Wrap Text
Unaudited interim results for the six months ended 31 December 2014
EQSTRA HOLDINGS LIMITED
1998/011672/06
EQSTRA CORPORATION LIMITED
1984/007045/06
JSE codes: EQS; EQS02; EQS04; EQS05; EQS06; EQS07; EQS08A; EQS09
ISIN: ZAE000117123
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2014
OPERATING PROFIT INCREASED
9.1% to R503 million
REVENUE DECREASED
4.5% to R4 713 million
CASH GENERATED BY OPERATIONS BEFORE CHANGES IN WORKING CAPITAL INCREASED
6.0% to R1 496 million
HEADLINE EARNINGS PER SHARE INCREASED
5.7% to 36.9 cents
NET ASSET VALUE PER SHARE INCREASED
8.6% to 877.6 cents
INTEREST-BEARING BORROWINGS DECREASED
1.4% to R7 864 million
INTRODUCTION
Eqstra Holdings Limited ("the group" or "Eqstra") profit after taxation for the period increased by 7.8% to R152 million
(2013: R141 million). The improved performance was mainly as a result of the planned ending of loss making contracts,
the closure of non-core loss making business units and cost reductions. The operating profit increase of 9.1% reflects the
positive impact of these actions.
During the period the Fleet Management and Logistics and Industrial Equipment divisions both delivered a consistent
performance by reflecting marginal improvements over the comparable period.
The Contract Mining and Plant Rental division made meaningful progress towards improving operations and reported a
profit before tax of R6 million (2014: Rnil) as a result of the termination of loss making contracts and cost savings, despite
revenue decreasing by 12.4%. A general slowdown in mining and infrastructure activity in South Africa continued.
The marginal growth in revenue-generating assets was a result of the group proactively curtailing capital expenditure to
ensure liquidity and to counteract the prevailing constraints in the capital markets. The continued positive cash generation
ensured that Eqstra was able to fund replacement capital expenditure without raising additional debt and repay debt
that matured during the period.
- Revenue decreased by 4.5% to R4 713 million (2013: R4 935 million), mainly as a result of the planned ending of loss
making contracts and business units no longer contributing to revenue, whilst revenue from existing contracts increased.
- Profit before taxation increased 4.0% to R180 million (2013: R173 million). This resulted in the profit before taxation
margin increasing to 3.8% (2013: 3.5%).
- Revenue-generating assets (leasing assets and finance lease receivables), which is the foundation of the group's
business model, increased by R124 million or 1.2% to R10 158 million (H2'14: R10 034 million), as the business curtailed
growth during the period. The group intends to continue with the curtailment of growth until the capital market opens
up again for the group and debt becomes more freely available. Included in the increase in revenue-generating assets
is a foreign exchange movement component of R91 million (H2'14: R157 million).
- Net finance costs increased by 17.1% to R336 million (2013: R287 million) as average debt levels increased from the
comparative period although average debt levels remained constant during the past twelve months.
- Net asset value per share increased by 8.6% to 877.6 cents per share (2013: 808.3 cents per share).
- Headline earnings per share (HEPS) increased by 5.7% to 36.9 cents per share, as the results from Contract Mining and
Plant Rental showed improvement.
DIVISIONAL REVIEW
Industrial Equipment
for the year
for the six months ended ended
31 December 31 December 30 June 30 June
2014 2013 2014 2014
Rm Rm Rm Rm
Revenue 1 499 1 507 1 530 3 037
Operating profit 159 145 166 311
Net finance costs (86) (70) (83) (153)
Profit before taxation 77 74 79 153
PBT margin % 5.1% 4.9% 5.2% 5.0%
Revenue-generating assets 2 365 2 159 2 286 2 286
Industrial Equipment's operating profit increased by 9.7% to R159 million (2013: R145 million). This improvement was despite
an industry wide industrial action during July 2014, resulting in workshops being closed and deliveries of equipment
hampered. The South African forklift business performed well, increasing market share. The continued slowdown in the
South African economy negatively impacted heavy equipment sales, however ports equipment performed well. The
United Kingdom and Ireland business delivered a commendable performance achieving an 11% return on equity in pound
sterling terms. The division will continue to review underperforming business units.
