Wrap Text
Unaudited Interim Results
for the Six Months Ended 31 December 2012
Eqstra Holdings Limited
1998/011672/06
Share code: EQS
ISIN: ZAE000117123
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2012
Revenue increased
7.0% to R4 302 million
Diluted headline earnings
per share increased
31.1% to 46.8 cents
Operating profit increased
17.1% to R533 million
Profit before taxation excluding
once-off impairments increased
15.8% to R264 million
Cash generated by operations
before working capital
changes increased
10.8% to R1 493 million
Revenue generating
assets increased
2.9% to R9 146 million
Introduction
Eqstra Holdings Limited ("the group") produced satisfactory results with an improvement in diluted
headline earnings per share in a challenging environment, entrenching the sustainability of the group.
- Revenue increased by 7.0% to R4 302 million (H1'12: R4 022 million) due to increased production
volumes recorded by Contract Mining and Plant Rental, growth in leasing revenues in Fleet
Management and Logistics and increased new unit sales in Industrial Equipment.
- Profit before taxation increased by 15.8% excluding the impact of impairments. Profit before
taxation including impairments decreased by 6.8% to R245 million (H1'12: R263 million) mainly
due to a weaker performance from Fleet Management and Logistics.
- Revenue-generating assets (leasing assets and finance lease receivables) increased by R262 million
or 2.9% to R9 146 million (H2'12: R8 884 million) with good leasing asset growth recorded in Fleet
Management and Logistics and Industrial Equipment. The leasing asset fleet of Contract Mining
and Plant Rental has decreased marginally as expansionary capital expenditure was curtailed.
- Net finance costs increased by 5.6% to R266 million (H1'12: R252 million) as average debt levels
increased during the period due to leasing asset growth.
- Working capital increased by R185 million on lower trade payables as a result of lower equipment
purchases in Contract Mining and Plant Rental and lower inventory purchases in Construction and
Mining Equipment.
- Net asset value increased by 7.7% to 745.1 cents per share (H2'12: 691.9 cents per share) and
Return on Equity decreased to 12.3%.
- Diluted headline earnings increased by 31.1% to 46.8 cents per share, benefitting from an
improved operating performance and the group's share buy-back programme.
Long-term debt funding
Total interest-bearing borrowings net of cash and cash equivalents increased by 8.2% to R7 082 million
(H2'12: R6 543 million). 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
5.4 times (H1'12: 5.4 times) and a capital adequacy ratio of 24.4% (H1'12: 23.0%).
The board is satisfied that the group has sufficient facilities in place to meet anticipated liquidity
requirements and that medium-term refinancing objectives have been achieved.
Divisional review
Industrial Equipment
For the six months ended Year ended
31 December 2012 31 December 2011 30 June 2012 30 June 2012
Rm Rm Rm Rm Rm
Revenue 1 088 940 1 038 1 978
Operating profit 117 87 117 204
Net finance costs (52) (50) (38) (88)
Profit before taxation 60 55 75 130
PBT margin 5.5% 5.9% 7.2% 6.6%
Revenue generating assets 1 669 1 266 1 523 1 523
The division reported a commendable business performance with the South African forklift market share
increasing for the period despite the negative effects of foreign exchange movements. The increased sale of
equipment into the leasing fleet produced a positive shift towards annuity income business. The Heavy Lift
business unit (Konecranes port equipment and Terex mobile cranes) continued its good performance with a solid
order book for the second half. Impact Handling (UK) delivered a positive performance notwithstanding
manufacturer delivery constraints due to a factory relocation from Europe to China. Acquisitions made in the prior
period (600SA and Air Supreme) were successfully integrated and are profitable. The division's diversification
strategy is aimed at reducing dependence on the forklift business, which now accounts for 71% of divisional
revenue (H1'12: 81%). The growth in revenue-generating assets bodes well for future earnings growth.
