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Unaudited condensed consolidated interim results for the period ended 31 December 2014
ROLFES HOLDINGS LIMITED
(Registration number 2000/002715/06)
Incorporated in South Africa
Share Code: RLF
ISIN:ZAE000159836
(“Rolfes” or “the Group”)
www.rolfesza.com
Unaudited condensed consolidated interim results for the period ended 31
December 2014
PERFORMANCE SUMMARY
* Revenue increased by 13, 9% to R589, 3 million (December 2013: R517, 6 million).
* Export revenue increased by 36, 8% to R 119, 0 million (December 2013: R87, 0 million).
* Export revenue now comprises 20, 2% of total revenue (December 2013: 16, 8 %).
* Gross profit margins improved to 23, 2 % (December 2013: 21, 4%).
* Headline earnings per share increased by 16.1% to 23, 1 cents per share (December 2013: 19, 9 cents per
share).
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31
DECEMBER 2014
Unaudited Unaudited Audited
31 Dec 2014 31 Dec 2013 30 June 2014
R'000 R'000 R'000
ASSETS
Non-current assets 268 866 230 031 260 933
Plant and equipment 77 483 71 598 69 525
Property 48 495 28 228 48 495
Intangible assets 142 888 130 205 142 913
Current assets 516 933 422 340 456 990
Inventories 248 290 228 080 238 615
Trade and other receivables 236 815 184 828 196 097
Sundry debtors and deposits 6 680 2 645 6 692
Cash and cash equivalents 16 970 - 12 042
Value Added Tax receivable 8 178 6 787 3 544
Total assets 785 799 652 371 717 923
EQUITY AND LIABILITIES
Capital and reserves 369 673 322 441 337 095
Share capital 1 086 1 086 1 086
Treasury shares (868) (868) (868)
Share premium 49 802 49 802 49 802
Retained income 247 717 214 352 222 853
Revaluation reserve 5 488 - 5 488
Equity holders of the parent 303 225 264 372 278 361
Non-controlling interest 66 448 58 069 58 734
Non-current liabilities 82 716 60 528 78 640
Vendor loan 7 811 7 048 7 379
Interest-bearing liabilities 47 373 30 818 44 617
Deferred tax liability 23 548 19 526 23 244
Provisions for reconstruction 2 719 2 500 2 602
Loss in associate 1 265 636 798
Current liabilities 333 410 269 402 302 188
Trade and other payables 194 210 158 751 200 268
Short term liabilities-
Interest bearing 23 788 14 145 13 948
Short term liabilities-
Non- interest bearing 6 922 6 922 6 922
Current portion of interest-bearing
liabilities 29 298 20 153 19 850
Cash and cash equivalents 71 006 56 006 54 631
Tax liability 4 383 11 851 5 708
Sundry creditors and provisions 3 803 1 574 861
Total equity and liabilities 785 799 652 371 717 923
Number of shares
in issue ('000) 108 609 108 609 108 609
Weighted number
of shares in issue
('000) 107 968 107 968 107 968
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE
PERIOD ENDED 31 DECEMBER 2014
Unaudited Unaudited Audited
six months six months year
31 Dec 2014 31 Dec 2013 30 June 2014
R'000 R'000 R'000
Revenue 589 284 517 601 1 001 407
Cost of sales (452 683) (407 065) (777 865)
Gross profit 136 601 110 536 223 542
Other operating income (1 008) 2 873 6 020
Operating expenses (85 515) (71 613) (164 656)
Operating profit before interest 50 078 41 796 64 906
Finance expenses (7 770) (6 056) (14 780)
Finance income 210 - 148
Net profit before taxation 42 518 35 740 50 274
Tax expenses (9 940) (9 043) (12 219)
Profit for the period 32 578 26 697 38 055
Attributable to:
Continued operations 32 578 30 028 45 126
Discontinued operations - (3 331) (7 071)
Attributable to:
Owners of the parent 24 864 18 476 29 170
Non-controlling interest 7 714 8 221 8 885
Total comprehensive income for the period
Other comprehensive income for
the year, net of taxation
Revaluation adjustment to fair value
net of taxation - - 3 295
Total comprehensive income
for the year - - 41 350
