Wrap Text
Unaudited Interim results for the six months ended 31st January 2013.
Phumelela Gaming & Leisure Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM ISIN: ZAE000039269
The Groups unaudited condensed consolidated interim financial information for the six months ended 31 January 2013
HEPS UP 17%
PAT UP 10%
PBT FROM FIXED ODDS OPERATIONS UP 33%
PBT FROM INTERNATIONAL OPERATIONS UP 18%
EPS UP 10%
DIVIDEND TO SHAREHOLDERS UP 12%
STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
as at as at as at
31 Jan 31 Jan 31 Jul
2013 2012 2012
R000 R000 R000
ASSETS
Non-current assets 436 950 408 057 415 390
Property, plant and equipment 364 005 343 491 348 935
Goodwill 12 227 12 227 12 227
Intangible assets 42 185 35 506 37 863
Interest in equity accounted
investees 13 103 11 772 10 032
Investments 714 1 161 1 161
Deferred taxation asset 4 716 3 900 5 172
Current assets 139 126 149 882 176 567
Inventories 5 743 6 028 5 707
Trade and other receivables 70 398 67 163 67 171
Pension fund surplus 1 568 1 568 1 568
Income tax receivable 3 411 5 618 5 100
Cash and cash equivalents 58 006 69 505 97 021
Total assets 576 076 557 939 591 957
EQUITY AND LIABILITIES
Total equity 407 506 382 825 403 881
Share capital and premium 1 890 1 890 1 890
Retained earnings 403 411 380 970 401 319
Non-distributable reserves 1 854 (35) 466
Equity attributable to
ordinary shareholders 407 155 382 825 403 675
Non-controlling interest 351 206
Non-current liabilities 5 835 6 804 5 809
Deferred taxation liability 4 186 4 985 4 160
Retirement benefit obligations 1 649 1 819 1 649
Current liabilities 162 735 168 310 182 267
Trade and other payables 149 054 158 659 171 606
Betting dividends payable 10 681 6 496 7 661
Contingent consideration
liability 3 000 3 000 3 000
Income tax payable 155
Total equity and liabilities 576 076 557 939 591 957
STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2013 2012 2012
change R000 R000 R000
Income
Local operations 8 445 358 411 977 847 420
International operations 16 46 147 39 743 89 114
9 491 505 451 720 936 534
Gross betting income
Local operations 9 434 959 399 847 823 717
Net betting income
Local operations 9 351 419 322 979 668 362
Other operating income
Local operations (2) 83 595 85 369 163 400
International operations 17 46 574 39 720 89 044
Investment income
Local operations (18) 1 072 1 312 2 527
International operations (47) 18 34 70
Net income 7 482 678 449 414 923 403
Operating expenses and overheads
Stakes 7 (86 960) (81 167) (165 149)
Local operations 9 (315 576) (290 570) (595 548)
International operations 2 (16 728) (16 391) (42 144)
Profit before finance costs,
income tax, depreciation and
amortisation 3 63 414 61 286 120 562
Depreciation and amortisation 11 (20 306) (18 261) (38 016)
Profit from operations 43 108 43 025 82 546
Finance costs
Local operations (310) (900) (1 409)
Profit before share of profit of
equity accounted investees 2 42 798 42 125 81 137
Share of profit of equity
accounted investees 11 552 11 627 15 544
Profit before income tax
expense 1 54 350 53 752 96 681
Income tax expense (17) (15 064) (18 164) (27 801)
Profit for the period 10 39 286 35 588 68 880
Other comprehensive income
net of taxation
Exchange differences on
translating foreign operations 1 388 248 749
Total comprehensive income for
the period 14 40 674 35 836 69 629
Profit attributable to:
Equity holders of the parent 10 39 141 35 588 68 674
Non-controlling interest 145 206
Profit for the period 10 39 286 35 588 68 880
Total comprehensive income
attributable to:
Equity holders of the parent 13 40 529 35 836 69 423
Non-controlling interest 145 206
Total comprehensive income
for the period 14 40 674 35 836 69 629
Earnings per ordinary share (cents)
Basic 10 51,78 47,08 90,85
Diluted 8 50,78 46,89 89,09
SUPPLEMENTARY STATEMENT OF COMPREHENSIVE INCOME INFORMATION
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2013 2012 2012
change R000 R000 R000
Reconciliation of
headline earnings
Earnings attributable to
equity holders of parent 10 39 141 35 588 68 674