Fleet Management and Logistics
for the year
for the six months ended ended
31 December 31 December 30 June 30 June
2014 2013 2014 2014
Rm Rm Rm Rm
Revenue 1 303 1 351 1 445 2 796
Operating profit 210 183 183 366
Net finance costs (112) (87) (97) (184)
Profit before taxation 98 96 86 182
PBT margin % 7.5% 7.1% 6.0% 6.5%
Revenue-generating assets 3 484 3 259 3 399 3 399
The Fleet Management and Logistics division benefitted from the closure of underperforming business units, resulting in
operating profit increasing by 14.8% to R210 million (2013: R183 million). The operating profit margin improved despite
difficult market conditions. We continue to take a conservative approach to granting of credit. The phased roll out
approached of the ERP system has commenced. Further efficiencies are expected in the next financial year following the
implementation of our ERP system and the concluded business restructure.
In the current markets, focus remains on growing value-added products both locally and in the other African countries
we operate in.
Contract Mining and Plant Rental
for the year
for the six months ended ended
31 December 31 December 30 June 30 June
2014 2013 2014 2014
Rm Rm Rm Rm
Revenue 2 003 2 286 2 229 4 515
Operating profit 134 130 109 239
Net finance costs (138) (130) (133) (263)
Profit before taxation 6 – (24) (24)
PBT margin % 0.3% 0% (1.1%) (0.5%)
Revenue-generating assets 4 329 4 567 4 383 4 383
The board welcomed Justin Colling in January 2015 as the new Chief executive officer for the Contract Mining business
and he will continue to drive operational improvements and initiatives to maximise shareholder returns.
The Contract Mining and Plant Rental division delivered R6 million (2013: Rnil) profit before taxation. The past six months
focused on right sizing the business following the termination of loss making contracts. The overhead structure had been
reduced and the benefit would become visible in the second half of the year. The current period turnaround was masked
by retrenchment costs and cost of underutilised equipment. Management is actively looking for opportunities to redeploy
underutilised assets.
The new Karowe Diamond mine operations in Botswana commenced late in December 2014 and this should benefit the
division in the second half of the year.
Rio Tinto sold its Benga operations to International Coal Ventures Private Limited (ICVL). The current contract terminates
in December 2015 and we are in negotiations to conclude the way forward. The operations at the site are performing
according to plan.
The division con0tinued to diversify short-term rental contracts into longer-term leasing contracts. The division made
progress to lease underutilised equipment during the period.
LONG-TERM DEBT FUNDING
During November 2014, the group successfully repaid the EQS01 bond in the amount of R349 million. This bond was
refinanced with a Pula 250 million/R300 million term loan secured in Botswana during the same period. The United Kingdom
debt was refinanced with a GBP53 million 3 year facility.
Subsequent to period end R635 million bank debt maturing in 2015 was successfully refinanced into long term debt.
The EQS02 and EQS04 bonds maturing in July 2015 (R50 million) and September 2015 (R411 million) will be refinanced with a
combination of new and existing Export Credit (ECA) facilities and cash generated from operations.
Total interest-bearing borrowings decreased by 1.4% to R7 864 million (H2'14: R7 976 million). This decrease is despite a
1.2% increase in revenue-generating assets, indicating that internally generated cash was utilised to fund replacement
capital expenditure.
Eqstra continues to manage the duration, currency and interest rate of its debt in accordance with underlying revenue-
generating assets.
The Rating Agency Standard & Poor has not issued an updated ratings report since April 2013 when Eqstra's long-term
credit rating was downgraded by one notch to BBB+ based on the agency's view that the group is exposed to the cyclical
mining sector, subject to volatile commodity prices and labour unrest. The agency is in a process of completing their
annual review and will issue an updated report shortly.
The group complied with all bank debt covenants and achieved an interest cover ratio of 4.6 times (2013: 5.0 times) and
a capital adequacy ratio of 26.2% (H2'14: 24.9%). Both measures are above the levels required by the group's long-term
debt funders. The group intends to increase its minimum capital adequacy required from 20% to 25% for the Common
Monetary Area over the medium term. The board is satisfied that the strategies to address the liquidity risk, reducing
gearing and the refinancing risks are effectively addressed.
