Wrap Text
Audited results for the year ended 28 February 2013
Zeder Investments Limited
Incorporated in the Republic of South Africa
(Registration number: 2006/019240/06)
JSE share code: ZED
ISIN number: ZAE000088431
("Zeder" or "the Group" or "the Company")
Audited results for the year ended 28 February 2013
Sum-of-the-parts value per share up 26,7% to R3,99
Attributable earnings per share up 52,9% to 52,3 cents
Recurring headline earnings per share down 7,9% to 25,7 cents
Headline earnings per share down 34,5% to 20,1 cents
Dividend per share of 4 cents
OVERVIEW
Zeder is an investor in the broad agribusiness industry with a specific focus on the food and beverage sectors. The value
of its portfolio at year-end was R3,9bn, of which Agri Voedsel (with its interest of 30,7% in Pioneer Foods) represented
37,8%. During the year under review, Zeder invested a further R538m, of which the majority relate to the investments in
Agricol and Chayton Africa.
STRATEGY
Zeder has historically only taken non-controlling strategic stakes in entities. The acquisition of controlling interests
in both Agricol and Chayton illustrates Zeders refined strategy to include playing a more active role in determining strategy,
and to help expand the respective businesses.
RESULTS
The two key benchmarks which Zeder believes to measure performance by are sum-of-the-parts (SOTP) value per share and
recurring headline earnings per share.
Sum-of-the-parts
Zeders SOTP value per share, calculated using the quoted market prices for all JSE-listed and over-the-counter (OTC)
traded investments, and market-related valuations for unquoted, unlisted investments, increased by 26,7% during the year
to R3,99. The SOTP value is analysed in the table below:
2011 2012 2013
Interest Interest Interest
Company (%) Rm (%) Rm (%) Rm
Agri Voedsel 44,7 1 230,4 45,0 1 475,2
Kaap Agri* 43,9 1 270,4 33,4 205,5 34,9 343,2
Capevin Holdings 39,5 691,3 39,8 713,1 5,3 287,6
Capespan 22,7 84,7 40,9 293,0 37,1 284,2
Zaad Holdings 25,1 27,1 25,1 49,8 92,0 368,9
Chayton Africa 73,4 276,9
Suidwes 21,8 76,1 23,7 82,7 24,1 90,2
Other 348,8 541,3 386,0
Total investments 2 498,4 3 115,8 3 512,2
Cash and cash equivalents 206,0 77,5 692,2
Other net liabilities (28,6) (108,6) (301,1)
SOTP value 2 675,8 3 084,7 3 903,3
Number of shares in issue (million) 978,1 978,1 978,1
SOTP value per share (rand) 2,74 3,15 3,99
Net asset value per share (rand) 2,58 2,88 3,36
* Kaap Agri unbundled from Agri Voedsel (December 2011)
The compounded annual growth of Zeders SOTP value since listing on 1 December 2006 until 28 February 2013, calculated on the
basis of reinvesting dividends, approximated 17,6%.
Zeders consolidated recurring headline earnings is the sum of its effective interest in that of each of its underlying
investments. The result is that investments which Zeder does not equity account in terms of accounting standards, are included
in the calculation of consolidated recurring headline earnings. This provides management and investors with a more realistic
and simplistic way of evaluating Zeders earnings performance.
2011 2012 2013
Rm Rm Rm
Recurring headline earnings of subsidiaries 11,1
Zaad Holdings 32,9
Chayton Africa (21,8)
Recurring headline earnings of associated
companies and equity securities 316,8 323,4 321,9
Food and agri 256,5 265,1 255,8
Beverages 60,3 58,3 66,1
Net interest and other income and expenses 1,1 (2,4) (23,3)
Management fees and taxation (53,2) (48,0) (58,6)
Recurring headline earnings 264,7 273,0 251,1
Non-recurring headline earnings, net of taxation
Investments marked-to-market and one-off items (79,9) 26,9 (54,8)
Headline earnings 184,8 299,9 196,3
Non-headline items, net of taxation 74,3 34,7 315,4
Attributable earnings 259,1 334,6 511,7
Recurring headline earnings per share (cents) 27,1 27,9 25,7
Headline earnings per share (cents) 18,9 30,7 20,1
Attributable earnings per share (cents) 26,5 34,2 52,3
Dividend per share (cents) 4,0 4,0 4,0
Recurring headline earnings
Recurring headline earnings per share decreased by 7,9% to 25,7 cents mainly due to the initial losses incurred by Chayton,
a start-up business in its development phase, and the funding cost in respect of the debt raised to fund the acquisition of this
investment.
