Wrap Text
Reviewed Interim Financial Results
African Oxygen Limited
(Incorporated in the Republic of South Africa)
Registration number: 1927/000089/06
ISIN: ZAE000067120 JSE code: AFX.
NSX code: AOX
REVIEWED INTERIM CONDENSED CONSOLIDATED FINANCIAL RESULTS
for the six months ended 30 June 2013
Revenue up: R2.9 billion
EBITDA: R449 million
Headline earnings per share up: 55.1 cents
Performance highlights
The continued economic down turn in manufacturing, mining and steel production deepened in the first half of the current financial year. Accordingly, despite achieving price
increases broadly in line with increased input costs, revenue for the six months to 30 June 2013 increased by only 3% to R2.9 billion (2012: R2.8 billion). Earnings before
interest, tax, depreciation and amortisation (EBITDA) were flat at R449 million (2012: R446 million).
The EBITDA margin achieved was 15.7% (2012: 16.0%); profit for the half-year was down 6% to R176 million (2012: R183 million) primarily as a consequence of the increased
depreciation resulting from the commissioning of the new Pretoria Air Separation Unit at the end of the 2012 financial year. Headline earnings were 55.1 cents
(2012: 53.8 cents).
The Group's capital plan continued to be implemented with capital expenditure of R261 million for the first six months of 2013 (2012: R222 million).
Business review
Prolonged uncertainty in the economy, and low GDP growth in South Africa, continue to impact negatively on the demand for our products in many key sectors. This has
been reflected in Afrox's top customers who have been reporting earnings declines, especially in the key mining and steel sectors of the market.
Our long-term success, and the realisation of our strategic goals, depends on our ability to adjust and respond to current and future market dynamics. In recognition of this,
Afrox launched a new integrated operating model in December 2012 aimed at bringing accountability for revenue, cost and asset utilisation together for each of Afrox's
business lines. The key focus areas for the new leadership team is to drive safety, improved customer service, growth, asset utilisation and drive towards efficiency
improvements.
Since January 2013, the company has accordingly focused on safety, effective cost management, a market alignment restructure and profitability improvement measures. These
intense efforts have been conducted in a climate of adverse trading conditions during the six months to 30 June 2013 and have enabled earnings to remain at the same level as
last year despite continued volume erosion.
A mild winter in South Africa led to a decline in demand for liquefied petroleum gas (LPG). Afrox imported LPG to act as a buffer for winter shortages and refinery
shutdowns, but price recovery and distribution costs came under pressure due to reduced demand.
Labour disputes and high winter electricity tariffs resulted in output reduction from key large customers with a consequential reduction in demand for our gases. As a result,
demand for bulk gases remained flat. Sales of compressed gases declined reflecting the continued reduction in activity in the manufacturing sector.
In Healthcare, a greater focus on the private healthcare and homecare sectors is underway. In the State hospitals tender announced in March 2013, Afrox retained five
provinces in total. The company lost the contract to supply hospitals in KwaZulu-Natal province but gained the hospitals contract in the Limpopo province. Overall, medical
gases volumes sold increased during this reporting period due to the increased demand from the various state hospitals. However, with the effective date of the new tender
being 1 July 2013, it is expected that medical gas volumes will end the year flat.
The demand for Hard Goods remains sluggish amid fierce competition. However, the restructuring of Afrox's manufacturing capabilities, new product development and the
launch of SmoothFlo, the most technologically advanced and engineered gas pressure regulator ever to be introduced to the industrial market, will position the Group well
for future Hard Goods volume growth and exports into the rest of Africa, and worldwide via The Linde Group, which operates in more than 100 countries.
Operations in African countries outside South Africa contributed 19% (2012: 22%) to the Group's half-year Gross Profit After Distribution Expenses (GPADE). Afrox
businesses outside of South Africa have been the focus of intense information technology investment, focused financial processes and improved governance controls, and have
benefited from an injection of experienced management resources. The outlook for sub-Saharan Africa remains positive and the region continues to be central to future
growth.
The EBITDA margin remained flat at 15.7% for the half-year, primarily restrained by the impact of LPG cost recovery and distribution challenges and competitor activity across
all markets. EBITDA margin improvement by year-end is the focus of intense management effort through a continuous improvement drive to reduce fixed costs and increase
supply chain efficiencies across the Afrox Group.
