Wrap Text
Preliminary Results for the year ended 30 June 2014
TORRE INDUSTRIES LIMITED
(previously Torre Industrial Holdings Limited)
Incorporated in the Republic of South Africa
(Registration number 2012/144604/06)
Share code: TOR ISIN: ZAE000188629
("Torre" or "the Company" or "the Group")
Preliminary Results for the year ended 30 June 2014
Results Highlights
Revenue up 421% to R433m
Annualised Revenue of R985m
EBITDA up 389% to R57m
HEPS up 181% to 12.09cps
NAVPS up 60% to 154.18cps
Reviewed Condensed Consolidated Statement of Comprehensive Income
Reviewed 12 Audited 12
months ended months ended
30 June 2014 30 June 2013
Notes R'000 R'000
Revenue 433 130 83 076
Cost of sales (273 681) (41 415)
Gross profit 159 449 41 661
Other income 1 12 275 8 273
Operating expenses (131 045) (45 836)
Results from operating activities 40 679 4 098
Depreciation and amortisation 2 16 261 7 544
EBITDA 56 940 11 642
Finance cost (6 478) (5 911)
Acquisition related costs 3 (3 528) -
Income from equity accounted investments 1 862 30
Investment income 4 443 488
Profit before taxation 36 978 (1 295)
Taxation (8 131) 6 294
Profit attributable to ordinary shareholders 28 847 4 999
Other comprehensive income/(loss) for the period (2 223) -
Total comprehensive income for the period 26 624 4 999
Profit attributable to:
Ordinary shareholders of the group 27 700 5 013
Non-controlling interest 1 147 (14)
28 847 4 999
Reconciliation of attributable profits to headline profits
Profits attributable to ordinary shareholders 27 700 5 013
Gain on bargain purchases 4 (5 716) -
Fair value gain on re-measurement of investments 5 (446) -
Gains from Loan Write-offs - (1 464)
Reversal of impairment 2 4 696 -
Loss / (Profit) on the sale of property, plant and equipment 477 (136)
Taxation Effect (1 196) 311
Headline profits attributable to ordinary shareholders 25 515 3 724
Weighted average number of shares in issue ('000) 211 044 86 354
Earnings per share (cents) 13.13 5.80
Headline earnings per share (cents) 12.09 4.31
Reviewed Condensed Consolidated Statement of Financial Position
Reviewed Audited
as at as at
30 June 2014 30 June 2013
Notes R'000 R'000
ASSETS
Non-current assets 521 894 214 961
Property, plant and equipment 216 124 116 202
Intangible assets 6 61 975 -
Goodwill 200 471 67 675
Deferred tax 10 25 643 28 531
Other financial assets 7 14 050 783
Investment in Associate 3 631 1 770
Current assets 434 937 117 183
Inventories 212 072 39 001
Trade and other receivables 113 817 41 194
Taxation 69 -
Other financial assets 7 10 575 12 559
Cash and cash equivalents 98 404 24 429
TOTAL ASSETS 956 831 332 144
EQUITY AND LIABILITIES
Total Equity 488 313 174 157
Non Controlling Interests 1 133 (14)
Equity Attributable to Owners of the Company 487 180 174 171
Share capital 465 655 178 123
Merger reserve 9 746 9 746
Foreign currency translation reserve (2 223) -
Retained income 14 002 (13 698)
Non-current liabilities 204 350 94 363
Deferred Tax 10 28 365 25 091
Other financial liabilities 8 114 789 28 617
Deferred purchase consideration 61 196 40 655
Current liabilities 264 168 63 624
Other financial liabilities 8 46 661 22 950
Deferred purchase consideration 22 955 1 532
Trade and other payables 149 918 33 915
Taxation 3 214 1 038
Bank overdraft 8 41 420 4 189
TOTAL EQUITIES AND LIABILITIES 956 831 332 144
Number of shares in issue 316 726 094 180 316 306
Net asset value per share (cents) 154.18 96.58
Net tangible asset value per share (cents) 71.31 59.05
Reviewed Condensed Consolidated Statement of Changes in Equity
Non
Controlling Total
Attributable to Owners of the Company Interest Equity
Non
Share Revaluation Merger Retained Controlling
Capital Reserve Reserve FCTR income Interest Total
Notes R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance as at 30 June 2012 61 017 162 9 746 - (18 873) - 52 052
Shares issued 126 818 - - - - - 126 818
Rights issue costs (9 712) - - - - - (9 712)
Reversing revaluation reserve - (162) - - 162 - -
Profit for the period - - - - 5 013 (14) 4 999
Balance as at 30 June 2013 178 123 - 9 746 - (13 698) (14) 174 157
Shares issued 8 300 262 - - - - - 300 262
Rights issue costs 8 (12 730) - - - - - (12 730)
Profit for the period - - - - 27 700 1 147 28 847
Movement in FCTR - - - (2 223) - - (2 223)
Balance as at 30 June 2014 465 655 - 9 746 (2 223) 14 002 1 133 488 313
Reviewed Condensed Consolidated Statement of Cash Flows
Reviewed 12 Audited 12
months ended months ended
30 June 2014 30 June 2013
Notes R'000 R'000
Net cash flow from operating activities 19 103 (1 328)
Net cash flow from investing activities 9 (308 286) (63 578)
Net cash flow from financing activities 326 448 86 305
Total cash movement for the period 37 265 21 399
Cash at the beginning of the period 20 240 (1 159)
Effect of foreign exchange differences (521) -
Net cash at the end of the period 56 984 20 240
Notes
1 Other income includes profits and losses on the disposal of property, plant and equipment and other assets, re-measurement and foreign
exchange adjustments as well as gains on bargain purchases relating to various acquisitions.
