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Condensed consolidated interim financial statements fot three and nin months ended 30 September 2013
Atlatsa Resources Corporation
(previously Anooraq Resources Corporation)
(Incorporated in British Columbia, Canada)
(Registration number 10022-2033)
(TSXV/JSE share code: ATL)
(NYSE MKT share code: ATL)
(“Atlatsa” or the “Company”)
(ISIN: CA0494771029)
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2013
(Unaudited)
(Expressed in Canadian Dollars unless otherwise stated)
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Financial Position
As at 30 September 2013
(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)
Audited
Note 30 September 2013 31 December 2012
Assets
Non-current assets
Property, plant and equipment 5 655,227,925 748,456,905
Capital work-in-progress 6 25,341,001 20,027,764
Intangible assets 338,652 801,928
Mineral property interests 7,641,782 8,036,659
Goodwill 8,941,996 10,234,394
Platinum producers’ environmental trust 3,205,510 3,250,760
Other non-current assets 546 231,425
Total non-current assets 700,697,412 791,039,835
Current assets
Assets classified as held for sale 3,468,519 3,867,259
Inventories 2,386,421 769,447
Trade and other receivables 41,190,826 3,272,400
Cash and cash equivalents 20,523,691 14,580,886
Restricted cash 265,042 535,502
Total current assets 67,834,499 23,025,494
Total assets 768,531,911 814,065,329
Equity and Liabilities
Equity
Share capital 71,967,083 71,967,083
Treasury shares (4,991,726) (4,991,726)
Convertible preference shares 162,910,000 162,910,000
Foreign currency translation reserve (4,986,102) (9,797,657)
Share-based payment reserve 25,362,599 25,285,851
Accumulated loss (292,501,579) (264,166,155)
Total equity attributable to equity holders of the Company (42,239,725) (18,792,604)
Non-controlling interest 191,025,269 224,049,827
Total equity 148,785,544 205,257,223
Liabilities
Non-current liabilities
Loans and borrowings 7 454,507,722 434,968,189
Deferred taxation 117,321,716 142,341,072
Provisions 10,307,979 9,786,479
Total non-current liabilities 582,137,417 587,095,740
Current liabilities
Trade and other payables 36,715,689 20,888,635
Short-term portion of loans and borrowings 7 893,261 823,731
Total current liabilities 37,608,950 21,712,366
Total liabilities 619,746,339 608,808,106
Total equity and liabilities 768,531,911 814,065,329
Approved by the Board of Directors on 14 November 2013
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Comprehensive Loss
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
Note Three months ended 30 Nine months ended 30
September September
2013 2012 2013 2012
Revenue 54,165,421 43,936,126 147,673,671 116,747,710
Cost of sales (59,008,705) (54,107,943) (166,573,860) (159,929,308)
Gross loss (4,843,284) (10,171,817) (18,900,189) (43,181,598)
Administrative expenses (2,747,726) (3,597,531) (12,984,725) (11,779,245)
Other income 3,020 28,509 102,255 87,890
Fair value gain on finance facility 5,350,889 107,553,023 34,798,556 107,553,023
Operating (loss)/profit (2,237,101) 93,812,184 3,015,897 52,680,070
Finance income 64,532 7,068 254,288 267,069
Finance expense (15,074,870) (23,899,918) (44,048,738) (69,948,366)
Net finance expense (15,010,338) (23,892,850) (43,794,450) (69,681,297)
(Loss)/profit before income tax (17,247,439) 69,919,334 (40,778,553) (17,001,227)
Income tax 1,791,973 (20,124,229) 7,443,553 (14,882,302)
Profit/(loss) for the period (15,455,466) 49,795,105 (33,335,000) (31,883,529)
Other comprehensive (loss)/income
Foreign currency translation differences
for foreign operations (5,569,143) (2,668,455) (23,461,918) (903,661)
Other comprehensive loss for the
period, net of income tax (5,569,143) (2,668,455) (23,461,918) (903,611)
Total comprehensive (loss)/income
for the period (21,024,609) 47,126,650 (56,796,918) (32,787,190)
(Loss)/profit attributable to:
Owners of the Company (12,879,928) 67,548,621 (28,335,424) 24,942,186
Non-controlling interest (2,575,538) (17,753,516) (4,999,576) (56,825,715)
