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INVICTA HOLDINGS LIMITED - Preliminary summary audited consolidated results for the year ended 31 March 2015

Release Date: 22/06/2015 07:17
Code(s): IVT IVTP     PDF:  
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Preliminary summary audited consolidated results for the year ended 31 March 2015

INVICTA HOLDINGS LIMITED
Registration number: 1966/002182/06 
(Incorporated in the Republic of South Africa)
Share code: IVT
ISIN: ZAE000029773
Preference share code: IVTP 
ISIN: ZAE000173399
(“Invicta” or “the Group” or “the Company”)
PRELIMINARY SUMMARY AUDITED CONSOLIDATED RESULTS for the year 
ended 31 March 2015
SUMMARY CONSOLIDATED 
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH
                                  %           2015         2014 
                             change          R’000        R’000
Revenue                           0     10 459 567   10 464 511
Gross profit                      7      3 088 626    2 899 658
Operating profit                 (3)     1 014 179    1 042 950 
Interest and dividends received            666 151      633 556 
Finance costs                             (843 863)    (827 966) 
Share of profits of associates               5 206        2 150
Profit before taxation           (1)       841 673      850 690 
Taxation                                  (150 548)    (140 779)  
Profit for the year              (3)       691 125      709 911 
  Other comprehensive income
  Items that will be reclassified 
    to profit or loss
  Exchange differences on 
    translating foreign operations          33 834       74 615 
  Total comprehensive income for 
    the year                               724 959      784 526 
  Profit attributable to:
  Owners of the Company           0        578 642      580 107 
  Non-controlling interest      (34)        42 287       64 016 
  Preference shareholders         7         70 196       65 788  
                                           691 125      709 911  
  Total comprehensive income 
    attributable to:
  Owners of the Company                    598 348      629 158
  Non-controlling interest                  56 415       89 580
  Preference shareholders                   70 196       65 788
                                           724 959      784 526 
Earnings per share (cents)       (6)           742          788 
Diluted earnings per share 
  (cents)                        (6)           741          788 
Normalised earnings per 
  share (cents)                  (6)           742          788  
Determination of headline earnings
Attributable earnings                      578 642      580 107 
Adjustments
–  Impairment of intangible assets             203            –
–  Net impairment of property, 
     plant and equipment                       327           66 
–  Profit on disposal of investment        (14 996)      (4 032) 
–  Net loss (profit) on disposal of 
    property, plant and equipment              653      (16 298) 
Total adjustments before taxation 
  and non-controlling interest             (13 813)     (20 264)  
Taxation                                      (310)       2 809 
Non-controlling interest                     2 625           96 
Total adjustments                          (11 498)     (17 359) 
Headline earnings                          567 144      562 748 
Headline earnings per share (cents)            727          765 
Diluted headline earnings 
  per share (cents)                            726          765
Shares in issue
Weighted average (000s)                     77 965       73 592
At the end of the year (000s)              108 495       75 551 
Number of shares used for diluted 
  earnings per share (000s)                 77 476       73 531 
Headline earnings per 
  share (cents)                  (5)           727          765 
Earnings per share (cents)       (6)           742          788 
Dividends per share* (cents)              2 220,32       286,65 
   – Interim                    (18)         84,00       102,00 
   – Special                              2 024,33            –
   – Final                      (36)        111,99       184,65  
* In accordance with IAS10, the final dividend of 111,99 cents 
per share proposed by the directors has not been reflected in the 
final results.