Fleet Management and Logistics
For the six months ended Year ended
31 December 2012 31 December 2011 30 June 2012 30 June 2012
Rm Rm Rm Rm Rm
Revenue 1 124 1 095 1 066 2 161
Operating profit 174 174 183 357
Net finance costs (81) (70) (67) (137)
Profit before taxation 92 104 115 219
PBT margin 8.2% 9.5% 10.8% 10.1%
Revenue generating assets 2 971 2 765 2 804 2 804
The division reported weaker results mainly as a result of non-recurring items. Revenue increased by 2.6%
on growth in the leasing fleet and additional corporate leasing customers were secured that provide further
scope for fleet growth and value-added products. Profit before taxation decreased by 11.5% due to the
reduced scope of the renewed Clover contract, the subsequent closure of the tanker manufacturing unit and
lower interest rates. End-of-lease vehicle remarketing also registered lower sales margins in a flat used vehicle
market. Revenue-generating assets grew by 6.0% with the initial negative impact of growing the leasing fleet
also impacting earnings growth. The non-asset based City of Johannesburg contract has been concluded
and will contribute in H2'13. The commodity logistics turnaround has been successful and the business unit
is now profitable, with further rationalisation required by either selling or discontinuing value destroying
logistics activities.
Contract Mining and Plant Rental
For the six months ended Year ended
31 December 2012 31 December 2011 30 June 2012 30 June 2012
Rm Rm Rm Rm Rm
Revenue 2 022 1 840 1 867 3 707
Operating profit 246 185 137 322
Net finance costs (138) (141) (136) (277)
Profit before taxation 90 81 28 109
PBT margin 4.5% 4.4% 1.5% 2.9%
Revenue generating assets 4 450 4 511 4 517 4 517
The turnaround strategy in South Africa gained traction and the continued good performance of the
Benga project in Mozambique resulted in operating profit increasing a significant 33.0%.
Revenue improved in line with increased volumes and decreased mine site specific industrial action
compared to the prior year comparative period. Plant rental revenue in South Africa grew marginally in a
depressed construction sector, with increased activity in Mozambique and Namibia.
Operating margin improved to 12.2% (H1'12: 10.2%). Curtailment of losses on the Pilanesburg Platinum
Mine contract and no direct industrial action hampering operations in a period where the mining industry
was ravaged by volatile industrial action, contributed to this improved performance. The loss making
Nkomati Nickel contract remains challenging but management changes, site reorganisation and pending
renegotiated contract terms are expected to curb further losses.
Profit before taxation increased by 11.1%. However, taking into account the R35 million net impairment
reversal in the prior year comparative period and the current period impairment of R18 million for sub-
standard tyres purchased, the division's sustainable profit before taxation performance showed a strong
R62 million improvement.
Construction and Mining Equipment
For the six months ended Year ended
31 December 2012 31 December 2011 30 June 2012 30 June 2012
Rm Rm Rm Rm Rm
Revenue 150 163 89 452
Operating (loss) profit (10) 5 5
Net finance costs 5 (1) 4 3
(Loss) profit before taxation (3) (2) 3 1
PBT margin (2.0%) (1.2%) 1.0% 0.2%
Inventories 237 386 269 269
Tough operating conditions as a result of the commodity market slowdown resulted in a marked
slowdown in demand for mining equipment. The construction and mining equipment market is presently
overstocked and highly price competitive, whilst the division is well positioned in terms of its low stock
levels of new equipment. Consolidation, right-sizing and restructuring of the division was undertaken
following the discontinuation of the New Holland Construction distributorship, the sale of Eqstra Mining
Services (Bucyrus), as well as the move to new premises. Service and parts revenues improved
significantly as the division rebuilds its presence in the onsite mining services market.
Share buy-back
During the period 9.3 million ordinary shares to the value of R62.6 million were repurchased and
subsequently cancelled.
Dividend
No interim dividend has been declared in line with the group's dividend policy.
Outlook
The performance of the group's operations is expected to remain resilient while the general economic
environment remains under pressure. All divisions should benefit from secure long-term contracts and
good prospects for increased client penetration from contract renewals, value-added product sales and
additions to the group's product range.
