Wrap Text
Reviewed financial results and dividend declaration
African Oxygen Limited
(Incorporated in the Republic of South Africa)
Registration number: 1927/000089/06
ISIN: ZAE000067120 JSE code: AFX.
NSX code: AOX
FINANCIAL RESULTS AND DIVIDEND DECLARATION
for the six months ended 30 June 2016
Financial features
Revenue
Down by 2.4% R2.616 billion
EBITDA
Up by 7.6%
R523 million
Headline earnings per share
Up by 104.5%
76.5 cents per share
Commentary
Performance highlights
Afrox successfully completed its restructuring activities by the end of 2015 as planned. The benefits from this resulted in EBITDA increasing by 7.6% or
R37 million to R523 million for the first six months of 2016. This growth was achieved despite the weakness of the South African economy and the impact
this has had on volumes.
Reflecting the weakness of the South African economy, revenue was marginally down at R2.616 billion (2015: R2.679 billion).
The EBITDA margin (before the impact of restructuring costs incurred in 2015) increased by 1.9% to 20% (2015:18.1%). The overall improvement in the EBITDA
margin contributed to headline earnings per share increasing by 104.5% to 76.5 cents (2015: 37.4 cents) and basic earnings per share increasing by 122.3%
to 77.8 cents (2015: 35.0 cents).
Despite an increase in trade receivables, continued focus on inventory management, optimisation of fixed assets and underlying EBITDA growth resulted in
Afrox continuing to reduce its net debt which now stands at just R234 million (June 2015: R354 million).
Capital expenditure of R146 million (2015: R149 million) remained at a similar level to that in 2015, reflecting the continued uncertain economic
environment.
Return on Capital Employed (ROCE) improved by 2% to 18.6% (2015: 16.6%) reflecting the improvements in profitability and balance sheet optimisation.
Business review
Revenue from the Atmospheric Gases business decreased slightly to R1.044 billion (2015: R1.050 billion) due to the impact of the market conditions and the
effects of the CO2 shortage, which has now been resolved, ensuring a more positive supply outlook. Gross profit after distribution expenses (GPADE)
decreased by 8.5% to R335 million (2015: R366 million) due to the impact of the CO2 shortage, rising cost inflation and unplanned shutdown at our Highveld
facility, not being fully recovered from the market.
The LPG revenue decreased by 1.2% to R852 million (2015: R862 million) due to product shortages as a result of unplanned refinery shut downs during the
first four months of the year. With imported product available during the latter part of the reported period, significant progress has been made in meeting
market demands. Despite lower volumes Afrox managed to increase GPADE by 13.5% to R185 million (2015: R163 million) with margins improving by 2.8% to 21.7%
(2015: 18.9%) in 1st half of 2016 driven by the lower supply chain costs, due to our new imported product supply arrangements and some operational
restructuring activities.
Hard Goods revenue decreased by 15.9% to R336 million (2015: R400 million) driven by lower volumes from the adverse business environment in mining, iron
and steel. GPADE declined by 23.0% to R114 million (2015: R148 million) due to lower volumes and the very competitive declining market making recovery of
cost inflation very difficult.
Emerging Africa revenue increased by 4.6% to R384 million (2015: R367 million) with volumes holding up relatively well due to our exposure to consumer-led
markets, and also due to very high levels of inflation in particular in Zambia. GPADE reduced by 0.6% to R162 million (2015: R163 million) with Emerging
Africa also impacted by the CO2 shortages in South Africa and alternative more expensive sources needing to be used to maintain supply to customers. The
steep currency devaluations in combination with the significant amount of imported products led to high cost inflation which has impacted GPADE. The
business has now implemented more frequent price increases to counter the effects of this.
SHEQ
Safety is our number one priority and we believe that all incidents are avoidable, therefore we are saddened to report that there were three fatal
incidents, resulting in six third party fatalities in this reporting period. This is unacceptable and we are intensifying our efforts to ensure the safety
of our employees and contractors and reinforcing our commitment to Zero Harm.
