Wrap Text
Audited Preliminary Results 2015
Eqstra Holdings Limited
1998/011672/06
JSE codes: EQS
ISIN: ZAE000117123
Eqstra Corporation Limited
1984/007045/06
JSE codes: EQS04; EQS05;
EQS06; EQS07; EQS08A; EQS09
AUDITED PRELIMINARY RESULTS 2015
Operating profit increased by
10.6%
to R1 037 million
Cash generated by operations before changes in working capital increased by
4.9% to R3 111 million
Headline earnings per share increased by
2.6% to 78.7 cents per share
Net asset value per share increase by
11.5% to 921.8 cents
Interest-bearing borrowings decreased by
5.7% to R7 519 million
Revenue decreased by
5.2% to R9 463 million
Key achievements
- Capital adequacy up to 27.5%
- Liquidity buffer R1 023 million
- Excess assets reduced to R645 million
- Reduction of capital expenditure by 23.2% to R1 882 million
- Exit of non-core businesses
Key challenges
- Cost of excess assets amounting to R147 million
- Impairment of R97 million on yellow equipment
- Reduce exposure to Contract Mining to a balance risk portfolio
- Reduced liquidity in South African capital markets
- No dividend declared
- Revenue decreased by 5.2% to R9 463 million (2014: R9 978 million), due to sub-optimal utilisation of
revenue-generating assets and the conclusion of loss making contracts in the Contract Mining and Plant Rental
division. Fleet Management and Logistics closure of used vehicle retail branches and termination of subcontractor
agreements resulted in lower revenue, however profitability increased. Industrial Equipment division grew its
forklift market share, but low mining truck unit sales reduced distribution revenue.
- Operating profit increased 10.6% to R1 037 million (2014: R938 million) on a strong performance from Fleet
Management and Logistics and Industrial Equipment divisions. Contract Mining and Plant Rental also benefitted by
improved efficiencies and cost reductions.
- Revenue-generating assets (leasing assets and finance lease receivables) decreased by R52 million or 0.5% to R9
982 million (2014: R10 034 million), largely due to a decrease of R213 million in Contract Mining and Plant Rental
division in a focused effect to reduce the division's assets base relative to the group.
- Interest-bearing borrowings decreased by 5.7% to R7 519 million (2014: R7 976 million) mainly due to free cash
generated by the business on the back of Eqstra reducing expansionary capital expenditure.
- Net asset value per share increased by 11.5% to 921.8 cents per share (2014: 826.8 cents per share).
- Cash generated by operations before changes in working capital increased by 4.9% to R3 111 million (2014: R2 965),
demonstrating Eqstra's ability to generate predictable cash flows on the back of annuity contracts.
- Headline earnings per share (HEPS) increased by 2.6% to 78.7 (2014: 76.7) cents per share as overall group
performance marginally improved in a subdued market. Despite the impairment of leasing assets, earnings per share
(EPS) increased by 1.2% to 61.3 cents per share (2014: 60.6).
Divisional reviews
Industrial Equipment 30 June 30 June
2015 2014 %
Rm Rm change
Revenue 3 045 3 037 +0.3
Operating profit 328 311 +5.5
Net finance costs (169) (153) +10.5
Profit before taxation 161 153 +5.2
PBT margin (%) 5.3 5.0 +6.0
Revenue-generating assets 2 513 2 286 +9.9
The Industrial Equipment's forklift businesses, both in SA and the UK, performed well with SA market share increasing to
35%. The Heavy Equipment and 600SA business units performed below expectations largely on the back of a depressed order
book. Expansion in the UK is progressing well with the securing of the Konecrane distributorship. Subsequent to year end
the distribution agreement with Terex Trucks was terminated.
Fleet Management and Logistics 30 June 30 June
2015 2014 %
Rm Rm change
Revenue 2 482 2 796 (11.2)
Operating profit 410 366 +12.0
Net finance costs (220) (184) +19.6
Profit before taxation 190 182 +4.4
PBT margin (%) 7.7 6.5 +18.5
Revenue-generating assets 3 312 3 399 (2.6)
The Fleet Management and Logistics division continued to perform well. The successful launch of its new ERP system in
the African countries, together with the business restructure in SA contributed to cost saving, with further reductions
anticipated following the full integration of the SA operations. The division successfully retained contracts in line
with its focus on retaining and optimising existing client relationships.
During the year the division achieved a 13.3% unit increase in value-added products (GPS, managed maintenance,
warranties) and developed a successful supply chain partnership with a leading dealership group. The growth is in line
with the strategic intent of evolving into an asset light integrated services business.