By order of the board
NP Mageza WS Hill
Chairperson Chief Executive Officer
6 March 2013
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at
Unaudited Unaudited Audited
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
ASSETS
Non-current assets 9 843 9 174 9 553
Intangible assets 66 24 51
Property, plant and equipment 522 455 500
Leasing assets 9 041 8 406 8 755
Deferred tax assets 29 52 30
Finance lease receivables 40 81 59
Investment in associate company 63
Other investments, loans and derivatives(2) 145 93 158
Current assets 2 515 2 856 3 036
Inventories 949 1 017 811
Trade and other receivables and derivatives 1 284 1 239 1 533
Finance lease receivables 65 26 70
Taxation in advance 18 8 12
Cash and cash equivalents 199 154 610
Assets classified as held-for-sale(3) 412
Total assets 12 358 12 030 12 589
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 1 866 1 994 1 929
Other reserves 135 116 106
Retained income 997 639 931
Equity attributable to owners of the parent 2 998 2 749 2 966
Non-controlling interests 16 16 14
Total equity 3 014 2 765 2 980
Non-current liabilities 6 706 5 782 6 498
Interest-bearing borrowings 5 968 5 106 5 801
Deferred tax liabilities 738 676 697
Current liabilities 2 638 3 483 3 111
Trade and other payables, provisions and derivatives 1 310 1 861 1 747
Current tax liabilities 15 29 12
Current portion of interest-bearing borrowings(4) 1 313 1 593 1 352
Total equity and liabilities 12 358 12 030 12 589
CONDENSED GROUP INCOME STATEMENT
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
Continuing operations
Revenue 4 302 4 022 8 143
Profit from operations before depreciation and
recoupments 1 431 1 305 2 596
Depreciation and amortisation (907) (879) (1 744)
Recoupments 9 29 41
Operating profit 533 455 893
Foreign exchange (losses)/gains (3) 25 46
Net (impairment)/reversal of impairment of
leasing assets (19) 35 30
Profit before net finance costs 511 515 969
Net finance costs (266) (252) (481)
Finance costs including fair value gain(6) (281) (264) (507)
Finance income 15 12 26
Profit before taxation 245 263 488
Income tax expense (60) (64) (111)
Profit for the period from continuing operations 185 199 377
Discontinued operations
(Loss)/Profit from discontinued operations, including
profit on sale of discontinued operation (2) 9 111
Profit for the period 183 208 488
Attributable to:
Owners of the parent 181 207 486
Profit for the period from continuing operations 183 198 375
(Loss)/Profit for the period from discontinuing
operations (2) 9 111
Non-controlling interests 2 1 2
Profit for the period 183 208 488
Cents Cents Cents
Earnings per share from continuing operations
Basic earnings per share 45.1 47.1 89.4
Diluted earnings per share 45.1 45.7 88.0
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
Profit for the period 183 208 488
Total other comprehensive income for the period
(net of taxation) 28 84 77
Exchange differences on translation
of foreign subsidiaries 15 54 27
Net fair-value gain on cash flow hedges
and other fair-value reserves 13 30 50
Total comprehensive income for the period
(net of taxation) 211 292 565
Attributable to:
Owners of the parent 209 291 563
Profit for the period from continuing operations 211 282 452
(Loss)/Profit for the period from discontinued
operations (2) 9 111
Non-controlling interests 2 1 2
211 292 565
CONDENSED GROUP DISCONTINUED OPERATIONS
INCOME STATEMENT
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
Revenue 22 380 1 120
Profit from operations before depreciation
and recoupments 1 35 85
Depreciation, amortisation and recoupments (1) (8)
Operating profit 1 34 77
Foreign exchange gains/(losses) 1 (19)