DIVIDEND
The board agreed to withhold dividend payments to preserve cash as well as strengthen the balance sheet and only
consider resuming dividend payments once the target capital adequacy ratio have been achieved, the debt capital
market and company liquidity are normalised.
The board considered the solvency and liquidity of the company and is satisfied that the company will remain solvent
and liquid.
ACKNOWLEDGEMENT
The board thanks Grant Gelink, who resigned in November 2014, for his contribution as non-executive director. Tim Ross
was re-appointed to the board.
PROSPECTS
Industrial Equipment anticipates the solid performance to continue with both the South African forklift market and the
United Kingdom market increasing marginally. Our aim to further balance the product portfolio and grow into sub-Sahara
Africa and the United Kingdom, with a much stronger basket of products in place. A healthy order book for long-term
rental and cash sales is in place to support annuity revenue growth.
Fleet Management and Logistics earnings from leasing activities are set to remain defensive however the ongoing low
interest rates will continue to have a negative impact on earnings. We aim to drive value add products with measured
expansion on leasing activities.
Contract Mining and Plant Rental remains an important part of the asset mix of the group. The re-positioning of the division
has already starting to show early signs of recovery under new management. The exit of underperforming contracts and
improvement of asset utilisation positions the division adequately through the commodity cycle. Management continues
to reduce the exposure to contract mining not exceeding 30% of the group's revenue-generating assets. We continue
to actively participate in the South Africa render activities, but redeploying surplus assets could however be challenging.
"Any forecast financial information contained herein has not been reviewed and reported on by the company's external auditors".
By order of the board
NP Mageza WS Hill
Chairperson Chief executive officer
2 March 2015
CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at Unaudited Unaudited Audited
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
ASSETS
Non-current assets 10 902 10 718 10 822
Intangible assets 191 126 167
Property, plant and equipment 495 549 519
Leasing assets 10 131 9 874 9 991
Deferred tax assets 57 31 67
Finance lease receivables 11 24 12
Other investments and loans(2) 17 114 66
Current assets 2 958 2 958 3 054
Derivative financial assets 37 126 48
Finance lease receivables 16 44 31
Other investments and loans(2) 74 – 42
Inventories 1 115 1 102 1 117
Trade and other receivables 1 568 1 591 1 704
Taxation in advance 16 27 19
Cash and cash equivalents 132 68 93
Total assets 13 860 13 676 13 876
EQUITY AND LIABILITIES
Capital and reserves
Stated capital 1 839 1 837 1 839
Other reserves 310 279 272
Retained income 1 461 1 209 1 314
Equity attributable to owners of the parent 3 610 3 325 3 425
Non-controlling interests 26 17 26
Total equity 3 636 3 342 3 451
Non-current liabilities 6 577 6 238 5 665
Interest-bearing borrowings 5 816 5 488 4 912
Deferred tax liabilities 761 750 753
Current liabilities 3 647 4 096 4 760
Current portion of interest-bearing
borrowings (3) 2 048 2 503 3 064
Trade and other payables, provisions
and derivatives 1 573 1 562 1 667
Current tax liabilities 26 31 29
Total equity and liabilities 13 860 13 676 13 876
CONDENSED GROUP INCOME STATEMENT
Unaudited Audited
for the six months ended Year end
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
Revenue 4 713 4 935 9 978
Profit from operations before
depreciation, amortisation and
recoupments 1 534 1 407 3 004
Depreciation and amortisation (1 032) (946) (2 067)
Recoupments 1 – 1
Operating profit 503 461 938
Net foreign exchange gains (losses) 13 (1) (1)
Net impairment of leasing assets – – (2)
Impairment of investment – – (63)
Profit before net finance costs 516 460 872
Net finance costs (336) (287) (603)
Finance costs including fair value gains (343) (302) (628)
Finance income 7 15 25
Profit before taxation 180 173 269
Income tax expense (28) (32) (18)
Profit for the period 152 141 251
Attributable to:
Owners of the parent 147 138 240
