Wrap Text
Unaudited Group interim results
for the six months ended
30 September 2013
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1973/007111/06
Share code: HCI
ISIN: ZAE000003257
("HCI" or "the company" or "the group")
UNAUDITED GROUP INTERIM RESULTS
for the six months ended
30 September 2013
Income +22,4% to R4 818,1 million
Headline
Earnings +8,5% to R576,6 million
headline earnings
per share +13,2% to 470,36 cents
CONDENSED CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
30 September 30 September* 31 March
2013 2012 2013
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
ASSETS
Non-current assets 16 089 450 14 516 256 15 322 812
Property, plant and equipment 3 715 064 3 071 353 3 521 054
Investment properties 1 274 855 698 640 907 503
Goodwill 211 521 187 748 194 267
Interest in associates and joint ventures 9 582 535 9 493 094 9 461 708
Other financial assets 62 657 136 075 56 789
Intangibles 1 054 475 758 530 996 092
Deferred taxation 79 138 72 357 84 189
Operating lease equalisation asset 8 276 8 392 8 276
Long-term receivables 100 929 90 067 92 934
Current assets 5 219 481 3 495 581 4 878 741
Other 4 321 525 2 724 540 3 892 240
Bank balances and deposits 897 956 771 041 986 501
Non-current assets held-for-sale 2 067 5 280 2 543
Total assets 21 310 998 18 017 117 20 204 096
EQUITY AND LIABILITIES
Equity 13 993 043 13 352 531 15 021 468
Equity attributable to equity holders of the parent 11 198 840 12 037 076 12 788 446
Non-controlling interest 2 794 203 1 315 455 2 233 022
Non current liabilities 3 440 767 1 512 299 1 718 618
Deferred taxation 172 800 106 098 163 313
Long-term borrowings 2 988 230 1 182 418 1 304 221
Operating lease equalisation liability 2 675 1 972 118
Other 277 062 221 811 250 966
Current liabilities 3 877 121 3 148 518 3 462 320
Non-current liabilities held-for-sale 67 3 769 1 690
Total equity and liabilities 21 310 998 18 017 117 20 204 096
Net asset carrying value per share (cents) 10 428 9 637 10 378
*Restated
CONDENSED CONSOLIDATED INCOME STATEMENT
30 September 30 September 31 March
2013 2012 2013
% (unaudited) (unaudited) (audited)
change R'000 R'000 R'000
Revenue 4 421 149 3 607 936 7 524 162
Net gaming win 396 988 327 067 689 953
Income 22 4 818 137 3 935 003 8 214 115
Expenses (3 947 577) (3 199 038) (6 744 473)
EBITDA 18 870 560 735 965 1 469 642
Depreciation and amortisation (263 968) (217 262) (412 906)
Operating profit 606 592 518 703 1 056 736
Investment income 24 964 24 599 53 281
Finance costs (105 907) (87 458) (178 094)
Share of profits of associates and joint ventures 278 693 320 885 691 799
Gain on bargain purchase – – 264 422
Investment surplus – 25 954 35 416
Fair value adjustments of investment properties – – 427
Impairment reversals – – 22 822
Asset impairments (1 824) – (56 458)
Fair value adjustments of financial instruments 996 899 10 834
Impairment of goodwill and investments – (757) (1 084)
Profit before taxation 803 514 802 825 1 900 101
Taxation (167 208) (138 821) (294 759)
Profit for the period from continuing operations 636 306 664 004 1 605 342
Discontinued operations (20) (1 527) (2 078)
Profit for the period -4 636 286 662 477 1 603 264
Attributable to:
Equity holders of the parent -1 540 941 548 676 1 269 229
Non-controlling interest 95 345 113 801 334 035
636 286 662 477 1 603 264
RECONCILIATION OF HEADLINE EARNINGS
Unaudited six months ended Audited year ended
30 September 2013 30 September 2012 31 March 2013
% Gross Net Gross Net Gross Net
change R'000 R'000 R'000 R'000 R'000 R'000
Earnings attributable to equity holders of
the parent 540 941 548 676 1 269 229
IAS 16 gains on disposal of plant and
equipment (4 737) (3 256) (1 797) (1 674) (16 846) (14 688)
IAS 16 impairment of plant and equipment 1 824 712 – – 15 134 8 344
IFRS 3 impairment of goodwill – – 757 545 1 084 922
IFRS 3 gain on bargain purchase – – – – (264 422) (142 941)
IAS 28 gain on disposal of associates – – (25 954) (25 954) (25 954) (25 954)
IAS 28 impairment of associates – – – – 43 024 29 059
