Wrap Text
Preliminary Audited Results for the year ended 28 February 2015
SANTOVA LIMITED
Registration number 1998/018118/06
Share code SNV
ISIN ZAE000159711
Preliminary Audited Results
for the year ended 28 February 2015
HIGHLIGHTS
INCREASE IN
PROFIT BEFORE TAX
28,4%
INCREASE IN
BASIC EARNINGS PER SHARE
25,9%
INCREASE IN
NET ASSET VALUE PER SHARE
16,0%
INCREASE IN
ORDINARY DIVIDEND
30,8%
INCREASE IN
OPERATING PROFIT
19,1%
Profit before taxation (R'000)
29 756 - 2012
33 470 - 2013
40 014 - 2014
51 386 - 2015
Basic earnings per share (cents)
15,82 - 2012
18,09 - 2013
22,42 - 2014
28,23 - 2015
Net asset value per share (cents)
92,1 - 2012
108,4 - 2013
145,5 - 2014
168,8 - 2015
Dividend per share (cents)
2,50 - 2013
3,25 - 2014
4,25 - 2015
Operating profit (R'000)
39 226 - 2012
40 810 - 2013
51 771 - 2014
61 681 - 2015
%
2015 2014 movement
Basic earnings per share (cents) 28,23 22,42 25,9
Headline earnings per share (cents) 31,00 24,77 25,2
Net asset value per share (cents) 168,8 145,5 16,0
Tangible net asset value per share (cents) 79,2 54,7 44,8
Capital and reserves (R'000) 230 289 198 510 16,0
Revenue (R'000) 237 033 214 357 10,6
Operating profit (R'000) 61 681 51 771 19,1
Profit before tax (R'000) 51 386 40 014 28,4
Profit for the year (R'000) 39 220 30 786 27,4
Ordinary dividend (cents per share) 4,25 3,25 30,8
COMMENTARY
The 2015 financial period was a successful year for Santova with higher earnings growth and a sound return
on equity. Whilst globally, first world economies were striving to gain the momentum lost during the global
financial crisis and the emerging economies were not as buoyant as they have been in the past, the Santova
Group has yet again managed to produce consistent growth in financial results. In the context of these world
economies, our strategic global presence and diversification in terms of geographies, currencies, industries,
products and services has again served us well.
Group consolidated revenue at R237,0 million and net income at R39,2 million for the year represented an
improvement of 10,6% and 27,4% respectively over the prior year. This result translates into an encouraging
increase in headline earnings per share to 31,00 cents per share, which is 25,2% up on the 2014 figure of
24,77 cents.
OPERATIONAL PERFORMANCE
South Africa
In the context of a 'soft' South African economy, our logistics operations in South Africa have managed to
retain their strong hold in the domestic market. Whilst the industry has contracted in many quarters, we have
been able to grow our revenue to R136,3 million, 5,3% up on the previous year's figure of R129,4 million. What
is more important, however, is that despite the intense continued pressure from under-pricing by competitors,
reduced trade volumes and a weakening rand, we have managed to retain an operating margin of 22,8%,
which is not significantly down from 24,2% last year.
The fact that Santova is not a traditional clearing and forwarding business but rather a supply chain integrator
delivering sophisticated logistics management solutions, places it in a very favourable position in challenging
economic times. Our specialised software packages constitute the central nervous system of our clients' supply
chains and are unique in that they are unlocking 'real time' supply chain data for effective decision making.
Our Financial Services business in South Africa held its own during the course of 2015, a year which proved to
be a difficult one, not only for consumers, but also for most domestic based short-term insurers. The business
reported growth in profit for the year to R3,5 million, being 6,1% above that of the previous year.
United Kingdom
Our operations in the United Kingdom have encountered a challenging year, characterised mainly by the
loss of a few senior clients, competitor price-cutting and slow progress on the acquisition of new clients. This
has had the effect of the earnings of the UK Group of R5,8 million being 25,3% down on last years' profit of
R7,8 million. Whilst the revenue line has been maintained, operating margin has been reduced by 8,6%,
reflecting the additional costs incurred as a result of the increased investment made in these businesses.
Netherlands
Our continued investment in the Netherlands has resulted in the establishment of a highly successful business.
Revenue is significantly up 37,9% from R26,5 million to R36,5 million, predominantly as a result of an effective
strategy of acquiring new clients. Earnings of R8,5 million are also significantly up 177,0% on the previous years'
figure of R3,1 million.
