Wrap Text
TBS - Tiger Brands Limited - Unaudited Group Results and Dividend Declaration
for the six months ended 31 March 2012
Tiger Brands Limited
(Registration number 1944/017881/06)
(Incorporated in the Republic of South Africa)
Share code: TBS
ISIN: ZAE000071080
UNAUDITED GROUP RESULTS AND DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 31
MARCH 2012
Earnings per share +8%
Interim dividend 295 cents per share
Headline earnings per share +5%
Commentary
OVERVIEW
The group produced a solid performance for the six months ended 31 March 2012,
increasing headline earnings per share ("HEPS") by 5,2% to 787 cents despite a
challenging domestic trading environment, characterised by significant input
cost inflation and relatively weak consumer demand. HEPS growth would have been
higher at 12,0% excluding the impact of the mark to market adjustment to the
group`s IFRS2 cash settled share option liability, which increased substantially
as a consequence of the strong performance in the company`s share price since 30
September 2011.
Strong export growth and a profit turnaround at Langeberg & Ashton Foods
contributed to this relatively strong underlying performance. The diversity and
strength of the group`s basket of leading brands also assisted, notwithstanding
the intensely competitive domestic trading environment which has led to
restrained pricing and pressure on volumes. The group has initiated a number of
cost improvement projects, including the consolidation of its back-end support
functions and the rationalisation of certain manufacturing facilities, to
maintain its cost competitiveness on shelf and to generate cost savings for
reinvestment, thus enabling sustainable growth over the medium to long term.
The expansion into new markets, primarily in the rest of the African continent,
remains a key strategic thrust, both through acquisitions and exports. In this
regard reference is made to the recent announcement where shareholders were
advised that discussions were taking place with Dangote Industries Limited in
respect of its shareholding in Dangote Flour Millls PLC ("DFM").Shareholders
were advised to exercise caution in their dealing in the company`s shares and
that further developments would be communicated to shareholders. DFM is a major
manufacturer of flour and pasta products in Nigeria, a key growth market for the
group. DFM has significant market shares in both the Nigerian flour and pasta
markets, with strong branding, production and distribution capabilities. The
proposed acquisition will further leverage the group`s existing market position
in Nigeria, and add substantial scale to its existing businesses.
FINANCIAL PERFORMANCE
Group turnover for the half year increased by 12,1% to R11,6 billion. On a
comparable basis, excluding acquisitions, turnover increased by 5,0% to R10,9
billion. Domestic turnover growth of 3,4% was negatively affected by volume
declines across a number of product categories. The group`s exports and
international businesses performed strongly, growing turnover organically by 27%
on the back of good volume growth and assisted by a weaker Rand exchange rate.
The new international acquisitions performed to expectations, contributing
R690,6 million to group turnover.
Gross margins were negatively affected by significant raw material cost
inflation as well as higher production costs due to above-inflationary labour
and energy cost increases. Due to a concerted focus on cost containment and
production efficiencies, the group was, however, able to achieve some operating
leverage, increasing operating margin (excluding IFRS2 charges) by 40 basis
points to 15,7% notwithstanding the group`s increased depreciation charge.
Operating income before financing costs and abnormal items ("PBIT") increased by
8,9% to R1,69 billion. Excluding the impact of the cash settled IFRS2 charge
previously referred to, PBIT increased by 16% compared to that of the prior
period. Income from Associates increased by 35% and includes the first time
contribution from National Foods Holding Limited, the group`s 37,4% Zimbabwean
associate company, whose results have been equity accounted with effect from 1
October 2011, as well as UAC Foods, in which a 49% interest was acquired in May
2011. Oceana Fishing produced a strong performance, increasing its contribution
to group earnings by 18,5% net of the administrative fine imposed by the
Competition Commission. The agreement entered into between Oceana and the
Competition Commission was reported separately by Oceana on 9 May 2012. UAC
Foods` performance was negatively affected by the trading disruptions resulting
from the political strikes that occurred in Nigeria during the early part of the
current financial year.
Abnormal items include a R35 million capital profit realised on the disposal of
the Mousson brand with effect from 1 November 2011 and acquisition costs of
R17,9 million. Attributable profit for the half year increased by 8% to R1,28
billion, resulting in a 7,6% increase in earnings per share to 805 cents. HEPS
increased by 5,2% to 787 cents.