Plant reliability of 98.7% has been achieved in this reporting period. Independently monitored customer satisfaction levels, with Afrox and our National Customer Service
Centre, stand at 95%. Reduction in working capital is a key focus of the second half of the year. Good progress is being made on the collection of outstanding debt. However,
the continued State debt of R103 million remains a particular concern, especially hospital debt in the province of KwaZulu-Natal, recently lost in the 2013 State hospitals
tender. Capital expenditure increased during the first half of the year, to R261 million (2012: R222 million). The majority of this investment relates to the property for the
new Durban hub. See Outlook.
A management focus on workplace and distribution safety within the company has delivered a marked improvement, with a 73% drop in major incidents, leading to a decrease
in vehicle damage/replacement costs and contributing to an improved DIFOT (delivered in full on time) level of 92% in June. Our Level 3 Broad-Based Black Economic
Empowerment rating continues to have a positive effect on the gaining of sales while solid progress is being made in respect of Afrox's BEE transformation programme and
our drive for High Performance Organisation status. Although overall trading conditions are challenging, the Group's underlying business remains strong and as the leading
gases and welding company in Africa, Afrox remains the supplier of choice in key markets.
Other matters
The Group's new borrowing facilities were concluded and the Group now has a syndicated loan structure in place for R1.8 billion. The facility is in various tranches of seven,
five and three year term loans and includes a R300 million revolving credit facility to meet peak working capital requirements. The loans are a blend of fixed and floating
interest rate loans.
The sale of RECO was concluded in February 2013. No profit was realised on the transaction.
In the period under review, the Group adopted the amended IAS 19 Employee benefits, together with the other new/amended International Financial Reporting Standards set
out in note 3 to the attached interim condensed consolidated financial results. Only the application of IAS 19 resulted in the restatement of any of the reported financial
results and its impact is set out under note 4 to the attached interim condensed consolidated financial results.
Dividend
It is the Group's policy to consider dividends twice annually. The Board of Directors have declared a gross interim cash dividend of 27.0 cents per share for the six months
ended 30 June 2013 (2012: 27.0 cents). The dividend is covered 2.0 times by headline earnings per share.
Board of directors
Jonathan Narayadoo, an executive director of the company, and Louis van Niekerk, lead-independent non-executive, retired as Directors, effective May 2013. Morongwe
Malebye, an independent non-executive director, and Dynes Woodrow, a non-executive director, resigned as Directors, effective 22 August 2013. The Board thanks Mr.
Narayadoo for his contribution of more than 30 years of service to Afrox; and Mr. van Niekerk, Ms. Malebye and Mr. Woodrow for their contributions since 2005, 2007 and
2010 respectively. The Board wishes them all well for the future. Dr. Mokhele was appointed as the new lead-independent non-executive director at the Company's AGM in
May 2013 and Mr. Wells was appointed as chairman of the audit committee.
Outlook
Economic conditions are expected to remain challenging for the foreseeable future, particularly in the key manufacturing, mining and steel production sectors of the South
African economy. Long term growth prospects in the rest of Africa are excellent and management is finalising the expansion strategy in this region. Of the current capital plan
of R1.5 billion, R300 million has been earmarked for a new 150-tons-per-day atmospheric gases unit in the Eastern Cape, the epicentre of South Africa's motoring industry,
and a state-of-the-art R400 million hub in the east coast province of KwaZulu-Natal. Overall, our outlook for the remainder of the financial year remains optimistic.
Mike Huggon
Chairman
Brett Kimber
Managing Director
22 August 2013
Johannesburg
NOTICE OF INTERIM DIVIDEND DECLARATION NUMBER 174 AND SALIENT FEATURES
Notice is hereby given that a gross interim cash dividend of 27.0 cents per ordinary share, being the interim dividend for the six-month period ended 30 June 2013, has been
declared payable to all shareholders of African Oxygen Limited recorded in the register on Friday, 11 October 2013.
