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Audited condensed consolidated financial statements for the year ended 31 March 2015 and dividend declaration
TRANS HEX GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1963/007579/06
Share code: TSX
ISIN: ZAE000018552
("Trans Hex" or the "Group")
AUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 AND
DIVIDEND DECLARATION
FINANCIAL HEADLINES
- Sales revenue increased by 35,1% to R939,7 million (2014: R695,7 million).
- Gross profit from South African land operations totalled R150,8 million (2014: R42,0 million).
- Impairments from Lower Orange River Operations amounted to R86,2 million (2014: nil).
- Proceeds from the disposal of the Group's 100% interest in Pioneer Minerals Proprietary Limited
amounted to R35,0 million (2014: nil).
- Equity accounting profit from Somiluana amounted to R12,7 million (2014: nil).
- Equity accounting profit from West Coast Resources amounted to R123,3 million (2014: nil).
- Group profit after tax from continuing operations increased to R169,1 million (2014: loss of
R5,1 million).
- Profit after tax from discontinued operations totalled R21,5 million (2014: R27,9 million).
- Group net profit increased to R190,6 million (2014: R22,7 million).
- The Group's net cash position at the end of the year was R407,2 million (2014: R397,6 million).
- Earnings per share increased by 160,4 cents to 181,1 cents (2014: 20,7 cents) and headline earnings
per share increased by 68,8 cents to 78,6 cents (2014: 9,8 cents).
- Net asset value per share amounted to 630,0 cents (2014: 521,0 cents).
CONDENSED CONSOLIDATED INCOME STATEMENT
2015 2014
Notes R'000 R'000
Continuing operations
Sales revenue 939 685 695 730
Cost of goods sold (788 847) (653 736)
Gross profit 150 838 41 994
Share of results of associated companies 1 135 976 -
Royalties (20 656) (4 629)
Selling and administration costs (75 899) (71 620)
Mining profit/(loss) 190 259 (34 255)
Exploration costs (2 171) (3 762)
Other gains - net 2 53 369 21 407
Finance income 25 052 15 378
Finance costs (4 705) (4 995)
Impairment 3 (86 170) -
Profit/(loss) before income tax 175 634 (6 227)
Income tax (6 568) 1 112
Profit/(loss) for the year from continuing
operations 169 066 (5 115)
Discontinued operations
Profit for the year from discontinued
operations 4 21 508 27 854
Profit for the year 190 574 22 739
Attributable to:
Continuing operations 169 066 (5 115)
- Owners of the parent 169 950 (5 991)
- Non-controlling interest (884) 876
Discontinued operations
- Owners of the parent 21 508 27 854
190 574 22 739
Earnings per share - basic and diluted
(cents)
- Continuing operations 160,8 (5,7)
- Discontinued operations 20,3 26,4
Total 181,1 20,7
Shares in issue adjusted for treasury
shares ('000) 105 699 105 699
Headline earnings 5
- Continuing operations 61 668 (17 459)
- Discontinued operations 21 508 27 854
Total 83 176 10 395
Headline earnings per share (cents)
- Continuing operations 58,3 (16,6)
- Discontinued operations 20,3 26,4
Total 78,6 9,8
Average US$ exchange rate 11,05 10,20
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2015 2014
R'000 R'000
Profit for the year 190 574 22 739
Other comprehensive income net of tax:
Items that will not be reclassified
to profit or loss
Remeasurements of post-employment benefit obligations - 2 061
- Before-tax amount - 2 863
- Tax expense - (802)
Items that may be subsequently reclassified
to profit or loss
Translation differences on foreign subsidiaries
before and after tax (17 529) (8 560)
Reclassification of fair value adjustment on
available-for-sale financial assets on disposal
before and after tax - (37)
Reclassification of foreign currency differences on
repayment of long-term receivables from foreign
operations (4 542) -
Total comprehensive income for the year 168 503 16 203
Attributable to:
- Owners of the parent 169 387 15 327
- Non-controlling interest (884) 876
168 503 16 203
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
2015 2014
Notes R'000 R'000
Assets
Non-current assets 466 682 391 393
Property, plant and equipment 152 184 279 000
Investment in associates 6 253 635 59 580
Investments held by environmental trust 57 431 52 813
Other financial assets 3 000 -
Deferred income tax assets 432 -
Current assets 553 003 560 378
Inventories 7 105 868 137 305
Trade and other receivables 37 205 21 670
Current income tax 2 750 3 853
Cash and cash equivalents 407 180 397 550
Total assets 1 019 685 951 771