Contract Mining and Plant Rental 30 June 30 June
2015 2014 %
Rm Rm change
Revenue 4 094 4 515 (9.3)
Operating profit 308 239 +28.9
Net finance costs (261) (263) (0.8)
Loss before taxation (38) (24) +58.3
Revenue-generating assets 4 170 4 383 (4.9)
The Contract Mining and Plant Rental division successfully implemented a turnaround strategy, with losses curtailed
through improvement in efficiencies, ensuring that execution is according to contract terms and tender, improved
utilisation on projects, change in personnel on some projects and engaging with our employees.
The division implemented a ring-fencing process with strict underlying protocols in order to accurately assess our
excess assets. Of the approximately R1 610 million of assets that came off contract or identified as underutilised
assets on existing contracts in the year, R868 million was redeployed, sold, rented or leased. This is evidence of the
opportunities still available for earthmoving plant. Management further provided for an impairment of R97 million in
this regard.
The Benga contract in Mozambique concludes in December 2015. Management is in negotiations with the concession holders
to either extend the contract or sell the assets to them.
The division maintained its lost time frequency rate at 0.20 (2014: 0.21).
Long-term debt funding
Eqstra's debt maturity profile continues to match the long-term nature of associated capital equipment investments.
Total interest-bearing borrowings decreased by 5.7% to R7 519 million (2014: R7 976 million). This is in line with the
group strategy to reduce debt and increase its capital adequacy ratio.
During the year the group was impacted by the constraints in the capital market. Despite this the group successfully
refinanced all maturing debt by extending R635 million term bank debt maturing in 2015 into longer term debt, arranging
R300 million new term facilities in Botswana, reducing overall group debt levels by R457 million and by utilising R820
million of the liquidity facility to refinance the commercial paper that matured during the year.
In addition Eqstra continues to manage the duration, currency and interest rate of its debt in accordance with
underlying revenue-generating assets and in line with group treasury policy.
Standard and Poor's Rating Agency confirmed the long-term credit rating of Eqstra as zaBBB+. The group complied with all
bank debt covenants. The group achieved an interest cover (EBITDA) ratio of 4.5 times (2014: 5.0 times) and a capital
adequacy ratio of 27.2% (2014: 24.9%).
At 30 June 2015 the bank common terms agreement areas, being CMA and Botswana, had R1 023 million liquidity headroom
available to repay maturing bonds of R508 million in the first six months of the 2016 financial year.
R442 million of bank debt maturing in March and June 2016 was extended by one year subsequent to 30 June 2015 to March
and June 2017.
The board is satisfied that the group has sufficient facilities in place to meet known and anticipated liquidity
requirements.
Dividend
The board decided not to declare a dividend in order to preserve cash and increase the capital adequacy ratio of the
group in line with group's future strategy to restructure the balance sheet.
The board considered the solvency and liquidity of the company and is satisfied that the company will remain solvent and
liquid.
Acknowledgement
Mr E Clarke, CEO of the Contract Mining and Plant Rental division and executive director, resigned effective 1 October
2014 and Mr GG Gelink resigned on 30 November 2014 as non-executive director. In January 2015 the board welcomed Mr J
Colling as the CEO of the Contract Mining and Plant Rental division on 12 January 2015. Mr WS Hill retired on 1 June
2015 as CEO and executive director. The board thanks the exiting members for their contribution and wishes them well in
their future endeavours.
Mr JL Serfontein was appointed CEO on 24 July 2015. He will continue to also serve as CFO until the position is filled.
The board wishes him well in his new role. Other than mentioned above no further material subsequent events occurred.
Looking forward
We are confident that our new 2020 strategy of restructuring the balance sheet, to become less capital intensive and
more services orientated, will rebase our platform for growth. In addition, through improved operational efficiencies
and complimentary diversification, Eqstra will be positioned to sustainably support our purpose of "moving value
globally, through powerful partnerships and creative solutions", enhancing shareholder returns.
Industrial Equipment anticipates the forklift market in SA to remain challenging this next year while the UK market is
expected to increase marginally. We are in the process of expanding our footprint further through acquisitions in the
forklift business in the UK. The distribution of the Terex Trucks distribution agreement was terminated by mutual
agreement. We have secured the distribution rights for Link-Belt mobile cranes, launching September 2015. Looking ahead
the division will continue to diversify further into complimentary distributorships both in SA and the UK.
