To view the PDF file, sign up for a MySharenet subscription.

ELB GROUP LIMITED - Reviewed group provisional report and final cash dividend declaration for the year ended 30 June 2013

Release Date: 18/09/2013 12:00
Code(s): ELR     PDF:  
Wrap Text
Reviewed group provisional report and final cash dividend declaration for the year ended 30 June 2013

ELB GROUP LIMITED
('ELB', 'the Company' or 'the Group')
Incorporated in the Republic of South Africa
Registration number 1930/002553/06
Share codes: ELR 
ISIN: ZAE000035101

REVIEWED GROUP PROVISIONAL REPORT AND FINAL CASH DIVIDEND DECLARATION FOR THE 
YEAR ENDED 30 JUNE 2013

HIGHLIGHTS

Turnover up 15% to R1 985m
Profit after tax up 12% to R118m
Headline earnings per share up 16% to 374 cents
Net asset value up 18% to 2 345 cents per share
Final cash dividend declared of 60 cents, an increase of 15%
Internal rate of return to shareholders of 22%
Total comprehensive income before tax return on total equity of 32%

COMMENTS

INTRODUCTION

ELB Group's strategic focus is on being a holistic engineering solutions 
provider to the mining, minerals, power, port, construction and industrial 
sectors in the field of materials handling and appropriate modular plants. 
This is achieved through ELB generated innovation, in-house capability and 
the supply, with world class partners, of equipment and technology. The 
Group operates predominantly in Africa and Australasia.

The past year has seen ELB invest into a number of initiatives aimed at 
sustainable growth, the results of which will emerge over the next three years.
These initiatives include the expansion of its geographic footprint in Africa, 
increasing its product and technology range, and subsequent to the year-end, 
the formation of ARDBEL (Pty) Ltd, a 50:50 joint venture with DRA Group 
Holdings (Pty) Ltd.  The joint venture will enable ARDBEL to execute very large
materials handling projects. ELB is also in the process of establishing the ELB 
Intelligent Solutions business, a hi-tech data and voice management company.

FINANCIAL RESULTS

The 15% increase in turnover for the year from R1 725 million in 2012 to 
R1 985 million in 2013 reflects the consistent demand for the full range of 
products and services offered by ELB, even in the current difficult trading 
conditions.

ELB's share of comprehensive income increased by 11% from R100 million in 2012 
to R111 million in 2013. This increase largely explains the 18% increase in net
asset value per share attributable to ordinary shareholders from 1 989 cents in
2012 to 2 345 cents in 2013.

Headline earnings per share for the year increased by 16% from 321 cents per 
share to 374 cents per share.

Due to the project nature of the business there is no consistent correlation 
between turnover and profit in accounting periods, as profit recognition 
largely increases during the latter stages of projects.

OPERATIONS

Africa

Trading conditions in the region though relatively buoyant remained challenging
during the year and the Group did well to secure a satisfactory level of 
business.

ELB Equipment

This operation had a marginal increase in turnover from R757 million in 2012 to
R762 million in 2013 while profit before tax decreased marginally from R72 
million in 2012 to R71 million in 2013. This was against the background of a 
weaker Rand coupled with tougher trading conditions resulting in reduced 
margins. The operation is well positioned to benefit from more favourable 
trading conditions.

ELB Engineering Services

This operation has again shown good growth in the year. Although turnover 
increased by 30% from R683 million in 2012 to R889 million in 2013, profit 
before tax increased by 19% from R65 million in 2012 to R77 million in 2013. 
This material increase in profit before tax is attributable to a number of 
projects reaching more advanced stages of completion and ELB Construction 
producing satisfactory results in its second year of operation. 

ELB Engineering Services has been successful in securing a number of new 
projects which has positioned this operation well for the coming 24 to 30 
months. 

Australasia

The Ditch Witch business has had a satisfactory year and the business continues
to grow in spite of the difficult trading conditions it faces.  The business 
continues to service the growing demand for its Ditch Witch and Komptech range 
of products and the New Zealand business unit has proven to be a profitable 
contributor to the Ditch Witch operation.

Turnover increased by 26% from R289 million in 2012 to R363 million in 2013 
while profit before tax decreased marginally from R27 million in 2012 to R26 
million in 2013. This decrease in profit is largely due to a pre-tax 
unrealised foreign currency loss of R5 million.

Ditch Witch remains well positioned in both Australia and New Zealand to take 
advantage of any increase in infrastructure spend in the region.