Whilst the European economy is delicate and difficult to predict, it represents a great opportunity to our
Group. Our plans to roll-out and leverage off our technology and sophisticated software packages in this
region in the near future will ensure that we derive quality diversified revenue streams as a result.
Australia
In 2015 it was indeed encouraging to witness a significant turnaround in this business which was under pressure
to resume year-on-year earnings growth not seen in the past few years. The Australian operations profit for the
year increased 257,1% to R2,8 million (2014: R0,8 million) which was achieved through the investment in further
'front-end' capabilities resulting in strong new client growth, which has established a niche for the region within
the local pharmaceutical industry.
Asia
Our office in Hong Kong and network of representative offices throughout China are a long established and
mature business operation, which continues to play a pivotal role in the facilitation, control and management
of value-added services for all our regions, adding efficiencies and cost savings for our clients and associates.
The result being this region continues to be a meaningful contributor to the Group's profitability, producing a
net profit of R2,0 million in 2015, slightly below the R2,1 million recorded in 2014.
Germany
Our operations in Europe have been further strengthened by the acquisition of Masterfreight Internationale
Spedition GmbH ("Masterfreight") in Frankfurt, and the subsequent opening of an additional office in
Hamburg. These businesses will provide a strategic 'foothold' in this region and will allow us to leverage off our
current client base, as worldwide we have many clients who trade with Germany and international associates
who also move goods on this trade route.
FINANCIAL PERFORMANCE
Group earnings
The Group delivered a credible 28,4% increase in profit before tax to R51,4 million in 2015 (2014: R40,0 million),
which translated into a 25,9% increase in basic earnings per share attributable to ordinary shareholders to
28,23 cents (2014: 22,42 cents).
This result was achieved due to a 7,5% increase in billings to R3 462,8 million in 2015 (2014: R 3 221,5 million),
whilst protecting and slightly improving the revenue to billing margin to 6,8% in 2015 (2014: 6,7%). The effect
of this was a leveraging upwards in revenue of 10,6% to R237,0 million in 2015 from R214,4 million in 2014.
This increase in revenue was then further enhanced by two factors which lead to the 28,4% increase in profit
before taxation:
- The Group improving its operational efficiencies with an increase in operating margin to 26,0% from 24,2%.
This is primarily due to cost increases in South Africa being contained to inflationary levels, but slightly
offset by above average increases in the foreign operations due to the translation impact of the weakening
rand; and
- An increase in interest income of 90,5% to R8,7 million in 2015 (2014: R4,6 million) as a result of an increase
in the prime lending rate and the Group enforcing the levying of interest at market related rates on facilities
granted to customers.
The Group's effective tax rate increased slightly to 23,7% in 2015 (2014: 23,1%) due to the increased contributions
from Netherlands and Australia where the corporate income tax rates are 25% and 30% respectively.
Financial position
The structure of the Groups asset base remained consistent with the prior period with very little change taking
place.
Total trade and other receivables increased by a net 5,9% to R547,9 million in 2015 (2014: R517,4 million) due to:
- The 7,5% increase in billings detailed earlier in this report; and
- This was offset by an improvement in debtor's days from 54,5 days to 52,2 days in 2015.
Total intangible assets decreased slightly to R122,3 million in 2015 (2014: R123,9 million) due to a combination
of a number of factors:
- A R4,1 million increase in goodwill related to the acquisition of Masterfreight in December 2014, offset by
the R3,9 million impairment of W.M. Shipping Limited as detailed in the Group's interim results; and
- A 1,3% strengthening in the closing Rand to British Pound exchange rate which caused a R2,0 million
exchange translation loss on goodwill in the current period.
There were two material structural changes within the Group's liability structure during the current financial
period:
- A 21,0% decrease in trade and other payables versus the closing balance as at February 2014; and
- A corresponding 34,8% increase in short-term borrowings.
These changes are directly associated and attributable to a restructuring and change of payment date of the
Group's deferment facilities in South Africa which took place in August 2014. The restructuring was a decision
taken by the Group to facilitate the claiming of VAT by clients following a legislative change and to improve the
Group's liquidity. The restructure had no overall effect on borrowing costs and the average borrowing balances
remained consistent throughout each month.
Cash flows and funding
The increase in profitability in the current period has resulted in strong cash flows from operating activities
being generated by the Group. In 2015, R28,6 million in net cash was generated from operations versus
R23,7 million in 2014.
This cash generated from operations was primarily invested as follows:
- R3,4 million primarily in the acquisition of Masterfreight, Germany;
- R9,3 million in the repayment of long-term interest-bearing borrowings; and
- R4,4 million in the payment of the Group's second annual dividend.