Turnaround
Afrox has completed its turnaround programme 'SWIFT' with the benefits assisting to offset economic headwinds in 2016.
Board of directors
Mr Bernd Eulitz resigned as Chairman with effect from 7 September 2016. The Board would like to express their gratitude to Mr Eulitz for his valuable
contribution to Afrox during the restructure of the Company.
Ms Sue Graham Johnston has been appointed to the Board as of 7 September 2016 and will assume the responsibilities of Chairman from that date. Ms Graham
Johnston is currently Managing Director of Region Africa and United Kingdom for Linde Group AG ("Linde Group"), the ultimate holding company of Afrox.
Dividend
It is the Company's policy to consider dividends twice annually. The Board of directors have declared a gross interim cash dividend of 38.0 cents per share
for the six months ended 30 June 2016 (2015: 18.0 cents). The dividend is covered two times by headline earnings per share.
Outlook
With the economic environment in South Africa expected to remain weak, Afrox will continue to focus on opportunities to grow markets, increase market share
and contain costs to enable growth. Although the trading conditions remain difficult, Afrox's business remains strong with significant capacity to grow in
the future.
Notice of interim dividend declaration number 179 and salient features
Notice is hereby given that a gross interim cash dividend of 38 cents per ordinary share, being the interim dividend for the six-month period ended 30 June
2016, has been declared payable to all shareholders of African Oxygen Limited recorded in the register on Friday, 14 October 2016.
The salient dates for the declaration and payment of the interim dividend are as follows:
Last day to trade ordinary shares "cum" dividend Tuesday, 11 October 2016
Ordinary shares trade "ex" the dividend Wednesday, 12 October 2016
Record date Friday, 14 October 2016
Payment date Monday, 17 October 2016
Share certificates may not be dematerialised or re-materialised between Wednesday, 12 October 2016 and Friday, 14 October 2016, both days inclusive.
The local net dividend amount is 32.3 cents (2015: 15.3 cents) per share for shareholders liable to pay Dividends Tax and 38.0 cents (2015: 18 cents) per
share for shareholders exempt from Dividends Tax.
In accordance with paragraphs 11.17 (a)(i) to (x) and 11.17(c) of the JSE Listings Requirements the following additional information is disclosed:
- the dividend has been declared out of income reserves;
- the local Dividends Tax rate is 15%, subject to double tax agreement;
- Afrox currently has 308 567 602 ordinary shares (excluding treasury shares of 34 285 308) in issue; and
- Afrox's income tax reference number is 9350042710.
By order of the Board
Cheryl Singh
Company Secretary
Johannesburg
7 September 2016
Condensed consolidated interim statement of financial position
as at 30 June 2016
Note 30 June 30 June 31 December
2016 2015 2015
R'million Reviewed Reviewed Audited
ASSETS
Property, plant and equipment 3 2 935 3 007 2 988
Retirement benefits assets 503 513 538
Deferred taxation assets 17 17 19
Lease receivables 81 93 88
Other non-current assets 51 53 53
Non-current assets 3 587 3 683 3 686
Inventories 574 584 604
Trade and other receivables 1 068 987 864
Lease receivables 16 22 19
Derivative financial instruments - - 15
Receivables from fellow subsidiaries of holding company 58 30 54
Taxation receivable 107 35 53
Cash and cash equivalents 757 666 880
Assets held for sale 6 119 112 120
Current assets 2 699 2 436 2 609
Total assets 6 286 6 119 6 295
EQUITY AND LIABILITIES
Equity holders of the parent company 3 451 3 149 3 431
Non-controlling interests 40 35 37
Total equity 3 491 3 184 3 468
Long-term borrowings 1 000 1 000 1 000
Deferred taxation liability 569 517 518
Non-current liabilities 1 569 1 517 1 518
Provisions 51 247 61
Trade, other payables and financial liabilities 1 047 1 076 1 122
Taxation payable 14 26 22
Payables to fellow subsidiaries of holding company 104 49 76
Derivative financial instruments 10 - -
Bank overdrafts - 20 28
Current liabilities 1 226 1 418 1 309
Total equity and liabilities 6 286 6 119 6 295
Condensed consolidated interim income statement
for the six months ended 30 June 2016
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Revenue 2 616 2 679 5 473
Operating expenses (excluding restructuring costs) (2 093) (2 193) (4 469)
Earnings before interest, taxation, depreciation,
amortisation and impairments (EBITDA) 523 486 1 004
Depreciation and amortisation (185) (190) (390)
Impairment of tangible assets - (11) (27)
