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Audited Preliminary Results for the year ended 30 September 2012
PPC Ltd
(Incorporated in the Republic of South Africa)
(Company registration number: 1892/000667/06) (the group or the company)
JSE code: PPC
JSE ISIN: ZAE 000170049
ZSE code: PPC
Audited preliminary report for the year ended 30 September 2012
- Normalised earnings per share increased 11%
- Cash earnings per share increased 16%
- Annual dividend up 12% to 146 cents per share following a final dividend declaration of 108 cents per share
- BEE Phase II completed and mining rights conversions under way
- Acquired 27% of Habesha Cement in Ethiopia
- Ketso Gordhan appointed CEO designate
Paul Stuiver, CEO, said: Despite another year in a tough economic environment; characterised by overcapacity
in the industry, competitive cement pricing, rising energy costs and strike action in adjacent industries, Team
PPC delivered good results by improving efficiencies and increasing normalised earnings by 11%. During the
year we finalised a number of key strategic issues including our first new investment into sub Saharan Africa,
CEO succession and are in the process of converting our mining rights in South Africa.
COMMENTARY
Group revenue increased 8% to R7 346 million (2011: R6 826 million) with improved selling prices compensating for
lower cement sales volumes. PPCs overall cement sales volumes reduced by 3% following lower sales in Botswana and
reduced exports, which were partly offset by growing demand in Gauteng, Port Elizabeth and Zimbabwe.
Cost of sales of R4 809 million (2011: R4 500 million) increased by 7% mainly due to rising electricity and outbound
logistics (diesel) costs, offset by improved operating efficiencies and savings on salaries following the voluntary separation
programme finalised during 2011.
Administration and other operating expenditure rose by 9% to R671 million (2011: R616 million) due to increased IFRS
charges on employee incentive share schemes and consulting fees incurred on the BEE II transaction.
EBITDA increased 8% to R2 327 million (2011: R2 146 million) while operating profit before BEE IFRS charges rose 9%
to R1 866 million (2011: R1 710 million). The groups EBITDA margin increased to 31,7% (2011: 31,4%) due to higher
revenues and improved cost management.
Net finance charges were R347 million (2011: R325 million) and taxation amounted to R557 million (2011: R520 million).
The increase in the taxation rate to 39,7% (2011: 37,6%) can be ascribed to the non-deductibility of certain BEE IFRS
charges and increased withholding taxes incurred on dividends received from our foreign operations, partly offset by the
STC saved on the companys interim dividend following the discontinuance of STC from 1 April 2012.
Earnings per share, excluding BEE IFRS charges (normalised earnings), increased by 11% to 185 cents per share
(2011: 166 cents per share). Cash generated from operations remained strong and increased by 9% to R2 284 million
(2011: R2 102 million).
Capital investment was R609 million (2011: R483 million), with R159 million being invested on the De Hoek kiln
6 upgrade project which was successfully commissioned during the last quarter of the year. Gearing remained substantially
in line with last year, with gross debt rising marginally to R3 585 million (2011: R3 510 million).
Dividends: The directors have declared a final dividend of 108 cents per share (2011: 95 cents per share), which increases
the years total dividend by 12% to 146 cents per share (2011: 130 cents per share). The dividend policy of 1,2 to 1,5
times normalised earnings cover remains unchanged.
Cement:
South Africa: PPCs South African cement sales volumes declined by 1%, mainly due to a subdued final quarter of the
financial year which proved particularly challenging as the transport sector strike and heavy rains resulted in reduced
sales.
Imported cement, which is not subject to import duties and is excluded from the national statistics, accounted for an
estimated 6% of national demand. While cement imports have to date been limited primarily to the KwaZulu-Natal
province, the effects are also being felt in the Eastern and Western Cape. The local industry remains concerned that some
of these imports are not compliant with local standards.
PPCs average cement selling price per ton increased by 5% during the financial year while costs increased by only 3% on
a rand per ton basis. The reconfiguring of the Port Elizabeth factory into a single-product facility in September 2011 and
increased utilisation of the more efficient Dwaalboom kilns were among the key drivers of this pleasing cost performance.
