Wrap Text
Audited results for the year ended 30 June 2013
Eqstra Holdings Limited
1998/011672/06
JSE codes: EQS; EQS01; EQS02; EQS04; EQS05; EQS06; EQS07
ISIN: ZAE000117123
AUDITED RESULTS
FOR THE YEAR ENDED 30 JUNE 2013
REVENUE INCREASED 11.6% to R9 089 million
OPERATING PROFIT 16.2% to R1 038 million
HEADLINE EARNINGS PER SHARE FROM CONTINUING OPERATIONS INCREASED 34.7% to 104.0 cents
FINAL CASH DIVIDEND INCREASED 28.6% to 36.0 cents per share
CASH GENERATED FROM OPERATION INCREASED 30.6% to R3 159 million
REVENUE-GENERATING ASSETS INCREASED 7.8% to R9 578 million
Introduction
Eqstra Holdings Limited ("the group") produced a pleasing set of results for the year against
continued demanding operating conditions, with a 34.7% increase in headline earnings per share.
The group's strategy of providing long-term leasing of mobile assets and the related services that
adds value to clients' operations continued to prove its resilience. The proactive labour relations
management implemented in the previous year resulted in no direct industrial action at operations
for the year under review.
- Revenue increased by 11.6% to R9 089 million (2012: R8 143 million), due to increased
equipment sales and the positive impact of new acquisitions in Industrial Equipment and
improved domestic contract mining production volumes in Contract Mining and Plant Rental.
South African mining industry revenue account for 68.7% (2012: 71.8%) of the Contract
Mining and Plant Rental division's revenue and 31.9% (2012: 32.1%) of group revenue.
- Profit before taxation decreased marginally to R486 million (2012: R488 million) on a weak
performance from Fleet Management and Logistics and an impairment charge for sub-
standard tyres purchased in Contract Mining and Plant Rental. This resulted in the profit before
taxation margin decreasing to 5.3% (2012: 6.0%). Excluding the impact of impairments in
both the current and prior year, the group's profit before taxation increase is 9.6%.
- Revenue-generating assets (leasing assets and finance lease receivables), which is the
foundation of the group's business model, increased by R694 million or 7.8% to R9 578 million
(2012: R8 884 million), with good leasing asset growth of 26.4% recorded in Industrial
Equipment. The leasing asset fleet of Contract Mining and Plant Rental remained static as
expansionary capital expenditure continued to be curtailed until the financial performance of the
division reaches desired targets. The group will continue to target growth in revenue-generating
assets, which results in the generation of long-term annuity income.
- Net finance costs increased by 12.9% to R543 million (2012: R481 million) as average debt
levels increased during the year in line with leasing asset growth and investment in working
capital.
- Working capital decreased by R292 million on the back of inventory realisation, including
leasing assets exiting their leasing term.
- Net asset value increased by 14.4% to 791.4 cents per share (2012: 691.9 cents per share)
and return on equity (ROE) decreased to 13.7% (2012: 18.2%). The comparative ROE included
profit on the sale of discontinued operations of R137 million. Excluding this impact, ROE would
have decreased from 14.0% to 13.7%.
- Headline earnings per share increased by 34.7% to 104.0 cents per share, benefiting from an
improved operating performance.
Long-term debt funding
Eqstra's debt maturity profile continues its long-term bias, which mirrors the long-term nature of
associated capital equipment investments.
Total interest-bearing borrowings net of cash and cash equivalents increased by 11.5% to
R7 297 million (2012: R6 543 million). This is in line with the increase in revenue-generating assets
linked to long-term contracts and increased investment in working capital.
In April 2013 the group raised R446 million through the issue of a five-year R340 million floating rate
note and a R106 million five-year fixed rate note. The over-subscribed bonds were issued at 252 basis
points above the three-month Jibar and 252 basis points above the R204 government bond. The
spread on this issue was 18 basis points lower than the five-year bond Eqstra issued in 2012. R200
million of the bond proceeds was used to repay bank term debt maturing in April 2014, with the
balance used to repay overnight borrowings and commercial paper.
