Wrap Text
Audited preliminary results for the year ended 30 June 2014
EQSTRA HOLDINGS LIMITED
1998/011672/06
SHARE CODE:EQS
ISIN:ZAE000117123
AUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2014
REVENUE INCREASED
9.8% to R9 978 million
OPERATING PROFIT DECREASED
9.6% to R938 million
CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL INCREASED
3.4% to R2 965 million
HEADLINE EARNINGS PER SHARE DECREASED
26.3% to 76.7 cents
REVENUE-GENERATING ASSETS INCREASED
4.8% to R10 034 million
INTEREST-BEARING BORROWINGS INCREASED
5.0% to R7 976 million
INTRODUCTION
Eqstra Holdings Limited ("the group" or "Eqstra") increased revenue for the year, although a number of material
events (refer below) resulted in a 26.3% decrease in headline earnings per share.
During the financial year the Fleet Management and Logistics and Industrial Equipment divisions demonstrated the
resilience of their respective business models by recording an increase in revenue and profitability, despite the past
year being characterised by tough economic conditions.
The Contract Mining and Plant Rental's revenue improved, but performance was disappointing mainly as a result
of three weeks of industry industrial action during August and September 2013, abnormally high rain fall during
February and March 2014, closure costs and general slowdown in mining and infrastructure activity in South Africa.
The on-going investments we have made in revenue-generating assets in Fleet Management and Logistics and
Industrial Equipment divisions continued to translate into higher annuity income and operating cash flow.
The group's profit after taxation was further negatively impacted by the impairment of Eqstra's R63 million
investment in Protech Khuthele Holdings Limited (Protech) following their voluntary liquidation order.
- Revenue increased by 9.8% to R9 978 million (2013: R9 089 million), due to benefits arising from investment
in revenue-generating assets, increased used vehicle remarketing and increased sales activity in the United
Kingdom (UK).
- Profit before taxation decreased 44.7% to R269 million (2013: R486 million) on a weak performance from Contract
Mining and Plant Rental and the Protech impairment. This resulted in the profit before taxation margin decreasing
to 2.7% (2013: 5.3%).
- Revenue-generating assets (leasing assets and finance lease receivables), which is the foundation of the group's
business model, increased by R456 million or 4.8% to R10 034 million (2013: R9 578 million), with an increase recorded
in Industrial Equipment and Fleet Management and Logistics. The leasing asset fleet of Contract Mining and Plant
Rental decreased as expansionary capital expenditure is curtailed until the financial performance of the division
reaches desired targets. The group will continue to target growth in revenue-generating assets, which results in
the generation of long-term annuity income. Included in the increase in revenue-generating assets is a foreign
exchange component of R197 million (2013: R310 million).
- Net finance costs increased by 11.0% to R603 million (2013: R543 million) as average debt levels increased during
the year in line with leasing asset growth and investment in working capital.
- Net asset value per share increased by 4.5% to 826.8 cents per share (2013: 791.4 cents per share).
- Headline earnings per share (HEPS) decreased by 26.3% to 76.7 cents per share, mainly as a result of
a disappointing operating performance from Contract Mining and Plant Rental. The Protech impairment resulted
in earnings per share (EPS) decreasing further by 39.4% to 60.6 cents per share (2013: 100.0).
DIVISIONAL REVIEW
30 June 30 June
Industrial Equipment 2014 2013 %
Rm Rm change
Revenue 3 037 2 708 12.1%
Operating profit 311 258 20.5%
Net finance costs (153) (109) 40.4%
Profit before taxation 153 145 5.5%
PBT margin 5.0% 5.4% (7.4%)
Revenue-generating assets 2 286 1 949 17.3%
In Industrial Equipment we were able to take proactive action against a slowing South African forklift market
and scale back orders placed with the factory. Our ability to maintain a solid performance during this year was
supported by the strategy to reduce our dependence on SA forklift sales to below 50%. The UK business delivered
a commendable performance achieving a 19% ROE in pound sterling although inventories increased as a result of
higher demand. The division re-signed the Toyota and BT distribution agreements for SA for a further three years and
are celebrating a 30-year partnership. The Heavy Equipment business benefitted from a solid performance from
Konecranes and an improvement in the Terex Trucks business unit.