The balance of cash generated from operations was retained within the business and is evidenced by the
Group's overall cash holdings increasing 21,8% from R36,8 million in 2014 to R44,9 million in the current period
82,9% of this cash is held by the offshore subsidiaries; evidence of their ability to produce positive cash flows as
they do not have the same statutorily imposed funding of clients as in the South African region.
THE FUTURE
As companies continue seeking worldwide sourcing and distributing of products in multiple markets, they will
require extensive sophisticated operational and logistics solutions across geographies. In these circumstances,
we are well placed to leverage off a borderless and integrated world economy which is driven by globalisation
and technological advancements. Through being extremely client-centric in our approach, we are able to
capitalise on our international offices, systems and processes by integrating and managing activities into key
supply chain processes rather than simply managing individual functions. This capability or offering is beyond
that of the traditional Customs Clearing and Forwarding business model which most importers and exporters
are accustomed to.
For and on behalf of the Board
ESC Garner GH Gerber
Chairman Chief Executive Officer
14 May 2015
SUMMARISED CONSOLIDATED
STATEMENT OF FINANCIAL POSITION as at 28 February 2015
Consolidated Consolidated
2015 2014
Notes R'000 R'000
ASSETS
Non-current assets 140 652 141 418
Plant and equipment 7 933 8 940
Intangible assets 3 122 264 123 927
Financial assets 3 235 3 175
Deferred taxation 7 220 5 376
Current assets 592 834 555 123
Trade receivables 495 162 480 738
Other receivables 52 738 36 627
Current tax receivable 45 915
Cash and cash equivalents 44 889 36 843
Total assets 733 486 696 541
EQUITY AND LIABILITIES
Capital and reserves 230 289 198 510
Stated capital 145 192 145 192
Equity compensation reserve 1 703 565
Foreign currency translation reserve 20 445 24 320
Accumulated profit/(loss) 59 090 25 000
Attributable to equity holders of the parent 226 430 195 077
Non-controlling interests 3 859 3 433
Non-current liabilities 20 500 30 080
Interest-bearing borrowings 18 800 27 967
Long-term provision 1 700 1 777
Financial liabilities 5 – 336
Current liabilities 482 697 467 951
Trade and other payables 173 826 220 750
Current tax payable 2 710 4 180
Current portion of interest-bearing borrowings 8 088 7 947
Amounts owing to related parties 216 204
Financial liabilities 5 1 447 9 709
Short-term borrowings 280 838 208 321
Short-term provisions 15 572 16 840
Total equity and liabilities 733 486 696 541
SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME for the year ended 28 February 2015
Consolidated Consolidated
2015 2014
Notes R'000 R'000
Gross billings 3 462 792 3 221 519
Revenue 237 033 214 357
Other income 16 758 15 118
Depreciation and amortisation (3 311) (3 476)
Administrative expenses (188 799) (174 228)
Operating profit 61 681 51 771
Interest received 8 686 4 559
Finance costs (18 981) (16 316)
Profit before taxation 51 386 40 014
Income tax expense (12 166) (9 228)
Profit for the year 39 220 30 786
Attributable to:
Equity holders of the parent 38 525 30 587
Non-controlling interests 695 199
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
– Exchange differences arising from translation of foreign operations (4 144) 22 743
Total comprehensive income 35 076 53 529
Attributable to:
Equity holders of the parent 34 650 53 122
Non-controlling interests 426 407
Basic earnings per share (cents) 2 28,23 22,42
Diluted basic earnings per share (cents) 2 27,73 22,12
Dividends per share (cents) 4,25 3,25
SUMMARISED CONSOLIDATED
STATEMENT OF CHANGES IN EQUITY for the year ended 28 February 2015
Attributable to equity holders of the parent
Foreign
Equity currency Accu Non-
com- trans- mulated con-
Stated pensation lation (loss)/ trolling Total
capital reserve reserve profit Total interests equity
R'000 R'000 R'000 R'000 R'000 R'000 R'000
Balances at
28 February 2013 145 192 115 1 785 (2 155) 144 937 3 026 147 963
Total comprehensive
income – – 22 535 30 587 53 122 407 53 529