IAS 36 reversal of impairments – – – – (22 822) (17 361)
IAS 40 fair value adjustment to
investment property – – – – (427) (463)
Other remeasurements and gains – – – – (32 012) (30 050)
Re-measurements included in equity-
accounted earnings of associates and
joint ventures 54 114 38 227 9 865 9 709 8 886 8 851
Headline profit 9 576 624 531 302 1 084 948
Basic earnings per share (cents)
Earnings 3 441,25 428,93 1 006,16
Continuing operations 441,27 429,84 1 007,58
Discontinued operations (0,02) (0,91) (1,42)
Headline earnings 13 470,36 415,35 860,07
Continuing operations 470,38 416,26 860,28
Discontinued operations (0,02) (0,91) (0,21)
Weighted average number of shares in issue ('000) 122 593 127 916 126 146
Actual number of share in issue at end of
period (net of treasury shares) (‘000) 107 387 124 908 123 224
Diluted earnings per share (cents)
Earnings 4 434,39 418,54 985,05
Continuing operations 434,41 419,43 986,44
Discontinued operations (0,02) (0,89) (1,39)
Headline earnings 14 463,04 405,28 842,03
Continuing operations 463,06 406,17 842,23
Discontinued operations (0,02) (0,89) (0,20)
Weighted average number of shares in issue ('000) 124 529 131 095 128 849
CONDENSED CONSOLIDATED STATEMENT OF OTHER
COMPREHENSIVE INCOME
30 September 30 September 31 March
2013 2012 2013
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Profit for the period 636 286 662 477 1 603 264
Other comprehensive income:
Items that may be reclassified subsequently to
profit or loss
Foreign currency translation differences 84 564 87 417 288 244
Cash flow hedge reserve 26 666 (16 947) (9 973)
Asset revaluation reserve – – (5 382)
Total comprehensive income 747 516 732 947 1 876 153
Attributable to:
Equity holders of the parent 651 288 617 606 1 533 012
Non-controlling interest 96 228 115 341 343 141
747 516 732 947 1 876 153
CONDENSED CONSOLIDATED STATEMENT OF CHANGES
IN EQUITY
30 September 30 September 31 March
2013 2012 2013
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Balance at beginning of period 15 021 468 12 836 030 12 836 030
Share capital and premium
Treasury shares released 39 314 66 915 76 410
Shares repurchased (272 899) – (114 324)
Current operations
Total comprehensive income 747 516 732 947 1 876 153
Equity settled share-based payments 8 061 9 247 17 233
Non-controlling interest on acquisition of subsidiaries – – 595 270
Effects of changes in holding (1 394 482) (27 632) 90 202
Dividends ( 155 935) (264 976) (355 506)
Balance at the end of the period 13 993 043 13 352 531 15 021 468
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
30 September 30 September 31 March
2013 2012 2013
(unaudited) (unaudited) (audited)
R'000 R'000 R'000
Cashflows from operating activities 44 493 219 668 891 888
Cashflows from investing activities (430 312) (468 325) (992 712)
Cashflows from financing activities 79 968 213 414 92 436
Decrease in cash and cash equivalents (305 851) (35 243) (8 388)
Cash and cash equivalents
At beginning of period 311 762 253 141 253 141
Foreign exchange differences 9 063 15 822 67 009
At the end of the period 14 974 233 720 311 762
Bank balances and deposits 897 956 771 041 986 501
Bank overdrafts (882 982) (537 321) (674 739)
Cash and cash equivalents 14 974 233 720 311 762
SEGMENTAL ANALYSIS
Unaudited six months ended Audited year ended
30 September 2013 30 September 2012 31 March 2013
Net Net Net
Revenue gaming win Revenue gaming win Revenue gaming win
R'000 R'000 R'000 R'000 R'000 R'000
Media and broadcasting ** 1 233 289 – 1 079 333 – 2 200 355 –
Non-casino gaming # 13 642 396 988 10 182 327 067 27 672 689 953
Information technology 152 393 – 155 311 – 286 527 –
Transport 546 717 – 570 610 – 1 130 774 –
Vehicle component
manufacture 156 727 – 173 563 – 333 722 –
Beverages 429 701 – – – 175 565 –
Properties 27 234 – 28 974 – 56 521 –
Mining 320 937 – 271 840 – 556 129 –
Natural gas 175 920 – 113 768 – 237 298 –
Clothing, textiles and toys 1 362 157 – 1 199 283 – 2 513 486 –
Other 2 432 – 5 072 – 6 113 –
Total 4 421 149 396 988 3 607 936 327 067 7 524 162 689 953
