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Abridged Audited Condensed Consolidated Results for the year ended 31 March 2914 and Notice of AGM
Argent Industrial Limited
Registration number 1993/002054/06
(Incorporated in the Republic of South Africa)
Share code : ART ISIN code : ZAE000019188
(“the group” or “the company”)
ABRIDGED AUDITED CONDENSED CONSOLIDATED RESULTS FOR THE YEAR
ENDED 31 MARCH 2014 AND NOTICE OF ANNUAL GENERAL MEETING
FINANCIAL HIGHLIGHTS
REVENUE R1.88 billion
OPERATING LOSS R184.1 million
NET ASSET VALUE per share (cents) 1,242.4 cents
GEARING 12.1%
LOSS BEFORE INTEREST, TAXATION,
DEPRECIATION AND AMORTISATION (EBITDA) R145.8 million
The condensed financial statements are presented on a consolidated basis
Consolidated income statements for the year Audited Audited
ended 31 March 2014 2014 2013
R’000
Revenue 1,880,476 1,850,430
Operating profit before finance costs and
restructuring 79,303 126,233
Restructuring adjustments (263,460) -
Operating(loss)/profit before finance costs (184,157) 126,233
Finance income 987 1,824
Finance costs (27,246) (30,125)
(Loss)/profit before taxation (210,416) 97,932
Taxation 17,359 (21,660)
(Loss)/profit for the year (193,057) 76,272
Attributable to equity holders of the
- Parent (193,575) 76,182
- Non-controlling interest 518 90
(193,057) 76,272
Basic (loss)/earnings per share (cents) (211.4) 83.2
Diluted (loss)/earnings per share (cents) (211.4) 83.2
Headline earnings per share (cents) 14.6 85.9
Diluted headline earnings per share (cents) 14.6 85.9
Dividends per share (cents) 14.0 12.0
Supplementary information
Shares in issue (‘000)
- At end of period 91,540 91,540
- Weighted average 91,561 91,540
- Diluted weighted average 91,561 91,540
Cost of sales (R'000) 1,464,253 1,364,725
Depreciation and amortisation (R'000) 38,388 35,772
Restructuring adjustments (R'000):
Impairment of property, plant and equipment 93,221 -
Impairment of intangible assets 121,803 -
Automotive stock losses 31,524 -
Retrenchments 850 -
Closure of loss-generating businesses 16,062 -
Impairment of plant and equipment 3,192 -
Stock losses 9,507 -
Retrenchments 3,363 -
Restructuring adjustments 263,460 -
Calculation of headline earnings (R’000)
(Loss)/earnings attributable to ordinary
shareholders (193,575) 76,182
Loss on disposal of property, plant and
equipment 2,532 2,279
Impairment of property, plant and equipment 96,413 799
Impairment of intangible assets 121,803 -
Total tax effects of adjustments (13,770) (638)
Headline earnings attributable to ordinary
shareholders 13,403 78,622
Consolidated statement of comprehensive income Audited Audited
for the year ended 31 March 2014 2014 2013
R’000
(Loss)/profit for the year (193,057) 76,272
Other comprehensive income for the period
Items that may be subsequently reclassified to
profit and loss
Exchange differences on translating foreign
operations (529) 185
Items that will not be subsequently
reclassified to profit and loss
Revaluation of land and buildings (6,931) (27,969)
Tax effect of above transactions 1,334 6,649
Total other comprehensive (loss)/income for the
year (199,183) 55,137
Attributable to equity holders of the
- Parent (199,701) 55,047
- Non-controlling interest 518 90
(199,183) 55,137
Consolidated statements of financial position Audited Audited
for the year ended 31 March 2014 2014 2013
R’000
ASSETS
Non-current assets
Property, plant and equipment 726,018 820,390
Intangible assets 172,866 294,671
Long-term loan 13,477 12,496
Deferred taxation 13,686 6,617
926,047 1,134,174
Current assets
Inventories 471,353 542,949
Trade and other receivables 338,881 369,522
Bank balance and cash 234 348
810,468 912,819
Non-current assets held for sale 8,500 14,793
TOTAL ASSETS 1,745,015 2,061,786
