Wrap Text
Vodacom Group Limited quarterly update for the period ended 31 December 2013
Vodacom Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1993/005461/06)
Share code VOD ISIN ZAE000132577
JSE code VOD008 ISIN ZAG000106063
ADR code VDMCY ISIN US92858D2009
News release
Vodacom Group Limited quarterly update for the period ended 31 December 2013
05 February 2014
Salient features
- Group revenue increased 10.5% (7.9%*) to R20 219 million
- Group service revenue increased 6.4% to R16 248, up 3.4%* on a normalised basis and in line with our guidance
- Group data revenue increased 40.7% to R3 611 million, now 22.2% of service revenue
- Group active customers grew 12.3% to 56.0 million and active data customers grew 27.9% to 23.7 million
- South Africa service revenue grew 0.6% (3.4% excluding MTR's) driven by data revenue growth of 31.2% as we stimulate usage
through our pricing transformation strategy and handset financing program
- International service revenue up 32.6% (15.1 %*) supported by strong customer growth as we continued to expand network,
improve distribution and offer attractive bundles
Quarter ended Year on year % change
Rm December 2013 Reported Normalised*
Revenue 20 219 10.5 7.9
South Africa 16 502 6.6 6.6
International 3 838 33.5 15.6
Service revenue 16 248 6.4 3.4
South Africa 12 587 0.6 0.6
International 3 695 32.6 15.1
Shameel Joosub, Vodacom Group CEO commented:
We continue to gain ground commercially with a 12.3% increase in Group customers to 56.0 million and 3.4%* underlying growth in
Group service revenue driven by data revenue growth of 40.7%.
This quarter highlights once again that our strategy of sustained network investment is key to allow us to grow our overall business
while still driving down the cost to communicate. In South Africa as an example, we have continued with our pricing transformation to
drive the adoption of price plans that offer more value to customers which has reduced the prepaid average price per minute by 25.3%
to 56 cents and the average effective price per MB of data by 16.2%. Despite this significant pricing movement, service revenue in
South Africa grew 0.6% with lower prices offset by 23.3% higher voice traffic and a 31.2% growth in data revenue. The number of
smartphones on our network in South Africa is now 7.2 million up 600 000 from the previous quarter and the average amount of data
used by each smartphone increased 83.5% to 254 MB per month.
Our International operations have also continued to respond well to our network investment strategy and the revamp of our
commercial offerings with service revenue growth of 32.6% (15.1%*). International active customers increased 22.8% to 25.0 million,
which is 44.7% of our overall Group active customers. Data revenue more than doubled with data traffic now three times higher than a
year ago. We are also achieving strong uptake of M-Pesa services. The international businesses continue to make an increasingly
significant contribution to the Group.
* Represents normalised growth at a constant currency (using current period as base) from on-going operations. Refer below for a reconciliation of normalised
growth.
All growth rates refer to the quarter compared to prior year same quarter unless stated otherwise.
Operating review
South Africa
Total revenue grew by 6.6% to R16 502 million in the quarter boosted by a 26.9% growth in equipment revenue, contributing 21.6% of
revenue from 18.1% a year ago.
Service revenue trends improved for the third consecutive quarter to grow by 0.6% to R12 587 million due to strong growth in data
and prepaid customer revenue. Excluding the effect of lower mobile termination rates (MTRs) which led to a 24.1% decline in
interconnection revenue, service revenue grew by 3.4%.
Prepaid mobile customer revenue increased by 6.8% to R5 444 million. Active prepaid customers increased by 5.7%, minutes of use
grew by 21.5% and ARPU was flat at R80. Our strategy of giving more value to customers has allowed us to achieve a 25.3% reduction
in the effective prepaid price per minute to 56 cents.
Contract mobile customer revenue was broadly stable down 0.1% to R5 336 million. Active contract customers grew 1.7% to
4.8 million, with ARPU declining 3.9% in the quarter to R393. Our plan to migrate customers from voice centric contracts to integrated
packages is proceeding well. Currently 49.7% of our voice contract customers (excluding Top Up) are on integrated plans and 64.5%
of contract customer revenue is now in bundle, up from 62.8% a year ago. We have also launched a new Top Up plan, uChoose, which
gives customers access to integrated plans as well as the option to tap into prepaid offerings on an ad-hoc basis.
