Wrap Text
Unaudited Interim Group Results for the 6 Months ended 31 August 2015
SANTOVA
Registration number 1998/018118/06
Share code SNV
ISIN ZAE000159711
UNAUDITED GROUP
INTERIM RESULTS
FOR THE SIX MONTHS ENDED
31 AUGUST 2015
HIGHLIGHTS
INCREASE IN
PROFIT FOR THE PERIOD
31,6%
INCREASE IN NORMALISED
HEADLINE EARNINGS PER SHARE
47,7%
INCREASE IN TANGIBLE
NET ASSET VALUE PER SHARE
42,8%
2015 2014 %
August August Movement
Gross billings (R'000) 1 686 696 1 650 849 2,2
Revenue (R'000) 125 801 116 486 8,0
Profit for the period (R'000) 22 996 17 475 31,6
Total comprehensive income (R'000) 40 947 16 049 155,1
Billings margin (%) 7,5 7,1 5,6
Operating margin (%) 26,9 23,6 14,0
Interest cover (times) 10,10 5,50 83,6
Basic earnings per share (cents) 16,46 12,65 30,1
Normalised headline earnings per share (cents) 15,63 10,58 47,7
Total assets (R'000) 728 787 671 308 8,6
Capital and reserves (R'000) 265 134 210 565 25,9
Cash and cash equivalents (R'000) 61 699 35 927 71,7
Net cash generated from operating activities (R'000) 24 621 9 509 158,9
Net interest-bearing debt to total equity (%) 74,0 120,8 (38,7)
Net asset value per share (cents) 194,74 154,31 26,2
Tangible net asset value per share (cents) 95,79 67,09 42,8
COMMENTARY
OVERVIEW
In the six months to 31 August 2015 the Group has
achieved a 31.6% increase in profit for the period to R23,0
million (2014: R17,5 million), which in turn has translated
into a 47,7% increase in normalised headline earnings per
share for the period to 15,63 cents (2014: 10,58 cents).
This growth was achieved through a combination of:
-A very strong performance from certain of the Group's
offshore logistics operations, principally those in the
Netherlands and Australia, as they continue to grow
and entrench themselves in their regions; and
-A solid growth in profit in the South African logistics
operation which has been driven by margin gains and
operational efficiencies, offset by a downturn in revenue
as a result of the weak economic climate.
The Group's stated strategy to grow and expand its
international footprint continues to be a core focus and
key milestones achieved during the reporting period
under review include:
-The establishment of a new sea freight-focused
office in Hamburg, Germany by Masterfreight
Internationale Spedition, the Group's wholly-owned
German subsidiary, on 1 April 2015. As a major trading
country internationally Germany represents a key
long term strategic investment for the Group and the
Board believes this region will become a meaningful
contributor in future financial periods;
-The establishment and opening on 1 August 2015
of a new branch office in Accra, Ghana operating as
a division of W.M. Shipping (United Kingdom). This
represents the Group's first investment in Africa outside
of South Africa and gives the Group a solid base in
West Africa through which to access that region and
grow its existing trade volumes; and
-The finalisation of the acquisition of 100% of Jet-
Freight Services, effective 1 September 2015, a long
standing freight forwarding business based in Port
Louis, Mauritius. The Group's strategy is to leverage off
its existing client trade with Mauritius and the benefits
of the country's membership of SADC, to develop this
region into a meaningful future trade route for the
Group.
A core benefit of the Group's offshore strategy is
highlighted in the period under review where the
weakening of the South African rand had a positive
impact on both the operational performance and financial
position of the Group as evidenced by:
-The translation of operating profits from offshore
subsidiaries, increasing the offshore entities'
contribution to Group revenue for the six months
ended 31 August 2015 to 44,1% (2014: 38,1%); and
-The revaluation of the Group's investments in
these offshore subsidiaries, illustrated by the R18.0 million
foreign exchange gain reported in other comprehensive
income, which in turn converted into a strengthening of
the Group's capital and reserves.
OPERATIONAL PERFORMANCE
South African Logistics Operations
Santova Logistics (South Africa), which continues to be the
largest contributor to the Group profit, achieved a 60,4%
increase in profit for the period. This was achieved despite
a 3,5% decrease in revenue from R67,9 million in 2014 to
R65,5 million in 2015.