CASH FLOW

Cash and cash equivalents declined marginally to R471 million during the year 
as cash was used in increasing working capital, in continued capital 
expenditure and as a result of fluctuations in up-front customer payments. The 
cash and cash equivalent balances remained healthy at the year-end after 
absorbing the utilisation. Cash flow management remains a high priority for 
the Group. 

ELB works closely with its bankers, suppliers and customers to ensure the Group
continues to retain a strong balance sheet at all times.

REDEMPTION OF PREFERENCE SHARES

During the year the Company redeemed all of the 3 800 issued 6% cumulative 
redeemable preference shares of R2.00 each at a price of R2.00 per share.

PROSPECTS

Activity levels in the various sectors the ELB Group operates in, though 
challenging, remain relatively buoyant and the Group is well positioned to 
take advantage thereof. The various strategies for growth that have been 
implemented over the past 12 months will stand the group in good stead for 
the future.

SOCIAL RESPONSIBILITY

ELB's empowerment partner is the ELB Educational Trust, which was established 
to promote the education of historically disadvantaged South Africans in 
engineering disciplines. To this end scholarships have been awarded to students 
at various South African universities.

In addition to a number of smaller donations ELB has made substantial donations 
to the St Vincent School for the Deaf, the Ligbron Academy of Technology and 
the Elvis Blue Music Academy in Zandspruit. These institutions have been 
identified as worthy of ELB's support and which will further assist the 
historically disadvantaged in our community.

Apart from donations ELB has also made significant contributions towards small 
business development of the historically disadvantaged in South Africa.

BOARD OF DIRECTORS

Mr Michael Easter joined the Board as Group Financial Director on 1 July 2013.
Mr Graham Jones resigned from the Board as Group Financial Director on 30 
June 2013.

DIVIDENDS

It has been decided to declare a final dividend of 60 cents (2012 - 52 cents) 
per ordinary share.

The total dividend for the year is therefore 85 cents per share versus 70 cents
per share for the 2012 financial year, representing an increase of 21%.

ACCOUNTING POLICIES

The condensed consolidated provisional financial statements are prepared in 
accordance with the framework concepts and recognition and measurement 
principles of International Financial Reporting Standards ("IFRS") and 
presented in accordance with the minimum content, including disclosures, 
prescribed by IAS 34: Interim Financial Reporting applied to year end 
reporting, the SAICA Financial Reporting Guides as issued by the Accounting 
Practices Committee and Financial Pronouncements as issued by Financial 
Reporting Standards Council, and the requirements of the Companies Act of 
South Africa.

The directors were very recently advised that FSB approval was not 
required to establish a right to the employer surplus account of the closed 
benefit fund, The ELB Group Limited Pension Fund ("the Fund") in terms of IFRS.
The directors do not regard the employer surplus as an asset for use in the ELB 
core operations, because it will be used either to fund future pensioner increases 
within the Fund, or to ensure that the Fund remains fully funded. Nevertheless,
under the IAS 19: Employee Benefits standard (the corridor method), ELB is 
obliged to recognise an asset for the Fund and a related deferred income tax 
liability. ELB is required to apply the revised IAS 19: Employee Benefits 
standard (which excludes the corridor method) in the 2014 financial year. 

Therefore the directors have decided to early adopt the revised standard (with
a restatement of comparatives) to avoid multiple restatements of comparatives. 

The impact of applying the corridor method and the revised IAS 19:
Employee Benefits has been disclosed.

Apart from this change the accounting policies are consistent with those 
applied for the financial year ended 30 June 2012.

REVIEW BY THE INDEPENDENT AUDITOR

KPMG Inc, the Company's independent auditor, has reviewed the condensed 
consolidated provisional financial statements contained in this provisional 
report and has expressed an unmodified conclusion on the condensed 
consolidated provisional financial statements. The review report is 
available for inspection at the Company's registered office. 