Share-based equity
reserve charged to
profit and loss – 450 – (21) 429 – 429
Dividends paid
to shareholders – – – (3 411) (3 411) – (3 411)
Balances at
28 February 2014 145 192 565 24 320 25 000 195 077 3 433 198 510
Total comprehensive
income – – (3 875) 38 525 34 650 426 35 076
Share-based equity
reserve charged to
profit and loss – 1 142 – – 1 142 – 1 142
Foreign currency
differences on
translation of share-
based equity reserve – (4) – – (4) – (4)
Dividends paid
to shareholders – – – (4 435) (4 435) – (4 435)
Balances at
28 February 2015 145 192 1 703 20 445 59 090 226 430 3 859 230 289
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 28 February 2015
Consolidated Consolidated
2015 2014*
Notes R'000 R'000
OPERATING ACTIVITIES
Cash generated from operations 53 685 45 170
Interest received 8 546 4 559
Finance costs (18 978) (15 959)
Taxation paid (14 609) (10 102)
Net cash flows from operating activities 28 644 23 668
INVESTING ACTIVITIES
Plant and equipment acquired (1 939) (3 328)
Intangible assets acquired and developed (1 076) (877)
Proceeds on disposals of plant and equipment and intangible assets 496 293
(Increase)/decrease in amounts owing from related parties – –
Dividends received 1 200 –
Net cash flows on acquisition of subsidiaries 3 (3 438) (6 277)
Net cash flows from investing activities (4 757) (10 189)
FINANCING ACTIVITIES
Borrowings repaid (9 439) (5 597)
Increase in amounts owing to related parties 12 37
Dividends paid (4 435) (3 411)
Net cash flows from financing activities (13 862) (8 971)
Net increase in cash and cash equivalents 10 025 4 508
Difference arising on translation (1 979) 5 257
Cash and cash equivalents at beginning of year 36 843 27 078
Cash and cash equivalents at end of year 44 889 36 843
* Restated due to change in accounting policy detailed in note 4
SUMMARISED CONSOLIDATED SEGMENTAL ANALYSIS
for the year ended 28 February 2015
Logistics Financial Head
Services Services office Group
R'000 R'000 R'000 R'000
BUSINESS SEGMENTS
28 February 2015
Gross billings 3 533 024 9 795 33 200 3 576 019
External 3 453 598 8 633 561 3 462 792
Internal 79 426 1 162 32 639 113 227
Revenue 228 047 9 795 (809) 237 033
Depreciation and amortisation 2 145 38 1 129 3 311
Operating profit 55 106 3 769 2 806 61 681
Interest received 9 642 472 (1 428) 8 686
Finance costs (19 050) – 69 (18 981)
Income tax expense (11 426) (778) 38 (12 166)
Profit for the year 34 272 3 463 1 485 39 220
Total assets 661 452 9 858 62 176 733 486
Total liabilities 517 846 1 461 (16 110) 503 197
28 February 2014*
Gross billings 3 285 935 8 967 25 771 3 320 673
External 3 213 438 7 991 90 3 221 519
Internal 72 497 976 25 681 99 154
Revenue 206 367 8 967 (976) 214 357
Depreciation and amortisation 2 506 34 936 3 476
Operating profit 49 189 3 824 (1 242) 51 771
Interest received 5 218 276 (935) 4 559
Finance costs (16 196) – (120) (16 316)
Income tax expense (9 437) (836) 1 045 (9 228)
Profit for the year 28 774 3 264 (1 252) 30 786
Total assets 607 952 7 801 80 788 696 541
Total liabilities 497 738 1 651 (1 358) 498 031
* During the period under review the Group resolved to change the composition of its reportable segments by
disclosing the business activities of the Group's head office, together with the elimination results that arise on
consolidation of the Group, in a separate segment. In prior reporting periods these business activities were
reported as part of the Logistics Services segment within the South Africa geographical region. The Group believes
that the economic characteristics of the services provided by the Group head office are no longer sufficiently similar
to that of the Logistics Service segment and therefore should no longer be aggregated. In addition the Group
believes that this change will better enable users to evaluate the financial effects of the business activities within
the Logistics Services segment. This change in disclosure did not arise from changes in the internal structure of the
Group.
In accordance with IFRS 8 Operating Segments, the prior year comparative amounts have been fully restated so as
to be disclosed on the new basis.
