Wrap Text
Unaudited Condensed Consolidated Interim
Financial Results for the six months ended 31 August 2014
Afrimat Limited
("Afrimat" or "the company" or "the group")
(Incorporated in the Republic of South Africa)
(Registration number: 2006/022534/06)
Share code: AFT
ISIN code: ZAE000086302
Growth through diversification
www.afrimat.co.za
Unaudited condensed consolidated interim financial results
for the six months ended 31 August 2014
Highlights
- Revenue up 10,5%
- HEPS up 23,9% to 61,1 cents
- Net debt:equity ratio 23,3%
- NAV per share of 594 cents
- Interim dividend 13 cents per share
- Return on net operating assets 23,3%
COMMENTARY
BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements ("the
financial statements") for the six months ended 31 August 2014 ("the period")
have been prepared in accordance with and containing the information required
by IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee, JSE Listings Requirements and in
the manner required by the South African Companies Act No. 71 of 2008, as amended.
The accounting policies and method of computation applied in preparation of the
financial statements are in accordance with International Financial Reporting Standards
("IFRS") and are consistent with those applied in the audited annual financial statements
for the year ended 28 February 2014. The above information has not been reviewed or
reported on by Afrimat's auditors.
The financial statements have been prepared under the supervision of the Financial
Director, HP Verreynne BCompt (Hons) CA(SA).
INTRODUCTION
The group has continued to deliver solid results driven by its diversification strategy.
The turnaround of Infrasors, acquired during the previous year, is progressing well and
contributing positive results.
FINANCIAL RESULTS
Revenue for the period increased by 10,5% to R1 030,1 million from R931,9 million.
Headline earnings increased by 23,7%, translating into headline earnings per share of
61,1 cents (2013: 49,3 cents).
The overdraft less cash and cash equivalents at the end of the period amounts to a net
overdraft of R48,4 million (2013: net cash R36,4 million). The group changed its funding
strategy, in order to increase its return on cash held, by utilising surplus cash to
settle capital expenditures and accordingly reduced asset based financing. It also
brought forward plant and equipment capital expenditures in this period, in order to
reduce maintenance costs, and increased inventory levels to meet anticipated demand
from customers and to enable lower manufacturing costs.
OPERATIONAL REVIEW
The Mining & Aggregates segment generated satisfactory profits with an excellent
contribution from the clinker operations. The KwaZulu-Natal operations incurred
high mining and maintenance costs in efforts to ensure long-term compliance with
Department of Mineral Resources requirements and to gear the business for growth.
Contracting operations were impacted by contracts coming to an end and setup costs
for new contracts. The group's industrial mineral operations performed well,
with the Infrasors' turnaround progressing as planned.
All processing plants are fully operational and well-placed to supply market demand.
Afrimat's flexible service delivery model, supplemented by mobile equipment,
positions the group to take advantage of opportunities as and where they arise.
The Concrete Based Products segment achieved a good increase in profits resulting
from cost reduction initiatives and good market conditions. During the comparative
period a strike at the Gauteng operation resulted in lower profits for the period.
BUSINESS DEVELOPMENT
New business development remains a key component of the group's growth strategy.
The dedicated business development team continues to successfully identify and pursue
opportunities in existing markets, as well as in anticipated new high growth areas.
B-BBEE
Existing BEE shareholders and the Afrimat BEE Trust in aggregate hold 26,1% of
Afrimat's issued shares. Notwithstanding the fully empowered ownership platform in
line with the Mining Charter requirements, the group remains dedicated to enhancing
all aspects of B-BBEE on an ongoing basis.
DIVIDEND
An interim gross dividend of 13,00 cents per share (2013: 11,00 cents) for the period
was declared on 5 November 2014. This is in line with the group's dividend policy of
2,75 times cover. The dividend payable to shareholders who are subject to dividend
tax is 11,05 cents per share (2013: 9,35 cents per share).
PROSPECTS
The group is well positioned to capitalise on its strategic initiatives such as
continued growth from the excellent asset base and turnaround at the Infrasors
operations.
Operational efficiency initiatives aimed at expanding volumes, reducing costs and
developing the required skill levels of all employees remains a key focus in all
operations. These programmes, supported by ongoing product diversification in
attractive growth sectors such as industrial minerals and open cast mining,
should see volumes continue to increase.
