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BUILDMAX LIMITED - Interim financial results for the six month period ended 31 August 2015

Release Date: 27/11/2015 15:56
Code(s): BDM     PDF:  
Wrap Text
Interim financial results for the six month period ended 31 August 2015

Buildmax Limited  
(Incorporated in the Republic of South Africa)
Registration number 1995/012209/06
Share code: BDM ISIN: ZAE000167318
("Buildmax" or the "group" or the "Company")

Interim financial results for the six month period ended 31 August 2015

Commentary

Trading conditions in the mining and construction industries remain challenging and macro
drivers continue to weigh heavily on the business sectors that the group serves. The
subdued growth of the Chinese economy and negligible growth in Europe have resulted in a
significant drop in the demand for mining commodities giving rise to over stocking in the supply
chain.

Eskom's management of coal supplies and its ability to provide power have also created uncertainty and
caused mining companies to substantially reduce production calls. Coupled with lower coal prices
mine owners have understandably become cautious to invest in capital projects. As a result, the
market for opencast mining services has diminished, triggering an oversupply, increased
competition, lower prices, cautious lenders, bearish investors and a general liquidity crunch in the
sector.

This environment has been exacerbated by a global surplus of second hand plant and a
substantial drop in second hand values.

Financial

The results are summarised below:

-   Revenue from continuing operations decreased by 15.9% to R462.7 million.
-   The cost saving initiatives implemented in FY2015 resulted in an increase of 27.6% in
    EBITDA to R41.2 million from R32.3 million.
-   A reduction in operating loss of 46.1% from R50.5 million to R27.2 million.
-   Net overdraft reduced by R32 million.
-   Headline loss per share from continuing operations, including the after tax provision for
    the Messina Copper (Botswana) Proprietary Limited ("Messina Copper") trade debtor ("trade debtor") of 
    R35.2 million, increased by 9.1 cents to 30.6 cents from 21.5 cents. To the extent that the impairment of 
    the trade debtor is eliminated, the headline loss per share is reduced to 10.9 cents from 21.5 cents.
-   Headline loss per share from discontinued operations reduced to 0.6 cents from 7.4 cents.
-   Basic loss per share from continuing operations increased from 23.7 cents to 39.8 cents due
    to after tax impairments amounting to R45.4 million primarily relating to the legal action
    against Messina Copper.
-   Basic loss per share from discontinued operations reduced to 0.6 cents from 33.2 cents.
-   Net asset value per share decreased from 308.1 cents to 206.5 cents.
-   Tangible net asset value per share decreased from 299.2 cents to 206.5 cents.

Buildmax's wholly-owned subsidiary, Diesel Power Mining (Pty) Limited, trading as
Diesel Power Botswana ("DP Botswana")

Shareholders are referred to the SENS announcements released by Buildmax on 26 October
and 12 November 2015 wherein stakeholders were advised that DP Botswana had enforced 
its contractual right to suspend its mining services as a result of Messina Copper's 
inability to meet its payment obligations.

DP Botswana brought an application to the High Court of the Republic of Botswana ("High
Court") for an urgent provisional order for the winding-up of Messina Copper. On 13 November
2015, the High Court placed Messina Copper under provisional order of winding-up and
appointed a provisional liquidator. The matter has been set down for 11 December 2015 for any
interested parties to contest the provisional order.

DP Botswana's expected aggregated pre-tax exposure to Messina Copper is approximately
R60 million. Assuming the liquidation of Messina Copper with no recovery of this debtor, the
pre-tax impairment anticipated is R93 million as a result of writing off the debtor and impairing
the associated plant and equipment.

Debt restructuring in subsidiary Diesel Power Opencast Mining (Pty) Limited ("Diesel Power")
("Debt Restructuring")

In terms of the Debt Restructuring, the current asset based funding facilities of Diesel Power
have been replaced with a term loan which will be repaid over 45 months, repayable in equal
quarterly instalments of approximately R19 million of which the first instalment was paid on 
30 September 2015.

The initial value of the Term Loan was R224 million which refinanced outstanding asset based
funding commitments and reduced the current overdraft facility, in both cases converting certain
current debt obligations to non-current debt obligations. In addition, the lenders advanced bridge
financing to Diesel Power of R16 million which was repaid on 30 September 2015.

A further deposit of R10 million has been made to the debt service account as an advance for
the second installment that is due on 31 December 2015.

Interest rates, market related pricing, covenants and security provisions typical of this type of
facility apply.