On behalf of the Board

Dr Stephen Meijers
Chief Executive Officer
ELB Group and ELB Engineering Services

Peter Blunden
Chief Executive Officer
ELB Equipment

Michael Easter
Group Financial Director
ELB Group

Boksburg
17 September 2013

GROUP BALANCE SHEET
								       Reviewed
                                                           Reviewed    Restated
                                                          30 Jun 13   30 Jun 12
                                                              R 000       R 000
ASSETS                                                                         
 
Non current assets                                          217 717     209 177
Property, plant and equipment                               146 730     140 334
Pension fund employer surplus account                        49 078      39 949
Non current loans receivable                                  3 748       3 094
Deferred income tax assets                                   18 161      25 800
                                                                              
Current assets                                            1 407 293   1 204 632
Inventories, and construction contract work not                                
  yet billed                                                623 798     545 822
Receivables and other current assets                        312 989     169 420
Cash and cash equivalents                                   470 506     489 390

Total assets                                              1 625 010   1 413 809

EQUITY AND LIABILITIES                                                         
Equity attributable to ordinary shareholders of ELB         601 089     503 600
Issued capital                                               25 192      25 192
Treasury shares                                             (48 565)    (52 684)
Reserves                                                     51 770      37 077
Retained earnings                                           572 692     494 015

Preference shares                                                 -           8

Total equity attributable to equity holders of ELB          601 089     503 608

Non controlling interests in consolidated entities          113 526      87 940

Total equity                                                714 615     591 548

Non current liabilities                                      58 596      31 695
Interest bearing borrowings                                  29 726      15 494
Provision for trade back commitments                          2 670       3 331
Deferred income tax liabilities                              26 200      12 870

Current liabilities                                         851 799     790 566
Non interest bearing payables, other current                                   
  liabilities and current provision                         672 893     603 602
Interest bearing payables                                   178 906     186 964

Total equity and liabilities                              1 625 010   1 413 809

Ordinary shares in issue (000's)                             33 860      33 860
Deduct:Treasury shares in issue (000's)                       8 231       8 544
Ordinary shares in issue on which net asset value                              
per ordinary share is calculated                             25 629      25 316
Net asset value per ordinary share (cents)                    2 345       1 989


GROUP STATEMENT OF PROFIT OR LOSS
                                                                       Reviewed
                                                          Reviewed     Restated
                                                              Year         Year
                                                             Ended        Ended
                                                         30 Jun 13    30 Jun 12
                                                             R 000        R 000

Sales                                                    1 984 597    1 725 479
Operating costs excluding depreciation and                                     
  revaluation of property, plant and equipment          (1 813 048)  (1 579 727)
Operating profit before depreciation and revaluation                           
  of property, plant and equipment                         171 549      145 752
Depreciation and revaluation of property, plant                                
  and equipment                                            (14 212)     (10 754)
Profit from operations                                     157 337      134 998
Finance income                                              17 303       25 973
Finance expenses                                           (11 275)     (11 899)
Profit before income tax                                   163 365      149 072
Income tax expense                                         (45 412)     (44 102)
Profit for the year                                        117 953      104 970

Profit for the year attributable to:                                           
Ordinary shareholders of ELB                                95 255       81 579
Non controlling interests in consolidated entities          22 698       23 391
                                                           117 953      104 970


CALCULATION OF GROUP HEADLINE EARNINGS
                                                                       Reviewed
                                                          Reviewed     Restated
                                                              Year         Year
                                                             Ended        Ended
                                                         30 Jun 13    30 Jun 12
                                                             R 000        R 000
Profit attributable to ordinary shareholders of                                
  ELB from the statement of profit or loss                  95 255       81 579
Deduct: Items excluded from headline earnings as                               
  detailed below:                                              233          737
Plant and equipment:                                                           
  Profit on disposal                                           405          744
  Revaluation                                                    -          504
Income tax effect of items excluded from headline                              
  earnings                                                    (110)        (343)
Non controlling interests in items excluded from                               
  headline earnings                                            (62)        (168)
Headline earnings                                           95 022       80 842
Weighted average number of ordinary shares                                     
(excluding treasury shares) on which basic                                     
earnings per ordinary share are based (000's)               25 396       25 150
Earnings per ordinary share (cents)                                            
 - basic                                                     375.1        324.4
 - diluted                                                   365.2        317.0
Headline earnings per ordinary share (cents)                                   
 - basic                                                     374.2        321.4
 - diluted                                                   364.3        314.1
Dividends declared for the year per ordinary                                   
share (cents)                                                   85           70


