Wrap Text
AUDITED ABRIDGED YEAR-END RESULTS FOR THE YEAR ENDED 30 JUNE 2012
Eqstra Holdings Limited
1998/011672/06
JSE codes: EQS; EQS01; EQS02; EQS04; EQS05
ISIN: ZAE000117123
AUDITED ABRIDGED YEAR-END RESULTS
FOR THE YEAR ENDED 30 JUNE 2012
Revenue increased 18.0% to R8 143 million
Headline earnings per share from continuing operations increased 6.2% to 77.2 cents
Final dividend increased 12.0% to 28 cents per share
Proceeds from sale of Eqstra Mining Services (Bucyrus) business unit R424 million
Profit before taxation increased 35.6% to R488 million
Revenue generating assets increased 15.2% to R8 884 million
Introduction
Eqstra Holdings ("the group") produced satisfactory results from continuing operations in a year that was
characterised by a weakening economic environment.
Revenue increased 18.0% to R8 143 million (2011: R6 903 million), mainly due to a ramp-up of production
volumes recorded by Contract Mining and Plant Rental's Benga project in Mozambique and increased
unit and aftermarket sales in Industrial Equipment.
Profit before taxation increased 35.6% to R488 million (2011: R360 million) resulting in the profit before
taxation margin increasing to 6.0% from 5.2% in the prior year. This includes net impairment reversals
of R30 million (2011: R50 million impairment charge) which includes insurance recoveries following
industrial unrest.
Revenue-generating assets (leasing assets and finance lease receivables) increased 15.2% to R8 884 million
(2011: R7 715 million) across all divisions. The Benga equipment fleet grew to its full complement and
reached targeted production levels in the last quarter of the financial year. Foreign exchange movements
accounted for 2.8% of the increase.
Net finance costs increased 17.3% to R481 million (2011: R410 million) as average debt levels increased
during the year, mainly due to the growth in revenue-producing assets.
Working capital increased by R250 million as trade and other receivables increased on higher revenues
in Contract Mining and Plant Rental, resulting in cash generated by operations decreasing by 24.6%.
Cash and cash equivalents increased to R610 million (2011: R191 million), mainly due to the proceeds
from the sale of the Eqstra Mining Services (Bucyrus) business unit being received at year end. These
proceeds were utilised subsequent to year end to repay bank debt maturing in April 2013 as well as
commercial paper.
Basic earnings per share from continuing operations increased 34.8% to 89.4 cents and headline
earnings per share increased 6.2% to 77.2 cents. Basic earnings per share from discontinued
operations totalled 26.5 cents, resulting in total basic earnings per share of 115.9 cents, an increase
of 62.1%.
Discontinued operations
On 29 June 2012 the Eqstra Mining Services (Bucyrus) business unit was sold as a going concern for a
purchase price based on R287 million inventory and R137 million for goodwill, resulting in a net cash inflow
to the group of R424 million.
The group has also given notice of termination of its distribution rights for New Holland Construction
equipment, effective 31 August 2012. This exit is anticipated to have a minimal impact on the 2013 financial
year. Discontinued operations will not materially alter group's future operating performance.
Prior year results of the group and Construction and Mining Equipment have been re-presented to reflect
the effect of discontinued operations.
Long-term debt funding
Total interest-bearing borrowings net of cash and cash equivalents increased 21.6% to R6 543 million (2011:
R5 380 million), with foreign exchange movements accounting for 3.7% (R199 million) of the increase. This
is in line with the planned increase in revenue-generating assets linked to long-term contracts.
The group complied with all bank debt covenants and achieved an interest cover (EBITDA) ratio of 5.6 times
(2011: 5.7 times) and a capital adequacy ratio of 23.8% (2011: 25.3%).
In April 2012 the group issued a R900 million 5-year floating rate note, which improved debt duration and
diversification into the capital market.
The board is satisfied that the group has sufficient facilities in place to meet anticipated liquidity requirements
and that we have achieved our medium term refinancing objectives.