30 June 30 June
Fleet Management and Logistics 2014 2013 %
Rm Rm change
Revenue 2 796 2 362 18.4%
Operating profit 366 311 17.7%
Net finance costs (184) (156) 17.9%
Profit before taxation 182 157 15.9%
PBT margin 6.5% 6.6% (1.5%)
Revenue-generating assets 3 399 3 181 6.9%
The Fleet Management and Logistics division returned to normalised earnings after the closure of underperforming
operations in 2013. In addition, we consolidated our product lines and have become increasingly selective about
our customer base. We anticipate further efficiencies as a result of the implementation of our ERP system, now
estimated for 2015. Until the implementation of the system, we will continue to carry excess overheads.
During the year we achieved a 33% unit increase in value-added products (GPS, managed maintenance,
warranties) and developed a successful supply chain partnership with a leading dealership group.
30 June 30 June
Contract Mining and Plant Rental 2014 2013 %
Rm Rm change
Revenue 4 515 4 223 6.9%
Operating profit 239 473 (49.5%)
Net finance costs (263) (273) (3.7%)
(Loss) profit before taxation (24) 192 –
PBT margin (0.5) 4.5% –
Revenue-generating assets 4 383 4 517 (3.0%)
The division delivered a disappointing performance as it was materially affected by the unforeseen events as
mentioned above. The combined impact of these events is estimated to be R225 million.
In addition, Rio Tinto suspended operations at the Benga mine operations during December to March resulting
in the loss of 59 production days for which fixed costs were compensated for. The operations at the site have
normalised and are at full production.
The underperforming Wolwekrans and Nkomati Nickel contracts ended at the end of January 2014 and June 2014
respectively. Contracts under negotiations as at 31 December 2014 were successfully extended and additional
volumes secured on some contracts. The division also secured new contracts (Aganang, Karowe and Rockwell)
towards the end of the financial year that has added diversification of commodity and geographic area.
The division improved its lost time frequency rate to 0.21 (2013: 0.25).
LONG-TERM DEBT FUNDING
Eqstra's debt maturity profile continues its long-term bias, which matches the long-term nature of associated
capital equipment investments.
Total interest-bearing borrowings increased by 5.0% to R7 976 million (2013: R7 597 million). This is in line with the
increase in revenue-generating assets linked to long-term contracts and increased investment in working capital.
During the first half of the year the group raised R465 million through a five-year amortising bond and an additional
R100 million was raised through a three-year nominal bond. Both bonds were issued at 200 basis points above
the three-month Jibar rate through private placements. The proceeds of the bonds were used to finance growth
in revenue-generating assets and to repay bank term debt. We consider an amortising bond an ideal funding
instrument as it reduces refinancing risk and matches the cash flows derived from the revenue-generating assets.
The current portion of interest-bearing borrowings increased to R3 064 million (2013: R2 056 million) as the expensive
R270 million EQS01 bond and a GBP43 million term facility for the UK operations now falls due within 12 months.
The UK debt was refinanced after year-end with a GBP53 million three-year facility. In addition Eqstra continues to
manage the duration, currency and interest rate of its debt in accordance with underlying revenue-generating
assets.
In April 2014 S&P downgraded the long-term credit rating of Eqstra by one notch to zaBBB+ based on their view that
the group is exposed to the cyclical mining sector, which is exposed to commodity volatility and labour unrest. The
group complied with all bank debt covenants and achieved an interest cover (EBITDA) ratio of 5.0 times (2013: 5.3
times) and a capital adequacy ratio of 24.9% (2013: 24.6%).
