Wrap Text
Reviewed condensed consolidated interim results for the six months ended 31 August 2013
ESORFRANKI LIMITED
(Registration number: 1994/000732/06)
Incorporated in the Republic of South Africa
(JSE Code: ESR ISIN: ZAE000133369)
("Esorfranki" or "the company" or "the group")
Reviewed Condensed consolidated interim results
for the year ended 30 September 2013
Highlights
REVENUE GROWTH IN PIPELINES DIVISION OF 117%
9,4% OPERATING MARGIN IN PIPELINES
POST PERIOD DISPOSAL OF GEOTECHNICAL OPERATIONS
EFFECTIVE REVIEW OF CONTRACTING PRACTICES
STABLE ORDER BOOK OF R2,2 BILLION
Commentary
Introduction
Esorfranki's reviewed condensed consolidated interim results for the six months ended 31 August 2013
("the period") reflect mixed performances from the group's operations in still tough trading conditions.
Overall the group maintained satisfactory levels of revenue and work-on-hand.
Profitability was impacted by three loss-making contracts in the Civils division, which will be completed
within this financial year. Anticipated losses have been fully provided for and contracting practices have
been revised going forward.
The order book at the end of the period totalled R2,2 billion on a like-for-like basis compared to R2,1 billion
for the continuing operations at the end of the prior period.
Effective 18 November 2013, post the end of the period, the group disposed of the Geotechnical division
(see 'Events after the reporting date' below) for a cash consideration of R500 million, which is subject to
adjustment in terms of a formula contained in the sale agreement but which in aggregate will not exceed
an additional payment of R150 million after the three-year period on which this contingent consideration
is based.
This transaction will relieve cash constraints and position the company for growth. Focus going forward
will be on consolidation and improved contracting practices for greater efficiency and profitability.
The significant growth of Esorfranki Pipelines over the past two years has generated a healthy,
quality order book and satisfying profitability. The division has also entrenched a forceful presence in
KwaZulu-Natal where significant opportunity exists.
Esorfranki Civils has been revitalised by completely new management in the past year, which has seen
a new employee culture and revised contracting practices to position the division to benefit from further
growth in the social housing market and anticipated Government growth initiatives.
Financial results
Revenue from continuing operations increased 38,5% to R1,014 billion from R732 million in the comparative
period. Earnings before interest, depreciation, impairments, amortisation and taxation ("EBITDA") totalled
R28,0 million compared to R80,4 million.
The group posted a small headline profit compared to R25,4 million in the comparative period, which
translated into headline earnings per share of 0,01 cents (2012: 7,8 cents). Net asset value per share
("NAV") was higher at 291,7 cents from 267,9 cents.
Events after the reporting date
As announced on 9 October 2013, Esorfranki disposed of Esorfranki Geotechnical to international
ground engineering specialist, Keller Group plc ("Keller"), for R500 million with the potential for an
additional R150 million earn-out over three years.
Neither the geotechnical market in South Africa nor Esorfranki's share of that market has shown
meaningful growth over the last number of years. In addition, group research indicated that Keller
was intent on an aggressive sub-Saharan expansion strategy which, given Keller's scale and scope
of operations, would have subsumed Esorfranki's geotechnical presence in this region. With this in mind,
the board considered it to be in the best interests of shareholders to sell the Geotechnical division with
a longer term view to ensuring the group's sustainability.
The purchase consideration will be applied to effectively settle the outstanding debt on the high yield
bond programme, as well as to distribute a special dividend for shareholders (see 'Dividend' below).
Further detail is included in the circular posted to shareholders on 21 October 2013.
The transaction became unconditional on 18 November 2013.
Review of continued operations
Revenue in Esorfranki Civils increased 14% to R681,9 million from R598 million in the comparative period.
Three loss-making contracts led to a loss before tax of R31,6 million (August 2012: profit before tax
R28,7 million), namely the Kriel main civils and highwall contract; a road contract for Roads Agency
Limpopo; and the Bakwena N4 toll road. These contracts will be concluded in the six months ahead.
Positively, progress was made on further settlement of claims in respect of the Kusile contract.
The new management has instituted a comprehensive review of the division's operations, resulting
in a number of overhaul initiatives: revising cost to completion forecasts; adopting additional
contingencies against exposure on certain contracts; an operational restructuring and right-sizing;
and the sale of redundant plant. Under the leadership of Mark Rippon, a Management Development
Programme has been introduced to ensure the "right person for the right job".