Equity and liabilities
Capital and reserves 665 742 549 231
Non-controlling interest 116 1 000
Non-current liabilities 117 065 148 488
Deferred income tax liabilities 8 632 46 138
Provisions 108 433 102 350
Current liabilities 236 762 253 052
Trade and other payables 117 268 126 263
Interest in joint ventures 4 119 450 125 188
Current income tax liabilities 44 320
Borrowings - 1 281
Total equity and liabilities 1 019 685 951 771
Net asset value per share (cents) 630 521
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
2015 2014
R'000 R'000
Balance at 1 April 550 231 534 028
Total comprehensive income for the year 168 503 16 203
Dividends paid (52 876) -
Balance at end of year 665 858 550 231
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
2015 2014
R'000 R'000
Cash generated from operations 179 874 72 302
Movements in working capital (6 783) (11 404)
Income tax paid (43 680) (13 252)
Net cash generated from operating activities 129 411 47 646
Cash flows from investment activities (65 624) (7 691)
Property, plant and equipment
- Proceeds from disposal 19 25 298
- Replacement (38 263) (31 638)
- Additional (9 657) (11 634)
Proceeds from disposal of investment 35 000 -
Proceeds from repayment of loan to Trans Hex Angola 7 477 10 283
Investments in associate (57 200) -
Investment in other financial assets (3 000) -
Cash flows from financing activities (54 157) (25 781)
Borrowings repaid (1 281) (25 781)
Dividends paid (52 876) -
Net increase in cash and cash equivalents 9 630 14 174
Cash and cash equivalents at beginning of year 397 550 383 376
Cash and cash equivalents at end of year 407 180 397 550
NOTES TO THE CONDENSED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS
2015 2014
R'000 R'000
1. Share of results of associated companies
Consists of the following categories:
- Somiluana - Sociedade Mineira, S.A. 12 715 -
The 33% investment in Somiluana is accounted for as
an investment in an associate under the equity method.
- West Coast Resources (Pty) Ltd 123 261 -
The 40% investment in West Coast Resources (previously
known as Emerald Panther Investments 78 [Pty] Ltd) is
accounted for as an investment in an associate under
the equity method. Included in the profit is a gain of
R132 million, being negative goodwill that arose as a
result of the acquisition of assets and liabilities
relating to Namaqualand Mines.
135 976 -
2. Other gains - net
Other gains - net consist of
the following categories:
- Net foreign exchange gains 15 154 9 846
- Profit on sale of assets and investments 35 019 11 561
- Commission on sale of diamonds 3 195 -
53 369 21 407
3. Impairment of assets
While conducting impairment reviews, the Group exercises
judgement in making assumptions about future rough
diamond prices, production volumes, ore reserves and
resources included in the current life of mine plans,
feasibility studies, future development and production
costs, and macroeconomic factors such as inflation and
discount rates. Value-in-use impairment models were
prepared to assess mining assets for impairment.
The key assumptions used in performing the impairment
tests by cash generating unit ("CGU") were as follows:
2015 2014
Discount rate 13,42% 15,45%
Diamond price per carat US$1 292 - US$1 679 US$1 350 - US$1 550
Forecasted US$/ZAR exchange rate R11,65/US$ - R12,25/US$ R10,65/US$ - R11,35/US$
The South African businesses consist of a number of
CGUs that are represented by mining areas operated by
the Group. Baken and Reuning are two separate CGUs that
form part of the South African reporting segment. The
recoverable values for each of these CGUs were derived
from the value-in-use calculations performed, which
was in excess of the fair value less costs to sell.
The impairment charges and recoverable amounts relating
to these CGUs are outlined below:
2015 2014
Baken Reuning R'000 R'000
Carrying value pre-impairment 184 219 16 720 200 939 -
Recoverable amount (113 195) (1 574) (114 769) -
Impairment loss recognised 71 024 15 146 86 170 -
Impairment of property,
plant and equipment
- Mining plant and equipment 82 867 -
- Mine development costs 3 303 -
86 170 -
4. Discontinued operations
On 5 October 2011, the Angolan Ministry of Geology,
Mines and Industry revoked the mining rights of the
Luarica and Fucauma joint ventures as no mining
activities had been performed at the sites for a
period of three years as a result of the projects
being placed under care and maintenance.