The salient dates for the declaration and payment of the interim dividend are as follows:
Last day to trade ordinary shares "cum" dividend Friday, 4 October 2013
Ordinary shares trade "ex" dividend Monday, 7 October 2013
Record date Friday, 11 October 2013
Payment date Monday, 14 October 2013
Share certificates may not be dematerialised or rematerialised between Monday, 7 October 2013 and Friday, 11 October 2013, both days inclusive.
The local net dividend amount is 22.95 cents per share for shareholders liable to pay the new Dividends Tax and 27.0 cents per share for shareholders exempt from the new
Dividends Tax (2012: 27.0 cents).
In terms of the new Dividends Tax, the following additional information is disclosed:
- the dividend has been declared out of income reserves;
- the local Dividends Tax rate is 15%, subject to double tax agreement;
- no Secondary Tax on Companies (STC) credits were utilised;
- Afrox currently has 308 567 602 ordinary shares in issue; and
- Afrox's income tax reference number is 9350042710.
By order of the Board
Carnita Low
Company Secretary
22 August 2013
Johannesburg
Forward looking statements disclaimer: This interim results review contains statements related to our future business and financial performance and future events or
developments involving Afrox that may constitute forward-looking statements. Such statements are based on current expectations and certain assumptions of Afrox's
management are therefore subject to certain risks and uncertainties. A variety of factors, many of which are beyond Afrox's control, affect our operations, performance,
business strategy and results and could cause the actual results, performance or achievements of Afrox to be materially different from any future results, performance or
achievements that may be expressed or implied by such forward-looking statements or anticipated on the basis of historical trends.
Condensed consolidated statement of cash flows
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Note Reviewed Unaudited Audited
Earnings before interest and tax (EBIT) 271 292 439
Adjustments for:
Depreciation, amortisation and impairments 178 154 359
Other 31 41 103
Operating cash flows before working capital adjustments 480 487 901
Working capital adjustments (302) (199) 35
Cash generated from operations 178 288 936
Vested shares purchased on behalf of employees (3) - -
Net finance expenses and tax paid (124) (81) (150)
Cash available from operating activities 51 207 786
Dividends paid to owners of the parent (56) (71) (154)
Dividends to non-controlling interests (1) (5) (17)
Net cash (outflow)/inflow from operating activities (6) 131 615
Additions to property, plant and equipment and intangibles (261) (222) (558)
Proceeds from disposal of the RECO business 8 21 - -
Other investing activities 14 51 58
Net cash outflow from investing activities (226) (171) (500)
Increase/(decrease) in borrowings 398 (20) (78)
Incentive share scheme shares purchased on behalf of employees - - (14)
Net cash inflow/(outflow) from financing activities 398 (20) (92)
Net increase/(decrease) in cash and cash equivalents 166 (60) 23
Cash and cash equivalents at the beginning of the period 255 232 232
Cash and cash equivalents at the end of the period 421 172 255
Condensed consolidated income statement
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Reviewed Unaudited* Restated*
Revenue 2 859 2 779 5 558
Operating expenses (2 410) (2 333) (4 760)
Earnings before interest, tax, depreciation, amortisation and impairments (EBITDA) 449 446 798
Depreciation and amortisation (178) (154) (328)
Impairments - - (31)
Earnings before interest and tax (EBIT) 271 292 439
Net finance expense (20) (30) (35)
Income from associate - 2 4
Profit before taxation 251 264 408
Taxation (75) (81) (133)
Profit for the period 176 183 275
Attributable to:
Equity holders of the company 169 177 262
Non-controlling interests 7 6 13
176 183 275
Basic and diluted earnings per ordinary share - cents 54.8 57.4 84.9
* Audited, adjusted for the amended IAS 19 Employee benefits (refer note 4)
Condensed consolidated statement of comprehensive income
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Reviewed Unaudited* Restated*
Profit for the period 176 183 275
Other comprehensive gain/(loss) after tax 61 (56) (146)
Items that can subsequently be reclassified to the income statement 28 (18) (21)
Translation differences on foreign operations 24 (14) (18)
Translation differences relating to non-controlling interests 4 (6) (7)
Changes in fair value of cash flow hedges (net of tax) - 2 4
