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

ATTACQ LIMITED - Audited summarised consolidated annual financial statements for the year ended 30 June 2013

Release Date: 07/10/2013 09:18
Code(s): ATT     PDF:  
Wrap Text
Audited summarised consolidated annual financial statements for the year ended 30 June 2013

Attacq Limited
(previously Atterbury Investment Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT ISIN: ZAE000177218
("Attacq" or "the Company")

AUDITED SUMMARISED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED
30 JUNE 2013

Summarised Consolidated Statement of Financial Position

                                                               Audited       Audited
                                                               30 June       30 June
                                                                  2013          2012
                                                                 R'000         R'000
Assets
Non-current assets
Property, plant and equipment                                    5 666         2 367
Investment properties                                        9 495 681     8 497 139
  Per valuation                                              9 663 652     8 607 082
  Straight-line lease debtor                                 (167 971)     (109 943)
Straight-line lease debtor                                     167 971       109 943
Deferred initial lease expenditure                               4 504         4 351
Goodwill                                                             -        16 929
Investment in associates                                     1 145 246     1 156 943
Other investments                                               58 379       476 997
Deferred tax assets                                              8 103         4 194
Total non-current assets                                    10 885 550    10 268 863

Current assets
Inventories                                                    126 304        41 644
Taxation receivable                                              1 497           711
Trade and other receivables                                    155 497        81 351
Loans to shareholders                                                -         6 308
Loans to associates                                            487 142       621 652
Other financial assets                                          47 368       104 199
Cash and cash equivalents                                       44 389       200 501
Total current assets                                           862 197     1 056 366
Non-current assets classified as held for sale               1 601 642       262 122
Total assets                                                13 349 389    11 587 351

Equity and liabilities
Issued capital and share premium                             2 196 594     2 196 596
Distributable reserves                                       3 170 832     2 442 040
Equity-settled employee benefit reserve                          5 488             -
Foreign currency translation reserve                               159         (668)
Equity attributable to owners of the holding company         5 373 073     4 637 968
Non-controlling interest                                       355 831       395 348
Total equity                                                 5 728 904     5 033 316

Non-current liabilities
Long-term borrowings                                         3 872 731     3 640 378
Deferred tax liabilities                                       775 434       591 838
Other financial liabilities                                     70 944       127 331
Provision for liabilities relating to associates                71 355        58 202

                                                     

Provision for liabilities relating to other investments                                         -         9 049
Finance lease liabilities                                                                 624 358       440 148
Total non-current liabilities                                                           5 414 822     4 866 946

Current liabilities
Loans from associates                                                                           -         9 284
Other financial liabilities                                                               145 257       213 177
Finance lease liabilities                                                                   6 662       114 018
Tax payable                                                                                25 759         7 198
Trade and other payables                                                                  327 990       150 231
Provisions                                                                                  5 709             -
Current portion of long-term borrowings                                                 1 295 713     1 062 004
Total current liabilities                                                               1 807 090     1 555 912
Non-current liabilities directly associated with assets classified as held for sale       398 573       131 177
Total liabilities                                                                       7 620 485     6 554 035
Total equity and liabilities                                                           13 349 389    11 587 351

                                                                                           Cents          Cents
Net asset value per share                                                                  1 196          1 032
Net asset value per share excluding deferred tax                                           1 366          1 163

Summarised Consolidated Statement of Comprehensive Income
                                                                                          Audited       Audited
                                                                                          30 June       30 June
                                                                                             2013          2012
											    R'000         R'000
Continuing operations
Gross rental income                                                                       628 532       639 856
  Rental income                                                                           543 279       603 577
  Straight-line lease income adjustments                                                   85 253        36 279
Property expenses                                                                       (212 362)     (241 288)
Net rental income                                                                         416 170       398 568
Other income                                                                              126 348        93 371
Operating and other expenses                                                            (288 060)   (2 999 593)
Operating profit / (loss)                                                                 254 458   (2 507 654)
Fair value adjustments                                                                    929 054       996 932
  Investment properties                                                                   854 817     1 020 769
  Other financial assets and liabilities                                                   57 137      (83 138)
  Other investments                                                                        17 100        59 301
Net income / (loss) from associates                                                        94 430      (43 208)
Investment income                                                                          48 345     2 791 701
Finance costs                                                                           (473 196)     (492 349)
Profit before taxation                                                                    853 091       745 422
Taxation                                                                                (202 601)     (185 041)
Profit for the year from continuing operations                                            650 490       560 381