2 An impairment loss of R4.7 million on rental equipment was recognized during the period under review as a result of management's
reassessment of the realizable values of the underlying equipment.
3 Unwinding of discount factor on deferred purchase considerations.
4 Gains made on acquisitions of various assets and subsidiary companies during the period under review.
5 Gain recognized on the re-measurement of the initial tranche of Control Instruments shares acquired in December 2013.
6 Trademarks relating to the acquisition of the Control Instruments group.
7 Principally related to finance lease debtors.
8 The Group secured debt funding from ABSA to the value of R357 million, of which R120 million of term debt and R41 million of the
general banking facility had been utilised at year end. The group also raised R300 million via a private placement, in order to fund its
expansion program.
9 Total cash outflow on acquisitions made during the year totalled R269 million.The group also acquired property, plant and equipment to
the value of R34 million.
10 Net deferred tax asset of R3.4 million for the prior year has been split between the deferred tax asset and deferred tax liability for
comparitive purposes.
Notes to the Financial Statements
1. Accounting Policies
The reviewed condensed financial statements have been prepared in accordance with the framework concepts, the measurement and
recognition requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the
Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the listings
requirements of the JSE Limited ("JSE") and the requirements of the South African Companies Act 71 of 2008 as amended ("Companies
Act"). The accounting policies are consistent with the annual financial statements for the year ended 30 June 2013.
The directors take full responsibility for the preparation of the preliminary report and that the financial information has been correctly
extracted from the underlying annual financial statements.
2. Financial preparation and review
These results have been prepared by Marcel du Plessis, the Group Financial Manager and which preparation was supervised by Roy Midlane,
the Chief Financial Officer.
The annual financial results and SENS announcement have been reviewed by RSM Betty & Dickson (JHB), the Group's auditors, which review
opinion is unqualified. The auditor's review opinion does not necessarily cover 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 work they should obtain a copy
of the review opinion together with the accompanying financial information from the registered office of the Company.
Reviewed Condensed Consolidated Segment Report
Reviewed 12 Audited 12
months ended months ended
30 June 2014 30 June 2013
R'000 R'000
Segment Revenue
Plant and Equipment 169 188 69 062
Services and Supplies 263 942 14 014
433 130 83 076
Segment Assets
Plant and Equipment 338 763 169 442
Services and Supplies 556 538 131 224
Central 61 530 31 478
956 831 332 144
Segment Liabilities
Plant and Equipment 159 060 79 968
Services and Supplies 225 214 32 762
Central 84 244 45 257
468 518 157 987
During the current year the group revised the reporting of its operating segment into Plant and Equipment, Services and Supplies and
Central. The prior period figures have been restated for comparative purposes.
Commentary
Overview
Torre was established as a platform from which to build an industrial group focussed on the provision of equipment, engineering and
financing solutions to its customers in selected global markets. Torre's primary business is the value added distribution of branded capital
equipment and industrial consumable products into the agricultural, automotive and logistics, infrastructure, construction and mining sectors.
Currently all operations are focused on Africa.
Torre's areas of activity are divided into Plant & Equipment, Services & Supplies and Financial Solutions. Financial solutions activity will
commence in the 2015 financial year.