Divisional review
Contract Mining and Plant Rental
HY1 HY2 30 June 30 June
2012 2012 2012 2011
Rm Rm Rm Rm % change
Revenue 1 840 1 867 3 707 3 225 14.9%
Operating profit 185 137 322 322 0.0%
Net finance costs (141) (136) (277) (221) 25.3%
Profit before taxation (PBT) 81 28 109 51 113.7%
PBT margin 4.4% 1.5% 2.9% 1.6% 85.9%
Revenue-generating assets 4 511 4 517 4 517 3 912 15.5%
Revenue growth showed improved commodity and regional diversification. The Benga project in Mozambique
and plant rental activities in Namibia, Botswana and Mozambique were the main contributors to the increase.
South African revenue was unchanged as two projects concluded (Eland and Marikana) and certain contracts
reduced their production requirements in a weakening commodity market. Domestic plant rental demand also
remained weak from a depressed construction sector.
Operating profit remained static, with the operating profit margin decreasing from 10.0% to 8.7%. This was due to:
Increased equipment maintenance in South Africa following a rapid growth cycle four years ago;
Illegal industrial unrest causing standing costs and under-utilisation of assets; and
Two under-performing contracts (Pilanesberg Platinum Mine ("PPM") and Nkomati Nickel). These contracts
have now been renegotiated to more acceptable terms. Corrective actions have been initiated and positive
results are already visible.
The successful conclusion of an insurance claim relating to equipment damage at PPM in June 2011 resulted in
a net impairment reversal of R35 million (2011:R50 million impairment) in the first half of the financial year.
Construction and Mining Equipment (continuing operations)
HY1 HY2 30 June 30 June
2012 2012 2012 2011
Rm Rm Rm Rm % change
Revenue 163 289 452 507 (10.8%)
Operating profit 5 5 33 (84.8%)
Net finance costs (1) 4 3 (5) (160.0%)
Profit before taxation (PBT) (2) 3 1 24 (95.8%)
PBT margin (1.2%) 1.0% 0.2% 4.7% (95.3%)
Inventories 386 269 269 544 (50.6%)
Revenue and operating profit declined for the year, as equipment demand slowed due to a contraction in
commodity prices and projects. Operating performance was further impacted by significant rationalisation
of the division as a result of the sale of the Eqstra Mining Services (Bucyrus) business unit, the transfer of
the Heavy Lift business unit to Industrial Equipment and the imminent termination of the New Holland
Construction distributorship.
The continuing operations of the division consist of Terex rigid and articulated dump trucks and Sleipner excavator
transport systems.
The group remains optimistic about the future performance from the division given an expectation of increased
aftermarket revenues and market share gains in the dump truck market, notwithstanding current weakness in
equipment demand due to an uncertain global economic environment.
Fleet Management and Logistics
HY1 HY2 30 June 30 June
2012 2012 2012 2011
Rm Rm Rm Rm % change
Revenue 1 095 1 066 2 161 1 911 13.1%
Operating profit 174 183 357 316 13.0%
Net finance costs (70) (67) (137) (130) 5.4%
Profit before taxation (PBT) 104 115 219 186 17.7%
PBT margin 9.5% 10.8% 10.1% 9.7% 4.1%
Revenue-generating assets 2 765 2 804 2 804 2 576 8.9%
Revenue increased primarily as a result of solid growth in end-of-lease vehicle remarketing and a 57% unit
growth in value-added products.
Profit before taxation increased 17.7% despite start-up costs in the logistics business. Revenue-generating assets
grew by 8.9% in a relatively flat corporate leasing market. The GPS Tracking Solutions (Pty) Ltd, a tracking
product launched last year provided a platform for differentiation and diversification into new market segments.
The division successfully renewed the outsource agreement with one of its core clients, Clover SA, as well as
retaining all other major contracts. In addition, the division was recently awarded a substantial portion of the
City of Johannesburg managed services outsource contract on its commercial vehicle fleet for a period of five
years, commencing in the second quarter of the 2013 financial year.