Total comprehensive income attributable to:
Owners of the parent 24 864 18 476 32 465
Non-controlling interest 7 714 8 221 8 885
Total comprehensive income attributable to:
Continued operations 32 578 30 028 48 421
Discontinued operations - (3 331) (7 071)
Reconciliation of headline earnings
Attributable profit 24 864 18 476 29 170
Adjusted for the after-tax effect of:
Loss from sale of fixed asset 81 39 2 467
Loss from associate - 225 387
Loss/ from discontinued operations - 2 732 7 071
Headline earnings 24 945 21 472 39 095
Earnings per share (cents)
- Basic 23.03 17.1 27.0
- Headline 23.10 19.9 36.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31
DECEMBER 2014
Unaudited Unaudited Audited
six months six months year
31 Dec 2014 31 Dec 2013 30 June 2014
R'000 R'000 R'000
Cash flow (utilised in)/ generated from
operating activities (1 716) 16 015 68 848
Finance income 210 - 148
Finance cost (7 770) (6 056) (14 780)
Tax paid (10 961) (10 110) (17 576)
Dividends paid - (5 430) (5 430)
Cash flow utilised in
investing activities (13 683) (17 076) (41 222)
Cash flow generated from financing
activities 22 473 (1 433) (662)
Cash (deficit) for the period (11 447) (24 090) (10 673)
Cash and cash equivalents
- beginning of the period (42 589) (31 916) (31 916)
Cash and cash equivalents
- end of the period (54 036) (56 006) (42 589)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
ENDED 31 DECEMBER 2014
Ordinary Share Retained Treasury Revaluation Outside Total
Shares premium income shares reserve shareholders’ equity
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balance at 30 June 2013 1 086 49 802 199 113 (868) 2 193 49 848 301 174
Net profit for the period - - 18 476 - - 8 221 26 697
Dividends declared - - (5 430) - - - (5 430)
Balance at 31 December
2013 1 086 49 802 212 159 (868) 2 193 58 069 322 441
Total comprehensive
income for the period - - 10 694 - 3 295 665 14 654
Dividends declared - - - - - - -
Balance at 30 June 2014 1 086 49 802 222 853 (868) 5 488 58 734 337 095
Total comprehensive income
for the period - - 24 864 - - 7 714 32 578
Dividends declared - - - - - - -
Balance at 31 December
2014 1 086 49 802 247 717 (868) 5 488 66 448 369 673
SEGMENTAL ANALYSIS FOR THE PERIOD ENDED 31 DECEMBER 2014
Gross Operating Liabili-
Revenue Profit profit Assets ties
31 December 2014 R'000 R'000 R'000 R'000 R'000
Industrial
chemicals 298 978 43 231 19 267 316 151 200 003
Agricultural
chemicals 195 210 53 871 25 286 236 437 132 326
Mining and Water
chemicals 94 863 39 266 15 125 195 662 56 173
Industrial chemicals
discontinued - - - - -
Other 233 233 (9 600) 70 746 60 458
Elimination of
intergroup
items - - - (33 197) (32 834)
and other
Total 589 284 136 601 50 078 785 799 416 126
31 December 2013
Industrial
chemicals 259 135 41 549 19 908 315 439 161 632
Agricultural
chemicals 155 297 45 340 24 757 185 569 90 366
Mining and Water
chemicals 66 619 25 660 8 104 121 634 72 721
Industrial chemicals
discontinued 36 320 (2 243) (4 627) - -
Other 230 230 (6 346) 22 979 36 437
Elimination of
intergroup
items
and other - - - 6 750 (31 226)
Total 517 601 110 536 41 796 652 371 329 930
30 June 2014
Industrial
chemicals 509 060 73 135 28 327 265 196 146 539
Agricultural
chemicals 285 241 83 458 42 534 227 605 163 409
Mining and Water
chemicals 159 795 63 780 23 234 152 975 93 397
Industrial chemicals
discontinued 42 901 (1 241) (9 821) - -
Other 4 410 4 410 (19 368) 46 723 3 582
Elimination of
intergroup
items
and other - - - 25 424 (26 099)
Total 1 001 407 223 542 64 906 717 923 380 828
The basis of preparation of the segmental analysis, include certain intercompany transactions being eliminated in
the respective segmental results in the interim and previous year’s reporting.