The group complied with all bank debt covenants and achieved an interest cover (EBITDA) ratio of
5.3 times (2012: 5.5 times) and a capital adequacy ratio of 24.6% (2012: 23.7%). Both measures are
above the levels required by the group's long-term debt funders.
The board is satisfied that the group has sufficient facilities in place to meet anticipated liquidity
requirements and that medium-term refinancing objectives have been achieved.
Divisional review
Industrial Equipment
30 June 30 June
2013 2012 %
Rm Rm change
Revenue 2 708 2 411 12.3%
Operating profit 258 211 22.3%
Net finance costs (109) (91) 19.8%
Profit before taxation 145 134 8.2%
PBT margin 5.4% 5.6% (3.7%)
Revenue-generating assets 1 949 1 542 26.4%
The division delivered a pleasing operating performance, with South African materials handling
market share increasing in a declining domestic market, driven by its market-leading Toyota Forklift
distributorship. This was commendable considering the negative effects of a volatile Yen and weak
domestic forklift industry demand in the second half of the year. Higher sales of equipment to clients
opting for a long-term leasing solution produced a positive shift towards annuity-income business,
with 68% (2012: 60%) of forklifts sold into the leasing fleet. Although the growth in revenue-
generating assets of 26.4% had an initial negative impact on earnings for the year, it bodes well for
future earnings growth.
The Heavy Lift business unit (Konecranes port equipment, Terex mobile cranes and Terberg port
terminal tractors) was renamed Heavy Equipment after merging with the remaining operations of the
rationalised Construction and Mining Equipment division that mainly undertakes the distribution of
Terex rigid and articulated dump trucks to the mining industry. Heavy Equipment delivered a solid
performance and key focus areas will be to grow aftermarket revenue and increase sales into Sub-
Saharan Africa.
Impact Handling, the United Kingdom CAT Lift forklift distributorship, delivered a good performance
notwithstanding continued manufacturer delivery constraints following a factory relocation from
Europe to China and a weak UK economy.
The acquisitions made during the year of 600SA and Air Supreme were successfully integrated and
performed better than expected in their maiden results contribution. The division's diversification
strategy aimed at reducing dependence on the forklift business continued, with the South African
and UK forklift business accounting for 72% (2012: 82%) of divisional revenue.
Fleet Management and Logistics
30 June 30 June
2013 2012 %
Rm Rm change
Revenue 2 362 2 180 8.3%
Operating profit 311 355 (12.4%)
Net finance costs (156) (131) 19.1%
Profit before taxation 157 216 (27.3%)
PBT margin 6.6% 9.9% (32.9%)
Revenue-generating assets 3 181 2 943 8.1%
This division is a market leader in the provision of fleet management solutions and related value-
added services across all vehicle categories to corporate, government and parastatal clients. Demand
for leasing offerings continued to increase this year, a reflection of the growing maturity of the South
African market in line with international trends. Leasing operations produced a net growth in leasing
units, with revenue-generating assets increasing by 8.1%. This resulted in increased depreciation and
finance costs.
The division's overall operating results were significantly lower, mainly due to losses incurred in non-
core, start-up logistics operations and related once-off closure costs. Logistics operations have been
rationalised through fleet optimisation and back office rationalisation. End-of-lease vehicle
remarketing profits were also lower.
Value-added services that translate into enhanced profit margins without requiring extensive capital
investment grew by 17.8%. Opportunities to sell value-added services are expected to increase. The
division is targeting continued growth in this area, particularly with GPS Tracking Solutions.
Contract Mining and Plant Rental
30 June 30 June
2013 2012 %
Rm Rm change
Revenue 4 223 3 707 13.9%
Operating profit 473 322 46.9%
Net finance costs (273) (277) (1.4%)
Profit before taxation 192 109 76.1%
PBT margin 4.5% 2.9% 55.2%
Revenue-generating assets 4 517 4 517 0.0%
The primary business unit of Contract Mining and Plant Rental, MCC, is one of southern Africa's
largest opencast contract mining and heavy equipment plant rental companies. The division
delivered improved operating results following a poor financial performance in recent years. Higher
production volumes contributed to growth in revenues.