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 
31 MARCH
                                              2015         2014 
                                             R’000        R’000
Cash flows from operating activities
Cash generated from operations             979 254      715 160 
Finance costs                             (843 863)    (827 966) 
Dividends paid to Group shareholders 
  and non-controlling interest          (1 799 165)    (281 367) 
Taxation paid                             (134 567)    (142 910) 
Interest and dividends received            666 151      633 556  
Net cash (outflow) inflow from 
  operating activities                  (1 132 190)      96 473
Cash flows from investing activities
Net cash effects of acquisitions and 
  disposals of property, plant and 
  equipment and intangible assets         (222 710)    (216 181) 
Acquisition of subsidiaries and 
  associates                              (111 166)     (97 456) 
Acquisition of non-controlling 
  interests in subsidiaries               (371 941)      (1 670) 
Disposal of investment                      22 804            –
Increase in long-term receivables 
  including current portion               (573 687)    (339 327) 
Net decrease (increase) in financial 
  investments                              408 046      (11 968) 
Dividend received from associate             1 496        1 947   
Net cash outflow from investing 
  activities                              (847 158)    (664 655) 
Cash flows from financing activities
Net cash effects of liabilities raised     198 218      237 066 
Employees tax on share appreciation 
  rights exercised                         (17 868)     (39 299)  
Ordinary shares issues                   2 217 100          321 
Net cash inflow from financing 
  activities                             2 397 450      198 088 
Net increase (decrease) in cash and 
  cash equivalents                         418 102     (370 094) 
Cash and cash equivalents at the 
  beginning of the year                    139 496      487 718
Effects of foreign exchange rate 
  movement on cash balances                 15 789       21 872
Cash and cash equivalents at the end 
  of the year                              573 387      139 496
OTHER INFORMATION
                                              2015         2014
Operating net debt: equity ratio 
  (excluding long-term funding debt 
  secured by investments and loans) (%)         30           37
Depreciation and amortisation (R’000)      130 703      135 102 
Net asset value per share (cents)            4 117        4 073 
Tangible net asset value per share (cents)   3 344        3 025
Capital expenditure (R'000)                240 035      258 661
Capital commitments (R'000)                356 607       51 936
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 
31 MARCH
                                              2015         2014
                                             R’000        R’000 
Assets
Non-current assets                       6 586 957    6 563 637  
Property, plant and equipment            1 274 365    1 170 577 
Financial investments and investment 
  in associates                          1 638 830    2 032 223  
Goodwill and other intangible assets       839 090      791 632
Financial assets, finance lease 
  and long-term receivables              2 669 357    2 324 107
Deferred taxation                          165 315      245 098
Current assets                           7 704 220    6 885 035
Inventories                              3 803 416    3 478 732
Trade and other receivables              1 941 824    1 844 072 
Taxation prepaid                            18 855       21 547 
Current portion of financial 
  investments, finance lease and 
  long-term receivables                  1 219 107    1 014 315
Bank balances and cash                     721 018      526 369
Total assets                            14 291 177   13 448 672
EQUITY AND LIABILITIES
Capital and reserves                     4 635 652    3 559 020
Equity attributable to the 
  equity holders                         4 459 973    3 077 073
Non-controlling interest                   175 679      481 947
Non-current liabilities                  5 670 556    6 120 618
Long-term borrowings, guaranteed 
  repurchase liabilities and financial 
  liabilities                            5 637 801    6 093 891
Deferred taxation                           32 755       26 727
Current liabilities                      3 984 969    3 769 034
Trade, other payables and provisions     2 594 415    2 334 597  
Taxation liabilities                        37 918      112 042 
Current portion of long-term borrowings 
  and guaranteed repurchase liabilities  1 205 005      935 522 
Bank overdrafts                            147 631      386 873
Total equity and liabilities            14 291 177   13 448 672
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR 
ENDED 31 MARCH
                                              2015         2014
                                             R’000        R’000 
Share capital
Balance at the beginning of the year         3 777        3 743 
Shares issued                                1 647           34 
Balance at the end of the year               5 424        3 777 
Share premium
Balance at the beginning of the year       410 897      331 515
Shares issued                            2 242 254       79 382
Balance at the end of the year           2 653 151      410 897
Treasury shares
Balance at the beginning of the year       (80 098)     (80 098) 
Balance at the end of the year             (80 098)     (80 098) 
Preference shares
Balance at the beginning of the year       750 000      750 000