EQUITY AND LIABILITIES
Capital and reserves
Share capital and premium 451,366 451,129
Reserves 30,626 38,270
Retained earnings 655,323 860,225
Attributable to owners of the parent 1,137,315 1,349,624
Non-controlling interest 9,769 9,251
Total shareholders' funds 1,147,084 1,358,875
Non-current liabilities
Interest-bearing borrowings 93,197 111,656
Deferred taxation 59,598 74,798
152,795 186,454
Current liabilities
Trade and other payables 236,648 308,454
Taxation 159 2,272
Bank overdraft 162,369 143,616
Current portion of interest-bearing borrowings 45,960 62,115
445,136 516,457
TOTAL EQUITY AND LIABILITIES 1,745,015 2,061,786
Net asset value per share (cents) 1,242.4 1,474.4
Condensed consolidated statements of cash flows Audited Audited
for the year ended 31 March 2014 2014 2013
R’000
Cash generated from operations 102,780 150,582
Finance income 987 1,824
Finance costs (27,246) (30,125)
Dividends paid (13,216) (11,073)
Normal taxation paid (5,690) (2,436)
Cash flows from operating activities 57,615 108,772
Cash flows from investing activities (42,105) (69,997)
Cash flows from financing activities (34,377) (53,040)
Net decrease in cash and cash equivalents (18,867) (14,265)
Cash and cash equivalents at beginning of year (143,268) (129,003)
Cash and cash equivalents at end of year (162,135) (143,268)
Consolidated statements of changes in
equity for the year ended 31 March 2014
Share Share Treasury
capital premium shares
R 000 R 000 R 000
Balance at 31 March 2012 4,825 540,818 (94,514)
Share-based payments - - -
Total comprehensive income - - -
Dividends – current interim and prior
final - - -
Less dividend on treasury shares - - -
Balance at 31 March 2013 4,825 540,818 (94,514)
Net treasury movement - - 237
Share-based payments - - -
Transfer of reserve to retained
- - -
earnings
Total comprehensive loss - - -
Dividends – current interim and prior
- - -
final
Less dividend on treasury shares - - -
Balance at 31 March 2014 4,825 540,818 (94,277)
Consolidated statements of changes in Employee Foreign
equity for the year ended share currency
31 March 2014 incentive Revaluation translation
(continued) reserve reserve reserve
R 000 R 000 R 000
Balance at 31 March 2012 1,907 66,365 (8,994)
Share-based payments 127 - -
Total comprehensive income - (21,320) 185
Dividends – current interim and prior
- - -
final
Less dividend on treasury shares - - -
Balance at 31 March 2013 2,034 45,045 (8,809)
Net treasury movement - - -
Share-based payments 371 - -
Transfer of reserve to retained
(1,889) - -
earnings
Total comprehensive loss - (5,597) (529)
Dividends – current interim and prior
- - -
final
Less dividend on treasury shares - - -
Balance at 31 March 2014 516 39,448 (9,338)
Consolidated statements
of changes in equity for Total
the year ended attributable Non- Total
31 March 2014 Retained to owners of controlling shareholders’
(continued) earnings the parent interest funds
R 000 R 000 R 000 R 000
Balance at 31 March 2012 795,116 1,305,523 9,161 1,314,684
Share-based payments - 127 - 127
Total comprehensive
76,182 55,047 90 55,137
income
Dividends – current
(11,578) (11,578) - (11,578)
interim and prior final
Less dividend on
505 505 - 505
treasury shares
Balance at 31 March 2013 860,225 1,349,624 9,251 1,358,875
Net treasury movement - 237 - 237
Share-based payments - 371 - 371
Transfer of reserve to
1,889 - - -
retained earnings
Total comprehensive loss (193,575) (199,701) 518 (199,183)
Dividends – current
(13,508) (13,508) - (13,508)
interim and prior final
Less dividend on
292 292 - 292
treasury shares
Balance at 31 March 2014 655,323 1,137,315 9,769 1,147,084
Steel
Segmental Review Manufacturing trading Automotive
R 000 R 000 R 000
Business Segments
for the year ended 31 March 2014