Adjusted for:
Net loss/(profit) on disposal of
property, plant and equipment 496 (2 116) 146
Tax effect (139) 296 (41)
Headline earnings 17 39 498 33 768 68 779
Headline earnings per share
(cents) 17 52,26 44,67 90,99
Diluted headline earnings
per share (cents) 15 51,24 44,49 89,23
Net asset value per share
(cents) 6 538,66 506,47 534,05
Dividend to shareholders
Interim dividend
Dividend per ordinary share
(cents) 28,00 25,00 25,00
Final dividend
Dividend per ordinary share
(cents) 51,00
Number of shares in issue 75 586 838 75 586 838 75 586 838
Weighted average number of
shares in issue for basic and
headline earnings per share
calculation 75 586 838 75 586 838 75 586 838
Weighted average number of shares
in issue for diluted earnings per
share calculation 77 082 581 75 895 688 77 083 215
STATEMENTS OF CASH FLOW
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
2013 2012 2012
R000 R000 R000
Net cash (outflow)/inflow
from operating activities (8 987) 912 53 883
Cash generated from operations 64 468 61 173 125 600
Movements in working capital (22 793) (4 054) 14 161
Cash generated from operating
activities 41 675 57 119 139 761
Income tax paid (12 893) (24 150) (35 667)
Investment income 1 090 1 346 2 597
Finance costs (310) (901) (1 409)
Dividends to shareholders (38 549) (32 502) (51 399)
Net cash outflow from investing
activities (31 019) (58 776) (85 250)
Acquisition of non-controlling
interest in Betting
World (Pty) Limited (13 636) (16 978)
Acquisition of property, plant and
equipment and intangible assets (40 367) (25 742) (58 348)
Proceeds on disposal of property,
plant and equipment and
intangible assets 156 3 074 6 500
Disposal of controlling interest in
Phumelela Gold International Limited (25 478) (25 478)
Loans advanced (270)
Advanced to equity accounted investees (608)
Dividend received from equity
accounted investee 9 192 3 006 9 932
Net cash outflow from financing
activities
Loans repaid (5 632) (5 362)
Net decrease in cash and cash
equivalents (40 006) (63 496) (36 729)
Effect of exchange fluctuations
on cash and cash equivalents 991 749
Cash and cash equivalents at
beginning of period 97 021 133 001 133 001
Cash and cash equivalents at end
of period 58 006 69 505 97 021
STATEMENT OF CHANGES IN EQUITY
Equity
Non- attributable Non-
Share distributable Retained to ordinary controlling Total
capital reserves earnings shareholders interest equity
R000 R000 R000 R000 R000 R000
Balance at 31 July 2011 1 890 (283) 386 159 387 766 23 025 410 791
Total comprehensive income for
the period 248 35 588 35 836 35 836
Profit for the period 35 588 35 588 35 588
Foreign currency translation reserve 248 248 248
Share based payment 1 500 1 500 1 500
Transactions with owners recorded
directly in equity
Acquisition of non-controlling
interest in Betting World (Pty) Limited (9 775) (9 775) (23 025) (32 800)
Dividends paid to equity holders (32 502) (32 502) (32 502)
Balance at 31 January 2012 1 890 (35) 380 970 382 825 382 825
Total comprehensive income for
the period 501 33 086 33 587 206 33 793
Profit for the period 33 086 33 086 206 33 292
Foreign currency translation reserve 501 501 501
Share based payment 6 160 6 160 6 160
Transactions with owners recorded
directly in equity
Dividends paid to equity holders (18 897) (18 897) (18 897)
Balance at 31 July 2012 1 890 466 401 319 403 675 206 403 881
Total comprehensive income for
the period 1 388 39 141 40 529 145 40 674
Profit for the period 39 141 39 141 145 39 286
Foreign currency translation reserve 1 388 1 388 1 388
Share based payment 1 500 1 500 1 500
Transactions with owners recorded
directly in equity
Dividends paid to equity holders (38 549) (38 549) (38 549)
Balance at 31 January 2013 1 890 1 854 403 411 407 155 351 407 506
Review of Results
Group results
It is pleasing to report that the Groups fixed odds operations, international operations and totalisator sports
pools bouquet other than horseracing (Tote Sports Pools) delivered more than satisfactory growth for the period under review.
