Wrap Text
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2012
DISTRIBUTION AND WAREHOUSING NETWORK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
(“DAWN” or “the Group” or “the Company”)
Alpha code: DAW
ISIN: ZAE000018834
E-mail: info@dawnltd.co.za
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2012
CONDENSED CONSOLIDATED INCOME STATEMENT
for the year ended 30 June
Audited Audited
% 2012 2011
change R’000 R’000
Revenue 12 4 228 261 3 792 631
Cost of sales (3 193 127) (2 848 747)
Gross profit 10 1 035 134 943 884
Net operating expenses (871 962) (842 105)
Operating profit before
impairments and
derecognition of
investments 60 163 172 101 779
Impairment of goodwill – (49 446)
Net loss on derecognition
of previously held
interests – (19 263)
Operating profit 163 172 33 070
Finance income 11 808 28 629
Finance expense (63 774) (75 160)
Profit/(loss) after net
financing cost 111 206 (13 461)
Impairment of associates – (625)
Results of associates 5 709 (81)
Profit/(loss) before taxation 116 915 (14 167)
Income tax expense (32 584) (14 689)
Profit/(loss) for the year 84 331 (28 856)
Profit/(loss) attributable to:
Owners of the parent 83 033 (30 325)
Non-controlling interest 1 298 1 469
Profit/(loss) for the year 84 331 (28 856)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June
Audited Audited
2012 2011
R’000 R’000
Profit/(loss) for the year 84 331 (28 856)
Other comprehensive income:
– Exchange differences on
translating foreign
operations 2 740 (1 190)
– Effects of cash flow hedges (683) 1 563
– Taxation related to components
of other comprehensive income 191 (306)
Other comprehensive income for the
year net of taxation 2 248 67
Total comprehensive income/(loss) 86 579 (28 789)
Total comprehensive income/(loss)
attributable to:
Owners of the parent 85 109 (30 077)
Non-controlling interest 1 470 1 288
86 579 (28 789)
Included above:
Depreciation and amortisation 65 947 68 330
Operating lease rentals 81 678 73 032
Determination of headline earnings
Attributable earnings/(loss) 83 033 (30 325)
Adjustment for the after-tax effect of:
Net profit/(loss) on disposal of
property, plant and equipment 3 567 (720)
Impairment of property, plant
and equipment 2 405 528
Loss on derecognition of previously
held interests – 19 263
Impairment of intangible assets – 48 714
Impairment of associate – 625
Headline earnings 89 005 38 085
Statistics
Number of ordinary shares (’000)
– in issue 240 243 240 243
– held in treasury (7 726) (8 718)
Deferred ordinary shares
in issue (’000) 2 000 2 000
Weighted average number of
shares (’000)
– for earnings per share 234 063 233 681
– for diluted earnings
per share 238 567 233 681
Earnings/(loss) per share (cents) 35,47 (12,98)
Headline earnings per
share (cents) 133 38,03 16,30
Diluted earnings per
share (cents) 34,80 (12,98)
Diluted headline earnings
per share (cents) 129 37,31 16,30
Operating profit (%) 3,9 0,9
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June
Audited Audited
2012 2011
R’000 R’000
ASSETS
Non-current assets 777 131 737 819
Property, plant and equipment 378 031 373 996
Intangible assets 247 778 218 099
Investments in associates 93 771 88 416
Deferred tax assets 57 551 57 308
Current assets 1 894 254 1 778 512
Inventories 826 711 852 424
Trade and other receivables 833 650 773 497
Cash and cash equivalents 231 518 150 903
Derivative financial instruments 677 165
Current tax receivable 1 698 1 523
Assets held for sale
Subsidiary held for sale – 42 466
Total assets 2 671 385 2 558 797
EQUITY AND LIABILITIES
Capital and reserves 1 272 241 1 174 930
Equity attributable to equity
holders of the Company 1 269 990 1 173 669
Non-controlling interest 2 251 1 261
Non-current liabilities 228 070 116 802
Borrowings 157 282 40 862
Deferred profit 31 943 37 735
Deferred tax liabilities 25 614 25 236
Retirement benefit obligation 6 223 5 979
Derivative financial instruments 7 008 6 990
Current liabilities 1 171 074 1 267 065
Trade and other payables 867 951 766 601
Current portion of borrowings 282 958 476 186
Derivative financial instruments 928 464
Deferred profit 5 793 8 150
Income tax liabilities 13 444 15 664
Total equity and liabilities 2 671 385 2 558 797
Capital commitments 36 504 16 969
Future commitments
Operating leases 428 138 459 351
Net cash/(overdraft) 61 909 (34 526)
Net interest-bearing debt 201 053 332 656
Value per share
Asset value per share
– net asset value (cents) 541,53* 488,53
– net tangible asset value (cents) 435,88* 397,85
– market price (cents) 615 639
Market capitalisation (R’000) 1 477 494 1 535 152
Net financial gearing ratio (%)** 15,8 30,3
Current asset ratio (times) 1,6 1,4
* Shares calculated net of treasury shares.