LOGISTICS SERVICES
United
South Africa Australia Kingdom Europe Hong Kong Total
R'000 R'000 R'000 R'000 R'000 R'000
GEOGRAPHICAL SEGMENTS
28 February 2015
Gross billings 2 842 967 168 359 214 871 279 953 26 874 3 533 024
Revenue 136 251 16 578 32 590 37 235 5 393 228 047
Net profit 15 780 2 775 5 765 7 944 2 008 34 272
Total assets 534 357 22 814 46 392 44 335 13 554 661 452
Total liabilities 445 820 8 038 28 885 31 628 3 475 517 846
28 February 2014*
Gross billings 2 757 269 115 969 203 981 179 668 29 048 3 285 935
Revenue 129 411 12 250 32 802 26 457 5 447 206 367
Net profit 15 074 777 7 722 3 052 2 149 28 774
Total assets 512 742 18 107 39 669 25 636 11 798 607 952
Total liabilities 441 508 5 023 26 708 20 212 4 287 497 738
* During the period under review the Group resolved to change the composition of its reportable segments by
disclosing the business activities of the Group's head office, together with the elimination results that arise on
consolidation of the Group, in a separate segment. In prior reporting periods these business activities were
reported as part of the Logistics Services segment within the South Africa geographical region. The Group believes
that the economic characteristics of the services provided by the Group head office are no longer sufficiently similar
to that of the Logistics Service segment and therefore should no longer be aggregated. In addition the Group
believes that this change will better enable users to evaluate the financial effects of the business activities within
the Logistics Services segment.This change in disclosure did not arise from changes in the internal structure of the
Group.
In accordance with IFRS 8 Operating Segments, the prior year comparative amounts have been fully restated so as
to be disclosed on the new basis.
SUPPLEMENTARY INFORMATION for the year ended 28 February 2015
1. BASIS OF PREPARATION
The preliminary summarised consolidated financial statements for the year ended 28 February 2015 have
been prepared and presented in accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards ("IFRS"), the SAICA Financial
Reporting Guidelines as issued by the Accounting Practices Committee, and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the Listings Requirements
of the JSE Limited for preliminary reports, the information required at a minimum by IAS 34: Interim
Financial Reporting, and the requirements of the South African Companies Act, No 71 of 2008.
The Group's accounting policies are consistent with those applied in the annual financial statements for
the year ended 28 February 2014, except for the voluntary change in accounting policy as noted below.
These Preliminary Audited Results were prepared under the supervision of the Group Financial Director,
DC Edley, CA(SA).
2015 2014
R'000 R'000
2. EARNINGS PER SHARE
Reconciliation between earnings and headline earnings
Profit attributable to equity holders of the parent 38 525 30 587
Net (profit)/loss on disposals of plant and equipment (130) 94
Impairment of goodwill 3 892 3 131
Taxation effects 19 (18)
Minority Interest – 9
Headline earnings 42 306 33 803
Basic earnings per share (cents) 28,23 22,42
Headline earnings per share (cents) 31,00 24,77
Weighted average number of shares (000s) 136 459 136 459
Diluted weighted average number of shares (000s) 138 939 138 285
The difference between earnings per share and diluted earnings per
share is due to the impact of share options that are yet to vest under
the Group's share option scheme.
3. INTANGIBLE ASSETS
Goodwill movement:
Carrying value at beginning of year 120 821 106 878
Acquisition of Masterfreight Internationale Spedition GmbH 4 050 –
Impairment of investment in W.M. Shipping Limited (3 892) (3 131)
Translation of foreign operations (2 035) 17 074
Carrying value at end of year 118 944 120 821
Carrying value of computer software and trademarks 3 320 3 106
Total intangible assets 122 264 123 927
Acquisition of Masterfreight Internationale Spedition GmbH ("Masterfreight")
Effective 1 December 2014, the Group acquired the entire issued share capital of Masterfreight, operating
primarily as an airfreight importer and exporter out of Frankfurt, Germany. The acquisition is in line with
the Group's strategy to expand its footprint in Europe.
The acquisition was concluded for a purchase price of R4 638 787, to be settled entirely in cash as follows:
- R 3 587 738 paid upfront by Santova Administration Services, the Group's designated domestic
treasury company, using a loan from the holding company for the full amount; and
- One separate contingent payment payable after a 12 month period based on a warranted annual
profit being achieved, amounting to a net present value on acquisition date of R1 051 749.
The fair value, on acquisition date, of the assets acquired was R629 774 and the R4 049 947 by which the
purchase price exceeds the fair value of the assets acquired, attributable to anticipated profitability and
expected cash generation, has been recognised as goodwill.
4. VOLUNTARY CHANGE IN ACCOUNTING POLICIES
The following voluntary change in accounting policy, in terms of IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors ("IAS 8"), has been applied during the period under review resulting in
the restatement and reclassification of certain comparatives for the year ended 28 February 2015.