Revenue from external sales 967,076 657,920 192,255
Profit/(loss) before taxation 60,655 (2,451) (9,391)
Taxation
Loss for the year
for the year ended 31 March 2013
Revenue from external sales 913,929 635,551 231,107
Profit/(loss) before taxation 77,768 5,575 11,102
Taxation
Profit for the year
Segmental Review Restructuring
(continued) Watch list Properties adjustments Consolidated
R 000 R 000 R 000 R 000
Business Segments
for the year ended 31
March 2014
Revenue from external
60,747 2,478 - 1,880,476
sales
Profit/(loss) before
(6,078) 10,309 (263,460) (210,416)
taxation
Taxation 17,359
Loss for the year (193,057)
for the year ended 31
March 2013
Revenue from external
67,822 2,021 - 1,850,430
sales
Profit/(loss) before
(2,649) 6,136 - 97,932
taxation
Taxation (21,660)
Profit for the year 76,272
South Rest of the
Africa world Consolidated
R 000 R 000 R 000
Geographical segments
for the year ended 31 March 2014
Revenue from external sales 1,816,887 63,589 1,880,476
(Loss)/profit before taxation (216,577) 6,161 (210,416)
Taxation 17,359
Loss for the year (193,057)
for the year ended 31 March 2013
Revenue from external sales 1,800,739 49,691 1,850,430
Profit before taxation 94,857 3,075 97,932
Taxation (21,660)
Profit for the period 76,272
FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
Financial assets and financial liabilities measured at fair value in the
statement of financial position are grouped into three levels of a fair
value hierarchy.
The three levels are defined based on the observability of significant
inputs to the measurement, as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical
assets or liabilities;
- Level 2: inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly;
- Level 3: unobservable inputs for the asset or liability.
The following table sets out the financial assets and liabilities that are
measured and recognised at fair value:
31 March 2014 Level 1 Level 2 Level 3 Total
R 000 R 000 R 000 R 000
Recurring fair value measurements
Financial liabilities:
Forward exchange contracts - 720 - 720
Total recurring financial liabilities - 720 - 720
31 March 2013 Level 1 Level 2 Level 3 Total
R 000 R 000 R 000 R 000
Recurring fair value measurements
Financial assets:
Forward exchange contracts - 2,203 - 2,203
Total recurring financial assets - 2,203 - 2,203
There have been no transfers between levels 1 and level 2 recurring fair
value measurements during 2013 and 2014.
The group's policy is to recognise transfers into and out of the different
fair value hierarchy levels at the date the event or change in circumstances
that caused the transfer occurred.
MEASUREMENT OF FAIR VALUE OF FINANCIAL INSTRUMENTS
The group’s finance team performs valuations of financial items for
financial reporting purposes, including Level 3 fair values, in consultation
with third party valuation specialists for complex valuations. Valuation
techniques are selected based on the characteristics of each instrument,
with the overall objective of maximising the use of market-based
information. The finance team reports directly to the financial director
(FD) and to the audit and risk committee. Valuation processes and fair value
changes are discussed among the audit and risk committee and the valuation
team at least every year, in line with the group’s reporting dates. The
valuation techniques used for instruments categorised in Levels 2 are
described below.
FOREIGN CURRENCY FORWARD CONTRACTS (LEVEL 2)
The group’s foreign currency forward contracts are not traded in active
markets. These have been fair valued using observable forward exchange rates
and interest rates corresponding to the maturity of the contract. The
effects of non-observable inputs are not significant for foreign currency
forward contracts.