The group, and in particular the Civils division, experienced significant disruption due to labour
unrest both internally and strikes in adjacent areas that impacted on certain sites, including the
Bakwena N4 toll road and Kusile.
The fledgling Esorfranki Developments division, which focuses on developing land for social housing
projects, has progressed well with a five-year pipeline of over R4 billion secured. Development projects
include Orchards, a 1 373-unit entry level housing estate in Pretoria valued at R340 million; Diepsloot East,
a more than 8 500-unit mixed development encompassing infrastructure work, pedestrian bridges,
'breaking new ground' housing and institutional rental and bonded units valued in excess of R1,5 billion;
Uitvlugt, a 4 500-unit entry/middle income unit development in Vereeniging valued at R1,35 billion; a
R135 million 900-unit entry level unit development in Shoshanguwe; and two housing contracts in
Kokstad – The Muzumbe 500-unit development valued at R33 million and Thimude, a 1 000-unit project
valued at R65 million.
Esorfranki Pipelines proved that it has decisively overcome its recent setbacks with strong results reflecting
profitable contract execution. The division recorded triple-digit revenue growth of 117% to R324 million
(August 2012: R149 million). Profit before tax increased 198% to R31 million (August 2012: R10,4 million).
The division saw a number of positive new contract awards. The R40 million project in Swaziland – its first
outside of South Africa – is progressing well and is set for completion by December 2013. The Umlass Road
and Stanger projects, valued at R131 million and R185 million respectively, are also progressing well.
Post period-end the division was awarded the R156 million Northern Aqueduct project as well as a
sanitation contract for Ethekwini rural schools.
Esorfranki Pipelines has successfully widened its geographic reach and now has a presence in
KwaZulu-Natal, Eastern Cape, Gauteng, North West and Swaziland, and is also tendering in Zimbabwe.
Review of discontinued operations
Revenue in Esorfranki Geotechnical increased 13% to R464,2 million (August 2012: R410,3 million). Profit
before tax ("PBT") decreased 33,6% to R26,1 million (August 2012: R39,2 million). Profit margins for the
period were 5,6%, with foreign operations achieving a PBT margin of 17,6% and contributing the majority
of the division's gross profit. These operations are reflected as discontinued operations.
Safety
The group's Lost Time Injury Frequency Ratio ("LTIFR") of 0,74 at period-end is significantly better than the
industry norm of 1,33. Nonetheless, effort is being applied to return this to below the group's tolerance
level of 0,6.
Competition Commission update
Further to previous announcements and updates, Esorfranki has co-operated fully with the Competition
Commission in its fast-track investigation into the construction industry. The group has paid an
administrative fine of R155 850 in full and final settlement of the matter.
An ongoing dispute regarding an investigation into alleged anti-competitive behaviour in the piling and
drilling industry remains with the Competition Tribunal. This dispute concerns allegations related to historical
transgressions by Franki Africa prior to that company's acquisition by the group, and by the then-named
Esor Proprietary Limited prior to listing. This has been fully provided for in the results.
CAPEX
During the period the group invested R26,8 million (August 2012: R126 million) to improve operational
efficiencies and increase capacity in anticipation of long-term contracts which are now in hand.
In terms of the fleet rationalisation programme, aimed at a less maintenance intensive fleet and lower
CO2 emissions, plant was disposed of totalling R41,5 million.
Transformation
Esorfranki remains a 'Level 4' contributor in terms of the Department of Trade and Industry's B-BBEE Codes of
Good Practice. Considerable effort continues to be channelled into improving to Level 3 in the short term.
As announced on 24 June 2013, neither of the proposed off-market BEE equity transactions has been
pursued. It is the company's intention to increase the shareholding of the Esor Broad Based Share
Ownership Scheme in the near future to a more meaningful level and, in addition, to explore possible
alternative opportunities.
The group continues to invest heavily in enterprise development with eight SMMEs currently receiving
Esorfranki's support.
Prospects
Notwithstanding continued difficult conditions, tender activity in both the private and Government sectors
has increased. Government currently accounts for 24% of Esorfranki Civils' order book, with 57% from
parastatals and the remaining 19% from the private sector. This has been bolstered by additions to existing
contracts at Kusile for a general services pipeline, terraces, underground services and crushing, together
valued at more than R1,1 billion. Certain work on these projects is being conducted in joint venture with
two of Esorfranki's enterprise development beneficiaries, Kulani and Masibuyisane.