The latter improvement was made possible by an improved performance by Transnet Freight Rail.
Phase 1 of our Western Cape modernisation strategy, the R280 million upgrade of kiln 6 at our De Hoek factory, was
successfully completed during July 2012. PPC has also been granted environmental authorisation for Phase II of its
Western Cape modernisation strategy.
The leniency agreement between PPC and the Competition Commission concluded during 2009 remains intact and we
continue to cooperate fully with the Commission.
Botswana: PPCs cement volumes in Botswana decreased due to a combination of lower industry demand and increased
competitive activity. The decline in industry demand can be attributed to the slowdown in government spending on
infrastructure projects.
Zimbabwe: Industry demand in Zimbabwe continued its strong growth trajectory. Within this context, PPCs increasing
sales volumes, combined with higher local selling prices led to enhanced revenue. This was unfortunately partially offset
by double digit increases in the cost of electricity, diesel and salaries.
The cost of production was further influenced by a six week production interruption due to the failure of a transformer
in February 2012. This required clinker to be imported from our South African operations, thereby incurring additional
logistics costs.
Exports: Exports to neighbouring countries, particularly Mozambique, have declined on the back of intense competition.
This competition derives from both local producers in Mozambique and Asian imports into this market.
Lime and aggregates: Lime sales were negatively impacted by a general decrease in demand from the steel and alloys
industry resulting in overall sales volumes declining by 4%. Contractual selling price increases and improved operating
efficiencies however resulted in EBITDA increasing by 22% to R188 million (2011: R154 million).
Our South African aggregates operations reported solid growth in volumes leading to improved margins. This was offset
by the weak market conditions experienced by our Botswana operations. EBITDA for the aggregates division remained
unchanged at R56 million (2011: R56 million).
Board changes: Mr Ketso Gordhan was appointed to the board with effect from 1 November 2012 as CEO designate
and will take over as CEO on 1 January 2013. The current CEO, Mr Paul Stuiver, will retire from the company and the
board on 31 December 2012.
Black Economic Empowerment transaction: In September 2012, the company completed a second phase broadbased
black economic empowerment transaction by placing an additional 39,3 million ordinary shares (6,5% of PPCs
increased share capital) under black ownership.
The transaction results in more than 26% effective black ownership of PPCs South African operations and has enabled
the company to meet the South African mining rights conversion requirements as set out by the Mining Charter.
The transaction will also allow PPC to streamline its corporate structure in 2013 by creating separate South African and
international operating entities with focused strategies. In line with its brand-building activities the company also took the
opportunity to rename its listed entity Pretoria Portland Cement Company Limited as PPC Ltd.
Strategy: During the year we made good progress on both our South African and international strategies. In South
Africa this included a number of customer-centric activities and increased operational and logistic efficiencies. PPCs
acquisition of Pronto Holdings, a prominent readymix and fly ash supplier in Gauteng, received regulatory approval in the
first quarter of 2012, further enhancing our industry leadership position.
In line with our strategy to increase PPCs revenue generation beyond South Africa, the first phase of our Habesha
investment in Ethiopia will increase our revenue outside South Africa from the current 21% to approximately 26% within
the next three years. The new 1,4 million ton per year Habesha cement plant is due to come on-line during 2014. Plans
for the second phase of this investment include a doubling of capacity to 2,8 million tons a year.
Prospects: South African cement demand for the nine months to the end of June 2012, showed encouraging growth,
but given the impact of labour unrest in the mining industry and the effect of the transport strike, it is likely that more
subdued numbers will be reported for the remainder of 2012.
The effective rollout of governments infrastructure programme has the potential to ensure a sustained recovery in the
South African cement market. Failing this, growth in demand for 2013 will be muted.
While we continue to monitor and prepare for new entrants, their new capacity will not come on-line before 2014.
We expect cement demand in Zimbabwe to continue growing but are cautious that national elections could potentially
interrupt the recent growth trend. Demand in Botswana should begin improving during 2013 as the Botswana
government has recently released some sizeable projects.