The prescription of unclaimed debts of R21,5 million
(2014: R27,9 million) is included below.
Angolan joint ventures
Balance at beginning of year 125 188 134 798
Share of income from joint ventures (21 508) (27 854)
Profit before income tax (21 508) (27 854)
Taxation - -
Foreign exchange losses 15 770 18 244
Closing balance at end of year 119 450 125 188
5. Reconciliation of headline earnings
Continuing operations
Profit/(loss) for the year 169 950 (5 991)
- Profit on sale of assets (19) (11 561)
- Taxation impact 5 93
- Profit on sale of investment (35 000) -
- Taxation impact - -
- Impairment of assets 86 170 -
- Taxation impact (24 128) -
- Foreign currency differences on repayment of
long-term receivables from foreign operations
reclassified to profit or loss (4 542) -
- Taxation impact 1 272 -
- Negative goodwill on assets acquired by associate (132 040) -
Headline earnings/(loss) 61 668 (17 459)
Discontinued operations
Profit for the year 21 508 27 854
Headline earnings 21 508 27 854
6. Investment in associates
- Loan to associate: Somiluana -
Sociedade Mineira, S.A. 59 276 59 580
Balance at beginning of year 59 580 60 964
Repayment of loan amount (7 477) (10 283)
Foreign exchange differences 7 173 8 899
The loan to Somiluana represents a portion of the
exploration costs previously incurred by the Group which
is recoverable from the newly formed mining company. The
loan does not form part of the net investment in the
associate as settlement of the loan is considered likely
to occur in the foreseeable future.
- Investment in associate: Somiluana -
Sociedade Mineira, S.A. 13 898 -
Balance at beginning of year - -
Share of results of associated company 12 715 -
Foreign exchange differences 1 183 -
The 33% investment in Somiluana is accounted for as an
investment in an associate under the equity method.
During 2014 the investment's liabilities exceeded its
assets and, therefore, no equity accounted profit or loss
was accounted for in the previous year.
- Investment in associate: West Coast
Resources (Pty) Ltd 180 461 -
Balance at beginning of year - -
Proportionate shareholder funding 52 000 -
Preferential loan 5 200 -
Share of results of associated company 123 261 -
Effective 28 October 2014, West Coast Resources (Pty) Ltd
(previously known as Emerald Panther Investments 78 [Pty]
Ltd), in which the Group holds a 40% interest, acquired
assets and liabilities relating to Namaqualand Mines.
253 635 59 580
7. Inventories
Diamonds 99 456 117 689
Consumables 6 412 19 616
105 868 137 305
Slow-moving stock to the value of R14,0 million
(2014: R1,2 million) has been written off.
8. Capital commitments
(including amounts authorised, but not yet contracted) 66 528 62 655
These commitments will be financed from the Group's
own resources or with borrowed funds.
9. Fair value estimation
Items carried at fair value are classified according to
the fair value hierarchy, by valuation method. The different
levels have been defined as follows:
- Quoted prices (unadjusted) in active markets for identical
assets or liabilities (Level 1).
- Inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either
directly (that is, as prices) or indirectly (that is,
derived from prices) (Level 2).
- Inputs for the asset or liability that are not based
on observable market data (that is, unobservable inputs)
(Level 3).
Financial assets are classified as Level 1 according to the
fair value hierarchy. Investments held by the environmental
trust are the only financial assets carried at fair value,
however, this fund consists primarily of cash and cash
equivalents with the largest driver of the growth in the
trust fund being attributable to interest received.
