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Audited results for the financial year ended 28 February 2013
Astrapak
(Incorporated in the Republic of South Africa)
(Registration number 1995/009169/06)
Share code: APK
ISIN: ZAE000096962
Share code: APKP
ISIN: ZAE000087201 (Astrapak or the Group)
Audited results for the financial year ended 28 February 2013
Commentary
Strategic review
The Board appointed Robin Moore (ex Nampak) and Manley Diedloff (ex CFO) as CEO and Group MD respectively with effect
from 1 November 2012. As a team they have conducted an extensive review of the business and its operations and developed
a two-year recovery plan which has been approved by the Board.
The review highlighted that the Group has a number of inherent strengths that have been used as a base for the
development of the future strategy. Astrapak is the largest and most diversified plastic packaging company in South Africa,
commanding leading market positions in most of its chosen markets where it serves a strong and loyal customer base.
Astrapaks plants are geographically well spread and supported with generally modern, well equipped operations. The Groups
information systems will facilitate the transition from the previous Regional Structure to the Divisional Structure, and
forms the cornerstone for the extraction of synergies, benefits and opportunities trapped within the structure.
Financial performance review
The financial results for the financial year ended 28 February 2013 were impacted by two significant events:
> The nationwide transport strike during September and October 2012 impacted significantly on both revenue and
profitability, with an estimated R30 million in lost revenues;
> The fire at East Rand Plastics ("ERP") on 8 January 2013 which impacted not only ERP, but the Flexible
Division as a whole. As per the SENS announcement dated 10 April 2013 we advise that whilst all possible mitigating actions
have been taken by the business - which include outsourcing, inter-group production and the re-commissioning of certain
mothballed equipment, unfortunately force majeure had to be declared in terms of certain customers and markets, specific
to ERP only, which ERP could no longer service satisfactorily. Due to the consequent reduction in
turnover the cost base of the ERP business has also been reduced. The insurance assessment process has now been completed
and all the relevant insurers have admitted liability in respect of the claim. We have conservatively accrued for an amount
of R295,4 million as at 28 February 2013 and at date of the release of the results a total of R148,0 million of the accrual
has already been received.
Revenue from continuing operations at R2,615 billion (2012: R2,518 billion), increased by 3,9% against the comparative
period. The increase in turnover was mainly as a result of a 4,2% increase in volumes over the prior year.
The financial results continue to reflect the increased cost of operations, primarily related to raw materials,
energy, labour and distribution costs. The decline in the gross profit percentage from 20,5% in the comparative period to
17,4% is reflective of continued challenges faced by the business to recover its increasing cost base through increased
selling prices in a highly competitive market.
Profit from operations before exceptional items decreased by 29,2% from R163,3 million to R115,6 million with
operating margins declining from 6,5% to 4,4%. The decline in operating margin was mainly as a result of the decline in the
operating margins in the Rigids Division which was more severely impacted by under recoveries in selling prices and the
procurement strategies employed by customers which included the use of international benchmarking and tenders as tools.
The results of the asset utilisation and available capacity studies completed, highlighted a number of inefficient and
uncompetitive assets which necessitated some write downs in value totaling R92,3 million. The fixed assets destroyed in
the fire at East Rand Plastics totaled R56,3 million.
Taxation amounted to R38,3 million (2012: R40,2 million) and includes the payment of Secondary Taxation on Companies
(STC) of R0,5 million and Capital Gains Tax of R3,2 million. The effective tax rate was 19,1% (2012: 62,8%) due to
permanent differences, the utilisation of certain remaining tax losses across the Group and tax on the gains relating to the
fire being provided at Capital Gains Tax Rates. The sustainable effective tax rate remains at 28%.
The loss from discontinued operations represents net losses incurred in the current year in respect of the City Pack
and Ultrapak which were classified as discontinued operations by the Group during the prior reporting period.