With the right-sizing and restructuring of Esorfranki Civils now complete, and with the new management at
the helm, the division is well positioned to capitalise on future opportunities.
The order book for Esorfranki Pipelines remains solid at R407 million, with a number of new projects coming
to market. The ongoing expansion outside of South Africa is expected to continue.
Directorate
During the period Dr Oswald Franks was appointed as an independent non-executive director with
effect from 23 May 2013. Monhla Hlahla, who was appointed as an independent non-executive director
effective 23 May 2013, subsequently resigned post the period (29 October 2013) to pursue other business
interests.
Dividend
In line with group policy, no interim dividend has been declared. It remains the policy of the group
to review the dividend policy annually in light of cash flow, gearing, capital requirements and bank
covenants.
Shareholders were notified in an announcement dated 18 November 2013 that following the disposal of
the Geotechnical division becoming effective, the board declared a special gross dividend of 38 cents
per share from income reserves. The net amount of the special dividend is 32,3 cents per Esorfranki share,
constituted as follows:
Gross dividend (cents per share) 38,0
Gross STC credits 0,0
38,0
Dividend withholding tax (15% on taxable dividend) (5,7)
Net dividend per share 32,3
The relevant dates relating to the special dividend are as follows:
Last day to trade cum special dividend Friday, 29 November 2013
Ordinary shares commence trading ex-special dividend Monday, 2 December 2013
Record date Friday, 6 December 2013
Payment date Monday, 9 December 2013
Statement of compliance
The reviewed condensed consolidated interim financial statements for the period have been 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 also, as a minimum, to contain the information required by IAS 34
Interim Financial Reporting, the JSE Listings Requirements and the requirements of the Companies Act of
South Africa. During the year the following accounting standards, interpretations and amendments to
published accounting standards were adopted: IAS 19 and IFRS 10-12. There was no significant impact on
the financial results as a result of adopting these standards.
Auditor's independent review
These condensed consolidated financial results for the period have been reviewed by the company's
auditors, KPMG Inc., in terms of International Standards on Review Engagements 2410. The scope of
the review was to enable the auditors to report that nothing had come to their attention that caused
them to believe that the accompanying condensed consolidated interim financial statements are not
presented, in all material respects, in accordance with IAS 34 – Interim Financial Reporting and the South
African Companies Act. Their unmodified review report on the condensed consolidated interim financial
statements is available for inspection at the registered office of the company.
Appreciation
We extend our thanks to our management and staff for their continued hard work and dedication during
challenging times. We also thank our business partners, suppliers, advisors and our valued clients and
shareholders for their continued confidence in the group.
On behalf of the board
Bernie Krone Wessel van Zyl
CEO CFO
28 November 2013
Condensed consolidated statement of financial position
Reviewed Reviewed Audited
31 August 31 August 28 February
2013 2012 2013
R'000 R'000 R'000
ASSETS
Non-current assets 804 482 1 230 999 1 237 461
Property, plant and equipment 383 564 807 095 822 678
Intangible assets 85 391 87 281 86 336
Goodwill 296 169 320 507 305 715
Other investments 29 739 – –
Financial asset at fair value through profit or loss – 449 3
Deferred tax asset 9 619 15 667 22 729
Current assets 1 767 095 960 341 1 006 320
Inventories 125 654 56 144 69 721
Non-current assets held-for-sale – 2 139 –
Other investments 1 270 29 092 27 726
Taxation – 14 697 14 513
Trade and other receivables 861 531 640 139 826 713
Cash and cash equivalents 24 496 218 130 67 647
Assets held-for-sale 754 144 – –
Total assets 2 571 577 2 191 340 2 243 781
EQUITY AND LIABILITIES
Share capital and reserves 1 093 137 1 003 921 1 053 262
Share capital and premium 571 300 591 463 571 300
Equity compensation reserve 18 756 17 655 18 606
Foreign currency translation reserve 41 365 (3 127) 3 850
Retained earnings 461 716 397 930 459 506
Non-current liabilities 253 591 535 757 540 326
Secured borrowings* 145 147 384 493 368 507
Preference shares 22 217 – 21 000
Post-retirement benefits – 1 806 1 913
Deferred tax liabilities 86 227 149 458 148 906
Current liabilities 1 224 849 651 662 650 193
Current portion of secured borrowings* 262 315 102 353 79 481
Taxation 2 373 12 119 4 508
Provisions 24 352 34 401 38 329
Bank overdraft* 69 168 – 34 059
Trade and other payables 552 870 502 789 493 816
Liabilities held-for-sale 313 771 – –
Total equity and liabilities 2 571 577 2 191 340 2 243 781
Net asset value per share (cents) 291,7 267,9 280,3
Tangible net asset value per share (cents)** 218,4 189,5 205,2
* Interest-bearing debt.