Profit before taxation increased by 76.1% on improved contract management, asset utilisation and
a reduction in loss-making contracts. The division operated with limited industrial action compared
to the prior year through proactive labour relations. Profitability of the Benga project in Mozambique
was negatively impacted by tyre impairment charges and operations coming to a halt for a period
of time when the client declared a force majeure. The loss-making Nkomati Nickel contract was
renegotiated and a turnaround is in process. The Vele mine was placed on care and maintenance
and all equipment has been redeployed to a new contract that was awarded at the end of the
financial year. A final contract with B2Gold Namibia was not concluded. Plant rental delivered a
much improved South African performance while activity in the rest of Africa remains promising.
Share buy-back
The group continued its share buy-back programme during the year as the current share price
continues to trade below the group's net asset value per share. The group bought back and
cancelled 17.3 million shares to the value of R113 million (2012: R65 million).
Dividend
In line with the group's published dividend policy of an annual payout of between 30% and 35%
of headline earnings, the board declares a dividend of 36.0 cents per share, a 28.6% increase.
The board considered the solvency and liquidity of the company and is satisfied that the company
will be solvent and liquid immediately after completing the distribution.
Prospects
Industrial Equipment is targeting further market share gains in all segments and an increase in
aftermarket revenues. Demand is expected to remain firm, despite the decline in the SA forklift
market in recent months.
Fleet Management and Logistics' core business will remain defensive and the rationalisation of
loss making business units undertaken during the year should result in an improvement in
profitability.
Contract Mining and Plant Rental will build on the current year's performance. It has initiatives in
place to grow future earnings, although the commodity and labour environment will require
careful management.
The group has appetite for selective complementary acquisitions and further diversification in
addition to organic growth.
Outlook
The group expects its earnings performance to continue into the next financial year.
However, the domestic economy will remain under pressure and the current nationwide industrial action
could impact on 2014 operating results.
The above information provided in this announcement has not been reviewed and reported on by
the company's external auditors and does not constitute an earnings forecast.
By order of the board
NP Mageza WS Hill
Chairperson Chief Executive Officer
3 September 2013
SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION
as at
30 June 30 June
2013 2012
Rm Rm
ASSETS
Non-current assets 10 345 9 553
Intangible assets 91 51
Property, plant and equipment 538 500
Leasing assets 9 491 8 755
Deferred tax assets 35 30
Finance lease receivables 33 59
Other investments, loans and derivatives(2) 157 158
Current assets 2 956 3 036
Inventories 945 811
Trade and other receivables and derivatives 1 628 1 533
Finance lease receivables 54 70
Taxation in advance 29 12
Cash and cash equivalents 300 610
Total assets 13 301 12 589
EQUITY AND LIABILITIES
Stated capital 1 816 1 929
Other reserves 218 106
Retained income 1 222 931
Equity attributable to owners of the parent 3 256 2 966
Non-controlling interests 19 14
Total equity 3 275 2 980
Non-current liabilities 6 302 6 498
Interest-bearing borrowings 5 541 5 801
Deferred tax liabilities 761 697
Current liabilities 3 724 3 111
Current portion of interest-bearing borrowings(3) 2 056 1 352
Trade and other payables and derivatives 1 656 1 747