Earnings per share (EPS) from continuing operations increased by 7,453.3% to 113,3 cents (2012: 1,5 cents). Headline
earning per share (HEPS) from continuing operations decreased by 67,6% to 18,0 cents (2012: 55,5 cents), while fully
diluted HEPS from continuing operations decreased by 67.2% to 18,0 cents (2012: 54,9 cents). The reduction in HEPS being
due to the significant transactions recorded due to asset impairments and income recognised in relation to expected
insurance proceeds. The Groups balance sheet has improved over the comparative year with an improvement seen in both
working capital days and gearing. Gearing, measured by net interest-bearing debt to equity, decreased from 51,7% at the end
of February 2012 to 39,5%, while net debt decreased to R471,0 million from R500,3 million as at 29 February 2012,
representing a 5,9% reduction. Working capital days improved from 50,0 days at the end of February 2012 to 45,4 days at the end of
the reporting period.
The Group has, in terms of IAS 16: Property Plant and Equipment, revalued land and buildings to reflect fair market
value. Land and buildings owned by the Group with a net book value of R130,7 million as at 29 February 2012 was revalued
to R255,1 million based on valuations done by an independent certified valuator. The net asset value of R9,86 (2012:
R8,04) per ordinary share now fully reflects the fair value of the Group.
Net cash inflows from operating activities, before distributions to all shareholders, decreased by 6,2% to R132,5
million (2012: R141,3 million). Capital expenditure incurred was R149,2 million (2012: R265,9 million) and included a number
of growth projects that will benefit the Group in the new financial year. Prudent capital allocation will remain a
priority for the Group into the future.
Outlook
For the leadership team, 2014 is about implementing the business review completed in 2012 and the start of a journey of improvement.
Prioritisation of the essential building blocks of the recovery and growth agenda is necessary if we are to attain our medium term
productivity and return aspirations. Operational disciplines, proper human capital deployment, marketawareness and good communication
are, we believe, fundamental recovery components.
We are confident that the financial performance will begin to positively reflect our strategic and operational
initiatives in terms of both the quality and value of earnings in the year ahead.
Changes to the Board of Directors
Resignations:
Mr Marco Baglione resigned as an executive director on 31 May 2012.
Mr David Noko resigned as a non-executive director on 30 June 2012.
Ms Khumo Shongwe resigned as a non-executive director on 24 January 2013.
Appointments:
Mr Gene Lapan was appointed as an executive director effective 1 June 2012.
Mr Craig McDougall was appointed as a non-executive director effective 1 August 2012.
He was also appointed chairman of the Social and Ethics Committee on 6 May 2013.
Mr Robin Moore was appointed as an executive director effective 5 November 2012.
Mr Paul Botha has been appointed as chairman of the Remuneration Committee on 6 May 2013.
Subsequent events
Subsequent to the end of the financial year, the remaining 25% minorities in Pak 2000 were purchased, effective
30 March 2013, for a consideration of R36 million.
No other fact or circumstance has come to light between 28 February 2013 and date of this report.
Dividend declaration
The Board has decided not to declare an ordinary dividend.
Acknowledgements
The Board would like to express its appreciation to all its stakeholders for their commitment, efforts and support
during the past financial year.
For and on behalf of the Board
Robin Moore Manley Diedloff Denver
Chief Executive Officer Group Managing Director 8 May 2013
Condensed consolidated statement of comprehensive income
Audited Audited
financial year financial year
ended ended
% 28 February 29 February
(R000) Notes change 2013 2012
CONTINUING OPERATIONS
Revenue 9 3,9 2 614 983 2 517 754
Cost of sales (2 159 458) (2 001 993)
Gross profit (11,7) 455 525 515 761
Distribution and selling costs (216 713) (191 260)
Administrative and other expenses (196 694) (166 104)
Other items of income and expenditure 73 459 4 855
Profit from operations before exceptional items (29,2) 115 577 163 252
Exceptional items 10 115 210 (70 540)
Profit from operations 11 148,9 230 787 92 712
Investment income 8 112 7 882
Finance costs (38 501) (36 617)
Profit before taxation 213,2 200 398 63 977
Taxation (38 346) (40 163)
Profit for the year from continuing operations 580,5 162 052 23 814
DISCONTINUED OPERATIONS
Loss for the year from discontinued operations 12 67,9 (13 478) (41 948)