Items that cannot subsequently be reclassified to the income statement 33 (38) (125)
Actuarial gains/(losses) on defined-benefit funds 46 (52) (173)
Deferred tax relating to actuarial (gains)/losses (13) 14 48
Total comprehensive income for the period 237 127 129
Total comprehensive income attributable to:
Equity holders of the company 226 127 123
Non-controlling interests 11 - 6
237 127 129
* Audited, adjusted for the amended IAS 19 Employee benefits (refer note 4)
Condensed consolidated statement of changes in equity
Incentive
scheme
share
Share and
capital share FCTR Non-
and based and Actuarial con-
share payment hedging gains/ Retained trolling Total
R'million premium reserves reserves (losses) earnings interests equity
Balance at 1 January 2012, as previously reported 552 - (53) 287 2 041 38 2 865
Impact of IAS 19 amendment (refer note 4) - - - 12 (12) - -
Restated balance at 1 January 2012 552 - (53) 299 2 029 38 2 865
Profit for the period - - - - 177 6 183
Other comprehensive loss - - (12) (38) - (6) (56)
Share based payments, net of tax - 23 - - - - 23
Dividends paid - - - - (71) (2) (73)
Balance at 30 June 2012 552 23 (65) 261 2 135 36 2 942
Restated balance at 1 January 2012 552 - (53) 299 2 029 38 2 865
Profit for the period - - - - 262 13 275
Other comprehensive loss - - (14) (125) - (7) (146)
Shares purchased on behalf of employees - (14) - - - - (14)
Share based payments, net of tax - 22 - - - - 22
Dividends paid - - - - (154) (17) (171)
Balance at 31 December 2012 552 8 (67) 174 2 137 27 2 831
Balance at 1 January 2013, as previously reported 552 8 (67) 154 2 157 27 2 831
Impact of IAS 19 amendment (refer note 4) - - - 20 (20) - -
Restated balance at 1 January 2013 552 8 (67) 174 2 137 27 2 831
Profit for the period - - - - 169 7 176
Other comprehensive income - - 24 33 - 4 61
Share based payments, net of tax - 7 - - - - 7
Dividends paid - - - - (56) (1) (57)
Balance at 30 June 2013 552 15 (43) 207 2 250 37 3 018
Condensed consolidated statement of financial position
30 June 30 June 31 December 31 December
2013 2012 2012 2011
R'million Note Reviewed Unaudited* Restated* Restated*
ASSETS
Property, plant and equipment 5 2 963 2 712 2 854 2 657
Other non-current assets 620 709 604 880
Non-current assets 3 583 3 421 3 458 3 537
Inventories 873 685 685 678
Trade and other receivables 1 061 981 841 830
Other current assets 40 24 32 16
Taxation receivable 38 22 30 50
Cash and cash equivalents 430 189 297 243
Current assets 2 442 1 901 1 885 1 817
Assets held-for-sale 8 - 112 44 -
Total assets 6 025 5 434 5 387 5 354
EQUITY AND LIABILITIES
Shareholders' equity 2 981 2 906 2 804 2 827
Non-controlling interests 37 36 27 38
Total equity 3 018 2 942 2 831 2 865
Long-term borrowings 1 000 365 132 446
Deferred tax liability 548 519 528 524
Non-current liabilities 1 548 884 660 970
Trade, other payables and financial liabilities 1 143 994 1 078 981
Taxation payable 38 28 38 25
Short-term portion of long-term borrowings 269 564 738 502
Bank overdrafts 9 17 42 11
Current liabilities 1 459 1 603 1 896 1 519
Liabilities held-for-sale 8 - 5 - -
Total equity and liabilities 6 025 5 434 5 387 5 354
* Audited, adjusted for the amended IAS 19 Employee benefits (refer note 4)
Business segments
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Reviewed Unaudited Audited
Revenue 2 859 2 779 5 558
Atmospheric Gases 861 914 1 817
LPG 1 025 1 034 2 018
Hard Goods 523 418 874
Rest of Africa 450 413 849
Gross profit after distribution (GPADE) 818 819 1 510
Atmospheric Gases 303 315 568
LPG 159 197 362
Hard Goods 201 126 266
Rest of Africa 155 181 314
Reconciliation of GPADE to EBIT
GPADE for business segments 818 819 1 510
Other operating expenses (547) (527) (1 040)
Impairments - - (31)
Earnings before interest and taxation (EBIT) 271 292 439
Statistics and ratios
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
Reviewed Unaudited* Restated*
Average number of shares in issue during the period ('000) 308 568 308 568 308 568
Shares in issue ('000) 308 568 308 568 308 568
Dividends per share (cents) 27.0 27.0 45.0
Final 18.0
Interim 27.0 27.0 27.0
Ratios
EBITDA margin (%) 15.7 16.0 14.4
Interest cover on EBITDA (times) 22.5 15.5 22.8
Effective tax rate (%) 30.1 30.8 32.7
Gearing (%) 19.2 17.9 15.5
Dividend cover on headline earnings (times) 2.0 2.0 2.0
* Audited, adjusted for the amended IAS 19 Employee benefits (refer note 4)
Notes to the financial statements
African Oxygen Limited ("Afrox" or the "Company") is a South African registered company. The interim condensed consolidated financial statements of the Company
comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in an associate.