Current tax liabilities 12 12
Total equity and liabilities 13 301 12 589
SUMMARISED GROUP INCOME STATEMENT
for the years ended
30 June 30 June
2013 2012
Rm Rm
Continuing operations
Revenue 9 089 8 143
Profit from operations before depreciation, amortisation and recoupments 2 870 2 596
Depreciation and amortisation (1 836) (1 744)
Recoupments 4 41
Operating profit 1 038 893
Net foreign exchange gains 7 46
Net (impairment) reversal of impairment of leasing assets (16) 30
Profit before net finance costs 1 029 969
Net finance costs (543) (481)
Finance costs including fair value gains(5)
(582) (507)
Finance income 39 26
Profit before taxation 486 488
Income tax expense (78) (111)
Profit for the year from continuing operations 408 377
Discontinued operations
(Loss) profit from discontinued operations, including profit on sale of
discontinued operations (18) 111
Profit for the year 390 488
Attributable to:
Owners of the parent 385 486
- Profit for the year from continuing operations 403 375
- (Loss) profit for the year from discontinued operations (18) 111
Non-controlling interests 5 2
Profit for the year 390 488
Cents Cents
Earnings per share(7)
Earnings per share from continuing operations
- Basic earnings per share (cents) 100.0 89.4
- Diluted earnings per share (cents) 100.0 88.0
(Loss) earnings per share from discontinued operations
- Basic (loss) earnings per share (cents) (4.5) 26.5
- Diluted (loss) earnings per share (cents) (4.5) 26.1
SUMMARISED GROUP STATEMENT
OF COMPREHENSIVE INCOME
for the years ended
30 June 30 June
2013 2012
Rm Rm
Profit for the year 390 488
Total other comprehensive income for the year, net of taxation 125 77
Exchange differences on translation of foreign subsidiaries 87 27
Net fair value gain on cash flow hedges and other fair value reserves 38 50
Total comprehensive income for the year, net of taxation 515 565
Attributable to:
Owners of the parent 510 563
- Profit for the year from continuing operations 528 452
- (Loss) profit for the year from discontinued operations (18) 111
Non-controlling interests 5 2
515 565
SUMMARISED GROUP DISCONTINUED
OPERATIONS INCOME STATEMENT
for the years ended
30 June 30 June
2013 2012
Rm Rm
Revenue 65 1 120
(Loss) profit from operations before depreciation and recoupments (3) 85
Depreciation, amortisation and recoupments - (8)
Operating (loss) profit (3) 77
Foreign exchange gains (losses) 6 (19)
Profit before net finance costs 3 58
Net finance costs (8) (48)
Finance costs including fair value gains (8) (49)
Finance income - 1
(Loss) profit before taxation (5) 10
Income tax expense (13) (36)
Loss for the year (18) (26)
* The above discontinued operations formed part of the former Construction and Mining Equipment division.
The profit from discontinued operations, including profit on sale of
discontinued operations comprises:
Loss from discontinued operations (refer above) (18) (26)
Profit on disposal of discontinued operatio - 137
(18) 111
SUMMARISED GROUP STATEMENT
OF CHANGES IN EQUITY
for the years ended
Non-
Stated Other Retained controlling
capital reserves income interests Total
Rm Rm Rm Rm Rm
Balance at 1 July 2011 2 060 31 578 19 2 688
Total comprehensive
income for the year - 77 486 2 565
Profit for the year - - 486 2 488
Other comprehensive income
for the year, net of taxation - 77 - - 77
Net share-based payment reversal - (21) - - (21)
Revaluation of Lereko call option - 2 - - 2
Repurchase of "A" deferred
ordinary shares (66) - - - (66)
Purchase of treasury shares
by subsidiary (65) - - - (65)
Dividends paid - - (105) (3) (108)
Other movements - 17 (28) (4) (15)
Balance at 30 June 2012 1 929 106 931 14 2 980
Total comprehensive income
for the year - 125 385 5 515
Profit for the year - - 385 5 390
Other comprehensive income
for the year, net of taxation - 125 - - 125
Net share-based payment expense - 16 - - 16