However, should Zeders share of the initial losses incurred by Chayton and the funding cost related to this investment be
excluded, the recurring headline earnings per share would have increased by 6.5% to 29.7 cents.
Headline earnings
Headline earnings per share decreased by 34,5% to 20,1 cents. The decrease in non-recurring headline earnings is mainly the
result of a one-off special dividend received in the prior year, less marked-to-market profits achieved in the year under review,
as well as one-off costs comprising Pioneers B-BBEE share-based payment expense, Distells provision for excise duties and Agri
Voedsels unbundling costs.
Attributable earnings
Attributable earnings per share increased by 52,9% to 52,3 cents as a result of the R315m net non-headline profit, which consists
mainly of the disposal of a 15,1% stake in Capevin Holdings and other corporate actions.
Agri Voedsel (Pioneer Foods)
Agri Voedsel is an unlisted holding company that owns a 30,7% economic interest in the listed Pioneer Foods. During the year under
review, Zeder largely maintained its 45% share in Agri Voedsel. The year started off with a challenging first half for Pioneer
Foods, but the business enjoyed a modest recovery during the second half, ending the year with a 6% increase in adjusted headline
earnings per share. In line with its competitors, Pioneer Foods' performance has been constrained by a prolonged high commodity price
cycle and structural challenges within the poultry industry. Despite the current period of margin compression, Zeder remains
optimistic about Pioneer in the long run. It is a leading food producer with strong fundamentals, which under new management
remains well poised to benefit from the growing demand for food and beverages, both in sub-Saharan Africa and select international
markets.
Pioneers results can be viewed at www.pioneerfoods.co.za.
Capevin Holdings (Distell)
During the year under review, Capevin Holdings (CVH) was independently listed on the JSE as a holding company following a merger
with Capevin Investments, with its core asset being an effective interest of 28,9% in Distell. Since listing, Zeder disposed of
15,1% of its interest in CVH for R799,8m, and thereby reduced its shareholding to 5,3% (valued at R287,6m at year-end). The listing
of CVH created R208m in value for Zeder shareholders in addition to the increase attributable to the underlying performance of Distell.
Distells results can be viewed at www.distell.co.za.
Kaap Agri
Kaap Agri is a retail services group which supplies a variety of products and services to the agricultural sector and the general
public. It has 148 operating points throughout South Africa, as well as a growing exposure to the rest of Africa. Kaap Agri produced
satisfactory results with its headline earnings per share having increased by 26% to 148,05 cents per share for the year ended
30 September 2012. Zeders interest in Kaap Agri was 34,9% at year-end, and has subsequently increased to above 35% through the
current voluntary, partial offer to shareholders at R13,25 per Kaap Agri share.
Kaap Agris results can be viewed at www.kaapagri.co.za.
Capespan
Capespan continued to deliver satisfactory results. While its underlying performance remains stable, exposure to the European
markets, normal agricultural risks and labour implications will need to be carefully monitored going forward. However, Zeder remains
optimistic about Capespans growth potential in both its fruit and logistics divisions, and has increased its interest to 46% since
year-end.
Further information about Capespan can be viewed at www.capespan.co.za.
Zaad Holdings
Zeder is optimistic about the potential that the seed market offers. Zeder has a 92% interest in Zaad Holdings, a company that
owns 100% of Agricol and 49% of Klein Karoo Seed Marketing (KKS).
Agricol is an agricultural and confectionary seed business that has established itself in both the South African and international
markets for more than 50 years. Their activities include plant breeding, production, international trade, processing and the
distribution of seed.
KKS offers complementary services to that of Agricol.
Further information about Agricol and KKS can be viewed at www.agricol.co.za and www.seedmarketing.co.za, respectively.
