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Summary Consolidated Financial Statements for the year ended 30 September 2015
Quantum Foods Holdings Ltd
Incorporated in the Republic of South Africa
Registration number: 2013/208598/06
Tax registration number: 9095455193
Share code: QFH ISIN code: ZAE000193686
("Quantum Foods" or "the Group" or "the Company")
SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2015
2015 2014
Revenue R3 468 million R3 561 million
Operating profit/(loss) R164 million (R21 million)
Operating profit (before tax and items of a capital nature)* R162 million R27 million
Headline earnings R126 million R26 million
Earnings/(loss) per share 54 cents (4 cents)
Headline earnings per share 54 cents 11 cents
Final dividend per share 10 cents
* Income or expenditure of a capital nature in the statement of comprehensive income, i.e. all profit or loss
items that are excluded in the calculation of headline earnings per share. The principal items excluded
under his measurement are profits or losses on disposal of property, plant and equipment and impairments
of property, plant and equipment.
COMMENTARY
INTRODUCTION
2015 was a historic year for Quantum Foods, being our first operating as a stand-alone listed entity. The Group
was listed on the JSE on 6 October 2014. Improved financial results were achieved, driven by a significant change
in the business model, as well as favourable trading conditions.
FINANCIAL OVERVIEW
Group revenue decreased by 2.6% to R3.5 billion. Revenue from South African operations declined by R119.8 million
(3.5%), mostly in the broiler segment due to the change in business model at the Western Cape operations. Revenue
increased in the feeds and eggs and layer livestock segments due to improved volumes and selling prices. Revenue
from African operations increased by R27.1 million (17.8%) and contributed 5.2% to Group revenue for 2015.
Cost of sales decreased by 4.0% to R2.9 billion. Cost of sales includes the biological assets (livestock) and
agricultural produce (eggs) fair value adjustments that were realised and included in other gains and losses in
the statement of comprehensive income. These fair value adjustments for the year ended September 2015 amounted
R238.0 million (2014: R112.5 million). Gross profit, excluding these fair value adjustments, improved by
to R151.5 million, resulting in a gross profit margin of 24.3% compared to 19.4% in 2014.
Cash operating expenses decreased further in 2015, following the closure of the Durbanville abattoir in the Western
Cape. Various cost-saving initiatives, especially the remodelling of distribution, also contributed positively.
Operating profit increased by R184.9 million from a loss of R20.9 million in 2014. The 2014 operating loss included
an impairment expense of R49.5 million. Operating profit in the South African operations improved by R202.6 million
to R145.8 million at a margin of 4.4% (2014: -0.2%) with improvements in all three business segments. Operating
profit in Africa declined by R9.8 million to R25.3 million at a margin of 14.1%.
Headline earnings per share (“HEPS”) improved to 54 cents from the 11 cents per share of 2014.
Cash generated from operations amounted to R163.8 million in 2015. This includes an additional investment in working
capital of R53.6 million. Capital expenditure for the year amounted to R81.2 million, R31.9 million of which was
incurred on the table egg expansion projects in Zambia and Uganda. South African capital expenditure includes
R17.5 million for the acquisition of Safe Eggs, a pasteurised table egg business, during the year.
The Group had no interest-bearing debt at 30 September 2015.
OPERATIONAL OVERVIEW
For companies in the poultry sector, trading conditions in South Africa improved in the period under review. Maize
and soya meal costs were lower than in 2014, despite substantial increases in the second half of the year, following
the much lower than expected South African maize crop and the further weakening of the rand.
Egg prices improved due to a balanced supply and demand in the market, and broiler prices increased despite the
continued increase in imports.
Animal feeds
The animal feeds business continued its growth of recent years. External sales volumes increased by 7.7% and margins
improved due to judicious procurement practices and the continuous drive to reduce costs and increase efficiencies.
Eggs and layer livestock
The eggs and layer livestock business performance improved from a loss in 2014 to achieving an operating margin of
3.5% in 2015. Layer livestock volumes increased satisfactorily, while egg volumes were slightly lower, with average
selling prices improving by 4.7%.