Cash generated from operations of R1,28 billion (2011: R1,65 billion) was
negatively affected by increased inventory levels at the half year resulting
from the decline in sales volumes, as well as the significant raw material cost
inflation experienced during the period. Robust steps have been taken to improve
the working capital position before the end of the current financial year. The
Group has continued to invest for the future, incurring capital expenditure of
R237,9 million and spending R432,4 million on acquisitions. During the period,
the group acquired the Status deodorant brand for a purchase consideration of
R227,0 million and the remaining 33,3% interest in Langeberg & Ashton Foods for
R90,2 million. In addition, it acquired a further 11,2% interest in National
Foods Holdings Limited for R97,1 million.
Group net debt of R2,4 billion as at 31 March 2012 remains conservative and
represents a gearing ratio of 22,7% and 0,6 times annualised EBITDA.
DIVISIONAL PERFORMANCE
Grains
The Grains division faced significant input cost inflation during the period,
exacerbated by the effect of the weakening Rand on imported soft commodities.
This impacted negatively on sales volumes and margins. Whilst the Millbake
division performed satisfactorily, benefiting from the normalisation of market
pricing following the intense competitive activity in the prior year, the rice
business came under significant pressure due to the influx of competitively
priced, lower grade Indian rice. This resulted in some loss of market share and
margin compression given the increased cost of the premium graded Thai rice used
by Tastic. The pricing differential between Indian and Thai rice is expected to
persist into the third quarter.
Local maize prices have increased considerably over the last year, impacting
negatively on overall market volumes due to consumers changing from maize
consumption into other carbohydrate choices. Maize prices have started to
decline, although concerns remain about the size and quality of the current
year`s harvest, which could potentially affect pricing levels for the balance of
the financial year.
Consumer brands
The Groceries business continues to face ongoing competition from local
manufacturers and private label brands, which have become increasingly
attractive for consumers seeking lower cost alternatives in the current
environment. Given retailers` increased focus on private label, especially in
the food categories in which the group participates, the group continues to
build its brand equity and drive cost improvement initiatives in order to
maintain its competitiveness on shelf and sustain volume growth. Innovation
remains a key focus area, and during the period, the Groceries business
successfully launched an extension of the Koo brand into the flavour enhancement
category (spices and stock cubes).
Industrial strike action continued at the Snacks and Treats business into the
first month of the current financial year, impacting negatively on volumes,
although margins for the half year improved due to pent-up demand following the
strike. Notwithstanding the increased competition from local and multinational
manufacturers and importers, the overall confectionery category is in decline
due to softer demand arising from the discretionary nature of the category. The
business continues to focus on innovation and operational efficiencies to drive
consumption and market share growth.
Tiger Brands has maintained its position as market leader in the non-carbonated
soft drinks category, although market shares have come under pressure due to
continued deep price discounting particularly in the dairy fruit blend segment.
This segment continues to grow significantly ahead of the liquid concentrates
category, with a resultant deflationary effect on the total category. Management
action is being taken to strengthen the business`s core bands and improve cost
competitiveness and operational efficiencies.
The Value Added Meat Products business faced significant input cost inflation as
well as increased competition from new entrants and retailers` private label
brands. These challenges are being addressed through an increased focus on
expanded distribution and productivity improvements.
The HPCB business has also encountered fierce competition from multinational
companies. Its key objective is to focus on its core brands and grow scale
through innovation and acquisitions, whilst optimising its supply chain model to
drive improved efficiencies.
Exports and International operations
The Exports and International businesses achieved good growth during the period,
contributing approximately 14,9% of group PBIT (after IFRS2 charges) and
benefiting from strong volume growth, and to an extent, the weaker Rand. The
prior year acquisitions of Davita Foods, Deli Foods and East Africa Tiger Brands
Industries ("EATBI") have largely performed ahead of expectations. Langeberg &
Ashton Foods, the deciduous fruit export company, achieved a profit turnaround
due to improved pricing as well as the impact of the weaker Rand.
INTERIM DIVIDEND
The interim dividend of 295 cents per share represents an increase of 5%
compared to the 2011 interim dividend (2011: interim dividend 281 cents per
share; final dividend: 510 cents per share).
