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TREMATON CAPITAL INVESTMENTS LTD - Unaudited Interim Results for the six months ended 28 February 2015

Release Date: 20/04/2015 13:20
Code(s): TMT     PDF:  
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Unaudited Interim Results for the six months ended 28 February 2015

TREMATON CAPITAL INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/008691/06)
JSE code: TMT
ISIN: ZAE000013991
("Trematon" or "the company")


UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2015


STATEMENT OF FINANCIAL POSITION
                                                Unaudited     Unaudited       Audited
                                              28 February   28 February     31 August
                                                     2015          2014          2014
                                       Note         R'000         R'000         R'000
ASSETS
Non-current assets                                505 916       271 779       330 348 
Property, plant and equipment                       7 876         8 583         8 191 
Investment properties                             380 014       136 867       210 410 
Investments                                             -        14 879             -
Investments in joint ventures                      12 157        12 949        10 015 
Investments in associate entities                  89 501        92 300        91 330 
Loans receivable                                   11 124             -         6 110
Deferred tax asset                                  5 244         6 201         4 292 
Current assets                                    266 320       266 253       275 240 
Loans receivable                                    6 824        24 342        12 918 
Trade and other receivables                         5 386        18 214        23 108 
Investments                                        13 057        11 799        12 070 
Inventories                                        88 353       167 554       182 385
Current tax assets                                      2           155           259 
Cash and cash equivalents                         152 698        44 189        44 500 
Non-current assets held for sale          2         8 350             -             - 
Total assets                                      780 586       538 032       605 588 
                        
EQUITY AND LIABILITIES                        
Equity                                            454 645       288 626       322 320 
Share capital and share premium                   328 669       209 259       209 259 
Treasury shares                                    (2 559)       (2 559)       (2 559)
Fair value reserve                                  1 683         9 730         1 683 
Share-based payments reserve                        5 359         3 232         4 188 
Accumulated profit                                 85 143        50 602        82 346
Total equity attributable to equity holders of 
the parent                                        418 295       270 264       294 917 
Non-controlling interest                           36 350        18 362        27 403
Non-current liabilities                           270 553       204 175       241 196 
Loans payable                                     253 392       188 126       227 216 
Deferred tax liability                             17 161        16 049        13 980 
Current liabilities                                55 388        45 231        42 072 
Loans payable                                      13 756         8 687        10 965 
Current tax payable                                   148         7 430            10 
Trade and other payables                           41 484        29 114        31 097                  
Total equity and liabilities                      780 586       538 032       605 588 
                        
Net asset value per share (cents)                     193           153           167


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
                                                Unaudited     Unaudited       Audited
                                               Six months    Six months          Year
                                                    ended         ended         ended
                                              28 February   28 February     31 August
                                                     2015          2014          2014
                                                    R'000         R'000         R'000
Revenue                                            59 485        31 037        67 773
Realised profit on available-for-sale investments       -         3 657        13 902
Realised profit on held-for-trading investments        71           816         1 351
Realised profit on sale of property, plant 
and equipment                                           -             -            12
Realised profit on sale of non-current assets           -            11             -
Gain on change in shareholding                          -         1 034         1 034
Total realised profit                                  71         5 518        16 299
Fair value adjustment on held-for-trading 
investments                                        (1 109)       (4 332)       (1 285)
Fair value adjustment on investment properties      6 581             -        33 040
Deemed profit on the transfer of inventory to 
investment property                                17 389             -             -
Fair value adjustment on previously held 
investment in joint venture                             -         2 229         2 229
(Impairment)/reversal of impairment of loan        (6 093)        6 756         4 593
Total profit from fair value adjustments           16 768         4 653        38 577
Employee benefits                                  (7 977)       (6 922)      (12 853)
Cost of property and land sold                    (22 799)       (6 639)      (16 173)
Other operating expenses                          (16 776)      (16 324)      (31 718)
Operating profit                                   28 772        11 323        61 905
Finance costs                                     (11 740)       (7 296)      (17 845)
Profit from equity accounted investments 
(net of tax)                                        5 947         5 565        13 217
Profit before income tax                           22 979         9 592        57 277
Income tax                                         (2 419)       (2 014)       (8 915)
Profit for the period/year                         20 560         7 578        48 362
Other comprehensive income
Items that will subsequently be reclassified 
to profit/(loss)
Fair value gain on available-for-sale investments       -         3 995         4 347
Reclassification adjustment on sale of available-
for-sale investments                                    -        (3 657)      (13 902)
Tax effects on revaluations                             -           (63)        1 784
Other comprehensive income for the period/year          -           275        (7 771)
Total comprehensive income for the period/year     20 560         7 853        40 591
Profit attributable to:                        
Equity holders of the parent                       11 613        11 504        43 247
Non-controlling interest                            8 947        (3 926)        5 115
                                                   20 560         7 578        48 362
Total comprehensive income attributable to:                        
Equity holders of the parent                       11 613        11 779        35 476
Non-controlling interest                            8 947        (3 926)        5 115
                                                   20 560         7 853        40 591 