10. Segment information
Operating segments
CONTINUING DISCONTINUED
Twelve months ended 31 March 2015 South Africa Angola Total Angola
Carats sold 62 819 - 62 819 -
R'000 R'000 R'000 R'000
Revenue 939 685 - 939 685 -
Cost of goods sold (788 847) - (788 847) -
Gross profit 150 838 - 150 838 -
Share of results of associated companies 123 261 12 715 135 976 -
Royalties (20 656) - (20 656) -
Selling and administration costs (66 368) (9 531) (75 899) -
Mining profit 187 075 3 184 190 259 -
Exploration costs (2 171) - (2 171) -
Other gains - net 54 159 (790) 53 369 -
Profit for the year from discontinued
operations - - - 21 508
Finance income 25 052 - 25 052 -
Finance costs (4 705) - (4 705) -
Impairment of assets (86 170) - (86 170) -
Profit before income tax 173 240 2 394 175 634 21 508
Depreciation included in the above (88 542) (24) (88 566) -
Net assets/(liabilities) 694 658 90 625 785 283 (119 425)
Capital expenditure 47 920 - 47 920 -
Net asset value per share (cents) 657 86 743 (113)
CONTINUING DISCONTINUED
Twelve months ended 31 March 2014 South Africa Angola Total Angola
Carats sold 55 083 - 55 083 -
R'000 R'000 R'000 R'000
Revenue 695 730 - 695 730 -
Cost of goods sold (653 736) - (653 736) -
Gross profit 41 994 - 41 994 -
Royalties (4 629) - (4 629) -
Selling and administration costs (63 059) (8 561) (71 620) -
Mining loss (25 694) (8 561) (34 255) -
Exploration costs (3 762) - (3 762) -
Other gains - net 10 176 11 231 21 407 -
Profit for the year from discontinued
operations - - - 27 854
Finance income 15 378 - 15 378 -
Finance costs (4 995) - (4 995) -
(Loss)/profit before income tax (8 897) 2 670 (6 227) 27 854
Depreciation included in the above (90 379) (334) (90 713) -
Net assets/(liabilities) 588 500 86 919 675 419 (125 188)
Capital expenditure 43 261 11 43 272 -
Net asset value per share (cents) 562 77 639 (118)
Revenue from transactions with certain customers can amount to 10% or more of total revenue. During the period under review,
no individual customer was responsible for aggregate sales in excess of 10% of revenue.
11. Mineral resources and mineral reserves
Total carats in reserve at Baken Mine decreased by 53%, or 75 118 carats, year-on-year mainly as a result of lower than
expected diamond prices, higher unit costs and depletion through production. Total carats in reserve at Bloeddrif Mine
increased by 4,6% to 37 441 carats as a result of favourable diamond prices being realised for the larger stones that
Bloeddrif produces. Total carats in reserve at Somiluana Mine decreased by 49% as a result of lower than expected diamond
prices and higher operational costs.
12. Contingent liabilities
There have been no material changes to contingent liabilities previously reported in the Integrated Annual Report.
13. Events after the reporting period
No events which may have a material effect on the Group occurred between the reporting date and the issuing of this
announcement.
14. Accounting policies
The condensed consolidated financial statements are prepared in accordance with the JSE Limited Listings Requirements
for preliminary reports and the requirements of the Companies Act applicable to condensed financial statements. The Listings
Requirements require preliminary reports to be prepared in accordance with the framework concepts; the measurement and
recognition requirements of International Financial Reporting Standards ("IFRS"), the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standard Council,
and to also, as a minimum, contain the information required by IAS 34, "Interim Financial Reporting".
The accounting policies applied in the preparation of the consolidated financial statements from which the condensed
consolidated financial statements were derived are in terms of IFRS and are consistent with those accounting policies applied
in the preparation of the previous consolidated annual financial statements.
15. Preparation of financial statements
The preparation of the condensed consolidated financial statements was supervised by the Financial Director,
IP Hestermann CA(SA).
16. Report of independent auditor
These condensed consolidated financial statements for the year ended 31 March 2015 have been audited by PricewaterhouseCoopers
Inc., who expressed an unmodified opinion thereon. The auditor also expressed an unmodified opinion on the annual financial
statements from which these condensed consolidated financial statements were derived.
A copy of the Auditor's Report on the condensed consolidated financial statements and of the Auditor's Report on the annual
consolidated financial statements are available for inspection at Trans Hex's registered office, together with the financial
statements identified in the respective Auditor's Reports.
The Auditor's Report does not necessarily report on all of the information contained in this announcement/financial results.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement,
they should obtain a copy of the Auditor's Report together with the accompanying financial information from the issuer's
registered office.
OVERVIEW
In this commentary, results are compared with the 12 months of the 2014 financial year (in brackets).
Sales revenue from the South African operations increased by 35,1% in Rand terms from R695,7 million in 2014 to R939,7 million
in 2015 as a result of a 9,3% increase in average prices as well as a 14,0% increase in carats sold. Revenue was also positively
affected by an 8,4% weakening in the Rand. The average price increased from US$1 238 per carat in 2014 to US$1 353 per carat
in 2015 due to an increase in average stone size.