Industrial Equipment
HY1 HY2 30 June 30 June
2012 2012 2012 2011
Rm Rm Rm Rm % change
Revenue 940 1 038 1 978 1 607 23.1%
Operating profit 87 117 204 186 9.7%
Net finance costs (50) (38) (88) (83) 6.0%
Profit before taxation (PBT) 55 75 130 101 28.7%
PBT margin 5.9% 7.2% 6.6% 6.3% 4.6%
Revenue-generating assets 1 266 1 523 1 523 1 201 26.8%
Revenue increased as a result of improved sales in all business units. The forklift market increased 4.0% in
South Africa and 10.6% in the UK on the previous financial year. Market share dropped marginally on the back
of the tsunami in Japan and the strength of the yen resulting in pricing pressures. Profit before taxation
increased 28.7%, boosted by a strong distribution and aftermarket performance from the forklift and heavy lift
(Konecranes port equipment and Terex mobile cranes) business units.
Revenue-generating assets grew by 26.8%. This was as a result of 60% (SA market) and 68% (UK market) of new
forklifts being sold into the division's leasing fleet. The UK operations gained market share in recessionary economic
conditions, with monthly order intake now at significantly higher levels relative to the operation's history.
Dividend
In line with the group's published dividend policy of an annual payout of between 30% and 35% of attributable
headline earnings, the board declares a dividend of 28 cents per share, a 12.0% increase.
The board considered the solvency and liquidity of the company and is satisfied that the company will be
solvent and liquid immediately after completing the distribution.
Share buy-back
In November 2011, following shareholder approval, Eqstra repurchased the remaining 15.8 million "A" deferred
ordinary shares in issue for a premium of R66 million. These shares were cancelled subsequent to the
transaction.
A subsidiary company purchased 9.0 million ordinary shares to the value of R65 million during June 2012,
currently held as treasury shares. Subsequent to year end the company repurchased a further 3.4 million
ordinary shares that were delisted and cancelled.
Prospects
The group's performance is expected to improve in the coming year as corrective action to address contract
management issues in Contract Mining and Plant Rental takes effect. In addition, the division will focus on
the rationalisation of its existing asset base. This will take place through equipment sales, improved
planning of the maintenance cycle and a reduction and smoothing of capital spend. Opportunities for
achieving better leverage from existing assets have been identified.
All other divisions remain positioned for meaningful growth in profitability from secured long-term contracts,
increased client penetration, additions to the group's range of products and value-added services.
Global and local economic conditions are expected to remain subdued. However, the group is better
structured for this challenging economic situation than it was in 2008 in several important respects:
It has reduced its exposure to the cyclical construction and mining equipment market and resulting
working capital drain through the sale of Eqstra Mining Services (Bucyrus) and the termination of the
New Holland Construction distribution agreement;
It has diversified its commodity exposure from a previous concentration in platinum and diamonds;
It has pursued a policy of matching equipment purchases to its contract mining requirements; and
The Fleet Management and Logistics and Industrial Equipment divisions have retained their resilience
and defensive nature through depressed economic cycles.
Outlook
The depressed global macro environment and the European debt crisis will result in lower GDP growth in
Southern Africa.
Business confidence is expected to remain weak with private sector delays in capital expenditure. Government
infrastructure spending, if executed, will support leasing and industrial equipment sales growth.