Data revenue was up 31.2%, contributing 23.6% to service revenue compared to 18.1% a year ago. We have increased the adoption of
data bundles and integrated price plans which offer better value to our customers; as a result the effective price per MB declined by
16.2%. During the period we added 600 000 smartphones and now have 7.2 million smartphones active on the network. The average
monthly data usage per smartphone grew by 83.5% to 254 MB per month to further drive growth in overall data traffic supported by
continued investment in our network.
International
Service revenue grew 32.6% (15.1 %*) to R3 695 million supported by 22.8% growth in active customers to 25.0 million mainly due to
the success of our street vendor channel, expanded network coverage and competitive bundled offers. Our pricing transformation
continued with integrated tariffs now available in all our markets. Despite increased price competition in DRC and Mozambique and a
general market slowdown in Tanzania, voice revenue increased 18.1% from a 21.4% increase in outgoing traffic.
Data revenue grew 110.5% (including M-Pesa revenue) supported by 59.4% growth in active data customers to 7.5 million. 29.8% of
the active customer base currently use data, compared to 23.0% a year ago. We continued to drive adoption of data bundles to
stimulate usage; our data traffic is now three times more than it was a year ago.
Active M-Pesa customers increased 24.5% to 5.8 million, 23.3% of the active customer base. In Tanzania, our most developed M-Pesa
market, M-Pesa revenue grew 59.0% to contribute 19.1% of service revenue. Additionally, 25% of total Vodacom Tanzania airtime is
now purchased using M-Pesa. Following the launch of M-Pesa in all our international markets, our priority is to increase the number of
registered users and to drive activity levels by widening distribution and expanding the ecosystem in each market.
Regulatory
On 29 January 2014 the Independent Communication Authority of South Africa (ICASA) issued a statement announcing cuts to MTRs
that would be effective from 1 March 2014. The announced rates include an even higher degree of asymmetry than the original
proposal published on 4 October 2013. Vodacom is supportive of an MTR glide path which should be determined in accordance with
the procedures as set out in the Electronic Communications Act, which requires that the rates be cost based. Cost based rates are
important to sustain our on-going investment strategy. We have concerns about the process used to determine these published rates.
We intend to challenge the legal validity of the process.
The quarterly information has not been audited or reviewed by Vodacom's external auditors.
Changes in disclosure
The definition of contract customers in South Africa has been restated to exclude M2M connections in order to improve disclosure of
the underlying performance of the contract base. As a result, contract ARPU, churn and minutes of use ('MOU') have been restated.
M2M customers typically do not include voice usage and consequently generate substantially less revenue per connection than the
rest of the contract customers.
Effective from 1 April 2013, Vodacom and Vodafone changed the classification within service revenue from voice, messaging and data
revenue to mobile customer revenue, separating in and out of bundle customer revenue for both prepaid and contract customers,
mobile incoming revenue and other service revenue. The information is presented on this new basis (refer page below for the quarter
ended 31 December 2013 and www.vodacom.com for the historic quarters).
Mobile customer revenue refers to revenue generated from billing our customers directly for mobile services. Other service revenue
comprises visitor roaming, national roaming, wholesale messaging, M2M, advertising revenue and business managed services.
As a result of the above changes to customer service revenue, the following revenue reclassifications have been made:
- M2M revenue has been reclassified to other service revenue within the new disclosure format (Q3 2014: R87 million;
Q3 2013: R62 million);
- Wholesale messaging revenue has been reclassified to other service revenue within the new disclosure format (Q3 2014:
R112 million; Q3 2013: R173 million);
- Handset insurance, loyalty and value added services revenue has been reclassified from other service revenue to mobile
customer revenue (Q3 2014: R79 million; Q3 2013: R83 million) ; and
- Tower sharing revenue has been reclassified from other service revenue to non-service revenue (Q3 2014: R0 million;
Q3 2013: R25 million).
Our traditional disclosure of voice, messaging and data was not changed.
The above revenue reclassifications impacted ARPU calculations which have been restated retrospectively to align to the new
disclosure.