OUTLOOK
Consumers continue to face pressure from rising inflation, including the effects
of the weaker Rand exchange rate, higher utility costs and rising commodity
prices. The group expects that domestic economic conditions will continue to be
challenging for the rest of the financial year and consumer spending will remain
under pressure. Price increases to recover costs will therefore have to be
judiciously managed and cost control and operational efficiencies throughout the
supply chain and support functions will remain key focus areas.
The growing exports business, together with the group`s recent acquisitions,
should assist in providing a solid platform for growth, in line with the group`s
broader international expansion strategy.
BOARD CHANGES
Mr Lex van Vught resigned from the Board as Director and Chairman with effect
from 14 February 2012. The Board is extremely grateful for his principled
leadership and wise counsel over the years and wishes him well in his
retirement. Mr Andre Parker, who has been a Director of the company since August
2007, was appointed Chairman with effect from 14 February 2012.
PREPARATION OF RESULTS
The preparation of these results has been supervised by O Ighodaro, Chief
Financial Officer of Tiger Brands Limited.
For and on behalf of the Board
Andre Parker Peter Matlare
Chairman Chief Executive Officer
22 May 2012
INTERIM Dividend No 135
The Board has approved and declared an interim dividend of 295 cents per
ordinary share (gross) in respect of the six months ended 31 March 2012.
The dividend will be subject to the new Dividends Tax that was introduced with
effect from 1 April 2012. In accordance with paragraphs 11.17 (a) (i) to (x) and
11.17(c) of the JSE Listings Requirements the following additional information
is disclosed:
- The dividend has been declared out of income reserves;
- The local Dividends Tax rate is 15% (fifteen per centum);
- There are no Secondary Tax on Companies (STC) credits utilised;
- The gross local dividend amount is 295 cents per ordinary share for
shareholders exempt from the Dividends Tax;
- The net local dividend amount is 250,75 cents per ordinary share for
shareholders liable to pay the Dividends Tax;
- Tiger Brands has 191 093 438 ordinary shares in issue (which includes 10 326
758 treasury shares); and
- Tiger Brands Limited`s income tax reference number is 9325/110/71/7.
Shareholders are advised of the following dates in respect of the interim
dividend:
Last day to trade cum the interim
Dividend Friday, 22 June 2012
Shares commence trading ex the interim
Dividend Monday, 25 June 2012
Record date to determine those shareholders
entitled to the interim Dividend Friday, 29 June 2012
Payment in respect of the interim Dividend Monday, 2 July 2012
Share certificates may not be dematerialised or re-materialised between Monday,
25 June 2012 and Friday, 29 June 2012, both days inclusive.
By order of the Board
I W M Isdale Sandton
Secretary 22 May 2012
Condensed consolidated statement of comprehensive income
Unaudited
Six months Audited
ended year ended
Rm March Change March September
2012 % 2011 2011
Turnover 11 591,0 12,1 10 339,4 20 430,2
Operating income before 1 1 689,1 8,9 1 551,4 3 244,6
abnormal items
Abnormal items 2 18,3 - 126,7
Operating income after 1 707,4 10,1 1 551,4 3 371,3
abnormal items
Net finance costs (77,1) (11,9) (64,1)
Dividend income 11,2 10,9 10,1 19,4
Income from associates 163,6 35,2 121,0 265,4
Profit before taxation 1 805,1 8,1 1 670,6 3 592,0
Taxation (509,2) (3,1) (494,1) (1 013,7)
PROFIT FOR THE PERIOD 1 295,9 10,1 1 176,5 2 578,3
Non-controlling (14,3) 9,7 5,6
interests
Profit for the period 1 281,6 8,0 1 186,2 2 583,9
attributable to ordinary
shareholders
Other comprehensive
income:
Gain/(loss) on hedge of 7,3 0,8 (19,2)
net investment
Foreign currency (48,9) (5,8) 94,6
translation adjustments
(Loss)/gain on cash flow (19,6) (3,3) 45,1
hedges
Loss on available for (6,0) (47,2) (19,8)