Non-controlling interests 5 3 11
Profit for the period 152 141 251
Cents Cents Cents
Earnings per share
– Basic and diluted earnings per share 37.0 34.9 60.6
CONDENSED GROUP STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
for the six months ended Year end
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
Profit for the period 152 141 251
Total other comprehensive income
for the period, net of taxation 38 66 68
Exchange differences on translation
of foreign subsidiaries 43 43 60
Net fair value (losses) gains on cash
flow hedges and other fair value
reserves (5) 23 8
Total comprehensive income for the
period, net of taxation 190 207 319
Attributable to:
Owners of the parent 185 204 308
Non-controlling interests 5 3 11
190 207 319
CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
Non-
Stated Other Retained controlling
capital reserves income interest Total
Rm Rm Rm Rm Rm
Balance at 1 July 2013 1 816 218 1 222 19 3 275
Total comprehensive income for
the period – 66 138 3 207
Profit for the period – – 138 3 141
Other comprehensive income for the
period, net of taxation – 66 – – 66
Net share-based payment movement – (12) – – (12)
Purchase of non-controlling interest – 1 – (1) –
Sale of treasury shares by subsidiary 20 – – – 20
Dividends paid – – (146) (4) (150)
Other movements 1 6 (5) – 2
Balance at 31 December 2013 1 837 279 1 209 17 3 342
Total comprehensive income for
the period – 2 102 8 112
Profit for the period – – 102 8 110
Other comprehensive income for the
period, net of taxation – 2 – – 2
Net share-based payment movement – (9) – – (9)
Revaluation of Lereko call option – 3 – – 3
Sale of treasury shares by subsidiary 2 – – – 2
Other movements – (3) 3 1 1
Balance at 30 June 2014 1 839 272 1 314 26 3 451
Total comprehensive income for
the period – 38 147 5 190
Profit for the period – – 147 5 152
Other comprehensive income for the
period, net of taxation – 38 – – 38
Net share-based payment movement – 2 – – 2
Dividends paid – – – (5) (5)
Other movements – (2) – – (2)
Balance at 31 December 2014 1 839 310 1 461 26 3 636
CONDENSED GROUP STATEMENT OF CASH FLOWS
Unaudited Audited
for the six months ended Year end
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
Cash flows from operating activities
Cash generated from operations before 1 496 1 411 2 965
working capital movements
Working capital movements 409 257 457
Cash generated from operations 1 905 1 668 3 422
Finance income 7 15 25
Finance costs (343) (302) (628)
Taxation paid (12) (11) (27)
Net cash flows from operating activities 1 557 1 370 2 792
Cash flows from investing activities
Acquisition of businesses (22) (16) (16)
Net capital expenditure (1 350) (1 705) (3 130)
Decrease in finance lease receivables 16 19 44
Decrease in other investments and loans – – (15)
Net cash flows from investing activities (1 356) (1 702) (3 117)
Cash flows from financing activities
Repurchase of non-controlling interest – (2) –
Decrease in derivative financial
instruments 6 – 64
Transactions with shareholders (7) (129) (150)
Net (decrease) increase in interest-
bearing borrowings (168) 227 199
Net cash flows from financing activities (169) 96 113
Net increase (decrease) in cash and
cash equivalents 32 (236) (212)
Cash and cash equivalents at beginning 93 300 300
of period
Effect of foreign exchange rate changes 7 4 5
Cash and cash equivalents at end
of period 132 68 93
SEGMENTAL INFORMATION – CONDENSED STATEMENT OF FINANCIAL POSITION
as at
Industrial Fleet Management Contract Mining Corporate Office
Group Equipment and Logistics and Plant Rental and Eliminations
31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June
2014 2014 2014 2014 2014 2014 2014 2014 2014 2014
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited
BUSINESS SEGMENTATION
ASSETS
Intangible assets 191 167 12 6 138 119 39 39 2 3
Property, plant and equipment 495 519 186 183 86 94 150 157 73 85
Leasing assets 10 131 9 991 2 365 2 286 3 457 3 356 4 329 4 383 (20) (34)
Finance lease receivables 27 43 – – 27 43 – – – –
Other investments and loans 91 108 – – 13 12 55 50 23 46
Inventories 1 115 1 117 939 917 50 55 126 145 – –
Trade and other receivables and derivatives 1 605 1 752 473 501 323 389 820 820 (11) 42