Going forward, the group is intensifying its focus on finding opportunities
outside of South Africa.
Afrimat expects the current business climate to continue with moderate market
growth projected. The group's growth will remain driven by the successful execution
of its proven strategy which has been implemented over the last five years.
On behalf of the board
MW von Wielligh
Chairman
AJ van Heerden
Chief Executive Officer
6 November 2014
DIVIDEND DECLARATION
Notice is hereby given that an interim gross dividend, No. 15 of 13,00 cents per share,
in respect of the six months ended 31 August 2014, was declared on Wednesday,
5 November 2014.
There are 143 262 412 shares in issue at announcement date, of which 187 287 are
held in treasury. The total dividend payable is R18,6 million (2013: R15,6 million).
The board has confirmed by resolution that the solvency and liquidity test as
contemplated by the Companies Act, No. 71 of 2008, as amended, has been duly
considered, applied and satisfied. This is a dividend as defined in the Income
Tax Act, 1962, and is payable from income reserves. The South African dividend
tax rate is 15,0% and no STC credit is available to be utilised by shareholders.
The dividend payable to shareholders who are subject to dividend tax and shareholders
who are exempt from dividend tax is 11,05 cents and 13,00 cents per share, respectively.
The income tax number of the company is 9568738158.
Relevant dates to the final dividend are as follows:
Last day to trade cum dividend Friday, 5 December 2014
Commence trading ex dividend Monday, 8 December 2014
Record date Friday, 12 December 2014
Dividend payable Monday, 15 December 2014
Share certificates may not be dematerialised or rematerialised between Monday,
8 December 2014 and Friday, 12 December 2014, both dates inclusive.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2014 2013 Change 2014
R'000 R'000 % R'000
Revenue 1 030 098 931 871 10,5 1 901 187
Cost of sales (777 461) (702 351) (1 440 138)
Gross profit 252 637 229 520 10,1 461 049
Operating expenses (125 849) (120 187) (230 092)
Profit/(loss) on disposal
of plant and equipment 561 (424) (2 686)
Contribution from operations 127 349 108 909 16,9 228 271
Other net gains (note 1) - - 1 426
Operating profit 127 349 108 909 16,9 229 697
Investment revenue 8 159 8 280 16 187
Finance costs (11 569) (13 874) (24 981)
Share of profit of associate 147 51 173
Profit before taxation 124 086 103 366 20,0 221 076
Taxation (35 321) (28 094) 25,7 (58 110)
Profit attributable to shareholders 88 765 75 272 17,9 162 966
Profit attributable to:
Owners of the parent 87 606 70 183 154 509
Non-controlling interests 1 159 5 089 8 457
88 765 75 272 162 966
Other comprehensive income
Net change in fair value of
available-for-sale financial assets 104 123 1 694
Realised gains on disposal of
available-for-sale financial assets - - (1 426)
Income taxation on other
comprehensive income (19) (23) (45)
Other comprehensive income
for the period, net of taxation 85 100 223
Total comprehensive income for
the period 88 850 75 372 17,9 163 189
Total comprehensive income
attributable to:
Owners of the parent 87 691 70 283 154 732
Non-controlling interests 1 159 5 089 8 457
88 850 75 372 163 189
Shares in issue:
Total shares in issue 143 262 412 143 262 412 143 262 412
Treasury shares (187 287) (1 024 792) (1 048 676)
Net shares in issue 143 075 125 142 237 620 142 213 736
Weighted average number of
net shares in issue 142 718 454 142 962 390 142 620 285
Diluted weighted average
number of shares 145 606 282 148 325 514 146 323 034
Earnings per share:
Earnings per ordinary share (cents) 61,4 49,1 25,1 108,3
Diluted earnings per ordinary
share (cents) 60,2 47,3 27,3 105,6
RECONCILIATION OF HEADLINE EARNINGS
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2014 2013 Change 2014
R'000 R'000 % R'000
Profit attributable to
owners of the parent 87 606 70 183 154 509
(Profit)/loss on disposal
of plant and equipment (561) 424 2 686
Profit on disposal of
financial instruments - - (1 426)
Total taxation effects
of adjustments 157 (118) (353)
87 202 70 489 23,7 155 416
Headline earnings per ordinary
share "HEPS" (cents) 61,1 49,3 23,9 109,0
Diluted HEPS (cents) 59,9 47,5 26,1 106,2