By order of the board
NP Mageza WS Hill
Chairperson Chief Executive Officer
20 August 2012
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at
30 June 30 June
2012 2011
Rm Rm
ASSETS
Non-current assets 9 553 8 316
Intangible assets 51 22
Property, plant and equipment 500 429
Leasing assets 8 755 7 625
Deferred tax assets 30 56
Finance lease receivables 59 51
Other investments, loans and derivatives(2) 158 133
Current assets 3 036 2 325
Inventories 811 986
Trade and other receivables and derivatives 1 533 1 084
Finance lease receivables 70 39
Taxation in advance 12 25
Cash and cash equivalents 610 191
Total assets 12 589 10 641
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 929 2 060
Other reserves 106 31
Retained income 931 578
Equity attributable to owners of the parent 2 966 2 669
Non-controlling interests 14 19
Total equity 2 980 2 688
Non-current liabilities 6 498 5 206
Interest-bearing borrowings 5 801 4 570
Deferred tax liabilities 697 636
Current liabilities 3 111 2 747
Trade and other payables, provisions and derivatives 1 747 1 726
Current tax liabilities 12 20
Current portion of interest-bearing borrowings(3) 1 352 1 001
Total equity and liabilities 12 589 10 641
CONDENSED GROUP INCOME STATEMENT
for the years ended
30 June 30 June
2012 2011*
Rm Rm
Continuing operations
Revenue 8 143 6 903
Profit from operations before depreciation and recoupments 2 596 2 338
Depreciation and amortisation (1 744) (1 523)
Recoupments 41 13
Operating profit 893 828
Foreign exchange gains (losses) 46 (8)
Net reversal of impairment (impairment) of leasing assets 30 (50)
Profit before net finance costs 969 770
Net finance costs (481) (410)
Finance costs including fair value gains(5) (507) (436)
Finance income 26 26
Profit before taxation 488 360
Income tax expense (111) (82)
Profit for the year from continuing operations 377 278
Discontinued operations
Profit for the year from discontinued operations, including profit
on sale of discontinued operation 111 21
Profit for the year 488 299
*Prior year re-presented to reflect the discontinued operations
Attributable to:
Owners of the parent 486 300
Profit for the year from continuing operations 375 279
Profit for the year from discontinued operations 111 21
Non-controlling interests 2 (1)
Profit for the year 488 299
Cents Cents
Earnings per share from continuing operations
Basic earnings per share 89.4 66.3
Diluted earnings per share 88.0 63.7
Earnings per share from discontinued operations
Basic earnings per share 26.5 5.2
Diluted earnings per share 26.1 5.1
CONDENSED GROUP STATEMENT
OF COMPREHENSIVE INCOME
for the years ended
30 June 30 June
2012 2011*
Rm Rm
Profit for the year 488 299
Total other comprehensive income (loss) for the year, net of taxation 77 (22)
Exchange differences on translation of foreign subsidiaries 27 (15)
Net fair value gain (loss) on cash flow hedges and other fair value reserves 50 (7)
Total comprehensive income for the year, net of taxation 565 277
Attributable to:
Owners of the parent 563 278
Profit for the year from continuing operations 452 257
Profit for the year from discontinued operations 111 21
Non-controlling interests 2 (1)
565 277
*Prior year re-presented to reflect the discontinued operations
CONDENSED GROUP DISCONTINUED
OPERATIONS INCOME STATEMENT
for the years ended
30 June 30 June
2012 2011
Rm Rm
Revenue 1 120 683
Profit from operations before depreciation and recoupments 85 79
Depreciation, amortisation and recoupments (8) (4)
Operating profit 77 75
Foreign exchange losses (19) (9)
Profit before net finance costs 58 66
Net finance costs (48) (38)
Finance costs (49) (38)
Finance income 1
Profit before taxation 10 28
Income tax expense (36) (7)
(Loss) profit for the year (26) 21
*The above discontinued operations formed part of the Construction and Mining Equipment division
The profit for the year from discontinued operations, including profit
on sale of discontinued operation comprises:
(Loss) profit from discontinued operations (refer above) (26) 21