STATEMENT OF CHANGES IN EQUITY
                                                                      Total      Fair
                                        Share     Share  Treasury     share     value
                                      capital   premium    shares   capital   reserve
                                        R'000     R'000     R'000     R'000     R'000
Balance at 1 September 2013             1 781   207 478    (2 559)  206 700     9 455 
Total comprehensive income for 
the period                                  -         -         -         -       275 
Profit for the period                       -         -         -         -         - 
Fair value gain on available-
for-sale investments                        -         -         -         -     3 995 
Reclassification adjustment on sale of 
available-for-sale investments              -         -         -         -    (3 657) 
Tax effects on revaluations                 -         -         -         -       (63)
Share-based payment                         -         -         -         -         - 
Dividends paid                              -         -         -         -         - 
Non-controlling interest on acquisition 
of subsidiaries                             -         -         -         -         - 
Balance at 28 February 2014             1 781   207 478    (2 559)  206 700     9 730 
                              
Balance at 1 March 2014                 1 781   207 478    (2 559)  206 700     9 730 
Total comprehensive income for 
the period                                  -         -         -         -    (8 047) 
Profit for the period                       -         -         -         -         - 
Fair value gain on available-
for-sale investments                        -         -         -         -       352 
Reclassification adjustment on sale of 
available-for-sale investments              -         -         -         -   (10 245)
Tax effects on revaluations                 -         -         -         -     1 846 
Share purchases                             -         -         -         -         - 
Share-based payment                         -         -         -         -         - 
Balance at 31 August 2014               1 781   207 478    (2 559)  206 700     1 683 
                              
Balance at 1 September 2014             1 781   207 478    (2 559)  206 700     9 730 
Total comprehensive income for 
the period                                  -         -         -         -         - 
Profit for the period                       -         -         -         -         - 
Fair value gain on available-
for-sale investments                        -         -         -         -         -
Tax effects on revaluations                 -         -         -         -         -
Share-based payment                         -         -         -         -         -
Ordinary shares issued                    400   119 010         -   119 410         - 
Dividends paid                              -         -         -         -         - 
Balance at 28 February 2015             2 181   326 488    (2 559)  326 110     1 683

                                       Share-   Accumu-
                                        based     lated            Non-con-
                                      payment   profit/            trolling     Total
                                      reserve     (loss)    Total  interest    equity
                                        R'000     R'000     R'000     R'000     R'000
Balance at 1 September 2013             2 310    44 829   263 294    19 555   282 849 
Total comprehensive income for 
the period                                  -    11 504    11 779    (3 926)    7 853 
Profit for the period                       -    11 504    11 504    (3 926)    7 578 
Fair value gain on available-
for-sale investments                        -         -     3 995         -     3 995
Reclassification adjustment on sale of 
available-for-sale investments              -         -    (3 657)        -    (3 657) 
Tax effects on revaluations                 -         -       (63)        -       (63)
Share-based payment                       922         -       922         -       922 
Dividends paid                              -    (5 731)   (5 731)        -    (5 731) 
Non-controlling interest on acquisition 
of subsidiaries                             -         -         -     2 733     2 733
Balance at 28 February 2014             3 232    50 602   270 264    18 362   288 626 
                              
Balance at 1 March 2014                 3 232    50 602   270 264    18 362   288 626
Total comprehensive income for 
the period                                  -    31 744    23 697     9 041    32 738 
Profit for the period                       -    31 744    31 744     9 041    40 785 
Fair value gain on available-
for-sale investments                        -         -       352         -       352 
Reclassification adjustment on sale of 
available-for-sale investments              -         -   (10 245)        -   (10 245)
Tax effects on revaluations                 -         -     1 846         -     1 846
Share purchases                             -         -         -         -         - 
Share-based payment                       956         -       956         -       956
Balance at 31 August 2014               4 188    82 346   294 917    27 403   322 320
                              
