Wrap Text
Summarised unaudited consolidated financial results for the six months ended 31 December 2015
Mustek Limited
Incorporated in the Republic of South Africa
Registration number: 1987/070161/06
Share code: MST ISIN: ZAE000012373
"Mustek" or "the Group"
Summarised unaudited consolidated financial results for the six months ended 31 December 2015
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Audited
Unaudited 6 months year-end
6 months 31 December 30 June
31 December 2014 2015
2015 R000 R000
R000 (Re-presented) (Re-presented)
ASSETS
Non-current assets
Property, plant and equipment 149 628 167 972 174 709
Intangible assets 67 710 61 726 62 843
Investments in associates 67 093 57 192 61 478
Other investments and loans 76 897 87 636 77 653
Deferred tax asset 19 937 23 931 29 593
381 265 398 457 406 276
Current assets
Inventories 1 320 835 1 021 930 1 129 663
Inventories in transit 113 539 243 655 206 035
Trade and other receivables 1 280 130 1 027 044 1 246 139
Foreign currency assets 32 247 11 252 8 179
Tax assets 8 978 21 979 2 059
Bank balances and cash 196 558 341 997 459 832
2 952 287 2 667 857 3 051 907
Assets classified as held-for-sale 164 427 - -
TOTAL ASSETS 3 497 979 3 066 314 3 458 183
EQUITY AND LIABILITIES
Capital and reserves
Ordinary stated capital 62 458 120 067 93 354
Retained earnings 911 374 818 614 894 636
Non-distributable reserve 809 809 809
Foreign currency translation reserve 8 831 3 056 4 949
Equity attributable to owners of the parent 983 472 942 546 993 748
Non-controlling interest 14 302 18 307 19 268
Total equity 997 774 960 853 1 013 016
Non-current liabilities
Long-term borrowings 1 464 34 587 23 127
Deferred tax liabilities 4 571 3 688 4 576
Deferred income 13 706 12 297 15 627
19 741 50 572 43 330
Current liabilities
Short-term borrowings 752 1 571 2 687
Trade and other payables 1 647 127 1 460 517 2 011 195
Foreign currency liabilities - 366 1 373
Deferred income 16 382 25 396 22 238
Tax liabilities 4 749 1 083 2 595
Bank overdrafts 674 393 565 956 361 749
2 343 403 2 054 889 2 401 837
Liabilities directly associated with assets classified
as held for sale 137 061 - -
Total liabilities 2 500 205 2 105 461 2 445 167
TOTAL EQUITY AND LIABILITIES 3 497 979 3 066 314 3 458 183
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Audited
Unaudited 6 months year-end
6 months 31 December 30 June
31 December 2014 2015
2015 R000 R000
R000 (Re-presented) (Re-presented)
Continuing operations
Revenue 2 468 276 2 240 893 5 042 119
Cost of sales (2 113 411) (1 916 059) (4 377 405)
Gross profit 354 865 324 834 664 714
Other income 2 354 4 558 35 461
Foreign currency losses (6 857) (10 376) (1 680)
Distribution, administrative and other operating expenses (242 262) (222 145) (462 351)
Profit from operations 108 100 96 871 236 144
Investment revenues 6 864 7 495 17 319
Finance costs (46 960) (30 587) (76 014)
Share of profit of associates 7 586 5 923 10 813
Profit before tax 75 590 79 702 188 262
Income tax expense (19 383) (20 185) (50 155)
Profit for the period from continuing operations 56 207 59 517 138 107
Discontinued operations
Loss for the period from discontinued operations (2 225) (2 560) (4 000)
Profit for the period 53 982 56 957 134 107
Other comprehensive income
Exchange profits (losses) on translation of foreign operations 3 882 (1 186) 540
Other comprehensive income for the period, net of tax 3 882 (1 186) 540
Total comprehensive income for the period 57 864 55 771 134 647
Profit attributable to:
Owners of the parent 52 343 56 698 132 720
Non-controlling interest 1 639 259 1 387
53 982 56 957 134 107
Total comprehensive income attributable to:
Owners of the parent 56 225 55 925 133 840
Non-controlling interest 1 639 (154) 807
57 864 55 771 134 647
Earnings and dividend per share
Weighted number of ordinary shares in issue 102 005 806 106 875 829 106 228 765
Ordinary shares in issue 100 000 000 106 623 471 103 623 471
Dividend per ordinary share (cents) 35.00 28.00 35.00
From continuing and discontinued operations (cents)
Headline earnings per ordinary share 51.67 53.26 125.05
Basic earnings per ordinary share 51.31 53.05 124.94
From continuing operations (cents)
Headline earnings per ordinary share 53.54 54.45 126.93
Basic earnings per ordinary share 53.19 54.24 126.82
From discontinued operations (cents)
Headline losses per ordinary share (1.87) (1.19) (1.88)
Basic losses per ordinary share (1.87) (1.19) (1.88)