During the period under review, the positive impact that
the weakening of the South African rand had on the
translation of dollar denominated revenues to rand was
more than counteracted by the impact on trade volumes of
the weak economic climate, which resulted in lower overall
revenues. However, the region managed to maintain and
improve margins through operational efficiencies while
administration expenses reduced by 11% due to the
effect of the restructuring and centralisation initiatives
undertaken in the prior period. The combination of the
improved margins and reduction in expenses helped to
translate the lower revenue into the positive bottom line
growth in profitability.
Foreign Logistics Operations
As highlighted above, the strong performance by a
number of the Group's foreign logistics subsidiaries
continues to enhance overall Group profitability and
the Board expects this to continue over the long term
as it implements its offshore strategies. The regions that
performed particularly well during the current reporting
period were:
-The Netherlands, where profit for the period
increased 65,2% to R6,9 million (2014: R4,2 million); and
-Australia, where profit for the period increased 166,5%
to R2,2 million (2014: R0,8 million).
Both of these operations continue to leverage off the
Group infrastructure in facilitating trade between Group
offices, but at the same time they are diversifying and
developing their own local client bases and regional
product niches.
In the United Kingdom conditions still remain challenging
with margins under pressure. However, the Group has
invested significantly in the region during the current
reporting period, introducing new systems, strengthening
management and investing in new infrastructure to drive
revenue growth.
Following its acquisition in December 2014, Germany
remains in 'investment' phase with the Group
implementing new systems and investing in infrastructure
in addition to opening the new Hamburg office. The Board
does not expect Germany to be a meaningful contributor
in the current financial year, but in the long term it will
develop into a key region for the Group.
Financial Services
The contribution from the Group's short term insurance
business based in South Africa grew strongly with
profit for the period increasing 37,3% to R1,8 million
(2014: R1,3 million). This operation is a mature business
that continues to deliver consistent results and solid cash
flow generation for the Group.
FINANCIAL POSITION
The current reporting period saw modest growth in the
Group's key asset, being its trade receivables, of 2,4%. This
is consistent with strong growth in revenue offshore offset
by the reduction of revenue in South Africa, the Group's
largest geographical segment. The management and
collection of these receivables remains a core competency
and focus of the Group, as evidenced by the stable overall
debtor's days of 50,3 days, versus 50,1 days in the prior
reporting period.
The key aspects of the Group's financial position that
need to be highlighted are the meaningful strengthening
in capital and reserves, combined with strong cash
generation and ongoing debt repayment, which saw the
overall ratio of interest bearing debt (net of cash) to total
equity reduce from 121% in August 2014 to 74% in August
2015.
The Group's capital and reserves benefitted from the
strong operational performance and were bolstered
by a 16,0% increase in the closing South African rand
to British pound exchange rate from R17,62 in the prior
reporting period to R20,44, as at the close of the current
reporting period. This impacted favourably on the
revaluation of the Group's offshore assets and accounted
for the substantial increase in other comprehensive income
from exchange differences to R18,0 million in the current
period, versus a loss of R1,4 million in the prior period.
CASH FLOW AND FUNDING
The current reporting period saw a continuing and
growing trend of positive cash generation from operations
as net cash generated from operating activities increased
158,9% to R24,6 million (2014: R9,5 million).
The effect of the strong cash generation is that the Group
continues to accumulate surplus cash reserves, principally
in its offshore operations where, unlike South Africa, there
is no legislative requirement to fund recoverable logistics
disbursements on behalf of clients. This is evidenced by
the increase in cash and cash equivalents of 71,7% to R61,7
million as at 31 August 2015 (2014: R35,9 million).
HEADLINE EARNINGS
AND NORMALISED HEADLINE EARNINGS
The Group recorded headline earnings per share for
the current reporting period of 16,47 cents, 6,5% higher
than the 15,47 cents per share reported for the previous
corresponding period.
It is important to note that the headline earnings per
share reported in the previous two corresponding interim
reporting periods, ending 31 August 2013 and 31 August
2014, had been materially increased by the once-off
inclusion of fair value gains of R5,2 million and R5,9
million respectively, as required by the Headline Earnings
Circular. These fair value gains arose on the subsequent
re-measurement of the contingent purchase consideration
payable in respect of the acquisition of W.M. Shipping
Limited, following the conclusion of both the first and the
second and final twelve month warranty periods.