Increased fixed odds betting volumes on sports other than horseracing and lucky numbers, coupled with improved betting margins,
helped increase profit before income tax (PBT) from fixed odds operations by a pleasing 33%. International operations, benefitting
from Rand weakness and revenue growth from the export of South African thoroughbred horseracing media rights and concomitant
betting thereon, increased by 18%. Net betting income from Tote Sports Pools (primarily soccer) surged by 77% assisted by the
introduction of new products as well as increased betting opportunities. PBT from local operations (excluding fixed odds operations)
declined by 80% primarily due to increased operating costs and a decline in totalisator revenues on horseracing. PBT from local
operations was impacted by a decline in local race meetings as a result of inclement weather conditions and in addition the J&B Met
race meeting was held in February (H2) this year as opposed to January (H1) in the prior year.
Total income increased by 9% to R492 million (2012: R452 million) and comprises local operations up 8% to R446 million (2012: R412 million)
and international operations up 16% to R46 million (2012: R40 million).
Net betting income comprising local operations increased by 9% to R351 million (2012: R323 million). Net betting income from totalisator
operations benefitted from a 77% increase on Tote Sports Pools and increased by 7% to R301 million (2012: R282 million). Net betting
income from fixed odds operations benefitted from improved betting margins and increased betting on sports (other than horseracing)
and lucky numbers and increased by 23% to R50 million (2012: R41 million).
Other income comprises, inter alia, commission received from international totes betting on South African racing, fees paid by offshore
bookmakers for the rights to display South African racing, local bookmakers levies, unclaimed dividends and breakages, TellyTrack
subscriptions, share of profits from LPMs installed in retail outlets and stable rentals. Other income increased by 4% to R130 million
(2012: R125 million).
Investment income decreased by 19% to R1,1 million (2012: R1,3 million) primarily due to the decrease in cash and cash equivalents.
Operating expenses increased by 8% to R419 million (2012: R388 million) inclusive of stakes that increased by 7% to R87 million (2012: R81 million).
Profit before finance costs, income tax, depreciation and amortization increased by 3% to R63 million (2012: R61 million).
The Group invested a further R40 million in its capital infrastructure and as a consequence the depreciation and amortisation charge
increased by 11% to R20 million (2012: R18 million).
Share of profit from equity accounted investees decreased marginally to R11,5 million (2012: R11,6 million) comprising R10,9 million
(2012: R11,1 million) from the Isle of Man operation and R0,6 million (2012: R0,5 million) from Automatic Systems Limited
(ASL - a company listed on the Mauritius Stock Exchange and one of two licensed totalisator operators on the island).
Profit before income tax increased by 1% to R54,3 million (2012: R53,7 million) whilst profit after income tax benefitted from
Secondary Tax on Companies being replaced by a Dividend Tax and increased by 10% to R39,3 million (2012: R35,6 million).
Earnings per share increased by 10% to 51,78 cents per share (2012: 47,08 cents per share) whilst headline earnings and
headline earnings per share (HEPS) increased by 17% to R39,5 million (2012: R33,8 million) and 52,26 cents per share
(2012: 44,67 cents per share) respectively. Diluted HEPS increased by 15% to 51,24 cents per share (2012: 44,49 cents per share).
LOCAL OPERATIONS
Income from local operations increased by 8% to R446 million (2012: R412 million) with income from fixed odds operations up 24%
to R59,4 million (2012: R47,9 million) and income from totalisator, racing and other operations up 6% to R385,9 million (2012: R364,1 million).
Net betting income increased by 9% to R351,4 million (2012: R323 million) comprising totalisator operations which increased by 7% to
R301,3 million (2012: R282,1 million) and fixed odds operations which increased by 23% to R50,1 million (2012: R40,9 million).