Profit/(loss) for the year 919,3 148 574 (18 134)
Revaluation of land and buildings (net of tax) 95 772 -
Total comprehensive income /(loss) for the year 244 346 (18 134)
Attributable to:
Ordinary shareholders of the parent 645,4 219 226 (40 194)
- Profit for the year from continuing operations 136 932 1 754
Profit for the year from continuing operations before
exceptional items 21 722 72 294
Exceptional items 115 210 (70 540)
- Loss for the year from discontinued operations (13 478) (41 948)
Revaluation of land and buildings (net of tax) 95 772 -
Preference shareholders of the parent 11 369 10 830
Non-controlling interest 13 751 11 230
Total comprehensive income/(loss) for the period 1 447,4 244 346 (18 134)
Earnings/(loss) per ordinary share (cents) 13 406,6 102,1 (33,3)
- continuing operations 7 453,3 113,3 1,5
- discontinued operations 67,8 (11,2) (34,8)
Fully diluted earnings/(loss) per ordinary share (cents) 13 408,5 102,1 (33,1)
- continuing operations 7 992,9 113,3 1,4
- discontinued operations 67,5 (11,2) (34,5)
Preference dividend paid and accrued 11 369 10 830
Preference dividend per preference share (cents) 757,93 722,00
Reconciliation of headline earnings
Audited Audited
financial year financial year
ended ended
% 28 February 29 February
(R000) Notes change 2013 2012
Profit/(loss) for the year contributable to ordinary
shareholders 407,1 123 454 (40 194)
- continuing operations 136 932 1 754
- discontinued operations (13 478) (41 948)
Headline earnings adjustments
- Loss on exercise of options 265 60
- Loss on disposal of subsidiary - 375
- Impairment of property, plant and equipment 153 263 37 787
- Impairment of goodwill - 32 168
- Profit on disposal of property, plant and equipment (291 604) (624)
- Total tax effect of adjustments 26 913 175
- Total non-controlling interest share of adjustments (765) 163
Headline earnings attributable to ordinary shareholders (61,5) 11 526 29 910
- continuing operations (67,5) 21 683 66 782
- discontinued operations 72,5 (10 157) (36 872)
Headline (loss)/earnings per ordinary share (cents) 13 (61,4) 9,6 24,9
- continuing operations (67,6) 18,0 55,5
- discontinued operations 72,5 (8,4) (30,6)
Fully diluted headline (loss)/earnings per ordinary share
(cents) 13 (61,0) 9,6 24,6
- continuing operations (67,2) 18,0 54,9
- discontinued operations 72,3 (8,4) (30,3)
Condensed consolidated statement of financial position
Audited Audited
financial year financial year
ended ended
% 28 February 29 February
(R000) Notes change 2013 2012
Assets
Non-current assets (3,0) 1 308 371 1 348 955
Property, plant and equipment 3 1 104 721 1 140 169
Goodwill 117 118 117 118
Deferred taxation assets 36 227 44 010
Loans and investments 4 50 305 47 658
Current assets 26,6 1 066 136 842 004
Inventories 5 281 515 309 024
Trade and other receivables 757 394 532 980
Cash and cash equivalents 6 27 227 -
Assets classified as held-for-sale 7 30 174 7 075
Total assets 9,4 2 404 681 2 198 034
Equity and liabilities
Total equity 22,9 1 254 265 1 020 615
Equity attributable to ordinary shareholders of the parent 1 048 584 825 423
Preference share capital and share premium 142 590 142 590
Non-controlling interest 63 091 52 602
Non-current liabilities (0,3) 493 512 495 004
Long-term interest-bearing debt 286 894 317 290
Long-term financial liabilities 5 441 4 937
Deferred taxation liabilities 201 177 172 777
Current liabilities (7,0) 634 987 682 415
Trade and other payables 418 615 494 962
Shareholders for preference dividends 5 041 4 420
Short-term interest-bearing debt 139 665 179 903
Bank overdrafts 6 71 666 3 130
Liabilities relating to assets held-for-sale 21 917 -
Total equity and liabilities 9,4 2 404 678 2 198 034
Condensed consolidated statement of changes in equity
Audited Audited
financial year financial year
ended ended
28 February 29 February
(R000) Notes 2013 2012
Opening balance 1 020 615 1 080 544
Comprising:
Ordinary share capital and premium 199 502 199 502
Retained income 762 221 834 278
Capital reserve 8 18 757 16 707
Non-controlling put options (4 937) (1 671)
Treasury shares (150 120) (150 733)
Equity attributable to ordinary shareholders of the parent 825 423 898 083
Preference share capital and premium 142 590 142 590
Non-controlling interest 52 602 39 871
Movements:
Profit/(loss) for the year 148 574 (18 134)
Ordinary dividends paid - (31 863)
Preference dividends paid (11 369) (10 830)
Ordinary dividends paid to non-controlling interest (10 500) -
Revaluation of land and buildings 95 772 -
Adjustment of fair value of put options (504) (3 266)
Contributions made by non-controlling interest 7 238 1 501