Reconciliation between basic and headline earnings
Basic earnings attributable to owners of the parent 52 343 56 698 132 720
Group's share of loss on disposal of property, plant and equipment 362 219 118
Headline earnings from continuing and discontinued operations 52 705 56 917 132 838
Less Group's share of loss for the year from discontinued operations 1 909 1 273 2 000
Headline earnings from continuing operations 54 614 58 190 134 838
Basic earnings attributable to owners of the parent 52 343 56 698 132 720
Less Group's share of loss for the year from discontinued operations 1 909 1 273 2 000
Basic earnings from continuing operations 54 252 57 971 134 720
Net asset value per share (cents) 983.47 883.99 959.00
SUMMARISED CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months year-end
31 December 31 December 30 June
2015 2014 2015
R000 R000 R000
Operating activities
Cash receipts from customers 2 527 970 2 314 598 4 902 999
Cash paid to suppliers and employees (2 946 674) (2 357 604) (4 528 976)
Net cash (used in) from operations (418 704) (43 006) 374 023
Investment revenues received 6 867 7 540 17 364
Finance costs paid (47 803) (31 371) (77 416)
Dividends paid (35 605) (29 871) (29 871)
Income taxes paid (20 153) (14 768) (29 329)
Net cash (used in) from operating activities (515 398) (111 476) 254 771
Net cash used in investing activities (23 490) (36 248) (46 726)
Net cash from financing activities 276 886 286 558 48 624
Net (decrease) increase in cash and cash equivalents (262 002) 138 834 256 669
Cash and cash equivalents at the beginning of the period 459 832 203 163 203 163
Cash and cash equivalents at the end of the period 197 830 341 997 459 832
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- Foreign
Ordinary distri- currency Attributable Non-
stated Retained butable translation to owners of controlling
capital earnings reserve reserve the parent interest Total
R000 R000 R000 R000 R000 R000 R000
Balance at 30 June 2014 119 627 791 787 809 3 829 916 052 18 461 934 513
Net profit for the period - 56 698 - - 56 698 259 56 957
Other comprehensive income - - - (773) (773) (413) (1 186)
Dividends paid - (29 871) - - (29 871) - (29 871)
Buy-back of shares (15 778) - - - (15 778) - (15 778)
Share capital issued 16 218 - - - 16 218 - 16 218
Balance at 31 December 2014 120 067 818 614 809 3 056 942 546 18 307 960 853
Net profit for the period - 76 022 - - 76 022 1 128 77 150
Other comprehensive income - - - 1 893 1 893 (167) 1 726
Buy-back of shares (26 713) - - - (26 713) - (26 713)
Share capital issued - - - - - - -
Balance at 30 June 2015 93 354 894 636 809 4 949 993 748 19 268 1 013 016
Net profit for the period - 52 343 - - 52 343 1 639 53 982
Other comprehensive income - - - 3 882 3 882 - 3 882
Dividends paid - (35 605) - - (35 605) - (35 605)
Buy-back of shares (30 896) - - - (30 896) - (30 896)
Investment in subsidiary - - - - - (6 605) (6 605)
Balance at 31 December 2015 62 458 911 374 809 8 831 983 472 14 302 997 774
SUMMARISED SEGMENT ANALYSIS
Total Mustek Rectron
Unaudited Unaudited
Unaudited 6 months Unaudited Unaudited Unaudited 6 months
6 months 31 December 6 months 6 months 6 months 31 December
31 December 2014 31 December 31 December 31 December 2014
2015 R000 2015 2014 2015 R000
Business segments R000 (Re-presented) R000 R000 R000 (Re-presented)
Revenue 2 468 276 2 240 893 1 523 663 1 337 638 1 099 630 1 043 693
EBITDA* 121 584 105 810 82 047 81 087 48 062 32 084
Depreciation and amortisation (13 483) (8 939) (9 714) (8 172) (3 769) (767)
Profit (loss) from operations 108 101 96 871 72 333 72 915 44 293 31 317
Investment revenues 6 864 7 495 6 213 5 142 1 101 4 221
Finance costs (46 960) (30 587) (28 188) (15 671) (18 772) (14 916)
Share of profit of associates 7 586 5 923 - - - -
Profit (loss) before tax 75 591 79 702 50 358 62 386 26 622 20 622
Income tax (expense) benefit (19 383) (20 185) (13 646) (17 017) (7 346) (5 752)
Profit (loss) for the period from continuing
operations 56 208 59 517 36 712 45 369 19 276 14 870
Discontinued operations
Loss for the period from discontinued operations (2 225) (2 560) - - (2 225) (2 560)
Profit (loss) for the period 53 983 56 957 36 712 45 369 17 051 12 310
Attributable to:
Owners of the parent 52 344 56 698 36 712 45 369 17 367 13 597
Non-controlling interest 1 639 259 - - (316) (1 287)
53 983 56 957 36 712 45 369 17 051 12 310
* Earnings before interest, taxation, depreciation and amortisation.