The Board is of the opinion that such fair value gains are
not 'normally relating to the operating/trading activities'
of the Company and as such should not be included
in the calculation of headline earnings. Therefore the
computation and comparison of normalised headline
earnings per share, after the elimination of the once-off
effect of these items, is a more appropriate basis for the
measurement of actual operating/trading performance in
the current period.
This approach is consistent with the commentary in
the 2014 interim results, released to Shareholders on
30 October 2013 at the start of the two warranty periods,
whereby Shareholders were advised that headline
earnings in that period had been abnormally inflated
by the inclusion of the initial fair value gain and were
not an accurate reflection of actual operating/trading
performance.
Thus Shareholders are advised that the Group's normalised
headline earnings per share for the current reporting
period of 15,63 cents compared to that of 10,58 cents for
the previous reporting period which is a growth of 47,7%,
is a more accurate reflection of the Group's operating
performance in the current period from on-going trading
operations.
OUTLOOK
Following the pattern set in the first half of the 2016
financial year, the strong contribution towards Group
results from the foreign operations is expected to continue
in the second half of the year, whilst within South Africa
conditions are expected to remain challenging due to
the economic climate and low levels of economic growth.
However, the Board is confident that whilst strong 'head
winds' in the South African economy may prevail in the
second half of the 2016 financial year, the Group is well
positioned to manage and capitalise on the challenges
and opportunities that may present themselves as this
region enters into its traditional peak trading season.
For and on behalf of the Board
ESC Garner GH Gerber
Chairman Chief Executive Officer
30 November 2015
CONDENSED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 August 31 August 28 February
2015 2014 2015
Notes R'000 R'000 R'000
ASSETS
Non-current assets 153 675 136 364 140 652
Plant and equipment 8 424 8 400 7 933
Intangible assets 2 134 715 119 013 122 264
Financial assets 3.1 3 742 2 372 3 235
Deferred taxation 6 794 6 579 7 220
Current assets 575 112 534 944 592 834
Trade receivables 465 721 454 620 495 162
Other receivables 46 313 43 435 52 738
Amounts owing from related parties 472 – –
Current tax receivable 907 962 45
Cash and cash equivalents 61 699 35 927 44 889
Total assets 728 787 671 308 733 486
EQUITY AND LIABILITIES
Capital and reserves 265 134 210 565 230 289
Non-current liabilities 16 074 25 790 20 500
Interest-bearing borrowings 14 374 24 013 18 800
Long-term provision 1 700 1 777 1 700
Current liabilities 447 579 434 953 482 697
Trade and other payables 184 853 145 524 173 826
Current tax payable 4 847 5 015 2 710
Current portion of interest-bearing borrowings 8 475 8 314 8 088
Amounts owing to related parties 251 208 216
Financial liabilities 3.2 709 2 874 1 447
Short-term borrowings and overdraft 234 809 258 032 280 838
Short-term provisions 13 635 14 986 15 572
Total equity and liabilities 728 787 671 308 733 486
CONDENSED STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
Unaudited Unaudited Audited
Six months to Six months to 12 months to
31 August 31 August 28 February
2015 2014 2015
Notes R'000 R'000 R'000
Gross billings 1 686 696 1 650 849 3 462 792
Revenue 125 801 116 486 237 033
Other income 5 365 10 927 16 758
Depreciation and amortisation (1 931) (1 675) (3 311)
Administrative expenses (95 447) (98 243) (188 799)
Operating profit 33 788 27 495 61 681
Interest received 5 086 3 997 8 686
Finance costs (8 426) (9 019) (18 981)
Profit before taxation 30 448 22 473 51 386
Income tax expense (7 452) (4 998) (12 166)
Profit for the period/year 22 996 17 475 39 220
Attributable to:
Equity holders of the parent 22 451 17 264 38 525
Non-controlling interests in subsidiaries 545 211 695
Other comprehensive income
Exchange differences arising fro
translation of foreign operations 17 951 (1 426) (4 144)
Total comprehensive income 40 947 16 049 35 076
Attributable to:
Equity holders of the parent 40 168 15 739 34 650
Non-controlling interests in subsidiaries 779 310 426
Basic earnings per share (cents) 4 16,46 12,65 28,23
Diluted basic earnings per share (cents) 4 16,05 12,48 27,73
Dividends per share (cents) 4 n/a n/a 4,25
CONDENSED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
31 August 31 August 2 28 February
2015 2014 2015