EBITDA
Unaudited six months ended Audited year ended
30 September 30 September 31 March
2013 2012 2013
R'000 R'000 R'000
Media and broadcasting ** 476 554 440 338 836 217
Non-casino gaming # 112 852 92 162 194 720
Information technology 33 053 48 403 72 422
Transport 88 067 104 483 210 228
Vehicle component manufacture 7 068 4 292 17 552
Beverages (7 010) - (4 496)
Properties 15 025 10 371 28 244
Mining 65 062 40 609 85 792
Natural gas 41 086 (304) 33 368
Clothing, textiles and toys 77 486 45 864 99 733
Other (38 683) (50 253) (104 138)
Total 870 560 735 965 1 469 642
Profit before tax
Unaudited six months ended Audited year ended
30 September 30 September 31 March
2013 2012 2013
R'000 R'000 R'000
Media and broadcasting ** 390 139 355 190 717 732
Non-casino gaming # 63 948 52 292 108 592
Casino gaming and hotels 345 118 307 901 675 324
Information technology 23 968 42 536 59 452
Transport 43 978 68 290 131 731
Vehicle component manufacture (1 516) (5 074) (7 397)
Beverages (17 913) (16 305) (23 873)
Properties 15 201 9 748 33 146
Mining 55 031 29 564 64 226
Natural gas (17 431) (47 245) (62 727)
Clothing, textiles and toys 30 162 3 586 43 041
Other (127 171) 2 342 160 854
Total 803 514 802 825 1 900 101
Headline earnings
Unaudited six months ended Audited year ended
30 September 30 September 31 March
2013 2012 2013
R'000 R'000 R'000
Media and broadcasting ** 174 118 154 910 320 954
Non-casino gaming # 25 147 36 421 57 119
Casino gaming and hotels 348 800 316 485 682 272
Information technology 8 235 15 709 21 764
Transport 32 897 50 977 97 111
Vehicle component manufacture (3 022) (2 638) (11 134)
Beverages (3 553) (13 576) (14 348)
Properties 10 912 7 016 21 690
Mining 37 016 22 270 45 759
Natural gas (17 391) (48 864) (86 885)
Clothing, textiles and toys 23 597 2 001 18 420
Other (60 132) (9 409) (67 774)
Total 576 624 531 302 1 084 948
# Non-casino gaming includes the results of the group's limited payout gaming and bingo operations in the
current and prior year. The results of the bingo operations were previously included in other.
** Results of the group's Australian media interests have been included in the Media and broadcasting segment for
March 2013 and the current interim results. The results of these media interests were previously included in other.
NOTES
Basis of preparation and accounting policies
The results for the six months ended 30 September 2013 have been prepared in accordance with International
Financial Reporting Standards ("IFRS"), the disclosure requirements of IAS 34, the SAICA Financial Reporting
Guides as issued by the Accounting Practices Committee, the requirements of the South African Companies
Act, 2008, and the Listings Requirements of the JSE Limited. Except for the new standards adopted as set out
below, all accounting policies applied by the group in the preparation of these condensed consolidated interim
financial statements are consistent with those applied by the group in its consolidated financial statements as
at and for the year ended 31 March 2013. The group has adopted the following new standards:
- Amendment to IFRS 7: Disclosures – Offsetting Financial Assets and Financial Liabilities
- IFRS 10: Consolidated Financial Statements
- IFRS 11: Joint Arrangements
- IFRS 12: Disclosure of Interests in Other Entities
- IFRS 13: Fair Value Measurement
- Amendments to IAS 1: Presentation of Items of Other Comprehensive Income
- Amendments to IAS 16: Property, Plant and Equipment
- Amendment to IAS 19: Employee Benefits
- Revised IAS 27 and 28: Investments in Associates and Joint Ventures
- Amendments to IAS 32: Financial Instrument Presentation
- Amendments to IAS 34: Interim Financial Reporting
There was no material impact on the interim financial statements identified based on management's assessment
of these standards. As required by the JSE Limited Listings Requirements, the group reports headline
earnings in accordance with Circular 3/2012: Headline Earnings as issued by the South African Institute of
Chartered Accountants.