Profit on disposal of discontinued operation, net of taxation 137
111 21
CONDENSED GROUP STATEMENT
OF CHANGES IN EQUITY
for the years ended
Share Non-
capital and Other Retained controlling
premium reserves income interests Total
Rm Rm Rm Rm Rm
Balance at 1 July 2010 2 060 22 278 20 2 380
Total comprehensive
income for the year (22) 300 (1) 277
Profit for the year 300 (1) 299
Other comprehensive loss
for the year, net of taxation (22) (22)
Share-based payment expense 21 21
Revaluation of Lereko call option 17 17
Other movements (7) (7)
Balance at 30 June 2011 2 060 31 578 19 2 688
Total comprehensive
income for the year 77 486 2 565
Profit for the year 486 2 488
Other comprehensive income
for the year, net of taxation 77 77
Net share-based payment reversal (21) (21)
Revaluation of Lereko call option 2 2
Repurchase of "A" deferred ordinary
shares (66) (66)
Purchase of treasury shares
by subsidiary (65) (65)
Dividends paid (105) (3) (108)
Other movements 17 (28) (4) (15)
Balance at 30 June 2012 1 929 106 931 14 2 980
CONDENSED GROUP STATEMENT
OF CASH FLOWS
for the years ended
30 June 30 June
2012 2011
Rm Rm
Cash flows from operating activities
Cash generated by operations before working capital movements 2 668 2 387
Working capital movements (250) 822
Cash generated by operations 2 418 3 209
Interest received 27 26
Interest paid (565) (481)
Taxation paid (59) (40)
Net cash flows from operating activities 1 821 2 714
Cash flows from investing activities
Disposal of businesses 424
Acquisition of businesses (53) (3)
Gross capital expenditure (3 289) (3 076)
Proceeds on disposal of assets 385 292
Increase in finance lease receivables (39) (84)
Increase in other investments and loans (3) (4)
Net cash flows from investing activities (2 575) (2 875)
Cash flows from financing activities
Repurchase of non-controlling interest (6)
Repurchase of "A" deferred ordinary shares (66)
Purchase of treasury shares by subsidiary (65)
Dividends paid (108)
Increase in interest-bearing borrowings 1 417 89
Net cash flows from financing activities 1 172 89
Net increase (decrease) in cash and cash equivalents 418 (72)
Effect of exchange rate translation on cash and cash equivalents 1 (4)
Cash and cash equivalents at beginning of year 191 267
Cash and cash equivalents at end of year 610 191
Segment information condensed GROUP statement of financial position
as at
Contract Mining Construction Fleet Management Corporate office and
Group and Plant Rental# and Mining Equipment# and Logistics Industrial Equipment# eliminations#
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 51 22 14 2 34 19 3 1
Property, plant and equipment 500 429 152 205 4 15 62 52 142 126 140 31
Leasing assets 8 755 7 625 4 517 3 912 38 2 795 2 576 1 523 1 201 (118) (64)
Finance lease receivables 129 90 120 90 9
Other investment and loans 124 115 12 72 7 3 105 40
Inventories 811 986 97 61 269 544 53 44 392 337
Trade and other receivables
and derivatives 1 567 1 102 767 514 265 232 179 139 305 228 51 (11)
Operating assets and derivatives 11 937 10 369 5 559 4 764 696 883 3 139 2 833 2 362 1 892 181 (3)
Deferred tax assets 30 56
Taxation in advance 12 25
Cash and cash equivalents 610 191
Total assets 12 589 10 641
LIABILITIES
Trade and other payables and
derivatives 1 747 1 726 611 777 286 246 317 285 406 343 127 75
Interest-bearing borrowings 7 153 5 571 3 436 2 710 284 578 1 809 1 379 1 326 1 058 298 (154)
Operating liabilities 8 900 7 297 4 047 3 487 570 824 2 126 1 664 1 732 1 401 425 (79)
Deferred tax liabilities 697 636
Current tax liabilities 12 20
Total liabilities 9 609 7 953
GEOGRAPHIC SEGMENTATION
Operating assets 11 937 10 369 5 559 4 764 696 883 3 139 2 833 2 362 1 892 181 (3)
South Africa 9 673 8 958 4 134 4 032 668 809 2 900 2 606 1 790 1 514 181 (3)
Rest of World 2 264 1 411 1 425 732 28 74 239 227 572 378
Trade and other payables
and derivatives 1 747 1 726 611 777 286 246 317 285 406 343 127 75
South Africa 1 498 1 267 491 502 278 182 265 229 337 279 127 75
Rest of World 249 459 120 275 8 64 52 56 69 64
