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Interim financial statements for the six months ended 30 September 2014 and special dividend declaration
TRANS HEX GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1963/007579/06
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or the "Group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2014
AND SPECIAL DIVIDEND DECLARATION
FINANCIAL HEADLINES
- Sales revenue increased by 59,4% to R414,1 million (September 2013: R259,7 million).
- Group profit after tax from continuing operations amounted to R25,2 million
(September 2013: loss of R69,0 million).
- Profit after tax from discontinued operations totalled R10,6 million (September 2013: R15,2 million).
- Group net profit for the period amounted to R35,8 million (September 2013: loss of R53,9 million).
- The Group's net cash position at the end of the period increased by R56,5 million to R351,1 million
(September 2013: R294,6 million).
- Earnings per share amounted to 34,1 cents (September 2013: loss per share of 51,0 cents) and headline
earnings per share amounted to 34,1 cents (September 2013: headline loss per share of 51,0 cents).
- Net asset value per share increased by 91,0 cents to 541,0 cents (September 2013: 450,0 cents).
- In Angola, Somiluana total sales increased to US$21,3 million (September 2013: US$16,9 million).
CONDENSED CONSOLIDATED INCOME STATEMENT
30/09/14 30/09/13 31/03/14
Notes Unaudited Unaudited Audited
R'000 R'000 R'000
Continuing operations
Sales revenue 414 064 259 747 695 730
Cost of goods sold (337 711) (320 285) (653 736)
Gross profit/(loss) 76 353 (60 538) 41 994
Royalties (8 343) (3 069) (4 629)
Selling and administration costs (43 649) (37 787) (71 620)
Mining profit/(loss) 24 361 (101 394) (34 255)
Exploration costs (2 943) (2 104) (3 762)
Other gains - net 1 9 071 6 795 21 407
Finance income 11 310 8 040 15 378
Finance costs (2 978) (3 612) (4 995)
Profit/(loss) before income tax 38 821 (92 275) (6 227)
Income tax (13 626) 23 232 1 112
Profit/(loss) for the period from
continuing operations 25 195 (69 043) (5 115)
Discontinued operations
Profit for the period from
discontinued operations 2 10 642 15 186 27 854
Profit/(loss) for the period 35 837 (53 857) 22 739
Attributable to:
Continuing operations 25 195 (69 043) (5 115)
- Owners of the parent 25 370 (69 090) (5 991)
- Non-controlling interest (175) 47 876
Discontinued operations
- Owners of the parent 10 642 15 186 27 854
35 837 (53 857) 22 739
Earnings per share - basic and diluted
(cents)
- Continuing operations 24,0 (65,4) (5,7)
- Discontinued operations 10,1 14,4 26,4
Total 34,1 (51,0) 20,7
Shares in issue adjusted for
treasury shares ('000) 105 699 105 699 105 699
Headline earnings 3
- Continuing operations 25 370 (69 138) (17 459)
- Discontinued operations 10 642 15 186 27 854
Total 36 012 (53 952) 10 395
Headline earnings per share (cents)
- Continuing operations 24,0 (65,4) (16,6)
- Discontinued operations 10,1 14,4 26,4
Total 34,1 (51,0) 9,8
Average US$ exchange rate 10,60 9,69 10,20
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
30/09/14 30/09/13 31/03/14
Unaudited Unaudited Audited
R'000 R'000 R'000
Profit/(loss) for the period 35 837 (53 857) 22 739
Other comprehensive income net of tax:
Items that will not be reclassified
to profit or loss
Remeasurements of post-employment benefit obligations - - 2 061
- Before-tax amount - - 2 863
- Tax (expense)/benefit - - (802)
Items that may be subsequently reclassified
to profit or loss
Translation differences on foreign subsidiaries
before and after tax (9 469) (4 871) (8 560)
Fair value adjustment on available-for-sale financial
assets before and after tax - (37) -
Reclassification of fair value adjustment on
available-for-sale financial assets on disposal
before and after tax - - (37)
Reclassification of foreign currency differences
on repayment of long-term receivables from
foreign operations (4 542) - -
Total comprehensive income for the period 21 826 (58 765) 16 203