(Loss)/profit for the period (15,455,466) 49,795,105 (33,335,000) (31,883,529)
Total comprehensive (loss)/income
attributable to:
Owners of the Company (10,982,491) 70,067,870 (23,772,360) 28,286,796
Non-controlling interest (10,042,118) (22,941,220) (33,024,558) (61,073,986)
Total comprehensive (loss)/income
(21,024,609) 47,126,650 (56,796,918) (32,787,190)
for the period
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Changes in Equity
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
Attributable to equity holders of the Company
Share Treasury Convertible Foreign currency Share-based
Capital Shares preference translation payment
Shares reserve reserve
For the period ended 30 September 2012
Balance at 1 January 2012 71,967,083 (4,991,726) 162,910,000 (11,238,333) 24,042,711
Acquisition of shares Bokoni Holdco - - - - -
Total comprehensive income/(loss) for the period
Loss for the period - - - - -
Other comprehensive income/(loss)
Foreign currency translation differences - - - (638,060) (265,601)
Total comprehensive income/(loss) for the period - - - (638,060) (265,601)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - - - - 771,489
Fair value gain on de-recognition of debt facility - - - - -
Total contributions by and distributions to owners - - - - 771,489
Balance at 30 September 2012 71,967,083 (4,991,726) 162,910,000 (11,876,393) 24,548,599
For the period ended 30 September 2013
Balance at 1 January 2013 71,967,083 (4,991,726) 162,910,000 (9,797,657) 25,285,851
Total comprehensive income/(loss) for the period
Loss for the period - - - - -
Other comprehensive income/(loss)
Foreign currency translation differences - - - 4,811,555 (248,491)
Total comprehensive income/(loss) for the period - - - 4,805,821 (248,491)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - - - - 325,239
Total contributions by and distributions to owners - - - - 325,239
Balance at 30 September 2013 71,967,083 (4,991,726) 162,910,000 (4,986,102) 25,362,599
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Changes in Equity
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
Attributable to equity holders of the Company
Accumulated Total Non- Total
loss controlling
interest
For the period ended 30 September 2012
Balance at 1 January 2012 (245,448,316) (2,758,581) (25,326,683) (28,085,264)
Acquisition of shares Bokoni Holdco - - 197,477,602 197,477,602
Total comprehensive income/(loss) for the period
Loss for the period 24,942,186 24,942,186 (56,825,715) (31,883,529)
Other comprehensive income/(loss)
Foreign currency translation differences - (903,661) 4,248,271 3,344,610
Total comprehensive income/(loss) for the period 24,942,186 24,038,525 (52,577,444) (28,538,919)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - 771,489 - 771,489
Fair value gain on de-recognition of debt facility - - 127,814,103 127,814,103
Total contributions by and distributions to owners - 771,489 127,814,103 128,585,592
Balance at 30 September 2012 (220,506,130) 22,051,433 247,387,578 269,439,011
For the period ended 30 September 2013
Balance at 1 January 2013 (264,166,155) (18,792,604) 224,049,827 205,257,223
Total comprehensive income/(loss) for the period
Loss for the period (28,335,424) (28,335,424) (4,999,576) (33,335,000)
Other comprehensive income/(loss)
Foreign currency translation differences - 4,563,064 (28,024,982) (23,461,918)
Total comprehensive income/(loss) for the period (28,335,424) (23,772,360) (33,024,558) (56,796,918)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Share-based payment transactions - 325,239 - 325,239
Total contributions by and distributions to owners - 325,239 - 325,239
Balance at 30 September 2013 (292,501,579) (42,239,725) 191,025,269 148,785,544
ATLATSA RESOURCES CORPORATION
Condensed Consolidated Interim Statements of Cash Flows
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
Note Three months ended 30 Nine months ended 30
September September
2013 2012 2013 2012
Cash flows from operating activities
Cash utilised by operations 8 7,384,307 (10,825,322) (24,621,853) (29,878,815)