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2014 2013 2014
R'000 R'000 R'000
Assets
Non-current assets
Property, plant and equipment 709 070 654 808 662 306
Investment property 3 040 3 040 3 040
Intangible assets 20 059 22 929 21 407
Goodwill 134 494 134 494 134 494
Investment in associate 348 79 201
Other financial assets (note 6) 147 868 138 742 134 223
Deferred tax 15 773 2 137 5 048
1 030 652 956 229 960 719
Current assets
Inventories 138 036 103 404 112 965
Current tax receivable 4 000 3 410 6 163
Trade and other receivables 335 305 309 064 305 967
Other financial assets (note 6) - - 1 275
Cash and cash equivalents 36 947 94 278 92 328
514 288 510 156 518 698
Total assets 1 544 940 1 466 385 1 479 417
Equity and liabilities
Equity
Stated capital 295 264 324 489 323 176
Business combination adjustment (105 788) (105 788) (105 788)
Treasury shares (2 897) (9 498) (10 692)
Net issued stated capital 186 579 209 203 206 696
Other reserves 5 738 4 155 6 562
Retained income 657 699 552 355 610 509
Attributable to equity holders of
parent 850 016 765 713 823 767
Non-controlling interests 14 056 29 805 14 196
Total equity 864 072 795 518 837 963
Liabilities
Non-current liabilities
Borrowings long-term 66 649 115 709 94 606
Deferred tax 99 847 92 314 91 652
Provisions 63 530 60 416 55 860
230 026 268 439 242 118
Current liabilities
Borrowings short-term 86 258 72 164 76 432
Current tax payable 5 871 7 032 5 710
Trade and other payables 273 360 265 376 265 743
Bank overdraft 85 353 57 856 51 451
450 842 402 428 399 336
Total liabilities 680 868 670 867 641 454
Total equity and liabilities 1 544 940 1 466 385 1 479 417
Notes to the statement of
financial position:
Net asset value per share (cents) 594 538 579
Net tangible asset value per
share (cents) 486 428 470
Total borrowings 152 907 187 873 171 038
Overdraft less cash and cash
equivalents/(surplus cash) 48 406 (36 422) (40 877)
Net debt 201 313 151 451 130 161
Net debt:equity ratio 23,3% 19,0% 15,5%
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2014 2013 2014
R'000 R'000 R'000
Cash flows from operating activities
Cash generated from operations 111 727 144 861 310 706
Interest revenue 8 840 10 012 17 919
Dividends received - 49 49
Finance costs (10 674) (12 211) (23 406)
Taxation paid (35 546) (23 631) (61 407)
Net cash inflow from operating
activities 74 347 119 080 243 861
Acquisition of property, plant
and equipment (91 018) (50 530) (121 326)
Proceeds on sale of property,
plant and equipment 8 356 3 589 16 894
Purchase of financial assets (12 949) (3 300) (4 795)
Proceeds on sale of financial asset - - 13 522
Consideration paid for shares held
in treasury by Infrasors (88) - (810)
Acquisition of businesses - (32 904) (69 942)
Net cash outflow from investing
activities (95 699) (83 145) (166 457)
Repurchase of Afrimat shares (5 494) (22 690) (26 659)
Acquisition of additional
non-controlling interest (note 8) (4 043) - -
Net movement in borrowings (note 5.2) (18 131) (33 526) (50 361)
Dividends paid (note 2.2) (40 263) (28 439) (44 649)
Net cash outflow from financing
activities (67 931) (84 655) (121 669)
Net decrease in cash and cash
equivalents and bank overdrafts (89 283) (48 720) (44 265)
Surplus cash at the beginning of
the period 40 877 85 142 85 142
(Bank overdrafts)/surplus cash at
the end of the period (48 406) 36 422 40 877
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Business
Stated combination Treasury Other
capital adjustment shares reserves
R'000 R'000 R'000 R'000
Balance at 1 March 2013 347 661 (105 788) (1 491) 6 929
Changes:
Movements in non-controlling
interests - - - -
Share-based payments - - - (2 874)
Purchase of treasury shares - - (22 690) -
Settlement of employee Share
Appreciation Rights exercised (23 172) - 14 683 -
Profit for the period
Other comprehensive income for
the period - - - 100
Net change in fair value of - - - 123
available-for-sale financial assets
Income taxation effect - - - (23)
Dividends paid (note 2.2) - - - -
Balance at 31 August 2013 324 489 (105 788) (9 498) 4 155
Balance at 1 March 2013 347 661 (105 788) (1 491) 6 929
Changes:
Initial non-controlling interests
acquired - - - -
Additional non-controlling interest
acquired - - - -
Infrasors treasury shares sold to