Earnings before interest and taxation (EBIT)
before restructuring costs 338 285 587
Restructuring costs - (126) (79)
Earnings before interest and taxation (EBIT) 338 159 508
Finance expense (56) (76) (96)
Finance income 57 76 87
Income from associate net of tax 1 - 1
Profit before taxation 340 159 500
Taxation (96) (44) (75)
Profit for the period 244 115 425
Attributable to:
Owners of the Company 240 108 414
Non-controlling interests 4 7 11
Profit for the period 244 115 425
Earnings per share -cents
Basic and diluted earnings per ordinary share - cents 77.8 35.0 134.2
Condensed consolidated interim statement of comprehensive income
for the six months ended 30 June 2016
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Profit for the period 244 115 425
Other comprehensive income (73) 31 49
Items that are or may be reclassified to profit or loss (32) 12 21
Translation differences on foreign operations (25) 9 13
Translation differences relating to non-controlling interests (1) 4 3
Cash flow hedges - effective portion of changes in fair value (6) (1) 5
Items that will never be reclassified to profit or loss (41) 19 28
Actuarial (losses)/gains on defined-benefit funds (41) 19 28
Total comprehensive income for the period 171 146 474
Total comprehensive income attributable to:
Owners of the Company 168 135 460
Non-controlling interests 3 11 14
171 146 474
Condensed consolidated interim statement of cash flows
for the six months ended 30 June 2016
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Earnings before interest and taxation (EBIT) 338 159 508
Adjustments for:
Depreciation, amortisation and impairments 185 201 417
Increase in costs relating to the restructuring - 126 -
Other non-cash movements (5) 31 88
Operating cash flows before working capital adjustments 518 517 1 013
Working capital adjustments (206) (121) 82
Cash generated from operations before restructuring costs 312 396 1 095
Restructuring costs paid (17) - (169)
Cash generated from operations 295 396 926
Net finance expenses (35) (41) (74)
Taxation paid (86) (66) (116)
Dividends received - - 1
Cash available from operating activities 174 289 737
Dividends paid to owners of the parent (157) - (56)
Dividends to non-controlling interests - (4) (5)
Net cash from operating activities 17 285 676
Additions to property, plant and equipment (146) (135) (362)
Intangible assets acquired (2) (8) (15)
Proceeds from disposal of property, plant and equipment 21 2 34
Other investing activities 15 16 33
Net cash outflow from investing activities (112) (125) (310)
Incentive share scheme shares purchased on behalf of employees - (11) (11)
Net cash outflow from financing activities - (11) (11)
Net (decrease)/increase in cash and cash equivalents (95) 149 355
Cash and cash equivalents at the beginning of the period 852 497 497
Cash and cash equivalents at the end of the period 757 646 852
Condensed consolidated interim statement of changes in equity
for the six months ended 30 June 2016
Attributable to owners of the Company
Share capital Incentive FCTR* and Actuarial Retained Non- Total
and share scheme share hedging gains/ earnings controlling equity
premium and share- reserves (losses) interests
based
payment
R'million reserves
Balance at 1 January 2015 552 (8) (68) 289 2 254 28 3 047
Total comprehensive income - - 8 19 108 11 146
Profit for the period - - - - 108 7 115
Other comprehensive income, net of taxation - - 8 19 - 4 31
Transactions with owners
Shares purchased on behalf of employees - (11) - - - - (11)
Share-based payments, net of tax - 6 - - - - 6
Dividends - - - - - (4) (4)
Balance at 30 June 2015 552 (13) (60) 308 2 362 35 3 184
Balance at 1 January 2015 552 (8) (68) 289 2 254 28 3 047
Total comprehensive income - - 18 28 414 14 474
Profit for the period - - - - 414 11 425
Other comprehensive income, net of taxation - - 18 28 - 3 49
Transactions with owners
Shares purchased on behalf of employees - (11) - - - - (11)
Share-based payments, net of tax - 19 - - - - 19
Dividends - - - - (56) (5) (61)
Balance at 31 December 2015 552 - (50) 317 2 612 37 3 468
Balance at 1 January 2016 552 - (50) 317 2 612 37 3 468
Total comprehensive income - - (31) (41) 240 3 171
Profit for the period - - - - 240 4 244
Other comprehensive income, net of taxation - - (31) (41) - (1) (73)
Transactions with owners
Forfeited share-based payments - (20) - - 20 - -
Share-based payments, net of tax - 9 - - - - 9
Dividends - - - - (157) - (157)
Balance at 30 June 2016 552 (11) (81) 276 2 715 40 3 491
* Foreign currency translation reserve.