Torre is highly focussed on the optimisation and expansion of existing group companies as well as on ongoing, controlled growth via
acquisitions.
Key achievements included in the period under review included, inter alia:
- capital raising:
- R300 million via a private placement;
- R200 million of term debt via Absa Bank; and
- R157 million of working capital funding via Absa Bank;
- material acquisitions:
- in Plant & Equipment, namely Kanu Equipment (Pty) Ltd ("Kanu Equipment") and Manhand SA (Pty) Ltd ("Manhand"); and
- in Services & Supplies, namely Control Instruments Group Ltd, renamed Torre Automotive (Pty) Ltd ("Torre Automotive");
- bolt-on acquisitions:
- via Tractor and Grader Supplies ("TGS"), namely Power Parts (Pty) Ltd (Namibia);
- established:
- Torre International Holdings Ltd (Mauritius) in order to hold Torre's African operations;
- internal restructuring:
- of group companies, in order to establish the optimal legal structure for growth going forward.
Financial Review
The Group has delivered pleasing results in challenging trading environments, characterised in South Africa by low economic growth, violent
labour unrest and a volatile and steadily depreciating currency. In Central and West Africa local currency depreciation in Ghana and the
cancellation or delay of key mining and infrastructure projects in Congo created additional challenges for our businesses in those markets. In
general the construction and infrastructure markets provided mixed conditions, the automotive sector was weak, while labour unrest proved
particularly debilitating in the mining and metalworking industries.
The acquisitions made by the Group during the past 12 months helped to bolster performance and provide a solid platform for future
growth. All business units have been positioned for further expansion into Africa in order to capitalise on the opportunities that exist on the
continent and to develop the Group's Rand hedge business.
Revenue
Group revenue grew by R350 million, to R433 million. R147 million is from acquisitions completed in the 2014 financial year.
Operating profit increased by R37 million, to R41 million. R11 million from acquisitions completed in the 2014 financial year.
Profit attributable to ordinary shareholders increased significantly for the period to R28.8 million, with a similar increase in earnings per
share to 13.13 cents per share. Working capital management was good, resulting in cash generated from operations of R19.1 million,
R20.4 million up from the comparable period last year.
Review of Operations
Overview
The 2014 financial year was characterised by continued growth, as well as the refinement and establishment of additional financial and
operational targets for the Group and for each business unit.
The growth achieved by the Group in the period under review was off a low base and driven primarily by a series of successful capital
raisings and acquisitions. However all business units, with the exception of Torre Automotive, have shown an improvement on their financial
performance in the prior period.
Despite the challenging market conditions the Board is optimistic that the Group is well positioned. This confidence is the result of our highly
capable employees, a world class portfolio of exclusively distributed and self-owned brands and a unique and innovative culture. In addition
processes, procedures and principles have been introduced to the entrepreneurial business that the Group has acquired, in order to ensure
high standards of business practices are followed and to ensure compliance with best-in-class governance norms.
The main brands currently represented by the Group are of European, US or South African origin. However in the year under review Torre
has begun to distribute tower cranes that are manufactured in China by Potain and which complement the French manufactured range of
Potain cranes that have historically been distributed. Torre is also the exclusive dealer for Hangcha and EP forklift trucks and warehousing
equipment, both Chinese brands, in Southern Africa. The strategy in terms of both capital equipment and industrial consumables that are
distributed is to be alive to developments in the market and to be nimble in terms of anticipating and adopting Chinese and Indian brands in
advance of their broader acceptance by the market. However in doing so, Torre will maintain a firm commitment to quality combined with
careful market segmentation and focus.
Plant & Equipment
SA French (12 months inclusion)
Review of Operations
The re-appointment of the founding management team at SA French following its delisting in 2012 has proven to be a highly successful
move. In the period under review this team returned stability and discipline to customer relationships and to the business in general and the
result was that the company - while behind budget - traded profitably on a bottom line basis for the first time since 2007. At the same time
a strong pipeline of new business and strategic growth opportunities has been developed.
Strategic Developments and Outlook
The building market continues to trade strongly in South Africa, while earthworks and civil construction remains weak. The amendment to
the distribution agreement with Potain, which now allows us to sell Chinese manufactured Potain cranes, has enhanced price competitive-
ness in all markets. In Africa, there are numerous opportunities in mining and construction.