Interest received 40,587 60,034 173,339 210,969
Interest paid (21) (20) (3,211) (105)
Taxation paid - - - (34,604)
Cash generated/(utilised) by operating activities 7,424,874 (10,765,308) (24,451,724) (29,702,555)
Cash flows from investing activities
Acquisition of property, plant and equipment - - - (2,620)
Acquisition of capital-work-in-progress 6 (12,492,210) (14,246,178) (37,665,559) (33,881,767)
Proceeds on disposal of property, plant and
equipment 66,040 - 281,320 -
Investment in environmental trusts (104,770) (114,001) (327,633) (353,924)
Cash utilised by investing activities (12,530,940) (14,360,179) (37,711,872) (34,238,311)
Cash flows from financing activities
Long term borrowings raised 15,673,960 - 70,451,806 -
Long term borrowings raised - OCSF - 25,663,980 - 64,300,573
Funding loan raised – RPM - 315,612,211 - 315,612,211
Proceeds on issue of Bokoni Holdings shares - 197,477,614 - 197,477,614
Redemption of A preference shares - (401,782,311) - (401,782,311)
Repayment of long term borrowings – OCSF - (110,074,287) - (110,074,287)
Repayment of funding loan – RPM - (1,233,228) - (1,233,228)
Settlement of other loans provided 293,604 - 293,604 -
Repayment of other loans - (203,940) (349,421) (859,611)
Cash generated/(utilised) from financing 15,967,564 25,460,039 70,395,989 63,440,961
activities
Effect of foreign currency translation (1,052,686) (626,026) (2,289,587) (843,844)
Net increase/(decrease) in cash and cash 9,808,811 (294,474) 5,942,806 (1,343,749)
equivalents
Cash and cash equivalents, beginning of period 10,714,880 14,895,733 14,580,886 15,945,008
Cash and cash equivalents, end of period 20,523,691 14,601,259 20,523,691 14,601,259
ATLATSA RESOURCES CORPORATION
Notes to the Condensed Consolidated Interim Financial Statements
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
1. REPORTING ENTITY
Atlatsa Resources Corporation (the "Company" or "Atlatsa") is incorporated in the Province of British Columbia, Canada. The
Company has a primary listing on the TSX Venture Exchange (“TSX-V”) and a secondary listing on the New York Stock
Exchange (“NYSE”) and the JSE Limited (“JSE”). The condensed consolidated interim financial statements of the Company
as at and for the three and nine months ended 30 September 2013 comprise the Company and its subsidiaries (together
referred to as the “Group” and individually as “Group entities”) and the Group’s interests in associates, special purpose
entities and jointly controlled entities.
2. GOING CONCERN
Atlatsa incurred a net loss for the nine months ended 30 September 2013 of $33.3 million (2012 fiscal year: $95.6 million) and
as of that date its total assets exceeded its total liabilities by $148.8 million (2012: total assets exceeded total liabilities by
$205.3 million). Atlatsa continues to incur losses.
The company embarked on a restructuring and recapitalising plan during 2012 and on 28 September 2012 the first phase of
the restructure plan was completed. The effect was a consolidation of all loan facilities into one facility at a more favourable
interest rate of 5.92% compared to 12.31% of the previous facilities. Under the proposed restructure plan, the new senior
facility will only be repayable once the company generates sufficient free cash flow. On 28 May 2013 an Amendment
Agreement was signed making additional funds of $22 million (ZAR215 million) available due to the implementation of the
second phase of the plan not being finalised. Due to certain conditions precedent still awaiting finalisation, the implementation
of the second phase is still in progress. The delay in the implementation has resulted in the $22 million (ZAR215 million)
having been utilised and no further facility being available until such time as the second phase is implemented. This has
resulted in alternative funding arrangements with Rustenburg Platinum Mines Limited, a 100% subsidiary of Anglo American
Platinum Limited (“RPM”), having been arranged until such time as the second phase is completed.