These financial statements were prepared under the supervision of the financial director, Mr TG Govender,
BCompt (Hons).
The comparative results have been restated as follows:
During the year ended 31 March 2012, Sabido Investments acquired a 100% interest in Powercorp International
Limited, a London-based global content distributor of films and television series. The purchase price allocated
to certain trade receivables recognised on this acquisition has been restated retrospectively for the period
ending 30 September 2012.
The impact of this restatement on the results presented by HCI was that trade and other receivables decreased
by R28,4 million and goodwill increased by R28,4 million in the prior period. Opening equity attributable to
equity holders of the parent in the current period was not affected.
Business combinations
During the period under review the group's clothing, textiles and toys operations acquired 100% of the issued
share capital of two entities for a total purchase consideration of R18.1 million. Goodwill of R14 million was
recognised on acquisition. The purchase consideration includes contingent consideration of R13.1 million, the
payment of which is dependent on the future profitability of the acquired entities.
Discontinued operations and non-current assets held-for-sale
Discontinued operations as disclosed in the group income statement for the period under review relate to the
door module and pulley division of Formex Industries Proprietary Limited.
The non-current assets held-for-sale, as disclosed in the group statement of financial position, relate to the
following:
- the remaining assets of the door module and pulley division of Formex; and
- certain assets of the Seardel group which have been committed to being disposed of following the closure
of the related divisions.
RESULTS
Group income statement
The group results reflect an increase of 8.5% in headline earnings when compared to the prior comparative
period and an increase of 13.2% in headline earnings per share. Earnings attributable to HCI shareholders
decreased by 1.4%.
Group income has grown by 22.4% when compared to the prior period. The results of KWV Holdings was
consolidated during this period, contributing R430 million in revenue. A 21.4% increase in net gaming win was
reported for non-casino gaming and a 54.6% increase in revenue for natural gas on substantially unchanged
volumes, due to increased gas prices in the United States and the weaker Rand. Revenue reported for mining
shows an increase of 18%, mainly due to an additional product being delivered to Eskom for five months.
Notable is the increase of 13.6% in the revenue of clothing, textiles and toys, driven by branded products,
textiles and chemicals. Transport's revenue decreased 4.6% as a result of the public transport strike in April and
May. Local media operations' revenue increased by 10%, due mainly to a 20% increase in subscription revenue
and 5% increase in net advertising revenue.
EBITDA of the group increased by 18.3%. The contribution from non-casino gaming increased by 22.4%.
Natural gas reported R41 million EBITDA, compared to break even in the prior period. Mining EBITDA increased
due to the increased output. Clothing, textiles and toys' EBITDA increased by 69% as a result of the recognition
of R39 million settlement proceeds relating to the settlement with previous directors and the reversal of losses in
branded products and textiles. No government production incentive was recognised during the current period,
compared to R40 million being recognised in the prior comparable period. EBITDA for transport decreased by
16% as a result of the public transport strike, while the EBITDA for information technology reduced by 31%. This
was the result of doubtful debt recoveries recognised in the prior period not recurring. Media and broadcasting
reported an 8.2% increase in EBITDA. The EBITDA relating to the group's offshore media operations increased
by R29 million, with the local operations reporting modest growth due to the roll-out of its Openview HD free
satellite platform.
Profit before tax increased by 0.1%. The equity-accounted earnings from casino gaming and hotels increased
by 12%, assisted by increased average room rates in hotel operations. Transport's profit before tax decreased
by 36% due to the mentioned strike, together with increased finance costs and depreciation. Other losses
before tax is mainly due to the Australian operations contributing R29 million profit to this segment in the prior
period, compared to losses of R79 million in the current period. This was as a result of R66 million in equity
accounted losses accruing from Baycorp Holdings. R49 million of these losses relate to the impairment of
goodwill by Baycorp Holdings. A profit on sale of AIC of R25 million was included in other profit before tax in the
prior period. Natural gas' losses reduced by 63% as a result of increased gas prices. Media and broadcasting
profit before tax includes R391 million from local operations with the offshore operations breaking even on a
combined basis.
The increase of 66% from mining relates mainly to the additional product delivered. The impact of the transport
strike is again evident in the decrease of 36% in the headline earnings reported by transport. Non-casino
gaming was fully included in the prior period and only 53% for the current period due to the Niveus Investments
repurchase and distribution transaction concluded in September 2012. Other includes R17 million losses from
the Australian operations, which represents a R43 million change, R5 million head office charges incurred by
Niveus Investments and R38 million HCI head office charges, including finance costs. The prior period headline
earnings included a R30 million reversal of provision for taxation at head office level.