** Includes cash and cash equivalents.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 30 June
Audited Audited
2012 2011
R’000 R’000
Opening balance 1 174 930 1 215 960
Total comprehensive income/(loss)
for the year 86 579 (28 789)
Treasury shares acquired (281) (3 522)
Treasury shares used to settle
share-based payment obligation 8 407 –
Acquisition of non-controlling
interest in subsidiaries – (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 11 493 4 924
Settlement of share-based
payment obligation (8 407) –
Dividends paid to minorities
in subsidiary (480) (355)
Balance at the end of the year 1 272 241 1 174 930
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 June
Audited Audited
2012 2011
R’000 R’000
Cash generated from operations 45 236 766 163 400
Working capital changes 30 557 (18 562)
Net finance charges paid (55 235) (50 796)
Income tax paid (36 822) (37 688)
Cash flow from operating
activities 211 175 266 56 354
Cash flow from investing
activities (35 112) (92 326)
Cash flow from financing
activities (41 261) (38 456)
Increase/(decrease) in cash
Resources 98 893 (74 428)
Cash resources at
beginning of year (34 526) 39 902
Exchange losses on cash and
bank overdrafts (2 458) –
Cash resources at end of year 61 909 (34 526)
CONDENSED CONSOLIDATED SEGMENTAL ANALYSIS
for the year ended 30 June
Infra- DAWN
struc- Solu-
Building ture tions
R'000 R'000 R'000
2012
Revenue 2 618 342 1 640 114 307 515
Revenue after intersegment
elimination reallocated 2 588 607 1 623 335 16 319
Depreciation and amortisation (31 668) (19 388) (13 382)
Operating profit/(loss) 159 510 42 975 (1 634)
Net finance income/(expense) (39 241) (18 761) (2 211)
Share of profit of associates 2 483 3 226 –
Tax expense (35 480) (7 853) 2 302
Net profit/(loss) after tax 87 272 19 587 (1 543)
Assets 1 890 471 765 725 403 769
Liabilities 1 305 119 487 936 421 605
Capital expenditure** 71 823 3 191 15 897
Head Office
and
consolidation* Total
R'000 R'000
2012
Revenue (337 710) 4 228 261
Revenue after intersegment
elimination reallocated – 4 228 261
Depreciation and amortisation (1 509) (65 947)
Operating profit/(loss) (37 679) 163 172
Net finance income/(expense) 8 247 (51 966)
Share of profit of associates – 5 709
Tax expense 8 447 (32 584)
Net profit/(loss) after tax (20 985) 84 331
Assets (388 580) 2 671 385
Liabilities (815 516) 1 399 144
Capital expenditure** – 90 911
Infra- DAWN
struc- Solu-
Building ture tions
R'000 R'000 R'000
2011
Revenue 2 494 827 1 315 544 241 083
Revenue after intersegment
elimination reallocated 2 489 600 1 297 271 5 760
Depreciation and amortisation (32 690) (17 902) (15 826)
Operating profit/(loss)
before impairments and
derecognitions 168 858 (32 481) (10 547)
Impairment of intangibles
and derecognitions (53 039) 133 –
Operating profit/(loss) after
impairments and
derecognitions 115 819 (32 348) (10 547)
Net finance income/(expense) (52 282) 2 088 (1 643)
Share of profit/(loss)
of associates
(incl impairment of
associate) (983) 277 –
Goodwill impairment 62 554 (29 983) (12 190)
Tax expense (32 899) 14 765 (1 782)
Net profit/(loss) after tax 29 655 (15 218) (13 972)
Assets 1 881 157 770 613 322 181
Liabilities 1 241 896 508 463 335 186
Capital expenditure 56 069 23 377 13 915
Head Office
and
consolidation* Total
R'000 R'000
2011
Revenue (258 823) 3 792 631
Revenue after intersegment
elimination reallocated – 3 792 631
Depreciation and amortisation (1 913) (68 331)
Operating profit/(loss)
before impairments and
derecognitions (24 051) 101 779
Impairment of intangibles
and derecognitions (15 803) (68 709)
Operating profit/(loss) after
impairments and
derecognitions ) (39 854) 33 070
Net finance income/(expense) 5 306 (46 531)
Share of profit/(loss)
of associates
(incl impairment of
associate) – (706)
Goodwill impairment (34 548) (14 167)
Tax expense 5 227 (14 689)
Net profit/(loss) after tax (29 321) (28 856)
Assets (415 154) 2 558 797
Liabilities (701 678) 1 383 867
Capital expenditure 910 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 expenditure on intangibles.