** (Net asset value less intangible assets net of deferred tax)/issued shares.
Condensed consolidated statement of comprehensive income
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2013 2012 2013
*restated Change *restated
R'000 R'000 % R'000
Continuing operations
Revenue 1 014 591 732 449 38,5 1 538 101
Cost of sales (951 697) (637 325) 49,3 (1 306 865)
Gross profit 62 894 95 124 (33,9) 231 236
Other income 5 668 685 727,5 1 324
Operating expenses (40 554) (15 368) 163,9 (69 106)
Profit before interest, tax, amortisation,
impairments and depreciation 28 008 80 441 (65,1) 163 454
Depreciation, impairments and amortisation (36 862) (43 665) (15,6) (88 564)
Results from operating activities (8 854) 36 776 (124,1) 74 890
Finance costs (12 896) (14 215) (9,3) (49 463)
Finance income 289 1 654 (82,5) 17 811
(Loss)/profit before tax (21 461) 24 215 (188,6) 43 238
Taxation 6 618 (9 797) 167,5 (18 136)
(Loss)/profit from continuing operations (14 843) 14 418 (203,0) 25 102
Discontinued operations
Profit from discontinued operations,
net of tax (refer page 7) 17 053 32 918 (48,2) 62 608
Profit for the period 2 210 47 336 (95,3) 87 710
Other comprehensive income:
Foreign currency translation differences
for foreign operations 37 515 18 268 105,4 30 157
Actuarial gain on post retirement benefit – – (97)
Income tax on other comprehensive
income (5 627) (2 119) (165,6) (4 912)
Other comprehensive income for the
period, net of tax 31 888 16 149 (97,5) 25 148
Total comprehensive income attributable to:
Owners of the company 34 098 63 485 (46,3) 112 858
Basic earnings per share (cents) for
continued and discontinued operations 0,60 12,60 (95,2) 23,5
Diluted earnings per share (cents) for
continued and discontinued operations 0,60 12,60 (95,2) 23,5
Reconciliation of headline earnings
Profit attributable to ordinary shareholders 2 210 47 336 (95,3) 87 710
Adjusted for:
Profit on disposal of property, plant
and equipment (2 175) (23 437) (90,7) (16 988)
Profit on acquisition of subsidiary – (801) (100) –
Impairment of property, plant and
equipment – 3 132 (100) 6 305
Impairment of intangible assets – 2 981 (100) –
Headline earnings attributable to
ordinary shareholders 35 29 211 (99,9) 77 027
Number of ordinary shares in issue ('000) 395 185 395 185 395 185
diluted weighted average 375 606 374 787 375 289
weighted average 375 606 374 787 375 289
Headline earnings per share (cents) 0,01 7,8 (99,9) 20,5
* Restatement due to application of IFRS 5 relating to Discontinued Operations.