Interest-bearing borrowings 7 153 5 571 3 436 2 710 284 578 1 809 1 379 1 326 1 058 298 (154)
South Africa 5 891 5 001 2 669 2 423 283 574 1 726 1 359 915 799 298 (154)
Rest of World 1 262 570 767 287 1 4 83 20 411 259
Net capital expenditure 2 904 2 784 1 159 1 539 (4) (2) 1 027 838 703 402 19 7
South Africa 2 085 1 963 682 881 (4) (2) 969 764 419 313 19 7
Rest of World 819 821 477 658 58 74 284 89
# Prior year re-presented to reflect changes in reporting structures
Segment information condensed GROUP income statement
for the years ended
Contract Mining Construction Fleet Management Corporate office and
Group and Plant Rental# and Mining Equipment## and Logistics Industrial Equipment# eliminations##
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2012 2011 2012 2011 2012 2011 2012 2011 2012 2011 2012 2011
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
Revenue
Sales of goods 1 662 1 307 327 174 391 358 944 775
Rendering of services and other 6 481 5 596 3 699 3 012 40 224 1 707 1 531 1 034 826 1 3
8 143 6 903 3 699 3 012 367 398 2 098 1 889 1 978 1 601 1 3
Inter segment revenue 8 213 85 109 63 22 6 (156) (350)
8 143 6 903 3 707 3 225 452 507 2 161 1 911 1 978 1 607 (155) (347)
Net operating expenses (5 547) (4 565) (2 604) (2 262) (441) (476) (1 190) (1 004) (1 451) (1 133) 139 310
Depreciation and amortisation (1 744) (1 523) (789) (644) (6) (1) (632) (597) (326) (289) 9 8
Recoupments 41 13 8 3 3 18 6 3 1 12
Operating profit (loss) 893 828 322 322 5 33 357 316 204 186 5 (29)
Foreign exchange gains (losses) 46 (8) 27 (4) (1) 14 (2) 6 (2)
Net reversal of impairment
(impairment) of leasing assets 30 (50) 37 (50) (7)
Profit (loss) before net
finance costs 969 770 386 272 (2) 29 356 316 218 184 11 (31)
Net finance (costs) income (481) (410) (277) (221) 3 (5) (137) (130) (88) (83) 18 29
Profit (loss) before taxation 488 360 109 51 1 24 219 186 130 101 29 (2)
Income tax expense (111) (82) 5 13 (69) (56) (19) (41) (28) 2
Profit for the year 377 278 114 64 1 24 150 130 111 60 1
GEOGRAPHIC SEGMENTATION
Revenue 8 143 6 903 3 707 3 225 452 507 2 161 1 911 1 978 1 607 (155) (347)
South Africa 6 923 6 255 3 025 3 017 452 507 2 007 1 761 1 594 1 317 (155) (347)
Rest of World 1 220 648 682 208 154 150 384 290
Operating profit (loss) 893 828 322 322 5 33 357 316 204 186 5 (29)
South Africa 681 751 158 287 5 33 331 293 182 167 5 (29)
Rest of World 212 77 164 35 26 23 22 19
Net finance costs (income) 481 410 277 221 (3) 5 137 130 88 83 (18) (29)
South Africa 419 390 232 217 (3) 5 131 124 77 73 (18) (29)
Rest of World 62 20 45 4 6 6 11 10
# Prior year re-presented to reflect changes in reporting structures ## Prior year re-presented to reflect the discontinued operations and changes in reporting sructures
CONDENSED GROUP STATEMENT
OF DISCONTINUED CASH FLOWS
for the years ended
30 June 30 June
2012 2011
Rm Rm
Net cash flows from operating activities (43) 185
Net cash flows from investing activities 425 (3)
Net cash flows from financing activities (382) (182)
Net change in cash and cash equivalents
NOTES
(1) Basis of preparation
The audited abridged consolidated financial statements have been prepared using accounting policies
compliant with International Financial Reporting Standards (IFRS), the AC 500 standards as issued by
the Accounting Practices Board or its successor and contains information required by IAS 34: Interim
Financial Reporting, the JSE Limited Listings Requirements and the South African Companies Act. The
accounting policies and their application are consistent, in all material respects, with those detailed in
Eqstra's 2011 annual report, except for the adoption on 1 July 2011 of those new, revised and amended
standards and interpretations in Eqstra's 2012 annual report. The adoption of the new and amended
statements of generally accepted accounting practice, interpretations of statements of generally
accepted accounting practice, and improvements project amendments has not had an effect on the
group's financial results.