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 three clusters –Trading, Watertech and
Sanitaryware and three associates – Apex Valves, Heunis Steel and
Saffer Union in 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 in results during the
year, with a 133% increase in headline earnings per share,
increasing to 38 cents per share. The Group focused on extracting
benefits from the restructuring which took place over the last
three years, most notably in the cost base. During the year, this
allowed the Group to extract the full benefits of volume
increases. Inventory controls improved considerably as part of
the Group’s strong focus on cash flow management.
In the Infrastructure businesses, DAWN benefited from additional
volume throughput as well as improved efficiencies. Although
volumes stabilised in the Building businesses, margin pressure
continued, which diluted overall Group performance.
Building segment – 57% of Group revenue (before inter-group
eliminations)
As expected, the Building market remained tough and weakened
further during the second half of the year. The decline in
buildings completed continued, albeit at a slower rate. The
competitive environment was exacerbated by increased imports. The
most prominent markets in which the Building segment operates are
the residential market and the recorded and unrecorded additions
and alterations markets. The residential market showed a 5%
improvement, the first improvement in three years, but recorded
additions and alterations declined by 8%. It is therefore
pleasing that the Building segment managed to deliver a 3%
increase in revenue, which included a 1% improvement in volumes
as well as price increases of 2%. This again highlights that the
unrecorded additions and alterations market continues to support
the Group. The decrease in operating profit for the year has been
limited to 6% to R160 million (F2011: R169 million), mainly
attributable to tight operating expenditure controls.
The relatively stronger Rand in F2011 resulted in increased
competition from imports in F2012, as the exchange rate effect
takes time to flow through the system. It therefore follows that
the weaker Rand prevailing in F2012 should result in reduced
price competition from imports in F2013.
Gross margins in the Building segment remained under pressure due
to customers’ requirements for higher quality products at lower
prices. However, operating expenses were contained at 3%,
resulting in the operating profit margin only reducing slightly
to 6,3% (F2011: 6,8%) in an extremely competitive environment.
All three clusters in the segment (Trading, Watertech and
Sanitaryware) were affected by increased price competition and
customer affordability constraints, forcing customers to buy
lower down the price spectrum.
The Trading cluster saw further volume pressure as customers
across the board reduced or maintained their stock at low levels.
However, AST’s (a joint venture company in the Trading cluster)
move from a loss to a meaningful profit boosted performance to an
18% increase in profit before interest and taxation.
In the Watertech cluster, Cobra was most affected by the customer
move to lower-priced products, but managed a strong 29% increase
in exports. Although Isca products fit the price range for
current market conditions, margins on imported components were
squeezed by the exchange rate. This was the case for all
importers of taps and mixers.
The Sanitaryware cluster reduced their loss of R19 million in the
first half to R2 million in the second half. Notwithstanding an
improved result, performance remained below expectations.
The Ceramics business, Vaal, made a small loss, mainly due to
retrenchment costs. The benefit of this has already been seen
from the last quarter of F2012. Acrylics, comprising Libra and
Plexicor, continued to underperform and constituted the bulk of
the loss incurred by the Sanitaryware cluster. Volumes in the
sector in which Acrylics operates reduced significantly,
resulting in a significant competitor exiting the market. With
fewer players left, improved volume benefits are expected in
F2013.
Infrastructure segment – 36% of Group revenue (before inter-group
eliminations)
The Infrastructure segment has improved its results for the third
consecutive half-year reporting period and delivered an operating
profit of R43 million for the year. This represents a R75 million
turnaround from F2011. Revenue increased by 23%, of which 16%
related to volume increases. This result was achieved despite the
severe impact of the national strike in July 2011.