COMMENTARY
GROUP OVERVIEW
The Group remains committed to increasing its market share, cash generation, extend its product range,
acquisitions and organic growth.
The performance of the business for the period is pleasing and well-illustrated with improved top line and margin
performance in all segments.
GROUP PRODUCT OFFERING AND DIVISIONAL STRUCTURE
Rolfes operates through three divisions, in various markets, locally and internationally, as a provider of industrial,
agricultural, and water chemicals. The Group manufactures and distributes a wide range of market-leading, high-
quality chemical products to diverse industries including the coatings, plastics, vinyl, leather tanning, ink,
metallurgical, cleaning, formulators, automotive, general manufacturing, agricultural, food, construction, home
care, personal care, water filtration, water treatment and water purification industries. The Group provides value
add through the deployment of intellectual capital and technological innovation in selected industries.
The Industrial Chemicals division manufactures and distributes various organic and inorganic pigments,
additives, in-plant and point-of-sale dispersions, leather chemicals and solutions, food fragrances, food
flavourings, solvents, lacquer thinners, surfactants, cleaning solvents, creosotes, waxes and other industrial
chemicals and to personal care markets.
The Agricultural Chemicals division manufactures and distributes products that include herbicides, insecticides,
fungicides, adjuvants, foliar feeds, enriched compost pellets, and soluble fertilisers promoting general plant, root,
and foliage and soil health.
The Mining and Water Chemicals division distributes pure beneficiated silica to the mining, metallurgical,
fertiliser, water-filtration and construction industries. The division also provides specialised water purification
solutions and products to the industrial, agricultural and mining markets.
The Group’s international footprint now extends to North America, Asia, the rest of Africa and Eastern and
Western Europe, with owned operations in Botswana, Zambia, Nigeria, Tanzania and Romania.
GROUP FINANCIAL PERFORMANCE
Group revenue increased by 13, 9% to R 589, 3 million (December 2013: R 517, 6 million). The increase in
revenue is due to excellent top line performance in all divisions in particular, driven by growth. Exports, including
sales and services rendered in the foreign subsidiaries, contributed R 119, 0 million (December 2013: R 87, 0
million) to the total revenue, comprising 20, 2 % of total revenue to December 2014 (December 2013: 16, 8 % of
total revenue). This amounts to an increase of 32, 0% over the comparative period to December 2013. The
increase is attributed mainly to export sales increases into the rest of Africa.
Gross profit increased to R 136, 6 million (December 2013: R 110, 5 million) with gross profit margins increasing
to 23, 2% (December 2013: 21, 4%).The improvement in gross profit margins is mainly attributable to the higher
margin water chemical business operations.
Group operating costs increased partly due to further investment into the rest of Africa and Eastern Europe.
Operating profit increased to R 50, 1 million (December 2013: R 41, 8 million) at a margin of 8, 5% of revenue
(December 2013: 8, 1 %).
EBITDA increased by 18, 2% to R 55, 3 million (December 2013: R 46, 8 million). EBITDA is calculated as
operating profits plus depreciation and amortisation of R 5, 2 million (December 2013: R 4, 9 million).
Headline earnings per share and fully diluted headline earnings per share increased by 16, 1 % to 23, 1 cents
(December 2013: 19, 9 cents). Earnings per share increased by 34, 6 % to 23, 0 cents (December 2013: 17, 1
cents). The weighted average shares for the period was 107 968 467 (December 2013: 107 968 467).
The total net asset value (excluding non-controlling interest) increased to R 303, 2 million (June 2014: R278, 4
million) while net tangible asset value per share increased to 147.6 cents (June 2014: 124.7 cents), based on
108 609 467 (June 2014: 108 609 467) shares in issue.
Finance costs increased to R 7, 6 million (December 2013: R 6, 1 million) mainly due to higher interest paid on
long term debt, and increased sales activities. Interest cover slightly reduced to 6, 6 times (December 2013: 6, 9
times) with the total debt (interest-bearing) to equity ratio remaining at 0, 4 at December 2014 (June 2014: 0, 4).