This Debt Restructuring has strategic alignment, significantly improves the working capital position
of the group and conservatively as well as congruently amortises the remaining life of
the assets that form part of the security pool provided for the facility.

Disposal of mining rights and related properties

In August 2014, Buildmax Aggregates and Quarries ("BAQ") entered into a sale of business and
assets agreement with Raubex Group and its wholly-owned subsidiary, Raumix Aggregates
("Raumix"), in terms of which Raumix acquired certain assets of BAQ. In addition, BAQ entered
into contract mining agreements with Raumix on behalf of its subsidiaries Crushco, Alfa, Mystic
Blue and Verlesha.

BAQ was granted a put option, exercisable between 1 June 2015 and 31 December 2016, to sell
the mining rights in respect of aggregates and quarries held by BAQ's subsidiaries as well as the
related properties (collectively, the "Sale Assets") (the "Option") for an aggregate consideration of
R37 million, payable in cash. On 3 March 2015, BAQ and Raumix mutually agreed to exercise the
Put Option early and Raumix settled the R37 million Option consideration in cash. Ministerial
consent to the cession and transfer of the Mining Rights remains outstanding.

The condensed consolidated statement of comprehensive income in respect of the discontinued 
operations is set out below:

After tax loss from discontinued operations:
                                                                                           Unaudited        Reviewed            Audited
                                                                                      6 months ended  6 months ended         year ended
                                                                                      31 August 2015  31 August 2014   28 February 2015
                                                                                               R'000           R'000              R'000
Revenue                                                                                        1 556          67 311             82 157
Operating loss before depreciation and amortisation ("EBITDA")                                 (964)         (9 185)           (23 185)
Depreciation                                                                                       -         (5 599)            (5 653)
Operating loss before amortisation                                                             (964)        (14 784)           (28 838)
Amortisation of intangible assets                                                                  -           (623)              (623)
Operating loss                                                                                 (964)        (15 407)           (29 461)
Impairment of goodwill and intangible assets                                                       -        (54 824)           (69 297)
Loss before interest and taxation ("PBIT")                                                     (964)        (70 231)           (98 758)
Net interest paid                                                                               (52)         (1 154)              (389)
Interest paid                                                                                  (101)         (1 378)            (1 745)
Interest received                                                                                 49             224              1 356
Loss before taxation ("PBT")                                                                 (1 016)        (71 385)           (99 147)
Taxation                                                                                        (57)          12 077             10 665
Loss for the period ("PAT")                                                                  (1 073)        (59 308)           (88 482)

The assets and liabilities classified as held for sale are sunnarised as follows:
                                                                                           Unaudited        Reviewed            Audited   
ASSETS CLASSIFIED AS HELD                                                                  31 August       31 August        28 February   
FOR SALE                                                                                        2015            2014               2015   
                                                                                               R'000           R'000              R'000   
Property, plant and equipment                                                                  1 250          64 588              8 250   
Intangible asset (Letamo Quarry)                                                               9 188               -              9 187   
Mining right                                                                                       -          30 000             30 000   
Environmental guarantee investment                                                             2 990           2 607              2 485   
Inventories                                                                                      578               -                578   
Mine stripping asset                                                                               -           1 156                  -   
Assets classified as held for sale                                                            14 006          98 352             50 500   
Trade and other payables                                                                           -               -                600   
Rehabilitation provision                                                                       5 465               -              4 584   
Interest-bearing liabilities                                                                       -          14 003                  -   
Liabilities directly associated with                                                                                                      
assets classified as held for sale                                                             5 465          14 003              5 184   
                                               
Outlook and prospects

We believe that the current slowdown in the demand for commodities is cyclical. Whilst the
prospects for contract mining and civils contractors have been depressed during the past two
years, we remain confident that there will always be a demand for reliable quality opencast
contractors with experience and world class management and safety systems.

A major concern that is prevalent is the ongoing liquidity crunch being experienced in the sector.
This is largely driven by low commodity prices and bearish sentiment about the prospects in
mining in a highly regulated environment.

Dividend

No interim dividend has been declared.

Acknowledgements

The board would like to express its appreciation to all its customers, staff, business partners,
shareholders and other stakeholders for their support and continued confidence in the
sustainability of the Buildmax Group and its underlying businesses.