The board is satisfied that the group has sufficient facilities in place to meet anticipated liquidity requirements.
DIVIDEND
Despite the group's published dividend policy, the board decided not to declare a dividend in order to position
the group for future growth in Fleet Management and Logistics and Industrial Equipment. The group will return to its
stated dividend policy in the near term.
The board considered the solvency and liquidity of the company and is satisfied that the company will remain
solvent and liquid.
ACKNOWLEDGEMENT
The board welcomes Mr LL von Zeuner who was appointed independent non-executive director on 22 November
2013.
Mr E Clarke, CEO of the Contract Mining and Plant Rental division and executive director, resigned effective
1 October 2014. Mr WS Hill will take over executive responsibility of this division whilst recruiting for a suitable
candidate. The board thanks Mr Clarke for his contribution and wishes him well in his future endeavours.
PROSPECTS
Industrial Equipment anticipates the SA forklift market to remain challenging with the UK market expected to
increase marginally. We aim to further balance our product portfolio and grow into sub-Sahara Africa and the UK,
with a much stronger basket of products in place. A healthy order book for long-term leasing and cash sales is in
place to support annuity revenue growth.
Fleet Management and Logistics earnings from leasing activities are set to remain defensive and higher interest
rates will have a positive impact on earnings. We aim to drive organic leasing growth by acquiring new contracts
from increased activity in government and parastatal outsourced tenders and growth in the African market. Our
investment in a state of the art ERP system comes on line next year and will unlock business efficiencies in support
of reaching our ROE target.
Contract Mining and Plant Rental anticipates global commodity prices to remain under pressure. The repositioning
of the division, in particular our exit from underperforming contracts and the initiative underway to refocus our
plant rental business, into longer term leasing, will enhance our ability to perform profitably through the commodity
cycle. We will continue to participate in Southern African tender activity, but redeploying surplus equipment could
however be challenging. The recent changes in ownership of two mining projects may have potential upside for
the division. The two-year SAFCEC wage agreement is in place until August 2015.
By order of the board
NP Mageza WS Hill
Chairperson Chief executive officer
1 September 2014
SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION
as at
30 June 30 June
2014 2013
Rm Rm
ASSETS
Non-current assets 10 822 10 345
Intangible assets 167 91
Property, plant and equipment 519 538
Leasing assets 9 991 9 491
Deferred tax assets 67 35
Finance lease receivables 12 33
Other investments, loans and derivatives(2) 66 157
Current assets 3 054 2 956
Trade and other receivables and derivatives 1 752 1 628
Finance lease receivables 31 54
Other investments and loans 42 –
Inventories 1 117 945
Taxation in advance 19 29
Cash and cash equivalents 93 300
Total assets 13 876 13 301
EQUITY AND LIABILITIES
Stated capital 1 839 1 816
Other reserves 272 218
Retained income 1 314 1 222
Equity attributable to owners of the parent 3 425 3 256
Non-controlling interests 26 19
Total equity 3 451 3 275
Non-current liabilities 5 665 6 302
Interest-bearing borrowings 4 912 5 541
Deferred tax liabilities 753 761
Current liabilities 4 760 3 724
Current portion of interest-bearing borrowings(3) 3 064 2 056
Trade and other payables and derivatives 1 667 1 656
Current tax liabilities 29 12
Total equity and liabilities 13 876 13 301
SUMMARISED GROUP INCOME STATEMENT
for the years ended
30 June 30 June
2014 2013
Rm Rm
Continuing operations
Revenue 9 978 9 089
Profit from operations before depreciation,
amortisation and recoupments 3 004 2 870
Depreciation and amortisation (2 067) (1 836)
Recoupments 1 4
Operating profit 938 1 038
Foreign exchange gains (1) 7
Net impairment of leasing assets (2) (16)
Impairment of investment (63) –
Profit before net finance costs 872 1 029
Net finance costs (603) (543)
Finance costs including fair value gains(5) (628) (582)
Finance income 25 39
Profit before taxation 269 486