GROUP CASH FLOW PERFORMANCE
Cash utilised in operating activities amounted to a deficit of R1, 7 million (December 2013: R 16, 0 million). The
increase in net working capital investment since 30 June 2014 amounted to R 58, 1 million represented by an
increase in inventory of R 9, 7 million (June 2014: R28, 5 million) and an increase in accounts receivable of R 45,
3 million (June 2014: R28, 1 million), respectively and a decrease in accounts payable and value added tax of R
3, 1 million (June 2014: R45, 0 million).
Debtors’ days decreased marginally to 64, 8 days (June 2014: 62, 7 days) mainly due to continued customer
payment terms on exports remaining longer, due to the continued investment to allow market penetration in other
countries. Stock days decreased to 96, 0 days (excluding stock in transit) (June 2014: 101, 7 days (excluding
stock in transit)) reflecting seasonal requirements for product by the customer base. Creditors’ days increased to
66, 3 days (excluding stock in transit suppliers) (June 2014: 73, 4 days (excluding stock in transit suppliers),
counteracting the movement in stock and debtors days. The net investment in working capital increased slightly
to 94, 5 days (June 2014: 91, 0 days).
Cash flow utilised in investing activities of R13, 7 million includes capital expenditure of R9, 1 million for
improvements and upgrades of manufacturing facilities, premises infrastructure upgrades and logistics
capabilities. R 4, 6 million was invested in product development activities.
The cash flow generated from financing activities of R 22, 5 million includes loan repayments of R11, 5 million,
debtor financing of R9, 8 million, a medium term loan of R20, 0 million to assist with the restructuring of medium
versus short term debt and financing obtained for capital projects and other capital expenditure of R 4,2 million.
OPERATIONAL REVIEW
INDUSTRIAL CHEMICALS
Revenue increased by 15, 4% to R 298, 9, million (December 2013: R 259, 1 million). The increase is mainly due
to export growth into Africa, leather chemical business growth and improved performance in the Pigments
business. Gross profit margins decreased to 14, 5% (December 2013: 16, 0 %), mainly due to continued
investment into the food chemical markets and organic pigment margins being under pressure.
The pigments operation continues to show improvement. Change strategies implemented during the latter part of
the last financial year, the positive management change and improved operational efficiencies contributed to its
performance. The volatile Rand/USD exchange rate resulted in higher raw material input costs somewhat
counteracted by the exchange rate effect on exports and lower input costs for solvent related products towards
the latter part of the year.
Operating costs increased to R 24, 5 million (December 2013: R 22, 6 million) mainly due to continued
investment in skills in the leather chemicals division and the food chemicals business, set off by a reduction in the
overheads at the pigments operations.
Capital expenditure of R 2, 0 million included the continued improvement of production facilities, quality
management systems, investment into testing/laboratory facilities and transport fleet upgrades.
The division will continue to improve its pigments operations, aggressively grow its European and African businesses
and build on the success of the leather and food chemical business.
AGRICULTURAL CHEMICALS
Revenue increased by 25, 7% to R 195, 2 million (December 2013: R 155, 3million). Gross profit margins
decreased to 27, 6% (December 2013: 29, 2 %) due to increased export activity at lower margins.
Operating costs increased to R 27, 7 million (December 2013: R 21, 7million) due to further investment in skills
and increased risk mitigation costs, and certain once off expenses.
Capital expenditure of R9.7 million included further upgrades of the existing production facility and investment
into product development amounting to R5, 3 million. Additional manufacturing and storage facilities are planned
to be erected on the newly acquired vacant property adjacent to the Agchem factory in Waltloo during 2016.
The development of a new distribution channel in Ghana is well underway with Mozambique, Zimbabwe and
Zambia performing to expectation. The expansion into Eastern Europe proved successful. The division will
continue to distribute products in the USA through its current distribution channel. New product registrations
which include product registrations for the new seed division are granted continuously both locally and
internationally.
Trial commercialisation of its green PGPR products (bacterial products) is in process, with full commercialisation
of this expected within the next two years.
MINING AND WATER CHEMICALS
Revenue increased by 42, 5% to R 94, 9 million (December 2013: R 66, 6 million) and gross profit margins
increased to 41, 4% (December 2013: 38, 5 %), mostly attributable to improved performance in all businesses
within the division.