The two businesses in the segment, DPI and Incledon, both saw
substantially improved margins and volumes. The improvement in
the awarding of civils projects, particularly water- and sewer-
related projects, continued, which allowed the cluster to operate
at strong levels of capacity utilisation. Civil tenders awarded
have increased in value by 7% in the last year, with a strong
order book. The smaller number of players in the cluster’s key
markets assisted both volume throughput and margins. The water
and sanitation infrastructure is in disrepair in most areas of
South Africa and volume levels appear promising.
The operating margin improved from a loss of 2,5% to a positive
2,6%. Some scale benefits and efficiency improvements were
achieved in F2012. Although the current operating margin was a
pleasing improvement, margins are still lower than the Group’s
desired levels.
Market share gains were experienced in both Incledon and DPI,
increasing the segment’s total market share since F2010 from 29%
to 37%.
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, further supported by improved
scrap and production output rates. Loading consistency from key
annual supply contracts resulted in improved efficiencies.
DPI’s operating profit moved from a loss of R36 million in F2011
to a profit of R17 million in the year under review. Volume
growth of 20% was achieved, assisted by the benefits of the
stronger sales structure and recent market consolidation, as well
as an improvement in market share in fittings. Excluding the lost
production during the strike in July 2011, DPI exceeded its
benchmark production. The order book is robust, with some key
supply contracts in the mining space providing loading
consistency on the capacity that was added in the last quarter of
F2012. Further contracts were won. Revenue increased by 26%, with
sales of higher-margin product up 20% year-on-year.
Incledon’s operating profit moved from R7 million in F2011 to R26
million in the year under review. The business improved turnover
by 20% year-on-year. Volumes increased due to more civils awards,
as well as an increase in mining-related spend, with municipal
demand contributing 35% of Incledon’s total revenue for the year.
Gross margins improved pleasingly, with the largest increase
emanating from higher-margin engineering product sales.
DAWN Solutions – 7% of Group revenue (before inter-group
eliminations)
DAWN Solutions renders a crucial competitive advantage to the
Group through delivering warehouse and distribution services at
much lower rates than the logistics industry average. It 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 pleasing performance as the Group
continues to build on the strategy of ensuring throughput for
this business.
During the year, the segment’s revenue increased by 28% to R308
million.
DAWN Solutions’ logistics services provide the major competitive
advantage for the Group. As DAWN Cargo and DAWN Distribution
Centres are integrally linked through the same management team
and income sources, the two entities will from now on be reported
as DAWN Logistics.
The focus of DAWN HR, DAWN Marketing & Design, DAWN IT and DAWN
Packaging is on attracting further non-Group business, whilst
suppressing costs to Group companies. These businesses managed to
double profit before interest in F2012.
DAWN Solutions 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. To provide additional
disclosure, the revenue of this entity is discussed separately.
DAWN’s expanded geographic footprint into Africa and the Indian
Ocean islands started seven years ago.
The Group is pleased with the strong progress achieved. Revenue
from this source has increased from less than R150 million in
F2005 to a current level of R1,1 billion (gross pre-eliminated
revenue including 100% of joint ventures and associates). This
comprises R557 million in exports (a 22% increase year-on-year);
five DPI manufacturing outlets in Africa, where revenue increased
by 9% in F2012 on the back of strong performances in Namibia,
Tanzania, Angola and Mauritius and the weaker Rand that supported
growth in profit before interest; as well as five outlets in the
Group’s AST joint venture with Kwikot, where revenue increased by
22%. Earnings growth was achieved in Zambia, Zimbabwe and
Mozambique. Although some improvements were achieved, Nigeria and
Angola remain challenging due to the political environment in
those countries.
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 year, the Group experienced market share gains, price
increases and improved volumes. Revenue increased by 12% to R4,2
billion (F2011: R3,8 billion), with volumes increasing by 7% and
prices by 5%. Operating profit increased by 60% to R163,2 million
(F2011: R101,8 million). Operating expense increases were managed
tightly and were successfully kept to a 3,5% increase year-on-
year, well below the inflation rate.
The Group operating margin increased from 2,7% to 3,9%, mainly
due to the improvement in the Infrastructure segment.
The average debt for the period was R441 million (R424 million in
F2011), largely due to a fluctuation in working capital balances
attributable to volatile demand patterns. The average debt did
however reduce significantly during the last quarter to end the
financial year on R201 million net debt. The Group’s gearing
ratio is 15,8%.
Income from associates returned to a profit of R5,7 million
driven by improved performances at Sangio Pipe and Fibrex through
their infrastructure-related activities. Heunis Steel and Apex
Valves, both of whom are mainly exposed to the building sector,
maintaining earnings.