Balance at 1 September 2014             3 232    50 602   270 264    18 362   288 626
Total comprehensive income for 
the period                                  -    11 613    11 613     8 947    20 560 
Profit for the period                       -    11 613    11 613     8 947    20 560 
Fair value gain on available-
for-sale investments                        -         -         -         -         - 
Tax effects on revaluations                 -         -         -         -         -
Share-based payment                     1 171         -     1 171         -     1 171
Ordinary shares issued                      -         -   119 410         -   119 410 
Dividends paid                              -    (8 816)   (8 816)        -    (8 816)
Balance at 28 February 2015             5 359    85 143   418 295    36 350   454 645


STATEMENTS OF CASH FLOW                  
                                                Unaudited     Unaudited       Audited
                                               Six months    Six months          Year
                                                    ended         ended         ended
                                              28 February   28 February     31 August
                                                     2015          2014          2014
Cash flows from operating activities                    
Cash generated from/(utilised in) operations       54 302      (107 207)     (121 913)
Finance income                                      2 160         1 400         4 070
Dividends received                                    150         1 771         1 855
Dividends received from associate                   7 410             -         5 927
Finance costs                                     (11 740)       (7 296)      (17 845)
Dividend paid                                      (8 816)       (5 731)       (5 731)
Tax received/(paid)                                   205          (486)       (9 996)
Net cash from operating activities                 43 671      (117 549)     (143 633)
                  
Cash flows from investing activities
Acquisition of property, plant and equipment         (284)         (582)         (809)
Acquisition of and addition to 
investment property                               (74 752)      (27 470)      (67 510)
Proceeds from disposal of investment properties         -       146 403       146 403
Proceeds on disposal of non-current assets              -            60            83 
Business combination                                    -           (61)          (61)
Loans receivable repaid                                 -             -         9 261
Loans receivable advanced                               -             -        (6 110)
Loan advanced to joint ventures and associates     (6 346)       (3 133)       (1 466)
Loans repaid by joint ventures                          -             -         3 672
Acquisition of held-for-trading and available-
for-sale investments                               (3 501)      (15 492)      (20 917)
Proceeds from disposal of investments               1 501        11 253        33 459
Net cash from investing activities                (83 850)      110 978        96 005

Cash flows from financing activities                    
Ordinary shares issued                            119 410             -             -
Decrease in borrowings                            (17 688)            -       (72 647) 
Increase in borrowings                             46 655        16 080       130 095 
Net cash from financing activities                148 377        16 080        57 448
                  
Net increase in cash and cash equivalents         108 198         9 509         9 820
Cash and cash equivalents at the beginning 
of the period/year                                 44 500        34 680        34 680
Total cash and cash equivalents at the end 
of the period/year                                152 698        44 189        44 500


NOTES
1  PRESENTATION OF ANNUAL FINANCIAL STATEMENTS                  
   Trematon Capital Investments Limited (the 'company') is a company domiciled in 
   South Africa. The interim consolidated financial statements of the company for the 
   period ending 28 February 2015 comprise the company and its subsidiaries (together 
   referred to as the 'group') and the group's interest in joint ventures and associates.

   The interim financial statements have been prepared in accordance with and containing 
   the information required by IAS 34 Interim Financial Reporting as well as the SAICA 
   Financial Reporting Guides as issued by the Accounting Practices Committee, the 
   Listings Requirements of the JSE Limited and the Companies Act of South Africa. The 
   accounting policies are in accordance with IFRS and the same accounting policies and 
   method of computation are followed in these interim financial statements as compared 
   with the most recent annual financial statements.
   
   The interim financial statements have been prepared on the going concern basis using 
   a combination of the historical cost and fair value bases of accounting.

   All significant accounting policies have been consistently applied to all periods 
   presented and throughout the group.

   Other standards or interpretations that have been issued and are effective, have 
   been adopted by the group but are not applicable to its activities.

   The consolidated interim financial statements are stated in Rands, which is the 
   group's functional and presentation currency.