Income tax expense (18) (78)
Profit for the year from continuing operations 251 408
Discontinued operations
Loss from discontinued operations, including profit on
sale of discontinued operations – (18)
Profit for the year 251 390
Attributable to:
Owners of the parent 240 385
– Profit for the year from continuing operations 240 403
– Loss for the year from discontinued operations – (18)
Non-controlling interests 11 5
Profit for the year 251 390
Cents Cents
Earnings per share(7)
Earnings per share from continuing operations
– Basic and diluted earnings per share (cents) 60.6 100.0
Loss per share from discontinuing operations
– Basic and diluted loss per share (cents) – (4.5)
SUMMARISED GROUP STATEMENT OF COMPREHENSIVE INCOME
for the years ended
30 June 30 June
2014 2013
Rm Rm
Profit for the year 251 390
Total other comprehensive income for the year,
net of taxation 68 125
Exchange differences on translation of foreign
subsidiaries 60 87
Net fair value gain on cash flow hedges and other fair
value reserves 8 38
Total comprehensive income for the year, net of taxation 319 515
Attributable to:
Owners of the parent 308 510
– Profit for the year from continuing operations 308 528
– Loss for the year from discontinued operations – (18)
Non-controlling interests 11 5
319 515
SUMMARISED GROUP STATEMENT OF CHANGES IN EQUITY
for the years ended
Non-
Stated Other Retained controlling
capital reserves income interests Total
Rm Rm Rm Rm Rm
Balance at 1 July 2012 1 929 106 931 14 2 980
Total comprehensive income
for the year – 125 385 5 515
Profit for the year – – 385 5 390
Other comprehensive
income for the year, net of
taxation – 125 – – 125
Net share-based payment
expense – 16 – – 16
Devaluation of Lereko call
option – (5) – – (5)
Dividends paid – – (115) – (115)
Repurchase of ordinary
shares (113) – – – (113)
Realisation of currency
translation reserve – (21) 21 – –
Deferred taxation effect on
items recorded directly in
equity – (3) – – (3)
Balance at 30 June 2013 1 816 218 1 222 19 3 275
Total comprehensive income
for the year – 68 240 11 319
Profit for the year – – 240 11 251
Other comprehensive
income for the year, net of
taxation – 68 – – 68
Net share-based payment
reversal – (2) – – (2)
Vesting of share incentive
scheme – (19) (2) – (21)
Revaluation of Lereko call
option – 3 – – 3
Dividends paid – – (146) (4) (150)
Disposal of treasury shares 23 – – – 23
Deferred taxation effect on
items recorded directly in
equity – 4 – – 4
Balance at 30 June 2014 1 839 272 1 314 26 3 451
GROUP STATEMENT OF CASH FLOWS
for the years ended
30 June 30 June
2014 2013
Rm Rm
Cash flows from operating activities
Cash generated from operations before working capital
movements 2 965 2 867
Working capital movements 457 292
Cash generated from operations 3 422 3 159
Interest received 25 39
Interest paid (628) (593)
Taxation paid (27) (60)
Net cash flows from operating activities 2 792 2 545
Cash flows from investing activities
Acquisition of businesses (16) (28)
Gross capital expenditure (3 137) (2 893)
Proceeds on disposal of assets 7 58
Decrease in finance lease receivables 44 42
Increase in other investments and loans (15) –
Net cash flows from investing activities (3 117) (2 821)
Cash flows from financing activities
Repurchase of ordinary shares – (113)
Decrease in derivative 64 –
Dividends paid (150) (115)
Net increase in interest-bearing borrowings 199 184
Net cash flows from financing activities 113 (44)
Net decrease in cash and cash equivalents (212) (320)
Effect of exchange rate translation on cash and
cash equivalents 5 10
Cash and cash equivalents at beginning of year 300 610
Cash and cash equivalents at end of year 93 300
SUMMARISED STATEMENT OF CASH FLOWS FROM DISCONTINUED OPERATIONS
for the years ended
30 June 30 June
2014 2 013
Rm Rm
Net cash flows from operating activities – 111
Net cash flows from financing activities – (111)
Cash and cash equivalents at end of year – –
SUMMARISED GROUP DISCONTINUED OPERATION INCOME STATEMENT
for the years ended
30 June 30 June
2014 2013
Rm Rm
Revenue – 65
Operating loss – (3)
Foreign exchange gains – 6
Profit before net finance costs – 3
Net finance costs – (8)
Loss before taxation – (5)
Income tax expense – (13)
Loss for the year – (18)
* The above discontinuing operations form part of the former Construction and Mining Equipment division.