1 Statement of compliance
These interim condensed consolidated financial statements have been prepared in accordance with the recognition and measurement criteria of International Financial
Reporting Standards (IFRSs), the presentation as well as disclosure requirements of IAS34 Interim financial reporting, the SAICA financial reporting pronouncements issued by
the Financial Reporting Standards Council, the JSE listings requirements, and the South African Companies Act 71 of 2008.
2 Basis of preparation
These interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in
conjunction with the Group's annual financial statements for the year ended 31 December 2012. Except as described in note 3, the accounting policies applied are the same as
those applied in the Group's annual financial statements as at and for the year ended 31 December 2012 and have been applied consistently to the periods presented in these
interim condensed consolidated financial statements by all Group entities.
These interim financial results have been prepared under the supervision of the Financial Director, Nick Thomson CA(SA).
3 Changes in accounting policies
The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial
application of 1 January 2013:
- IFRS 10 Consolidated financial statements;
- IFRS 11 Joint arrangements;
- IFRS 13 Fair value measurement;
- IAS 1 Presentation of items of other comprehensive income (amendment);
- IAS 19 Employee benefits (revised); and
- IAS 28 Investments in associates and joint ventures (revised).
The amendment to IAS 1 did not have an impact on comparative figures as the amendment relates to presentation of items in other comprehensive income. Except for the
adoption of the amendment to IAS 19 (refer note 4), the adoption of the new standards listed above did not have a significant impact on the Group's financial statements.
4 Restatement of comparative figures
The amended IAS 19 Employee benefits disallows the use of the corridor method and the recognition of actuarial gains or losses in profit or loss. This amendment did not
have an impact on the Group's financial statements as the Group's accounting policy was already in line with the amended IAS 19 in this respect. The amended IAS 19 further
requires that the expected return on plan assets recognised in profit or loss is calculated based on the rate used to discount the defined benefit obligation. The adoption of
this amendment had the following impact on the Group's condensed financial statements:
Previously
R'million reported Adjustment Restated
Condensed consolidated income statement
for the six months ended 30 June 2012
Net finance expense (24) (6) (30)
Taxation (83) 2 (81)
Profit for the period 187 (4) 183
for the year ended 31 December 2012
Net finance expense (24) (11) (35)
Taxation (136) 3 (133)
Profit for the period 283 (8) 275
Condensed consolidated statement of comprehensive income
for the six months ended 30 June 2012
Profit for the period 187 (4) 183
Actuarial losses on defined-benefit funds (58) 6 (52)
Deferred tax relating to actuarial losses 16 (2) 14
Total comprehensive income for the period 127 - 127
for the year ended 31 December 2012
Profit for the period 283 (8) 275
Actuarial losses on defined-benefit funds (184) 11 (173)
Deferred tax relating to actuarial losses 51 (3) 48
Total comprehensive income for the period 129 - 129
Basic and diluted earnings per share for 30 June 2012 were restated from 58.7 to 57.4 (31 December 2012: 87.5 to 84.9). Had the expected return on plan assets not been
calculated under the amended IAS 19, there would not have been a significant effect on the reported amounts in the current year.
The condensed consolidated statement of financial position was not impacted by the amendment as the amendment had no impact on the Group's assets or liabilities, and had
a net impact of nil on total equity (refer condensed consolidated statement of changes in equity). The cumulative restatement for the year ended 31 December 2012
amounted to R20 million after tax.