   In preparing the annual financial statements, management is required to make estimates 
   and assumptions that affect the amounts represented in the annual financial statements 
   and related disclosures. Use of available information and the application of judgement 
   is inherent in the formation of estimates. Actual results in the future could differ 
   from these estimates which may be material to the annual financial statements.

   Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to 
   accounting estimates are recognised in the period in which the estimate is revised 
   and in any future periods affected.

   The interim financial statements has not been reviewed or audited by Mazars.

                                                Unaudited     Unaudited       Audited
                                               Six months    Six months          Year
                                                    ended         ended         ended
                                              28 February   28 February     31 August
                                                     2015          2014          2014
2  Non-current assets held for sale                  
   Investment property                              8 350             -             -
                        
   The company entered into agreements to dispose 
   of one investment property. The investment 
   property, in terms of IFRS,is carried at fair 
   value reclassified to non-current assets held 
   for sale.                   


3  Earnings per share                  
   Number of shares issued (thousands)            216 323       176 323       176 323
   Weighted average number of shares (thousands)  176 765       176 323       176 323
   Diluted weighted average number of shares 
   (thousands)                                    191 871       190 073       190 137
   Earnings per share (cents)                         6.6           6.5          24.5
   Diluted earnings per share (cents)                 6.1           6.1          22.7


4  Headline earnings per share reconciliation

                                        Unaudited        Unaudited             Audited
                                       Six months       Six months                Year
                                            ended            ended               ended
                                      28 February      28 February           31 August
                                             2015             2014                2014
                                    R'000   R'000    R'000   R'000      R'000    R'000
                                    Gross     Net     Gross    Net      Gross      Net
   Profit attributable to equity 
   holders of the parent                   11 613            11 504             43 247
   Gain on acquisition of subsidiary    -       -    (1 034) (1 034)   (1 034)  (1 034) 
   Fair value adjustment on deemed 
   disposal of investment in joint 
   venture                              -       -    (2 229) (2 229)   (2 229)  (2 229)
   Fair value adjustment on 
   investment properties           (6 581) (3 568)        -       -   (33 040) (18 159)
   Realised profit on available-
   for-sale investments                 -       -    (3 657) (2 974)  (13 902) (11 307)
   Fair value adjustments within 
   equity accounted profits        (1 916) (1 039)   (1 317)   (948)   (3 490)  (2 838) 
   Realised profit on sale of 
   property, plant and equipment        -       -         -       -       (12)     (10) 
   Headline earnings                        7 005             4 319              7 670
   Headline earnings per share 
   (cents)                                    4.0               2.5                4.3
   Diluted headline earnings per 
   share (cents)                              3.7               2.3                4.1


5  Segmental information
                                               Property
                                                invest-   Unallo-   Elimin-
                                       Gaming     ments     cated    ations     Total
                                        R'000     R'000     R'000     R'000     R'000
   Unaudited six months ended 
   28 February 2015                              
   Revenue                                930    58 555         -         -    59 485
   Profit before tax                   13 394    16 190    (6 605)        -    22 979
   Total assets                        94 213   526 469   159 904         -   780 586
   Total liabilities                        -   325 941         -         -   325 941
                                    
   Unaudited six months ended 
   28 February 2014                              
   Revenue                              1 336    29 701         -         -    31 037
   Profit before tax                    7 057      (705)    3 240         -     9 592
   Total assets                       107 179   394 712    36 141         -   538 032
   Total liabilities                        -   249 406         -         -   249 406
                                    
   Audited year ended 
   31 August 2014                              
   Revenue                              2 257    64 501     1 015         -    67 773
   Profit before tax                   19 887    32 740     4 650         -    57 277
   Total assets                        95 130   489 270    21 188         -   605 588
   Total liabilities                        -   283 268         -         -   283 268


DIRECTORS' REVIEW
INTRODUCTION
The 1st of April 2015 represented the ten year anniversary of the company under the 
current senior management team. Ten years ago Trematon had a single listed investment 
and negligible cash reserves. Today Trematon is a diversified investment holding 
company with its current focus on commercial and residential property, leisure and 
gaming activities and related investments.

In February 2015 the company concluded its first capital raising exercise by issuing 
shares to select institutional investors and individuals. The primary purpose of the 
capital raising was to take advantage of Trematon's growing investment pipeline and 
ensure that the balance sheet could sustain the growth of the company. A secondary 
aim of the issue of shares was to broaden the shareholder base of the company and 
increase the marketability of the company's shares in order to provide shareholders 
with a more liquid investment.