Balance at the end of the year             750 000      750 000
Retained earnings
Balance at the beginning of the year     2 275 702    2 014 469 
Earnings attributable to ordinary 
  shareholders                             578 642      580 107
Share appreciation rights exercised        (34 635)    (110 085)
Reallocation to non-distributable 
  reserve                                   (6 890)           –
Re-measurement of employee obligation          803            –
Change in non-controlling interest           1 352            – 
Ordinary dividends paid                 (1 703 718)    (208 789) 
Balance at the end of the year           1 111 256    2 275 702
Other reserves
Balance at the beginning of the year      (283 205)    (329 552)
Share appreciation rights issued            17 222        5 926 
Share appreciation rights exercised         (4 928)      (8 630) 
Foreign currency translation reserve 
  attributable to non-controlling 
  interest                                 (14 128)           –
Change in ownership of subsidiaries       (116 009)           –  
Derecognition of put liability reserve     380 564            –   
Allocation from retained earnings            6 890            –
Translation of foreign operations           33 834       49 051 
Balance at the end of the year              20 240     (283 205) 
Attributable to equity shareholders      4 459 973    3 077 073
Non-controlling interest
Balance at the beginning of the year       481 947      405 135 
Earnings attributable to non-controlling
  interest                                  42 287       64 016 
Share of foreign currency translation 
  reserve                                   14 128       25 564 
Non-controlling interest arising on 
  acquisitions and purchases of 
  non-controlling interests               (334 129)      1 770 
Preference shares issued                         –         321 
Ordinary dividends paid                    (28 554)    (14 859) 
Balance at the end of the year             175 679     481 947
SUMMARY SEGMENT INFORMATION FOR THE YEAR ENDED 31 MARCH
                          Engineering      Capital     Building
                          Consumables    equipment     supplies
                                R’000        R’000        R’000
2015
Segment revenue             4 208 678    4 606 646    1 638 592
Segment operating profit      499 175      456 945       87 435 
Segment assets              2 622 897    3 851 849      848 177
Segment liabilities           827 079    1 959 965      520 344
                                           Group,
                                        financing
                                        and other
                                       operations         Total
                                            R’000         R’000
Segment revenue                             5 651    10 459 567
Segment operating profit                  (29 376)    1 014 179
Segment assets                          6 968 238     1 429 161
Segment liabilities                     6 348 137     9 655 525

2014
Segment revenue             3 954 572    5 122 299    1 383 421 
Segment operating profit      472 773      483 641       66 969 
Segment assets              2 284 378    3 789 321      693 971 
Segment liabilities           729 493    2 137 727      455 152 
                                           Group,
                                        financing
                                        and other
                                       operations         Total
                                            R’000         R’000
Segment revenue                             4 219    10 464 511
Segment operating profit                   19 567     1 042 950
Segment assets                          6 681 002    13 448 672
Segment liabilities                     6 567 280     9 889 652
NOTES TO THE FINANCIAL INFORMATION
Basis of preparation
The Group’s audited summary consolidated annual financial 
statements (results) are prepared in accordance with the 
requirements of the JSE Limited Listings Requirements for 
preliminary reports, the requirements of the Companies Act 
applicable to summary financial statements, the framework, 
measurement and recognition requirements of International 
Financial Reporting Standards (IFRS), the SAICA Financial 
Reporting Guides as issued by the Accounting Practices Committee, 
the Financial Reporting Pronouncements as issued by the Financial 
Reporting Standards Council and the minimum requirement of IAS 34 
Interim Financial Reporting. The accounting policies applied in 
the preparation of the results are in terms of IFRS and are 
consistent with the accounting policies applied in the 
preparation of the Group's previous consolidated annual financial 
statements. All accounting policies effective for the 2015 
financial year onwards were applied and did not have a material 
impact on the Group results. 
Prepared by
These Group audited summary consolidated financial statements 
have been prepared under the supervision of Craig Barnard CA(SA), 
the Executive Director – Financial and Commercial.
Acquisitions
Various acquisitions were made during the year ended 31 March 
2015, amounting to R111 million.
The most significant acquisition was SA Tool (Pty) Ltd and the 
buy-out of the remaining non-controlling interest of Invicta 
Asian Holdings.
Events after the reporting period
There were no events to report on or after the reporting period 
to the date of this report.
Fair value disclosure
The following is an analysis of the financial instruments that 
are measured subsequent to initial recognition at fair value.
They are grouped into levels 1 to 3 based on the extent to which 
the fair value is observable. 