PPC is currently pursuing four opportunities in other African countries, all of which are at different stages of development
including final due diligence. We remain confident that further tangible progress on this front will be made during 2013.
On behalf of the board
BL Sibiya Chairman P Stuiver Chief executive officer MMT Ramano Chief financial officer
12 November 2012
Final dividend announcement for the year ended 30 September 2012: Notice is hereby given that the final ordinary
gross dividend of 108 cents per share has been declared payable to ordinary shareholders in respect of the year ended 30
September 2012 and will be paid out of profits as determined by the directors.
In terms of dividends tax, the following additional information is disclosed:
the dividend will be subject to a local dividend tax rate of 15%
no STC credits have been utilised in this declaration and accordingly the dividend to utilise in determining
dividends tax is 108 cents per share
the dividends tax to be withheld by the company amounts to 16.20 cents per share where no dividend tax exemption is applicable
the net dividend payable to shareholders who are not exempt from dividends tax amounts to 91.80 cents per share
the stated capital of the company at the declaration date comprises of 605 379 648 ordinary shares
the companys income tax reference number is 9460015606
The important dates pertaining to this dividend for shareholders trading on the JSE Limited are as follows:
Declaration date Monday, 12 November 2012
Last day to trade Friday, 4 January 2013
Shares trade Ex dividend Monday, 7 January 2013
Record date Friday, 11 January 2013
Payment date Monday, 14 January 2013
Share certificates may not be dematerialised or rematerialised between Monday, 7 January 2013 and
Friday, 11 January 2013, both dates inclusive. Transfers between the South African and Zimbabwean registers may not
take place between Monday, 7 January and Friday, 11 January 2013.
Zimbabwe: The important dates pertaining to this dividend for shareholders trading on the Zimbabwe Stock Exchange are
as follows:
Shares trade Ex dividend Monday, 7 January 2013
Record date Friday, 11 January 2013
Payment date, on or shortly after Monday, 14 January 2013
The register of members in Zimbabwe will be closed from Monday, 7 January 2013 to Friday, 11 January 2013, both days
inclusive, for the purpose of determining those shareholders to whom the dividend will be paid. The dividend payable to
shareholders registered in Zimbabwe will be paid in South African rand.
By order of the board
JHDLR Snyman
Group company secretary
12 November 2012
Sandton
Consolidated Income Statement Year ended
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
Revenue 7 346 6 826
Cost of sales 4 809 4 500
Gross profit 2 537 2 326
Administration and other operating expenditure 671 616
Operating profit before item listed below: 1 866 1 710
BBBEE IFRS 2 charges 123 11
Operating profit 1 743 1 699
Finance costs 377 353
Investment income 30 28
Profit before exceptional items 1 396 1 374
Exceptional items (4)
Share of associates profit 7 15
Profit before taxation 1 403 1 385
Taxation 557 520
Profit for the year 846 865
Attributable to~:
Ordinary shareholders 768 785
Other shareholders 78 80
846 865
Earnings per share (cents)
basic 161 164
diluted 159 163
Consolidated Statement of Comprehensive Income Year ended
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
Profit for the year 846 865
Other comprehensive income, net of taxation 29 97
Effect of translation of foreign operations 17 95
Effect of cash flow hedges 14 (1)
Revaluation of available-for-sale financial investments (4) 4
Taxation on other comprehensive income 2 (1)
Total comprehensive income 875 962
~ Profit for the year is apportioned between ordinary and other shareholders based on the number of
shares held by each category of shareholder as a ratio of total shares in issue (refer note 5).