Operating assets 13 655 13 697 3 975 3 893 4 094 4 068 5 519 5 594 67 142
Deferred tax assets 57 67
Taxation in advance 16 19
Cash and cash equivalents 132 93
Total assets 13 860 13 876
LIABILITIES
Trade and other payables, provisions and derivatives 1 573 1 667 555 527 444 490 495 592 79 58
Interest-bearing borrowings 7 864 7 976 2 426 2 426 2 438 2 463 3 362 3 300 (362) (213)
Operating liabilities 9 437 9 643 2 981 2 953 2 882 2 953 3 857 3 892 (283) (155)
Deferred tax liabilities 761 753
Current tax liabilities 26 29
Total liabilities 10 224 10 425
GEOGRAPHIC SEGMENTATION
Operating assets 13 655 13 697 3 975 3 893 4 094 4 068 5 519 5 594 67 142
– South Africa 10 189 10 586 2 883 2 784 3 718 3 687 3 521 3 973 67 142
– Rest of world 3 466 3 111 1 092 1 109 376 381 1 998 1 621 – –
Trade and other payables, provisions and derivatives 1 573 1 667 555 527 444 490 495 592 79 58
– South Africa 1 223 1 327 451 409 392 424 301 436 79 58
– Rest of world 350 340 104 118 52 66 194 156 – –
Interest-bearing borrowings 7 864 7 976 2 426 2 426 2 438 2 463 3 362 3 300 (362) (213)
– South Africa 5 933 6 280 1 613 1 670 2 174 2 192 2 508 2 631 (362) (213)
– Rest of world 1 931 1 696 813 756 264 271 854 669 – –
Net capital expenditure 1 350 3 130 436 856 680 1 517 234 752 – 5
– South Africa 1 084 2 717 309 630 571 1 358 204 724 – 5
– Rest of world 266 413 127 226 109 159 30 28 – –
SEGMENTAL INFORMATION – CONDENSED INCOME STATEMENT
for the six months ended (unaudited)
Industrial Fleet Management Contract Mining Corporate office
Group Equipment and Logistics and Plant Rental and eliminations
31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December 31 December
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
BUSINESS SEGMENTATION
Revenue
– Sales of goods 1 044 1 140 786 766 218 283 40 91 – –
– Rendering of services, leasing income and other 3 669 3 795 672 597 1 034 1 003 1 963 2 195 – –
4 713 4 935 1 458 1 363 1 252 1 286 2 003 2 286 – –
Inter segment revenue – – 41 144 51 65 – – (92) (209)
4 713 4 935 1 499 1 507 1 303 1 351 2 003 2 286 (92) (209)
Net operating expenses (3 179) (3 528) (1 077) (1 135) (689) (824) (1 502) (1 766) 89 197
Depreciation and amortisation (1 032) (946) (263) (227) (405) (344) (367) (390) 3 15
Recoupments 1 – – – 1 – – – – –
Operating profit 503 461 159 145 210 183 134 130 – 3
Net foreign exchange gains (losses) 25 (1) 4 (1) – – 10 – 11 –
Fair value gains on foreign exchange derivatives (12) – – – – – – – (12) –
Profit before net finance costs 516 460 163 144 210 183 144 130 (1) 3
Net finance costs (336) (287) (86) (70) (112) (87) (138) (130) – –
Profit before taxation 180 173 77 74 98 96 6 – (1) 3
Income tax (expense) income (28) (32) (22) (20) (26) (27) 20 16 – (1)
Profit for the period 152 141 55 54 72 69 26 16 (1) 2
GEOGRAPHIC SEGMENTATION
Revenue 4 713 4 935 1 499 1 507 1 303 1 351 2 003 2 286 (92) (209)
– South Africa 3 627 3 967 1 112 1 172 1 180 1 250 1 427 1 754 (92) (209)
– Rest of world 1 086 968 387 335 123 101 576 532 – –
Operating profit 503 461 159 145 210 183 134 130 – 3
– South Africa 340 313 130 117 187 164 23 29 – 3
– Rest of world 163 148 29 28 23 19 111 101 – –
Net finance costs (336) (287) (86) (70) (112) (87) (138) (130) – –
– South Africa (285) (245) (74) (61) (99) (80) (112) (104) – –
– Rest of world (51) (42) (12) (9) (13) (7) (26) (26) – –
NOTES
(1) Basis of preparation
The unaudited condensed consolidated financial statements for the six months ended
31 December 2014 have been prepared in accordance with the framework concepts,
measurement and recognition requirements of International Financial Reporting
Standards (IFRS), the SAICA Financial Reporting Guides, as issued by the Accounting
Practices Committee and the Financial Reporting Pronouncements as issued by the
Financial Reporting Standards Council and contains information required by IAS 34:
Interim Financial Reporting, the JSE Limited Listings Requirements and the South African
Companies Act. The accounting policies and their application are consistent, in all
material respects, with those detailed in Eqstra's 2014 annual financial report, except
for the adoption on 1 July 2014 of those new, revised and amended standards and
interpretations detailed therein.