The profit from discontinued operations, including profit on sale of discontinued operations
comprises:
30 June 30 June
2014 2013
Rm Rm
Loss from discontinued operations (refer above) – (18)
Profit on disposal of discontinued operation, net of taxation – –
– (18)
SEGMENTAL INFORMATION - SUMMARISED GROUP STATEMENT OF FINANCIAL POSITION
as at
Fleet Management and Contract Mining and Corporate Office and
Group Industrial Equipment Logistics Plant Rental Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 167 91 6 – 119 58 39 30 3 3
Property, plant and equipment 519 538 183 164 94 94 157 164 85 116
Leasing assets 9 991 9 491 2 286 1 949 3 356 3 094 4 383 4 517 (34) (69)
Finance lease receivables 43 87 – – 43 87 – – – –
Other investments and loans 108 104 – – 12 – 50 1 46 103
Inventories 1 117 945 917 772 55 71 145 102 – –
Trade and other receivables and derivatives 1 752 1 681 501 460 389 246 820 875 42 100
Operating assets 13 697 12 937 3 893 3 345 4 068 3 650 5 594 5 689 142 253
Deferred tax assets 67 35
Taxation in advance 19 29
Cash and cash equivalents 93 300
Total assets 13 876 13 301
LIABILITIES
Trade and other payables and derivatives 1 667 1 656 527 535 490 400 592 622 58 99
Interest-bearing borrowings 7 976 7 597 2 426 1 948 2 463 2 186 3 300 3 312 (213) 151
Operating liabilities 9 643 9 253 2 953 2 483 2 953 2 586 3 892 3 934 (155) 250
Deferred tax liabilities 753 761
Current tax liabilities 29 12
Total liabilities 10 425 10 026
GEOGRAPHIC SEGMENTATION
Operating assets 13 697 12 937 3 893 3 345 4 068 3 650 5 594 5 689 142 253
– South Africa 10 586 10 287 2 784 2 550 3 687 3 419 3 973 4 065 142 253
– Rest of world 3 111 2 650 1 109 795 381 231 1 621 1 624 – –
Trade and other payables and derivatives 1 667 1 656 527 535 490 400 592 622 58 99
– South Africa 1 327 1 425 409 460 424 364 436 502 58 99
– Rest of world 340 231 118 75 66 36 156 120 – –
Interest-bearing borrowings 7 976 7 597 2 426 1 948 2 463 2 186 3 300 3 312 (213) 151
– South Africa 6 280 6 017 1 670 1 391 2 192 2 034 2 631 2 441 (213) 151
– Rest of world 1 696 1 580 756 557 271 152 669 871 – –
Net capital expenditure 3 130 2 835 856 850 1 517 1 279 752 702 5 4
– South Africa 2 717 2 472 630 699 1 358 1 221 724 548 5 4
– Rest of world 413 363 226 151 159 58 28 154 – –
SEGMENTAL INFORMATION - SUMMARISED GROUP INCOME STATEMENTS
for the years ended
Fleet Management and Contract Mining and Corporate Office and
Group Industrial Equipment Logistics Plant Rental Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
Revenue
– Sales of goods 2 275 2 088 1 538 1 533 654 443 83 112 – –
– Rendering of services, leasing income and other 7 703 7 001 1 249 1 111 2 022 1 779 4 432 4 111 – –
9 978 9 089 2 787 2 644 2 676 2 222 4 515 4 223 – –
Inter-segment revenue – – 250 64 120 140 – – (370) (204)
9 978 9 089 3 037 2 708 2 796 2 362 4 515 4 223 (370) (204)
Net operating expenses (6 974) (6 219) (2 252) (2 068) (1 691) (1 385) (3 403) (2 956) 372 190
Depreciation and amortisation (2 067) (1 836) (474) (382) (739) (673) (873) (794) 19 13