Profit before net finance costs 1 35 58
Net finance costs (3) (16) (48)
(Loss)/Profit before taxation (2) 19 10
Income tax expense (10) (36)
(Loss)/Profit for the period (2) 9 (26)
* The above discontinuing operations form part of the Construction and Mining Equipment segment
The profit from discontinued operations, including profit
on sale of discontinued operation comprises:
Loss/(Profit) from discontinued operations (refer above) (2) 9 (26)
Profit on disposal of discontinued operation
(net of taxation) 137
(2) 9 111
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Share Non-
capital and Other Retained controlling
premium reserves income interests Total
Rm Rm Rm Rm Rm
Balance at 1 July 2011 2 060 31 578 19 2 688
Total comprehensive
income for the period 84 207 1 292
Profit for the period 207 1 208
Other comprehensive income for
the period (net of taxation) 84 84
Net share-based payment reversal (12) (12)
Revaluation of Lereko call option 4 4
Dividends paid (105) (105)
Other movements (66) 9 (41) (4) (102)
Balance at 31 December 2011 1 994 116 639 16 2 765
Total comprehensive income
for the period (7) 279 1 273
Profit for the period 279 1 280
Other comprehensive loss for
the period (net of taxation) (7) (7)
Net share-based payment reversal (9) (9)
Revaluation of Lereko call option (2) (2)
Dividends paid (3) (3)
Other movements (65) 8 13 (44)
Balance at 30 June 2012 1 929 106 931 14 2 980
Total comprehensive income
for the period 28 181 2 211
Profit for the period 181 2 183
Other comprehensive income for
the period net of taxation 28 28
Net share-based payment expense 9 9
Revaluation of Lereko call option (5) (5)
Dividends paid (115) (115)
Other movements (63) (3) (66)
Balance at 31 December 2012 1 866 135 997 16 3 014
CONDENSED GROUP STATEMENT OF CASH FLOWS
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
Cash flows from operating activities
Cash generated by operations before working capital
movements 1 493 1 348 2 668
Working capital movements (185) (471) (250)
Cash generated by operations 1 308 877 2 418
Finance income 15 12 27
Finance cost (293) (287) (565)
Taxation paid (24) (3) (59)
Net cash flows from operating activities 1 006 599 1 821
Cash flows from investing activities
Disposal of businesses 424
Acquisition of businesses (32) (53) (53)
Net capital expenditure (1 288) (1 386) (2 904)
Movement in finance lease receivables 39 7 (39)
Movement in other investments and loans 3 (9) (3)
Net cash flows from investing activities (1 278) (1 441) (2 575)
Cash flows from financing activities
Repurchase of non-controlling interest (6) (6)
Transactions with shareholders (178) (184) (239)
Increase in interest-bearing borrowings 41 991 1 417
Net cash flows from financing activities (137) 801 1 172
Net/(Decrease) increase in cash and cash equivalents (409) (41) 418
Effect of exchange rate translation on
cash and cash equivalents (2) 4 1
Cash and cash equivalents at beginning of period 610 191 191
Cash and cash equivalents at end of period 199 154 610
Segment information condensed statement of financial position
As at
Contract Mining Construction and Mining Fleet Management and Corporate office and
Group and Plant Rental Equipment Logistics Industrial Equipment eliminations
31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June
2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012 2012
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Unaudited Unaudited Audited Unaudited Audited
BUSINESS SEGMENTATION
ASSETS
Intangible assets 66 51 19 14 45 34 2 3
Property, plant and equipment 522 500 157 152 5 4 75 62 158 142 127 140
Leasing assets 9 041 8 755 4 450 4 517 52 38 2 960 2 795 1 669 1 523 (90) (118)