BEE investor - - - -
Increase in effective shareholding
in Infrasors due to:
- Retrieval of shares from Infrasors
Empowerment Trust - - - -
- Increase in shares held in treasury
by Infrasors - - - -
Share-based payments - - - 3 528
Purchase of treasury shares - - (26 659) -
Settlement of employee Share
Appreciation Rights exercised and
reserve transfer, net of taxation (24 879) - 15 522 (4 118)
Treasury shares sold to BEE investor,
net of taxation 394 - 1 936 -
Profit for the year - - - -
Other comprehensive income for the year - - - 223
Net change in fair value of
available-for-sale financial assets - - - 268
Income taxation effect - - - (45)
Dividends paid (note 2.2) - - - -
Balance at 28 February 2014 323 176 (105 788) (10 692) 6 562
Changes:
Additional non-controlling interest
acquired due to:
- Infrasors Holdings Limited (note 8) - - - -
- Afrimat Aggregates (Trading) (Pty)
Limited (note 8) - - - -
Increase in effective shareholding
in Infrasors due to:
- Increase in shares held in treasury
by Infrasors - - - -
Share-based payments - - 1 770
Purchase of treasury shares - - (5 494) -
Settlement of employee Share
Appreciation Rights
exercised and reserve transfer,
net of taxation (27 912) - 13 289 (2 679)
Profit for the period - - - -
Other comprehensive income for
the period - - - 85
Net change in fair value of
available-for-sale financial assets - - - 104
Income taxation effect - - - (19)
Dividends paid (note 2.2) - - - -
Balance at 31 August 2014 295 264 (105 788) (2 897) 5 738
Non-
Retained controlling Total
income interests equity
R'000 R'000 R'000
Balance at 1 March 2013 510 611 3 931 761 853
Changes:
Movements in non-controlling
interests - 20 785 20 785
Share-based payments - - (2 874)
Purchase of treasury shares - - (22 690)
Settlement of employee Share
Appreciation Rights exercised - - (8 489)
Profit for the period 70 183 5 089 75 272
Other comprehensive income for
the period - - 100
Net change in fair value of
available-for-sale financial assets - - 123
Income taxation effect - - (23)
Dividends paid (note 2.2) (28 439) - (28 439)
Balance at 31 August 2013 552 355 29 805 795 518
Balance at 1 March 2013 510 611 3 931 761 853
Changes:
Initial non-controlling interests
acquired - 31 743 31 743
Additional non-controlling interest
acquired (25 986) (22 009) (47 995)
Infrasors treasury shares sold to
BEE investor 2 812 1 978 4 790
Increase in effective shareholding
in Infrasors due to:
- Retrieval of shares from Infrasors
Empowerment Trust 9 010 (9 010) -
- Increase in shares held in treasury
by Infrasors (469) (341) (810)
Share-based payments - - 3 528
Purchase of treasury shares - - (26 659)
Settlement of employee Share
Appreciation Rights exercised and
reserve transfer, net of taxation 4 118 - (9 357)
Treasury shares sold to BEE investor,
net of taxation - - 2 330
Profit for the year 154 509 8 457 162 966
Other comprehensive income for
the year - - 223
Net change in fair value of
available-for-sale
financial assets - - 268
Income taxation effect - - (45)
Dividends paid (note 2.2) (44 096) (553) (44 649)
Balance at 28 February 2014 610 509 14 196 837 963
Changes:
Additional non-controlling interest
acquired due to:
- Infrasors Holdings Limited (note 8) (23) (28) (51)
- Afrimat Aggregates (Trading) (Pty)
Limited (note 8) (2 756) (1 236) (3 992)
Increase in effective shareholding
in Infrasors due to:
- Increase in shares held in treasury
by Infrasors (53) (35) (88)
Share-based payments - - 1 770
Purchase of treasury shares - - (5 494)
Settlement of employee Share
Appreciation Rights
exercised and reserve transfer,
net of taxation 2 679 - (14 623)
Profit for the period 87 606 1 159 88 765
Other comprehensive income for
the period - - 85
Net change in fair value of
available-for-sale financial assets - - 104
Income taxation effect - - (19)
Dividends paid (note 2.2) (40 263) - (40 263)
Balance at 31 August 2014 657 699 14 056 864 072
CONDENSED CONSOLIDATED SEGMENT REPORT
Split Unaudited Split
six months six months six months
ended ended ended
31 August 31 August 31 August
2014 2014 2013
% R'000 %
Revenue
External sales
Mining & Aggregates 70 721 197 70
Concrete Based Products 30 308 901 30
100 1 030 098 100
Intersegment sales
Mining & Aggregates 95 44 990 88