Reduction in treasury shares due to exercise of options 2 673 623
Incentive scheme movements - (10)
Share-based payment expense for the year 1 766 2 050
Closing balance 1 254 265 1 020 615
Comprising:
Ordinary share capital and premium 199 502 199 502
Retained income 885 675 762 221
Capital reserve 8 20 523 18 757
Non-controlling put options (5 441) (4 937)
Revaluation reserve 95 772 -
Treasury shares (147 447) (150 120)
Equity attributable to ordinary shareholders of the parent 1 048 584 825 423
Preference share capital and premium 142 590 142 590
Non-controlling interest 63 091 52 602
Total equity 1 254 265 1 020 615
Condensed consolidated statement of cash flows
Audited Audited
financial year financial year
ended ended
% 28 February 29 February
(R000) Notes change 2013 2012
Cash generated from operations 97,0 459 862 233 431
Increase in working capital (281 967) (17 271)
Net financing costs and taxation paid (45 390) (74 913)
Net cash inflow from activities before distributions to
shareholders (6,2) 132 505 141 247
Dividend distribution to all shareholders (21 248) (47 267)
Net cash inflow from operating activities 18,4 111 257 93 980
Capital expenditure (149 232) (265 861)
Net movement of non-controlling interests and assets held-for-sale 10 226 1 915
Proceeds on the disposal of property, plant and equipment 43 476 9 287
Net cash outflow from investing activities (95 530) (254 659)
Net cash (outflow)/inflow from financing activities (57 036) 72 905
Net decrease in cash and cash equivalents (41 309) (87 774)
Net cash and cash equivalents at the beginning of the year (3 130) 84 644
Net cash and cash equivalents at the end of the year 6 (1 319,8) (44 439) (3 130)
Condensed consolidated segmental analysis
Total Discon-
continuing tinued Total
(R000) Rigids Flexibles operations operations Group
Revenue for segment 2013 1 758 274 1 066 743 2 825 017 28 234 2 853 251
2012 1 740 362 994 915 2 735 277 202 665 2 937 942
Transactions with other operating segments of the Group 2013 (142 789) (67 245) (210 034) (7 334) (217 368)
2012 (140 493) (77 030) (217 523) (14 819) (232 342)
Revenue for external customers 2013 1 615 485 999 498 2 614 983 20 900 2 635 883
2012 1 412 023 1 105 731 2 517 754 187 846 2 705 600
Profit from operations before exceptional items (segment result) 2013 107 398 8 179 115 577 (10 278) 105 299
2012 177 688 (14 436) 163 252 (49 055) 114 197
Total assets 2013 1 458 760 945 921 2 404 681 - 2 404 681
2012 1 115 454 1 082 580 2 198 034 - 2 198 034
Total liabilities 2013 586 187 564 229 1 150 416 - 1 150 416
2012 496 739 680 680 1 177 419 - 1 177 419
Capex 2013 118 556 30 676 149 232 - 149 232
2012 132 577 133 284 265 861 - 265 861
Depreciation 2013 82 903 39 225 122 128 1 010 123 138
2012 82 374 39 181 121 555 3 942 125 497
Supplementary information
Audited Audited
financial year financial
ended ended
28 February 29 February
2013 2012
Number of ordinary shares in issue ('000) 135 131 135 131
Weighted average number of ordinary shares in issue ('000) 120 836 120 404
Fully diluted weighted average number of ordinary shares in issue ('000) 120 837 121 600
Number of preference shares in issue ('000) 1 500 1 500
Net asset value per share (cents) 986 804
Net tangible asset value per share (cents) 889 707
Closing share price (cents) 725 665
Market capitalisation (R million) 979,7 898,7
Net interest-bearing debt as a percentage of equity (%) 39.5 51.7
Net debt 470 998 500 323
Long-term interest-bearing debt 286 894 317 290
Short-term interest-bearing debt 139 665 179 903
Cash and cash equivalents (27 227) -
Bank overdraft 71 666 3 130
Interest cover 7,6 3,2
Net working capital days 45,4 50,0
Contingent liabilities 7 635 47 525
Number of employees 3 975 4 168
- continuing operations 3 975 4 053
- discontinued operations - 115
Earnings before interest, taxation, depreciation, amortisation and
exceptional items ("EBITDA") - continuing operations 237 705 284 807
Earnings before interest, taxation, depreciation, amortisation and
exceptional items ("EBITDA") - total Group 228 437 239 694
Loss before interest, taxation, depreciation, amortisation and
exceptional items ("EBITDA") - discontinued operations (9 268) (45 113)
Notes
1. Basis of preparation and accounting policies
These condensed consolidated annual financial statements for the year ended 28 February 2013 have been prepared in
accordance with the framework concepts and the measurement and recognition requirements of International Financial
Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee
and the information as required by, IAS 34: Interim Financial Reporting. This report was compiled under the
supervision of G Lapan, Group Financial Director, CA (SA).