sale financial assets
Tax effect (6,1) (0,5) 16,2
Total comprehensive 1 208,3 6,9 1 130,2 2 700,8
income attributable to
ordinary shareholders
Basic earnings per 805 7,6 748 1 629
ordinary share (cents)
Diluted basic earnings 784 6,4 737 1 598
per ordinary share
(cents)
Supplementary
information
Headline earnings per 787 5,2 748 1 575
ordinary share (cents)
Diluted headline 766 3,9 737 1 545
earnings per ordinary
share (cents)
Reconciliation between
profit for the period
and headline earnings
Profit attributable to 1 281,6 1 186,2 2 583,9
ordinary shareholders
Adjusted for:
Equity accounted take-on - - (91,4)
gain - National Foods
Holdings Zimbabwe
Profit on sale of assets (30,0) (0,2) (2,2)
Impairment of assets - - 8,0
Headline earnings for 1 251,6 5,5 1 186,0 2 498,3
the period
Condensed consolidated statement of financial position
Unaudited Audited
as at year ended
Rm March 2012 March 2011 September 2011
ASSETS
Non-current assets 9 856,6 6 394,0 9 502,8
Property, plant and 3 318,2 2 698,8 3 316,7
equipment
Goodwill 2 360,2 1 156,0 2 361,8
Intangible assets 1 660,2 826,2 1 463,9
Investments 2 518,0 1 713,0 2 360,4
Current assets 7 569,5 7 081,0 6 693,3
Inventories 3 943,7 3 038,9 3 037,3
Trade and other receivables 3 232,9 2 949,8 3 149,5
Cash and cash equivalents 392,9 1 092,3 506,5
TOTAL ASSETS 17 426,1 13 475,0 16 196,1
EQUITY AND LIABILITIES
Capital and reserves 10 202,3 8 714,3 9 859,8
Non-controlling interests 381,4 271,2 385,7
TOTAL EQUITY 10 583,7 8 985,5 10 245,5
Non-current liabilities 1 094,6 876,4 1 213,6
Deferred taxation liability 308,8 119,9 299,9
Provision for post- 390,6 366,2 376,5
retirement medical aid
Long-term borrowings 395,2 390,3 537,2
Current liabilities 5 747,8 3 613,1 4 737,0
Trade and other payables 2 810,0 2 625,1 2 559,5
Provisions 508,3 388,8 435,3
Taxation payable 27,9 63,2 102,0
Short-term borrowings 2 401,6 536,0 1 640,2
TOTAL EQUITY AND LIABILITIES 17 426,1 13 475,0 16 196,1
Condensed consolidated statement of changes in equity
Share Non-
capital distribu- Accumu-
and table lated
Rm premium reserves profits
Balance at 30 September 2010 481,4 957,3 9 366,5
Profit for the period - - 1 186,2
Other comprehensive income for the - (56,0) -
period
481,4 901,3 10 552,7
Issue of share capital and premium 7,9 - -
Capital distribution out of share (437,6) - -
premium
Transfers between reserves - 42,8 (42,8)
Share-based payment reserve - - -
Dividends on ordinary shares - - (394,6)
Total dividends - - (461,1)
Less:
Dividends on treasury and - - 66,5
empowerment shares
Sale of shares by empowerment entity
Balance at 31 March 2011 51,7 944,1 10 115,3
Profit for the period - - 1 397,7
Other comprehensive income for the - 172,9 -
period
51,7 1 117,0 11 513,0
Issue of share capital and premium 18,0 - -
Transfers between reserves - 72,2 (72,2)
Share-based payment reserve - - -
Dividends on ordinary shares - - (462,2)
Total dividends - - (539,8)
Less:
Dividends on treasury and - - 77,6
empowerment shares
Balance at 30 September 2011 69,7 1 189,2 10 978,6
Profit for the period - - 1 281,6
Other comprehensive income for the - (73,4) -
period
69,7 1 115,8 12 260,2
Issue of share capital and premium 18,5 - -
Additional acquisition of L&AF - (71,7) -
shares
Transfers between reserves - 80,7 (80,7)
Share-based payment reserve - - -
Dividends on ordinary shares - - (830,8)
Total dividends - - (971,6)
Less:
Dividends on treasury and - - 140,8
empowerment shares
Balance at 31 March 2012 88,2 1 124,8 11 348,7
Condensed consolidated statement of changes in equity (continued)
Shares
held by Total
subsidiary attribu-
and em- Share- table to
power- based owners
ment payment of the
Rm entities reserve parent
Balance at 30 September 2010 (2 740,9) 251,6 8 315,9
Profit for the period - - 1 186,2
Other comprehensive income for the - - (56,0)
period
(2 740,9) 251,6 9 446,1
Issue of share capital and premium - - 7,9
Capital distribution out of share 64,9 - (372,7)