Attributable to:
- Owners of the parent 22 001 (58 812) 15 327
- Non-controlling interest (175) 47 876
21 826 (58 765) 16 203
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
30/09/14 30/09/13 31/03/14
Unaudited Unaudited Audited
Restated
R'000 R'000 R'000
Assets
Non-current assets 370 868 432 380 391 393
Property, plant and equipment 253 480 319 984 279 000
Investment in associates 61 509 60 877 59 580
Investments held by environmental trust 55 879 51 519 52 813
Current assets 607 295 437 404 560 378
Inventories 213 360 121 774 137 305
Trade and other receivables 42 860 21 020 21 670
Current income tax - 58 3 853
Cash and cash equivalents 351 075 294 552 397 550
Total assets 978 163 869 784 951 771
Equity and liabilities
Capital and reserves 571 232 475 092 549 231
Non-controlling interest 825 171 1 000
Non-current liabilities 142 011 133 493 148 488
Borrowings - 438 -
Deferred income tax liabilities 35 918 30 325 46 138
Provisions 106 093 102 730 102 350
Current liabilities 264 095 261 028 253 052
Trade and other payables 133 879 120 845 126 263
Interest in joint ventures 122 043 130 421 125 188
Current income tax liabilities 7 735 - 320
Borrowings 438 9 762 1 281
Total equity and liabilities 978 163 869 784 951 771
Net asset value per share (cents) 541 450 521
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
30/09/14 30/09/13 31/03/14
Unaudited Unaudited Audited
R'000 R'000 R'000
Balance at 1 April 550 231 534 028 534 028
Total comprehensive income for the period 21 826 (58 765) 16 203
Balance at end of period 572 057 475 263 550 231
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
30/09/14 30/09/13 31/03/14
Unaudited Unaudited Audited
R'000 R'000 R'000
Cash generated from/(utilised in) operations 77 630 (36 591) 72 302
Movements in working capital (89 630) (15 568) (11 404)
Income tax paid (12 576) (2 666) (13 252)
Net cash (utilised in)/generated from
operating activities (24 576) (54 825) 47 646
Cash employed (21 899) (34 019) (33 472)
Property, plant and equipment
- Proceeds from disposal - 80 25 298
- Replacement (14 950) (15 940) (31 638)
- Additional (6 106) (8 725) (11 634)
Investments and loans - 7 584 10 283
Borrowings repaid (843) (17 018) (25 781)
Net (decrease)/increase in cash and cash equivalents (46 475) (88 844) 14 174
Cash and cash equivalents at beginning of period 397 550 383 396 383 376
Cash and cash equivalents at end of period 351 075 294 552 397 550
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
30/09/14 30/09/13 31/03/14
Unaudited Unaudited Audited
R'000 R'000 R'000
1. Other gains - net
Other gains - net consists of the
following categories:
- Net foreign exchange gains 4 529 6 729 9 846
- Profit on sale of assets and investments - 66 11 561
- Foreign exchange gains on repayment of
long-term receivables from foreign operation 4 542 - -
9 071 6 795 21 407
2. Discontinued operations
On 5 October 2011, the Angolan Ministry of Geology,
Mines and Industry revoked the mining rights of the
Luarica and Fucauma joint ventures as no mining
activities had been performed at the sites for a
period of three years as a result of the projects
being placed under care and maintenance.
The prescription of unclaimed debts of R10,6 million
(31/3/2014: R27,9 million; 30/9/2013: R15,2 million)
is included below.
Share of income from joint ventures 10 642 15 186 27 854
Profit before income tax 10 642 15 186 27 854
Taxation - - -
Profit for the period 10 642 15 186 27 854
3. Reconciliation of headline earnings
Continuing operations
Profit/(loss) for the period 25 370 (69 090) (5 991)
- Profit on sale of assets - (66) (11 561)
- Taxation impact - 18 93
Headline earnings/(loss) 25 370 (69 138) (17 459)
Discontinued operations
Profit for the period 10 642 15 186 27 854
Headline earnings 10 642 15 186 27 854
4. Capital commitments
(including amounts authorised, but not
yet contracted) 38 640 46 524 62 655
These commitments will be financed from the
Group's own resources or with borrowed funds.