South African production increased by 18,4% to 61 688 carats (2014: 52 081 carats). The average grade at the Lower Orange
River Operations ("LOR") increased by 39,3% to 1,29 carats/100 m3 (2014: 0,92 carats/100 m3) due to the mining of extensions to
scour areas at both Baken and Bloeddrif mines. The increase was partly offset by a 16,6% decrease in volumes treated.
The cost of goods sold increased to R788,8 million (2014: R653,7 million), mainly due to an increase in contractors fees
(Remhoogte - R78,8 million), maintenance, other inflationary increases and a negative change in stock movement of R22,6 million.
The LOR unit cost of production increased by 23,6% due to a 16,6% reduction in volumes treated and an increase in operating costs.
Gross profit for the South African operations amounted to R150,8 million (2014: R42,0 million).
Impairment charges at LOR amounted to R86,2 million.
Proceeds from the disposal of the Group's 100% interest in Pioneer Minerals Proprietary Limited amounted to R35,0 million.
West Coast Resources' equity accounted profit contributed R123,3 million mainly due to assets acquired in a business combination
measured at fair value, as it relates to the Namaqualand Mines transaction.
The South African operations achieved a profit before tax of R173,2 million (2014: loss of R8,9 million).
In Angola, production at Somiluana Mine, in which Trans Hex holds a 33% stake, amounted to 94 483 carats (2014: 72 041 carats)
due to a 16,9% increase in grade and a 12,2% increase in gravel treated. Total sales amounted to US$43,9 million at an average
price of US$458 per carat (2014: sales of US$32,4 million at an average price of US$478 per carat). Repayments of US$343 000
were made to Trans Hex against the outstanding investment amount and the Group received US$297 000 in dividends. The balance
of cash generated was retained to develop the Mine.
Profit from the Angolan continuing operations amounted to R2,4 million (2014: profit of R2,7 million), consisting of
Somiluana's equity accounted profit of R12,7 million less head office costs of R10,3 million.
The Group reports an after-tax profit for the year from continuing operations of R169,1 million (2014: loss of R5,1 million).
Profit from the discontinued Luarica and Fucauma operations amounted to R21,5 million (2014: R27,9 million).
The Group therefore reports a profit for the year of R190,6 million (2014: R22,7 million).
Cash and cash equivalents at the end of the reporting period amounted to R407,2 million (2014: R397,6 million).
OPERATING PERFORMANCE
Detailed project information
Twelve months ended 31 March 2015 Twelve months ended 31 March 2014
Average Average
price per price per
Detailed project Average Average carat Average Average carat
information grade per Carats carats per achieved grade per Carats carats per achieved
(unaudited) 100 m3 produced stone (US$) 100 m3 produced stone (US$)
South Africa
- Baken 1,34 43 534 1,22 1 261 0,96 35 637 1,31 1 320
- Bloeddrif 1,36 6 081 2,21 2 055 0,94 4 174 1,17 1 018
- Reuning 0,34 696 2,77 2 491 0,67 3 456 2,86 2 058
- Remhoogte - 4 241 3,12 2 272 - - - -
- Shallow water - 7 136 0,33 518 - 8 814 0,32 487
Total South Africa 1,29 61 688 1,00 1 353 0,92 52 081 0,87 1 238
Angola
- Somiluana 27,99 94 483 0,53 458 23,95 72 041 0,60 478
Note: Average grade in South Africa is calculated excluding Remhoogte and shallow water production.
South Africa
During the year under review stripping of overburden in the main channel at Baken continued with results being better
than expected, including an increase in the average grade to 1,34 carats/100 m3 (2014: 0,96 carats/100 m3), while the
average price of Baken stones decreased slightly to US$1 261 per carat (2014: US$1 320 per carat) due to a decrease in
average stone size from 1,31 carats per stone in 2014 to 1,22 carats per stone in 2015.
Results at Bloeddrif Mine were positively affected by an increase in average grade and a significant increase in average
stone size from 1,17 carats per stone in 2014 to 2,21 carats per stone in 2015.
Due to the grade of gravel dropping below the threshold for economical mining, Reuning Mine, which includes Suidhek and
Jakkalsberg, was decommissioned in November 2014.
During the period a contractor commenced sampling and mining operations at Remhoogte and after exercising an option to
buy the mining right, as announced on SENS on 18 July 2014, it was transferred in December 2014.