Concrete Based Products 5 2 482 12
100 47 472 100
Total revenue
Mining & Aggregates 71 766 187 71
Concrete Based Products 29 311 383 29
100 1 077 570 100
Contribution from operations
Mining & Aggregates 79 100 648 86
Concrete Based Products 23 29 683 11
Other (2) (2 982) 3
100 127 349 100
Contribution from operations
margins on external revenue (%)
Mining & Aggregates 14,0%
Concrete Based Products 9,6%
12,4%
Other information
Assets
Mining & Aggregates 966 888
Concrete Based Products 227 566
Other 350 486
1 544 940
Liabilities
Mining & Aggregates 334 296
Concrete Based Products 64 338
Other 282 234
680 868
Unaudited
six months Split year Audited
ended ended year ended
31 August 28 February 28 February
2013 2014 2014
R'000 % R'000
Revenue
External sales
Mining & Aggregates 650 061 71 1 346 029
Concrete Based Products 281 810 29 555 158
931 871 100 1 901 187
Intersegment sales
Mining & Aggregates 39 816 89 73 898
Concrete Based Products 5 255 11 9 528
45 071 100 83 426
Total revenue
Mining & Aggregates 689 877 72 1 419 927
Concrete Based Products 287 065 28 564 686
976 942 100 1 984 613
Contribution from operations
Mining & Aggregates 92 310 86 195 235
Concrete Based Products 13 434 13 30 409
Other 3 165 1 2 627
108 909 100 228 271
Contribution from operations
margins on external revenue (%)
Mining & Aggregates 14,2% 14,5%
Concrete Based Products 4,8% 5,5%
11,7% 12,0%
Other information
Assets
Mining & Aggregates 888 390 887 806
Concrete Based Products 193 888 207 104
Other 384 107 384 507
1 466 385 1 479 417
Liabilities
Mining & Aggregates 346 925 335 908
Concrete Based Products 65 735 64 409
Other 258 207 241 137
670 867 641 454
NOTES
Unaudited Unaudited Audited
six months six months year
ended ended ended
31 August 31 August 28 February
2014 2013 2014
R'000 R'000 R'000
1. Other net gains
Profit on disposal of
available-for-sale financial assets - - 1 426
2. Dividends
2.1 Afrimat Limited dividends
paid/declared in respect of
the current period profits
Interim dividend declared/paid 18 624 15 759 15 759
Final dividend declared - - 40 113
18 624 15 759 55 872
2.2 Dividends cash flow
Current year interim dividend paid - - 15 759
Previous year final dividend paid 40 113 28 652 28 652
Dividends received on treasury
shares 150 (213) (315)
40 263 28 439 44 096
Dividends paid by subsidiaries
to non-controlling shareholders - - 553
40 263 28 439 44 649
3. Authorised capital expenditure
Incurred to date
- Property, plant and equipment 91 018 50 530 -
Not yet contracted for
- Property, plant and equipment 62 797 68 249 153 815
Total authorised capital
expenditure 153 815 118 779 153 815
4. Depreciation 36 459 46 190 93 920
5. Borrowings
5.1 Net movement
Opening balance 171 038 120 684 120 684
New borrowings 31 561 22 070 51 996
Acquired through acquisitions - 100 715 100 715
Repayments (49 692) (55 596) (102 357)
Closing balance 152 907 187 873 171 038
5.2 Analysis as per statement
of cash flows
New borrowings 31 561 22 070 51 996
Repayments (49 692) (55 596) (102 357)
(18 131) (33 526) (50 361)
6. Other financial assets
Funding provided to Afrimat
employees (BEE share purchase
scheme) 112 737 100 143 103 926
Rehabilitation fund trusts and other 35 131 38 599 31 572
147 868 138 742 135 498
Non-current other financial assets 147 868 138 742 134 223
Current other financial assets - - 1 275
147 868 138 742 135 498
Included in the above "Rehabilitation fund trusts and other", is investments
in environmental insurance policies of R19,7 million (Aug 2013: R15,7 million)
(Feb 2014: R17,6 million) measured at fair value. The fair value of unquoted unit
trusts is derived using the adjusted net asset method. The adjusted net asset
method determines the fair value of the investment in the unit trust by reference
to the fair value of the individual assets and liabilities recognised in a unit
trust's statement of financial position. The significant inputs to the adjusted
net asset method are the fair values of the individual assets and liabilities whose
fair value is derived from quoted market prices in active markets. The fair values
are indirectly derived from prices quoted in Level 1, and therefore included in
Level 2 (within the IFRS 13 Fair value measurement fair value hierarchy).