5. Segment information
Operating segments
CONTINUING DISCONTINUED
Six months ended 30 September 2014 South Africa Angola Total Angola
Carats sold 25 073 - 25 073 -
R'000 R'000 R'000 R'000
Revenue 414 064 - 414 064 -
Cost of goods sold (337 711) - (337 711) -
Gross profit 76 353 - 76 353 -
Royalties (8 343) - (8 343) -
Selling and administration costs (38 888) (4 761) (43 649) -
Mining profit/(loss) 29 122 (4 761) 24 361 -
Exploration costs (2 943) - (2 943) -
Other gains - net 9 970 (899) 9 071 -
Profit for the period from discontinued
operations - - - 10 642
Finance income 11 310 - 11 310 -
Finance costs (2 978) - (2 978) -
Profit/(loss) before income tax 44 481 (5 660) 38 821 10 642
Depreciation included in the above (46 594) (16) (46 610) -
Net assets/(liabilities) 627 590 66 510 694 100 (122 043)
Capital expenditure 21 056 - 21 056 -
Net asset value per share (cents) 593 63 656 (115)
CONTINUING DISCONTINUED
Six months ended 30 September 2013 South Africa Angola Total Angola
Carats sold 26 076 - 26 076 -
R'000 R'000 R'000 R'000
Revenue 259 747 - 259 747 -
Cost of goods sold (320 285) - (320 285) -
Gross loss (60 538) - (60 538) -
Royalties (3 069) - (3 069) -
Selling and administration costs (34 150) (3 637) (37 787) -
Mining loss (97 757) (3 637) (101 394) -
Exploration costs (2 104) - (2 104) -
Other gains - net 6 795 - 6 795 -
Profit for the period from discontinued
operations - - - 15 186
Finance income 8 040 - 8 040 -
Finance costs (3 612) - (3 612) -
(Loss)/profit before income tax (88 638) (3 637) (92 275) 15 186
Depreciation included in the above (44 096) (220) (44 316) -
Net assets/(liabilities) 533 307 73 656 606 963 (131 700)
Capital expenditure 24 665 - 24 665 -
Net asset value per share (cents) 505 70 574 (125)
CONTINUING DISCONTINUED
Twelve months ended 31 March 2014 South Africa Angola Total Angola
Carats sold 55 083 - 55 083 -
R'000 R'000 R'000 R'000
Revenue 695 730 - 695 730 -
Cost of goods sold (653 736) - (653 736) -
Gross profit 41 994 - 41 994 -
Royalties (4 629) - (4 629) -
Selling and administration costs (63 059) (8 561) (71 620) -
Mining loss (25 694) (8 561) (34 255) -
Exploration costs (3 762) - (3 762) -
Other gains - net 10 176 11 231 21 407 -
Profit for the period from discontinued
operations - - - 27 854
Finance income 15 378 - 15 378 -
Finance costs (4 995) - (4 995) -
(Loss)/profit before income tax (8 897) 2 670 (6 227) 27 854
Depreciation included in the above (90 379) (334) (90 713) -
Net assets/(liabilities) 588 500 86 919 675 419 (125 188)
Capital expenditure 43 261 11 43 272 -
Net asset value per share (cents) 562 77 639 (118)
Revenue from transactions with certain customers can amount to 10% or more of total revenue. During the period under review,
such individual customers were responsible for aggregate sales of R51,8 million (31/03/2014: R0,0 million;
30/09/2013: R68,7 million).
6. Change in accounting policy and reclassifications
The following table summarises the Group's retroactive restatements to its consolidated financial statements resulting from
the adoption of IFRS 11, "Joint Arrangements", and the change in methods of presentation of certain financial assets,
including the impact of reclassification.
In the 2014 financial year, the Group decided to reclassify financial assets that were previously reported as
available-for-sale investments, investments in associates and investments in environmental rehabilitation trusts on the
face of the statement of financial position.
There was no impact on the income statements and the statements of comprehensive income as a result of the reclassifications
and the change in accounting policy.