Financial review
Revenue
December September December Year on year % change Quarterly % change
Rm 2013 2013 2012 Reported Normalised* Reported Normalised*
South Africa 16 502 15 585 15 475 6.6 6.6 5.9 5.9
International 3 838 3 655 2 875 33.5 15.6 5.0 2.9
Corporate and eliminations (121) (88) (56) (116.1) (38.5) (37.5)
Revenue 20 219 19 152 18 294 10.5 7.9 5.6 5.2
Service revenue
December September December Year on year % change Quarterly % change
Rm 2013 2013 2012 Reported Normalised* Reported Normalised*
South Africa 12 587 12 069 12 507 0.6 0.6 4.3 4.3
International 3 695 3 538 2 786 32.6 15.1 4.4 2.4
Corporate and eliminations (34) (30) (20) (70.0) (70.0) (13.3) (13.3)
Service revenue 16 248 15 577 15 273 6.4 3.4 4.3 3.8
Revenue for the quarter ended 31 December 2013
South Africa Yoy % International Yoy % Corporate/ Group Yoy %
Rm Change change Eliminations change
Mobile contract revenue 5 336 (0.1) 227 37.6 (2) 5 561 1.1
In bundle 3 443 2.7 64 36.2 (1) 3 506 3.2
Out of bundle 1 893 (4.8) 163 38.1 (1) 2 055 (2.4)
Mobile prepaid revenue 5 444 6.8 2 654 32.9 (1) 8 097 14.1
In bundle 523 98.1 227 >200 - 750 151.6
Out of bundle 4 921 1.8 2 427 23.6 (1) 7 347 8.1
Mobile customer revenue 10 780 3.3 2 881 33.3 (3) 13 658 8.4
Mobile interconnect 999 (24.1) 432 38.5 (15) 1 416 (12.7)
Other service revenue 808 7.6 382 22.0 (16) 1 174 11.2
Service revenue 12 587 0.6 3 695 32.6 (34) 16 248 6.4
Equipment revenue 3 562 26.9 70 70.7 (26) 3 606 27.0
Non-service revenue 353 68.1 73 (64.1) (61) 365 58.9
Revenue 16 502 6.6 3 838 33.5 (121) 20 219 10.5
Of which mobile voice 7 296 (3.7) 2 053 18.1 (6) 9 343 0.4
Of which mobile messaging 650 (16.3) 189 54.9 - 839 (6.7)
Of which mobile data 2 967 31.2 644 110.5 - 3 611 40.7
Notes:
- Mobile in-bundle revenue: Represents revenue from bundles that include a specified number of minutes, messages or megabytes of data that can be used for no
additional charge, with some expectation of recurrence.
- Mobile in-bundle revenue - Contract: Revenue from all bundles and add-ons lasting 30 days or more.
- Mobile in-bundle revenue - Prepay: Revenue from bundles lasting seven days or more.
- Out-of-bundle: Revenue from minutes, messages or megabytes of data which are in excess of the amount included in customer bundles.
Key indicators
South Africa
December September December Year on year Quarterly
2013 2013 2012 % change % change
Active customers (thousand)1 30 964 30 139 29 474 5.1 2.7
Prepaid 26 123 25 331 24 712 5.7 3.1
Contract 4 841 4 808 4 762 1.7 0.7
Machine to machine customers (thousand) 1 378 1 302 1 107 24.5 5.8
Churn (%)2
52.3 58.4 56.4
Prepaid 58.4 65.3 62.9
Contract 11.4 12.6 11.3
Traffic (millions of minutes)3
11 298 11 034 9 631 17.3 2.4
Outgoing 8 928 8 681 7 238 23.3 2.8
Incoming 2 370 2 353 2 393 (1.0) 0.7
MOU per month4 124 124 109 13.8 -
Prepaid 113 112 93 21.5 0.9
Contract 183 183 191 (4.2) -
Total ARPU (rand per month)5
129 127 133 (3.0) 1.6
Prepaid 80 75 80 - 6.6
Contract 393 398 409 (3.9) (1.3)
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly
fee that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming. As of 30 June 2013, this
excludes M2M connections, prior periods have been restated.
2. Churn is calculated by dividing the annualised number of disconnections during the period by the average monthly customers during the period. Churn has been
restated as a result of M2M connections excluded from active customers.