Fleet Management and Logistics division will continue to drive annuity based non-capital intensive services with funding
requirements for leasing being underwritten by partnering with financial institutions.
Contract Mining and Plant Rental anticipates global commodity prices to remain under pressure. The three-year SAFCEC
wage agreements concluded set stability around increases in the short term. Globally, mining capital expenditure has
decreased with mining houses demanding alternative solutions, allowing us opportunities to redeploy excess assets
through the leasing or rental of mobile capital equipment. We are and remain committed to working closely with our
clients to improve the sustainability of projects.
By order of the board
NP Mageza JL Serfontein
Chairperson Chief executive officer and Chief financial officer
28 August 2015
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 30 June
2015 2014
Rm Rm
ASSETS
Non-current assets 10 739 10 822
Intangible assets 220 167
Property, plant and equipment 468 519
Leasing assets 9 950 9 991
Deferred tax assets 65 67
Finance lease receivables 16 12
Other investments and loans(2) 20 66
Current assets 3 127 3 054
Trade and other receivables and derivatives 1 770 1 752
Finance lease receivables 16 31
Other investments and loans(2) 58 42
Inventories 1 062 1 117
Taxation in advance 18 19
Cash and cash equivalents 203 93
Total assets 13 866 13 876
EQUITY AND LIABILITIES
Stated capital 1 839 1 839
Other reserves 330 272
Retained income 1 569 1 314
Equity attributable to owners of the parent 3 738 3 425
Non-controlling interests 32 26
Total equity 3 770 3 451
Non-current liabilities 6 351 5 665
Interest-bearing borrowings (3) 5 601 4 912
Deferred tax liabilities 750 753
Current liabilities 3 745 4 760
Current portion of interest-bearing borrowings(3) 1 918 3 064
Trade and other payables and derivatives 1 782 1 667
Current tax liabilities 45 29
Total equity and liabilities 13 866 13 876
SUMMARISED CONSOLIDATED INCOME STATEMENT
for the years ended 30 June 30 June
2015 2014
Rm Rm
Revenue 9 463 9 978
Profit from operations before depreciation, amortisation and recoupments 3 070 3 004
Depreciation and amortisation (2 034) (2 067)
Recoupments 1 1
Operating profit 1 037 938
Foreign exchange gains (losses) 14 (1)
Net impairment of leasing assets(5) (97) (2)
Impairment of investment – (63)
Profit before net finance costs 954 872
Net finance costs (653) (603)
Finance costs including fair value gains(6) (672) (628)
Finance income 19 25
Profit before taxation 301 269
Income tax expense (47) (18)
Profit for the year 254 251
Attributable to:
Owners of the parent 243 240
Non-controlling interests 11 11
Profit for the year 254 251
Cents Cents
Earnings per share(8)
– Basic and diluted earnings per share (cents) 61.3 60.6
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the years ended 30 June 30 June
2015 2014
Rm Rm
Profit for the year 254 251
Total other comprehensive income for the year, net of taxation 109 68
Exchange differences on translation of foreign subsidiaries 92 60
Net fair value gain on cash flow hedges and other fair value reserves 17 8
Total comprehensive income for the year, net of taxation 363 319
Attributable to:
Owners of the parent 352 308
Non-controlling interests 11 11
363 319
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the years ended Stated capital Other reserves Retained income Non-controlling interests Total
Rm Rm Rm Rm Rm
Balance at 1 July 2013 1 816 218 1 222 19 3 275
Total comprehensive income for the year – 68 240 11 319
Profit for the year – – 240 11 251
Other comprehensive income for the year, net of taxation – 68 – – 68
Net share-based payment reversal – (2) – – (2)
Vesting of share incentive scheme – (19) (2) – (21)
Revaluation of Lereko call option – 3 – – 3
Dividends paid – – (146) (4) (150)
Disposal of treasury shares 23 – – – 23
Deferred taxation effect on items recorded directly in equity – 4 – – 4
Balance at 30 June 2014 1 839 272 1 314 26 3 451
Total comprehensive income for the year – 109 243 11 363
Profit for the year – – 243 11 254
Other comprehensive income for the year, net of taxation – 109 – – 109
Net share-based payment reversal – 2 – – 2
Vesting of share incentive scheme – (2) – – (2)