Broilers
The broiler business showed a marked improvement in financial performance. The change in the business model in the
Western Cape was successfully executed and yielded a return to profitability. The Gauteng business improved, but
remained loss-making. The Gauteng abattoir was sold to Sovereign Foods in October 2015, resulting in an aligned
broiler business model. Quantum Foods is now the biggest broiler contract grower in South Africa, supplying its own
feed and day-old chicks.
African operations
The rapid weakening of the kwacha against the rand, as well as the US dollar, combined with the effect on
profitability of an oversupply of day-old broilers, had a negative impact on the financial results of the Zambian
business. The operation of a distribution centre in Zambia was terminated during the year to focus on core operations,
while egg production capacity was increased with the rental of a farm in the Chipata region. The Zambian business
remained very profitable. The project to increase egg production capacity at the Mega Eggs farm in the Copperbelt has
progressed according to plan with egg production expected to commence in July 2016.
The Ugandan business also experienced a decline in financial results, mainly due to an increased cost base required
for expansion. The establishment of a commercial layer farm near Masindi is slightly behind schedule, and the Group
expects egg production to start in the second half of 2016.
PROSPECTS
The South African economy remains under pressure due to a weakening currency and muted consumer spending. While
trading conditions were favourable for Quantum Foods during the 2015 financial year, we expect high input costs
coupled with a weak economy to put pressure on the Group’s profitability in 2016.
Due to the repositioning of the Group, some of these risks have now been mitigated. This, together with various
supply chain and cost-saving initiatives, the continued relentless focus on efficiencies and further growth prospects
in the feeds, layer livestock and businesses on the African continent, should assist the Group in navigating the
anticipated headwinds successfully.
DIVIDEND
A maiden gross dividend of 10 cents per share has been approved and declared by the Board for the year ended
30 September 2015 from income reserves. The applicable dates are as follows:
Last date of trading cum dividend Friday, 5 February 2016
Trading ex dividend commences Monday, 8 February 2016
Record date Friday, 12 February 2016
Dividend payable Monday, 15 February 2016
Share certificates may not be dematerialised or materialised between Monday, 8 February 2016 and Friday,
12 February 2016, both days inclusive.
By order of the Board
WA Hanekom HA Lourens
Chairman Chief Executive Officer
Wellington
26 November 2015
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited Audited
30 September 30 September
2015 2014
Notes R'000 R'000
ASSETS
Non-current assets 945 625 1 061 357
Property, plant and equipment 3 923 322 1 045 078
Intangible assets 12 784 7 116
Investment in associate 6 731 6 112
Deferred income tax 2 788 3 051
Current assets 1 053 062 985 291
Inventories 234 566 232 544
Biological assets 288 775 292 372
Trade and other receivables 334 794 353 863
Derivative financial instruments 7 424 991
Cash and cash equivalents 187 503 105 521
Assets held for sale 10 83 399
Total assets 2 082 086 2 046 648
EQUITY AND LIABILITIES
Capital and reserves attributable to owners of the parent 1 514 567 1 461 224
Share capital 1 585 386 1 585 386
Other reserves (228 968) (155 395)
Retained earnings 158 149 31 233
Total equity 1 514 567 1 461 224
Non-current liabilities 220 747 195 922
Deferred income tax 214 258 189 577
Provisions for other liabilities and charges 6 489 6 345
Current liabilities 346 772 389 502
Trade and other payables 343 890 388 037
Current income tax 2 882 1 465
Total liabilities 567 519 585 424
Total equity and liabilities 2 082 086 2 046 648
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Audited Audited
Year ended Year ended
30 September 30 September
2015 2014
Notes R'000 R'000
Revenue 3 468 312 3 560 943
Cost of sales (2 864 073) (2 982 629)
Gross profit 604 239 578 314
Other income 11 639 14 450
Other gains/(losses) net 4 238 482 74 767
Sales and distribution costs (193 631) (261 203)
Marketing costs (11 287) (9 080)
Administrative expenses (96 168) (95 284)
Other operating expenses (389 212) (322 823)
Operating profit/(loss) 164 062 (20 859)
Investment income 9 886 5 899
Finance costs (1 887) (4 974)
Share of profit of associate company 619 595
Profit/(loss) before income tax 172 680 (19 339)