Devaluation of Lereko call option - (5) - - (5)
Dividends paid - - (115) - (115)
Repurchase of ordinary shares (113) - - - (113)
Realisation of currency
translation reserve - (21) 21 - -
Deferred taxation effect on items
recorded directly in equity - (3) - - (3)
Balance at 30 June 2013 1 816 218 1 222 19 3 275
SUMMARISED GROUP STATEMENT OF
CASH FLOWS
for the years ended
30 June 30 June
2013 2012
Rm Rm
Cash flows from operating activities
Cash generated by operations before working capital movements 2 867 2 668
Working capital movements 292 (250)
Cash generated from operations 3 159 2 418
Interest received 39 27
Interest paid (593) (565)
Taxation paid (60) (59)
Net cash flows from operating activities 2 545 1 821
Cash flows from investing activities
Acquisition of businesses (28) (53)
Disposal of businesses - 424
Gross capital expenditure (2 893) (3 289)
Proceeds on disposal of assets 58 385
Decrease(increase) in finance lease receivables 42 (39)
Increase in other investments and loans - (3)
Net cash flows from investing activities (2 821) (2 575)
Cash flows from financing activities
Repurchase of non-controlling interest - (6)
Repurchase of "A" deferred shares - (66)
Purchase of treasury shares by subsidiary - (65)
Repurchase of ordinary shares (113) -
Dividends paid (115) (108)
Increase in interest-bearing borrowings 184 1 417
Net cash flows from financing activities (44) 1 172
Net (decrease) increase in cash and cash equivalents (320) 418
Effect of exchange rate translation on cash and cash equivalents 10 1
Cash and cash equivalents at beginning of year 610 191
Cash and cash equivalents at end of year 300 610
SEGMENTAL INFORMATION - SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION
as at
Fleet Management Contract Mining and Corporate Office
Group Industrial Equipment# and Logistics# Plant Rental and Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 91 51 - - 58 34 30 14 3 3
Property, plant and equipment 538 500 164 146 94 62 164 152 116 140
Leasing assets 9 491 8 755 1 949 1 542 3 094 2 814 4 517 4 517 (69) (118)
Finance lease receivables 87 129 - - 87 129 - - - -
Other investments and loans 104 124 - - - 7 1 12 103 105
Inventories 945 811 772 661 71 53 102 97 - -
Trade and other receivables
and derivatives 1 681 1 567 460 556 246 193 875 767 100 51
Operating assets 12 937 11 937 3 345 2 905 3 650 3 292 5 689 5 559 253 181
Deferred tax assets 35 30
Taxation in advance 29 12
Cash and cash equivalents 300 610
Total assets 13 301 12 589
LIABILITIES
Trade and other payables and derivatives 1 656 1 747 535 672 400 337 622 611 99 127
Interest-bearing borrowings 7 597 7 153 1 948 1 471 2 186 1 948 3 312 3 436 151 298
Operating liabilities 9 253 8 900 2 483 2 143 2 586 2 285 3 934 4 047 250 425
Deferred tax liabilities 761 697
Current tax liabilities 12 12
Total liabilities 10 026 9 609
GEOGRAPHIC SEGMENTATION
Operating assets 12 937 11 937 3 345 2 905 3 650 3 292 5 689 5 559 253 181
- South Africa 10 287 9 673 2 550 2 305 3 419 3 053 4 065 4 134 253 181
- Rest of World 2 650 2 264 795 600 231 239 1 624 1 425 - -
Trade and other payables and derivatives 1 656 1 747 535 672 400 337 622 611 99 127
- South Africa 1 425 1 498 460 595 364 285 502 491 99 127
- Rest of World 231 249 75 77 36 52 120 120 - -
Interest-bearing borrowings 7 597 7 153 1 948 1 471 2 186 1 948 3 312 3 436 151 298
- South Africa 6 017 5 891 1 391 1 059 2 034 1 865 2 441 2 669 151 298
- Rest of World 1 580 1 262 557 412 152 83 871 767 - -
Net capital expenditure 2 835 2 904 850 703 1 279 1 023 702 1 159 4 19
- South Africa 2 472 2 085 699 419 1 221 965 548 682 4 19
- Rest of World 363 819 151 284 58 58 154 477 - -
# Prior year represented to reflect changes in reporting structures following sale and exit of Bucyrus and New Holland distributorships.