FINANCIAL OVERVIEW
Argent Industrial Limited has been through a very challenging year,
culminating in a restructuring, which resulted in the closure of four
operations, as well as the commitment to sell a number of non-core assets.
OPERATIONS REVIEW
The worsening economic environment in South Africa over the past number of
years has negatively affected the markets in which the group operates. In
addition, the high number of labour strikes at various customers and a
sharply weakened Rand exchange rate during the reporting period also
impacted on earnings.
Although the diverse nature of the group’s operation compensated for these
negative influences to some extent, it was clear to management that a
thorough investigation into various alternatives to enhance group
performance was necessary. It was therefore decided to restructure the group
to ensure the sustainability of earnings and improved shareholder value in
the medium to long term.
The restructuring had a negative effect in the net amount of R263 million on
the group’s earnings and comprised:
- Impairments of R155 million in the underperforming automotive division,
necessitated by the effect of continued weak consumer demand, as well as the
number of new market entrants. A sharp increase in imported product also
significantly reduced local content off-take;
- Property impairments of R38.3 million, of which R32.5 million relates to
the group’s automotive factory, mentioned above, which operates in the
depressed Ga-Rankuwa area;
- Impairments of R49 million regarding the investment in the highly
competitive and, overtraded, paint and aluminium division; and
- The closure and subsequent consolidation to Durban, Cape Town and
Johannesburg of four loss-generating retail businesses in the steel trading
and retail division at a cost of R20.5 million.
Had these abnormal write downs not occurred, the group’s normalised earnings
before tax would have been R82 million instead of the reported loss of
R210.4 million (compared to R113.2 million profit reported in the previous
financial year).
31 March 31 March
CALCULATION OF NORMALISED EARNINGS R’000
2014 2013
Profit before taxation as reported (210,416) 97,932
Loss on disposal of property, plant and equipment 2,532 2,279
Impairment of plant and equipment 54,915 -
Impairment of property 38,306 799
Impairment of intangible assets 121,803 -
Closure of loss-generating businesses 16,062 7,797
Retrenchments (continuing operation) 850 1,454
Specialist Steel Profiles foreign exchange loss 10,469 -
Automotive stock losses 31,524 -
Effect of country-wide strikes 15,911 2,938
Normalised earnings 81,956 113,199
It should be noted that the group, as part of its restructuring, is in the
process of selling 12 of its 22 properties, considered to be non-core, for
an amount of approximately R278 million. This positive offset is expected to
be realised by the financial year ended March 2015.
The board is confident that the above restructuring and property realisation
will unlock value and enable the group to focus on its core businesses of
manufacturing and trading. These operations play to the group’s skills and
experience, whilst operating in the areas that will benefit from any growth
in the economy.
The effects of labour strikes at various customers, including the protracted
platinum industry strike, are estimated to have cost the group R15.9
million.
SEGMENT REVIEW
The group has, as a result of the restructuring, changed its segment report
to show the core manufacturing companies, the steel trading companies, the
automotive operations, the watch list segment and the property division.
The manufacturing companies delivered growth in revenue of 5.8%, but a
decline in profit before taxes (PBT) of 22.0%. The drop in PBT can be
attributed to a competitive trading environment and increased input costs;
with one of the contributing factors being the weakening exchange rate and
resultant increased costs. The operating margin of the manufacturing
companies, however, remains the highest in the group. The best performers
were Toolroom Services, Tricks Wrought Iron Services and Xpanda Security.
The steel trading companies had a difficult year and were downsized in line
with the market outlook. This segment delivered a 3.5% growth in revenue,
and a 143% decline in PBT. Again, this is the result of an over-traded
market with increased competition on a trade-by-trade basis.