Discontinued operations
Profit from discontinued operations net of taxation                                       108 788        24 436
Total comprehensive income for the year                                                   759 278       584 817
Attributable to:
  Owners of the company                                                                   728 792       559 003
  Non-controlling interests                                                                30 486        25 814

Earnings per share
From continuing and discontinued operations
  Basic (cents)                                                                             162.2         118.1
  Diluted (cents)                                                                           162.0         118.0
From continuing operations
  Basic (cents)                                                                             138.0         112.9
  Diluted (cents)                                                                           137.8         112.9
Reconciliation between earnings, headline earnings and distributable earnings
Profit for the year                                                                       728 792       559 003
Headline earnings adjustments (net of tax and non-controlling interest)                 (776 393)     (493 663)
  Loss on disposal of associates                                                                -        16 879
  Profit on disposal of other investment                                                 (40 080)         (401)
  Profit on sale of subsidiaries                                                         (10 240)             -
  Reversal of impairment of loans                                                        (17 610)       (8 941)
  Profit on disposal of investment property                                               (9 587)             -
  Impairment of associates and other investments                                           69 190             -
  Impairment of goodwill                                                                   16 929       147 366
  Loans impaired                                                                           32 836             -
  Fair value adjustments                                                                (728 914)     (683 708)
  Net (income) / loss from associates                                                    (88 917)        35 142

Headline (loss) / earnings                                                               (47 601)        65 340
Distributable (loss) / earnings adjustments (net of tax and non-controlling interest)    (10 709)        31 207
  Straight-line lease income adjustments                                                 (54 529)      (26 108)
  Finance lease interest                                                                   44 366        57 362
  Actual lease payments                                                                     (546)          (47)

Distributable (loss) / earnings                                                          (58 310)        96 547
Number of shares in issue                                                             449 406 150   449 406 150
Weighted average number of shares in issue                                            449 406 150   473 372 528
Weighted average number of shares in issue for purposes of diluted earnings           449 861 909   473 627 148

Headline (loss) / earnings per share
  Basic and diluted (cents)                                                                (10.6)          13.8

Summarised Consolidated Statement of Changes in Equity

                                                                                                          
                                                                                  Equity-                   Attributable
                                                                    Foreign       settled                      to equity
                                                                   currency      employee                        holders            Non-
                                       Share          Share     translation       benefit   Distributable         of the     controlling
                                     capital        premium         reserve       reserve        reserves        company        interest        Total
                                       R'000          R'000           R'000         R'000           R'000          R'000           R'000        R'000
Balance at 1 July 2011                    47      2 424 859               -             -       1 883 037      4 307 943         150 329    4 458 272
Total comprehensive income                 -              -               -             -         559 003        559 003          25 814      584 817
Originating from business
combinations                               -              -               -             -               -              -         219 205      219 205
Foreign currency translation               -              -           (668)             -               -          (668)               -        (668)
Treasury shares held                     (1)      (236 310)               -             -               -      (236 311)               -    (236 311)
Issue of shares                            1          8 000               -             -               -          8 001               -        8 001
Balance at 30 June 2012                   47      2 196 549           (668)             -       2 442 040      4 637 968         395 348    5 033 316
Total comprehensive income                 -              -               -             -         728 792        728 792          30 486      759 278
Derecognition of FCTR and
non-controlling interests due
to sale of subsidiaries                    -              -             321             -               -            321        (65 003)     (64 682)
Recognition of share-based
payments                                   -              -               -         5 488               -          5 488               -        5 488
Dividends paid                             -              -               -             -               -              -         (5 000)      (5 000)
Foreign currency translation               -              -             506             -               -            506               -          506
Issue of shares - adjustment             (2)              -               -             -               -            (2)               -          (2)
Balance at 30 June 2013                   45      2 196 549             159         5 488       3 170 832      5 373 073         355 831    5 728 904


Summarised Consolidated Statement of Cash Flows
                                                                                                        Audited               Audited
                                                                                                        30 June               30 June
                                                                                                           2013                  2012
                                                                                                          R'000                 R'000
Cash flow utilised in operating activities                                                             (19 305)             (147 422)
  Cash generated from operating activities                                                              475 335               437 979
  Investment income                                                                                      48 345                64 449
  Interest paid                                                                                       (473 196)             (492 349)
  Taxation paid                                                                                        (29 039)             (122 928)
  Cash flow relating to non-current assets held for sale                                               (40 750)              (34 573)
Cash flow from investing activities                                                                   (636 524)             1 795 770
Cash flow from financing activities                                                                     547 323           (1 530 705)