FINANCIAL REVIEW
The intrinsic net asset value of the company has increased 19% to 326 cents from 
274 cents per share since the last interim period, the details of which are set out 
in this interim report. The intrinsic net asset value represents the market value of 
listed investments and the directors' best estimate of the market value of all 
non-listed investment assets at the end of the period after deducting liabilities.

Interim earnings per share increased by 1.5% to 6.6 cents (2014: 6.5 cents) and 
headline earnings increased by 60% to 4.0 cents (2014: 2.5 cents) when compared to 
the prior interim period.

At the end of the period cash on hand in the Trematon Group amounted to R152.7 million 
(2014: R44.2 million) which is sufficient to fund the company's anticipated investment 
pipeline for the next 12 months.

During the period under review, the company changed its intention with regards to 
various residential properties held as trading stock. These properties are fully let 
and are now held as long-term investments. This movement is reflected in the decrease 
in trading stock and increase in investment properties in the statement of financial 
position. The resulting movement in the fair value of the properties on reclassification 
is disclosed in the statement of profit or loss as a deemed profit of R17.4 million.

The loan impairment of R6.0 million refers to a market value adjustment in the group's 
indirect investment in Mazor Group Limited.

Revenue increased by 91.7% to R59.5 million (2014: R31.0 million) as a result of 
increased rental income and sales of inventory in the Resi Investment Group ("Resi").

Share capital and cash have increased due to the capital raising exercise mentioned above.

INVESTMENT REVIEW
CLUB MYKONOS LANGEBAAN ("CML") (WHOLLY OWNED) AND MYKONOS CASINO (30% INTEREST)
Mykonos Casino is controlled and managed by Tsogo Sun Holdings Limited. The casino has 
benefited from the improvement at the resort and the growth in the Langebaan/Saldanha 
area over the past few months. The casino's contribution to earnings increased by 7% 
to R5.9 million (2014: R5.5 million) for the interim reporting period. Dividends of 
R7.4 million were received from the casino during the period. The refurbishment of the 
casino announced last year is underway. This will be funded out of the casino's cash 
reserves and is expected to be complete by July 2015. Despite the disruption caused by 
the refurbishment the casino continues to trade well and is expected to provide a 
growing income stream as the regional economy improves and matures.

Club Mykonos Langebaan is a very popular holiday resort destination situated 90 minutes 
from Cape Town. The improvements at the resort have been recognised by the leisure 
industry - most recently the resort General Manager, Jon Kilroe-Smith received an award 
from RCI for the best General Manager of a large resort in South Africa which is well 
deserved recognition for several years of constant improvement and attention to the 
holiday experience of customers.

The "Boatyard at Mykonos" development which commenced in 2011 is nearing completion and 
is a popular and viable storage and boat service facility which complements the well 
established Club Mykonos Marina. The entire development comprises 236 garages, a 
warehouse and related commercial activities.

The first major residential development at Club Mykonos for several years has commenced. 
"Marina Village" is situated on the water's edge adjacent to the yacht moorings and 
will consist of 25 luxury waterfront simplex and duplex units. The development is 
expected to be complete by the third quarter of 2016.

The conferencing and restaurant operations, all of which are outsourced to on-site 
operators, are showing good growth, which is reflected in steadily increasing rental 
income. One new beachfront restaurant (Marc's Beach Bar) commenced trading shortly 
after the end of this reporting period and is expected to be a popular addition to 
the service offering.

ARIA PROPERTY FUND (67% INTEREST, PREVIOUSLY ARBITRAGE PROPERTY FUND) ("ARIA")
Aria has a growing reputation in the midsize commercial property industry in South Africa 
and has been a regular material contributor to the earnings of the group. 

Aria's most recent acquisitions were announced on SENS on 31 March 2015 and comprise a 
portfolio of properties with a cost of R203 million. The properties are geographically 
diverse commercial properties and were purchased from the Redefine Group. The above 
acquisitions together with Northgate Office Park and North Wharf will increase the cost 
of the portfolio by R307.4 million. Transfer of these properties is expected to be 
complete by the end of this financial year. 