Finance lease receivables 105 129 94 120 11 9
Other investments and loans 104 124 2 12 5 7 97 105
Inventories 949 811 80 97 237 269 76 53 556 392
Trade and other receivables and
derivatives 1 325 1 567 582 767 94 265 253 179 322 305 74 51
Operating assets and derivatives 12 112 11 937 5 290 5 559 482 696 3 425 3 139 2 705 2 362 210 181
Deferred tax assets 29 30
Taxation in advance 18 12
Cash and cash equivalents 199 610
Total assets 12 358 12 589
LIABILITIES
Trade and other payables
and derivatives 1 310 1 747 422 611 84 286 308 317 405 406 91 127
Interest-bearing borrowings 7 281 7 153 3 366 3 436 291 284 2 065 1 809 1 600 1 326 (41) 298
Operating liabilities 8 591 8 900 3 788 4 047 375 570 2 373 2 126 2 005 1 732 50 425
Deferred tax liabilities 738 697
Current tax liabilities 15 12
Total liabilities 9 344 9 609
GEOGRAPHIC SEGMENTATION
Operating assets 12 112 11 937 5 290 5 559 482 696 3 425 3 139 2 705 2 362 210 181
South Africa 9 906 9 673 3 976 4 134 469 668 3 192 2 900 2 059 1 790 210 181
Rest of World 2 206 2 264 1 314 1 425 13 28 233 239 646 572
Trade and other payables
and derivatives 1 310 1 747 422 611 84 286 308 317 405 406 91 127
South Africa 1 114 1 498 332 491 83 278 267 265 341 337 91 127
Rest of World 196 249 90 120 1 8 41 52 64 69
Interest-bearing borrowings 7 281 7 153 3 366 3 436 291 284 2 065 1 809 1 600 1 326 (41) 298
South Africa 5 899 5 891 2 593 2 669 291 283 1 943 1 726 1 113 915 (41) 298
Rest of World 1 382 1 262 773 767 1 122 83 487 411
Net capital expenditure 1 288 2 904 307 1 159 23 (4) 645 1 027 313 703 19
South Africa 1 097 2 085 234 682 23 (4) 607 969 233 419 19
Rest of World 191 819 73 477 38 58 80 284
Segment information condensed income statement
For the six months ended (unaudited)
Contract Mining Construction and Mining Fleet Management and Corporate office and
Group and Plant Rental Equipment Logistics Industrial Equipment eliminations
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
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 873 765 84 132 210 218 579 415
Rendering of services and other 3 429 3 257 2 022 1 840 48 25 846 864 509 525 4 3
4 302 4 022 2 022 1 840 132 157 1 056 1 082 1 088 940 4 3
Inter-segment revenue 18 6 68 13 (86) (19)
4 302 4 022 2 022 1 840 150 163 1 124 1 095 1 088 940 (82) (16)
Net operating expenses (2 871) (2 717) (1 373) (1 252) (150) (162) (638) (610) (797) (699) 87 6
Depreciation and amortisation (907) (879) (408) (408) (10) (1) (319) (319) (174) (156) 4 5
Recoupments 9 29 5 5 7 8 2 (3) 14
Operating profit (loss) 533 455 246 185 (10) 174 174 117 87 6 9
Foreign exchange (losses) gains (3) 25 2 2 (1) (5) 18 6
Net (impairment) reversal of
impairment of leasing assets (19) 35 (18) 35 (1)
Profit (loss) before net finance
costs 511 515 228 222 (8) (1) 173 174 112 105 6 15
Net finance (costs) income (266) (252) (138) (141) 5 (1) (81) (70) (52) (50) 10
Profit (loss) before taxation 245 263 90 81 (3) (2) 92 104 60 55 6 25
Income tax expense (60) (64) (16) (12) (2) (26) (32) (15) (13) (1) (7)
Profit (loss) before taxation
from continuing operations 185 199 74 69 (5) (2) 66 72 45 42 5 18
(Loss) profit from discontinued
operations (2) 9 (2) 9
Profit (loss) for the period 183 208 74 69 (7) 7 66 72 45 42 5 18
GEOGRAPHIC SEGMENTATION
Revenue 4 302 4 022 2 022 1 840 150 163 1 124 1 095 1 088 940 (82) (16)
South Africa 3 594 3 331 1 635 1 528 143 163 1 033 1 011 865 754 (82) (16)
Rest of World 708 691 387 312 7 91 84 223 186
Operating profit (loss) 533 455 246 185 (10) 174 174 117 87 6 9
South Africa 414 377 180 134 (11) 156 157 103 77 6 9
Rest of World 119 78 66 51 1 18 17 14 10
Net finance costs (income) 266 252 138 141 (5) 1 81 70 52 50 (10)