Condensed consolidated statement of cash flows
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2013 2012 2013
R'000 R'000 R'000
Cash flows from operating activities
Profit before taxation 4 589 63 461 106 679
Adjustments for:
Depreciation of property, plant and equipment 51 977 48 294 107 624
Impairment of land and buildings – 8 491 8 757
Amortisation of intangible assets 945 945 1 890
Amortisation of financial asset – 4 133 7 612
Profit on disposal of property, plant and equipment (4 285) (28 124) (25 915)
Loss on disposal of property, plant and equipment – – 2 320
Foreign currency adjustment 31 250 1 925 8 771
Equity-settled share-based payment transactions 150 1 467 2 418
Fair value adjustment of derivative instruments – 1 699 –
Profit on acquisition of subsidiary – (1 113) (1 115)
Income tax refund/(paid) 22 523 (6 829) (23 040)
107 149 94 349 196 001
Change in inventories (76 934) (35 522) (8 830)
Change in trade and other receivables (306 285) (111 036) (303 483)
Change in trade and other payables 265 331 81 601 72 608
Change in provisions (10 481) 18 051 10 851
Net cash (utilised in)/generated by operations (21 220) 47 443 (32 853)
Cash flows from investing activities
Proceeds from sale of property, plant
and equipment 41 526 45 047 39 132
Acquisition of business, net of cash – (8 320) (28 456)
Acquisition of property, plant and equipment (26 798) (125 994) (193 930)
Acquisition of other investments (3 283) (34 082) (27 726)
Net cash generatedby/(utilised in) investing activities 11 445 (123 349) (210 980)
Cash flows from financing activities
Proceeds from the issue of share capital,
net of expenses – (582) 554
Increase in secured borrowings 683 180 012 162 154
Post-retirement benefits paid – – 107
Preference shares issued – 21 000 21 000
Net cash generated by financing activities 683 200 430 183 815
Net (decrease)/increase in cash and cash equivalents (9 092) 124 524 (60 018)
Cash and cash equivalents at beginning of period 33 588 93 606 93 606
Cash and cash equivalents at end of period 24 496 218 130 33 588
Discontinued operations
Reviewed Reviewed Audited
Six months Six months Year
ended ended ended
31 August 31 August 28 February
2013 2012 2013
R'000 R'000 R'000
Results from discontinued operations
Revenue 464 226 410 327 787 857
Expenses (438 176) (371 081) (724 010)
Results before taxation 26 050 39 246 63 847
Income tax (8 997) (6 328) (1 239)
Profit for the period 17 053 32 918 62 608
Basic earning per share from discontinued
operations 4,6 8,5 16,2
Diluted earnings per share from discontinued
operations 4,6 8,5 16,3
Headline earnings per share from discontinued
operations 4,4 2,4 11,9
The profit from discontinued operations is attributable
entirely to the owners of the company.
Cash flows from discontinued operations
Net cash generated by/(utilised in)
operating activities 34 386 (21 948) 12 553
Net cash from investing activities (7 063) (9 068) (12 244)
Net cash from financing activities 9 294 8 378 (11 470)
Effect on cash flows 36 617 (22 638) (11 161)
31 August
2013
R'000
Effect of disposal on financial position of the group
Assets
Property, plant and equipment (382 959)
Goodwill (9 546)
Deferred tax asset 30
Inventories (21 001)
Trade and other receivables (271 470)
Cash and cash equivalents (69 168)
Total assets (754 144)
Liabilities
Secured borrowings 39 992
Post-retirement benefits 1 913
Deferred tax liabilities 50 540
Taxation 11 523
Provisions 3 496
Trade and other payables 206 277
Total equity and liabilities 313 771
Condensed consolidated statement of changes in equity
Equity
compensa-
Share Share tion Translation Retained Total
capital premium reserve reserve earnings earnings
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 March 2012 388 591 657 16 188 (21 395) 350 594 937 432
Profit for the period 47 336 47 336
Other comprehensive
income
Foreign currency
translation differences
for foreign operations 18 268 18 268
Total other
comprehensive income – – – 18 268 – 18 268
Total comprehensive
income for the period – – – 18 268 47 336 65 604
Transactions with owners,
recorded directly in
equity
Contributions by and
distributions to owners –
Share issues (582) (582)
Share-based payment
transactions 1 467 1 467
Acquisition of trust
treasury shares (13) (21 287) 21 300 –
Total contributions by
and distributions
to owners (13) (21 869) 1 467 – 21 300 885
Balance at
31 August 2012 375 569 788 17 655 (3 127) 419 230 1 003 921
Balance at 1 March 2013 376 570 924 18 606 3 850 459 506 1 053 262
Profit for the period 2 210 2 210
Other comprehensive
income –
Foreign currency
translation differences
for foreign operations 37 515 37 515