Total cash movement for the year                                                                       (108 506)             117 643
Cash at the beginning of the year                                                                        200 501              36 141
Cash (disposed) / acquired with subsidiaries                                                            (47 606)              46 717
Total cash at the end of the year                                                                         44 389             200 501

Summarised Segmental Analysis
                                                    30 June 2013                                        30 June 2012
                                                   Net          Investment    Net asset                    Net     Investment  Net asset
                               Revenue       profit(1)       properties        value     Revenue  profit(1)     properties      value
Business segment                 R'000           R'000            R'000        R'000       R'000      R'000          R'000      R'000
Atterbury House(2)              26 362          33 356          335 942      202 018      39 233      (367)        285 296    139 608
Great Westerford(2),(3)         48 567          55 385          258 871      159 261      73 192     47 270        486 000    276 403
Harlequins Office Park(2)       14 351          17 529          132 838       66 511      12 283      4 884        113 626     43 813
Lynnwood Bridge                119 917         108 217          976 356      364 509     145 866     77 260        796 694    265 133
Aurecon Building                90 314          32 036          644 158      129 941      16 887    116 928        625 299    115 249
Altech Building                  5 143           3 805           37 793        3 304           -      6 723         35 500     13 383
Investec Building(2)                 -               -                -            -      13 743      8 990        129 977     75 144
Building G(2)                        -               -                -            -       7 598      8 862         83 867     40 139
Digistics Building(2)                -               -                -            -           -    (1 451)         47 247      9 360
Office and mixed use           304 654         250 328        2 385 958      925 544     308 802    269 099      2 603 506    978 232

De Ville Shopping Centre(2)      30 230         (6 669)        184 239        87 720      19 990    13 811        193 569       79 133
Glenfair Boulevard               43 264          33 189        316 909       246 169      33 746    47 201        289 275      195 544
Sanridge Square(2)               15 106          10 668         99 834       101 080      15 226    19 024         92 798       98 572
Garden Route Mall               119 998          56 299      1 023 185       507 329     100 259  (33 763)        957 423      436 638
Brooklyn Mall                    57 655          52 880        575 000       191 497      54 390    55 255        508 368      148 920
Mooirivier Mall                 112 408         148 532        915 178       398 840      89 733    23 207        793 631      308 697
Andringa Walk                    15 835        (34 798)        146 293     (138 521)         183 (191 288)        141 559    (141 427)
Eikestad Mall                    54 497          26 844        483 267       (2 624)      35 639    52 871        451 281       13 613
Mill Square                         226           4 397         58 019        57 610           -         -              -            -
Retail                          449 219         291 342      3 801 924     1 449 100     349 166  (13 682)      3 427 904    1 139 690

Le Chateau                            -          1 483          17 000         9 927           -      1 449         15 000        5 839
Waterfall - Land                      -        199 769       2 236 380     1 589 109           -    272 792      2 213 999    1 539 780
Vacant land                           -        201 252       2 253 380     1 599 036           -    274 241      2 228 999    1 545 619

Newtown                               -          3 960         427 363       147 558          62     35 940        173 274       83 086
Majestic Offices                      -        (5 572)          37 165        12 579           -      3 056         24 251       11 712
Waterfall - Infrastructure            -        (5 782)         554 037       208 570           -       (73)        300 312       42 086
Waterfall - Group 5                   -         24 341         230 437        47 942           -          -              -            -
Waterfall - Maxwell Office
Park                                  -          9 681          58 923        47 937           -          -              -            -
Waterfall - Cell C                    -         82 020         514 578        98 219           -          -              -            -
Developments                          -        108 648       1 822 503       562 805          62     38 923        497 837      136 884

Massbuild                        17 412         24 489         243 634        16 600           -          -              -            -
Light industrial                 17 412         24 489         243 634        16 600           -          -              -            -

Total                           771 285        876 059      10 507 399     4 553 085     658 030    568 581      8 758 246    3 800 425

Head office / other             (7 243)      (116 781)               -     1 175 819       4 960     16 236              -    1 232 891
Total                           764 042        759 278      10 507 399     5 728 904     662 990    584 817      8 758 246    5 033 316