30 June 30 June
2012 2011
Rm Rm
(2) Other investments, loans and derivatives
Listed, at market value 66 61
Unlisted, at fair value or directors' valuation 42 44
Loans receivable 16 10
Derivative financial asset 34 18
158 133
(3) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes
R529 million (2011: R652 million) commercial paper that is supported
by a R1 000 million standby liquidity facility that has an 13-month
rolling notice period.
(4) Capital commitments 2 402 3 058
Contracted 489 1 042
Authorised by directors but not contracted 1 913 2 016
Contingent liabilities 5
The expenditure is substantially for the acquisition and replacement
of leasing assets. Expenditure will be financed from cash generated
from operations and existing banking facilities.
(5) Finance costs including fair value gains
Interest expense 516 443
Fair value gains on borrowings and interest swaps (unrealised) (9) (7)
Cents Cents
(6) Net asset value per share attributable to owners
of the parent 691. 9 624. 0
(7) Headline earnings per share
Headline earnings per share continuing operations(8)
Basic earnings per share 77.2 72.7
Diluted earnings per share 76.0 69.8
Headline earnings per share discontinued operations(8)
Basic earnings per share 5.2
Diluted earnings per share 5.1
Reconciliation of continuing earnings per share
Basic earnings per share 89.4 66.3
Profit on sale of property, plant and equipment
and leasing equipment (9.8) (3.1)
Net (reversal of impairment) impairments of leasing assets (7.2) 11.9
Taxation effect 4.8 (2.4)
Headline earnings per share 77.2 72.7
Million Million
(8) Weighted average number of shares in issue
for the year
Number of ordinary shares
in issue 428.7 427.7
Weighted average number of ordinary shares
in issue during the year 419.6 419.4
opening shares 419.4 404.9
conversion of "A" deferred ordinary shares 0.8
purchase of treasury shares (0.6)
conversion of "B" deferred ordinary shares 14.5
dilutionary effect of deferred ordinary shares 6.5 16.8
Diluted weighted average number of ordinary shares 426.1 436.2
(9) The auditors, Deloitte and Touche, have audited the financial statements in accordance with section
29(1) (e) of the Companies Act (Act 71 of 2008) and have issued their unmodified opinion on the group's
annual financial statements for the year ended 30 June 2012. The audit was conducted in accordance with
International Standards on Auditing. These abridged financial statements have been derived from the
group financial statements and are consistent in all material respects with the group financial statements.
A copy of their audit report is available for inspection at the company's registered office.
Any reference to future financial performance included in this announcement, has not been reviewed or
reported on by the Company's auditors.
NAME AND REGISTRATION NUMBER
Eqstra Holdings Limited
1998/011672/06
JSE codes: EQS; EQS01; EQS02; EQS04; EQS05
ISIN: ZAE000117123
REGISTERED OFFICE AND BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619
PO Box 1050, Bedfordview, 2008
NON-EXECUTIVE DIRECTORS
NP Mageza*(Chairperson), MJ Croucamp*, S Dakile-Hlongwane, VJ Mokoena*,
SD Mthembi-Mahanyele*, AJ Phillips*, TDA Ross* (*Independent)
EXECUTIVE DIRECTORS
E Clarke, WS Hill (CEO), JL Serfontein (CFO)1 CA(SA) (1Preparer of financial
results)
COMPANY SECRETARY
L Möller
TRANSFER SECRETARIES
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
www.eqstra.co.za
Date: 21/08/2012 08:09:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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