GROUP STATEMENT OF COMPREHENSIVE INCOME
                                                                       Reviewed
                                                          Reviewed     Restated
                                                              Year         Year
                                                             Ended        Ended
                                                         30 Jun 13    30 Jun 12
                                                             R 000        R 000
Profit for the year from the statement of profit                               
  or loss                                                  117 953      104 970
Other comprehensive income                                  19 691       23 223
Items that may be reclassified subsequently to profit or                       
  loss                                                                         
Foreign currency translation reserve adjustments            13 143       16 573
Income tax effect of foreign currency translation                              
  reserve adjustments                                       (1 592)           -
Items that will not be reclassified to profit                                  
  or loss
Non controlling interests in foreign currency
  translation reserve adjustments                            2 320        2 925
Income tax effect on non controlling interests in
  foreign currency translation reserve adjustments         (  281)           - 
Foreign currency translation adjustments to                                    
  foreign non controlling interests                          1 476        2 019
Pension fund employer surplus account actuarial                                
  adjustments                                                6 024        1 631
Income tax effect of pension fund actuarial                                    
  adjustments                                               (1 687)        (457)
Revaluation surplus                                            401          739
Income tax effect of revaluation surplus                      (113)        (207)
Total comprehensive income for the year                    137 644      128 193

Total comprehensive income for the year attributable to:                       
Ordinary shareholders of ELB                               111 388       99 778
Non controlling interests in consolidated entities          26 256       28 415
                                                           137 644      128 193


GROUP STATEMENT OF CHANGES IN EQUITY

                                   Attributable to ordinary shareholders of ELB

 							      Restated
                             Issued   Treasury                Retained Restated        
                             Capital     shares   Reserves    Earnings    Total
                               R 000      R 000      R 000       R 000    R 000

Balance at 30 June 2011       25 192   (56 129)    18 501      426 319  413 883
Total comprehensive                                                            
  income for the year                              17 025       82 753   99 778
Profit for the year                                             81 579   81 579
Other comprehensive                                                            
  income                                           17 025        1 174   18 199
Ordinary dividends paid                                        (14 575) (14 575)
Non controlling interests                                                      
  in distributions by                                                          
  a consolidated group                                                         
  entity                                                                       
Increase in share options                                                      
  reserve                                           1 069                 1 069
Transfer from share                                                            
  options reserve to                                                           
  retained earnings for                                                        
  share options                                                                
  exercised and                                                                
  fully paid                                         (533)        533         -
Redundant items in                                                             
  the foreign currency                                                         
  translation reserve                                                          
  transferred to                                                               
  retained earnings                                 1 015      (1 015)        -
Decrease in the carrying                                                       
  amount of treasury                                                           
  shares held by group                                                         
  entities                               3 445                            3 445
Capital contributed by                                                         
  non controlling                                                              
  interest                                                                     
Balance at 30 June 2012      25 192    (52 684)    37 077     494 015   503 600
Total comprehensive                                                            
  income for the year                              11 796      99 592   111 388
Profit for the year                                            95 255    95 255
Other comprehensive                                11 796       4 337    16 133
  income                                                                       
Ordinary dividends paid                                       (19 528)  (19 528)
Non controlling interests                                                      
  in distributions by                                                          
  a consolidated group                                                         
  entity                                                                       
Increase in share options                                                      
  reserve                                           1 510                 1 510
Transfer from share                                                            
  options reserve to                                                           
  retained earnings for                                                        
  share options                                                                
  exercised and fully                                                          
  paid, and for share                                                          
  options lapsed through                                                       
  attrition                                          (949)        949         -
Redundant items in the                                                         
  foreign currency                                                             
  translation reserve                                                          
  transferred to                                                               
  retained earnings                                 2 336      (2 336)        -
Decrease in the carrying                                                       
  amount of treasury                                                           
  shares held by group                                                         
  entities                               4 119                            4 119
Preference shares                                                              
  redeemed for cash                                                            
Balance at 30 June 2013      25 192    (48 565)    51 770     572 692   601 089

GROUP STATEMENT OF CHANGES IN EQUITY cont.                                     

 			       Restated
                           Attributable                       Non             
                            to ordinary                Controlling    Reviewed 
                           Shareholders               interests in    Restated 
                                 of ELB  Preference   consolidated       Total 
                                  Total      shares       entities      equity 
                                  R 000       R 000          R 000       R 000 