3. Traffic comprises total traffic registered on Vodacom's mobile network, including bundled minutes, promotional minutes and outgoing international roaming calls,
but excluding national roaming calls, incoming international roaming calls and calls to free services.
4. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers during
the period. MOU has been restated as a result of M2M connections excluded from active customers.
5. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period. Prepaid and contract ARPU
only include service revenue generated from Vodacom mobile customers. ARPU has been restated as a result of M2M connections excluded from active
customers.
Key indicators (continued)
International
December September December Year on year Quarterly
2013 2013 2012 % change % change
Active customers (thousand)1 25 019 23 672 20 375 22.8 5.7
Tanzania 10 289 10 023 9 357 10.0 2.7
DRC 9 334 8 790 7 086 31.7 6.2
Mozambique 4 120 3 688 2 861 44.0 11.7
Lesotho 1 276 1 171 1 071 19.1 9.0
Churn (%)2
Tanzania 46.6 51.5 60.1
DRC 88.6 88.8 69.2
Mozambique 74.3 71.4 73.2
Lesotho 34.1 39.5 38.9
MOU per month3
Tanzania 131 122 102 28.4 7.4
DRC 33 36 48 (31.3) (8.3)
Mozambique 104 95 86 20.9 9.5
Lesotho 51 35 34 50.0 45.7
Total ARPU (rand per month)4
Tanzania 49 48 39 25.6 2.1
DRC 34 37 35 (2.9) (8.1)
Mozambique 61 61 62 (1.6) -
Lesotho 51 47 57 (10.5) 8.5
Total ARPU (local currency per month)4
Tanzania (TZS) 7 700 7 801 7 066 9.0 (1.3)
DRC (USD) 3.4 3.7 4.0 (15.0) (8.1)
Mozambique (MZN) 178 184 213 (16.4) (3.3)
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a monthly
fee that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming.
2. Churn is calculated by dividing the annualised number of disconnections during the period by the average monthly customers during the period.
3. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers during
the period.
4. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period.
Historical financial review
Revenue
December September June March December September June
Rm 2013 2013 2013 2013 2012 2012 2012
South Africa 16 502 15 585 14 549 14 699 15 475 14 426 14 007
International 3 838 3 655 3 065 2 553 2 875 3 058 3 097
Corporate and eliminations (121) (88) (78) (55) (56) (82) (80)
Revenue 20 219 19 152 17 536 17 197 18 294 17 402 17 024
Service revenue
December September June March December September June
Rm 2013 2013 2013 2013 2012 2012 2012
South Africa 12 587 12 069 11 678 11 894 12 507 12 055 11 702
International 3 695 3 538 2 978 2 480 2 786 2 964 3 028
Corporate and eliminations (34) (30) (20) (19) (20) (56) (61)
Service revenue 16 248 15 577 14 636 14 355 15 273 14 963 14 669
Historical key indicators
South Africa
December September June March December September June
2013 2013 2013 2013 2012 2012 2012
Active customers (thousand)1 30 964 30 139 29 282 29 190 29 474 29 734 29 971
Prepaid 26 123 25 331 24 488 24 404 24 712 25 031 25 284
Contract 4 841 4 808 4 794 4 786 4 762 4 703 4 687
Machine to machine customers
1 378 1 302 1 239 1 159 1 107 1 049 999
(thousand)
Churn (%)2 52.3 58.4 55.5 60.8 56.4 48.1 38.9
Prepaid 58.4 65.3 62.1 68.2 62.9 53.3 43.3
Contract 11.4 12.6 11.6 11.0 11.3 11.8 10.4
Traffic (millions of minutes)3 11 298 11 034 9 752 9 252 9 631 9 940 8 657
Outgoing 8 928 8 681 7 448 7 018 7 238 7 634 6 459
Incoming 2 370 2 353 2 304 2 234 2 393 2 306 2 198
MOU per month4
124 124 112 105 109 111 99
Prepaid 113 112 98 91 93 95 81
Contract 183 183 183 180 191 193 191
Total ARPU (rand per month)5 129 127 125 127 133 127 126
Prepaid 80 74 74 76 80 74 73
Contract 393 398 387 391 409 412 402
International
December September June March December September June
2013 2013 2013 2013 2012 2012 2012
Active customers (thousand)1 25 019 23 672 22 259 21 327 20 375 19 341 18 971
Tanzania 10 289 10 023 9 666 9 468 9 357 8 968 9 065