Earnings per share improved from a loss of 13 cents per share to
a profit of 35,5 cents per share. Headline earnings per share of
38 cents per share showed an increase of 133% from 16,3 cents per
share reported for the prior year.
Working capital management continued to be a focus area and
showed a substantial improvement. Debtors’ days were tightly
managed but increased to 55 days (F2011: 51 days) as a result of
higher levels of sales activity towards the end of the reporting
period. Bad debts remained below 0,1% of revenue. Although
volatile demand patterns continued, particularly in the Building
segment, inventory levels showed a significant improvement.
Creditor days increased to 67 days, although we do not expect it
to remain at this level. Net working capital at 75 days is well
within the working capital target of 80 days.
The strong focus on cash flow management resulted in a 45%
improvement in the cash generated from operations to end the year
at R237 million. This was further supported by a net decrease in
working capital due to the significant reduction in inventory,
resulting in a cash inflow of R31 million. Investing activities
included R91 million in essential capital expenditure. This
comprised a R23 million investment in fleet renewal, new
warehousing and distribution systems, as well as a new Enterprise
Resource Planning system for Isca. The balance of R68 million was
used to maintain the manufacturing and trading capacity of the
Group.
Interest cost cover (excluding impairments and once-off costs) is
4,4 times (F2011: 3,7 times) and the debt service (including
total capital and interest repayments) covered by free cash flow
generated by the Group is 2,0 times (F2011: 0,5 times). Net
interest-bearing debt of R201 million at 30 June 2012 is at its
lowest levels and equates to approximately one year’s free cash
flow.
The AST subsidiary held for sale of R42,5 million at 30 June 2011
was de-recognised during the current year and the Group acquired
a 51% shareholding in Africa Saffer Trading (new AST joint
venture with Kwikot, a local manufacturer of water heating
systems, who acquired the 49% interest from the Group during July
2011).
BASIS OF PREPARATION
The Board acknowledges its responsibility for the preparation of
the condensed consolidated annual financial statements for the
year ended 30 June 2012 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 year. The condensed consolidated annual financial
statements have been extracted from the audited annual financial
statements and have been prepared by Mr JAI Ferreira (CA(SA)),
Financial Director, and were approved by the Board on 12
September 2012.
The accounting policies are consistent with those applied in the
annual financial statements for the year ended 30 June 2011.
These results have been audited by the Group’s auditors,
PricewaterhouseCoopers Inc., and their unmodified audit opinion
is available for inspection at the Company’s registered office.
PROSPECTS
DAWN’s cost base and revenue generating capacity are now
positioned to take maximum advantage of market improvements. Any
improvement in volumes will have a direct impact on the bottom
line. The Group anticipates the following further improvements,
by segment, in F2013:
* An improvement in the performance in the Building segment as
the Sanitaryware cluster turns around;
* The recovery in the market for the Infrastructure segment to
be sustained due to contracts already secured in the
government and private sectors;
* Profits in Logistics to improve as its achievement of scale
facilitates the roll-out of its business model; and
* DAWN International to continue gaining momentum, with
substantial opportunities offered by infrastructure growth in
Africa, having set a sound base over the last seven years.
The Board therefore anticipates further improvements in F2013.
This general forecast has not been reviewed nor audited by the
Company’s auditors.
EVENTS AFTER THE REPORTING PERIOD
The Group concluded new agreements with its lenders whereby the
term debt of R193,8 million of the Group has been restructured to
a bullet payment profile due to be settled on 31 August 2015
only.
Management is not aware of any other 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 year-end.
DIVIDEND
The Board considers it prudent to conserve cash as the early part
of a market recovery requires working capital investment. It
therefore does not propose a dividend in respect of the 2012
financial year. It is the Board’s intention to resume dividend
payments in due course.
RL Hiemstra DA Tod
Non-Executive Chairman Chief Executive Officer
Johannesburg
13 September 2012
The presentation to investors is available on the DAWN website.
www.dawnltd.co.za
DISTRIBUTION AND WAREHOUSING NETWORK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/008265/06)
(“DAWN” or “the Group” or “the Company”)
Alpha code: DAW
ISIN: ZAE000018834
E-mail: info@dawnltd.co.za
Registered office: Cnr Barlow Road and Cavaleros Drive, Jupiter
Ext 3, Germiston, 1401
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: 13/09/2012 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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