On behalf of the board:

Colin Wood                Terry Bantock     Christie Els
Chairman                  CEO               CFO
  
Johannesburg
26 November 2015

Condensed consolidated statement of financial position                                                              
                                                                                           Unaudited       Reviewed           Audited   
                                                                                      31 August 2015  31 August 2014  28 February 2015   
                                                                                              R'000          R'000             R'000   
ASSETS                                                                                                                                    
Non-current assets                                                                                                                        
Property, plant and equipment                                                               664 638        909 042           754 195   
Goodwill and other intangible assets                                                              -         21 684                 -   
Deferred taxation                                                                            52 879         31 851            43 067   
                                                                                             717 517        962 577           797 262   
Current assets                                                                                                                            
Inventories                                                                                  12 272         19 644            10 668   
Trade and other receivables                                                                 150 981        209 355           175 548   
Taxation receivable                                                                           3 241          6 384             4 811   
Vendor loan receivable                                                                        3 664              -             3 315   
Bank and cash balances                                                                       15 800         18 204             6 291   
                                                                                             185 957        253 587           200 633   
Assets classified as held for sale                                                           14 006         98 353            50 500   
Total assets                                                                                917 480      1 314 517         1 048 395   

EQUITY AND LIABILITIES                                                                                                                    
Share capital and premium                                                                 1 994 196      1 994 196         1 994 196   
BEE IFRS 2 cost                                                                               1 195          1 195             1 195   
Foreign currency translation reserve                                                          1 218            297               617   
Share based payment reserve                                                                  13 466         13 466            13 466   
Accumulated loss                                                                        (1 640 913)    (1 458 383)       (1 568 572)   
Attributable to equity owners of the parent                                                 369 162        550 771           440 902   
Non controlling interest                                                                   (31 082)       (10 916)          (23 018)   
Total shareholders' interests                                                               338 080        539 855           417 884   

Non-current liabilities                                                                                                                   
Interest-bearing liabilities                                                                 24 653        194 871           145 802   
Term loan                                                                                   175 470              -                 -   
Capitalised finance leases                                                                   18 385              -            32 613   
Deferred taxation                                                                            11 575         45 050            27 531   
                                                                                             230 083        239 921           205 946   
Current liabilities                                                                                                                       
Interest-bearing liabilities                                                                 19 138        255 638           113 737   
Term loan                                                                                    64 779              -                 -   
Capitalised finance leases                                                                   23 701              -            27 935   
Trade and other payables                                                                    198 905        256 080           215 781   
Provisions                                                                                        -          2 690             2 101   
Taxation payable                                                                                  -          5 409                 -   
Vendor loan payable                                                                             650              -               650   
Bank overdrafts                                                                              36 678            921            59 177   
                                                                                            343 851        520 738           419 381   
Liabilities directly associated with assets held for sale                                     5 465         14 003             5 184   
Total equity and liabilities                                                                917 480      1 314 517         1 048 395   

Shares in issue at end of period                                                            178 782        178 782           178 782   
Net asset value per share (cents)                                                             206.5          308.1             246.6   
Tangible net asset value per share (cents)                                                    206.5          299.2             246.6   