The accounting policies used in the preparation of these results are in accordance with IFRS and are consistent in
all material respects with those used in the audited annual financial statements for the year ended 28 February 2012,
except for change in accounting policy to a revaluation model for land and buildings.
External auditors, Deloitte & Touche, have issued their opinion on the Groups annual financial statements for the year ended
28 February 2013. The audit was conducted in accordance with International Standards on Auditing. They have issued an
unmodified audit opinion. These condensed financial statements have been derived from and are consistent in all
material respects with the Groups financial statements. A copy of their audit report is available for inspection at the
companys registered office. Any reference to future financial performance included in this announcement has not been
reviewed or reported on by the Groups external auditors.
2. Comparative figures
There has been no restatement of prior year comparatives.
Audited Audited
financial year financial year
ended ended
28 February 29 February
(R000) 2013 2012
3. Property, plant and equipment
Opening net carrying amount 1 140 169 1 053 330
Additions 149 232 265 861
Classified as assets held-for-sale (22 956) (7 075)
Revaluations 117 754 -
Disposals (11 732) (8 663)
Impairment (144 608) (37 787)
Depreciation (123 138) (125 497)
Closing net carrying amount 1 104 721 1 140 169
Capital expenditure for the year 149 232 265 861
Capital commitments
- contracted not spent 14 409 8 940
- authorised not contracted 19 254 2 500
4. Loans and investments
Vendor loan to Afripack Consumer Flexibles (Proprietary) Limited in
terms of Flexibles disposal transaction 50 293 47 646
Unlisted investments 12 12
Loans and investments at the end of the year 50 305 47 658
5. Inventories
Inventories amounting to R38 451 (2012: R 992 000) are carried at net
realisable value.
6. Cash and cash equivalents
Cash and cash equivalents 27 227 -
Bank overdrafts (71 666) (3 130)
Net cash and cash equivalents at the end of the year (44 439) (3 130)
7. Assets held for sale and liabilities relating to assets held-for-sale
During the previous year the Board classified City Packaging and Ultrapak
Packaging (both divisions of Astrapak Manufacturing Holdings (Proprietary)
Limited) as discontinued operations.
Assets held-for-sale/sold consists of the following:
Opening balance as at 1 March 2012 7 075 -
Inventory 10 069 -
Trade and other receivables 2 720 -
Cash and cash equivalents 9 -
Assets previously held-for-sale disposed of (4 000) -
Impairment of plant and equipment previously classified as held for sale (8 655) -
Property, plant and equipment classified as held-for-sale 22 956 7 075
Assets held-for-sale at the end of the year 30 174 7 075
Liabilities relating to assets held-for-sale consists of the following:
Opening balance as at 1 March 2012 - -
Long-term loans 8 115 -
Trade creditors 10 805 -
Bank overdrafts 2 997 -
Liabilities relating to assets held-for-sale at the end of the year 21 917 -
8. Capital reserve
The capital reserve relates to employee share options valued using the
Black Scholes method and the cash financed stock plan.
Included in administrative and other expenses is IFRS 2 - Share Based
Payments charges of R1,8 million (2011: R2,1 million).