The automotive operations bore the brunt of the restructuring and are now
correctly capitalised to operate in the current market conditions. These
operations made an operating loss of R9.3 million and are expected to turn
profitable by the second half of 2015.
The watch list segment comprises Cedar Paint. This company is not currently
achieving the correct manufacturing margin, a problem which has been further
compounded by the loss of R6.8 million in revenue as a result of the
platinum industry strike. An operating loss of R6 million was reported. The
company has been revalued to what the directors of Argent believe is a
marketable value. Cedar Paint is being closely monitored and, as such, is on
the group’s watch list.
PROPERTIES
The group is in the process of selling 12 of its 22 properties for
approximately R278 million. The remaining ten properties are not being sold
at this stage, as they are either (i) an integral part of a business, (ii) a
business on the watch list or (iii) a property that is in the process of
being expanded. The net book value of the group’s 22 properties is R415.9
million. This will decrease to R137.4 million after the sale of the
properties. It is anticipated that the properties will be sold at, or an
amount exceeding, book value.
OUTLOOK
The effects of labour strikes at various customers, including the protracted
platinum industry strike, are estimated to have cost the group R15.9 million
in the year to March 2014. As a result of the continuous country-wide
strikes, the group has committed itself to an automation programme that will
reduce the number of staff from the existing 2 774 to 2 400 by the end of
2015. The cost of these retrenchments will be absorbed in the 2015 financial
year and the benefit felt from the 2016 financial year onwards.
The group has created its core business around its branded manufacturing
companies and these businesses are closely correlated to general economic
growth. The group’s focus on production automation, improving internal
efficiencies, and on growing the market share of the respective brands will
therefore be pivotal in outperforming the constricted economy. Without
exception, the businesses in manufacturing have strong and positive
outlooks, and a sustained run without the abnormal interruptions of extended
strikes should see this segment grow its contribution to the Argent Group.
The restructured steel division, with a lower cost base, is now better
suited to operating outside the previous constraint of weak government
infrastructure spend. It now has a stock range that covers most fast moving
items used in the manufacturing industry.
Cedar Paint is already producing better results and improved margin, even
with the prolonged mining strikes. The business should therefore become
profitable once the strikes end.
Finally, the board of directors of Argent (“the board”) has earmarked the
approximately R278 million proceeds from the property sale as follows:
- Repayment of bank bonds of R 84.2 million;
- Share buy-backs;
- Investing in existing businesses with growth potential, as well as in new
businesses, particularly in the high growth area of branded manufacturing in
which the group has skills and experience and is already performing well;
and
- Increasing exports to Africa in the medium term.
The Argent management team and the board believe that the group is now in a
much stronger position to provide higher returns for shareholders over time.
JSE LIMITED (“THE JSE”) PRO ACTIVE MONITORING OF ANNUAL FINANCIAL STATEMENTS
The JSE reviewed Argent Industrial Limited’s 2013 Annual Report as part of
their pro-active monitoring process. During the process it was identified
that the group had omitted some disclosure relating to the disposal of the
Hendor Mining Supplies property which was sold at fair value to NWN
Automotive Precision Engineering, a company controlled by certain of the
directors. The selling price was settled in cash.
We would like to present our users with the additional information
previously omitted in the 2013 Annual Report in this SENS announcement.
Certain other matters identified by the JSE have been included in the 2014
Annual Report which will be available on the company’s website on 27 June
2014.