SUMMARISED SEGMENT ANALYSIS (continued)
Group Eliminations
Unaudited Unaudited Unaudited Unaudited
6 months 6 months 6 months 6 months
31 December 31 December 31 December 31 December
2015 2014 2015 2014
Business segments R000 R000 R000 R000
Revenue - - (155 017) (140 438)
EBITDA* (8 525) (7 361) - -
Depreciation and amortisation - - - -
Profit (loss) from operations (8 525) (7 361) - -
Investment revenues 2 779 1 259 (3 229) (3 127)
Finance costs (3 229) (3 127) 3 229 3 127
Share of profit of associates 7 586 5 923 - -
Profit (loss) before tax (1 389) (3 306) - -
Income tax (expense) benefit 1 609 2 584 - -
Profit (loss) for the period from continuing
operations 220 (722) - -
Discontinued operations
Loss for the period from discontinued operations - - - -
Profit (loss) for the period 220 (722) - -
Attributable to:
Owners of the parent (1 735) (2 268) - -
Non-controlling interest 1 955 1 546 - -
220 (722) - -
* Earnings before interest, taxation, depreciation and amortisation.
Total South Africa
Unaudited
Unaudited 6 months Unaudited Unaudited
6 months 31 December 6 months 6 months
31 December 2014 31 December 31 December
2015 R000 2015 2014
Geographical segments R000 (Re-presented) R000 R000
Revenue 2 468 276 2 240 893 2 443 342 2 214 015
Profit (loss) before tax 75 591 79 702 80 673 79 648
Income tax (expense) benefit (19 383) (20 185) (21 314) (20 163)
Profit (loss) for the period from continuing operations 56 208 59 517 59 359 59 485
Discontinued operations
Loss for the period from discontinued operations (2 225) (2 560) - -
Profit (loss) for the period 53 983 56 957 59 359 59 485
Attributable to:
Owners of the parent 52 344 56 698 57 404 57 939
Non-controlling interest 1 639 259 1 955 1 546
53 983 56 957 59 359 59 485
Mustek East Africa Rectron Australia
Unaudited
Unaudited Unaudited Unaudited 6 months
6 months 6 months 6 months 31 December
31 December 31 December 31 December 2014
2015 2014 2015 R000
Geographical segments R000 R000 R000 (Re-presented)
Revenue 24 934 26 878 - -
Profit (loss) before tax (5 082) 54 - -
Income tax (expense) benefit 1 931 (22) - -
Profit (loss) for the period from continuing operations (3 151) 32 - -
Discontinued operations
Loss for the period from discontinued operations (2 225) (2 560)
Profit (loss) for the period (3 151) 32 (2 225) (2 560)
Attributable to:
Owners of the parent (3 151) 32 (1 909) (1 273)
Non-controlling interest - - (316) (1 287)
(3 151) 32 (2 225) (2 560)
COMMENTARY
Corporate information
Mustek is a public company incorporated and domiciled in South Africa. The main business of Mustek, its subsidiaries and
associates is the assembling, marketing and distribution of Information Communication Technology (ICT) products and services.
Basis of preparation
The summarised unaudited financial information for the period ended 31 December 2015 has been prepared in accordance
with the framework concepts and measurement and recognition requirements of International Financial Reporting Standards
(IFRS), the SAICA Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements
as issued by the Financial Reporting Standards Council, the information as required by IAS 34 Interim Financial
Reporting, the Listings Requirements of the JSE Limited and the requirements of the Companies Act of South Africa.