Normalised Earnings Per Share* Year ended
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
Earnings per share 185 166
Headline earnings per share 185 167
*Normalised earnings per share is calculated before the impact of BBBEE IFRS 2 charges (net of taxation)
Consolidated Statement of Financial Position Year ended
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
ASSETS
Non-current assets 4 998 4 585
Property, plant and equipment 4 483 4 287
Intangible assets 139 94
Non-current financial assets 106 115
Investments in associates 267 89
Deferred tax asset 3
Current assets 1 909 1 834
Inventories 841 709
Trade and other receivables 820 901
Cash and cash equivalents 248 224
Total assets 6 907 6 419
EQUITY AND LIABILITIES
Capital and reserves
Stated capital^ (1 181) (1 091)
Other reserves 282 125
Retained profit 2 075 1 921
Total equity 1 176 955
Non-current liabilities 4 008 3 837
Deferred taxation liabilities 859 740
Long-term borrowings 2 716 2 699
Provisions and other non-current liabilities 433 398
Current liabilities 1 723 1 627
Short-term borrowings 869 811
Trade and other payables and provisions 854 816
Total equity and liabilities 6 907 6 419
Net asset value per share (cents) 225 181
^Refer note 5.
Condensed Consolidated Statement of Changes in Equity Year ended
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
Total equity
Balance at beginning of the year 955 858
Total comprehensive income 875 962
Shares purchased in terms of the FSP share
incentive scheme treated as treasury shares
(refer note 5) (89)
Securities transfer tax on cancellation of
treasury shares (refer note 5) (1)
Dividends paid (706) (876)
IFRS 2 charges 142 11
BBBEE IFRS 2 charges 123 11
FSP IFRS 2 charges 19
Balance at end of the year 1 176 955
Condensed Consolidated Statement of Cash Flows Year ended
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
Cash flow from operating activities
Operating cash flows before movements in working capital 2 317 2 127
Net increase in working capital (33) (25)
Cash generated from operations 2 284 2 102
Net finance costs paid and dividends received (216) (226)
Taxation paid (417) (441)
Cash available from operations 1 651 1 435
Dividends paid (706) (876)
Net cash inflow from operating activities 945 559
Acquisition of property, plant and equipment (609) (483)
Purchase of shares in terms of the FSP share scheme (refer note 5) (89)
Acquisition of equity in associates (refer note 7) (172)
Acquisition of quarries in Botswana (refer note 8) (42)
Other investing movements (26) (21)
Net cash outflow from investing activities (938) (504)
Net cash inflow/(outflow) from financing activities 17 (71)
Net increase/(decrease) in cash and cash equivalents 24 (16)
Cash and cash equivalents at beginning of the year 224 240
Cash and cash equivalents at end of the year 248 224
Cash earnings per share (cents)* 315 272
* Cash earnings per share is calculated using cash available from operations divided by the total weighted
average number of shares in issue for the year (refer note 5).
Notes
1. Basis of preparation
These condensed consolidated annual financial statements for the year ended 30 September 2012 have been prepared
in accordance with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS) as issued by the International Accounting Standards Board, the AC 500 standards as issued
by the Accounting Practices Board, the information as required by IAS 34: Interim Financial Reporting,
the JSE Limiteds listing requirements and the requirements of the South African Companies Act.
This preliminary report was compiled under the supervision of the chief financial officer, MMT Ramano CA (SA).
The accounting policies and methods of computation used are consistent with those used in the preparation of the annual financial
statements for the year ended 30 September 2011, except for the following revised accounting standards and interpretations that
were adopted during the year, and which did not have a material impact on the reported results:
Circular 3/2012 Headline Earnings
IFRS 7 (amendment) Financial Instruments: Disclosures about transfers of financial assets
IAS 1 Presentation of Financial Statements (Clarification of statement of changes in equity)
IAS 19 (amendment) The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interactions
IAS 24 Related Parties Disclosures (Revised definition of related parties)
IAS 34 (amendment) Interim Financial Reporting (Significant events and transactions)
IFRIC 13 (amendment) Customer Loyalty Programmes (Fair value of award credit)
IASB Improvements to IFRS 2010
In order to provide users of this report with further information, the notes on stated capital and borrowings have been re-presented
when compared to the 2011 report.
For a better understanding of the groups financial position, the results of its operations and cash flows for the year, these
condensed annual financial statements should be read in conjuction with the groups annual financial statements, from which these
condensed financial statements were derived.