South Africa 232 226 113 121 (6) 1 80 69 45 45 (10)
Rest of World 34 26 25 20 1 1 1 7 5
CONDENSED GROUP STATEMENT OF DISCONTINUED
CASH FLOWS
Unaudited Audited
For the six months ended Year ended
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
Net cash flows from operating activities (2) (99) (43)
Net cash flows from investing activities 425
Net cash flows from financing activities 2 99 (382)
Net change in cash and cash equivalents
NOTES
(1) Basis of preparation
The unaudited condensed consolidated interim financial statements for the six months ended
31 December 2012 have been prepared using accounting policies compliant with International Financial
Reporting Standards (IFRS), IAS 34 Interim Financial Reporting, the AC 500 standards as issued by the
Accounting Practices Board or its successor, the JSE Limited's 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 2012 annual report, except for the adoption on 1 July 2012 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 interim financial results.
(2) Other investments, loans and derivatives
31 December 31 December 30 June
2012 2011 2012
Rm Rm Rm
Unaudited Unaudited Audited
Listed, at market value 63 11 66
Unlisted, at fair value or directors' valuation 37 47 42
Loans receivable 4 10 16
Derivative financial asset 41 25 34
145 93 158
(3) Assets classified as held-for-sale
Property, plant and equipment and intangibles 4
Inventories 408
412
(4) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes R750 million (June 2012: R529 million)
commercial paper that is supported by a R1 000 million standby liquidity facility that has an 13-month
rolling notice period.
(5) Capital commitments
1 131 1 950 2 402
Contracted 464 685 489
Authorised by directors but not contracted 667 1 265 1 913
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.
(6) Finance costs including fair-value gains
Finance expense 291 271 516
Fair-value gain on borrowings and interest swaps
(unrealised) (10) (7) (9)
281 264 507
(7) Net asset value per share attributable to owners of the parent
Cents Cents Cents
745.6 641.2 691.9
(8) Headline earnings per share continuing operations
Basic headline earnings per share 46.8 36.8 77.2
Diluted headline earnings per share 46.8 35.7 76.0
Reconciliation of earnings per share
Basic earnings per share 45.1 47.1 89.4
Profit on sale of property, plant and equipment
and leasing assets (2.3) (6.1) (9.8)
Net impairments (reversal of impairment)
of leasing assets 4.7 (8.3) (7.2)
Taxation effect (0.7) 4.1 4.8
Headline earnings per share 46.8 36.8 77.2
(9) Weighted average number of shares in issue for the period
Million Million Million
Number of ordinary shares
in issue 419. 4 428. 7 428. 7
Weighted average number of ordinary shares in
issue duing the period 406.0 420. 1 419. 6
opening shares (net of treasury shares) 411. 4 419. 4 419. 4
conversion of A deferred ordinary shares 0.7 0.8
purchase of treasury shares (0.6)
share buy back (5.4)
dilutionary effect of deferred ordinary shares 12.9 6.5
Diluted weighted average number
of ordinary shares 406.0 433.0 426.1
NAME AND REGISTRATION NUMBER
Eqstra Holdings Limited
1998/011672/06
Share code: EQS
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, GG Gelink*#,
VJ Mokoena*, SD Mthembi-Mahanyele*, AJ Phillips*, TDA Ross*
(#Appointed 13 November 2012) (*Independent)
EXECUTIVE DIRECTORS
E Clarke, WS Hill (CEO), JL Serfontein (CFO)(1) CA(SA) (1)(Preparer of financial results)
COMPANY SECRETARY
L Möller
TRANSFER SECRETARIES
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
7 March 2013
SPONSOR
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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