The impacts on the consolidated statement of financial position are as follows, as at:
30 September 2013
CONSOLIDATED
Joint 2013
As reported arrangements Reclassifications Restated
R'000 R'000 R'000 R'000
Assets
Non-current assets 432 380 - - 432 380
Property, plant and equipment 319 984 - - 319 984
Investment in associates - - 60 877 60 877
Investments held by environmental trust - - 51 519 51 519
Financial assets 112 396 - (112 396) -
Current assets 437 426 (22) - 437 404
Inventories 121 774 - - 121 774
Trade and other receivables 21 020 - - 21 020
Current income tax 58 - - 58
Cash and cash equivalents 294 574 (22) - 294 552
Total assets 869 806 (22) - 869 784
Equity and liabilities
Capital and reserves 475 092 - - 475 092
Non-controlling interest 171 - - 171
Non-current liabilities 133 493 - - 133 493
Borrowings 438 - - 438
Deferred income tax liabilities 30 325 - - 30 325
Provisions 102 730 - - 102 730
Current liabilities 261 050 (22) - 261 028
Trade and other payables 206 176 (85 331) - 120 845
Interest in joint ventures - 130 421 - 130 421
Current income tax liabilities - - - -
Borrowings 54 874 (45 112) - 9 762
Total equity and liabilities 869 806 (22) - 869 784
7. Mineral resources and mineral reserves
No adjustments have been made to the statement of mineral resources and mineral reserves as contained in the 2014 Integrated
Annual Report. Annual reconciliation of production data will take place and an updated resource and reserve statement will be
published in the 2015 Integrated Annual Report.
8. Contingent liabilities
There have been no material changes to contingent liabilities previously reported in the Integrated Annual Report.
9. Accounting policies
The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting
Standard (IAS) 34, "Interim Financial Reporting"; the SAICA Financial Reporting Guides as issued by the Accounting Practices
Committee; Financial Pronouncements as issued by the Financial Reporting Standards Council; and the requirements of the
Companies Act of South Africa. The accounting policies applied in the preparation of these interim financial statements are in
terms of International Financial Reporting Standards and are consistent with those applied in the previous consolidated annual
financial statements.
10. Impact of change in accounting policy
IFRS 11 focuses on the rights and obligations of a joint arrangement rather than its legal form as was the case under IAS 31.
IFRS 11 classifies joint arrangements into two types: joint ventures and joint operations. Joint ventures are arrangements
whereby the parties have rights to net assets, while joint operations are arrangements whereby the parties have rights to
the assets and obligations for the liabilities. The standard eliminates choices in the reporting of joint arrangements by
requiring the use of the equity method to account for interests in joint ventures, and by requiring joint operators to
recognise assets and liabilities in relation to their interests in the arrangements. The change has been accounted for
retroactively in accordance with the transition rules of IFRS 11.
A part of the Group's investments in joint arrangements qualifies as joint ventures and is now accounted for using the equity
method of accounting. These investments were previously accounted for using the proportionate consolidation method. Under the
equity method of accounting, the Group's share of net assets, net income and other comprehensive income of joint ventures are
presented as one-line items on the consolidated statement of financial position, the consolidated statement of income and the
consolidated statement of comprehensive income respectively. In addition, the consolidated statement of cash flows under the
equity method of accounting includes the cash flows between the Group and its joint ventures and not the Group's proportionate
share of the joint ventures' cash flows. The impact of the change in accounting policy is contained in Note 6.
11. Preparation of financial statements
The preparation of the unaudited condensed consolidated interim financial statements was supervised by the Financial Director,
IP Hestermann CA(SA).
OVERVIEW
In this commentary, results are compared with the first six months of the 2014 financial year (in brackets).
Sales revenue from the South African operations increased by 59,4% in Rand terms from R259,7 million in September 2013 to
R414,1 million in September 2014 as a result of a 51,4% increase in average prices, partly offset by a 1,6% decrease in carats
sold. Revenue was also positively affected by a 13,8% weakening in the Rand. The average price increased from US$1 028 per carat
(September 2013) to US$1 557 per carat due to an increase in average stone size.
South African production increased by 48,5% to 32 450 carats (September 2013: 21 849 carats). Average grade at the Lower Orange
River operations ("LOR") increased by 67,9% to 1,31 carats/100 m3 (September 2013: 0,78 carats/100 m3) due to mining of more
favourable scour areas at both Baken and Bloeddrift mines. The increase was partly offset by a 12,4% decrease in volumes treated.