The auditors, Deloitte & Touche, have issued their unmodified audit opinion on the groups annual financial statements for the year
ended 30 September 2012. The audit was conducted in accordance with International Standards on Auditing. This preliminary report has
been derived from the groups annual financial statements and is consistent in all material respects. A copy of their audit report is
available for inspection at the companys registered office. The auditor's report does not necessarily cover all of the information contained
in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's work, they
should obtain a copy of that report together with the accompanying financial information from the registered office of the company.
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
2. Headline earnings per share
Headline earnings per share (cents)
basic 162 165
diluted 160 164
basic (excluding BBBEE IFRS 2 charges) 185 167
diluted (excluding BBBEE IFRS 2 charges) 183 166
Determination of headline earnings per share (cents)
Earnings per share 161 164
Adjusted for:
Impairment losses on financial assets 1
Loss on disposal of property, plant and equipment
and intangible assets 1
Headline earnings per share 162 165
BBBEE IFRS 2 charges (net of taxation) 23 2
Headline earnings per share (excluding BBBEE IFRS 2 charges) 185 167
Headline earnings(Rm)
Profit for the year 846 865
Impairment on financial assets 1 4
Reversal of impairment (1)
Loss/(profit) on disposal of property, plant and equipment and
intangible assets 3 (1)
Taxation on loss/(profit) on disposal of property, plant and equipment
and intangible assets (1)
Headline earnings 848 868
Attributable to:
Ordinary shareholders 769 788
Other shareholders 79 80
Headline earnings 848 868
BBBEE IFRS 2 charges (net of taxation) 123 10
Headline earnings (excluding BBBEE IFRS 2 charges) 971 878
Attributable to:
Ordinary shareholders 881 797
Other shareholders 90 81
3. Profit before taxation
Included in profit before taxation are:
Amortisation of intangible assets 22 19
Consulting fees incurred on BBBEE transaction 15
Depreciation 439 417
IFRS 2 charges:
BBBEE IFRS 2 charges 123 11
cash settled IFRS 2 charges 22 5
equity settled IFRS 2 charges 19
Impairment on financial assets (4)
Restructuring costs 31
4. Finance costs
Bank and other borrowings 52 55
Long-term loans 166 166
BBBEE funding transaction 136 118
dividends on redeemable preference shares 68 57
long-term borrowings 68 61
Finance lease interest 4 5
Fair value losses/(gains) on financial assets 3 (9)
Unwinding of discount on rehabilitation provisions 22 18
383 353
Capitalised to plant and equipment (6)
377 353
5. Stated capital
Number of shares and weighted average number of shares Shares (000) Shares (000)
Number of shares
Total shares in issue at beginning of the year 586 170 586 170
Less: Treasury shares owned by wholly-owned group
subsidiary company (20 140)
Less: Cancellation of treasury shares owned by wholly-owned
group subsidiary company^ (20 140)
Less: Shares held by consolidated BBBEE trusts and funding
SPVs treated as treasury shares* (37 991) (37 991)
Less: Shares held by consolidated Porthold Trust (Private) Limited
treated as treasury shares@ (1 285) (1 285)
Less: Shares purchased in terms of the FSP share incentive scheme
treated as treasury shares# (3 080)
Total shares in issue (net of treasury shares) 523 674 526 754
Ordinary 475 116 478 196
Other+ 48 558 48 558
Weighted average number of shares
Used for earnings and headline earnings per share 476 009 478 196
Used for dilutive earnings and headline earnings per share 481 470 481 269
Used for cash earnings per share 524 567 526 754
Shares are weighted for the period in which they are entitled to
participate in the net profit of the group.
Rm Rm
Stated capital~ (1 181)
Issued share capital
Balance at beginning of the year 53 53
Transfer to stated capital~ (53)
Balance at end of the year 53
Share premium
Balance at beginning of the year (1 144) (1 144)
Securities transfer tax on cancellation of shares^ (1)
Shares purchased in terms of the FSP share incentive scheme treated as
treasury shares# (89)
(1 234) (1 144)
Transfer to stated capital~ 1 234
Total share capital and share premium (1 091)
^ The treasury shares owned by PPC Cement (Pty) Ltd, were bought back by PPC Ltd and cancelled
after the repurchase.