Net betting income from totalisator operations was underpinned by a pleasing 77% increase in betting on Tote Sports Pools to
R72 million (2012: R40 million) comprising soccer (99,75%) and rugby (0,25%) pools. Soccer pools were driven by a substantial increase
in betting opportunities offered more regularly on a weekly basis. Net betting income from local and imported horseracing product decreased
by 5% to R229 million (2012: R241 million) primarily due to a reduction in the number of local race meetings (impacted by inclement weather
conditions) and a change in the racing programme which moved the J&B Met to February (previously January). Net betting income from bookmaker
related totalisator agencies decreased further by 11% with a number of bookmakers opting to cease agent operations in favour of offering
the Open Bet.
Fixed odds betting comprising 64% (2012: 75%) on horseracing, 22% (2012: 22%) on other sports and 14% (2012: 3%) on lucky numbers, increased
by 15%. This increase coupled with improved betting margins help lift net betting income by 23% with net betting income on horseracing down
10% to R27 million (2012: R30 million), on other sports up 42% to R12 million (2012: R9 million) and on lucky numbers up 338% to R11 million
(2011: R3 million). Fixed odds betting patterns on horseracing and other sports are similar to those of the totalisator with betting on
horseracing impacted by the decrease in local race meetings whilst betting on other sports is predominantly made up of soccer bets.
Betting on lucky numbers was driven by increased betting opportunities primarily in bricks and mortar outlets.
Other income decreased by 2% to R84 million (2012: R85 million) and includes LPM income R9 million (up 27%) and bookmaker levies R26 million (up 29%).
Operating expenses including stakes increased by 8% to R403 million (2012: R372 million). Excluding stakes, which increased by 7% to
R87 million (2012: R81 million), operating expenses increased by 9% to R316 million (2012: R291 million) primarily due to employee,
water and lights, rates and taxes, transport, security, lease rentals and regulatory compliance costs.
PBT from local operations decreased by 31% to R13 million (2012: R19 million) with PBT from fixed odds operations up 33% to R11 million
(2012: R8 million) and other local operations down 80% to R2 million (2012: R11 million). The Groups diversification strategy into tote
betting on soccer and rugby continues to sustain local profitability.
INTERNATIONAL OPERATIONS
Income from international operations increased by 16% to R46,1 million (2012: R39,7 million) assisted by Rand weakness and increased revenues
from Australia (6%), Singapore (25%) and France (630%) primarily due to increased demand for South African racing and concomitant betting thereon.
Income from the UK increased by 15% as a result of the increased revenues generated by the long term agreement concluded with Satellite Information
Services Limited.
Operating expenses were impacted by Rand weakness and increased by 2% to R16,7 million (2012: R16,4 million).
The Groups share of profit from its equity accounted investees Premier Gateway International Limited (Isle of Man) and ASL (Mauritius) decreased
marginally to R11,5 million (2012: R11,6 million), mainly as a result of increased staff costs incurred so as to enable Tabcorp to commence trade
with the Isle of Man operation.
PBT from international operations increased by 18% to R41,3 million (2012: R34,9 million) and equates to 76% (2012: 65%) of the Groups PBT.
FINANCIAL POSITION
The Group has total assets of R576 million (2012: R592 million) including cash resources of R58 million (2012: R97 million). The Groups net asset
value per share increased to 538,66 cents per share.
Cash generated from operations of R64,5 million was utilised to fund an increase in working capital of R22,8 million, pay income tax of R12,9 million
and dividends of R38,5 million. A further R40,4 million was utilised for capital expenditure and software development inclusive of R16 million on the
new Polytrack surface (work in progress) and general upgrade at Fairview racecourse.
SHARE CAPITAL
There was no movement in share capital during the period under review.
CAPITAL COMMITMENTS
Commitments in respect of capital expenditure approved by directors.
2013 2012
R000 R000
Contracted for 29 009 2 276
Not contracted for 52 601 32 594
Contracted commitments include R24 million for the new Polytrack surface at Fairview racecourse. Not contracted for commitments include some
R30 million to expand the Groups retail footprint which is dependent on a number of pending license applications being granted by the Regulators.
REPORTING ENTITY
Phumelela Gaming and Leisure Limited is a company domiciled in South Africa. The condensed consolidated interim financial statements as at and for
the period ended 31 January 2013 comprises of the Company and its subsidiaries and the Groups interests in equity accounted investees.
RELATED PARTIES
There has been no significant change in related party relationships since the previous year.
Other than in the normal course of business, there have been no significant transactions during the period with equity accounted investees,
joint operations and other related parties.