This set of summarised financial information, which is based on reasonable judgements and estimates, have been prepared
using accounting policies that comply with IFRS. These are consistent with those applied in the audited annual financial
statements for the year ended 30 June 2015.
Audit report
Neither the consolidated financial results for the six months ended 31 December 2015, nor this set of summarised
financial information has been audited by the Group's auditors, and thus no audit report was issued.
The directors take full responsibility for the preparation of this summarised report. Any reference to future
financial performance included in this announcement has not been reviewed or reported on by the company's auditors.
Fair value measurement of financial instruments
Fair value measurements of financial assets and liabilities are analysed as follows:
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical
assets or liabilities;
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that
are observable for the asset or liability, either directly (ie as prices) or indirectly (ie derived from prices); and
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or
liability that are not based on observable market data (unobservable inputs).
Financial assets and liabilities Unaudited Unaudited Audited
6 months 6 months year-end
31 December 31 December 30 June
2015 2014 2015
Level R000 R000 R000
Held-for-trading: Foreign currency assets
These financial assets consist of foreign currency
forward contracts and options, and are measured using
discounted cash flows. Future cash flows are estimated
based on the observable yield curves of forward interest
rates at the end of the reporting period, as well as
contract interest rates. The revaluation of these
assets are included in foreign currency losses. 2 32 247 1 252 8 179
Held-for-trading: Foreign currency liabilities
These financial liabilities consist of foreign currency
forward contracts and options, and are measured using
discounted cash flows. Future cash flows are estimated
based on the observable yield curves of forward interest
rates at the end of the reporting period, as well as
contract interest rates. The revaluation of these assets
are included in foreign currency losses. 2 - 366 1 373
Available-for-sale: Other investments and loans
This financial asset consists of shares held in
Zinox Technologies Limited. The inputs used to measure
the fair value of this investment are the Group’s share
of the net asset value of Zinox Technologies Limited.
As the fair value approximates the carrying value of
this asset, no revaluation was done during the reporting
periods presented. 3 18 741 18 741 18 741
Discontinued operations and re-presentation of comparative numbers
The company announced on 12 February 2016 that Rectron Holdings Limited, a wholly owned subsidiary of Mustek, has
disposed of its 100% stake in Rectron Electronics Proprietary Limited (Rectron Australia). As a result, the comparative
statement of comprehensive income has been re-presented to include the results of Rectron Australia BV as part of
discontinued operations.
The loss for the period from discontinued operations is as follows:
31 December 31 December 30 June
2015 2014 2015
Revenue 146 233 140 592 268 696
Cost of sales (129 725) (130 032) (247 491)
Gross profit 16 508 10 560 21 205
Other income 555 - 3 498
Foreign currency losses (514) (2 865) -
Distribution, administrative and other operating expenses (19 450) (10 619) (27 345)
Loss from operations (2 901) (2 924) (2 642)
Investment revenue (843) (784) (1 402)
Finance cost 3 45 44
Loss before tax (3 741) (3 663) (4 000)
Income tax benefit 1 516 1 103 -
Loss for the year (2 225) (2 560) (4 000)
Plus loss attributable to outside shareholders 316 1 287 2 000
Group's share of loss for the year from discontinued operations (1 909) (1 273) (2 000)
Operating results
The Group is pleased to report that revenue from continuing operations grew by 10.1% to R2.468 billion
(31 December 2014: R2.241 billion).
The gross profit percentage was marginally down from 14.5%, to 14.4%, but well up from the 13.2% reported for the
year ending 30 June 2015.
Distribution, administrative and other operating expenses increased by 9.1% and represents 9.8% of revenue
(31 December 2014: 9.9%).
The Group's more conservative forex hedging policy is working well considering the sharp depreciation of the Rand in
the period from 30 June 2015 to 31 December 2015.
The weaker ZAR/USD exchange rate impacted the Rand value of our inventory and management is committed to reduce the
inventory days in the period to June 2016. Working capital management continues to be a driver of profitability
and is currently receiving management's full attention.
The contribution from our associates increased mainly as a result of the good performance of Sizwe Africa IT Group
Proprietary Limited (Sizwe). Sizwe is well positioned to grow from this base over the next three to five years after
concluding various long-term contracts.