R'000 R'000 R'000
Capital and reserves
Balance at beginning of period/year 230 289 198 510 198 510
Total comprehensive income 40 947 16 049 35 076
Treasury shares acquired (998) – –
Share-based equity reserve 696 441 1 138
Dividends paid (5 800) (4 435) (4 435)
Balance at end of period/year 265 134 210 565 230 289
Comprising:
Stated capital 145 192 145 192 145 192
Equity compensation reserve 2 399 1 006 1 703
Treasury shares (998) – –
Foreign currency translation reserve 38 163 22 795 20 445
Accumulated profit 75 741 37 829 59 090
Attributable to equity holders of the parent 260 497 206 822 226 430
Non-controlling interests 4 637 3 743 3 859
Capital and reserves 265 134 210 565 230 289
CONDENSED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
Six months to Six months to 12 months to
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'000
Cash generated from operations 33 699 19 845 53 685
Interest received 5 086 3 997 8 546
Finance costs (8 414) (8 921) (18 978)
Taxation paid (5 750) (5 412) (14 609)
Net cash flows from operating activities 24 621 9 509 28 644
Cash flows on acquisition of subsidiaries (1 100) – (3 438)
Cash utilised in other investing activities (3 593) (1 056) (1 319)
Net cash flows from investing activities (4 693) (1 056) (4 757)
Net cash flows from financing activities (10 802) (8 934) (13 862)
Net increase/(decrease) in cash and cash equivalents 9 126 (481) 10 025
Difference arising on translation 7 684 (435) (1 979)
Cash and cash equivalents at beginning of period/year 44 889 36 843 36 843
Cash and cash equivalents at end of period/year 61 699 35 927 44 889
Cash and cash equivalents are made up as follows:
Cash and cash equivalents 62 239 38 159 44 889
Less: Bank overdrafts (540) (2 232) –
Cash and cash equivalents at end of period/year 61 699 35 927 44 889
CONDENSED SEGMENTAL ANALYSIS
Logistics Financial Head
Services Services Office Group
BUSINESS SEGMENT R'000 R'000 R'000 R'000
31 August 2015
Revenue 120 971 4 941 (111) 125 801
Operating profit 30 789 1 979 1 020 33 788
Profit for the period 20 859 1 756 381 22 996
Total assets 648 429 8 951 71 407 728 787
Total liabilities 473 283 1 211 (10 841) 463 653
Depreciation and amortisation 1 204 21 706 1 931
Capital expenditure 3 212 – 1 600 4 812
31 August 2014*
Revenue 112 309 4 447 (270) 116 486
Operating profit 24 274 1 288 1 933 27 495
Profit for the period 14 624 1 279 1 572 17 475
Total assets 596 943 7 475 66 890 671 308
Total liabilities 471 090 1 291 (11 638) 460 743
Depreciation and amortisation 1 079 15 581 1 675
Capital expenditure 778 – 504 1 282
* During the previous financial year the Group resolved to change the composition of its reportable segments by disclosing the business
activities of the Group's Head Office, together with the elimination results that arise on consolidation of the group, in a separate segment.
In prior reporting periods these business activities were reported as part of the Logistics Services segment within the South Africa geo-
graphical region. The Group believes that the economic characteristics of the services provided by the Group Head office are no longer
sufficiently similar to that of the Logistics Services segment and therefore should no longer be aggregated. In addition the Group believes
that this change will better enable users to evaluate the financial effects of the business activities within the Logistics Services segment.
In accordance with IFRS 8 Operating Segments, the prior year comparative amounts have been fully restated so as to be disclosed on
the new basis.
LOGISTICS SERVICES
Europe and
United Segment
South Africa Kingdom Australasia total
GEOGRAPHICAL SEGMENT R'000 R'000 R'000 R'000
31 August 2015
Revenue 65 524 44 039 11 408 120 971
Operating profit 16 570 10 861 3 358 30 789
Profit for the period 9 866 8 664 2 329 20 859
Total assets 481 028 123 192 44 209 648 429
Total liabilities 379 987 78 817 14 479 473 283
Depreciation and amortisation 729 327 148 1 204
Capital expenditure 2 933 218 61 3 212
31 August 2014*
Revenue 67 874 34 047 10 388 112 309
Operating profit 13 397 8 342 2 535 24 274
Profit for the period 6 150 6 375 2 099 14 624
Total assets 488 724 73 181 35 038 596 943
Total liabilities 410 015 49 031 12 044 471 090
Depreciation and amortisation 761 233 85 1 079
Capital expenditure 451 265 62 778
* During the previous financial year the Group resolved to change the composition of its reportable segments by disclosing the business
activities of the Group's Head Office, together with the elimination results that arise on consolidation of the group, in a separate segment.