DRC 9 334 8 790 8 129 7 706 7 086 6 696 6 240
Mozambique 4 120 3 688 3 310 3 045 2 861 2 734 2 700
Lesotho 1 276 1 171 1 154 1 108 1 071 943 966
Churn (%)2
Tanzania 46.6 51.5 56.8 64.7 60.1 78.7 72.5
DRC 88.6 88.8 87.7 90.0 69.2 83.0 75.6
Mozambique 74.3 71.4 69.8 69.0 73.2 61.1 54.0
Lesotho 34.1 39.5 43.7 31.9 38.9 50.5 22.0
MOU per month4
Tanzania 131 122 116 83 102 88 66
DRC 33 36 39 44 48 46 43
Mozambique 104 95 92 84 86 75 63
Lesotho 51 35 26 26 34 32 35
Total ARPU (rand per month)5
Tanzania 49 48 41 34 39 38 30
DRC 34 37 33 28 35 35 34
Mozambique 61 61 57 54 62 46 55
Lesotho 51 47 44 41 57 57 60
Total ARPU (local currency per
month)5
Tanzania (TZS) 7 700 7 801 6 992 6 092 7 066 7 207 5 761
DRC (USD) 3.4 3.7 3.5 3.1 4.0 4.3 4.1
Mozambique (MZN) 178 184 182 185 213 158 189
Notes:
1. Active customers are based on the total number of mobile customers using any service during the last three months. This includes customers paying a
monthly fee that entitles them to use the service even if they do not actually use the service and those customers who are active whilst roaming. As of 30
June 2013, this excludes M2M connections, prior periods have been restated.
2. Churn is calculated by dividing the annualised number of disconnections during the period by the average monthly customers during the period. During the
quarter ended 30 June 2012, Tanzania, Mozambique and Lesotho changed their disconnection policy from 215 days to 90 days inactivity. Churn has been
restated as a result of M2M connections excluded from active customers.
3. Traffic comprises total traffic registered on Vodacom's mobile network, including bundled minutes, promotional minutes and outgoing international
roaming calls, but excluding national roaming calls, incoming international roaming calls and calls to free services.
4. Minutes of use ('MOU') per month is calculated by dividing the average monthly minutes (traffic) during the period by the average monthly active customers
during the period. MOU has been restated as a result of M2M connections excluded from active customers.
5. Total ARPU is calculated by dividing the average monthly service revenue by the average monthly active customers during the period. Prepaid and contract
ARPU only include service revenue generated from Vodacom mobile customers. ARPU has been restated as a result of M2M connections excluded from
active customers.
Reconciliation of normalised growth
The reconciliation represents normalised growth at a constant currency (using current period as base) from on-going operations. The
presentation of the pro-forma constant currency information from on-going operations is the responsibility of the directors of
Vodacom Group Limited. The purpose to presenting this information is to assist the user in understanding the underlying growth
trends in these segments. It has been prepared for illustrative purposes only and may not fairly present the financial position, changes
in equity, and results of operations or cash flows of Vodacom Group Limited. This information has not been reviewed and reported on
by the Group's auditors.
Year on year reconciliation
Translation foreign
Reported1 exchange2 Normalised
% change ppt % change
13/14 13/14
Revenue
Group 10.5 (2.6) 7.9
International 33.5 (17.9) 15.6
Service revenue
Group 6.4 (3.0) 3.4
International 32.6 (17.5) 15.1
Notes:
1. The reported percentage change relates to the quarter to date year on year percentage growth between 31 December 2012 and 31 December 2013. The Group's
presentation currency is the South African rand. Our International operations include functional currencies in United States dollar, Tanzanian shilling and
Mozambican metical. The prevailing exchange rates for the current and comparative periods are disclosed below.