The levels are classified as follows:
Level 1 – fair value is based on quoted prices in active markets 
for identical financial assets or liabilities
Level 2 – fair value is determined using directly observable 
inputs other than level 1 inputs
Level 3 – fair value is determined on inputs not based on 
observable market data
                                                       Valuation
                                                    technique(s)
                                           31 Mar            and
                                             2015     key inputs
Financial assets at fair value
Financial assets                          131 555              1
Trade and other receivables             1 941 824              2
Financial liabilities at fair value
Financial liabilities                     131 496              1
Trade and other payables                1 146 871              3
Foreign trade payables                  1 168 849              4
                                   Level 1    Level 2    Level 3
Financial assets at fair value
Financial assets                         –    131 555          –
Trade and other receivables              –          –  1 941 824
Financial liabilities at fair value
Financial liabilities                    –    131 496          –
Trade and other payables                 –          –  1 146 871
Foreign trade payables                   –  1 168 849          –
                                                       Valuation
                                                    technique(s)
                                           31 Mar            and
                                             2014     key inputs
Financial assets at fair value
Financial assets                          155 405              1
Trade and other receivables             1 844 072              2
Financial liabilities at fair value
Financial liabilities                     182 211              1
Trade and other payables                  913 048              3
Foreign trade payables                  1 157 892              4
                                   Level 1    Level 2    Level 3
Financial assets at fair value
Financial assets                         –    155 405          –
Trade and other receivables              –          –  1 844 072
Financial liabilities at fair value
Financial liabilities                    –    182 211          –
Trade and other payables                 –          –    913 048
Foreign trade payables                   –  1 157 892          –

1.  Discounted contractual stream payments using the zero swap 
    curve at the valuation date.
2.  Face value less specific related provision.
3.  Determined by the spot rate at year-end.
4.  Expected settlement value.
COMMENTS
FINANCIAL OVERVIEW
The Group has delivered a very respectable result for the year to 
March 2015 despite extremely challenging market conditions. The 
global slowdown in mining, industrial, agricultural and 
construction markets affected the Group and its businesses 
negatively in the period. In addition, local factors such as 
debilitating labour unrest, lack of infrastructure spend, 
drought, power constraints and currency weakness affected the 
Group’s South African businesses. The Group’s Engineering 
Consumables segment and its Building Supplies segment both showed 
growth in revenue and operating profit which was offset by a 
decline in the Group’s Capital Equipment segment. All businesses 
showed good growth in African countries outside of South Africa 
which helped to offset the difficulties and weakness experienced 
in the South African economy.
Group revenue of R10,460 billion for the year was level with the 
prior period. Operating profit declined by 3% to R1,014 billion, 
a very pleasing recovery from the first half which was 13% down 
on the prior trading period. The Group’s operating margin 
declined to 9,7% from 10,0% in the prior period. A 9% reduction 
in net finance costs, including dividends received, and a 
significant 34% reduction in outside shareholders’ interests were 
offset by a 7% increase in tax and 7% increase in preference 
shareholders’ dividends in the year. Outside shareholders’ 
dividends were reduced by the acquisition of the remaining 25% 
effective interest in Invicta Asian Holdings (Pte) Ltd., the 
holding company of Kian Ann Engineering in Singapore (increasing 
the Group’s interest from 75% to 100% with effect from 1 October 
2014) and the acquisition of the remaining 40% interest in BMG’s 
largest agency, also with effect from 1 October 2014. The Group’s 
preference shareholders’ interests increased in line with the 
increase in prevailing interest rates. The profit attributable to 
ordinary shareholders of the Group at R579 million was level with 
the prior period, a considerable improvement from the first half 
where the Group reported attributable profit down 17% on the 
prior six-month period. EPS and HEPS decreased by 6% and 5% 
respectively due to the 6% increase in the weighted average 
number of shares in issue.
Excellent management of working capital resulted in the cash 
generated by the Group’s operations increasing by 37% to R979 
million. R240 million was spent on capital expenditure and R483 
million on acquiring business interests.
The Group announced a significant restructuring and capital 
raising in November 2014. Between then and March 2015, the 
Group’s legal structure was simplified, a special dividend of R20 
per share was declared (amounting to approximately R1,5 billion) 
and a rights issue to raise R2,25 billion was concluded 
successfully. The rights offer price of R69,00 per share resulted 
in the issue of an additional 33 million shares, increasing the 
shares in issue by 44% to 108,5 million shares. The net proceeds 
of the restructuring have been used to retire debt in the short-
term with the net-debt-to-equity ratio for the Group reducing 
from 37% to 30%. This positions the Group very favourably to take 
advantage of acquisition opportunities in future.