SEGMENTAL ANALYSIS
The Group stages and broadcasts horseracing events and offers betting opportunities on both South African and international product in two
geographic segments, namely South Africa and the rest of the world. Betting opportunities in South Africa comprise totalisator and fixed odds operations.
Unaudited Unaudited Audited
6 months 6 months 12 months
31 Jan 31 Jan 31 Jul
% 2013 2012 2012
change R000 R000 R000
LOCAL
Excluding fixed odds
Income 6 385 907 364 077 741 114
Net betting income 7 301 308 282 134 574 981
Horseracing (5) 229 136 241 331 486 159
Other sports 77 72 172 40 803 88 822
Other income 1 81 850 80 645 157 250
Investment income (18) 954 1 163 2 131
Net income 6 384 112 363 942 734 362
Stakes 7 (86 960) (81 167) (165 149)
Operating expenses 9 (277 766) (255 151) (525 771)
Profit before
depreciation and
amortisation (30) 19 386 27 624 43 442
Depreciation and
amortisation 6 (16 988) (16 073) (32 739)
Profit before finance
costs and income
tax expense (79) 2 398 11 551 10 703
Finance costs (310) (900) (1 398)
Profit before income
tax expense (80) 2 088 10 651 9 305
Fixed odds
Income 24 59 451 47 900 106 906
Net betting income 23 50 111 40 845 93 381
Horseracing (10) 26 777 29 633 64 189
Other sports 42 12 370 8 710 19 029
Other 338 10 964 2 502 10 163
Other income (63) 1 745 4 724 6 150
Investment income (21) 118 149 396
Net income 14 51 974 45 718 99 927
Operating expenses 7 (37 810) (35 419) (69 777)
Profit before
depreciation and
amortisation 38 14 164 10 299 30 150
Depreciation and
amortisation 55 (3 250) (2 093) (5 103)
Profit before finance
costs and income
tax expense 33 10 914 8 206 25 047
Finance costs (11)
Profit before income
tax expense 33 10 914 8 206 25 036
INTERNATIONAL
Income 16 46 147 39 743 88 514
Other income 17 46 574 39 720 89 044
Investment income 18 34 70
Net income 17 46 592 39 754 89 114
Operating expenses 2 (16 728) (16 391) (42 144)
Profit before
depreciation and
amortisation 28 29 864 23 363 46 970
Depreciation and
amortisation (28) (68) (95) (174)
Profit from operations 28 29 796 23 268 46 796
Share of profit of
equity accounted
investees 11 552 11 627 15 544
Profit before income
tax expense 18 41 348 34 895 62 340
TOTAL FOR THE GROUP
Income 9 491 505 451 720 936 534
Net betting income 9 351 419 322 979 668 362
Horseracing (6) 255 913 270 964 550 348
Other sports 71 84 542 49 513 107 851
Other 338 10 964 2 502 10 163
Other income 4 130 169 125 089 252 444
Investment income (19) 1 090 1 346 2 597
Net income 7 482 678 449 414 923 403
Stakes 7 (86 960) (81 167) (165 149)
Operating expenses 8 (332 304) (306 961) (637 692)
Profit before
depreciation and
amortisation 3 63 414 61 286 120 562
Depreciation and
amortisation 11 (20 306) (18 261) (38 016)
Profit before finance
costs and income
tax expense 43 108 43 025 82 546
Finance costs (310) (900) (1 409)
Profit before share of
equity accounted
investee 2 42 798 42 125 81 137
Share of profit of
equity accounted
investees 11 552 11 627 15 544
Profit before income
tax expense 1 54 350 53 752 96 681
STATEMENT OF COMPLIANCE AND PRESENTATION
The condensed consolidated interim financial information for the six months ended 31 January 2013 has been prepared in accordance
with IAS34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and
Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the Listing Requirements of the JSE Limited
and the requirements of the South African Companies Act. The financial information does not include all the information required
for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as
at and for the year ended 31 July 2012.
The condensed consolidated interim financial statements are presented in South African Rands rounded to the nearest thousand,
which is the Companys functional and presentation currency. They are prepared on the historical cost basis, except for certain
derivative financial instruments that are recognised at fair value.