Net finance costs increased from R23.1 million to R40.1 million due to high inventory levels at both Mustek and Rectron.
The weaker ZAR/USD exchange rate resulted in higher inventory values and an increase in bank overdrafts. The excess
inventory will be largely disposed by the end of March 2016.
Mustek's headline earnings is 3.0% lower at 51.67 cents per share (31 December 2014: 53.26 cents per share) and basic earnings
is 3.3% lower at 51.31 cents per share (31 December 2014: 53.05 cents per share).
Cash flow
The R418.7 million (31 December 2014: R43.0 million) cash used in operations was mainly due to higher forecasted
revenue growth and the weaker ZAR/USD exchange rate that resulted in higher inventory values. This was funded by bank
overdraft facilities and is expected to reverse in the period through to June 2016, in line with historic trends.
Transformation
Following an audit by an accredited verification agency, Mustek retained its Level-2 BBBEE rating, using the ICT
sector codes.
Management has continued to meaningfully extend its initiatives in employment equity, skills development and corporate
social investment during the period. The Group is committed to a process of further transformation and economic
empowerment of its stakeholders, such that an acceptable balance between the operatives and commercial benefits of such
a process can be achieved, thereby ensuring the sustainability of the Group in a competitive market sector.
Board of directors
Rev Dr Vukile Mehana was appointed as non-executive Chairman on 2 February 2016 in place of Dr Len Konar who resigned
with effect from 4 December 2015. Ms Lindani Dhlamini was also appointed as independent non-executive director on
4 December 2015 following the resignation of Ms Thembisa Dingaan with effect from 13 October 2015.
The board would like to thank Dr Len Konar and Ms Thembisa Dingaan for their contributions to the board
and wishes them success with their future endeavours.
Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and payments to the plan are expensed as they fall
due. The majority of the Group's employees belong to this fund. The Group does not provide additional post-retirement
benefits.
Environmental, social and governance aspects
The Group subscribes to and complies in all material aspects with the Code on Corporate Governance Practices and
Conduct as contained in the King III Report on Corporate Governance.
Mustek is committed to transparent and integrated reporting in the spirit of King III and the Global Reporting
Initiative (GRI). We are, accordingly, continuously reviewing our corporate governance practices and are enhancing our
internal information gathering systems to provide the quality and type of information required for authentically integrated
annual reports.
Initiatives include the reduction in energy consumption after a target to reduce energy consumption by 20% was set in
2011. This target was reached through ongoing staff awareness programmes, the replacement of ICT equipment with
energy-efficient units, installing rooftop solar panels and LED lights. These installations will pay for themselves in a
relatively short time and significantly reduce our overall electricity demand and usage in addition to also demonstrating
the viability of renewable energy for powering corporate infrastructure.
An Energy Management System (EnMS) based on the ISO 50001 international standard has been implemented at the Midrand
facility to continually improve energy performance and management.
Mustek has successfully maintained its ISO 14001 certification since 2004 and has not been sanctioned or fined for
non-compliance with environmental laws and regulations.
Mustek has a consistent record in community support and corporate social investment (CSI). The Group focuses its CSI
efforts on children's needs - in particular, their education - but also supports charities, sporting events and community
facilities.
For more than a decade, we have conducted a comprehensive HIV/Aids strategy and programme that also provides
antiretroviral drugs to HIV-positive staff.
Industry outlook
The transition to cloud-based services has led to the Group diversifying away from just being a distributor of
traditional IT hardware. With our appointment as a Microsoft volume licence distributor, we now have the ability to market
and distribute a full range of cloud services to our resellers. This new division is driven both by Mustek and Rectron sales
teams and with strong indications of cloud computing growth in the South African market we are confident of being able
to provide the market with profitable and innovative products.
Mobility is a key differentiator in today's computing reality. Traditional computing in highly climate-controlled
environments evolved to desktop computers and then to notebooks/laptops that allowed computers to be used almost anywhere.
Mobility happened the moment those laptops were provided with affordable connections to the internet. The cost of mobile
data keeps dropping and this is promising for a whole new category of mobility. Wearables and Internet of Things devices
will bring new ways to make sense of our world. The Group is well positioned to become an enabler to our resellers in
this category.