Income tax (expense)/credit (45 764) 10 852
Profit/(loss) for the year 126 916 (8 487)
Other comprehensive income/(loss) for the year
Items that may subsequently be reclassified to
profit or loss:
Fair value adjustments to cash flow hedging reserve 796 238
For the year 16 851 331
Deferred income tax effect (93)
Current income tax effect (4 718)
Realised to profit or loss (15 747)
Deferred income tax effect 93
Current income tax effect 4 317
Movement on foreign currency translation reserve
Currency translation differences (75 513) (19 927)
Total comprehensive income/(loss) for the year 52 199 (28 176)
Profit/(loss) for the year attributable to owners of
the parent 126 916 (8 487)
Total comprehensive income/(loss) for the year
attributable to owners of the parent 52 199 (28 176)
Earnings/(loss) per ordinary share (cents) 5 54 (4)
Diluted earnings/(loss) per ordinary share (cents) 5 54 (4)
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Audited Audited
Year ended Year ended
30 September 30 September
2015 2014
R'000 R'000
Share capital 1 585 386 1 585 386
Opening balance 1 585 386
Borrowings and net invested equity capitalised during the year 1 344 176
Common control transaction 160 178
Shares issued during the year 81 032
Net invested equity
Opening balance 38 071
Net invested equity capitalised during the year (38 071)
Other reserves (228 968) (155 395)
Opening balance (155 395) 24 472
Other comprehensive income/(loss) for the year (74 717) (19 689)
Recognition of share-based payments 1 144
Common control transaction (160 178)
Retained earnings 158 149 31 233
Opening balance 31 233 39 720
Profit/(loss) for the year 126 916 (8 487)
Total equity 1 514 567 1 461 224
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
Audited Audited
Year ended Year ended
30 September 30 September
2015 2014
Note R'000 R'000
NET CASH FLOW FROM OPERATING ACTIVITIES 163 819 41 946
Net cash profit from operating activities 232 127 70 945
Working capital changes (53 630) (27 649)
Cash effect of hedging activities 1 104
Net cash generated from operations 179 601 43 296
Income tax paid (15 782) (1 350)
NET CASH FLOW OF INVESTING ACTIVITIES (62 031) (35 359)
Additions to property, plant and equipment (58 323) (37 364)
Additions to intangible assets (5 389) (7 188)
Proceeds on disposal of property, plant and equipment 9 295 3 294
Business combination 9 (17 500)
Interest received 9 886 5 899
Net cash surplus 101 788 6 587
NET CASH FLOW FROM FINANCING ACTIVITIES (1 370) 76 752
Proceeds from issue of ordinary shares 81 032
Interest paid (1 370) (4 280)
Net increase in cash and cash equivalents 100 418 83 339
Effects of exchange rate changes (18 436) (2 038)
Net cash and cash equivalents at beginning of year 105 521 24 220
Net cash and cash equivalents at end of year 187 503 105 521
SUMMARY CONSOLIDATED SEGMENT REPORT
Audited Audited
Year ended Year ended
30 September 30 September
2015 2014
R'000 R'000
Segment revenue 3 468 312 3 560 943
Eggs and layer livestock 1 154 315 1 086 619
Broilers 1 034 834 1 241 320
Animal feeds 1 099 905 1 080 880
Africa 179 258 152 124
Segment results 164 062 (20 859)
Eggs and layer livestock 40 571 (16 435)
Broilers 39 706 (101 267)
Animal feeds 65 493 60 889
Africa 25 286 35 114
Unallocated (6 994) 840
A reconciliation of the segment results to operating
profit/(loss) before income tax is provided below:
Segment results 164 062 (20 859)
Adjusted for:
Investment income 9 886 5 899
Finance costs (1 887) (4 974)
Share of profit of associate company 619 595
Profit/(loss) before income tax per statement of
comprehensive income 172 680 (19 339)
Items of a capital nature per segment included in
other gains/(losses) net
Impairment of property, plant, equipment and
intangible assets before income tax 49 478
Broilers - 49 478
Segment assets 1 885 064 1 931 964
Eggs and layer livestock 736 872 753 485
Broilers 568 344 596 920
Animal feeds 390 376 358 054
Africa 168 645 199 445
Other 20 827 24 060
A reconciliation of the segments' assets to the Group's
assets is provided below:
Segment assets per segment report 1 885 064 1 931 964
Adjusted for:
Investment in associate 6 731 6 112
Deferred income tax assets 2 788 3 051
Cash and cash equivalents 187 503 105 521
Total assets per statement of financial position 2 082 086 2 046 648
Total segment liabilities 350 379 394 382
Eggs and layer livestock 84 456 62 202
Broilers 53 258 71 217
Animal feeds 150 890 200 448
Africa 18 686 13 123
Other 43 089 47 392
A reconciliation of the segments' liabilities to the Group's
liabilities is provided below:
Segment liabilities per segment report 350 379 394 382
Adjusted for:
Current and deferred income tax liabilities 217 140 191 042
Total liabilities per statement of financial position 567 519 585 424
Total assets held for sale 83 399
Broilers 83 399
NOTES TO THE SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
Background
The Group was established during the previous reporting period when the business of the Pioneer Food
Group Ltd (“Pioneer Foods”) related to the production of eggs, chicken products, animal feed and poultry
livestock was incorporated as Quantum Foods. The Group comprises the following businesses: the Nulaid
eggs and layer livestock business, the Tydstroom broiler business and the Nova feeds business, which
are divisions of Quantum Foods (Pty) Ltd; Philadelphia Chick Breeders (Pty) Ltd; Lohmann Breeding SA (Pty)
Ltd; Quantum Foods Uganda Ltd; Quantum Foods Zambia Ltd and an investment in Bergsig Breeders (Pty) Ltd,
classified as an associate.
1. Basis of preparation
The summary consolidated financial statements are prepared in accordance with the requirements of the
JSE Ltd Listings Requirements for preliminary reports, and the requirements of the Companies Act
applicable to summary financial statements. The Listings Requirements require preliminary reports to
be prepared in accordance with the framework concepts and the measurement and recognition requirements
of International Financial Reporting Standards (“IFRS”) and the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting
Standards 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 annual financial statements
from which the summary 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.
The directors take full responsibility for the preparation of the preliminary report and that the financial
information has been correctly extracted from the underlying consolidated annual financial statements.
2. Accounting policies
These summary consolidated financial statements incorporate accounting policies that are consistent with
those applied in the Group’s consolidated financial statements for the year ended 30 September 2015 and
with those of previous financial years, except for the adoption of the following amendments to published
standards and interpretations that became effective for the current reporting period beginning on
1 October 2014:
– Amendments to IAS 32 – Financial instruments: Presentation
– Amendments to IAS 36 – Impairment of assets
– Improvements to IFRSs 2013
The adoption of these amendments to standards and interpretations did not have any material impact on
the Group’s results and cash flows for the year ended 30 September 2015 and the financial position at
30 September 2015.
3. Property, plant and equipment
Plant,
machinery
Land and and
buildings equipment Vehicles Total
R'000 R'000 R'000 R'000
Audited
30 September 2015
Cost
At 1 October 2014 487 273 1 104 362 44 389 1 636 024
Additions 19 230 37 759 1 334 58 323
Transfers 2 979 (2 979)
Business combinations 15 500 15 500
Foreign exchange adjustment (25 100) (30 846) (2 369) (58 315)
Disposals (11 485) (5 586) (4 327) (21 398)
Transferred to assets held for sale (74 842) (85 546) (789) (161 177)
At 30 September 2015 398 055 1 032 664 38 238 1 468 957
Accumulated depreciation and impairment
At 1 October 2014 (137 944) (433 892) (19 110) (590 946)
Charge for the year (9 100) (42 651) (3 256) (55 007)
Foreign exchange adjustment 3 553 3 927 1 377 8 857
Depreciation on disposals 7 321 3 885 2 477 13 683
Transferred to assets held for sale 25 170 52 177 431 77 778
At 30 September 2015 (111 000) (416 554) (18 081) (545 635)
Net book value at 30 September 2015 287 055 616 110 20 157 923 322
Audited Audited
Year ended Year ended
30 September 30 September
2015 2014
R'000 R'000
4. Other gains/(losses) net
Biological assets fair value adjustment 111 882 51 950
Unrealised reflected in carrying amount
of biological assets (4 489) 9 767
Realised reflected in cost of goods sold 116 371 42 183
Agricultural produce fair value adjustment 121 128 70 722
Foreign exchange differences 4 000 (272)
Foreign exchange contract fair value adjustments (108) 230
Profit on disposal of property, plant and equipment 1 580 1 615
Impairment of property, plant and equipment (49 478)
238 482 74 767
5. Earnings per ordinary share
Basic and diluted
The calculation of basic and diluted earnings per share
is based on earnings attributable to owners of the parent
divided by the weighted average number of ordinary shares
in issue during the year:
Profit/(loss) for the year attributable to owners of the
parent 126 916 (8 487)
Headline earnings is calculated based on Circular 2/2013
issued by the South African Institute of Chartered Accountants.