Chayton Africa
At the reporting date, Zeder had a 73,4% stake in Chayton, a start-up company which acquires, develops and operates
large-scale commercial farming operations in Zambia. The total irrigated land capacity has already reached 4 100 hectares and
Chayton remains on track to reach its targets in that country. Although this investment is currently in a development phase and
exposed to additional risk, Zeder is optimistic about the long-term prospects of primary food demand in sub-Saharan Africa.
PSG MANAGEMENT FEE
PSG and Zeder are in the process of preparing a proposal to restructure the management fee payable to PSG. The proposal will be
presented to Zeder shareholders for approval in due course.
PROSPECTS
Zeder believes that its investments are well positioned for further growth.
DIVIDEND
On 8 April 2013, the Company declared a final dividend of 4 cents (2012: 4 cents) per share in respect of the year ended 28 February
2013, which is payable on 6 May 2013. The dividend was calculated in accordance with Zeders policy of paying 100% of free cash flow
as a final ordinary dividend.
The Company will be utilising STC credits amounting to 4 cents per ordinary share, and as a result there will be no dividend tax
deducted from this dividend for any Zeder shareholder. The number of ordinary shares in issue at the declaration date is 978 088 517.
The income tax number of the Company is 9406891151.
The salient dates of this dividend distribution are:
Last day to trade cum dividend Thursday, 25 April 2013
Trading ex dividend commences Friday, 26 April 2013
Record date Friday, 3 May 2013
Date of payment Monday, 6 May 2013
Share certificates may not be dematerialised or rematerialised between Friday, 26 April 2013, and Friday, 3 May 2013, both days
inclusive.
Signed on behalf of the board of directors
Jannie Mouton Norman Celliers
Chairman Chief Executive Officer
8 April 2013
Directors
JF Mouton** (chairman), N Celliers* (CEO), WL Greeff* (FD), GD Eksteen#, PJ Mouton**, CA Otto#, MS du Pré le Roux#, LP Retief#
(* executive ** non-executive # independent non-executive)
Secretary and registered office
PSG Corporate Services (Pty) Ltd, 1st Floor, Ou Kollege, 35 Kerk Street, Stellenbosch, 7600; PO Box 7403, Stellenbosch, 7599
Transfer secretaries
Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Johannesburg, 2001; PO Box 61051, Marshalltown, 2107
Sponsor
PSG Capital
Auditor:
PricewaterhouseCoopers Inc.
ABRIDGED GROUP INCOME STATEMENT
for the year ended 28 February 2013
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Sale of goods 328,1
Cost of goods sold (234,4)
Gross profit 93,7 -
Income
Change in fair value of biological assets 28,7
Investment income 13,1 63,7
Net fair value gains 32,5 51,2
Other operating income 5,5 0,6
Total income 79,8 115,5
Expenses
Management fee (note 2) (58,6) (48,0)
Marketing, administration and other expenses (120,1) (3,2)
Total expenses (178,7) (51,2)
Share of profits of associated companies 300,2 285,8
Net loss on dilution of interest in associated companies (155,3) (7,9)
Net gain/(loss) on disposal of investment in associated companies 502,9 (0.1)
Results from operating activities 642,6 342,1
Finance costs (37,2) (7,2)
Profit before taxation 605,4 334,9
Taxation (95,9) (0,3)
Profit for the year 509,5 334,6
Attributable to:
Owners of the parent 511,7 334,6
Non-controlling interest (2,2)
509,5 334,6
Attributable to owners of the parent 511,7 334,6
Non-headline items (note 3) (315,4) (34,7)
Headline earnings 196,3 299,9
Earnings per share (cents)
Attributable (basic and diluted) 52,3 34,2
Headline (basic and diluted) 20,1 30,7
Recurring headline (basic and diluted) 25,7 27,9
Number of shares (million)
In issue and weighted average 978,1 978,1
ABRIDGED GROUP STATEMENT OF COMPREHENSIVE INCOME
for the year ended 28 February 2013
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Profit for the year 509,5 334,6
Other comprehensive income for the year 44,7 (0,3)
Currency translation adjustments 13,4
Fair value gains on available-for-sale investments 0,4
Share of other comprehensive income of associated companies 32,3 55,3
Other equity movements of associated companies (0,2) (15,2)
Reversal of other comprehensive income of associated company (1,2) (40,4)
Total comprehensive income for the year 554,2 334,3
Attributable to:
Owners of the parent 552,6 334,3
Non-controlling interest 1,6
554,2 334,3
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION
at 28 February 2013
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Assets
Non-current assets 2 838,5 2 850,7
Property, plant and equipment 381,8
Intangible assets 158,9
Investment in associated companies 2 126,5 2 567,1
Loans to and preference share investments in associated companies 54,5 66,1
Equity securities 100,5 217,5
Loans and advances 16,3
Current assets 1 059,2 132,0
Biological assets 31,3
Inventories 174,6
Trade and other receivables 100,7 54,5
Cash and cash equivalents 752,6 77,5
Non-current assets held for sale 287,7
Total assets 4 185,4 2 982,7
Equity and liabilities
Equity attributable to owners of the parent 3 283,5 2 817,0
Non-controlling interest 109,1
Total equity 3 392,6 2 817,0
Non-current liabilities 544,8 132,6
Deferred income tax 53,9 2,6
Borrowings 445,2 130,0
Derivative financial instrument 45,7
Current liabilities 248,0 33,1
Borrowings 60,0 0,7
Trade and other payables 187,5 32,4
Current income tax payable 0,5
Total liabilities 792,8 165,7
Total equity and liabilities 4 185,4 2 982,7
Net asset asset value per share (cents) 335,7 288,0
Tangible net asset asset value per share (cents) 319,5 288,0
ABRIDGED GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended 28 February 2013
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Ordinary shareholders' equity at beginning of year 2 817,0 2 521,8
Total comprehensive income for the year 552,6 334,3
Transactions with owners (47,0)
Dividend paid (39,1) (39,1)
Ordinary shareholders' equity at end of year 3 283,5 2 817,0
Non-controlling interest 109,1 -
Non-controlling interest at beginning of the period
Transactions with non-controlling interest 107,5
Total comprehensive income for the year 1,6
Total equity 3 392,6 2 817,0
ABRIDGED GROUP STATEMENT OF CASH FLOWS
for the year ended 28 February 2013
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Net cash flow from operating activities 44,8 21,3
Net cash flow from investment activities 386,3 (240,7)
Net cash flow from financing activities 242,7 90,9
Net increase/(decrease) in cash and cash equivalents 673,8 (128,5)
Exchange gains on cash and cash equivalents 1,3
Cash and cash equivalents at beginning of period 77,5 206,0
Cash and cash equivalents at end of period 752,6 77,5
NOTES TO THE ABRIDGED GROUP FINANCIAL STATEMENTS
1. Basis of presentation and accounting policies
The abridged Group financial statements have been prepared in accordance with the recognition and
measurement principles of International Financial Reporting Standards ("IFRS"), including IAS 34
Interim Financial Reporting; the SAICA Financial Reporting Guides, as issued by the Accounting
Practices Committee; the Financial Reporting Pronouncements as issued by the Financial Reporting
Standards Council; the requirements of the South African Companies Act of 2008, as amended; and the
Listings Requirements of the JSE Ltd. The accounting policies applied in the preparation of these
abridged Group financial statements are consistent with those used in the previous financial year,
and no new accounting standards, interpretations or amendments to IFRS were relevant to the Group's
operations.
The abridged Group financial statements for the year ended 28 February 2013 for the first time
include the consolidated results of Chayton Africa ("Chayton") and Agricol Holdings Ltd ("Zaad Holdings"),
the subsidiary companies in which Zeder acquired controlling interests during the year under review
(refer to note 6).
2. Management fee
A management fee is payable to PSG Group Ltd ("PSG Group"), Zeder's ultimate holding company, in terms
of a management agreement. In accordance with the management agreement, PSG Group provides all investment,
administrative, advisory, financial and corporate services to the Zeder group of companies.
Management fees payable consist of a base fee and a performance fee element. The base fee is calculated
at 2% p.a. (exclusive of VAT) on the net asset value of the Group (excluding cash) at the end of every
month and 0.15% p.a. (exclusive of VAT) on the daily average cash balances. The base fee is accrued
at the end of every month. The performance fee is calculated on the last day of the financial year
at 10% p.a. on the outperformance of the Group's equity portfolio above the equally weighted FTSE-JSE
Beverage Total Return Index (TRI041) and the FTSE-JSE Food Producers Total Return Index (TRI043) over
any financial year. No performance fee was payable for the current or prior year.