1. In 2012, taxation on all underlying buildings held directly by Attacq was calculated on a summarised basis and not assigned per
    building. During 2013, the reporting method for segment purposes was changed and tax was calculated and assigned per building
    directly owned by Attacq other than the Momentum buildings (Atterbury House and Great Westerford). For both years presented
    taxation on the buildings held in Abacus Holdings (Pty) Ltd and Momentum buildings was calculated on a summarised basis and not
    assigned and reported per building.
2. Held for Sale
3. 50% undivided share sold during 2013, remaining 50% undivided share held for sale as at 30 June 2013

COMMENTARY

Introduction
Attacq is a capital growth property company that is soon to be listed on the Johannesburg Stock Exchange
("JSE") and manages a diversified portfolio of property assets, comprising, as at 30 June 2013, 18 operational
properties, 10 properties under development, infrastructure and land rights and other investments with a total
asset value of R13.35 billion.

Net property income
Rental income and property expenses year on year movement is distorted due to discontinued operations being
excluded and reflected separately. The continuing operations on a like-for-like basis reflect a 15.5% increase in
rental income. General property expenses increased by 19.5%. The above CPI increase in expenses was
driven primarily by higher municipal costs and an increase in bad debt provisions. Direct property expenses
excluding municipal costs and bad debt provisions increased by less than 7%.

Disposals and assets held for sale
During the year under review, Attacq disposed of three properties as well as 50% of its 100% holding in Great
Westerford (2012: four properties) for a total of R458 million (2012: R671 million), realising a combined profit of
R12 million (2012: Rnil), with the disposals taking place at valuations approximating carrying value.

As at 30 June 2013, five properties valued at a combined R1.03 billion were classified as assets held for sale
(2012: three properties valued at R262 million). Subsequent to year end, Attacq disposed of three of these
properties.

Also included in assets held for sale as at 30 June 2013 is R534 million relating to Attacq's 50% equity holding
in and loan to an associate, Arctospark Proprietary Limited ("Arctospark") and R35 million relating to Attacq's
20% equity holding in and loan to an associate, Artisan Investment Projects 10 Limited ("Artisan").

Arctospark in turn holds investments in Karoo Investment Fund S.C.A. SICAV-SIF ("Karoo I") and Karoo
Investment Fund II S.C.A. SICAV-SIF ("Karoo II") and Stenham European Shopping Centre Fund Limited
("Stenham"). Subsequent to year end, Arctospark unbundled Attacq's share of the underlying investments to
Attacq prior to reacquiring Attacq's shares in itself, resulting in Attacq holding these investments directly. Artisan
is the owner of the Caltongate development in Edinburgh, Scotland.

Vacancies
                                                                        30 June 2013                                  30 June 2012
                                                              Vacancy % based                       Vacancy % based on
Sector                                                          on total GLA*           GLA m2*             total GLA*            GLA m 2*
Retail                                                                   1.5%             4 922                   1.9%               5 797
Office                                                                   5.7%            18 410                   5.5%              16 495
Industrial                                                               0.0%                 -                   0.0%                   -
Hotel                                                                    0.0%                 -                   0.0%                   -
Portfolio vacancy                                                        7.3%            23 332                   7.4%              22 292
*13 662m(2) (2012: Nil) of the 23 332 m(2) (58.6%) (2012: 0%) of the vacant m(2) relates to properties held for sale

In general, good progress was made in managing vacancies across the portfolio particularly given the
challenging economic environment. Retail vacancies are below market norms at 1.5% in 2013 (2012: 1.9%).
Office vacancies continue to be problematic, particularly in the Western Cape office portfolio, however the
majority of these vacancies relate to properties held for sale. Office vacancy levels in 2013 for continuing
operations are less than 1.5% which is below industry norms.

Fair value adjustments
Fair value adjustments of investment properties and investment properties under development totalled
R854 million in 2013 (2012: R1.02 billion), excluding investment properties classified as held for sale at year
end. The fair value adjustment increase in the current year of R854 million is due to an overall increase in
contracted rentals as well as a decrease in the market capitalisation rates used in valuing the properties.

Attacq's investment property portfolio was independently valued by Old Mutual Investment Group (South Africa)
Proprietary Limited, Mills Fitchet KZN CC and Amanda de Wet Consultants and Investments CC.

Development property

During the 2013 financial year, two properties under development were brought into operation, being the 4
471m(2) Altech building and the 35 671m(2) Massbuild Distribution Centre, both situated in Attacq's flagship
Waterfall development.