Condensed consolidated statement of comprehensive income                                                                   
                                                                                           Unaudited       Reviewed           Audited   
                                                                                      6 months ended  6 months ended        year ended   
                                                                                      31 August 2015  31 August 2014  28 February 2015   
                                                                                              R'000          R'000             R'000   
Continued operations                                                                                                                      
Revenue                                                                                     462 680        550 038           997 124   
Operating profit before depreciation and amortisation ("EBITDA")                              41 206         32 291            15 596   
Depreciation                                                                               (68 410)       (82 753)         (159 964)   
Operating loss                                                                             (27 204)       (50 462)         (144 368)   
Impairment of trade receivable                                                             (45 158)              -                 -   
Impairment of property, plant and equipment                                                (13 106)              -           (4 819)   
Loss before interest and taxation ("PBIT")                                                 (85 468)       (50 462)         (149 187)   
Net interest paid                                                                          (19 548)       (21 756)          (43 783)   
Interest paid                                                                              (19 956)       (21 756)          (44 170)   
Interest received                                                                               408              -               387   
Loss before taxation ("PBT")                                                              (105 016)       (72 218)         (192 970)   
Taxation                                                                                     25 884         25 147            52 982   
Loss for the period ("PAT")                                                                (79 132)       (47 071)         (139 988)   
After tax loss from discontinued operations (see note below)                                (1 073)       (59 308)          (88 482)   
Loss for the period                                                                        (80 205)      (106 379)         (228 470)   
Other comprehensive loss for the period:                                                                                                  
Foreign currency translation reserve                                                            601        (2 335)           (2 015)   
Total comprehensive loss for the period                                                    (79 604)      (108 714)         (230 485)   
Loss for the period attributable to:                                                                                                      
Equity owners of the parent                                                                (72 141)      (101 708)         (211 697)   
Non controlling interest                                                                    (8 064)        (4 671)          (16 773)   
                                                                                           (80 205)      (106 379)         (228 470)   
Total comprehensive loss for the period attributable to:                                                                                  
Equity owners of the parent                                                                (71 540)      (104 043)         (213 712)   
Non controlling interest                                                                    (8 064)        (4 671)          (16 773)   
                                                                                           (79 604)      (108 714)         (230 485)   
Reconciliation of headline loss                                                                                       
                                                                                           Unaudited        Reviewed            Audited   
                                                                                      6 months ended  6 months ended         year ended   
                                                                                      31 August 2015  31 August 2014   28 February 2015   
                                                                                              R'000           R'000              R'000   
Continued operations                                                                                                                      
Loss for the period attributable to shareholders of Buildmax                               (71 069)        (42 400)          (124 634)   
Adjusted for:                                                                                                                             
Add back loss on disposal of property, plant and equipment                                    6 126           4 049             12 344   
 - Gross                                                                                      8 509           5 623             17 145   
 - Taxation                                                                                 (2 382)         (1 574)            (4 801)   
Impairment of property, plant and equipment                                                  10 223               -              4 025   
 - Gross                                                                                     13 106               -              4 819   
 - Taxation                                                                                 (2 883)               -              (794)   
Headline loss attributable to ordinary shareholders                                        (54 719)       (38 351)          (108 265)
   
                                                                                           Unaudited        Reviewed            Audited   
                                                                                      6 months ended  6 months ended         year ended   
                                                                                      31 August 2015  31 August 2014   28 February 2015   
                                                                                              R'000           R'000              R'000   
Discontinued operations                                                                                                                   
Loss for the period attributable to shareholders of Buildmax                                (1 073)        (59 308)           (87 063)   
Adjusted for:                                                                                                                            
Add back profit on disposal of property, plant and equipment                                      -         (1 060)              (930)   
 - Gross                                                                                          -         (1 472)            (1 291)   
 - Taxation                                                                                       -             412                361   
Impairment of goodwill and other intangibles                                                      -          47 064             57 485   
 - Gross                                                                                          -          54 824             69 297   
 - Taxation                                                                                       -         (7 760)           (11 812)   
Headline loss attributable to ordinary shareholders                                         (1 073)        (13 304)           (30 508)   

Supplementary information                                                                 
Loss per share                                                                               
                                                                                           Unaudited        Reviewed           Audited   
                                                                                      6 months ended  6 months ended        year ended   
                                                                                      31 August 2015  31 August 2014  28 February 2015   
                                                                                              cents           cents             cents   
Headline loss per share (cents)                                                              (31.2)          (28.9)            (77.6)    
 Continued operations                                                                        (30.6)          (21.5)            (60.6)   
 Discontinued operations                                                                      (0.6)           (7.4)            (17.1)   
Basic loss per share (cents)                                                                 (40.4)          (56.9)           (118.4)    
 Continued operations                                                                        (39.8)          (23.7)            (69.7)    
 Discontinued operations                                                                      (0.6)          (33.2)            (48.7)    
Shares in issue ('000)                                                                                                                 
 - at end of the period                                                                     178 782         178 782           178 782   
 - weighted                                                                                 178 782         178 782           178 782   