5 Property, plant and equipment
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Reviewed Unaudited Audited
Opening carrying value 2 854 2 657 2 657
Additions 261 222 546
Transfer to assets held-for-sale - (11) (15)
Impairments - - (16)
Disposals (1) (10) (14)
Depreciation (161) (138) (296)
Translation differences 10 (8) (8)
Closing carrying value 2 963 2 712 2 854
6 Fair value
The carrying amounts of all financial assets and liabilities approximate their fair values. The fair value of the long-term borrowings equals the carrying amount at 30 June 2013
given that the borrowings facilities were obtained on 28 June 2013.
7 Earnings and headline earnings per share
Earnings per share are calculated on earnings of R169 million (2012: R177 million). Headline earnings per share are calculated on headline earnings of R170 million
(2012: R166 million).
Reconciliation between earnings and headline earnings
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Reviewed Unaudited* Restated*
Profit for the period 169 177 262
Adjusted for the after-tax effects of:
Profit on disposal of subsidiary - (11) (11)
Loss on disposal of property, plant and equipment 1 - -
Impairment of property, plant and equipment - - 22
Headline earnings 170 166 273
Basic and diluted earnings per share - cents 54.8 57.4 84.9
Headline earnings per share - cents 55.1 53.8 88.5
* Audited, adjusted for the amended IAS 19 Employee benefits (refer note 4)
8 Assets and liabilities held-for-sale
A decision to dispose of one of the Group's businesses (RECO) was taken in May 2012, as the nature of the division's operations was not aligned to the Group's principal
lines of business. The sale was completed in February 2013 and no profit was made on the transaction. Proceeds from the disposal are receivable in three tranches. The first
tranche of R21 million was received in March 2013, the remaining two tranches are receivable in September 2013 and February 2014 respectively.
30 June 30 June 31 December
2013 2012 2012
6 months 6 months 12 months
R'million Reviewed Unaudited Audited
Property, plant and equipment - 11 15
Intangible assets - 4 -
Inventories - 70 52
Trade and other receivables - 27 -
Impairment of property, plant and equipment - - (15)
Inventory held-for-sale written off - - (8)
Trade and other payables - (3) -
Taxation payable - (2) -
Total net assets held-for-sale - 107 44
9 Related party transactions
The Group entered into various sale and purchase transactions with related parties, in the ordinary course of business, on an arm's length basis. The nature of related-party
transactions is consistent with those reported previously.
10 Update on key litigation matters
There has not been a significant change in the key litigation matters as disclosed in the annual financial statements for the year ended 31 December 2012.
11 Subsequent events
The directors are not aware of any material matter or circumstance arising since the end of the period and up to the date of this report, not otherwise dealt with in this
report. The Group declared a gross interim cash dividend of 27.0 cents per share on 22 August 2013.
12 Independent review by the auditors
These interim condensed consolidated financial statements for the six months ended 30 June 2013 have been reviewed by the company's auditor, KPMG Inc. In their review
report dated 22 August 2013, which is available for inspection at the company's registered office, KPMG Inc state that their review was conducted in accordance with the
International Standard on Review Engagements 2410, Review of interim information performed by the independent auditor of the entity, and have expressed an unmodified
conclusion on the interim condensed consolidated financial statements.
Corporate information
African Oxygen Limited
(Incorporated in the Republic of South Africa)
Registration number: 1927/000089/06
ISIN: ZAE000067120 JSE code: AFX.
NSX code: AOX
Registered office
Afrox House, 23 Webber Street, Selby
Johannesburg 2001
PO Box 5404, Johannesburg 2000
Telephone +27 (11) 490 0400
Transfer secretaries:
Computershare Investor Services (Pty) Limited
Sponsor in South Africa:
One Capital
Sponsor in Namibia:
Namibia Equity Brokers (Pty) Limited
Directors: B Kimber (Managing Director), NA Thomson** (Financial Director), MS Huggon** (Chairman), M von Plotho*, DM Lawrence, M Malebye, Dr KDK Mokhele,
DM Woodrow**, SN Maseko, CF Wells**
*German **British
Company Secretary: Carnita Low
Auditors: KPMG Inc
www.afrox.com
www.afrox.co.za
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