Segmental report
for the six months ended 30 June 2016
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Revenue* 2 616 2 679 5 473
Atmospheric Gases 1 044 1 050 2 110
LPG 852 862 1 820
Hard Goods 336 400 788
Emerging Africa 384 367 755
Gross profit after distribution (GPADE), before restructuring 796 840 1 585
Atmospheric Gases 335 366 681
LPG 185 163 321
Hard Goods 114 148 272
Emerging Africa 162 163 311
Reconciliation of GPADE to EBIT
GPADE for business segments before restructuring costs 796 840 1 585
Other operating expenses (458) (544) (971)
Impairments - (11) (27)
Restructuring costs - (126) (79)
Earnings before interest and taxation (EBIT) 338 159 508
* Revenue from external customers.
In December 2015, the segmental report was aligned with the changes from the restructuring and the update in Group eliminations recognised in the various
segments. The same has been applied to June 2016 and the comparative period has been restated to reflect this change. The Chief Decision-Maker is the Afrox
Board of directors, reflecting the change due to the restructuring activities during the prior year.
Statistics and ratios
for the six months ended 30 June 2016
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Average number of shares in issue during the period ('000) 308 568 308 568 308 568
Shares in issue ('000) 308 568 308 568 308 568
Dividends per share (cents) 38.0 18.0 69.0
Final - - 51.0
Interim 38.0 18.0 18.0
Ratios
EBITDA margin (%) 20.0 18.1 18.3
Interest cover on EBITDA (times) - - 66.6
Return on capital employed (%) 18.6 16.6 16.7
Effective taxation rate (%) 28.2 27.7 15.0
Gearing (%) 3.9 8.6 3.6
Dividend cover on headline earnings (times) 2.0 2.1 2.0
Notes to the condensed consolidated interim financial statements
for the six months ended 30 June 2016
African Oxygen Limited ("Afrox" or the "Company") is a South African registered company. The condensed consolidated interim financial statements of the
Company comprise the Company and its subsidiaries (together referred to as the "Group") and the Group's interest in an associate and a trading trust.
1. BASIS OF PREPARATION
The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard, (IAS) 34: Interim Financial
Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by Financial
Reporting Standards Council and the requirements of the Companies Act of South Africa. The accounting policies applied in the preparation of these interim
financial statements are in terms of International Financial Reporting Standards and are consistent with those applied in the previous annual financial
statements.
The condensed consolidated interim financial statements are prepared on the historical-cost basis except for the following items which are measured using
an alternative basis at each reporting date:
- Derivative financial instruments measured at fair value through profit or loss.
- Retirement benefit assets measured at the fair value of the planned assets less the present value of the defined benefit obligation.
- Share-based payment awards are measured at fair value. The fair value of the equity instruments granted is estimated using industry accepted techniques.
- Non-current assets classified as held for sale are measured at lower of carrying amount and fair value less costs to sell.
The directors take full responsibility for the preparation of the these condensed consolidated interim financial statements. This report was compiled under
the supervision of Dorian Devers, Financial Director.