Torre is actively seeking to expand the heavy lifting product and service offering into related product lines. This expansion will be achieved
via a combination of new agencies and via acquisition. This extension will build on the expertise and excellent reputation of SA French, and
it is envisaged that the business unit will be renamed "Torre Heavy Lifting" during the course of the 2015 financial year.
Manhand (incorporating Forktech) (12 months inclusion of Forktech, 3 months inclusion of Manhand)
Review of Operations
Manhand was acquired on 31 March 2014 and combined with Forktech to form Manhand Materials Handling Holdings. Following the acqui-
sition, the Manhand team assumed full management control of the combined entity and a rationalisation exercise was undertaken that was
focused on Cape Town where the Manhand branch was combined with the Forktech operation.
In the nine months prior to the acquisition of Manhand, Forktech had been trading consistently behind budget as it struggled to sell new
machines into a highly competitive market for Japanese/European products. In addition its seasonal rental model came under pressure due
to poor fruit seasons and an ageing rental fleet. As a result Torre actively sought to reposition the Group's forklift truck offering away from
expensively priced machines and seasonal rental contracts and towards a price competitive product that is sold on the basis of service,
support and is focused on long term contracts. In the three months since the completion of the acquisition the combined entity has traded well
every month and the prospects for the new financial year are encouraging.
Strategic Developments and Outlook
Manhand has been the exclusive representative of Hangcha forklifts and EP material handling equipment in South Africa for over ten years,
with all products distributed under the Manhand brand name. Products range from small hand-operated pallet trucks to a wide variety of
reachers, stackers, lifters and forklifts, which are available in diesel and electro-carbon neutral configuration. The business has built a
reputation for quality products and exceptional support and after sales service, which has allowed it to overcome entrenched skepticism towards
their product line and built a "disruptive" business that is growing revenues and profits fast as a time when the forklift market as a whole is
shrinking.
The forklift business now has established operations in Johannesburg, Cape Town and Durban, as well as established dealer relationships
in Kuruman and Bloemfontein. Torre will also consider smaller bolt-on acquisitions that provide the ability to expand the forklift servicing
and parts sales activities, both as a mechanism to convert customers to Manhand machines in the future, and as a strategy to diversify the
revenue base in this area.
Kanu Equipment (4 months inclusion)
Review of Operations
On 28 February 2014 Torre concluded the acquisition of 85% of Kanu Equipment, the dealer for Bell and Liebherr equipment (amongst
others) in the Republic of Congo, with management retaining a 15% shareholding. Subsequent to the completion of this transaction Bell
and Liebherr also awarded Kanu Equipment their dealerships in Ghana, Cote d Ivoire, Sierra Leone and Liberia. Kanu Equipment is focused
on the distribution and support of world class equipment to the mining, construction and agricultural sectors and now has fully operational
businesses on the ground in each of these markets, with machines on rental and on the ground for sale, as well as extensive spare parts,
technical support and workshops in locations that are convenient for customers. Kanu Equipment's results were included for four months of
the 2014 financial year and contributed profits in line with its budget for the period.
Strategic Developments and Outlook
On 11 August 2014 Torre announced the acquisition by Kanu Equipment of Minosucra SARL, a Swiss company with twenty years of track-record
distributing Bell equipment in West Africa. The transaction provides Kanu Equipment with access to an established customer base and
machine population and also ensures that Kanu Equipment is the sole Bell dealer in the region.
Subsequent to the financial year end, Kanu Equipment has also been awarded the exclusive dealership agreements for Liebherr Mobile
Cranes in all its territories. Liebherr has a dominant global market share in mobile cranes and this development represents a significant
opportunity for Kanu Equipment.
As the margin on parts is higher than on new machines, a key strategy to grow profitability is to grow the machine population and also to
locate the Bell and Liebherr machines that are operating in the territories but which are being serviced and maintained from elsewhere.
Torre are confident that the on-the-ground offering of parts and technical support, combined with the active support of the original
equipment manufacturers, will ensure the rapid conversion of all Bell and Liebherr owners into Kanu Equipment customers regardless of where
the machines are located and however they arrived in our territory. Kanu Equipment are also the exclusive dealers for a range of other
mining and construction equipment and in addition to distributors of TGS after-market parts in its territories. The TGS product line provides
Kanu Equipment with the opportunity to convert parts customers to Bell or Liebherr machines in the future and also diversifies the revenues
in Kanu Equipment to ensure a higher absorption ratio.