The alternative funding arrangement relates to an advance on the Purchase of Concentrate revenue (“Advance”) on the
concentrate sales made to RPM. This arrangement is available from 1 November 2013 until 30 November 2014, in addition to
the new senior facility that will be available once the second phase of the restructure plan is completed. The Advance term
extends to 30 November 2014, which is beyond the anticipated completion date of the second phase of the restructure plan,
because the new senior facility available is forecasted to be insufficient on the closing of the second phase of the restructure
plan due to interest accruing on the existing 2009 senior debt facility.
The financial statements are prepared on the basis of accounting policies applicable to a going concern. This basis presumes
that the debt restructuring as described above is successfully concluded. The outstanding conditions precedent in relation to
the debt restructuring gives rise to a material uncertainty which may cast significant doubt about the ability of the Company
and its subsidiaries to continue as going concerns and, therefore that they may be unable to realise their assets and
discharge their liabilities in the normal course of business.The condensed consolidated financial statements are prepared on
the basis that the company and its subsidiaries will continue as a going concern which contemplates the realisation of assets
and settlement of liabilities in the normal course of operations as they become due.
3. STATEMENT OF COMPLIANCE
These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial
Reporting. They do not include all of the information required for complete set of International Financial Reporting Standards
annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at
and for the year ended 31 December 2012. The consolidated financial statements of the Group as at and for the year ended
31 December 2012 are available upon request from the Company’s registered office at 82 Grayston Drive, Sandton, South
Africa or at www.sedar.com.
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies applied by the Group in these condensed consolidated interim financial statements are the same as
those applied by the Group in its consolidated financial statements as at and for the year ended 31 December 2012, except
for the following standards and interpretations adopted in the current financial year:
- IAS 19, Employee Benefits: Defined benefit plans (effective 1 January 2013)
- IAS 27, Separate Financial Statements (effective 1 January 2013)
- IAS 28, Investment in Associates and Joint ventures (effective 1 January 2013)
- Amendment to IFRS 7, Disclosures – Offsetting Financial Assets and Financial Liabilities (effective 1 January 2013)
- IFRS 10, Consolidated Financial Statements (effective 1 January 2013)
- IFRS 11, Joint Arrangements (effective 1 January 2013)
5
ATLATSA RESOURCES CORPORATION
Notes to the Condensed Consolidated Interim Financial Statements
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
- IFRS 12, Disclosure of Interests in Other Entities (effective 1 January 2013)
- IFRS 13, Fair Value Measurement (effective 1 January 2013)
- Amendment to IFRS 10, IFRS 11 and IFRS 12, Consolidated Financial Statements, Joint Arrangements and Disclosure of
Interests in Other Entities: Transition Guidance (effective 1 January 2013)
- IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine (effective 1 January 2013)
There was no significant impact on these condensed consolidated interim financial statements as a result of adopting these
standards and interpretations.
Standards and interpretations issued but not yet effective and applicable to the Group:
Effective for the financial year commencing 1 January 2014
- IFRS 7 amendment Disclosures – Offsetting Financial Assets and Financial Liabilities
- IAS 32 Offsetting Financial Assets and Financial Liabilities
Effective for the financial year commencing 1 January 2015
- IFRS 9 Financial Instruments
The Group is currently evaluating the impact, if any, that these standards will have on the consolidated financial statements.
Nine months Year ended 31
ended 30 December
5. PROPERTY, PLANT AND EQUIPMENT September
2013 2012
Summary
Cost
Balance at beginning of period 856,549,652 876,764,628
Additions - 2,563
Transferred from capital work-in-progress 29,379,024 40,632,355
Disposals (1,782,424) (934)
Adjustment to rehabilitation assets 1,365,663 1,391,080
Effect of translation (109,717,479) (62,240,040)
Balance at end of period 775,794,436 856,549,652
Accumulated depreciation and impairment losses
Balance beginning of period 108,092,749 77,840,208
Depreciation for the period 28,925,047 37,091,152
Disposals (1,321,684) (353)
Effect of translation (15,129,600) (6,838,260)
Balance at end of period 120,566,511 108,092,747
Carrying value 655,227,925 748,456,905
6. CAPITAL WORK-IN-PROGRESS
Capital work-in-progress consists of mine development and infrastructure costs relating to the Bokoni mine and will be
transferred to property, plant and equipment when the relevant projects are commissioned.