For more information on the results of casino gaming and hotels and clothing, textiles and toys, refer to the
individually published results of Tsogo Sun Holdings Limited and Seardel Investment Corporation Limited,
respectively. In addition, more information for non-casino gaming and beverages can be obtained from the
results as published by Niveus Investments Limited. The results of the group's Australian subsidiary, Oceania
Capital Partners was also published separately.
Group statement of financial position and cash flow
The group's overall financial position remains strong with the major businesses still generating strong
cash flows.
Group long-term borrowings at 30 September 2013 comprise borrowings of R1 650 million at head office level
and R1 338 million in operating subsidiaries. Included in the long-term borrowings at head office level is R1 331
million owing to the Southern African Clothing and Textiles Workers Union as a result of the repurchase of
shares transaction implemented during September 2013 and which was communicated to shareholders during
June 2013. Included in current liabilities is R136 million of term facilities and R600 million of preference share
debt at head office level that was refinanced into longer-term borrowings subsequent to the reporting date.
The dilution of the group's interest in Sabido Investments through the repurchase of shares transaction with the
Southern African Clothing and Textiles Workers Union (SACTWU) resulted in an increase of R527 million in the
non-controlling interest reported by the group.
Cash flow from operating activities decreased compared to the prior comparable period in part due to an
increase of R41 million in expenditure on programme rights, increased outflows of R116 million relating to
the receivables of Golden Arrow Bus Service, due to delayed payment by the Department of Transport and a
reduction in the trade payables of KWV Holdings by R93 million. Partly countering these increased outflows
were improved collections of trade receivables in the amount of R52 million by the group's natural gas interests
and the increased utilisation of creditor facilities by the group's media interests. The group invested R340 million
in property, plant and equipment, R368 million in investment properties and R99 million in distribution rights and
other intangible assets during the year. Also included in cash flow from investing activities is the receipt of R96
million from the redemption of the group's Clover Industries preference shares and a dividend of R232 million
received from Tsogo Sun Holdings. Funding was raised predominantly by the group's media and property
interests. R273 million was utilised for the repurchase of the company's shares.
COMMENTARY
HCI's results reflect an 8,5% increase in headline earnings on that of the comparable period a year ago. Over
the last year or so we have concluded a number of transactions, the cumulative effect of which has been to
buy back more than 22 million HCI shares at an average price of about R108 per share. The effect of these
transactions was to significantly enhance the increase in headline earnings per share from the underlying 8.5%
to 13.2% which is encouraging.
The performance of our main asset, Tsogo Sun Holdings, was steady, improving its headline earnings by 10%
over the comparable period. It has succeeded in buying out all minorities in Suncoast casino and now owns this
casino in its entirety. It also implemented the purchase of Sun Ikoyi in Lagos. The group's development plans
are proceeding apace in doubling the size of its Maputo hotel as well as commencing major renovations at its
Gold Reef and Silverstar casinos. Disappointingly the Mpumalanga casino bid was withdrawn midstream and
the process is offered again for consideration next year. There is no discernable movement in the Western Cape
to allow the moving of a casino licence to the Cape Town metropole.
Our media assets produced a 12,4% increase in headline earnings. The two major events affecting these assets
over the period were firstly the sale to the Southern African Clothing and Textile Workers Union (Sactwu)
of an effective 19% stake in Sabido Investments for HCI shares and the reversal of HCI's entire stake into
Seardel, which was well received by the market. Secondly, we launched a major new multi-channel digital
satellite platform which hopefully will develop as the heart of our free digital offering alongside the DTT platform
proposed to be rolled-out by government.
Seardel improved its underlying profitability significantly over last year. Its property developments have been
completed and rented out. Most of its manufacturing and branded product businesses have shown good
increases in turnover and consequently some improvement in margin.
Its clothing manufacturing division has however failed to show prospects of stopping its losses. Pressure put
on its Ladysmith factories to pay double digit wage increases despite the precarious position of these factories
eventually made the group surrender all hope of a turnaround. As a result, and in an effort to save the jobs
involved, it entered into discussions with Sactwu, HCI's largest shareholder, requesting that it take over
the plants concerned. Seardel has now entered into a formal agreement with Sactwu to dispose of these
operations subject to various regulatory conditions. Effectively the implementation of this agreement will result
in Seardel exiting from clothing manufacture and concentrating on other manufacturing operations as well
as the distribution of branded products. In all likelihood this will be completed by the end of this financial
year. While this is a disappointing end to four years of intense work at turning these plants around we believe
that the solution arrived at was in the best interests of the employees concerned and likewise is in the best
interests of the group, allowing it to progress in the areas it has been successful in effecting a real turnaround
or improvement.