Balance at 30 June 2011         413 883           8         61 530     475 421 
Total comprehensive income                                                     
  for the year                   99 778                     28 415     128 193 
Profit for the year              81 579                     23 391     104 970 
Other comprehensive income       18 199                      5 024      23 223 
Ordinary dividends paid         (14 575)                    (2 436)    (17 011)
Non controlling interests                                                      
  in distributions by                                                          
  a consolidated group                                                         
  entity                                                    (1 233)     (1 233)
Increase in share options                                                      
  reserve                         1 069                        189       1 258 
Transfer from share                                                            
  options reserve to                                                           
  retained earnings for                                                        
  share options                                                                
  exercised and fully paid            -                          -            -
Redundant items in the                                                         
  foreign currency                                                             
  translation reserve                                                          
  transferred to                                                               
  retained earnings                   -                          -            -
Decrease in the carrying                                                       
  amount of treasury                                                           
  shares held by group                                                         
  entities                        3 445                                   3 445
Capital contributed by non                                                     
  controlling interest                                       1 475        1 475
Balance at 30 June 2012         503 600            8        87 940      591 548
Total comprehensive income                                                     
  for the year                  111 388                     26 256      137 644
Profit for the year              95 255                     22 698      117 953
Other comprehensive income       16 133                      3 558       19 691
Ordinary dividends paid         (19 528)                      (861)     (20 389)
Non controlling interests                                                      
  in distributions by                                                          
  a consolidated group                                                         
  entity                                                       (75)         (75)
Increase in share options                                                      
  reserve                         1 510                        266        1 776
Transfer from share                                                            
  options reserve to                                                           
  retained earnings for                                                        
  share options                                                                
  exercised and fully                                                          
  paid, and for share                                                          
  options lapsed through                                                       
  attrition                           -                          -            -
Redundant items in the                                                         
  foreign currency                                                             
  translation reserve                                                          
  transferred to                                                               
  retained earnings                   -                          -            -
Decrease in the carrying                                                       
  amount of treasury                                                           
  shares held by group                                                         
  entities                        4 119                                   4 119
Preference shares redeemed                                                     
  for cash                                       (8)                         (8)
Balance at 30 June 2013         601 089           -        113 526      714 615


Effects of accounting for the pension fund employer surplus account: debit/(credit)

Line item affected                        2011                     2012        
R000
                                    Change as a result of Change as a result of
                                      Previous        New    Previous       New
                                        policy   standard      policy  standard
Balance sheet                                                                  
Pension fund employer surplus                                                  
  account                              29 450       5 951       4 378      170 
Deferred income tax liabilities        (8 246)     (1 666)     (1 226)     (48)
Retained earnings                     (21 204)     (4 285)     (3 152)    (122)

Statement of profit or loss                                                    
Operating costs excluding                                                   
  depreciation and revaluation                                                 
  of PPE                                                      (4 378)    1 461 
Profit before income tax                                      (4 378)    1 461 
Income tax expense                                             1 226      (409)
Profit for the year                                           (3 152)    1 052 

Statement of comprehensive                                                     
  income - items that will not                                                              
  be reclassified to profit                                                   
  or loss                                                                      
Pension fund employer surplus                                                  
  account                                                          -    (1 631)
Income tax effect                                                  -       457 
Other comprehensive income                                         -    (1 174)

Total comprehensive income                                     (3 152)    (122)

Increase/(decrease) in earnings                                                
 per ordinary share (cents)                                                    
 - Basic                                                          13        (4)
 - Diluted                                                        12        (4)
Increase/(decrease) in headline earnings                                       
per ordinary share (cents)                                                     
 - Basic                                                          13        (4)
 - Diluted                                                        12        (4)


GROUP CASH FLOW STATEMENT
                                                               	      Reviewed
                                                         Reviewed     Restated 
                                                             Year         Year 
                                                            ended        ended 
                                                        30 Jun 13    30 Jun 12 
                                                            R 000        R 000 
Cash outflow from operating activities before                                  
  dividends and distributions paid                        (15 154)     (95 921)
Dividends and distributions paid                          (20 464)     (18 244)
Cash outflow from operating activities                    (35 618)    (114 165)
Cash outflow from investment activities                   (17 111)     (44 643)
Cash inflow / (outflow) from financing activities          18 666         (371)
Cash outflow for the year                                 (34 063)    (159 179)
Foreign currency exchange and translation adjustments                          
  to cash and cash equivalents                             15 179       15 828 
Decrease in cash and cash equivalents                     (18 884)    (143 351)
Cash and cash equivalents at the beginning of the                              
  year                                                    489 390      632 741 
Cash and cash equivalents at the end of the year          470 506      489 390 

Reconciliation to the balance sheet                                            
Current assets - cash and cash equivalents                470 506      489 390 

NOTES 

Capital expenditure commitments

At 30 June 2013 there was a capital expenditure commitment of R4 200 000 for
the acquisition of an additional property. At 30 June 2012 there were capital
expenditure commitments of R3 051 000.

The commitment will be funded from a combination of planned and existing 
mortgage bond facilities available to the Group and from the Group's cash 
and cash equivalents.