The revised note 3. PROPERTY, PLANT AND EQUIPMENT is disclosed as follows:
Furniture,
Land & Plant & Motor fittings & Total
2013 buildings equipment vehicles equipment 2013
R 000 R 000 R 000 R 000 R 000
Carrying amount at
beginning of year 455,581 319,358 49,398 6,427 830,764
Gross carrying amount 461,938 455,563 90,663 26,000 1,034,164
Accumulated
depreciation (6,357) (136,205) (41,265) (19,573) (203,400)
Exchange difference
on translation of
foreign operation 1,185 877 29 59 2,150
Change in fair value
of land and buildings
– reversal of
revaluation surplus
due to impairment (27,969) - - - (27,969)
Reclassification to
non-current assets
held for sale (14,792) - - - (14,792)
Additions 47,849 20,663 7,842 2,537 78,891
Disposals (6,375) (1,739) (3,786) (191) (12,091)
Impairments (799) - - - (799)
Depreciation (194) (25,022) (8,045) (2,503) (35,764)
Carrying amount at
end of year 454,486 314,137 45,438 6,329 820,390
Gross carrying amount 460,604 471,647 87,675 26,287 1,046,213
Accumulated
depreciation (6,118) (157,510) (42,237) (19,958) (225,823)
The carrying amount would have been R395 million had land and buildings been
accounted for using the cost model.
Certain items of property, plant and equipment are encumbered. A register
containing details of the property, plant and equipment is available for
inspection at the registered office of the company. Land and buildings is
recognised at the revalued amount, which is based on directors valuations
prepared every year at year end in terms of the group's accounting policy.
The effective date of the revaluations was 31 March 2013. The carrying
amount of properties is the fair value as determined by the directors less
subsequent accumulated depreciation and impairment losses. Adjustments in
the valuation of the properties are recorded in the revaluation reserve
which is amortised over the remaining useful life of the property. In
determining the fair value of the properties the assumed discount rates
applied for future income streams range between 10% and 12% and take into
account the type of the property and the property's location. The directors
assessed the useful lives of the buildings to be 50 years, and the residual
values to be equal to their carrying values.
In November 2012, a related party proposed to purchase the Hendor Mining
Supplies property. A condition of the sale agreement was to obtain an
independent third party valuation of the property in order to determine the
selling price. This was performed by Icon Valuations CC on 10 December 2012.
The main differences between the independent valuers valuation and the value
previously determined by the directors relates to the capitalisation rate
used for the specific area. The purchase offer was a once off event to a
specific building and did not require a full revaluation of the entire class
of buildings at that stage.
DIVIDEND
The directors of Argent have approved and declared a final gross dividend of
7 cents per share for the year ended 31 March 2014. Total ordinary dividends
per share in respect of the financial year to 31 March 2014 therefore
amounts to 14 cents (2013: 13 cents).
The following dates will apply to the above-mentioned final dividend:
Last day to trade cum dividend: Friday, 17 October 2014
Trading ex dividend commences: Monday, 20 October 2014
Record date: Friday, 24 October 2014
Dividend payment date: Monday, 27 October 2014
Share certificates may not be dematerialised or re-materialised between
Monday, 20 October 2014, and Friday, 24 October 2014, both days inclusive.
In determining the dividends tax (DT) of 15% to withhold in terms of the
Income Tax Act (No. 58 of 1962) for those shareholders who are not exempt
from the DT, no secondary tax on companies (STC) credits have been utilised.
Shareholders who are not exempt from the DT will therefore receive a
dividend of 5.95 cents per share net of DT. The company has 96 490 604
ordinary shares in issue and its income tax reference number is
9096/002/71/3. The dividend has been declared from income reserves.
The above dates are subject to change. Any changes will be released on SENS.
Where applicable, dividends in respect of certificated shares will be
transferred electronically to shareholders’ bank accounts on the payment
date. In the absence of specific mandates, dividend cheques will be posted
to shareholders. Ordinary shareholders who hold dematerialised shares will
have their accounts at their central securities depository participant
(CSDP) or broker credited/updated on Monday, 27 October 2014.
BASIS OF PRESENTATION
The condensed financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS), the presentation and
disclosure requirements of IAS 34 – Interim Financial Reporting, the South
African Institute of Chartered Accountants’ (“SAICA”) Financial Reporting
Guides as issued by the Accounting Practices Committee, the Financial
Reporting Pronouncements as issued by the Financial Reporting Standards
Council and in compliance with the Companies Act of South Africa (No. 71 of
2008) and the Listings Requirements of the JSE Limited. The accounting
policies are consistent with those of the previous financial period, except
for the adoption of improved, revised or new standards and interpretations.