In South Africa, the cost of goods sold increased by 5,4% to R337,7 million (September 2013: R320,3 million), mainly due to an
increase in contractors' fees, in particular R64,5 million in respect of Remhoogte, as well as maintenance and other inflationary
increases, offset by a positive stock movement of R88,4 million. The LOR unit cost of production increased by 29,0% as a result
of the 12,4% drop in volume and an increase in operating costs.
Gross profit for the South African operations amounted to R76,3 million (September 2013: loss of R60,5 million).
The South African operations achieved a profit before tax of R44,5 million (September 2013: loss of R88,6 million).
In Angola, production at Somiluana Mine, in which Trans Hex holds a 33% stake, increased to 44 400 carats (September 2013:
35 779 carats) due to a 40,1% increase in grade, partly offset by a decrease of 11,4% in volumes treated. Total sales increased
to US$21,3 million at an average price of US$513 per carat (September 2013: sales of US$16,9 million at an average price of
US$484 per carat). Somiluana's operating margin was 37% (September 2013: 35%) and the Mine generated net profit of US$7,9 million
(September 2013: US$5,9 million). No repayments were made to Trans Hex against the outstanding investment amount and the cash
generated was retained to develop the Mine.
The investment in Somiluana is accounted for as an investment in an associate under the equity method. As the investment's
liabilities exceed its assets, no equity accounted profit or loss was accounted for.
The Group reports an after-tax profit for the period from continuing operations of R25,2 million
(September 2013: loss of R69,0 million).
Profit from the discontinued Luarica and Fucauma operations amounted to R10,6 million (September 2013: R15,2 million).
The Group therefore reports a profit for the period of R35,8 million (September 2013: loss of R53,9 million).
Cash and cash equivalents at the end of the reporting period increased by R56,5 million to R351,1 million
(September 2013: R294,6 million).
OPERATING PERFORMANCE
Detailed project information
Six months ended 30 September 2014 Six months ended 30 September 2013
Average Average
price per price per
Detailed project Average Average carat Average Average carat
information grade per Carats carats per achieved grade per Carats carats per achieved
(unaudited) 100 m3 produced stone (US$) 100 m3 produced stone (US$)
South Africa
- Baken 1,42 22 731 1,35 1 379 0,79 14 157 1,17 1 100
- Richtersveld
Operations 0,89 3 533 2,48 2 125 0,72 3 626 1,85 1 778
- Remhoogte - 2 900 3,35 3 643 - - - -
- Shallow water - 3 286 0,30 457 - 4 066 0,29 377
Total South Africa 1,31 32 450 1,08 1 557 0,78 21 849 0,78 1 028
Angola
- Somiluana 29,94 44 400 0,53 513 21,37 35 779 0,56 484
Note: Average grade in South Africa is calculated excluding Remhoogte and shallow water production.
South Africa
Stripping of overburden in the main channel at Baken continued during the first six months of the financial year with encouraging
results, including increases in the average grade to 1,42 carats/100 m3 (September 2013: 0,79 carats/100 m3), the average stone
size to 1,35 carats (September 2013: 1,17 carats) and the average price of Baken stones to US$1 379 (September 2013: US$1 100).
The Richtersveld Operations were positively affected by an increase in average grade and stone size at Bloeddrift Mine.
Angola
Mining activities during the period continued to focus on the east bank of the Luana River where the grades and diamond values
continue to exceed resource estimations.
OUTLOOK
Namaqualand
The transaction between Emerald Panther Investments 78 (Pty) Ltd and De Beers Consolidated Mines Proprietary Limited involving the
acquisition of assets and liabilities relating to Namaqualand Mines, has been concluded. The acquisition's effective date was
28 October 2014, as announced on SENS on 29 October 2014.
Operations at the Namaqualand project will commence with the construction of a final recovery plant at Kleinzee which is expected
to be operational by early January 2015. At Mitchell's Bay, drilling, bulk sampling and the construction of a production plant is
planned for the first quarter of the 2015 calendar year.
Lower Orange River
Stripping operations in the Baken central channel will continue until the economically viable gravel in the main channel has been
exhausted. Due to the encouraging results during the period under review, stripping operations are expected to continue until the
end of the 2016 financial year, after which mining activities will focus on shallow deposits and lower grade stockpiles.