SEGMENTAL INFORMATION - SUMMARISED GROUP INCOME STATEMENTS
for the years ended
Industrial Fleet Management Contract Mining and Corporate Office
Group Equipment# and Logistics# Plant Rental and Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2013 2012 2013 2012 2013 2012 2013 2012 2013 2012
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
Revenue
- Sales of goods 2 088 1 662 1 533 1 271 443 391 112 - - -
- Rendering of services, leasing income and other 7 001 6 481 1 111 1 055 1 779 1 726 4 111 3 699 - 1
9 089 8 143 2 644 2 326 2 222 2 117 4 223 3 699 - 1
Inter segment revenue - - 64 85 140 63 - 8 (204) (156)
9 089 8 143 2 708 2 411 2 362 2 180 4 223 3 707 (204) (155)
Net operating expenses (6 219) (5 547) (2 068) (1 875) (1 385) (1 207) (2 956) (2 604) 190 139
Depreciation and amortisation (1 836) (1 744) (382) (328) (673) (636) (794) (789) 13 9
Recoupments 4 41 - 3 7 18 - 8 (3) 12
Operating profit (loss) 1 038 893 258 211 311 355 473 322 (4) 5
Net foreign exchange gains (losses) 7 46 (4) 14 - (1) 10 27 1 6
Net (impairment) reversal of impairment of leasing assets (16) 30 - - 2 (7) (18) 37 - -
Profit (loss) before net finance costs 1 029 969 254 225 313 347 465 386 (3) 11
Net finance (costs) income (543) (481) (109) (91) (156) (131) (273) (277) (5) 18
Finance costs including fair value gains (582) (507) (112) (100) (193) (166) (273) (278) (4) 37
Finance income 39 26 3 9 37 35 - 1 (1) (19)
Profit (loss) before taxation 486 488 145 134 157 216 192 109 (8) 29
Income tax (expense) income (78) (111) (20) (20) (35) (68) (24) 5 1 (28)
Profit (loss) for the year 408 377 125 114 122 148 168 114 (7) 1
GEOGRAPHIC SEGMENTATION
Revenue 9 089 8 143 2 708 2 411 2 362 2 180 4 223 3 707 (204) (155)
- South Africa 7 537 6 923 2 209 2 027 2 168 2 026 3 364 3 025 (204) (155)
- Rest of World 1 552 1 220 499 384 194 154 859 682 - -
Operating profit (loss) 1 038 893 258 211 311 355 473 322 (4) 5
- South Africa 827 681 235 189 284 329 312 158 (4) 5
- Rest of World 211 212 23 22 27 26 161 164 - -
Net finance costs (income) 543 481 109 91 156 131 273 277 5 (18)
- South Africa 468 419 96 80 146 125 221 232 5 (18)
- Rest of World 75 62 13 11 10 6 52 45 - -
# Prior year represented to reflect changes in reporting structures following sale and exit of Bucyrus and New Holland distributorships.
CASH FLOWS FROM DISCONTINUED
OPERATIONS
for the years ended
30 June 30 June
2013 2012
Rm Rm
Net cash flows from operating activities 111 (43)
Net cash flows from investing activities - 425
Net cash flows from financing activities (111) (382)
Cash and cash equivalents at end of the year - -
NOTES
(1) Basis of preparation
These summarised preliminary financial statements have been prepared in accordance with the framework
concepts, measurement and recognition requirements of International Financial Reporting Standards (IFRS),
the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and the Financial
Reporting Pronouncements as issued by the Financial Reporting Standards Council and contains information
required by IAS 34: Interim Financial Reporting, the JSE Limited Listings Requirements and the South African
Companies Act. The accounting policies and their application are consistent, in all material respects, with
those detailed in Eqstra's 2012 annual report, except for the adoption on 1 July 2012 of those new, revised
and amended standards and interpretations in Eqstra's 2013 annual report. The adoption of the new and
amended statements of generally accepted accounting practice, interpretations of statements of generally
accepted accounting practice, and improvements project amendments has not had an effect on the group's
financial results.
30 June 30 June
2013 2012
Rm Rm
(2) Other investments, loans and derivatives
- Listed, at market value 64 66
- Unlisted, at fair value 40 42
- Loans receivable - 16
- Derivative financial asset 53 34
157 158
(3) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes R900
million (2012: R529 million) commercial paper that is supported by a
R1 000 million standby liquidity facility that has an 13-month rolling
notice period.
