from financing
activities (20 071) (51 466) (38 456)
Increase/(decrease) in
cash resources (5 193) (120 823) (74 428)
Cash resources at
beginning of period (34 526) 39 902 39 902
Cash resources at
end of period (39 719) (80 921) (34 526)
COMMENTARY
INTRODUCTION
DAWN manufactures and distributes quality branded hardware, sanitaryware,
plumbing, kitchen, engineering and civil products through a national,
strategically positioned branch network in South Africa, as well as in
selected countries in the rest of Africa and Mauritius.
The Group has two main operating segments, namely Building and Infrastructure,
supported by the Solutions segment.
The Building segment has five clusters - Wholesale Trading, Watertech,
Sanitaryware, Kitchen and International (including AST) and three associates -
Apex Valves, Heunis Steel and AST Nigeria. The Infrastructure segment consists
of two businesses, DPI and Incledon, and two associates - Sangio Pipe and
Angolan-based Fibrex. The DAWN Solutions segment comprises DAWN Logistics
(DAWN Cargo and DAWN Distribution Centres), DAWN HR Solutions, DAWN IT, DAWN
Marketing & Design, DAWN Merchandising and DAWN Packaging.
RESULTS OVERVIEW
The Board is pleased with the improvement seen in the last six months. The
Group focused on extracting benefits from the restructuring which took place
over the last three years. This is now starting to bear results. Working
capital, specifically inventory, improved and DAWN benefited from additional
volumes passing through the infrastructure businesses. Building businesses
continued to experience a protracted recovery.
Building segment - 60% of Group revenue (before inter-group eliminations)
The Building market continued to be difficult, with this segment of the Group
delivering mixed results. Volumes improved pleasingly and market share growth
was experienced for the sixth consecutive half. However, the current market
trend away from luxury products towards commodity products muted the impact on
headline earnings per share.
Revenue increased by 8%, which included on average a 4% improvement in volumes
as well as price increases of 4% through passing on inflationary increases.
These results were achieved against yet another decline in the value of
buildings completed, with the value having declined by 26% since the market
peak in 2008. Residential buildings completed grew by 6% for the half year,
showing some improvement from the second half of F2011. Recorded additions and
alterations declined by a disappointing 7%. However, in line with the Group`s
business model, unrecorded additions and alterations compensated for the lower
net growth in recorded additions and alterations. DAWN estimates that
unrecorded additions and alterations can be as much as four times the size of
the recorded market.
Improved volumes did however not translate into profit growth as Sanitaryware,
mainly Acrylics (consisting of Libra and Plexicor bath plants), made a
disappointing loss based mainly on poor volumes.
Gross margins in the Building segment remained under pressure due to
customers` requirements for better quality products at lower prices. However,
operating expenses were contained at 4%, resulting in an operating profit
margin of 6,7% (H1 F2011: 7,3%).
The Trading cluster (Saffer, WHDsa, Kitchen Fittings, AST and Saffer
International) experienced difficult market conditions and lower growth with a
slight improvement in the second quarter attributable to pick-up in the
cluster`s traditional markets, a market that provides large volumes. Although
the cluster was able to pass on an inflationary price increase, gross margins
remained under pressure.
The Watertech cluster (Cobra and Isca) increased revenue by 9%. Due to higher
volumes, gross margins were marginally better, despite the reduction in
average selling prices of 4%. Profit before interest and tax was flat for the
period.
The loss in Sanitaryware increased from R5 million in the first half of F2011
to an unacceptable R19 million in the current period. The main reason was the
poor performance in Acrylics, which produced a loss of R12 million. Although
Vaal also delivered a loss, this was mainly due to R4,5 million once-off
costs, such as retrenchment costs.
Revenue at Vaal decreased by 8% due to lower volume off-take. To address this,
25 new higher-margin products were introduced to the market. The response has
been positive. Vaal`s labour force was reduced by 27% during December 2011,
with the benefits expected during the last quarter of calendar 2012.
Depressed export destinations of the Group`s Acrylic division, as well as the
lack of spend in the local building market, impacted significantly on the
volumes of the businesses in this division. However, over the last few months,
the number of players in the market continued to reduce. As there are now
fewer players in the market, Acrylics, which is very volume-sensitive, will be
able to benefit strongly from any improvement in residential and commercial
developments. This resulted in the Group reopening its mothballed plant.
Infrastructure segment - 33% of Group revenue (before inter-group
eliminations)
The Infrastructure segment showed a sharp increase in volumes, with improved
efficiencies starting to positively impact the bottom line result. The segment
was however severely affected by the national strike in July 2011. The
improvement in the awarding of civils projects, particularly water- and sewer-
related projects during the second half of F2011, was sustained during the
first half of F2012. Revenue increased by 24%, of which 19% related to volume
increases. Civil tenders awarded have increased in value by 17% in the last
year. Given that 80% of the Infrastructure segment`s income is ultimately
derived from government sources, the stronger order book may be an indication
of a more serious commitment by government towards water and sanitation
delivery. Market share gains were experienced in both Incledon and DPI
Plastics.