Recoupments 1 4 – – – 7 – – 1 (3)
Operating profit (loss) 938 1 038 311 258 366 311 239 473 22 (4)
Foreign exchange (losses) gains (1) 7 (5) (4) – – 2 10 2 1
Net (impairment) reversal of leasing assets (2) (16) – – – 2 (2) (18) – –
Impairment of investment (63) – – – – – – – (63) –
Profit (loss) before net finance costs 872 1 029 306 254 366 313 239 465 (39) (3)
Net finance costs (603) (543) (153) (109) (184) (156) (263) (273) (3) (5)
Finance costs including fair value gains (628) (582) (155) (112) (208) (193) (265) (273) – (4)
Finance income 25 39 2 3 24 37 2 – (3) (1)
Profit (loss) before taxation 269 486 153 145 182 157 (24) 192 (42) (8)
Income tax (expense) income (18) (78) (20) (20) (51) (35) 58 (24) (5) 1
Profit (loss) for the year 251 408 133 125 131 122 34 168 (47) (7)
GEOGRAPHIC SEGMENTATION
Revenue 9 978 9 089 3 037 2 708 2 796 2 362 4 515 4 223 (370) (204)
– South Africa 7 999 7 537 2 280 2 209 2 599 2 168 3 490 3 364 (370) (204)
– Rest of world 1 979 1 552 757 499 197 194 1 025 859 – –
Operating profit (loss) 938 1 038 311 258 366 311 239 473 22 (4)
– South Africa 589 827 256 235 333 284 (22) 312 22 (4)
– Rest of world 349 211 55 23 33 27 261 161 – –
Net finance costs 603 543 153 109 184 156 263 273 3 5
– South Africa 520 468 134 96 172 146 211 221 3 5
– Rest of world 83 75 19 13 12 10 52 52 – –
NOTES
(1) Basis of preparation
These summarised preliminary group financial statements have been prepared in
accordance with the framework concepts, measurement and recognition requirements
of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting
Guides, as issued by the Accounting Practices Committee and the Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council and contains
information required by IAS 34: Interim Financial Reporting, the JSE Limited Listings
Requirements and the South African Companies Act. The accounting policies and
their application are consistent, in all material respects, with those detailed in Eqstra's
2013 annual report, except for the adoption on 1 July 2013 of those new, revised and
amended standards and interpretations in Eqstra's 2014 annual report.
The adoption of the new and amended statements of generally accepted accounting
practice, interpretations of statements of generally accepted accounting practice,
and improvements project amendments did not have a material impact on the group.
30 June 30 June
2014 2013
Rm Rm
(2) Other investments, loans and derivatives
– Listed, at market value 1 64
– Unlisted, at fair value or directors' valuation 16 40
– Other loans 49 –
– Derivative financial asset – 53
66 157
The 32.59% investment in Protech Khethele Holdings Limited is fully impaired as at
30 June 2014 (2013 Investment value: R63 million).
(3) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes R823 million (2013: R900
million) commercial paper that is supported by a R1 000 million standby liquidity facility
that has an 13-month rolling notice period. It also includes R754 million UK debt that was
extended for three years after year-end.