premium
Transfers between reserves - - -
Share-based payment reserve - 27,3 27,3
Dividends on ordinary shares - - (394,6)
Total dividends - - (461,1)
Less:
Dividends on treasury and - - 66,5
empowerment shares
Sale of shares by empowerment 0,3 - 0,3
entity
Balance at 31 March 2011 (2 675,7) 278,9 8 714,3
Profit for the period - - 1 397,7
Other comprehensive income for the - - 172,9
period
(2 675,7) 278,9 10 284,9
Issue of share capital and premium - - 18,0
Transfers between reserves - - -
Share-based payment reserve - 19,1 19,1
Dividends on ordinary shares - - (462,2)
Total dividends - - (539,8)
Less:
Dividends on treasury and - - 77,6
empowerment shares
Balance at 30 September 2011 (2 675,7) 298,0 9 859,8
Profit for the period - - 1 281,6
Other comprehensive income for the - - (73,4)
period
(2 675,7) 298,0 11 068,0
Issue of share capital and premium - - 18,5
Additional acquisition of L&AF - - (71,7)
shares
Transfers between reserves - - -
Share-based payment reserve - 18,3 18,3
Dividends on ordinary shares - - (830,8)
Total dividends - - (971,6)
Less:
Dividends on treasury and - - 140,8
empowerment shares
Balance at 31 March 2012 (2 675,7) 316,3 10 202,3
Condensed consolidated cash flow statement
Unaudited Audited
six months ended year ended
Rm March 2012 March 2011 September 2011
Cash generated from 1 276,1 1 647,6 3 604,0
operations
Net financing costs (77,1) (11,9) (64,1)
Dividends received 94,1 88,3 171,7
Taxation paid (574,4) (497,5) (1 046,3)
Cash available from 718,7 1 226,5 2 665,3
operations
Dividends paid and (830,8) (771,9) (1 230,2)
capital distributions
Net cash (112,1) 454,6 1 435,1
(outfow)/inflow from
operating activities
Net cash outflow from (614,5) (338,2) (2 914,4)
investing activities
- Capital expenditure (237,9) (291,4) (817,8)
- Acquisitions (432,4) - (2 112,0)
- Other 55,8 (46,8) 15,4
Net cash outflow from (196,7) (21,5) (96,2)
financing activities
Net (923,3) 94,9 (1 575,5)
(decrease)/increase in
cash and cash
equivalents
Effect of exchange (25,0) - 55,5
rate changes
Cash and cash (1 011,8) 508,2 508,2
equivalents at the
beginning of the
period
Cash and cash (1 960,1) 603,1 (1 011,8)
equivalents at the end
of the period
Cash resources 392,9 1 092,3 506,5
Short-term borrowings (2 353,0) (489,2) (1 518,3)
regarded as cash and
cash equivalents
(1 960,1) 603,1 (1 011,8)
Condensed segmental analysis
Unaudited
six months Audited
ended Year ended
March March Change September
Rm 2012 2011 % 2011
Turnover
Domestic Operations 9 778,0 9 455,5 3,4 18 049,2
Grains 4 463,7 4 119,1 8,4 8 348,9
Milling and baking 3 280,6 2 919,9 12,4 6 192,2
Other Grains 1 183,1 1 199,2 (1,3) 2 156,7
Consumer Brands 5 314,3 5 336,4 (0,4) 9 704,8
Groceries 1 953,2 1 880,6 3,9 3 423,3
Snacks & Treats 861,3 922,2 (6,6) 1 734,4
Beverages 611,0 639,5 (4,5) 1 029,0
Value Added Meat Products 732,5 737,6 (0,7) 1 419,5
Out of Home 158,8 141,5 12,2 295,1
Home, Personal care and 997,5 1 015,0 (1,7) 1 803,5
Baby (HPCB)
Domestic intergroup sales - - - (4,5)
International & Exports 1 813,0 883,9 105,1 2 381,0
Exports* 1 133,8 634,6 78,7 1 558,7
International operations 679,2 249,3 172,4 822,3
Total turnover 11 591,0 10 339,4 12,1 20 430,2
Operating income before
abnormal items
Domestic operations 1 438,0 1 535,8 (6,4) 3 035,7
Grains 794,2 823,7 (3,6) 1 746,1
Milling and baking 609,8 587,9 3,7 1 382,2
Other Grains 184,4 235,8 (21,8) 363,9
Consumer Brands 810,4 763,1 6,2 1 457,1
Groceries 283,0 257,4 9,9 523,9
Snacks & Treats 126,4 90,3 40,0 195,4
Beverages 83,5 80,9 3,2 94,2
Value Added Meat Products 49,6 72,4 (31,5) 120,6
Out of Home 29,3 28,6 2,4 69,1
Home, Personal care and 238,6 233,5 2,2 453,9
Baby (HPCB)
Other (166,6) (51,0) (226,7) (167,5)
International & Exports 251,1 15,6 208,9
Exports* 190,3 (8,2) 126,9
International operations 60,8 23,8 155,5 82,0
Total operating income 1 689,1 1 551,4 8,9 3 244,6
before abnormal items
*Includes the deciduous fruit business.