Balance at beginning of period 20,027,764 20,826,290
Additions 37,665,559 38,917,145
Transfer to property, plant and equipment (29,379,024) (40,632,355)
Capitalisation of borrowing costs - 2,382,069
Effect of translation (2,973,298) (1,465,385)
Balance at end of period 25,341,001 20,027,764
Capital work-in-progress is funded through cash generated from operations and available loan facilities.
ATLATSA RESOURCES CORPORATION
Notes to the Condensed Consolidated Interim Financial Statements
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
Nine months Year ended 31
ended 30 December
7. LOANS AND BORROWINGS September
2013 2012
Rustenburg Platinum Mines – Consolidated facility (related party) 450,325,150 430,570,710
Rustenburg Platinum Mines – Transaction cost loan agreement 716,800 -
Rustenburg Platinum Mines – Interest-free loan (related party) 2,960,491 3,388,374
Other 1,398,551 1,832,836
455,400,992 435,791,920
Short-term portion
Other (893,261) (823,731)
(893,261) (823,731)
Non-current liabilities 454,507,722 434,968,189
The carrying value of the Group’s loans and borrowings changed during the period as follows:
Balance at beginning of the period 435,791,923 745,552,722
Rustenburg Platinum Mine – OCSF - 72,872,141
Loans repaid – RPM (349,421) (111,307,515)
Loans repaid – other - (1,048,243)
Commitment fee capitalised - (82,457)
Finance expenses accrued 43,554,318 84,546,911
Funding loan raised – Rustenburg Platinum Mine 69,735,006 315,612,211
Transaction cost loan raised – Rustenburg Platinum Mines 716,800
Redemption of A Preference shares - (401,782,311)
Commitment fee liability - 82,457
De-recognition of OCSF and Senior funding loan - (682,365,807)
Recognition of consolidated facility - 682,365,807
Fair value gain on recognition of consolidated facility and
subsequent adjustments (34,798,556) (215,470,758)
Effect of translation (59,249,087) (53,183,238)
Balance at end of the period 455,400,993 435,791,920
Short-term portion
Other (893,261) (823,731)
(893,261) (823,731)
Non-current portion 454,507,722 434,928,189
Senior Term Loan Facility
RPM has waived the loan covenants on the debt as of 30 September 2013.
7
ATLATSA RESOURCES CORPORATION
Notes to the Condensed Consolidated Interim Financial Statements
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
Three months ended Nine months ended
30 September 30 September
2013 2012 2013 2012
8. CASH GENERATED/(UTILISED) BY OPERATIONS
Loss before income tax (17,247,439) 69,919,334 (40,778,553) (17,001,227)
Adjustments for:
Finance expense 15,074,870 23,899,918 44,048,738 69,948,366
Finance income (64,532) (7,068) (254,288) (267,069)
Non-cash items:
Depreciation and amortisation 9,767,765 10,150,446 29,307,559 29,662,529
Equity-settled share-based compensation (6,170) 79,064 325,239 572,565
Loss on disposal of property, plant and equipment (241,940) 594 179,419 594
Fair value gain on consolidated facility (5,350,889) (107,553,023) (34,798,556) (107,553,023)
Cash generated/(utilised) before ESOP 1,931,665 (3,510,735) (1,970,442) (24,637,265)
transactions
ESOP cash transactions (restricted cash) 159,442 - 195,252 258,156
Cash generated/(utilised) before working 2,091,107 (3,510,735) (1,775,190) (24,379,109)
capital changes
Working capital changes
Increase in trade and other receivables (4,140,632) (6,857,336) (40,712,787) (8,681,157)
Increase in trade and other payables 11,372,340 786,889 19,677,354 4,408,454
Increase in inventories (1,938,507) (1,244,141) (1,811,230) (1,227,003)
Cash generated/(utilised) by operations 7,384,307 (10,825,322) (24,621,853) (29,878,815)
9. SEGMENT INFORMATION
The Group has two reportable segments as described below. These segments are managed separately based on the nature of
operations. For each of the segments, the Group’s CEO (the Group’s chief operating decision maker) reviews internal management
reports monthly. The following summary describes the operations in each of the Group’s reportable segments:
* Bokoni Mine - Mining of PGM’s.