(4) Capital commitments and contingencies 2 086 2 402
- Contracted 501 489
- Authorised by directors but not contracted 1 585 1 913
Contingent liabilities - -
Guarantees 55 7
The expenditure is substantially for the acquisition and replacement
of leasing assets. Expenditure will be financed out of cash generated
from operations as well as from proceeds on disposals and existing
banking facilities.
(5) Finance costs including fair value gains
Net interest expense - continuing operations 585 516
Fair value gains on borrowings and interest swaps (unrealised) (3) (9)
582 507
Cents Cents
(6) Net asset value per share attributable to owners
of the parent 791.4 691.9
(7) Headline earnings per share
Headline earnings per share - continuing operations(8)
- Basic earnings per share (cents) 104.0 77.2
- Diluted earnings per share (cents) 104.0 76.0
Headline earnings per share - discontinued operations(8)
- Basic (loss) earnings per share (cents) (4.5) 0.0
- Diluted (loss) earnings per share (cents) (4.5) 0.0
Reconciliation of continuing earnings per share
Basic earnings per share 100.0 89.4
Profit on sale of property, plant and equipment
and leasing equipment (1.0) (9.8)
Net impairment (reversal of impairment) of leasing and other assets 4.7 (7.2)
Taxation effect 0.3 4.8
Headline earnings per share 104.0 77.2
Million Million
(8) Weighted average number of shares in issue
for the year
Number of ordinary shares
- in issue 394. 2 428. 7
Weighted average number of ordinary shares
in issue during the year 402.9 419.6
- opening shares net of treasury shares 411. 4 419.4
- conversion of "A" deferred ordinary shares - 0.8
- purchase of treasury shares - (0.6)
- repurchase of ordinary shares (8.5) -
- dilutionary effect of deferred ordinary shares - 6. 5
Diluted weighted average number of ordinary shares 402.9 426. 1
(9) The auditors, Deloitte & Touche, have issued their unmodified opinion on the group's annual financial
statements for the year ended 30 June 2013. The audit was conducted in accordance with International
Standards on Auditing. A copy of the auditors report together with a copy of the audited financial statements
are available for inspection at the company's registered office. These summarised preliminary financial
statements have been derived from the group's annual financial statements and are consistent in all material
respects with the group's annual financial statements. These summarised preliminary financial statements
have been audited by the company's auditors who have issued an unmodified opinion.
The auditors' report does not necessarily report on all of the information contained in this announcement.
Shareholders are therefore advised that, in order to obtain a full understanding of the nature of the auditors'
engagement, they should obtain a copy of the auditors' report, together with the accompanying financial
information from the company's registered office. Any reference to future financial information included in
this announcement has not been reviewed or reported on by the auditors.
NAME AND REGISTRATION NUMBER
Eqstra Holdings Limited
1998/011672/06
JSE codes: EQS; EQS01; EQS02; EQS04; EQS05; EQS06; EQS07
ISIN: ZAE000117123
REGISTERED OFFICE AND BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619
PO Box 1050, Bedfordview, 2008
NON-EXECUTIVE DIRECTORS
NP Mageza*(Chairperson), MJ Croucamp*, S Dakile-Hlongwane, VJ Mokoena*,
SD Mthembi-Mahanyele*, AJ Phillips*, TDA Ross*, GG Gelink*# (*Independent),
(#Appointed 13 November 2012)
EXECUTIVE DIRECTORS
E Clarke, WS Hill (CEO), JL Serfontein (CFO)(1) CA(SA)
((1)Preparer of financial results)
COMPANY SECRETARY
L Moller
TRANSFER SECRETARIES
Computershare Investor Services (Proprietary) Limited
70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)
SPONSOR
Rand Merchant Bank (a division of FirstRand Bank Limited)
www.eqstra.co.za
4 September 2013
Date: 04/09/2013 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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