West Coast Resources (Pty) Ltd, South Africa
Operations in Namaqualand commenced in December 2014 with the construction of a final recovery plant at Kleinzee. The plant
was commissioned during March 2015.
Somiluana - Sociedade Mineira, S.A., Angola
Mining and exploration activities during the period remained focused on the east bank of the Luana River where the grades
and diamond values continue to exceed resource estimations.
OUTLOOK
Lower Orange River Operations
Stripping operations in the Baken central channel will continue until the economically viable gravel in the main channel has
been exhausted which is expected to be towards the end of the 2016 financial year. Thereafter mining activities will focus on
shallow deposits and lower grade stockpiles.
Steady performance at Bloeddrif Mine is expected to continue.
South African production for the 2016 financial year is expected to be in the order of 53 000 carats, compared to 2015 actual
production of 61 688 carats.
West Coast Resources (Pty) Ltd, South Africa
The final recovery plant at Kleinzee is currently in operation and is sampling and mining final recovery tailings.
At Mitchell's Bay, exploration drilling is underway and a bulk sampling plant at Koingnaas will be sampling ahead of production.
The construction of a production treatment plant is due to be completed towards the end of the calendar year.
Net revenue from the treatment of the small remaining tonnages of final recovery tailings is not expected to cover project
operational expenditure during the 2016 financial year. As this project is still in a start-up phase, a loss is expected for
the 2016 financial year.
Somiluana - Sociedade Mineira, S.A., Angola
In Angola, Somiluana Mine continues to increase its production capacity through the reinvestment of surplus internal cash flows.
Due to the encouraging results and in order to speed up the expansion of the production footprint, external funding is being
considered. Production results and geological work through drilling and bulk testing indicate that carat production for the
2016 financial year will surpass the 94 000 carats achieved in 2015.
During the 2015 financial year, cumulative profits since the exploration phase exceeded the exploration costs previously expensed
and a R12,7 million profit was recognised. This does not represent a full year's profit and an increase in the profit from this
project for 2016 is therefore expected.
Market
Trans Hex production realised firm prices in certain categories, but did encounter a drop in prices, particularly for the mid-range
and lower-end stones. This weakening was in line with a softening of global prices towards the end of the financial year due to tight
liquidity and thin trading margins. With diamond fundamentals remaining strong, the market is set to recover in the year ahead.
Demand for Trans Hex production is anticipated to increase towards the end of the calendar year in line with expected market trends.
DIVIDEND
Following the successful completion of the acquisition of Namaqualand Mines, the Board declared a once-off special cash dividend of
50 cents per share on 3 November 2014 which was paid to shareholders on 1 December 2014.
Notice is hereby given of a cash dividend of 10 cents per share (the "Dividend").
In accordance with the JSE Limited Listings Requirements the following additional information is disclosed:
- the Dividend has been declared out of income reserves;
- the local dividend tax rate is 15%;
- the gross local dividend amount is 10 cents per ordinary share for shareholders exempt from dividend tax;
- the net local dividend amount is 8,5 cents per ordinary share for shareholders liable to pay dividend tax;
- the Group currently has 106 051 275 shares in issue; and
- the Group's income tax reference number is 9775/125/71/0.
The Dividend will be paid on Monday, 29 June 2015, to shareholders recorded in the register of the Group at the close of business on
the record date being Friday, 26 June 2015.
The salient dates relating to the Dividend are as follows:
Last day to trade cum dividend Friday, 19 June 2015
Shares commence trading ex-dividend Monday, 22 June 2015
Record date Friday, 26 June 2015
Payment date of the Dividend Monday, 29 June 2015
Share certificates may not be dematerialised or rematerialised between Monday, 22 June 2015 and Friday, 26 June 2015, both days
inclusive.
By order of the Board
BR van Rooyen L Delport
Chairman Chief Executive Officer
Parow
29 May 2015
REGISTERED OFFICE
405 Voortrekker Road, Parow 7500
PO Box 723, Parow 7499
JSE SPONSOR
One Capital
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
DIRECTORATE
BR van Rooyen (Chairman), L Delport (Chief Executive Officer), IP Hestermann (Financial Director), AR Martin, T de Bruyn, BP Lekubo,
DR Wolstenholme, GM van Heerden (Company Secretary)
Date: 01/06/2015 07:05:00 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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