2. CHANGES IN ACCOUNTING POLICIES
The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of
initial application of 1 January 2016:
- Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38);
- Equity Method in Separate Financial Statements (Amendments to IAS 27);
- Annual Improvements to IFRSs 2012-2014 Cycle - various standards;
- Disclosure Initiative (Amendments to IAS 1); and
- Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28).
The adoption of the amendments to standards listed above did not have a significant impact on the Group's condensed consolidated interim financial
statements.
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
3. PROPERTY, PLANT AND EQUIPMENT
Opening carrying value 2 988 3 166 3 166
Additions, net of transfers from assets under construction 146 149 379
Transfer to assets held for sale (7) (112) (120)
Transfer from assets held for sale 1 - -
Impairments - (11) (27)
Disposals (8) (1) (28)
Depreciation (180) (176) (369)
Translation differences (5) (8) (13)
Closing carrying value 2 935 3 007 2 988
4. FAIR VALUE CLASSIFICATION AND MEASUREMENT
Accounting classification and fair value
The classification of each class of financial assets and liabilities, and their fair values are:
At fair value Loans and Liabilities at Other assets Total carrying Fair
through profit receivables amortised cost amount value
R'million or loss
30 June 2016
Financial assets not measured at fair value
Trade and other receivables - 1 053 - - 1 053 1 053
Receivables from fellow subsidiaries of holding company - 58 - - 58 58
Cash and cash equivalents - 757 - - 757 757
Finance lease receivables - - - 97 97 97
Total financial assets - 1 868 - 97 1 965 1 965
Financial liability measured at fair value
Derivative financial instruments* 10 - - - 10 10
Financial liabilities not measured at fair value
Borrowings - - 1 000 - 1 000 903
Trade, other payables and financial liabilities - - 889 - 889 889
Payables to fellow subsidiaries of holding company - - 104 - 104 104
Total financial liabilities 10 - 1 993 - 2 003 1 906
31 December 2015
Financial asset measured at fair value
Derivative financial instruments* 15 - - - 15 15
Financial assets not measured at fair value
Trade and other receivables - 854 - - 854 854
Receivables from fellow subsidiaries of holding company - 54 - - 54 54
Cash and cash equivalents - 880 - - 880 880
Finance lease receivables - - - 107 107 107
Total financial assets 15 1 788 - 107 1 910 1 910
Financial liabilities not measured at fair value
Borrowings - - 1 000 - 1 000 919
Trade, other payables and financial liabilities - - 999 - 999 999
Payables to fellow subsidiaries of holding company - - 76 - 76 76
Bank overdrafts - - 28 - 28 28
Total financial liabilities - - 2 103 - 2 103 2 022
30 June 2015
Financial assets not measured at fair value
Trade and other receivables - 983 - - 983 983
Receivables from fellow subsidiaries of holding company - 30 - - 30 30
Cash and cash equivalents - 666 - - 666 666
Finance lease receivables - - - 115 115 115
Total financial assets - 1 679 - 115 1 794 1 794
Financial liabilities not measured at fair value
Borrowings - - 1 000 - 1 000 913
Trade, other payables and financial liabilities - - 917 - 917 917
Payables to fellow subsidiaries of holding company - 49 - 49 49
Bank overdrafts - - 20 - 20 20
Total financial liabilities - - 1 986 - 1 986 1 899
* Fair values for derivative financial instruments are determined using foreign exchange market rates.
Reconciliation to the condensed consolidated interim statement of financial position:
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Trade and other receivables 1 068 987 864
Prepayments (6) (3) (2)
Deposits (1) (1) (1)
Value-added taxation (8) - (7)
Financial Instruments 1 053 983 854
Trade, other payables and other financial liabilities 1 047 1 076 1 122
Employee benefits including leave pay, bonuses and other costs (84) (94) (91)
Deferred rentals (24) (16) (17)
Value-added taxation (50) (49) (15)
Financial Instruments 889 917 999
Fair value hierarchy
The table below analyses fair value measurements for financial instruments categorised into the fair value hierarchy based on the inputs used. The
different levels are defined as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the measurement date.
Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: unobservable inputs for the asset or liability.
R'million Level 1 Level 2 Level 3 Total
30 June 2016
Financial liability measured at fair value
Derivative financial instruments - 10 - 10
31 December 2015
Financial asset measured at fair value
Derivative financial instruments - 15 - 15
30 June 2015
Financial asset measured at fair value
Derivative financial instruments - - - -
Transfers
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the transfer has occurred. There
were no transfers between level 1, 2 or 3 of the fair value hierarchy during the six months ended 30 June 2016.
5. EARNINGS AND HEADLINE EARNINGS PER SHARE
Headline earnings per share are calculated on headline earnings of R237 million (2015: R115 million) and a weighted average number of ordinary shares of
308 567 602 (2015: 308 567 602) in issue during the period.
Reconciliation between earnings and headline earnings
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Profit for the period 240 108 414
Adjusted for the effects of:
Profit on disposal of property, plant and equipment (5) (1) (6)
Impairment of property, plant and equipment - 11 27
235 118 435
Taxation 2 (3) (6)
Headline earnings 237 115 429
Basic and diluted earnings per share - cents 77.8 35.0 134.2
Headline earnings per share - cents 76.5 37.4 139.2
6. ASSETS HELD FOR SALE
The sale of the Cornubia land is progressing well. Agreements were concluded for the total area. These agreements are subject to suspensive conditions
relating to subdivision and final approvals by one of the purchasers. The transactions are expected to be concluded before year-end. As part of the Group's
restructuring initiatives, the Group is undergoing a process of evaluating its property portfolio and a decision was taken to sell unutilised properties.
The sale of the remaining identified properties is expected to be completed within 12 months. There was no loss recognised on measurement of the asset at
the lower of fair value less costs to sell and its carrying amount.
30 June 30 June 31 December
2016 2015 2015
six months six months 12 months
R'million Reviewed Reviewed Audited
Opening net assets held for sale 120 - -
Transfer to assets held for sale 7 112 120
Transfer from assets held for sale (1) - -
Disposals (7) - -
Closing net assets held for sale 119 112 120
7. RELATED PARTY TRANSACTIONS
The Group entered into various sale and purchase transactions with related parties, in the ordinary course of business, on an arm's length basis. The
nature of related-party transactions is consistent with those reported previously.
8. UPDATE ON KEY LITIGATION MATTERS
As at the date of this report there is no outstanding litigation of a material nature against the Group. The Group and a major steel producer have agreed
to suspend arbitration and a settlement agreement has been reached which is in the process of being fulfilled.
9. SUBSEQUENT EVENTS
Other than for the continuing impact of the adverse trading conditions and the fulfilment of the settlement agreement between the Group and a major steel
producer, the Directors are not aware of any material matter or circumstance arising between 30 June 2016 and the date of this report on which comment is
required.
10. INDEPENDENT REVIEW BY THE AUDITORS
These condensed consolidated interim financial statements for the six months ended 30 June 2016 have been reviewed by the Company's auditor, KPMG Inc.,
who expressed an unmodified review conclusion. The auditor's report does not necessarily report on all of the information contained in these financial
results. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's engagement they should obtain a
copy of the auditor's review report together with the accompanying financial information from the issuer's registered office.
Corporate information
Transfer secretaries: Computershare Investor Services (Pty) Limited
Sponsor in South Africa: One Capital
Sponsor in Namibia: Namibia Equity Brokers (Pty) Limited
Directors: S Venter (Managing Director), DKT Devers** (Financial Director), S Graham Johnston*** (Chairman), M von Plotho*, Dr KDK Mokhele, CF Wells**, RJN
Gearing**, NVL Qangule, GJ Strauss
* German ** British *** American
Company Secretary: Cheryl Singh
Auditors: KPMG Inc.
Registered office
Afrox House, 23 Webber Street, Selby
Johannesburg 2001
PO Box 5404, Johannesburg 2000
Telephone +27 (11) 490 0400
7 September 2016
Date: 07/09/2016 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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