While Torre is focused on organic growth initiatives, opportunistic acquisitions of parts and servicing businesses are sought in core territories
where there is a complementary customer base so as to ensure that we can achieve critical mass in each market that we are operating
in. In the future Torre will also consider additional territories in the region where the potential new market is considered to be high growth
and attractive. Growth prospects in Central and West Africa are accordingly strong and the Board is excited about consolidating and growing
operations in these markets over the coming years.
Services & Supplies
Tractor and Grader Supplies (12 months inclusion)
Review of Operations
TGS is a specialist in repair parts and components for earth moving equipment in the mining and construction sectors, including wear and
undercarriage solutions. The business unit was included for a full twelve month period in 2014 and performed ahead of expectations and
the warranted earnings targets for the year. The combination of a highly motivated and capable management team and a sound business
plan focused on the broadening of both product range and distribution network ensured that performance was never behind budget despite
highly challenging conditions in the segments of the mining and construction markets that are serviced by TGS.
Strategic Developments and Outlook
In the 2014 year TGS established its operations in Zambia, which is 66% held by Torre International, with a local partner holding the balance.
In addition TGS acquired 51% of Power Parts, a Namibian distributor of heavy equipment replacement parts. TGS also entered into an
arrangement with Kanu Equipment in which Kanu Equipment has become the TGS dealer for Central and West Africa. On-going growth of the
TGS distribution network via acquisitions, green-fields branch establishment, joint ventures and strategic partnerships are expected to be a
feature of the TGS business model going forward. In addition several new products were introduced in the 2014 financial year including ITM
and Page undercarriage, mining reman components and Timken mining roller bearings. The regular introduction of additional complementary
products and services via the TGS distribution network is expected to allow TGS to consistently grow its profitability.
Torre Automotive (previously Control Instruments) (2 months inclusion)
Review of Operations
Torre Automotive was acquired by Torre in the 2014 financial year with an effective date of obtaining control on 1 May 2014. This business
unit distributes premium branded products to the automotive aftermarket in sub-Saharan Africa. The brands, all leaders in their market
segments, are either owned or distributed exclusively by Torre Automotive with the market leading Gabriel product as its flagship product.
The business contributed profits to the Group in both of its two months of inclusion for the 2014 financial year; however various acquisition
related costs were also incurred by the Group in the period under review.
Torre Automotive operates in a highly competitive market in which a number of well-resourced and motivated competitors are seeking to
grow their market share. In this context the business unit's customers, namely the large warehouse distributors, actively sought to reduce
inventory levels in the period under review. The consumer, the ultimate customer for Torre Automotive's products, has come under extreme
financial pressure which is unlikely to diminish in a rising interest rate environment. Consecutive strikes in the automotive and metalworkers
industries have directly impacted on the manufacturing operations in Cape Town and Port Elizabeth respectively. In the context of this
challenging operating environment the performance of the business has been satisfactory.
Strategic Developments and Outlook
Subsequent to the completion of this acquisition Torre has driven material changes at the business in order to address a number of inefficiencies
that were identified pre and post-acquisition. These changes have included a name change, material reductions in overhead costs,
changes in key leadership positions, changes in manufacturing processes to achieve increased levels of efficiencies and product quality and
new and improved structures and processes aimed at achieving increased levels of customer service and satisfaction. As a result of these
actions Torre is confident that the business will be able to deliver on its budget and make a significant contribution to the profits of the Group
in the 2015 financial year. Strategic growth opportunities will also be considered at this business unit alongside the current focus on organic
initiatives.
Financial Solutions
Torre Capital
Review of Operations
Via Torre Capital and other strategic financial services investments the Group will seek to provide trade finance, leasing, insurance, foreign
exchange and advisory services for Torre business units and selected external customers. The primary goals of the Financial Solutions
division are to facilitate equipment sales for the Group; to provide responsive and flexible funding to group companies in areas where
mainstream banks are unable or unwilling to operate; to facilitate and strengthen key supplier and customer relationships; and to enhance
profitability margins without introducing excessive leverage to the consolidated balance sheet. There were no operational activities in the
Financial Solutions division during the 2014 financial year and therefore no contribution to Group financial performance.
Strategic Developments and Outlook
In the 2015 financial year Torre expects to make one to two strategic investments in this division, as well as some key hires. Equipment
leasing solutions for our customers in Africa are a priority, as is the support and development of some local suppliers in order to ensure the
Group is able to meet all of the requirements that it has under the new BBBEE Codes in terms of both Enterprise Development spend and
Preferential Procurement. This area of activity is not expected to consume a significant amount of capital or become a major component of
Group revenue; however it is considered to be a strategic priority and differentiator that will also have the potential to materially enhance
Group margins in the years ahead.