Total other
comprehensive income – – – 37 515 – 37 515
Total comprehensive
income for the period – – – 37 515 2 210 39 725
Transactions with owners,
recorded directly in
equity –
Contributions by and
distributions to owners –
Share issues –
Share-based payment
transactions 150 150
Total contributions by
and distributions to
owners – – 150 – – 150
Balance at
31 August 2013 376 570 924 18 756 41 365 461 716 1 093 137
Information about reportable segments
for the six months ended 31 August/twelve months ended 28 February
Esorfranki Civils Esorfranki Pipelines
August August February August August February
2013 2012 2013 2013 2012 2013
R'000 R'000 R'000 R'000 R'000 R'000
Continuing operations
External revenues 681 864 598 765 1 223 262 324 590 149 163 323 552
Reportable segment
(loss)/profit before
income tax (31 575) 28 670 54 239 31 121 10 418 30 426
Reportable segment
assets 987 196 795 274 963 994 218 467 125 166 191 552
Esorfranki Developments Corporate and Eliminations
August August February August August February
2013 2012 2013 2013 2012 2013
R'000 R'000 R'000 R'000 R'000 R'000
Continuing operations
External revenues 8 137 – – – (15 479) (8 713)
Reportable segment
(loss)/profit before
income tax (4 301) – – (16 706) (14 873) (41 428)
Reportable segment
assets 105 669 – – 506 101 543 909 353 771
Consolidated
August August February
2013 2012 2013
R'000 R'000 R'000
Continuing operations
External revenues 1 014 591 732 449 1 538 101
Reportable segment
(loss)/profit before
income tax (21 461) 24 215 43 237
Reportable segment
assets 1 817 433 1 464 349 1 509 317
Esorfranki Geotechnical
August August February
2013 2012 2013
R'000 R'000 R'000
Discontinued operations
External revenues 464 226 410 327 787 857
Reportable segment
profit before income tax 26 050 39 246 63 442
Reportable segment
assets 754 144 726 991 734 464
Information about reportable segments (continued)
for the six months ended 31 August/twelve months ended 28 February
South Africa Other Regions
Geographical August August February August August February
information 2013 2012 2013 2013 2012 2013
R'000 R'000 R'000 R'000 R'000 R'000
Continuing operations
Total revenue 994 111 732 449 1 538 101 20 480 – –
Profit before depreciation,
amortisations, interest
and tax 24 573 80 441 165 338 3 705 – –
Total assets 1 811 497 1 464 349 1 509 317 5 936 – –
Consolidated
Geographical August August February
information 2013 2012 2013
R'000 R'000 R'000
Continuing operations
Total revenue 1 014 591 732 449 1 538 101
Profit before depreciation,
amortisations, interest
and tax 28 278 80 441 165 338
Total assets 1 817 433 1 464 349 1 509 317
South Africa Other Regions
Geographical August August February August August February
information 2013 2012 2013 2013 2012 2013
R'000 R'000 R'000 R'000 R'000 R'000
Discontinued operations
Total revenue 331 655 230 925 423 338 132 571 179 402 364 519
Profit before depreciation,
amortisations, interest
and tax 22 452 33 445 34 060 24 365 22 519 69 867
Total assets 425 027 431 040 277 422 329 117 295 951 457 042
Consolidated
Geographical August August February
information 2013 2012 2013
R'000 R'000 R'000
Discontinued operations
Total revenue 464 226 410 327 787 857
Profit before depreciation,
amortisations, interest
and tax 46 817 55 964 103 927
Total assets 754 144 726 991 734 464
ESORFRANKI LIMITED
(Registration number: 1994/000732/06)
Incorporated in the Republic of South Africa
(JSE Code: ESR ISIN: ZAE000133369)
("Esorfranki" or "the company" or "the group")
DIRECTORS:
DM Thompson* (Chairman)
B Krone (CEO)
WC van Zyl (CFO)
EG Dube*
O Franks*
MB Mathabathe*
Dr FA Sonn*
*Independent non-executive
REGISTERED OFFICE:
30 Activia Road, Activia Park, Germiston, 1401
(PO Box 6478, Dunswart, 1508)
Telephone: +27 11 776 8700
Fax: +27 11 822 1158
SPONSOR:
Vunani Corporate Finance
Vunani House
Vunani Office Park, 151 Katherine Street, Sandton, 2196,
(PO Box 652419, Benmore, 2010)
TRANSFER SECRETARIES:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
COMPANY SECRETARY:
iThemba Governance and Statutory Solutions (Pty) Limited
Monument Office Park, Suite 5 – 102, 79 Steenbok Avenue, Monument Park, 0181
(PO Box 25160, Monument Park, 0181)
INVESTOR RELATIONS:
Envisage Investor Relations
4th Floor, South Wing, Hyde Park Corner, Jan Smuts Avenue, Hyde Park, 2196
www.esorfranki.co.za
ESORFRANKI CONSTRUCTION (Pty) Ltd is a wholly-owned subsidiary of ESORFRANKI LIMITED.
ESORFRANKI CIVILS I ESORFRANKI PIPELINES I ESORFRANKI GEOTECHNICAL
are divisions of ESORFRANKI CONSTUCTION (Pty) Ltd.
Date: 28/11/2013 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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