* In terms of IFRS SIC Interpretation 12 (Consolidation Special Purpose Entities), certain of the BBBEE trusts and trust funding
SPVs are consolidated, and as a result, shares owned by these entities are carried as treasury shares on consolidation.
@ Shares owned by a Zimbabwean employee trust company treated as treasury shares in terms of IFRS SIC Interpretation 12.
# In 2011 and 2012, shareholders approved the forfeitable share plan (FSP) to retain and incentivise employees of PPC. During the year,
the company acquired 3 079 853 shares on the JSE and these shares are carried as treasury shares.
+ The shares issued to the Strategic Black Partners and Community Service Groups, in terms of PPC's first BBBEE transaction, have been pleged
as security for their funding obligations and as a result are treated as a separate class of equity.
~ The company increased its authorised ordinary shares and changed its ordinary shares to ordinary shares with no nominal or par value.
The preferences, rights, limitations and other terms attaching to the no par value shares in the company will be the same preferences,
rights, limitations and other terms which are attached to the current authorised ordinary shares.
30 Sept 30 Sept
2012 2011
Audited Audited
Rm Rm
6. Borrowings
Long term* 1 518 1 517
Finance lease liability@ 14
Preference shares^ 110 126
1 628 1 657
BBBEE funding transaction~ 1 088 1 042
Preference shares 495 494
Long-term borrowings 593 548
Long-term borrowings 2 716 2 699
Short-term borrowings and short-term portion of long-term borrowings 869 811
Total borrowings 3 585 3 510
* Comprises a bullet loan, bearing interest at a fixed rate of 10,86% p.a., and is repayable in December 2016, with interest
payable semi-annually.
@ Bears interest at a fixed rate of 13,1% with interest and capital repayable annually with the last payment payable in June 2013.
^ Redeemable preference shares bearing semi-annual dividends, with variable interest rates linked to prime and fixed rates between
6,92% to 9,37% p.a. and compulsory annual redemptions ending December 2016.
~ Redeemable preference shares bearing semi-annual dividends, with variable interest rates linked to prime and fixed rates between
7,39% to 9,54% p.a. with compulsory annual redemptions until December 2016, and loans bearing interest, after giving effect to
fixed-for-variable interest rate swaps, at a rate of 11,36% p.a., with interest and capital repayable in December 2013.
In terms of IFRS, these long-term borrowings have been consolidated as PPC Ltd has provided guarantees for funding that had an
outstanding balance of R1 066 million as at 30 September 2012 (2011: R999 million).
The companys borrowing powers are not restricted.
7. Acquisition of equity in associates
Pronto Holdings (Pty) Limited
During June 2012, PPC acquired a 25% stake in Pronto Holdings (Pty) Limited for R70 million. The purchase consideration was
determined using an EBITDA multiple less net debt. A second tranche for 25% will be paid on the first anniversary of the
transaction and the remaining 50% at the conclusion of the second anniversary.
Habesha Cement Share Company
During July 2012, PPC acquired a 27% equity stake in an Ethiopian public share company Habesha Cement Share Company for a purchase
consideration of R102 million.
8. Acquisition of quarries in Botswana
In October 2011 all conditions precedent with regards to the transaction to acquire three aggregate quarries in Botswana were met.