Devaluation of Lereko call option – (16) – – (16)
Derecognition of Lereko call option – (23) – – (23)
Dividends paid – – – (5) (5)
Realisation of currency translation reserve – (12) 12 – –
Balance at 30 June 2015 1 839 330 1 569 32 3 770
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
for the years ended 30 June 30 June
2015 2014
Rm Rm
Cash flows from operating activities
Cash generated from operations before working capital movements 3 111 2 965
Working capital movements 791 457
Cash generated from operations 3 902 3 422
Interest received 19 25
Interest paid (672) (628)
Taxation paid (33) (27)
Net cash flows from operating activities 3 216 2 792
Cash flows from investing activities
Acquisition of businesses (12) (16)
Gross capital expenditure (2 551) (3 137)
Proceeds on disposal of assets 31 7
Decrease in finance lease receivables 11 44
Increase in other investments and loans – (15)
Net cash flows from investing activities (2 521) (3 117)
Cash flows from financing activities
Purchase of non-controlling interests (3) –
Decrease in derivative – 64
Dividends paid (5) (150)
Net (decrease) increase in interest-bearing borrowings (590) 199
Net cash flows from financing activities (598) 113
Net increase (decrease) in cash and cash equivalents 97 (212)
Effect of exchange rate translation on cash and cash equivalents 13 5
Cash and cash equivalents at beginning of year 93 300
Cash and cash equivalents at end of year 203 93
SEGMENTAL INFORMATION – SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at Group Industrial Equipment Fleet Management and Logistics Contract Mining and Plant Rental Corporate Office and Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
ASSETS
Intangible assets 220 167 12 6 167 119 39 39 2 3
Property, plant and equipment 468 519 186 183 79 94 139 157 64 85
Leasing assets 9 950 9 991 2 513 2 286 3 290 3 356 4 160 4 383 (13) (34)
Finance lease receivables 32 43 – – 22 43 10 – – –
Other investments and loans 78 108 2 – 19 12 59 50 (2) 46
Inventories 1 062 1 117 841 917 57 55 164 145 – –
Trade and other receivables and derivatives 1 770 1 752 503 501 284 389 962 820 21 42
Operating assets 13 580 13 697 4 057 3 893 3 918 4 068 5 533 5 594 72 142
Deferred tax assets 65 67
Taxation in advance 18 19
Cash and cash equivalents 203 93
Total assets 13 866 13 876
LIABILITIES
Trade and other payables and derivatives 1 782 1 667 587 527 426 490 697 592 72 58
Interest-bearing borrowings 7 519 7 976 2 364 2 426 2 236 2 463 2 990 3 300 (71) (213)
Operating liabilities 9 301 9 643 2 951 2 953 2 662 2 953 3 687 3 892 1 (155)
Deferred tax liabilities 750 753
Current tax liabilities 45 29
Total liabilities 10 096 10 425
GEOGRAPHIC SEGMENTATION
Operating assets 13 580 13 697 4 057 3 893 3 918 4 068 5 533 5 594 72 142
– South Africa 9 938 10 586 2 812 2 784 3 558 3 687 3 496 3 973 72 142
– Rest of world 3 642 3 111 1 245 1 109 360 381 2 037 1 621 – –
Trade and other payables and derivatives 1 782 1 667 587 527 426 490 697 592 72 58
– South Africa 1 339 1 327 440 409 396 424 431 436 72 58
– Rest of world 443 340 147 118 30 66 266 156 – –
Interest-bearing borrowings 7 519 7 976 2 364 2 426 2 236 2 463 2 990 3 300 (71) (213)
– South Africa 5 932 6 280 1 539 1 670 2 171 2 192 2 293 2 631 (71) (213)
– Rest of world 1 587 1 696 825 756 65 271 697 669 – –
Net capital expenditure 2 520 3 130 940 856 1 062 1 517 521 752 (3) 5
– South Africa 1 767 2 717 676 630 914 1 358 180 724 (3) 5
– Rest of world 753 413 264 226 148 159 341 28 – –
SEGMENTAL INFORMATION – SUMMARISED CONSOLIDATED INCOME STATEMENTS
for the years ended Group Industrial Equipment Fleet Management and Logistics Contract Mining and Plant Rental Corporate Office and Eliminations
30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June
2015 2014 2015 2014 2015 2014 2015 2014 2015 2014
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
BUSINESS SEGMENTATION
Revenue
– Sales of goods 2 092 2 275 1 583 1 538 401 654 108 83 – –
– Rendering of services, leasing income and other 7 371 7 703 1 387 1 249 1 998 2 022 3 986 4 432 – –
9 463 9 978 2 970 2 787 2 399 2 676 4 094 4 515 – –
Inter-segment revenue – – 75 250 83 120 – – (158) (370)
9 463 9 978 3 045 3 037 2 482 2 796 4 094 4 515 (158) (370)