ENGINEERING CONSUMABLES
Excellent performances from BMG and Man-Dirk helped the 
Engineering Consumables segment post growth in revenue and 
operating profit. Revenue grew 6% to R4,2 billion and operating 
profit grew 6% to R499 million. Operating profit would have grown 
in line with revenue were it not for provisions taken on the news 
of BMG’s customer, Evraz Highveld Steel and Vanadium entering 
business rescue. The segment operating margin declined marginally 
to 11,9% from 12,0% in the prior period. This performance, 
against the backdrop of extremely challenging conditions in their 
primary markets of mining and heavy industry, shows the 
resilience of the business achieved through the breadth of its 
product offering and the strength of its branch networks. In the 
past eight years, this segment has tripled both revenue and 
operating profit. Highlights of the year were the growth in sales 
of consumable products, especially tools, the acquisition of SA 
Tool and Klep Valves, the 25% growth in sales into Africa and the 
good cash generation through excellent working capital 
management. Good progress was made with the R350 million 
expansion programme at BMG’s central facilities. This project is 
expected to unlock significant supply chain efficiencies and is 
expected to be complete by Q3 2016.
CAPITAL EQUIPMENT
Revenue in the Group’s capital equipment segment reduced by 10% 
to R4,6 billion and operating profit reduced by 6% to R457 
million. The businesses in this segment increased their operating 
margin to 9,9% from 9,4% in the prior period. 
This was due to the higher mix of parts (including Kian Ann) as 
equipment sales reduced. The operating profit of this segment was 
also boosted by a once-off profit of R69 million which was 
realised upon the acquisition of the remaining 25% of Kian Ann. 
The agricultural businesses in CEG were adversely affected by the 
significant drop in the maize price in the first half of the year 
followed by the serious drought that commenced in the second half 
of the financial year. Agricultural equipment supply around the 
world is in over-supply with resultant pressure on selling 
prices. The construction equipment businesses did well to 
maintain their position in a very competitive market. The parts 
businesses in South Africa performed well. Kian Ann’s performance 
disappointed as the market for spare parts in China, Indonesia 
and Malaysia contracted sharply on the severe slowdown of 
construction activity in China and resource-based activity levels 
in Malaysia and Indonesia. Nevertheless, Kian Ann’s operating 
margin remains above the Group’s target for this segment through 
the cycle and its cash generation has been strong as management 
reduced inventory levels to match the lower level of revenue. In 
addition, the acquisition return has been enhanced by the 30% 
depreciation of the Rand against the Singapore dollar in the two 
years since the acquisition became effective.
BUILDING SUPPLIES
The building supplies segment grew revenue by 18% to R1,6 billion 
in a very competitive market. Operating profit grew 31% to R87 
million with the segment operating margin improving to 5,3% from 
4,8% in the prior period. Excellent performances from MacNeil’s 
wholesale business and Brands 4 Africa were offset by challenges 
experienced at MacNeil’s plastics factory as strikes and load-
shedding affected operations. Management is committed to 
improving the operating margin to 6% in the short-term and 8% in 
the medium-term.
PROSPECTS
The Group expects trading conditions to remain very challenging 
in the year ahead. The markets that drive the Group’s 
performance, namely mining, industry, agriculture, building and 
construction are not expected to grow and as such the Group will 
seek growth through market share gains, growth into Africa and 
select acquisitions. Management will continue to focus on margin 
and expense management, working capital control and cash flow in 
existing operations, whilst continuing to look for acquisition 
opportunities that fit the Group’s target profile.  
The Group continues to evaluate several acquisition 
opportunities, both locally and internationally. Review and 
consideration for a secondary listing abroad remains on the 
Board's agenda. The strong fundamentals of the Group's 
operations, together with the Group’s new streamlined structure, 
enhanced balance sheet and operating base will facilitate the 
Group’s strategic goals.