Construction commenced on a number of projects during the 2013 financial year, the majority of which will
come into operation during the 2014 financial year and which include the following developments:


                                                                 Anticipated
Property                                        Sector       completion date          Total GLA        % pre-let
Waterfall
Cell C Campus                                   Office         December 2013             44 200             100%
Group 5                                         Office          January 2014             23 139             100%
Golder & Associates (Maxwell Office Park)       Office         February 2014              6 198             100%
Attacq Building (Maxwell Office Park)           Office         December 2013              5 154              80%
Speculative Building (Maxwell Office Park)      Office             June 2014              4 360               0%
Premier Foods (Maxwell Office Park)             Office             June 2014              4 343             100%
Waterfall Corner                                Retail            April 2014              9 284             >85%
Waterfall Lifestyle                             Retail             June 2014              7 277             >57%
Other
Lynnwood Bridge Phase III                       Office            April 2014             15 000              50%
Newtown and Majestic                   Retail & Office          October 2014             75 000              70%

Net asset value ("NAV")
The NAV per share at 30 June 2013 was R11.96, 15.9% higher than the prior year NAV of R10.32. NAV per
share excluding deferred tax amounted to R13.66 (2012: R11.63), representing a 17.5% increase compared
with 2012.

Borrowings
The consolidated gearing ratio, calculated as total external interest-bearing debt to total assets (including assets
held for sale) remained unchanged at 41.7% in 2013. Being a capital growth fund, Attacq's gearing is generally
expected to be higher than that of its listed income-focused property peers.

Atterbury Africa Limited ("Atterbury Africa")
Atterbury Africa invests in existing and to be developed retail centres across Sub-Saharan Africa. Attacq has an
effective 32.5% shareholding in the Mauritius-based Atterbury Africa via its wholly-owned subsidiary, Atterbury
Investment Holdings International Limited.

Attacq has committed to invest R250 million over the next few years in this venture with its investment partner,
Hyprop Investments Limited, committed to investing an amount of R750 million. At year end, R112 million of Attacq's initial
R250 million commitment had been invested.

Change in directors
Pierre Tredoux was appointed as chairman of the Company with effect from 1 July 2012, replacing
Francois van Niekerk who retired as chairman with effect from 30 June 2012 but retains a seat on the board as
a non-executive director. Stewart Shaw-Taylor was appointed from 29 November 2012 and Gideon Oosthuizen
resigned from the board with effect from 20 June 2013. After year end, Melt Hamman was appointed as
financial director on 8 July 2013 and Thys du Toit and Hellen El Haimer were appointed as non-executive
directors with effect from 2 August 2013.

Subsequent events
Rights Offer
During July 2013, Attacq issued 50.4 million new shares to existing shareholders at R11.50 per share in terms
of a non-renounceable rights offer to raise R580 million. The rights offer, which closed on 24 July 2013, was
44% oversubscribed.

Listing on the JSE
Attacq will be listing on the JSE in the "Real Estate  Real Estate Holdings and Development" sector on
14 October 2013, marking a new phase in the Company's history. Attacq's focus on long-term sustainable
capital growth differentiates it from other JSE-listed property entities that focus on the generation and regular
distribution to shareholders of income derived from rental. Consequently, Attacq will not seek to adopt REIT

status due to the REIT regulatory regime being intended for property entities primarily focused on income
distribution.

Prior to the listing, Attacq will be conducting a private placement to raise up to R800 million by way of an offer
for subscription in Attacq shares to invited investors.

Unbundling of Arctospark and disposal of Karoo I and Karoo II
As mentioned above, subsequent to year end, Attacq restructured its holdings in Arctospark, resulting in it
holding investments in Karoo I, Karoo II and Stenham directly. Thereafter, Attacq reached agreement with MAS
Real Estate Inc. ("MAS") to sell its investments in Karoo I and Karoo II to MAS for a consideration of 34 million,
to be settled by the issue of MAS shares at 1.07 per MAS share. The transaction is suspensive on a number of
conditions. On implementation of the transaction, Attacq will hold approximately 47% of the issued share
capital of MAS.

Acquisition of Atterbury Asset Managers Proprietary Limited ("AAM")
Subsequent to year end, in order to internalise the asset management function Attacq agreed to acquire the
entire issued share capital of AAM from Atterbury Property Holdings Proprietary Limited (an associate of Attacq) 
and Attventure Proprietary Limited, effective 1 July 2013. The objectives of the internalisation are to conform 
to market practice, to create synergies between Attacq and the asset manager and remove any conflicts of interest that
may exist between Attacq and the asset manager. The purchase consideration was R271 million settled by way
of a cash payment of R135.5 million and by the issue of 11.3 million new Attacq shares issued at R11.96 per
share, being the net asset value per share of Attacq as at 30 June 2013.