9. Revenue from continuing operations
Revenue for the Group 2 825 017 2 735 277
Transactions with other entities within the Group (210 034) (217 523)
Revenue for external customers 2 614 983 2 517 754
Volume (in '000 tons) 89 138 85 569
10. Exceptional items
Insurance income relating to property, plant and equipment destroyed in the fire at East Rand Plastics 263 860 -
Impairment of property, plant and equipment relating to fire at East Rand Plastics (56 308) -
Impairment of property, plant and equipment (92 342) (32 627)
Impairment of Goodwill - (32 168)
Retrenchment costs - (5 745)
Exceptional items 115 210 (70 540)
11. Profit from operations
Profit from operations are arrived at after taking the following into account:
Net profit on disposal of property, plant and equipment (27 744) (508)
Depreciation 122 128 121 555
Net loss on exercise of share options 265 60
IFRS 2 - Share Based Payment expenses 1 766 489
12. Loss for the year from discontinued operations
The Group classified City Packaging and Ultrapak Packaging as discontinued
operations as part of its strategy to rationalise the Group.
The results of discontinued operations are therefore represented by the trading
results of these entities for the year being reported upon, the loss realised upon
the disposal of the disposal group and any losses recognised on the measurement of
assets held for sale.
Revenue 20 900 187 846
Cost of sales (23 738) (207 989)
Gross loss (2 838) (20 143)
Distribution and selling costs (2 840) (18 412)
Administrative and other operating expenses (4 600) (10 500)
Loss from operations before exceptional items from discontinued operations (10 278) (49 055)
Exceptional items (5 614) (5 160)
Loss from operations from discontinued operations (15 892) (54 215)
Investment income - 27
Finance costs (900) (655)
Loss before taxation from discontinued operations (16 792) (54 843)
Taxation 3 314 12 895
Loss for the period from discontinued operations (13 478) (41 948)
The net cash flows incurred by discontinued operations for the year are represented
below:
Operating cash inflow/(outflow) 7 941 (49 149)
Investing cash inflow 11 413 35 379
Financing cash (outflow)/inflow (17 113) 6 006
Net increase/(decrease) in cash and cash equivalents from discontinued operations 2 241 (7 764)
13. Earnings per ordinary share and headline earnings per ordinary share - basic and fully diluted
Earnings per ordinary share is calculated by dividing the profit attributable to ordinary
shareholders of the parent by the weighted average number of shares in issue over the period
that the attributable profit was generated.
Headline earnings per ordinary share is calculated by dividing the headline earnings attributable to ordinary shareholders
of the parent by the weighted average number of shares in issue over the period that the headline earnings was generated.
Fully diluted earnings and headline earnings per ordinary share is determined by adjusting the weighted average number of
shares in issue over the period to assume conversion of all dilutive ordinary shares, being shares issued in terms of the share
incentive trust and the cash financed stock plan.
14. Subsequent events
The remaining 25% minorities in Pak 2000 were purchased effective 30 March 2013 for a consideration of R36 million.
To date, we have received R148 million from our insurers as compensation for the fire that occurred at East Rand Plastics on the 8 January 2013.
No other facts or circumstances has come to light between 28 February 2013 and the signature of the financial statements.
Board of Directors: P Langeni* (Chair), R Moore (Chief Executive Officer), M Diedloff (Group Managing Director),
G Lapan (Group Financial Director), P C Botha*, C McDougall*, G Z Steffens*, G P Duda* *Non-executive
Company Secretary: S Ngwabi
Registered Office: 5 Kruger Street, Denver, 2012 PO Box 75769, Gardenview, 2047, South Africa
Tel +27 11 615 8011 Fax +27 11 615 9790
Registrar: Computershare Investor Services (Pty) Ltd Ground Floor, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Operating entities
Flexibles Division: Alex White Barrier Film Converters East Rand Plastics Knilam Packaging Packaging
Consultants Peninsula Packaging Plusnet/Geotex Saflite Tristar Plastics
Rigids Division: Cinqpet Consupaq Hilfort JJ Precision Plastics Marcom Plastics PAK 2000 Plastech
Plastform Plastop Plastop (KwaZulu-Natal) Thermopac Weener - Plastop
For more information on our business please go to:
www.astrapak.co.za
Date: 08/05/2013 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