The adoption of the new and amended statements of generally accepted accounting
practice, interpretations of statements of generally accepted accounting practice, and
improvements project amendments did not have a material impact on the group.
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
(2) Other investments and loans
Non-current assets 17 114 66
– Listed, at market value - 58 1
– Unlisted, at fair value 17 56 16
– Other loans – – 49
Current assets 74 – 42
– Call option 20 – 42
– Other loans 54 – –
91 114 108
(3) Current portion of interest-bearing borrowings
The current portion of interest-bearing borrowings includes R180 million (June 2014:
R823 million) commercial paper that is supported by a R1 000 million standby liquidity
facility that has an 13-month rolling notice period. The 30 June 2014 balance also includes
R754 million UK debt that was extended for three years after year-end.
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
(4) Capital commitments 2 164 1 761 2 835
– Contracted 177 703 530
– Authorised by directors but
not contracted 1 987 1 058 2 305
Guarantees – – 18
Contingent liabilities – – –
The expenditure is substantially for the acquisition and replacement of leasing assets.
Expenditure will be financed from cash generated from operations and existing banking
facilities.
31 December 31 December 30 June
2014 2013 2014
Rm Rm Rm
(5) Finance costs including fair
value gains
Finance costs 343 303 627
Fair value gains on borrowings and
interest swaps (unrealised) – (1) 1
343 302 628
Cents Cents Cents
(6) Net asset value per share
attributable to "owners" of the parent 877.6 808.3 832.6
(7) Headline earnings per share
– Basic and diluted headline
earnings per share 36.9 34.9 76.7
Reconciliation of continuing
earnings per share
Basic earnings per share 37.0 34.9 60.6
Profit on sale of property, plant and
equipment amd leasing assets (0.1) – (0.3)
Impairment of investment – – 15.9
Net impairments of leasing assets – – 0.5
Headline earnings per share 36.9 34.9 76.7
Million Million Million
(8) Weighted average number of shares
in issue for the period
Number of ordinary shares
– in issue 411.4 411.4 411.4
– in issue (net of treasury shares) 397.2 396.9 396.9
Weighted average number of
ordinary shares in issue during
the period 397.1 395.6 396.3
– opening shares (net of treasury
shares) 396.9 394.2 394.2
– disposal of treasury shares 0.2 1.4 2.1
Diluted weighted average number
of ordinary shares 397.1 395.6 396.3
NAME AND REGISTRATION NUMBER
EQSTRA HOLDINGS LIMITED
1998/011672/06
JSE codes: EQS; EQS02; EQS04; EQS05; EQS06; EQS07; EQS08A; EQS09
ISIN: ZAE000117123
REGISTERED OFFICE AND BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619
PO Box 1050, Bedfordview, 2008
NON-EXECUTIVE DIRECTORS
NP Mageza*(Chairperson), MJ Croucamp*,
S Dakile-Hlongwane, VJ Mokoena*,
SD Mthembi-Mahanyele*, AJ Phillips*,
TDA Ross*, LL von Zeuner*
(*Independent)
EXECUTIVE DIRECTORS
WS Hill (CEO), JL Serfontein
(CFO)(1) CA(SA)
((1)Preparer of financial results)
COMPANY SECRETARY
L Möller
TRANSFER SECRETARIES
Computershare Investor Services
Proprietary Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
SPONSOR
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Date: 3 March 2015
Date: 03/03/2015 08:41:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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