Condensed consolidated statement of cash flows                                                                                  
                                                                                           Unaudited       Reviewed              
                                                                                            6 months       6 months           Audited           
                                                                                               ended          ended        year ended   
                                                                                           31 August      31 August       28 February   
                                                                                                2015           2014              2015   
                                                                                              R'000          R'000             R'000   
Operating activities                                                                                                                      
Loss before taxation                                                                      (106 032)      (143 603)         (292 117)   
Working capital movement                                                                   (41 521)         27 879            29 775   
Impairment of property, plant and equipment, trade receivable, goodwill and                                                               
intangible assets                                                                            58 264         54 824            74 116   
Other non-cash flow items                                                                    77 356         88 739           182 664   
Net interest paid                                                                            19 600         22 910            44 172   
Cash generated from operations                                                                7 667         50 749            38 610   
Net interest paid in cash                                                                  (19 600)       (22 910)          (44 172)   
Dividend paid                                                                                 (200)              -             (200)   
Taxation received/(paid)                                                                      1 570       (16 546)          (25 260)   
Cash (utilised by)/generated from operating activities                                     (10 563)         11 293          (31 022)   
Investing activities                                                                                                                      
Purchase of property, plant and equipment                                                                                                 
- Expanding operations                                                                            -       (42 469)          (42 469)   
- Maintaining operations                                                                   (10 765)      (198 155)         (232 714)   
Environmental guarantee investment                                                                -          (569)             (904)   
Acquisition of Letamo mining right                                                                -       (21 684)          (20 667)   
Proceeds on disposal of property, plant and equipment as well as assets held for sale        47 297        102 370           225 817   
Net cash generated from/(utilised by) investing activities                                   36 532      (160 507)          (70 937)   
Financing activities                                                                                                                      
Interest-bearing liabilities raised                                                          31 172        232 417           238 690   
Interest-bearing liabilities repaid                                                        (25 133)      (159 949)         (283 645)   
Net cash flows generated from/(utilised by) financing activities                              6 039         72 468          (44 955)   
Net increase/(decrease) in cash and cash equivalents                                         32 008       (76 746)         (146 914)   
Cash and cash equivalents at the beginning of the period                                   (52 886)         94 028            94 028   
Cash and cash equivalents at the end of the period                                         (20 878)         17 282          (52 886)   

Condensed consolidated statement of changes in equity 
                                                                                                                                                                  Non          Total   
                                         Share capital and      Share based  BEE IFRS2     Foreign currency    Accumulated  Attributable to equity  controlling  shareholders'   
                                                   premium  payment reserve      costs  translation reserve           loss    owners of the parent     interest       interest   
                                                    R'000            R'000      R'000                R'000          R'000                   R'000        R'000          R'000   
Balances as at 28 February 2014                 1 994 196           12 120      1 195                2 632    (1 356 675)                 653 468      (6 245)        647 223   
Share based payments                                    -            1 346          -                    -              -                   1 346            -          1 346   
Total comprehensive loss for the period                                                                                                                                                 
  Continued operations                                  -                -          -              (2 335)       (42 400)                (44 735)      (4 671)       (49 406)    
  Discontinued operations                               -                -          -                    -       (59 308)                (59 308)            -       (59 308)    
Balances as at 31 August 2014                   1 994 196           13 466      1 195                  297    (1 458 383)                 550 771     (10 916)        539 855   
Total comprehensive loss for the period                                                                                                                                                 
  Continued operations                                  -                -          -                  320       (82 234)                (81 914)     (10 683)       (92 597)    
  Discontinued operations                                -                -          -                    -       (27 755)                (27 755)      (1 419)       (29 174)    
Dividend paid                                           -                -          -                    -          (200)                   (200)            -          (200)    
Balances as at 28 February 2015                 1 994 196           13 466      1 195                  617    (1 568 572)                 440 902     (23 018)        417 884   
Total comprehensive loss for the period                                                                                                                                                 
  Continued operations                                  -                -          -                  601       (71 748)                (70 596)      (7 936)       (78 531)    
  Discontinued operations                               -                -          -                    -          (394)                   (945)        (128)        (1 073)    
Dividend paid                                           -                -          -                    -          (200)                   (200)            -          (200)    
Balances as at 31 August 2015                   1 994 196           13 466      1 195                1 218    (1 640 913)                 369 162     (31 082)        338 080   

Condensed segmental analysis                                                                           
                                                                                           Unaudited       Reviewed           Audited   
                                                                                      6 months ended  6 months ended        year ended   
                                                                                      31 August 2015  31 August 2014  28 February 2015   
                                                                                              R'000          R'000             R'000   
EXTERNAL REVENUE                                                                                                                          
Continuing operations                                                                       462 680        550 038           997 124   
Mining Services - Diesel Power                                                              389 769        444 183           814 563   
Mining Services - Equipment sales and rental                                                      -              -                 -   
Total Mining Services                                                                       389 769        444 183           814 563   
Civils and Earthworks                                                                        72 911        105 855           182 561   
Discontinued operations                                                                       1 556         67 311            82 157   
Aggregates and Quarries                                                                       1 556         67 311            82 157   
                                                                                            464 236        617 349         1 079 281   
INTER-SEGMENT REVENUE                                                                                                                     
Continuing operations                                                                         4 181         19 279            16 746   
Mining Services - Diesel Power                                                                    -         10 844             3 985   
Mining Services - Equipment sales and rental                                                  4 181          8 435            12 761   
Total Mining Services                                                                         4 181         19 279            16 746   
Civils and Earthworks                                                                             -              -                 -   
Discontinued operations                                                                           -          5 402             5 800   
Aggregates and Quarries                                                                           -          5 402             5 800   
                                                                                              4 181         24 681            22 546   
EBITDA                                                                                                                                    
Continuing operations                                                                        41 206         32 291            15 596   
Mining Services - Diesel Power                                                               40 193         33 521             9 592   
Mining Services - Equipment sales and rental                                                  (837)          3 868             4 824   
Total Mining Services                                                                        39 356         37 389            14 416   
Civils and Earthworks                                                                         7 443            355             5 172   
Corporate head office                                                                       (5 592)        (5 453)           (3 992)   
Discontinued operations                                                                       (964)        (9 185)          (23 185)   
Aggregates and Quarries                                                                       (964)        (9 185)          (23 185)   
                                                                                             40 243         23 106           (7 589) 