The Group has no dilutive potential ordinary shares.
Reconciliation between profit/(loss) attributable to
owners of the parent and headline earnings
Profit/(loss) for the year attributable to owners of
the parent 126 916 (8 487)
Remeasurement of items of a capital nature
Profit on disposal of property, plant and equipment (1 000) (1 312)
Gross (1 580) (1 615)
Tax effect 580 303
Impairment of property, plant and equipment 35 840
Gross 49 478
Tax effect (13 638)
Headline earnings for the year 125 916 26 041
Weighted average number of ordinary shares in issue (`000)* 233 249 233 249
Earnings/(loss) per share (cents)
Basic and diluted 54 (4)
Headline earnings per share (cents)
Basic and diluted 54 11
* The loss per share and headline earnings per share for the previous reporting period set out above
were based on Quantum Foods' actual number of shares in issue on 6 October 2014, the date of listing
on the JSE, being 233 248 590 shares.
Audited Audited
30 September 30 September
2015 2014
R'000 R'000
6. Contingent liabilities
Guarantees in terms of loans by third parties to contracted
service providers 42 300 45 900
Litigation
Dispute with egg contract producers
As previously reported, six contract egg producers proceeded with claims in the Western Cape High Court:
Cape Town. The claim from one of the six contract producers is still unresolved.
Pioneer Foods is defending contractual claims from its privatised egg contract producers and the matters
were set down for arbitration during 2012. Since the hearings commenced in 2012, settlements were negotiated
with four egg contract producers. A further contract producer withdrew its claim. These settlements had no
adverse financial impact on Pioneer Foods.
Pioneer Foods filed a plea in respect of the remaining claim as well as a counterclaim to recover damages
suffered by Pioneer Foods as a result of breach of contract by the contract producer. Pioneer Foods is
awaiting the setting of a trial date in this matter.
Although the claims were brought against Pioneer Foods, the Group indemnified Pioneer Foods against any
damages that may be suffered as a result of same in terms of the internal restructuring agreements when
it acquired the egg business.
Management is of the view, based on legal advice regarding the merits of the claim against the Group, that
the Group will not incur any material liability in this respect.
Termination of contract
The Group received a summons in respect of early termination of a distribution contract. The matter will
be defended in the High Court.
Management is of the view, based on legal advice regarding the merits of the claim against the Group,
that the Group will not incur any material liability in this respect.
7. Future capital commitments
Capital expenditure approved by the Board and contracted for amount to R49.0 million (30 September 2014:
R40.5 million). Capital expenditure approved by the Board, but not contracted for, amount to R113.0 million
(30 September 2014: R73.8 million). This amount includes the approved acquisition of the Olifantskop feed
mill, as well as the possible acquisition of a business in another African country.
8. Fair value measurement
All financial instruments measured at fair value are classified using a three-tiered fair value hierarchy
that reflects the significance of the inputs used in determining the measurement. The hierarchy is as follows:
Level 1:
Fair value measurements derived from quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2:
Fair value measurements derived from inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3:
Fair value measurements derived from valuation techniques that include inputs for the asset or liability that
are not based on observable market data (unobservable inputs).
The following table presents the Group’s financial assets and liabilities that are measured at fair value at
30 September 2015:
Level 1 Level 2 Level 3
R'000 R'000 R'000
Assets measured at fair value
Derivative financial instruments
Foreign exchange contracts 4
Fair value hedges 7 420
7 424
Total assets measured at fair value 7 424
There were no transfers between any levels during the year, nor were there any significant changes to
the valuation techniques and inputs used to determine fair values.