Borrowings
Torre successfully raised term debt during the period under review, and utilised it as follows:
- to part fund the acquisitions,
- to consolidate disparate existing funding arrangements, and
- to provide working capital
Similarly, Torre established a single group banking transactional platform for all of the South African Operations.
Torre is committed to maintaining a conservative balance sheet while also ensuring that an appropriate level of debt is utilised to gear
returns from the investments that are made into both new and existing operations.
Prospects
Trading conditions in the South African market are expected to remain difficult in the year ahead with construction, mining and industrial
customers under pressure from weak economic growth, a volatile Rand and a challenging labour market. In addition the consumer market
will remain under pressure in a high inflation and rising interest rate environment. Activity in Africa, after the recovery from the Ebola
epidemic, is expected to be stronger with more investment planned and likely to be implemented in infrastructure and mining projects and
with the on-going and inevitable rise of a consumer class across the continent.
With this mixed outlook the strategy needs to be tailored by market and by region. In addition to acquisitions, Torre has various organic
initiatives underway that include, amongst others: further rationalisation of operating cost bases in acquired business; the establishment of Torre
Capital, extensive investment in the logistics and warehousing capabilities of the Group and continued growth of our distribution networks
and product range across the continent.
The Board remains cautiously optimistic about the new financial year and the ability of Torre to continue to grow revenue and earnings
rapidly in line with our 3 year rolling targets.
Any forward-looking statements in this announcement have not been reviewed nor audited by the Company's Auditors.
Subsequent events
Events that have occurred in the period between the end of the period under review and the date of this report include:
- Kanu Equipment acquired 100% of Minosucra SARL, a Swiss based company that supplies equipment, spare parts and ancillary services
to customers in West and Central Africa.
- Kanu Equipment securing exclusive dealership agreements for Kanu Equipment of Liebherr Mobile Cranes in all its West African territories
- Certain changes to the terms of the TGS acquisition agreement have been agreed, which if approved by shareholders will result in
an early settlement of 50% of the deferred purchase consideration.
Dividend policy
In line with its stated policy, the Group has not declared a dividend for the 2014 financial year.
Directorate
Mr Sandile Swana resigned as an independent non-executive director with effect from 22 July 2013. Mr Quentin van Breda and Mr Alan Keschner
resigned as non-executive directors of Torre with effect from 11 April 2014. The Board expresses its appreciation to all 3 gentlemen
for their contribution during their tenure as directors of Torre.
Mr Chris Seabrooke and Mr Moss Ngoasheng were appointed as non-executive directors of Torre with effect from 11 April 2014.
There were no other changes to the board of directors during the period under review.
Designated Adviser
On 1 August 2014 AfrAsia Corporate Finance (Pty) Ltd were appointed as the designated adviser, replacing PSG Capital (Pty) Ltd.
Company Secretary
Neil Esterhuysen Attorneys Inc resigned as Company Secretary with effect from 11 April 2014, and were replaced by Mr Sean Graham on
the same date.
Appreciation
Torre is making steady progress towards delivering on its strategic goal of becoming a scalable emerging market industrial group. We remain
grateful to our employees, shareholders, bankers, customers and suppliers for their continued support as we continue to move forward in
this regard.
On behalf of the Board
CE Pettit SR Midlane
Chief Executive Officer Chief Financial Officer
17 September 2014
Directors
PJ van Zyl (Chairman)*, CE Pettit (Chief Executive Officer), SR Midlane (Chief Financial Officer), JWLM Fizelle^, CWJ Lyons#,
CS Seabrooke#, MM Ngoasheng#
* Non-executive
^ Lead independent non-executive
# Independent non-executive
Company Secretary
Sean Graham
Registered Office
59 Merino Avenue, City Deep, 2049, South Africa
Corporate Adviser and Designated Adviser
AfrAsia Corporate Finance (Pty) Ltd
Transfer secretaries
Link Market Services South Africa (Pty) Ltd
Torre Industries
A: 59 Merino Avenue, City Deep, Johannesburg, 2197
PA: PO Box 86222, City Deep, South Africa, 2049
T: +27 11 627 2500 F: +27 11 627 2600
W: www.torreindustries.com
Date: 17/09/2014 05:45:00 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.
Sharenet Sites 