In prior reporting periods these business activities were reported as part of the Logistics Services segment within the South Africa geo-
graphical region. The Group believes that the economic characteristics of the services provided by the Group Head office are no longer
sufficiently similar to that of the Logistics Services segment and therefore should no longer be aggregated. In addition the Group believes
that this change will better enable users to evaluate the financial effects of the business activities within the Logistics Services segment.
In accordance with IFRS 8 Operating Segments, the prior year comparative amounts have been fully restated so as to be disclosed on
the new basis.
SUPPLEMENTARY FINANCIAL INFORMATION AND NOTES
1. BASIS OF PREPARATION
The unaudited condensed consolidated interim financial statements for the six months ended 31 August 2015 has
been prepared and presented in accordance with the framework concepts and the measurement and recognition
requirements of International Financial Reporting Standards ("IFRS"), the SAICA Financial Reporting Guides
as issued by the Accounting Practices Committee, and Financial Reporting Pronouncements as issued by the
Financial Reporting Standards Council, the listings requirements of the JSE Limited, the information as required
by IAS 34: Interim Financial Reporting, and the requirements of the South African Companies Act No 71 of 2008.
The accounting policies applied in preparation of these interim financial statements are in terms of IFRS and are
consistent with those applied in the previous annual financial statements.
This report was prepared under the supervision of the Group Financial Director, DC Edley, CA(SA) and have not
been reviewed or audited by the Group's external auditors.
Unaudited Unaudited Audited
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'000
2. INTANGIBLE ASSETS
Goodwill
Cost 138 985 124 457 127 455
Accumulated impairments (8 511) (8 511) (8 511)
130 474 115 946 118 944
Reconciled as follows:
Carrying value at beginning of period 118 944 120 821 120 821
Acquisition of subsidiary 1 498 – 4 060
Impairments – (3 892) (3 892)
Foreign currency revaluations 10 032 (983) (2 045)
Carrying value at end of period 130 474 115 946 118 944
Computer software and trademarks 4 241 3 067 3 320
Intangible assets 134 715 119 013 122 264
Unaudited Unaudited Audited
31 August 31 August 28 February
2015 2014 2015
Notes R'000 R'000 R'000
3. FAIR VALUE DISCLOSURE FOR FINANCIAL INSTRUMENTS
3.1 Financial assets measured at fair value:
Future profit share on rental agreement 1 1 228 1 228 1 228
Guardrisk cell captive 2 2 441 1 262 2 007
FEC assets 73 (118) –
3 742 2 372 3 235
3.2 Financial liabilities measured at fair value:
Finance lease 69 – –
Lease termination liability – 1 723 457
Contingent purchase considerations on acquisitions 3 640 1 151 990
709 2 874 1 447
Notes
1. This amount represents the fair value of the profit share accruing to Santova Logistics (South Africa) in terms of a
profit sharing agreement entered into with the landlord of their Durban premises on inception of the lease
in the 2007 financial year. This agreement gives Santova Logistics (South Africa) a specified portion of the actual or
deemed profit made should the building be sold or vacated. The primary inputs used to determine the
fair value of the profit share are a current market related rental for an equivalent such property applied to
a market related capitalisation rate.
2. This amount represents the fair value of the investment by Santova Logistics (South Africa) in the Guardrisk cell
captive, recognised as a financial asset with changes in fair value being recognised in profit or loss for the
year. The fair value of the cell captive is determined by the net asset value of the cell as at the reporting
date.
Both the future profit share and the cell captive are classified as level 2 financial instruments valued using
techniques based on observable market data.