Apart from the aforementioned management fee, no other related party transactions material to an
understanding of these financial results, were entered into.
3. Non-headline items
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Net of taxation and non-controlling interest
Net loss on dilution of interest in associated companies 155,3 7,9
Non-headline items of associated companies (42,8) (43,3)
Net (gain)/loss on disposal of investments in associated companies (502,9) 0,1
Fair value adjustment on step-up acquisition of a subsidiary (22,0)
Fair value adjustment on non-current asset held for sale 7,3
Net profit on sale of property, plant and equipment (1,8)
Taxation effect of non-headline items 91,3 0.6
Non-controlling interest 0.2
Net non-headline profit (315,4) (34,7)
4. Commitments
In terms of a subscription agreement, the Group has a capital commitment to invest a further amount of
approximately R116m in Chayton for the purposes of expanding its operations.
The Group acquired an option in terms whereof it may, during an agreed option period, elect to purchase the
remaining shareholding in Klein Karoo Seed Marketing (Pty) Ltd, with a reciprocal put in favour of the current
shareholder. Any exercise of the option is subject to approval from the relevant competition authorities. The
main business activities of Klein Karoo Seed Marketing and its subsidiaries are the handling, value-adding,
processing and marketing of seed and seed-related products.
5. Segmental reporting
Following the Group's acquisition of controlling interests during the year, the Group is organised into four
reportable segments namely Zaad Holdings (sole shareholder of Agricol (Pty) Ltd), Chayton, food and agri,
and beverages. Zaad Holdings and Chayton are subsidiaries, while food and agri and beverages comprise
investments in associated companies and equity securities. The subsidiary segments operates mainly in the
Republic of South Africa, Mauritius and Zambia, whereas the other segments operate mainly in the Republic
of South Africa.
Recurring headline earnings is calculated on a see-through basis. Zeder's recurring headline earnings is
the sum of its effective interest in that of each of its underlying investments. The result is that
investments which Zeder do not equity account or consolidate in terms of accounting standards, are included
in the calculation of recurring headline earnings.
Non-recurring headline earnings include equity securities' see-through recurring headline earnings and the
related net fair value gains/losses and investment income (as recognised in the income statement). Associated
companies' and subsidiaries' one-off gains/losses are excluded from recurring headline earnings and included
in non-recurring headline earnings.
Segmental income comprises revenue from sale of goods, change in fair value of biological assets, investment
income, net fair value gains, share of profits of associated companies, net loss on dilution of interest
in associated companies and net gain/loss on disposal of investment in associated companies, as per the
income statement.
ABRIDGED GROUP SEGMENTAL REPORT
for the year ended 28 February 2013
Audited Audited
28 Feb 29 Feb
2013 2012
Rm Rm
Recurring headline earnings of subsidiaries 11,1 -
Zaad Holdings 32,9
Chayton (21,8)
Recurring headline earnings of associated companies
and equity securities 321,9 323,4
Food and agri 255,8 265,1
Beverages 66,1 58,3
Net interest and other income and expenses (23,3) (2,4)
Management fees and taxation (58,6) (48,0)
Recurring headline earnings 251,1 273,0
Non-recurring headline earnings, net of taxation (54,8) 26,9
Recurring earnings adjustment (food and agri) (8,6) 48,6
One-off items
Pioneer Foods/Competition Commission settlement impact (20,6)
Pioneer Foods B-BBEE charge (22,2)
Distell excise duty charge (12,6)
Agri Voedsel unbundling costs (6,1)
Other (5,3) (1,1)
Headline earnings 196,3 299,9
Non-headline items (note 3) 315,4 34,7
Attributable earnings 511,7 334,6
Segmental income analysis:
Subsidiaries - Zaad Holdings 266,7 -
Revenue from sale of goods 264,7
Investment income 1,9
Net fair value gains 0,1
Subsidiaries - Chayton 92,4 -
Revenue from sale of goods 63,4