Number of shares
31 August 31 August 28 February
2014 2013 2014
7. Movement in number of
treasury shares
Opening balance 1 048 676 204 242 204 242
Utilised for share
appreciation rights scheme (1 214 712) (1 683 578) (1 774 144)
Sold to BEE investor - - (190 000)
Purchased during the period 353 323 2 504 128 2 808 578
Closing balance 187 287 1 024 792 1 048 676
8. Acquisition of additional non-controlling interest
Following previous communication, the company acquired a further 0,1% of
Infrasors' gross shares in issue, with effect from 1 March 2014. In total
Afrimat Limited ("Afrimat") now holds 79,7%, treasury shares account for
12,0% while minorities account for the remaining 8,3% of the total issued
Infrasors ordinary shares.
Afrimat acquired the remaining 7,3% issued shares held by Joe Kalo Investments
(Pty) Limited in Afrimat Aggregates (Trading) (Pty) Limited ("AAT") with effect
from 1 March 2014.
Infrasors AAT Total
Additional non-controlling
interest acquired (28) (1 236) (1 264)
Premium paid on additional
shares acquired in subsidiary
after initial acquisition (23) (2 756) (2 779)
(51) (3 992) (4 043)
9. Events after reporting date
The business including all assets of Prima Quarries Namibia (Pty) Limited has
been disposed of as a going concern with effect from 1 October 2014.
10. Contingencies
Additional guarantees to the value of R4,9 million by Standard Bank and
R0,3 million by FirstRand Bank Limited were supplied to Eskom and the Department
of Mineral Resources, respectively during the period under review.
On 25 June 2013, SARS issued an adjusted income tax assessment claiming R9,7 million
additional tax, R7,2 million penalties and R2,4 million interest, relating to the
activities of a subsidiary of Infrasors for the tax years 2010, 2011 and 2012 based on
the premise that the company is not a mining entity. The company has submitted an appeal
to SARS and is of the opinion that the activities are of a mining nature. During an
Alternative Dispute Resolution hearing ("ADR") held on 6 June 2014, SARS agreed to
waive the relevant penalties and interest. The company is in the process of obtaining
a final ruling from SARS regarding the treatment of income tax in the relevant subsidiary.
Directors
MW von Wielligh*^ (Chairman)
AJ van Heerden (CEO)
HP Verreynne (Financial Director)
GJ Coffee
L Dotwana*
F du Toit*
PRE Tsukudu*^
JF van der Merwe*^
HJE van Wyk*^
*Non-executive director
^Independent
Registered office
Tyger Valley Office Park No. 2
Corner Willie van Schoor
Avenue and Old Oak Road
Tyger Valley
7530
(PO Box 5278, Tyger Valley, 7536)
Sponsor
Bridge Capital Advisors (Pty) Limited
27 Fricker Road
Illovo
2196
(PO Box 651010, Benmore, 2010)
Auditors
Mazars Inc.
Mazars House
Rialto Road
Grand Moorings
Precinct Century City
7441
(PO Box 134, Century City, 7446)
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street
Johannesburg
2001
(PO Box 61051, Marshalltown, 2107)
Company secretary
M Swart
Tyger Valley Office Park No. 2
Corner Willie van Schoor Avenue and Old Oak Road
Tyger Valley
7530
(PO Box 5278, Tyger Valley, 7536)
Date: 06/11/2014 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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