Contingent liabilities

A Group entity has issued a guarantee of R830 000 in favour of a raw 
material supplier to a company which was previously part of the Group and has 
now been sold. The guarantee is cancellable by three calendar months notice. A
financial guarantee liability with a carrying amount of R36 000 at 30 June 
2013 is carried in respect of the guarantee.

ELB Engineering Services operates in the engineering contracting business and 
is exposed to the risks associated with engineering contracts. These risks 
are managed on the basis of limited liability.

All known liabilities of the Group at the balance sheet date have been accrued.


SEGMENT INFORMATION
                                  Equipment Engineering                 
                          Total      Africa      Africa Australasia       Other 
                          R 000       R 000       R 000       R 000       R 000 

Reviewed                                                                        
Year ended 30 June                                                              
2013                                                                                                                                                       

Sales                  1 984 597    761 540     889 093     362 942     (28 978)
Profit before income                                                            
  tax                    163 365     71 050      77 063      26 317     (11 065)
Profit for the year      117 953     51 022      55 315      20 791      (9 175)
Profit attributable                                                             
  to ordinary                                                                   
  shareholders of                                                               
  ELB                     95 255     43 369      43 503      14 297      (5 914)
Assets                 1 625 010    773 757     533 801     329 083     (11 631)
Liabilities              910 395    415 730     399 105     117 502     (21 942)
                                                                                
Reviewed 
Restated                                                                       
Year ended 30 June                                                              
2012                                                                            
                                                                               
Sales                  1 725 479    756 573     682 747     288 520      (2 361)
Profit before income                                                            
  tax                    149 072     71 669      64 628      27 242     (14 467)
Profit for the year      104 970     51 462      46 984      21 004     (14 480)
Profit attributable to                                                          
  ordinary                                                                      
  shareholders of ELB     81 579     43 743      34 778      14 373     (11 315)
Assets                 1 413 809    736 962     424 036     272 634     (19 823)
Liabilities              822 261    412 910     331 463      98 334     (20 446)

FINAL CASH DIVIDEND DECLARATION

ORDINARY DIVIDEND NUMBER 131

The directors have declared a final cash dividend of 60 cents per share on the 
Company's ordinary shares for the year ended 30 June 2013. The following 
additional information is given in respect of the dividend.

 - the dividend has been declared out of income reserves
 - the South African dividend tax rate is 15%
 - there are no secondary tax on companies (STC) credits utilised
 - ELB Group Limited's income tax reference number is: 9275151711
 - The gross dividend is 60 cents per ordinary share for ordinary shareholders
   exempt from the dividend tax
 - The net dividend is 51 cents per ordinary share for ordinary shareholders
   liable to pay the dividend tax
 - ELB Group Limited has 33 860 000 ordinary shares in issue, of which 8 230 531
   were treasury shares at the year end

The salient dates in respect of the dividend are:

Last day to trade cum dividend                          Friday, 18 October 2013
Shares commence trading ex dividend                     Monday, 21 October 2013
Record date                                             Friday, 25 October 2013
Date of payment                                         Monday, 28 October 2013

Shares may not be dematerialised or rematerialised between Monday, 21 October 
2013, and Friday, 25 October 2013, both dates inclusive.

By order of the Board

Elbex (Pty) Limited
Company secretary

Boksburg

17 September 2013

Preparation of the reviewed group provisional report
The preparation of the reviewed group provisional report was supervised 
by the group financial director, Michael Easter CA(SA).

Release date
The reviewed group provisional report was released on 18 September 2013.

Directors
AG Fletcher (chairman),   Dr SJ Meijers (group chief executive and chief 
executive - ELB Engineering Services),   MC Easter (group financial director),
PJ Blunden (chief executive - ELB Equipment),   T de Bruyn,*   Dr JP Herselman,*
MV Ramollo,   CJ Smith (alternate),   IAR Thomson*
*Non executive

Company secretary
Elbex (Pty) Limited

Website
www.elb.co.za

Telephone
+27 11 306 0700

Postal address: 
PO Box 565, Boksburg 1460

Registered office
ELB Equipment Limited
14 Atlas Road
Anderbolt
Boksburg
1459

Share transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street
Johannesburg
2001
(PO Box 61051, Marshalltown, 2107)

Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
1 Merchant Place
cnr Fredman Drive and Rivonia Road
Sandton
2196
Date: 18/09/2013 12:00:00 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.

Share This Story