Change in fair value of biological assets 28,7
Investment income 0,3
Associated companies and equity securities - food and agri 291,5 338,2
Investment income 5,8 59,9
Net fair value gains 39,7 51,2
Share of profits of associated companies 247,9 227,2
Gain on dilution of interest in associated company 2,0
Loss on disposal of investment in associated company (3,9) (0,1)
Associated companies and equity securities - beverages 394,5 58,6
Net fair value gains (7,3)
Share of profits of associated companies 52,3 58,6
Loss on dilution of interest in associated company (157,3)
Gain on disposal of investment in associated company 506,8
Unallocated income
Investment income 5,1 3,8
Segmental income 1 050,2 400,6
Sum-of-the-parts segmental analysis:
Sum-of-the-parts of subsidiaries 645.8 -
Zaad Holdings 368,9
Chayton 276,9
Sum-of-the parts of associated companies and equity securities 2866,4 3115,8
Food and agri 2578,8 2402,7
Beverages 287,6 713,1
Cash and cash equivalents 692,2 77,5
Other net liabilities (301,1) (108,6)
SOTP value 3 903,3 3 084,7
6. Business combinations
Agricol
On 28 March 2012, the Group acquired the remaining 74,9% of the issued share capital in Agricol. Agricol is
incorporated in the Republic of South Africa and its activities include plant breeding, production, international
trade, processing and distribution of seed. In July 2012, the Group sold 8% of its stake in Agricol to a
non-controlling shareholder, leaving the Group with a 92% interest at the reporting date.
Chayton
At the reporting date, Zeder held a 73,4% interest in Chayton, a company incorporated in Mauritius, with farming
operations in Zambia.
Somawhe Estates Ltd ("Somawhe")
On 31 July 2012, Zeder, through its subsidiary Chayton, acquired 100% of the issued share capital in Somawhe, a
company incorporated in Zambia, with farming operations there.
The summarised assets, liabilities, consideration and goodwill resulting from these acquisitions are as follows:
Agricol Chayton Somawhe Total
GROUP Rm Rm Rm Rm
Property, plant and equipment (38,9) (129,0) (177,2) (345,1)
Biological assets (14,0) (55,0) (69,0)
Intangible assets (21,5) (0,7) (22,2)
Equity securities (2,4) (2,4)
Inventories (79,2) (3,8) (10,8) (93,8)
Trade and other receivables (61,4) (3,8) (5,1) (70,3)
Cash and cash equivalents (31,3) (9,9) (9,8) (51,0)
Deferred income tax liabilities 8,5 1,3 16,8 26,6
Borrowings 146,3 18,0 164,3
Current income tax liabilities 19,7 1,1 20,8
Trade and other payables 57,4 18,1 6,6 82,1
Total identifiable net (assets)/liabilities (149,1) 4,5 (215,4) (360,0)
Previously held investment in Agricol at fair value 50,4 50,4
Goodwill (51,7) (28,1) (59,2) (139,0)
Total consideration (150,4) (23,6) (274,6) (448,6)
Cash consideration paid (150,4) (23,6) (274,6) (448,6)
Cash and cash equivalents acquired 31,3 9,9 9,8 51,0
Cash outflow through business combinations (119,1) (13,7) (264,8) (397,6)
Goodwill recognised from the business combinations can be attributed to the employee corps and geographical footprint
of the respective businesses, as well as expected synergies and growth potential. Acquisition costs of R6,1m were
incurred with the above business combinations, which are included in marketing, administration and other expenses.
7. Events after the reporting period
The Group acquired an additional 8,7% interest in the Capespan Group Ltd, to increase its interest in same to
approximately 46%. This is in line with the Group's refined strategy.
On 8 April 2013, the Company declared a final dividend of 4 cents per share in respect of the year ended 28 February
2013, which is payable on 6 May 2013. The dividend was calculated in accordance with Zeder's policy of paying 100% of
free cash flow as a final ordinary dividend.
8. Audited abridged financial statements
These abridged Group financial statements were compiled under the supervision of Zeder's financial director,
Mr WL Greeff, CA(SA), and were audited in terms of the Companies Act of South Africa by PricewaterhouseCoopers Inc.
A copy of their unqualified audit opinion is available from the Company's registered office.
Date: 08/04/2013 03:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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