Acquisition of 75% of the issued share capital of Brooklyn Bridge Office Park Proprietary Limited ("Brooklyn
Bridge")
Currently, Attacq holds a 25% interest in the issued share capital of Brooklyn Bridge. Subsequent to year end,
Attacq agreed to purchase the remaining 75% of the shares it does not already own as well as the related
shareholder loans for a purchase consideration of approximately R156 million, priced effective 1 April 2013. A part of
the purchase price will be payable in Attacq shares to be issued at the 31 March 2013 net asset value per share
of R11.53. The transaction is suspensive on a number of conditions.

Sale of Atterbury House
The Atterbury House property was sold to Ascension Properties Limited for an amount of R341 million on
6 September 2013.

Sale of Atterbury Parkdev Consortium Proprietary Limited ("APC")
Attacq disposed of 100% of the issued share capital of APC, owner of Harlequins Office Park, to Delta Property
Fund Limited ("Delta") for a total consideration of R136 million settled by the payment of R95.2 million in cash
and 4.9 million Delta units totalling R40.8 million.

Sale of 50% undivided share in Sanridge Square
Attacq reached an agreement with Rapfund Holdings Proprietary Limited ("Rapfund") to dispose of its 50%
undivided share in the Sanridge Square property to Rapfund for an amount of R102 million. Transfer took place
on 20 August 2013.

Prospects
Attacq will continue to focus on developing and managing its portfolio of retail, office, mixed use and light
industrial properties with an objective of delivering above average total returns to its shareholders. Particular
focus will be on the Waterfall pipeline in Midrand, South Africa as well as the geographical diversification
strategy of investing in high quality shopping centres and developments in Africa.

Basis of preparation
The summarised consolidated financial statements, which were extracted from the audited consolidated annual
financial statements for the year ended 30 June 2013, are prepared in accordance with the requirements of the
JSE Listings Requirements for preliminary reports, and the requirements of the Companies Act of South Africa
applicable to summarised financial statements. The JSE Listings Requirements require preliminary reports to be
prepared in accordance with the framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards ("IFRS"), the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting
Standards Council, and to also, as a minimum, contain the information required by IAS 34: Interim Financial
Reporting. The accounting policies applied in the preparation of the annual consolidated financial statements,
from which the summarised consolidated financial statements were derived from, are in terms of IFRS and are
consistent with the accounting policies applied in the preparation of the previous annual consolidated financial

statements. This summarised consolidated financial information has been prepared under the historical cost
convention except for investment properties, investment in associates, other investments, other financial assets
and other financial liabilities which are measured at fair value. The fair value of investment properties are
determined with reference to annual external valuations while investment in associates, other investments,
other financial assets and other financial liabilities are valued with reference to market-related information and
valuations as appropriate.

Deloitte & Touche has audited the consolidated annual financial statements. Their unqualified audit opinion on
those consolidated annual financial statements is available for inspection at the Company's registered office.
Deloitte & Touche has also audited this summarised consolidated financial information and their unqualified
audit opinion on this summarised consolidated financial information is available for inspection at the Company's
registered office. The auditor's reports do not necessarily cover all the information in this preliminary results
announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of
the auditor's engagements they should obtain a copy of those reports together with the accompanying financial
information from the issuer's registered office.

Preparation of the financial information was supervised by Melt Hamman CA (SA), Financial Director of Attacq.
A copy of the annual financial statements that have been summarised in this report can be obtained from the
Company's registered office.

On behalf of the board

P Tredoux                                             MC Wilken
Chairman                                              CEO

4 October 2013

Directors
P Tredoux #* (Chairman)
MC Wilken (CEO)
M Hamman (FD)
LLS van der Watt
BF van Niekerk*
PH Faure*
LM Ndala*
JHP van der Merwe*
S Shaw-Taylor #*
HR El Haimer #*
MM du Toit #*
WL Masekela #*
# Independent
* Non-executive

Company Secretary
Talana Smith

Registered Office
The Parkdev Building
2nd Floor, Brooklyn Bridge
570 Fehrsen Street
Brooklyn, 0181

Postal Address
Postnet suite 205
Private Bag X20009
Garsfontein, 0042

Transfer Secretaries
Computershare Investor Services Proprietary Limited
Ground Floor, 70 Marshall Street
Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)

Sponsor
Java Capital



Date: 07/10/2013 09:18:00 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