The accounting policies applied in the presentation of the condensed consolidated interim financial statements are consistent with
those applied for the year ended 31 July 2012, except for new standards and interpretations that became effective on 1 August 2012
and deemed applicable to the Group. The adoption of these standards and interpretations had no impact on the results for the period
nor has it required the restatement of any prior year figures. The amounts disclosed are not audited, except if indicated otherwise.
The Board is committed to the highest standards of corporate governance throughout the Group, endorses the recommendations set out
in King III and supports the Code of Corporate Practices and Conduct setout therein.
Mr B K McLoughlin CA(SA) (Chief Financial Officer) was responsible for supervising the preparation of the annual financial statements
and preparing these condensed consolidated interim financial statements.
SUBSEQUENT EVENTS
There are no subsequent events that have an impact on the financial information at 31 January 2013.
CORPORATE INTERESTS
As reported previously, Phumelela and Gold Circle received notice on 1 July 2011, from the Competition Commission (the Commission)
of a complaint lodged by Africa Race Group (Pty) Limited alleging, inter alia, price fixing and market allocation. The Company has submitted
a formal response to the allegations and awaits the Commissions findings. The directors consider the possibility of an outflow of resources as remote.
In a separate matter, on 19 March 2012, the Commission issued a ruling prohibiting the acquisition by Kenilworth Racing (Pty) Limited (Kenilworth)
of the Western Cape business of Gold Circle and simultaneously the Thoroughbred Horse Racing Trusts acquisition of the entire issued equity in Kenilworth.
The parties lodged an appeal and on 15 November 2012 the Competition Tribunal over turned the Commissions ruling and a merger clearance certificate
was granted. Phumelela will manage the Western Cape business by agreement with Kenilworth.
The Group is in the process of unbundling its indirect investment in ASL held through Phumelela Gold Enterprises with a view of holding the shares
in ASL directly. Phumelela and Gold Circle have agreed to distribute the shares in equal proportion between them.
SOCIAL RESPONSIBILITY
The Group recognises that it has a responsibility to the broader community to act in a socially responsible manner, for the benefit of all
South Africans. Contributions to selected training, sports and community service related projects continue. The Group has adopted appropriate
BEE and employment equity, training and procurement policies.
The Group is a AA Level Three Contributor and remains committed to achieving AAA Level Two Contributor status by 2015.
DIRECTORS
There were no changes to the composition of the Board during the period under review.
PROSPECTS
The Groups Tote Sports Pools, fixed odds operations and international operations continue to enjoy good demand.
Management continues to target growth in earnings for the full year.
This forecast has not been reviewed or reported on by the Companys auditors.
CASH DIVIDEND TO SHAREHOLDERS
Notice is hereby given that the Board has declared a gross interim cash dividend from income reserves of 28 cents per share (23,80 cents per share net of
dividend withholding tax at a rate of 15%) payable to shareholders recorded in the register on Friday 24 May 2013. The Company has no secondary tax
on companies credits available. The issued share capital at the declaration date is 77 101 885 ordinary shares. Shareholders are advised that the last
date to trade cum dividend will be Friday 17 May 2013. As from commencement of business on Monday 20 May 2013 all trading in Phumelela shares will
be ex dividend. Payment will be made on Monday 27 May 2013. Share certificates may not be dematerialised or rematerialised between
Monday 20 May 2013 and Friday 24 May 2013, both days inclusive. The Companys tax reference number is 9171/393/84/7.
For and on behalf of the Board
M P MALUNGANI
Chairman
W A du PLESSIS
Group Chief Executive
Johannesburg
10 April 2013
Directors: M P Malungani (Chairman), W A du Plessis* (Group Chief Executive), A W Heide* (Finance Director and COO), R Cooper, M J Jooste,
B Kantor, S K C Khampepe, N J Mboweni (Mrs), V J Moodley*, Dr E Nkosi,
M L Ramafalo*, J A Stuart*, C J H Van Niekerk, J B Walters
(*Executive)
Company Secretary: R Gopaul
Registered Office: Turffontein Racecourse, 14 Turf Club Street, Turffontein
Transfer Secretaries: Computershare Investor Services (Pty) Limited
Share code: PHM ISIN: ZAE000039269
Sponsor: Investec Bank Limited
Web site: www.phumelela.com
Date: 11/04/2013 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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