Net operating expenses (6 393) (6 974) (2 173) (2 252) (1 285) (1 691) (3 079) (3 403) 144 372
Depreciation and amortisation (2 034) (2 067) (544) (474) (788) (739) (707) (873) 5 19
Recoupments 1 1 – – 1 – – – – 1
Operating profit (loss) 1 037 938 328 311 410 366 308 239 (9) 22
Foreign exchange gains (losses) 14 (1) 2 (5) – – 12 2 – 2
Net impairment of leasing assets (97) (2) – – – – (97) (2) – –
Impairment of investment – (63) – – – – – – – (63)
Profit (loss) before net finance costs 954 872 330 306 410 366 223 239 (9) (39)
Net finance costs (653) (603) (169) (153) (220) (184) (261) (263) (3) (3)
Finance costs including fair value gains (672) (628) (171) (155) (240) (208) (269) (265) 8 –
Finance income 19 25 2 2 20 24 8 2 (11) (3)
Profit (loss) before taxation 301 269 161 153 190 182 (38) (24) (12) (42)
Income tax (expense) income (47) (18) (44) (20) (51) (51) 46 58 2 (5)
Profit (loss) for the year 254 251 117 133 139 131 8 34 (10) (47)
GEOGRAPHIC SEGMENTATION
Revenue 9 463 9 978 3 045 3 037 2 482 2 796 4 094 4 515 (158) (370)
– South Africa 7 038 7 999 2 194 2 280 2 262 2 599 2 740 3 490 (158) (370)
– Rest of world 2 425 1 979 851 757 220 197 1 354 1 025 – –
Operating profit (loss) 1 037 938 328 311 410 366 308 239 (9) 22
– South Africa 725 589 263 256 380 333 91 (22) (9) 22
– Rest of world 312 349 65 55 30 33 217 261 – –
Net finance costs 653 603 169 153 219 184 261 263 4 3
– South Africa 555 520 147 134 204 172 200 211 4 3
– Rest of world 98 83 22 19 15 12 61 52 – –
NOTES
(1) Basis of preparation
These summarised preliminary consolidated financial statements have been prepared in accordance with the framework concepts, measurement and recognition
requirements of International Financial Reporting Standards (IFRS), the SAICA Financial Reporting Guides, as issued by the Accounting Practices Committee and
the Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council and contains at a minimum information required by IAS 34: Interim
Financial Reporting, the JSE Limited Listings Requirements and the South African Companies Act. The accounting policies and their application are consistent,
in all material respects, with those detailed in Eqstra's 2014 annual report, except for the adoption on 1 July 2014 of those new, revised and amended
standards and interpretations in Eqstra's 2015 consolidated annual financial statements.
The adoption of the new and amended statements of generally accepted accounting practice, interpretations of statements of generally accepted accounting
practice, and improvements project amendments did not have a material impact on the group.
30 June 30 June
2015 2014
Rm Rm
(2) Other investments and loans
– Listed, at market value 1 1
– Unlisted, at fair value or directors' valuation 19 58
– Other loans 58 49
78 108
(3) Interest-bearing borrowings
All outstanding commercial paper as at 30 June 2014 wAS repaid and refinanced with the R1 billion standby liquidity facility during the 2015 financial year.
R820 million was utilised under the liquidity facility at 30 June 2015. The liquidity facilty has a 13-month rolling notice period and is therfore classified
as long term. Current portion of interest bearing borrowings also includes R442 million of bank debt maturing in March and June 2016 which has been extended
subsequent to year-end, for an additional 12 months from maturity date.
30 June 30 June
2015 2014
Rm Rm
(4) Capital commitments and contingencies 1 776 2 835
– Contracted 224 530
– Authorised by directors but not contracted 1 552 2 305
Contingent liabilities – –
Guarantees 24 18
The capital commitments are substantially for the acquisition and replacement of leasing assets. Expenditure will be financed out of cash generated from
operations, proceeds on disposals and existing banking facilities.
30 June 30 June
2015 2014
Rm Rm
(5) Impairment of leasing assets
During the year, the group performed a review of the recoverable amount of the unutilised assets in the Contract Mining and Plant Rental 97 2
division. The review led to the impairment of R97 million, which has been recognised in profit and loss.
Of the R97 million, R47 million relates to specific assets which were written down to their fair-value less costs-to-sell, being their scrap
values.