At the Richtersveld Operations, steady performance at Bloeddrift Mine is expected to continue in the next six months. Due to
disappointing exploration results at the Jakkelsberg mining area, relocation of the plant and mining equipment is planned.
South African production for the 2015 financial year is now expected to be in the order of 57 000 carats.
Angola
In Angola, Somiluana Mine is increasing its production capacity through the reinvestment of surplus internal cash flows. Due to
the encouraging results and in order to speed up the expansion of the production footprint, external funding is being considered.
Production results and geological work through drilling and bulk sampling indicate that carat production for the 2015 financial
year will surpass the 72 000 carats achieved in 2014.
Market
The short-term sentiment in the rough diamond market remains steady but cautious. Demand for high-quality alluvial goods continues
to be solid and interest in Trans Hex production is expected to remain high.
The long-term market outlook remains positive due to natural production constraints and indications that diamond mines world-wide
will struggle to keep up with demand. Established markets such as the USA and emerging markets such as China and India continue
to show strong demand.
SPECIAL DIVIDEND DECLARATION
Notice is hereby given of a once-off special cash dividend of 50 cents per share (the "Dividend").
The Dividend has been declared by the Board following the successful conclusion of the acquisition of Namaqualand Mines, as more
fully described in the related SENS announcements, the most recent of which was dated 29 October 2014.
In accordance with the JSE Limited Listings Requirements the following additional information is disclosed:
- the Dividend has been declared out of income reserves;
- the local dividend tax rate is 15%;
- the gross local dividend amount is 50 cents per ordinary share for shareholders exempt from dividend tax;
- the net local dividend amount is 42,5 cents per ordinary share for shareholders liable to pay dividend tax;
- the Group currently has 106 051 275 shares in issue; and
- the Group's income tax reference number is 4030127338.
No STC credits have been utilised.
The final dividend will be paid on Monday, 1 December 2014, to shareholders recorded in the register of the Group at the close
of business on the record date being Friday, 28 November 2014.
The salient dates relating to the Dividend are as follows:
Last day to trade cum dividend Friday, 21 November 2014
Shares commence trading ex-dividend Monday, 24 November 2014
Record date Friday, 28 November 2014
Payment date of the Dividend Monday, 1 December 2014
Share certificates may not be dematerialised or rematerialised between Monday, 24 November 2014 and Friday, 28 November 2014,
both days inclusive.
DIVIDEND
The Board has resolved that it would not be prudent to recommence ordinary dividend payments until there is a greater degree
of confidence that the Group has achieved a growing flow of new earnings. Accordingly, no ordinary interim dividend is declared.
CHANGES TO THE BOARD OF DIRECTORS
Shareholders are advised of the following changes to the Board of Directors:
Mr DR Wolstenholme has been appointed to the Board of Directors as a Non-executive Director, with effect from 31 October 2014.
Mr Wolstenholme served as Chief Financial Officer of Northam Platinum Limited from 1999 until 2010 and currently heads up their
corporate finance activities.
Mr T de Bruyn's designation as Independent Non-executive Director has changed to Non-executive Director, with effect from
31 October 2013, and accordingly, he resigns from the Audit and Risk Committee with immediate effect.
Ms BP Lekubo has been appointed to the Board of Directors as an Independent Non-executive Director, with effect from
31 October 2013 and replaces Mr T de Bruyn as a member of the Audit and Risk Committee. Ms Lekubo has been an Alternate Director
for Mr BR van Rooyen since August 2013. Ms Lekubo is a chartered accountant and Chief Financial Officer at Atlatsa Resources.
By order of the Board
BR van Rooyen L Delport
Chairman Chief Executive Officer
Parow
3 November 2014
REGISTERED OFFICE
405 Voortrekker Road, Parow 7500
PO Box 723, Parow 7499
JSE SPONSOR
One Capital
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
PO Box 61051, Marshalltown 2107
DIRECTORATE
BR van Rooyen (Chairman), L Delport (Chief Executive Officer), IP Hestermann (Financial Director), T de Bruyn, BP Lekubo,
AR Martin, DR Wolstenholme, GM van Heerden (Company Secretary)
Date: 03/11/2014 07:30:00 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.