The aggregate effect of these changes in respect of the year ended 31 March
2014 is nil. The condensed financial statements have been prepared under the
supervision of the Financial Director, Ms SJ Cox CA (SA). Any reference to
future financial performance included in this announcement has not been
reviewed or reported on by the company's auditors.
EVENTS AFTER THE REPORTING PERIOD
Subsequent to year end, the board commenced the process of selling 12 of its
22 non-core properties for an amount of approximately R278 million. This
positive offset is expected to be realised in the financial year ended March
2015. The board has earmarked the proceeds to the repayment of bank bonds,
share buy-backs, investment in new businesses, particularly in high growth
areas of branded manufacture in which the group has the skills and is
already performing well, and investing in existing businesses with growth
potential.
GOING CONCERN
Shareholders are advised that the audited results for the year ended 31
March 2014 have been prepared on the going-concern basis. This basis
presumes that funds will be available to finance future operations and that
the realisation of assets and settlement of liabilities, contingent
obligations and commitments will occur in the ordinary course of business.
CONDENSED ANNUAL FINANCIAL STATEMENTS AND NOTICE OF ANNUAL GENERAL MEETING
The condensed annual financial statements for the financial year ended
31 March 2014, is expected to be posted to shareholders on or about the 27
June 2014 (“the Condensed Annual Financial Statements”). The annual report
will be available on the company’s website, www.argent.co.za, on 27 June
2014.
Notice is hereby given that Argent’s annual general meeting (AGM) of
shareholders will be held in the Argent Industrial Limited boardroom, first
floor, Ridge 63, 8 Sinembe Crescent, La Lucia Ridge Office Estate, Umhlanga,
on Tuesday, 28 October 2014 at 14:00 to transact the business as stated in
the notice of AGM circulated together with the condensed annual financial
statements. The date on which shareholders must be recorded as such in the
share register to be eligible to vote at the AGM is Friday, 17 October 2014,
with the last day to trade being Friday, 10 October 2014.
AUDIT OPINION
The auditors, Grant Thornton (D Nagar as designated auditor), have audited
the group’s financial statements for the year ended 31 March 2014 and their
unqualified audit report is available for inspection at the company’s
registered office.
These condensed results are extracted from audited information, but are not
in itself audited. The directors therefore take full responsibility for the
preparation of the condensed results and that the financial information has
been correctly extracted from the underlying financial statements.
The auditors’ report does not necessarily cover all of the information
contained in this announcement/financial report. In order to obtain a full
understanding of the nature of the auditors’ work, shareholders are advised
to obtain a copy of that report together with the accompanying financial
information from the registered office of the company.
On behalf of the board
TR Hendry CA (SA)
Chief Executive Officer
27 June 2014
Umhlanga Rocks
REGISTERED OFFICE
First floor, Ridge 63, 8 Sinembe Crescent, La Lucia Ridge Office Estate,
4019
Tel: +27 31 791 0061
AUDITORS
Grant Thornton (D Nagar as designated auditor)
SPONSORS
PSG Capital (Pty) Ltd
TRANSFER SECRETARIES
Link Market Services South Africa (Pty) Ltd, 13th floor, Rennies House, 19
Ameshoff Street, Johannesburg, 2001
COMPANY SECRETARY
Jaco Dauth
DIRECTORS
CD Angus (Independent Non-executive), Ms SJ Cox (Financial Director), PA Day
(Independent Non-executive), TR Hendry (Chief Executive Officer), Mrs JA
Etchells (Independent Non-executive), AF Litschka, K Mapasa (Independent
Non-executive) and T Scharrighuisen (Non-executive Chairman).
Date: 27/06/2014 11:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.