The remaining R50 million impairment was written down to the fair-value less costs-to-sell. In determining the fair-value less costs-to-sell,
a valuation was obtained from an independent industry valuer, not related to the group. The valuation was done based on recent market prices
of the assets with similar age and obsolescence.
(6) Finance costs including fair value gains
Net interest expense 672 627
Fair value gains on borrowings and interest swaps (unrealised) – 1
672 628
Cents Cents
(7) Net asset value per share attributable to owners of the parent 921.8 826.8
(8) Headline earnings per share
– Basic and diluted headline earnings per share (cents) 78.7 76.7
Reconciliation of earnings per share
Basic and diluted earnings per share 61.3 60.6
Profit on sale of property, plant and equipment and leasing equipment (0.3) (0.3)
Impairment of investment – 15.9
Net impairment of leasing assets 24.5 0.5
Taxation effect (6.8) –
Headline earnings per share 78.7 76.7
Million Million
(9) Weighted average number of shares in issue for the year
Number of ordinary shares
– in issue 405.5 411.4
– opening shares net of treasury shares 397.0 394.2
– disposal of treasury shares – 2.1
– repurchase of ordinary shares (0.4) –
Weighted average number of ordinary shares in issue during the year 396.6 396.3
– dilutionary effect – –
Diluted weighted average number of ordinary shares 396.6 396.3
(10) Significant judgements and estimates
Following the turmoil in the mining and resources sector, the group performed a review of the recoverable amount of the South African Contract Mining
cash-generating unit, a significant cash-generating unit of the Group.
The recoverable amount of this cash-generating unit was determined based on a value-in-use calculation which uses cash flow projections based on financial
budgets approved by the directors covering a five year period, and a discount rate of 11.94% per annum.
Cash flow projections during the budget period were based on the same expected gross margins per contract as is currently being earned. The cash flow
projections were performed on individual projected contract profiles. Based on current tender activity, 2 additional contracts were included in the five year
projections, and it was assumed that all the existing contracts will be renewed after their current contract termination rate. The cashflows beyond that five
year period have been extrapolated using a steady 5% per annum growth rate which is the projected long-term average growth rate of the division.
Key assumptions used in value in use calculation:
Discount rate: The weighted average cost of capital (WACC) of 11.94% was used. Terminal growth rate: 5%
Capital expenditure: Capital expenditure is increased over the budget period in order to achieve a 1:1 revenue to asset ratio. The terminal period then
assumes that this ratio is maintained.
(11) The auditors, Deloitte & Touche, have issued their unmodified opinion on the group's consolidated annual financial statements for the year ended 30 June 2015.
The audit was conducted in accordance with International Standards on Auditing. A copy of the auditors report together with a copy of the audited consolidated
financial statements are available for inspection at the company's registered office. These summarised preliminary consolidated annual financial statements
have been derived from the group's consolidated annual financial statements and are consistent in all material respects with the group's consolidated annual
financial statements. These summarised preliminary consolidated financial statements have been audited by the company's auditors who have issued an unmodified
opinion and the audit report on these summarised consolidated financial statements is available for inspection at the company's registered office.
The auditors' report does not necessarily report on all of the information contained in this announcement. 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
consolidated annual financial information from the company's registered office. Any reference to future financial information included in this announcement
has not been reviewed or reported on by the auditors.
NAME AND REGISTRATION NUMBER
Eqstra Holdings Limited
1998/011672/06
JSE codes: EQS; EQS02; EQS04; EQS05;
EQS06; EQS07; EQS08A; EQS09
ISIN: ZAE000117123
REGISTERED OFFICE AND
BUSINESS ADDRESS
61 Maple Street, Pomona, Kempton Park, 1619
PO Box 1050, Bedfordview, 2008
NON-EXECUTIVE DIRECTORS
NP Mageza*(Chairperson), MJ Croucamp*,
S Dakile-Hlongwane, VJ Mokoena*,
SD Mthembi-Mahanyele*, AJ Phillips*,
TDA Ross*, LL von Zeuner*
(*Independent)
EXECUTIVE DIRECTORS
JL Serfontein (CEO & CFO)1 CA(SA)
(1Preparer of financial results)
COMPANY SECRETARY
L Möller
TRANSFER SECRETARIES
Computershare Investor Services
Proprietary Limited
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
SPONSOR
Rand Merchant Bank
(a division of FirstRand Bank Limited)
INVESTOR RELATION
FTI Consultants
021 487 9022
1 September 2015
Date: 01/09/2015 07:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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