MANAGEMENT
On 1 November 2014, Byron Nichles joined the Group as CEO of BMG, 
replacing Charles Walters who became CEO of the Group on 1 May 
2015. Charles Walters replaces Arnold Goldstone who became 
Executive Deputy Chairman on 1 May 2015. The Board welcomes Byron 
to the Group and wishes Arnold, Charles and Byron well in their 
new roles. The Board would like to express its gratitude to 
Arnold Goldstone for leading the Group so capably over the past 
15 years. The Board also expresses its sincere thanks and 
appreciation to the management of all its businesses for 
producing commendable results in such difficult economic times 
and looks forward to supporting the management team as they 
tackle yet another difficult year ahead.
AUDIT OPINION
The auditors, Deloitte & Touche, have issued their opinion on the 
Group’s complete financial statements for the year ended 31 March 
2015. The audit was conducted in accordance with International 
Standards on Auditing. They have issued an unmodified audit 
opinion. These summarised financial statements have been derived 
from the Group complete financial statements and are consistent 
in all material respects, with the Group financial statements. A 
copy of their unmodified ISA 700 and ISA 810 audit reports are 
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. The auditor’s report does not necessarily 
report on all of the information contained in this announcement.
PREFERENCE share cash dividend
Notice is hereby given that the Directors of the Company have 
declared a gross cash dividend of 571,27 cents per preference 
share for the period from 4 November 2014 to 12 June 2015. 
Dividends are to be paid out of distributable reserves. 
Dividends tax (DT) of 15% will be withheld in terms of the Income 
Tax Act for those shareholders who are not exempt from the DT.
Accordingly, shareholders who are not exempt from DT will receive 
a net dividend of 485,5795 cents per preference share.
Invicta has 7 500 000 preference shares in issue.
Invicta’s income tax reference number is 9400/012/03/6.
The salient dates for the preference share dividend will be as 
follows:
Last day of trade to receive a dividend     Friday, 26 June 2015
Shares commence trading “EX” dividend       Monday, 29 June 2015
Record date                                  Friday, 3 July 2015
Payment date                                 Monday, 6 July 2015
Share certificates may not be dematerialised or rematerialised 
between Monday, 29 June 2015 and Friday, 3 July 2015, both days 
inclusive.
Ordinary share cash dividend
The Board has declared a final gross cash dividend of 111,99 
cents per share for the year ended 31 March 2015. Dividends are 
to be paid out of distributable reserves. Dividend tax (DT) of 
15% will be withheld in terms of the Income Tax Act for those 
shareholders who are not exempt from DT. In accordance with 
paragraphs 11.17(1)(i) and (x) and 11.17(c) of the JSE Listings 
Requirements, the following additional information is disclosed:
•  The gross local dividend amount is 111,99 cents per ordinary 
   share for shareholders exempt from the Dividend Tax;
•  The net local dividend amount is 95,1915 cents per ordinary 
   share for shareholders liable to pay the Dividend Tax;
•  Invicta Holdings Limited has 108 494 738 ordinary shares in 
   issue (which includes 1 452 920 treasury shares); and
•  Invicta Holdings Limited’s income tax reference number is 
   9400/012/03/6.
In compliance with the requirements of Strate the following dates 
are applicable:
Last date of trade to receive a dividend    Friday, 10 July 2015
Shares commence trading “EX” dividend       Monday, 13 July 2015
Record date                                 Friday, 17 July 2015
Payment date                                Monday, 20 July 2015
Share certificates may not be dematerialised or rematerialised 
between Monday, 13 July 2015 and Friday, 17 July 2015, both days 
inclusive.
By order of the Board
GM Chemaly 
Company Secretary 
Cape Town
22 June 2015
INVICTA HOLDINGS LIMITED
Registered office:  
Invicta Holdings Limited, 3rd Floor, Pepkor House, 36 Stellenberg 
Road, Parow Industria, 7493
PO Box 6077, Parow East, 7501
Transfer secretaries:  
Computershare Investor Services (Pty) Ltd, Ground Floor, 70 
Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Directors: Dr CH Wiese* (Chairman), A Goldstone (Deputy Executive 
Chairman), CE Walters (Chief Executive Officer), C Barnard, 
R Naidoo^, B Nichles, DI Samuels^, LR Sherrell*, AM Sinclair, 
RA Wally^, Adv JD Wiese*     
* Non-executive 
^ Independent non-executive
Company Secretary: GM Chemaly
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
www.invictaholdings.co.za



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