The Infrastructure segment has returned to profitability and is generating
cash for the Group. The segment therefore saw a R43 million turnaround from
the first half of F2011 due to increased tender activity and some market
restructuring of capacity, which allowed for better prices and margins. The
operating margin therefore improved from a loss of 4,2% to a profit of 2,2%.
Break-even levels are also lower as a result of the restructuring undertaken
over the last three years. The cost reduction exercise resulted in significant
savings per month, further supported by improved scrap and production output
rates. Loading consistency from key annual supply contracts resulted in
improved efficiencies.
DPI Plastics moved from a R19 million loss in the first half of F2011 to a R7
million profit in the period under review. Volumes continued to improve, which
were assisted by the benefits of the stronger sales structure and recent
market consolidation. Excluding the lost production during the strike in July
2011, DPI exceeded its benchmark production per month. Revenue increased by
33%, with sales of higher-margin product up 18% period-on-period.
Incledon moved from a R7 million loss in the first half of F2011 to a R10
million profit in the period under review. The business improved turnover by
15% period-on-period. Volumes increased due to more civils awards as well as
an increase in mining-related spend. Gross margins improved pleasingly, with
the largest increase emanating from higher-margin engineering product sales.
The new branches at Lephalale, Kathu and Burgersfort continue to grow profit,
especially at Kathu which benefited from increased mining spend.
DAWN Solutions - 7% of Group revenue (before inter-group eliminations)
DAWN Solutions renders a crucial competitive advantage to the Group through
charging warehouse and distribution costs at much lower rates than the
logistics industry average and assists in containing costs across all
businesses and significantly reducing warehouse and logistics stock losses.
However, for these objectives to result in strong profits for the business,
sufficient scale is needed. The current small profit reported for the period
is therefore a very pleasing performance as the Group continues to build on
the strategy of ensuring throughput for this business.
Further transport and warehousing volumes were brought in-house during the
review period and revenue from Group companies grew by 32% in DAWN Logistics.
The other DAWN Solutions companies grew revenues by maintaining the strategy
of converting cost centres into revenue streams. By charging market-related
fees and winning more clients outside the Group, profits increased by 83%.
Overall DAWN Solutions improved its R2,1 million loss in the previous period
to just over a breakeven position for the current period. This segment is
approaching sufficient volume to continue to build on its profitable base.
DAWN International
DAWN International`s contribution is included in the Building and
Infrastructure segments` results. However, to provide additional disclosure,
the revenue of this cluster is discussed separately.
Non-South African revenue has increased by 21% over the last two reporting
periods to R520 million. DAWN International contributed 18% to Group revenue
during the review period, including revenue from associates and joint
ventures, spread evenly over infrastructure-related and building-related
activities. Exports from South Africa increased revenue by a slow, but steady,
4% to R244 million. The main countries exported to included Zambia, Mozambique
and Zimbabwe. DPI`s operations in Africa grew revenue by 49% to R203 million
and profit before interest and tax increased by 150%, representing a recovery
off the low base set in the comparative period. AST`s operations in Africa
increased revenue by 22% to R73 million and most operations performed well.
The R1 million loss in AST for the first half of F2011 has been improved to a
R7 million profit, largely through better trading and foreign exchange gains.
Opportunities in Africa remain attractive and DAWN`s businesses are gaining
momentum due to the vast building and infrastructure needs in various
countries on the continent and the general need for DAWN`s products.
FINANCIAL RESULTS
During the review period, the Group experienced market share gains and
improved market price and volumes. Revenue increased by 14% to R2,1 billion
(H1 F2011: R1,8 billion), with volumes increasing by 9% and prices by 5%.
Operating profit increased by 37% to R86 million (H1 F2011: R63 million).
Operating expense increases were limited to 7,6%, which includes 1,6% to
accommodate volume increases. A substantial portion of the revenue of the
Group is eliminated on consolidation.
The Group operating margin increased from 3,4% to 4,1%, mainly due to the
improvement in the Infrastructure segment.
The average debt for the period was R417 million (R384 million in H1 F2011),
largely due to higher utilisation of working capital facilities. Income from
associates improved across the board.
Earnings per share increased by 49% to 20,3 cents (H1 F2011: 13,7 cents).
Headline earnings per share of 20,2 cents showed an increase of 33% from 15,2
cents reported for the prior comparative period.
Working capital management continued to be a focus area. Debtors` days were
tightly managed and improved by three days, with bad debts remaining below
0,1% of revenue. Although volatile demand patterns continued, particularly in
the Building segment, inventory levels showed a significant improvement, as
committed in June 2011. Creditor days reduced to 49 days. It is not expected
to remain at this level going forward. The net working capital target of 80
days was achieved.