Other salient features
Unaudited Audited
six months ended year ended
March 2012 March 2011 September 2011
Capital commitments 489,2 699,9 420,7
(R million)
- contracted 237,3 467,6 299,3
- approved 251,9 232,3 121,4
Capital commitments will
be funded from normal
operating
cash flows and the
utilisation of existing
borrowing facilities.
Contingent liabilities
(R million)
- guarantees and 48,0 324,9 44,0
contingent liabilities
The abridged group interim results have been prepared in accordance with
International Financial Reporting Standards (IFRS), IAS 34 : Interim Financial
Reporting and the AC 500 Standards as issued by the Accounting Practices Board,
the South African Companies Act (No 71 of 2008, as amended) and the Listings
Requirements of the JSE Limited. The principal accounting policies and methods
of computation are consistent with those used in the audited Annual Financial
Statements for the year ended 30 September 2011.
Notes
Unaudited
six months Audited
ended year ended
March March September
Rm 2012 2011 2011
1. Operating income
Operating income before abnormal
items is reflected after charging:
Cost of sales 7 414,0 6 544,6 12 794,2
Sales and distribution expenses 1 449,1 1 375,5 2 728,4
Marketing expenses 289 ,0 295,7 574,3
Other operating expenses 749 ,8 572,2 1 088,8
Depreciation (included in cost of 208,1 175,0 373,2
sales and other operating expenses)
IFRS 2 charges (included in other
operating expenses)
-- Equity settled 19,2 27,9 52,6
-- Cash settled 112,8 (0,8) 63,8
2. Abnormal items
Equity accounted take-on gain - - - 91,4
National Foods Holdings Zimbabwe
Recognition of pension fund - - 44,3
surpluses
Acquisition costs (17,9) - -
Profit on sale of Mousson brand 35,0 - -
Other 1,2 - (9,0)
Abnormal profit before taxation 18,3 - 126,7
Taxation (5,2) - (11,9)
Abnormal profit attributable to 13,1 - 114,8
owners of the parent
3. Significant acquisitions
Effective 1 November 2011, Tiger
Brands acquired the Status brand
from the Unilever group. The
acquisition is in line with Tiger
Brands`
strategy of expanding into adjacent
categories with well established
brands.
The purchase consideration, Acquisition
accounted for from 1 November 2011, value
comprised the following:
Trademarks 205,0 - -
Inventories 22,0 - -
Fair value of assets acquired 227,0 - -
Purchase consideration in cash 227,0 - -
Independent non-executive directors: A C Parker (Chairman), B L Sibiya (Deputy
Chairman), S L Botha, R M W Dunne (British), K D K Mokhele, M P Nyama, R D
Nisbet, M Makanjee
Executive directors: P B Matlare (Chief Executive Officer), C F H Vaux, O
Ighodaro (Chief Financial Officer)
Company Secretary: I W M Isdale
Registered office: 3010 William Nicol Drive, Bryanston, Sandton, 2021
Postal address: PO Box 78056, Sandton, 2146, South Africa
www.tigerbrands.com
Share registrars:
Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
Postal address: PO Box 61051, Marshalltown, 2107, South Africa. Telephone: (011)
370 5000
Sponsor:
J.P. Morgan Equities Limited
Date: 22/05/2012 07:05:02 Supplied by www.sharenet.co.za
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