IAS 7 Statement of Cash Flows – Reclassification of the proceeds from the sale of short-term
receivables from financing activities to operating activities
The proceeds received from the sale of short-term receivables have previously been disclosed as a
financing cash flow in the Group's Statement of Cash Flows. During the period under review, the Group's
management resolved to account for such proceeds in its Statement of Cash Flows as an operating
cash flow. The Group generates interest revenue through the provision of short-term finance facilities
to clients for logistics related recoverable disbursements, effectively acting as a financial institution. The
Group's management regard this as a principal revenue producing activity. The Group funds these short-
term receivables through the ongoing sale of such receivables to its principal banker via an invoice
discounting facility, on which it incurs an interest expense.
The Group believes that this change will result in more relevant and reliable information being presented
in respect of it's cash flows by matching all the related capital inflows and outflows and interest income
and expense associated with this principal revenue producing activity and disclosing these as operating
cash flows. As required by IAS 8, this change in accounting policy has been retrospectively applied,
resulting in the restatement of the Group's Statement of Cash Flows as disclosed below. The change in
policy has not resulted in any changes or restatement to the Group's Statement of Financial Position or
Statement of Profit or Loss and Other Comprehensive Income.
2014 2013
R'000s R'000s
STATEMENT OF CASH FLOWS
As previously reported
Net cash flows from operating activities (48 508) 13 394
Net cash flows from financing activities 63 205 41 217
As currently reported
Net cash flows from operating activities 23 668 14 528
Net cash flows from financing activities (8 971) 40 083
Impact of the change
Net cash flows from operating activities 72 176 1 134
Net cash flows from financing activities (72 176) (1 134)
2015 2014
R'000 R'000
5. FAIR VALUE DISCLOSURE FOR FINANCIAL INSTRUMENTS
The Group recognised the following financial liabilities in the
statement of financial position measured at fair value using significant
unobservable inputs (level 3 inputs):
Current portion of contingent purchase considerations on acquisitions 990 7 046
This represents the present value of the remaining contingent purchase obligation arising from the
acquisition of Masterfreight Internationale Spedition GmBH (Germany). The fair value of the liability
was calculated as the net present value of the warranty payment as set out in the agreement of sale,
discounted at the weighted average cost of capital for the acquired entity of 1,04%. The financial liability
related to this acquisition can be reconciled as follows:
2015
R'000
Financial liability raised during the year 1 052
Interest on present value calculation 2
Foreign exchange gain on translation (64)
Financial liability at end of year 990
The prior year amount represents the present value of the remaining contingent purchase obligation
arising from the acquisition of W.M. Shipping Limited (United Kingdom). The profit warranty period came
to an end during the current financial year and the financial liability to the sellers was settled to the extent
the profit warranties were met, with the balance being released to profit or loss.
There were no other material adjustments to fair values of financial instruments during the year.
6. AUDIT OPINION
These preliminary summarised consolidated financial statements have been extracted from the
consolidated audited annual financial statements upon which Deloitte have issued an unmodified report,
dated 14 May 2015. The auditor's report does not necessarily cover all of the information contained in
this announcement/financial report. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor's work they should obtain a copy of that report together with
the accompanying financial information from the registered office of the Company or the Company's
website.
A copy of the auditor's report on these summarised consolidated provisional financial results and of the
auditor's report on the annual financial statements for the year ended 28 February 2015 is available for
inspection at the Company's registered office. Any reference to future financial performance included in
this announcement, has not been reviewed or reported on by the Company's auditors.
7. EVENTS AFTER THE REPORTING DATE
There are no material events which have taken place after the reporting period for which non-disclosure
would affect the ability of the users to make proper evaluations and decisions.
CORPORATE INFORMATION
Registration number 1998/018118/06
Share code SNV
ISIN ZAE000159711
Independent non-executive directors ESC Garner (Chairman)
AD Dixon
WA Lombard
EM Ngubo
Executive directors GH Gerber (Chief Executive Officer)
DC Edley (Group Financial Director)
AL van Zyl
Company Secretary JA Lupton, FCIS
JSE sponsor River Group
Auditors Deloitte & Touche
Transfer secretaries Computershare Investor Services (Pty) Ltd
Investor relations Contact persons GH Gerber (Chief Executive Officer)
DC Edley (Group Financial Director)
E mail address investor@santova.com
Contact number +27 31 374 7000
Physical address Santova House, 88 Mahatma Gandhi Road, Durban, 4001
Postal address PO Box 6148, Durban, 4000
Contact number +27 31 374 7000
www.santova.com
Date: 14/05/2015 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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