Niveus Investments' results are not comparable with the previous period as we effectively disposed of
almost half of our stake therein in exchange for the repurchase of HCI shares when we listed the company.
Nevertheless, its underlying businesses have performed well. KWV greatly reduced its losses and seems well
on its way to stopping them altogether in the near future. Vukani expanded its operations as did Galaxy Bingo.
In particular, Galaxy Bingo was successful in winning two more licences in the Eastern Cape during the period.
HCI Coal improved its interim headline earnings from R22 million to R37 million. There have been some delays
in bringing its second mine into full production, mainly arising from problems associated with the commissioning
of a mine that was obliged to stand idle for several years in consequence of the legal wrangling around it
acquiring its mining rights. These problems are now largely resolved and production will start in the next
short while.
HCI Properties has performed in line with expectations. The portfolio is still at an early stage of development.
The Kalahari Village Mall in Upington is now open and trading. The Point shopping centre and offices in Seapoint
will open its retail component before Christmas and the offices early in the next financial year. Several other
development properties have been acquired including land in Modderfontein and Midrand and the Lynnridge
Mall in Lynnwood Ridge. The group also has another development commitment with Tsogo Sun on a property
adjoining Monte Casino in Fourways.
Offshore assets have performed poorly mainly due to Oceania Capital Partners incurring significant losses in its
Baycorp Holdings joint venture investment. Montauk Energy improved its performance on the previous period
largely through the improvement of the gas price but remained loss making.
Other smaller assets had relatively insignificant changes in operating profitability.
Overall we are pleased with the performance of our portfolio over the period despite some inconsistencies in
more peripheral areas.
CHANGES IN DIRECTORATE
There were no changes to the board of directors of the company during the period under review.
DIVIDEND TO SHAREHOLDERS
The directors of HCI have resolved to declare an interim ordinary dividend number 48 of 30 cents (gross)
per HCI share for the six-month period ending 30 September 2013. The salient dates for the payment of the
dividend are as follows:
Last day to trade cum dividend Friday, 6 December 2013
Commence trading ex dividend Monday, 9 December 2013
Record date Friday, 13 December 2013
Payment date Tuesday, 17 December 2013
No share certificates may be dematerialised or rematerialised between Monday, 9 December 2013; and
Friday, 13 December 2013, both dates inclusive.
In terms of legislation applicable to Dividends Tax ("DT") the following additional information is disclosed:
- The local DT rate is 15%.
- The total STC credits utilised as part of this declaration, based on the number of ordinary shares in issue
at the date of this declaration, amount to R35 960 810.
- The number of ordinary shares in issue at the date of this declaration is 119 869 367.
- The total STC credits utilised per share amount to 30 cents per share.
- The dividend to utilise for determining the DT due is Nil cents per share.
- The DT amounts to Nil cents per share.
- The net local dividend amount is 30 cents per share for all shareholders who are not exempt from the DT.
- Hosken Consolidated Investments Limited's income tax reference number is 9050/177/71/7.
In terms of the DT legislation, any DT amount due will be withheld and paid over to the South African Revenue
Service by a nominee company, stockbroker or Central Securities Depository Participant (collectively "regulated
intermediary") on behalf of shareholders. All shareholders should declare their status to their regulated
intermediary as they may qualify for a reduced DT rate or exemption in future.
For and on behalf of the board of directors
MJA Golding JA Copelyn
Executive Chairman Chief Executive Officer
Cape Town
21 November 2013
Directors:
MJA Golding (Chairman), JA Copelyn (Chief Executive Officer),
TG Govender (Financial Director), VM Engel*, B Hogan*, MF Magugu*
ML Molefi*, VE Mphande*, JG Ngcobo*, Y Shaik*
* Non-executive
Company secretary:
HCI Managerial Services Proprietary Limited
Registered office:
Block B, Longkloof Studios, Darters Road, Gardens, Cape Town, 8001.
PO Box 5251, Cape Town, 8000
Transfer secretaries:
Computershare Investor Services Proprietary Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Sponsor:
Investec Bank Limited
www.hci.co.za
Date: 21/11/2013 01:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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