Cash generated from operations, before working capital, remained a focus area
and increased by 27% to R125 million (H1 F2011: R99 million). Net working
capital increased, mainly due to increased volumes. Investing activities
included R41 million in essential capital expenditure. This comprised a R10
million investment in new warehouse control and distribution systems,
R8 million on fleet replacement and the balance on maintaining current
manufacturing capacity.
Interest cost cover (excluding impairments and once-off costs) is 4,6 times
(F2011: 3,5 times) and the debt service (including total capital and interest
repayments) covered by free cash flow generated by the Group is 1,4 times
(F2011: 0,6 times). This assisted the Group in meeting all debt covenants
imposed by its lenders at 31 December 2011. Accordingly the term debt payable
beyond 12 months has been classified as non-current.
BUSINESS COMBINATIONS
Disposal of 49% of AST - subsidiary held for sale at 30 June 2011
The Group increased its shareholding in AST by acquiring the remaining 49%
shareholding from the co-joint venture party for a cash consideration of
R24,25 million on 30 June 2011. AST was, as a result of the step-up to 100%
shareholding, disclosed as a subsidiary held for sale at 30 June 2011. On
1 July 2011, the Group sold 49% of its interest in AST to a new joint venture
partner for R24,5 million. As from 1 July 2011 AST is reported as a joint
venture of the Group, proportionately consolidated at 51%. The fair value of
these assets and liabilities amounted to R42 million and intangible assets of
R17 million. As allowed by IFRS 3 (R), the full fair value exercise has not
been performed by end of the reporting period.
BASIS OF PREPARATION
The Board acknowledges its responsibility for the preparation of the condensed
consolidated interim financial statements for the six months ended 31 December
2011 in accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS), the presentation and
disclosure requirements of IAS 34 Interim Financial Reporting, the AC 500
Standards as issued by the Accounting Practices Board or its successor, the
Listings Requirements of the JSE Limited and the requirements of the South
African Companies Act on a basis consistent with the prior period. The interim
financial statements have been prepared by Mr JAI Ferreira, Financial Director
and were approved by the Board on 14 March 2012.
The accounting policies are consistent with those applied in the annual
financial statements for the year ended 30 June 2011.
These results have not been audited or reviewed by the Group`s auditors,
PricewaterhouseCoopers Inc.
PROSPECTS
The Group has started this year with the correct cost base to take maximum
advantage of volumes as they improve. The Group anticipates further
improvements due to the following:
* The investment made during its growth phase in the
Infrastructure cluster is starting to pay off as the government
and the private sector slowly start to spend;
* Although growth on the Building side is likely to remain slow,
Sanitaryware is receiving focused attention. Benefits should
also start to come from the consolidation in Libra and
Plexicor`s markets;
* In DAWN Solutions the Group has made significant capacity
investments in 2008, just ahead of the market crash. This
business continues to provide high barriers to entry and lower
costs for both customers and suppliers alike. The collaborative
model in this business provides a significant competitive
advantage through economies of scale. DAWN Solutions is now
starting to experience economies of scale to build on its
profitable position.
DAWN International is gaining momentum, with substantial opportunities offered
by infrastructure growth in Africa.
Although the short-term market recovery is expected to remain slow, the longer
term shows stronger potential if government and private sector spend increase
and through the continued sharpening of internal effectiveness.
This general forecast has not been reviewed nor audited by the Company`s
auditors.
EVENTS AFTER THE REPORTING PERIOD
Management is not aware of any material events that occurred subsequent to the
end of the reporting period. There has been no material change in the Group`s
contingent liabilities since the period-end.
DIVIDEND
In line with Group policy, no interim dividend has been declared or proposed
for the six months ended 31 December 2011, and cash will be conserved until
market recovery is more entrenched.
On behalf of the Board
RL Hiemstra DA Tod
Chairman Chief Executive Officer
Johannesburg
15 March 2012
The presentation to investors is available on the DAWN website.
www.dawnltd.co.za
DISTRIBUTION AND WAREHOUSING NETWORK LIMITED
("DAWN" or "the Group" or "the Company")
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
Alpha code: DAW
ISIN: ZAE000018834
Registered office: Cnr Barlow Road and Cavaleros Drive, Jupiter Ext 3,
Germiston, 1401
E-mail: info@dawnltd.co.za
Directors: RL Hiemstra* (Chairman), DA Tod (Chief Executive Officer), LM
Alberts, M Akoojee*, OS Arbee*, JA Beukes, JAI Ferreira, VJ Mokoena, S Mthembi-
Mahanyele, RD Roos
*Non-executive
Independent non-executive
Company secretary: JA Beukes
Transfer secretaries: Computershare Investor Services (Proprietary) Limited,
70 Marshall Street, Marshalltown, 2001
PO Box 61051, Marshalltown, 2107
Sponsor: Deloitte & Touche Sponsor Services (Pty) Limited
Date: 15/03/2012 08:00:01 Supplied by www.sharenet.co.za
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