* Projects - Mining exploration in Boikgantsho, Kwanda, and Ga-Phasha exploration projects.
The majority of operations and functions are performed in South Africa. An insignificant portion of administrative functions are
performed in the Company’s country of domicile.
The CEO considers earnings before net finance expense, income tax, depreciation and amortisation (“EBITDA”) to be an
appropriate measure of each segment’s performance. Accordingly, the EBITDA for each segment is included in the segment
information. All external revenue is generated by the Bokoni Mine segment.
Nine months ended 30 September
2013 2012
Bokoni Mine Projects Total Bokoni Mine Projects Total Note
EBITDA 37,290,894 (12,140) 37,278,754 (23,494,677) (33,876) (23,528,553) (i)
Total Assets 784,012,584 99,932,185 883,944,769 868,134,086 3,239,657 871,373,743 (ii)
Three months ended 30 September
2013 2012
Bokoni Mine Projects Total Bokoni Mine Projects Total Note
EBITDA 10,411,676 247 10,411,923 (3,283,454) (2,940) (3,286,394) (i)
ATLATSA RESOURCES CORPORATION
Notes to the Condensed Consolidated Interim Financial Statements
For the periods ended 30 September 2013
(Unaudited - Expressed in Canadian Dollars)
2013 2012
(i) EBITDA – nine months ended
EBITDA for reportable segments 37,278,754 (23,528,553)
Net finance expense (43,794,450) (69,681,297)
Depreciation and amortisation (29,307,559) (29,662,529)
Corporate and consolidation adjustments (4,955,298) 101,416,042
Consolidated loss before income tax (40,778,553) (21,456,337)
EBITDA - three months ended
EBITDA for reportable segments 10,411,923 (3,286,394)
Net finance expense (15,010,338) (23,892,850)
Depreciation and amortisation (9,767,765) (10,504,446)
Corporate and consolidation adjustments (2,881,259) 103,147,914
Consolidated loss before income tax (17,247,439) 65,464,224
(ii) Total assets
Assets for reportable segments 883,944,769 871,373,743
Corporate and consolidation adjustments (115,412,858) (99,895,780)
Consolidated total assets 768,531,911 751,477,963
10. EARNINGS PER SHARE
The basic and diluted (loss)/earnings per share for the three and nine months ended 30 September 2013 was (3 cents) (2012: 16
cents) and (7 cents) (2012: 6 cents) respectively.
The calculation of basic (loss)/earnings per share for the three months ended 30 September 2013 of (3 cents) (2012: 16 cents) is
based on the (loss)/profit attributable to owners of the Company of ($12,879,928) (2012: $67,548,621) and a weighted average
number of shares of 424,791,411 (2012: 424,791,411).
The calculation of basic (loss)/earnings per share for the nine months ended 30 September 2013 of (7 cents) (2012: 6 cents) is
based on the (loss)/profit attributable to owners of the Company of ($28,335,424) (2012: $24,942,186) and a weighted average
number of shares of 424,791,411 (2012: 424,791,411).
Share options were excluded in determining diluted weighted average number of common shares as their effect would have been
anti-dilutive.
11. SUBSEQUENT EVENTS
There have been no events that have occurred after the reporting date that would have a material impact on the reported results.
Johannesburg
14 November 2013
JSE Sponsor
Macquarie First South Capital (Pty) Limited
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