OPERATING LOSS BEFORE INTEREST, AMORTISATION AND IMPAIRMENT

Continuing operations                                                                      (27 204)       (50 462)         (144 368)   
Mining Services - Diesel Power                                                             (27 168)       (49 341)         (149 159)   
Mining Services - Equipment sales and rental                                                (1 768)          3 381             3 678   
Total Mining Services                                                                      (28 936)       (45 960)         (145 481)   
Civils and Earthworks                                                                         7 443            355             5 172   
Corporate head office                                                                       (5 711)        (4 857)           (4 059)   
Discontinued operations                                                                       (964)       (14 784)          (28 838)   
Aggregates and Quarries                                                                       (964)       (14 784)          (28 838)   
                                                                                           (28 168)       (65 246)         (173 206) 
     
Notes to the interim financial results for the period ended 31 August 2015

This interim report should be read in conjunction with the Buildmax Group 2015 integrated report
which is available at www.buildmax.co.za.

Approval of the interim financial results
The interim financial results have been prepared in accordance with International Financial
Reporting Standards, IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee and Financial Pronouncements as issued by
the Financial Reporting Standards Council, the JSE Listings Requirements, and the Companies
Act, 71 of 2008.

The accounting policies used in the preparation of these interim results are consistent with those
used in the annual financial results for the year ended 28 February 2015, which have been
prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board (IASB). The group interim financial results have been
prepared on the historical cost basis.

This report was compiled under the supervision of Mr CS Els, Chief Financial Officer CA (SA).
These results were not reviewed by Grant Thornton Johannesburg Partnership.

The interim financial results have been prepared on a going-concern basis as the directors believe
that the company and the group will continue to be in operation in the foreseeable future.

The interim financial results were approved by the board of directors on 26 November 2015.

Estimates and contingencies
Management makes estimates and judgements concerning the future with regards to opencast
mining contracts, remaining life of quarries, future rehabilitation costs, provisions, claims,
depreciation methods and residual values when estimating the recoverable amounts of assets.

The resulting estimates and judgements can only approximate the future actual results. Estimates
and judgements are continually evaluated and are based on historical experience and other
factors, including expectations of future events that are believed to be reasonable under the
circumstances.

The group has contingent liabilities in respect of legal claims and contractual guarantees arising in
the ordinary course of business. It is anticipated that no material liabilities will arise from the
contingent liabilities other than those provided for.

Directors

Executive
TP Bantock (CEO)
CS Els (CFO)
J Mathebula

Independent non-executive directors
CJM Wood (Chairman)
CB Brayshaw
MD Lamola
MW McCulloch

Non-executive directors
DJ Mack
BT Ngcuka
G Montgomery

Group company secretary
GH Miller

Registered office
515 Pretoria Road, Fairleads, Benoni
(PO Box 11962, Rynfield, 1514)

Sponsor
Questco (Pty) Limited
2nd Floor, No 1 Montecasino Blvd,
Fourways, 2055
(PO Box 98956, Sloane Park, 2152)

Auditor and independent reporting accountant
Grant Thornton Johannesburg Partnership
Wanderers Office Park, 52 Corlett Drive
Illovo, 2196

Legal advisor
Webber Wentzel
10 Fricker Road, Illovo Boulevard
Illovo, 2196

Transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street
Johannesburg, 2001
(PO Box 61763, Marshalltown, 2107)

27 November 2015
Date: 27/11/2015 03:56:00 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
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