The transaction value amounted to R52 million of which R42 million was paid during the 2012 financial year. The purchase consideration
outstanding is payable in equal instalments on the first and second anniversaries of the transaction. The purchase price is allocated
as follows:
Property, plant and equipment 26
Intangible assets 28
Current assets 5
Long-term provisions and deferred taxation (7)
Total consideration 52
Consideration paid during the year 42
Consideration payable 10
Impact of the transaction on the results for the year:
Revenue 18
Operating loss (4)
Loss attributable to shareholder (8)
Impact on EPS and HEPS (cents per share) (1)
9. Commitments
Contracted capital commitments 192 275
Approved capital commitments 125 364
Capital commitments* 317 639
Operating lease commitments 19 17
336 656
*Excludes the following:
The second 25% tranche on acquisition of Pronto Holdings (Pty) Limited is payable in the next year with the remaining
50% payable in 2014. The purchase consideration is determined using an EBITDA multiple less net debt. The total acquisition
cost is not expected to exceed R400 million.
Commitments for capital expenditure are stated in current values which, together with expected price escalations, will be
financed from surplus cash generated from operations and borrowing facilities available to the group. The company received
environmental approval for the second phase of its Western Cape upgrade strategy. Detailed design continues and will incorporate
the conditions included in the environmental authorisation.
10. Segment analysis
Revenue
Cement 6 246 5 814
Lime 838 772
Aggregates 299 271
7 383 6 857
Less: Inter-segment revenue (37) (31)
Total revenue 7 346 6 826
South Africa 5 786 5 633
Other Africa 1 560 1 193
EBITDA
Cement 2 087 1 942
Lime 188 154
Aggregates 56 56
BBBEE trusts and trust funding SPVs (4) (6)
EBITDA 2 327 2 146
Operating profit
Cement 1 682 1 551
Lime 151 122
Aggregates 37 43
BBBEE trusts and trust funding SPVs (4) (6)
Operating profit before item listed below: 1 866 1 710
BBBEE IFRS 2 charges (123) (11)
Operating profit 1 743 1 699
Assets
Cement 6 153 5 768
Lime 467 440
Aggregates 285 210
BBBEE trusts and trust funding SPVs 2 1
Total assets 6 907 6 419
11. Events after the reporting date
In terms of the second phase BBBEE transaction approved in September 2012, 26 757 780 shares were issued to the Employee Share Trust,
1 967 484 shares to Bafati Investment Trust and 10 624 413 shares to the SBP Vehicle on 1 October 2012. These entities will be consolidated
into the PPC group during the term of the transaction in accordance with IFRS. The shares will only participate in 20% of the dividend payable.
For further details on the second BBBEE transaction, refer to the circular to shareholders on the groups website.
Directors:
BL Sibiya (Chairman), P Stuiver* (Chief executive officer), S Abdul Kader, P Esterhuysen,
K Gordhan (CEO designate), SG Helepi, ZJ Kganyago, AJ Lamprecht, NB Langa-Royds, MP Malungani,
SK Mhlarhi, B Modise, MMT Ramano, TDA Ross, J Shibambo *Dutch
Registered office:
180 Katherine Street, Sandton, South Africa
(PO Box 787416, Sandton, 2146, South Africa)
Transfer secretaries:
Link Market Services SA (Pty) Limited, 11 Diagonal Street, Johannesburg, South Africa
(PO Box 4844, Johannesburg, 2000, South Africa)
Transfer secretaries Zimbabwe:
Corpserve (Private) Limited, 4th Floor, Intermarket Centre, Corner 1st Street/Kwame Nkrumah Avenue, Harare, Zimbabwe
(PO Box 2208, Harare, Zimbabwe)
Disclaimer:
This document including, without limitation, those statements concerning the demand outlook, PPCs expansion projects
and its capital resources and expenditure, contain certain forward-looking views. By their nature, forward-looking
statements involve risk and uncertainty and although PPC believes that the expectations reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly,
results could differ materially from those set out in the forward-looking statements as a result of, among other factors,
changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory
environment and other government action and business and operational risk management. While PPC takes reasonable care to
ensure the accuracy of the information presented, PPC accepts no responsibility for any consequential, indirect, special
or incidental damages, whether foreseeable or unforeseeable, based on claims arising out of misrepresentation or
negligence arising in connection with a forward-looking statement. This document is not intended to contain any profit forecasts
or profit estimates. The information published in this report has been audited.
www.ppc.co.za
Date: 13/11/2012 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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