Company outlook
The significant weakening of the ZAR against the USD in December 2015 resulted in an immediate revaluation of
USD-denominated accounts payable and a corresponding foreign exchange loss. IFRS does not allow the revaluation of inventory
which means that inventory is carried at a significantly lower value than its replacement value. This creates opportunities
for the Group to earn higher gross profit margins during the second half of the financial year.
Mustek will continue to refine our broad-based ICT distributor status, where we expect to see growing contributions to
both revenue and profit going forward in our Microsoft Volume Licensing offering, Huawei Enterprise Solutions division,
Sustainable Energy division, CCTV Surveillance division and cabling products and services.
Our suite of products provides Mustek with the flexibility to switch focus to more profitable market segments.
Recognising that desktop unit sales are in decline, we can push our strong variety of entry-level, mid-level and aspirational
tablets.
Big Data will be a focus area for Mustek going forward. We have seen significant growth and experienced great success
in this sector with our NEC Server, NEC Storage and Fujitsu Scanner ranges.
South Africa has one of the highest rates of public investment in education in the world and the government spends
more on education than on any other sector. Technology and e-learning as a teaching and learning tool and enabler has been
widely accepted as a way to expedite the educational progress within our country. Mustek has over the last few years
been investing substantially in this particular market vertical and we believe that we are well positioned to grow our
market share over the next three to five years. The amount of interest shown by various provinces during the last few
months is encouraging.
Lenovo launched ThinkServer in South Africa and Mustek was appointed as a distributor. Before, Mustek has not been a
significant participant in this market and we have started ramping up operations to take advantage of the opportunity
presented in the local market.
In conjunction with strategic partners from across the ICT industry, Mustek is well positioned for the forthcoming
years.
Share repurchase programme
During the period under review, Mustek acquired a further 3 623 471 ordinary shares in the issued share capital of
Mustek on the open market for a purchase consideration in aggregate of R30 896 041. The general repurchase commenced on
4 September 2015 and continued on a day-to-day basis as market conditions allowed and in accordance with the JSE Limited
Listings Requirements until 17 December 2015. The repurchase of shares will continue to be considered by the Board in
conjunction with an evaluation of current and future funding requirements in the period to 30 June 2016. This programme
will be effected in accordance with the terms of the authority granted by shareholders at the annual general meeting
held on 11 December 2015. It is currently intended that any shares purchased will be cancelled and delisted. The market
will be notified in accordance with applicable listing rules and regulations if and when purchases are made.
Dividend
The declaration of cash dividends will continue to be considered by the Board in conjunction with an evaluation of
current and future funding requirements and opportunities to repurchase shares. It will be adjusted to levels considered
appropriate at the time of declaration.
Mustek's continued commitments to optimal cash utilisation will mean that cash generated by the operations will be
used to fund our growth and reduce our debt. In line with the dividend policy, no interim dividend will be paid.
Post-balance sheet events
Rectron Holdings Limited, a wholly owned subsidiary of Mustek, has disposed of its 100% stake in Rectron Australia on
11 February 2016 for a total cash consideration of AUD1 059 476.10
There have been no other significant events subsequent to period-end up until the date of this report that requires adjustment
or disclosure.
On behalf of the Board of directors
David Kan Neels Coetzee
Chief Executive Officer Financial Director (preparer of summarised Group results)
23 February 2016
CORPORATE INFORMATION:
Company Secretary: Sirkien van Schalkwyk. 1 Carlsberg, 430 Nieuwenhuyzen Street, Erasmuskloof Extension 2, 0181.
Postal address: PO Box 4896, Rietvalleirand, 0174, South Africa.
Telephone: +27 (0) 12 751 6000.
Directors: Rev Dr VC Mehana# (Chairman), DC Kan (Chief Executive Officer), CJ Coetzee (Financial Director), H Engelbrecht,
LL Dhlamini*, Dr ME Gama*, RB Patmore*.
# Non-executive Director
* Independent Non-executive Director
Transfer secretaries: Computershare Investor Services Proprietary Limited. 70 Marshall Street, Johannesburg, 2001.
Postal address: PO Box 61051, Marshalltown, 2107, South Africa.
Telephone: +27 (0) 11 370 5000.
Registered office: 322 15th Road, Randjespark, Midrand, 1685.
Postal address: PO Box 1638, Parklands, 2121.
Contact numbers: Telephone: +27 (0) 11 237 1000 Facsimile: +27 (0) 11 314 5039 Email: ltd@mustek.co.za.
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited.
www.mustek.co.za
Date: 23/02/2016 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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