9. Business combination
During the year under review, the following business was acquired and all assets and liabilities relating
to this acquisition has been accounted for on the acquisition basis:
Audited
Year ended
30 September
2015
R'000
Safe Eggs Pasteurised eggs (on 20 April 2015)
Fair value
Property, plant and equipment 15 500
Trademarks 1 544
Inventory 510
Trade and other payables (54)
Purchase consideration settled in cash 17 500
Reason for business combination
To enter into a new market segment in the egg industry. Pasteurised eggs is a value
added product.
Contribution since acquisition
Revenue 12 602
Operating profit before finance cost and income tax 837
Pro forma contribution assuming the acquisition was at the beginning of the year
Revenue 30 245
Operating profit before finance cost and income tax 2 009
10. Assets held for sale
The Group's shareholders were advised on SENS on 11 May 2015 of an agreement entered into with
Sovereign Food Investments Ltd, in terms of which the Group will dispose of the Tydstroom Abattoir
business in Hartbeespoort, as a going concern. The Tydstroom Abattoir business in Hartbeespoort,
relates to the slaughtering and processing of broilers for human consumption.
Accordingly, the Tydstroom Abattoir business in Hartbeespoort has been treated as an "asset held for
sale" in terms of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations for the year
ended 30 September 2015.
The disposal will result in the Group exiting the broiler meat market served from the Hartbeespoort
abattoir in Gauteng. It will furthermore result in an aligned broiler business model for the Group in
both the Western Cape and Gauteng, with the Group being a contract producer of live broilers and
not participating directly in the broiler meat market.
The Group's shareholders were advised on SENS on 7 October 2015 that all of the conditions
precedent to the sale have been fulfilled and accordingly the sale is unconditional, with an effective
date of 19 October 2015.
Audited
30 September
2015
R'000
Assets of the disposal group classified as held for sale
Property, plant and equipment 83 399
83 399
11. Events after the reporting period
Dividend
A final dividend of 10 cents per ordinary share has been declared for the year, on 23 November 2015.
This will only be reflected in the statement of changes in equity in the next reporting period.
Additional information disclosed:
These dividends are declared from income reserves and qualify as a dividend as defined in the Income
Tax Act, Act 58 of 1962.
Dividends will be paid net of dividends tax of 15%, to be withheld and paid to the South African Revenue
Service by the Company. Such tax must be withheld unless beneficial owners of the dividend have provided
the necessary documentary proof to the relevant regulated intermediary that they are exempt therefrom,
or entitled to a reduced rate as result of the double taxation agreement between South Africa and the
country of domicile of such owner.
The net dividend amounts to 8.5 cents per ordinary share for shareholders liable to pay dividends tax.
The dividend amounts to 10.0 cents per ordinary share for shareholders exempt from paying dividends tax.
The number of issued ordinary shares is 233 248 590 as at the date of this declaration.
There have been no other events that may have a material effect on the Group that occurred after the end
of the reporting period and up to the date of approval of the summary consolidated financial statements
by the Board.
12. Preparation of financial statements
The summary consolidated financial statements have been prepared under the supervision of Mr AH Muller,
CA(SA), Chief Financial Officer.
13. Audit
The summarised report is extracted from audited information, but is not itself audited. The annual
financial statements were audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion
thereon. The audited annual financial statements and the auditor’s report thereon are available for
inspection at the Company’s registered office.
The Group’s auditors have not reviewed nor reported on any of the comments relating to prospects.
Directors:
WA Hanekom (Chairman), N Celliers, HA Lourens (CEO)*, AH Muller (CFO)*, PE Burton, Prof. ASM Karaan,
GG Fortuin (* Executive)
PM Roux resigned 7 October 2014
LP Retief resigned 19 February 2015
GG Fortuin appointed on 28 April 2015
Company secretary: INT Ndlovu, Email: Ntokozo.Ndlovu@quantumfoods.co.za
Registered address: 11 Main Road, Wellington, 7655, PO Box 1183, Wellington, 7654, South Africa
Tel: 021 864 8600, Fax: 021 873 5619, Email: info@quantumfoods.co.za
Transfer secretaries: Computershare Investor Services (Pty) Ltd, PO Box 61051, Marshalltown, 2107, South Africa
Tel: 011 370 5000, Fax: 011 688 5209
Sponsor: PSG Capital (Pty) Ltd, PO Box 7403, Stellenbosch, 7599, South Africa
Tel: 021 887 9602, Fax: 021 887 9624
Date: 26/11/2015 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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