Operating costs increased to R 55, 6 million (December 2013: R 40, 9 million) to facilitate support of top line
growth and a further investment in skills in the Water Chemical business.
Capital expenditure incurred amounted to R1,9 million and comprised investments into upgrades required in
terms of regulations at the Silica mine in Brits and the extension of the water chemicals fleet to improve logistics
capabilities in Botswana.
Rolfes PWM, the water chemicals business, has concluded negotiations for an exclusive distribution, royalty,
manufacturing and licensing agreement with Solenis (previously Ashland Water Technologies) securing the
technology to service the middle to large industrial sector in large parts of Sub-Saharan Africa. Solenis is a
leading global manufacturer of speciality chemicals for the pulp, paper, oil and gas, chemical processing, mining
and bio- refining, power and municipal markets. The company’s products includes an array of process, functional
and water treatment chemistries as well as state of the art monitoring control systems. With its head office in
Delaware the company operates 30 manufacturing facilities strategically located around the world. This
agreement and related technology puts PWM in a favourable position to compete in the large industrial sector
which previously proved to be difficult.
The silica operation has yielded excellent results during the six months ended 31 December 2014 on the back of
the diversified customer base developed in the previous financial year to ensure sustainability while the mining
sector continued to suffer the effects of the mining strikes experienced during the previous financial year. The
operation continued to implement plant upgrades to comply with DMR regulations and relevant legislation.
OPERATING ENVIRONMENT
The rand continued to weaken to the USD during the six months ended 31 December 2014. This affected the
Group positively regarding exports but had a negative impact on input costs related to imports. The Group’s net
foreign exchange exposure is constantly monitored to ensure a consistent approach to the hedging of short term
foreign exchange exposures to defend our margins and protect cash flows.
The general South African manufacturing environment remained weak for the period under review, the negative
effects thereof being partially offset by continued growth in exports.
FORWARD LOOKING
The Group is focussed on building its current chemicals divisions through pursuing further speciality chemicals and
related acquisitions as well as forming strategic alliances with international chemicals businesses and brands. The
rest of Africa remains a key growth area which will be leveraged off of via strategic relationships in African countries
and through various vehicles whilst continuing to carefully monitor the associated risks and mitigating these risks.
Developments within the water chemicals business includes the strategic alliance formed between Rolfes PWM and
Solenis (previously Ashland Water Technologies) providing the necessary technological support and extended
product range required to facilitate growth and the extension of water treatment services to large water treatment
facilities . The acquisition of the balance of the shares from minorities in Tetralon (Pty) Limited (acquired with the
PWM Group on 1 April 2013) and the subsequent sale of business into Rolfes Chemicals, allows for the proper
positioning of the personal and home care, equipment and chemicals trading business to the Industrial Chemical
division.
The reduced oil prices is expected to influence the Industrial Chemicals division performance on top line with the
effect offset by reduced raw material input costs in those businesses as well as the continued positive growth in
leather chemicals which forms part of the division. Further benefit will be derived from the extended product range
and skills levels the Tetralon brand brings to the Chemicals business. The group is also looking forward to an
improved performance in the Pigments business.
In the Agri-division the Group will remain focussed on optimising and increasing efficiencies to maximise benefits from
its working capital and capital investments. The newly established European operation is expected to contribute
positively to the divisions’ performance in the near future. Development and testing of its new organic PGPR product
range is well underway.
Statements made throughout this announcement concerning the future performance of the Group have not been
reviewed or reported on by the Group’s auditors.
STRATEGIC OBJECTIVES AND RISKS
BBBEE OBJECTIVES
Standards have been set and initiatives have been implemented and fast tracked to ensure delivery on annual
transformation targets.
COMPLIANCE TO APPLICABLE LAWS AND REGULATIONS
Non-compliance in a highly regulated industry can lead to personal injury, reputational damage, fines and the loss of
certain operating licences. We have a well-engrained compliance culture balanced with an understanding of our
rights under the relevant laws where we operate.
HUMAN RESOURCES
The Group recognises the fundamental role of human capital in securing sustainable success and remains
committed to protecting, motivating and incentivising this critical asset. The Group further recognises that
transformation is crucial to future growth and steps are underway to improve our transformation performance.