2. Translation foreign exchange arises from the translation of the results, at average rates, of subsidiaries' functional currencies to Vodacom's presentation currency,
being rand. The exchange variances are eliminated by applying the quarter 31 December 2013 average rate (which is derived by dividing the individual subsidiary's
translated rand value with the functional currency for the quarter) to 31 December 2012 quarter numbers, thereby giving a user a view of the performance which
excludes exchange rate variances. The prevailing exchange rates for the current and comparative quarters are disclosed below.
Quarter on quarter reconciliation
Translation foreign
Reported1 exchange2 Normalised
% change ppt % change
13/14 13/14
Revenue
Group 5.6 (0.4) 5.2
International 5.0 (2.1) 2.9
Service revenue
Group 4.3 (0.5) 3.8
International 4.4 (2.0) 2.4
Notes:
1. The reported percentage change relates to the quarter to date quarter on quarter percentage growth between 30 September 2013 and 31 December 2013. The
Group's presentation currency is the South African rand. Our International operations include functional currencies in United States dollar, Tanzanian shilling and
Mozambican metical. The prevailing exchange rates for the current and comparative periods are disclosed below.
2. Translation foreign exchange arises from the translation of the results, at average rates, of subsidiaries' functional currencies to Vodacom's presentation currency,
being rand. The exchange variances are eliminated by applying the quarter 31 December 2013 average rate (which is derived by dividing the individual subsidiary's
translated rand value with the functional currency for the quarter) to 30 September 2013 numbers, thereby giving a user a view of the performance which
excludes exchange variances. The prevailing exchange rates for the current and comparative quarters are disclosed below.
Average quarterly exchange rates
December September December Year on year Quarterly
2013 2013 2012 % change % change
USD/ZAR 10.17 9.99 8.69 17.0 1.8
ZAR/MZN 2.94 3.00 3.40 13.5 2.0
ZAR/TZS 158.06 162.07 183.01 13.6 2.5
EUR/ZAR 13.84 13.24 11.28 22.7 4.5
Non-GAAP information
This quarterly update contains certain non-GAAP financial information which has not been reviewed or reported on by the Group's
auditors. The Group's management believes these measures provide valuable additional information in understanding the
performance of the Group or the Group's businesses because they provide measures used by the Group to assess performance.
However, this additional information presented is not uniformly defined by all companies, including those in the Group's industry.
Accordingly, it may not be comparable with similarly titled measures and disclosures by other companies. Additionally, although
these measures are important in the management of the business, they should not be viewed in isolation or as replacements for or
alternatives to, but rather as complementary to, the comparable GAAP measures.
Trademarks
Vodafone, the Vodafone logo, Vodacom and Vodacom M-Pesa, are trademarks of Vodafone Group Plc (or have applications pending).
Other product and company names mentioned herein may be trademarks of their respective owners.
Forward-looking statements
This quarterly update which sets out the quarterly results for Vodacom Group Limited for the period ended 31 December 2013
contains 'forward-looking statements', which have not been reviewed or reported on by the Group's auditors, with respect to the
Group's financial condition, results of operations and businesses and certain of the Group's plans and objectives. In particular, such
forward-looking statements include statements relating to: the Group's future performance; future capital expenditures, acquisitions,
divestitures, expenses, revenues, financial conditions, dividend policy, and future prospects; business and management strategies
relating to the expansion and growth of the Group; the effects of regulation of the Group's businesses by governments in the countries
in which it operates; the Group's expectations as to the launch and roll out dates for products, services or technologies; expectations
regarding the operating environment and market conditions; growth in customers and usage; and the rate of dividend growth by the
Group.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'will',
'anticipates', 'aims', 'could', 'may', 'should', 'expects', 'believes', 'intends', 'plans' or 'targets'. By their nature, forward-looking statements
are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances
that will occur in the future, involve known and unknown risks, uncertainties and other facts or factors which may cause the actual
results, performance or achievements of the Group, or its industry to be materially different from any results, performance or
achievement expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future
performance and are based on assumptions regarding the Group's present and future business strategies and the environments in
which it operates now and in the future.
Sponsor: UBS South Africa (Pty) Limited
Debt sponsor: Absa Bank Limited (acting through its Corporate and Investment Banking division)
ADR depository bank: Deutsche Bank Trust Company Americas
Date: 05/02/2014 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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