The Northgate Office Park redevelopment is nearing completion and is expected to be 
completed and fully occupied by the end of the financial year. The building is located 
on the N1 highway in Cape Town close to the Koeberg interchange.

Aria has a track record of adding significant value to mid-sized properties with 
focused and creative management.

RESI INVESTMENT GROUP (50% INTEREST) 
Resi has continued to make acquisitions in the Western Cape and the portfolio has 
shown excellent growth in both rental income and the capital value of assets. The 
residential property market in the Western Cape has been very strong in this segment. 
The amount of stock available at suitable prices has reduced so the rate of acquisition 
of new assets has slowed down but the group remains committed to this investment area 
and the portfolio will continue to grow. In view of the transfer of certain assets from 
inventory to long-term investments, the amount of residential property trading conducted 
by the group may decline over time.

OTHER
The group maintains an active equity trading portfolio which did not have a material 
effect on earnings or net asset value during the period. Trading and investing in 
listed and unlisted equities remains a core activity of the group.

Trematon is investigating several new investment opportunities and will keep 
shareholders informed of progress in this regard.


INTRINSIC VALUE REPORT
The intrinsic net asset value of the group includes valuations of all investment 
categories.

These valuations are either based on their listed market value, external professional 
valuers or directors' valuations. The following factors are taken into account in 
determining the directors' valuations of various assets/investments:

-  Market value and earnings yield of similar companies/operations, taking into account 
   the earnings, risk and tradeability thereof
-  Current market prices realised for similar or like assets
-  Earnings yields and the underlying growth potential

                                   28 February 2015     28 February 2014     31 August 2014
                                    Book  Intrinsic      Book Intrinsic      Book Intrinsic
                                   value      value     value     value     value     value
                                   R'000      R'000     R'000     R'000     R'000     R'000  Note
Listed shares                     13 057     13 057    26 678    26 678    12 070    12 070     1
Cloudberry Investments 18          6 825      6 825    24 342    24 342    12 918    12 918     2
Stalagmite Property Investments    8 816      8 816     3 263     8 800     8 816     8 816     3
Club Mykonos Langebaan           175 124    398 111   161 591   301 319   162 674   374 407     4
  Property, Marina and Casino                                              
Aria Property Fund (previously 
Arbitrage Property Fund)         110 084    110 084   100 562   100 562   111 462   111 462     3
  Commercial property                                            
Resi Investment Group            278 479    362 145   146 513   213 300   202 148   254 276     3
  Residential property                                            
Cash on hand                     152 698    152 698    44 189    44 189    44 500    44 500     5
Other assets                      18 340     18 340    30 894    30 894    51 000    51 000     5
Total assets                     763 424  1 070 076   538 032   750 084   605 588   869 449     
Liabilities                      308 779    322 266   249 406   249 406   283 268   283 268     5
Non-controlling interests         36 350     36 350    18 362    18 362    27 402    30 802     5
Net assets (attributable to 
equity holders)                  418 294    711 460   270 264   482 316   294 917   555 379     
Intrinsic net asset value 
per share (cents)                    192        326       153       274       167       315     
                                          
Note:                  
1  Valuation based on listed market prices at period/year-end.            
2  Valuation based on net asset value of company using quoted market prices at period/year-end.
3  Directors' valuation taking into account current market prices.            
4  Valuation of assets at Club Mykonos based on current market prices of similar assets 
   and earnings, where applicable.
5  Market value equals book value.


Domicile and registered office: 2nd Floor, The Hudson, 30 Hudson Street, Cape Town, 8001. 
PO Box 7677, Roggebaai, 8012, South Africa
Transfer secretaries: Link Market Services South Africa (Pty) Limited 
19 Ameshoff Street, Braamfontein
Directors: M Kaplan (Chairman)*#, AJ Shapiro (Chief Executive Officer), AL Winkler 
(Chief Financial Officer), JP Fisher*#, A Groll, AM Louw*#, R Stumpf*
* Non-executive # Independent
Secretary: SA Litten
Sponsor: Sasfin Capital, a division of Sasfin Bank Limited
Auditor: Mazars 
Published date: 20 April 2015
Prepared by: The group interim financial results have been prepared under the supervision 
of the chief financial officer, Mr AL Winkler CA(SA).
Contact details: Tel: 021 421 5550, Fax: 021 421 5551
Website: www.trematon.co.za

 
Date: 20/04/2015 01:20:00 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.

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