CORPORATE GOVERNANCE
The Group recognises the recommendations of King III and remains committed to sound corporate governance and
sustainability practices.
DIVIDENDS
After careful consideration, the Board has decided that no interim dividend be declared. The Group wishes to
preserve its cash resources to ensure that it invests into growth areas of the business. This decision will again be
reviewed at the end of the financial reporting period, 30 June 2015.
BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements are prepared as a going concern on a
historical cost basis except for the measurement of financial assets and liabilities at fair value through profit and
loss and at fair value through other comprehensive income in accordance with accounting policies.
The Board acknowledges its responsibility for the preparation of the unaudited condensed consolidated interim
financial results which were prepared by Ms Lizette Lynch, the Group Financial Director of Rolfes Holdings
Limited. The unaudited condensed consolidated interim financial results for the period ended 31 December 2014
have been prepared in accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards (IFRS) and the International Accounting Standard 34
(IAS 34); the South African Institute of Chartered Accountants (SAICA) financial reporting guidelines as issued by
the Accounting Practices Committee (APC) and financial reporting pronouncements as issued by the Financial
Reporting Standards Committee, the interpretations adopted by the International Accounting Standards Board
(IASB), the JSE Listings Requirements and the South African Companies Act (71 of 2008), as amended.
ACCOUNTING POLICIES
The unaudited condensed consolidated interim financial results do not include all the information required by
IFRS for full financial statements.
The accounting policies adopted in the preparation of the unaudited condensed consolidated interim financial
results for the period ended 31 December 2014 are consistent with those applied in the preparation of the annual
financial statements for the year ended 30 June 2014. All new interpretations and standards were assessed and
adopted with no material impact.
BUSINESS COMBINATIONS
The Group purchased the remaining 30% of the shares in Tetralon (Pty) Limited effective 1 January 2015 from
minority shareholders. The change in ownership without the loss of control will be fully disclosed in the year end
results announcement. Acquisitions of subsidiaries and businesses are accounted for using the purchase
method. The cost of the business combination is measured as the aggregate of the fair values (at the date of
exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in
exchange for control of the acquiree. The acquiree’s identifiable assets, liabilities and contingent liabilities that
meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the
acquisition date.
RELATED PARTY TRANSACTIONS
The Group companies entered into various other related party transactions. These transactions are no less
favourable than those entered into with third parties and occurred on an arm’s length and commercial basis.
DIRECTORATE AND CHANGES TO THE BOARD
As announced on SENS on 13 October 2014, Messrs Arnold Fourie and Takalani Tshivhase resigned from the
Rolfes Board.
Mr Andre J Hanekom has resigned from the board, with effect from 20 February 2015, to pursue personal
business interests. Ms Lizette Lynch has been reappointed in the interim as Group Financial Director, until a
suitable replacement is found and Mrs Tessa Swanepoel (B.Com Hons) has been appointed as Company
Secretary, also with effect from 20 February 2015
We thank all outgoing directors for their service to Rolfes during their tenure as directors and wish them well in
their future endeavours.
SUBSEQUENT EVENTS
No material events have occurred between the six month period ended 31 December 2014 (“interim period”) and
the date of this announcement except for the change of ownership without the loss of control transaction and the
changes to the Board of Directors as disclosed in this announcement.
On behalf of the Board
BT Ngcuka E van der Merwe
Chairman Chief Executive Officer
23 February 2015
Registered office: 12 Jetpark Road, Jetpark, Boksburg, 1459
Transfer Secretaries: Computershare Investor Services (Pty) Limited, 70 Marshall Street, Johannesburg 2001
Directors: BT Ngcuka* (Chairman), E van der Merwe (Chief Executive Officer), L Lynch (Group Financial
Director), MS Teke*, KT Nondumo*#, SS Mafoyane *# , MM Dyasi*#, DM Mncube *#
*Non-executive # Independent
Company Secretary: T Swanepoel Results prepared by: L Lynch
Commentary prepared by: L Lynch and E van der Merwe
Sponsors: Grindrod Bank Limited
Registered auditors: SizweNtsalubaGobodo Incorporated
Date: 23/02/2015 11:39:00 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
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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,
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