30 June 30 June
2014 2013
Rm Rm
(4) Capital commitments and contingencies 2 835 2 086
– Contracted 530 501
– Authorised by directors but not contracted 2 305 1 585
Contingent liabilities – –
Guarantees 18 55
The capital commitments are substantially for the acquisition and replacement of
leasing assets. Expenditure will be financed out of cash generated from operations,
proceeds on disposals and existing banking facilities.
30 June 30 June
2014 2013
Rm Rm
(5) Finance costs including fair value gains
Net interest expense 627 585
Fair value gains on borrowings and interest swaps
(unrealised) 1 (3)
628 582
30 June 30 June
2014 2013
Cents Cents
(6) Net asset value per share attributable to owners of
the parent 826.8 791.4
(7) Headline earnings per share
Headline earnings per share - continuing operations(8)
– Basic and diluted earnings per share (cents) 76.7 104.0
Headline earnings per share - discontinued operations(8)
– Basic and diluted loss per share (cents) – (4.5)
Reconciliation of continuing earnings per share
Basic and diluted earnings per share 60.6 100.0
Profit on sale of property, plant and equipment
and leasing equipment (0.3) (1.0)
Impairment of investment 15.9 –
Net impairment of leasing assets 0.5 4.7
Taxation effect – 0.3
Headline earnings per share 76.7 104.0
Million Million
(8) Weighted average number of shares in issue for the year
Number of ordinary shares
– in issue 411.4 394.2
– opening shares net of treasury shares 394.2 411.4
– disposal of treasury shares 2.1 –
– repurchase of ordinary shares – (8.5)
Weighted average number of ordinary shares in issue
during the year 396.3 402.9
– dilutionary effect – –
Diluted weighted average number of ordinary shares 396.3 402.9
(9) The auditors, Deloitte & Touche, have issued their unmodified opinion on the group's
annual financial statements for the year ended 30 June 2014. The audit was conducted
in accordance with International Standards on Auditing. A copy of the auditors report
together with a copy of the audited group financial statements are available for
inspection at the company's registered office. These summarised preliminary group
financial statements have been derived from the group's annual financial statements
and are consistent in all material respects with the group's annual financial statements.
These summarised preliminary group financial statements have been audited by the
company's auditors who have issued an unmodified opinion and the audit report
on these summarised group financial statements is available for inspection at the
company's registered office.
The auditors' report does not necessarily report on all of the information contained in
this announcement. Shareholders are therefore advised that, in order to obtain a full
understanding of the nature of the auditor's engagement, they should obtain a copy
of the auditor's report, together with the accompanying financial information from the
companies' registered office. Any reference to future financial information included in
this announcement has not been reviewed or reported on by the auditors.
NAME AND REGISTRATION NUMBER EXECUTIVE DIRECTORS
EQSTRA HOLDINGS LIMITED E Clarke, WS Hill (CEO),
1998/011672/06 JL Serfontein (CFO)(1) CA(SA)
JSE codes: EQS; EQS01; EQS02; EQS04; EQS05; ((1)Preparer of financial results)
EQS06; EQS07; EQ508A; EQ509
ISIN: ZAE000117123
COMPANY SECRETARY
L Möller
REGISTERED OFFICE AND
BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619 TRANSFER SECRETARIES
PO Box 1050, Bedfordview, 2008 Computershare Investor Services
Proprietary Limited
70 Marshall Street, Johannesburg, 2001
NON-EXECUTIVE DIRECTORS PO Box 61051, Marshalltown, 2107
NP Mageza*(Chairperson), MJ Croucamp*,
S Dakile-Hlongwane, VJ Mokoena*,
SD Mthembi-Mahanyele*, AJ Phillips*, SPONSOR
TDA Ross*, GG Gelink*, LL von Zeuner*# Rand Merchant Bank
(*Independent), (#Appointed 22 November 2013) (a division of FirstRand Bank Limited)
SENS release date: 2 September 2014
Date: 02/09/2014 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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