3. The amount in the current year represents the present value of the remaining contingent purchase
obligations arising from the acquisition of Masterfreight Internationale Spedition and AEMC Trading
Agency. These financial liabilities are classified as level 3 financial instruments valued using information
other than observable market data. The values are calculated as the net present value of the remaining
warranty payments as set out in the agreement of sales, discounted at the weighted average cost of capital
for the relevant acquired entity. The financial liabilities are revalued annually or when key indicators suggest
revaluation is necessary. In particular, warranty targets and the achievement thereof are constantly monitored
for indicators that the valuation must be reassessed. A sensitivity analysis of the current assumptions used in
valuing these liabilities does not suggest material differences in the event that these assumptions may differ
significantly. The reconciliation below illustrates the impact of the revaluation on profit and loss:
Unaudited Unaudited Audited
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'00
Financial liability at beginning of period/year 990 7 046 7 046
Fair value gain on re-measurement (810) (5 896) (5 896)
Financial liability assumed during the period 432 – 1 052
Interest on present value calculation 1 24 26
Foreign exchange loss/(gain) on translation 27 (23) (97)
Warranty payments during the period/year – – (1 141)
Financial liability at end of period/year 640 1 151 990
There were no other material adjustments to fair values of financial instruments during the period under
review.
Unaudited Unaudited Audited
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'00
4. EARNINGS PER SHARE AND SHARE PERFORMANCE
4.1 Reconciliation between earnings, headline earnings
and normalised headline earnings
Profit attributable to equity holders of the parent 22 451 17 264 38 525
Net loss/(profit) on disposals of plant and equipment 15 (49) (130)
Impairment of goodwill – 3 892 3 892
Taxation effects (8) 10 19
Headline earnings 22 458 21 117 42 306
Fair value gain on re-measurement of financial liability (810) (5 896) (5 896)
Effect of lease termination agreement (336) (784) (1 698)
Normalised headline earnings 21 312 14 437 34 712
Shares in issue ('000) 136 149 136 459 136 459
Weighted average number of shares ('000) 136 383 136 459 136 459
Diluted number of shares ('000) 139 864 138 288 138 939
Shares for net asset value calculation ('000) 136 149 136 459 136 459
4.2 Performance per ordinary share
Headline earnings per share (cents) 16,47 15,47 31,00
Diluted headline earnings per share (cents) 16,06 15,26 30,45
Normalised headline earnings per share (cents) 15,63 10,58 25,44
Net asset value per share (cents) 194,74 154,31 168,76
Tangible net asset per share (cents) 95,79 67,09 79,16
5. ACQUISITIONS DURING THE PERIOD
During the period under review, Santova Logistics (South Africa) aqcuired the business of AEMC Trading
Agency on a going concern basis and to be operated going forward as a separate division. The value of the
acquisition was R1,52 million of which R1,5 million is attributable to goodwill (refer note 2). Management do not
consider this acquisition to be material.
6. EVENTS AFTER THE REPORTING PERIOD
Shareholders are referred to the SENS announcement published on 21 August 2015 by the Board whereby it
was announced that the Group had concluded the acquisition of Jet-Freight Services, a licenced freight
forwarding and customs clearing agent based in Port Louis, Mauritius. In addition it was also announced that the
Group had successfully opened a new branch office in Accra, Ghana trading as a division of W.M Shipping,
United Kingdom.
Although neither of these transactions are financially material, they are considered strategic as they are part of
Santova's stated strategy to expand its footprint internationally.
These transactions will not materially affect the Group's results for the 2016 financial year-end, but they are
expected to have a positive impact on the Group's results in future financial periods.
Other than those detailed above there are no other events which have taken place after the reporting period for
which non-disclosure would affect the ability of the users to make proper evaluations and decisions.
CORPORATE INFORMATION
Independent non-executive directors
ESC Garner (Chairman)
AD Dixon
WA Lombard
EM Ngubo
Executive directors
GH Gerber (Chief Executive Officer)
DC Edley (Group Financial Director)
AL van Zyl
Company Secretary
JA Lupton, FCIS
JSE Sponsor
River Group
Group auditors
Deloitte & Touche
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Investor relations
GH Gerber (Chief Executive Officer)
DC Edley (Group Financial Director)
Email address investor@santova.com
Contact number +27 31 374 7000
Santova head office and registered office
Physical address: Santova House, 88 Mahatma Gandhi Road, Durban, 4001
Postal address: PO Box 6148, Durban, 4000
Contact number: +27 31 374 7000
Group bankers
Nedbank Limited
Date: 30/11/2015 07:30:00 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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