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SOUTH OCEAN HOLDINGS LIMITED - Group Summary Consolidated Interim Financial results announcement for the six months ended 30 June 2017

Release Date: 15/08/2017 16:52
Code(s): SOH     PDF:  
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Group Summary Consolidated Interim Financial results announcement for the six months ended 30 June 2017

South Ocean Holdings Limited
(Registration number 2007/002381/06)
Incorporated in the Republic of South Africa
("South Ocean Holdings" and "the Group")
Share code: SOH       ISIN: ZAE000092748

GROUP SUMMARY CONSOLIDATED INTERIM FINANCIAL RESULTS ANNOUNCEMENT
for the six months ended 30 June 2017

SALIENT FEATURES
Revenue decreased by 15.2% to R764.9 million
Headline loss per share increased by 5.9 cents to
10.2 cents
Loss per share increased by 15.3 cents to 19.5 cents
Tangible net asset value per share decreased by
11.4% to 314.1 cents

SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT

                                                                        30 June 2017    30 June 2016    31 December 2016
                                                                         (Unaudited)     (Unaudited)           (Audited)
                                                               Notes           R'000           R'000               R'000
Assets
Non-current assets                                                           313 976         334 047             319 269
Property, plant and equipment                                      4         273 538         313 096             289 699
Intangible assets                                                  4           8 212           8 483               7 783
Deferred tax                                                                  32 226          12 468              21 787
Current assets                                                               694 405         792 417             623 873
Inventories                                                                  340 932         431 129             326 407
Trade and other receivables                                                  333 897         332 587             275 130
Taxation receivable                                                                -           5 497                   -
Cash and cash equivalents                                                     19 576          23 204              22 336

Total assets                                                               1 008 381       1 126 464             943 142
Equity and liabilities
Equity
Share capital and share premium                                    5         441 645         441 645             441 645
Reserves                                                                       1 793           2 323               1 799
Retained earnings                                                             55 987         119 059              86 428
Total equity                                                                 499 425         563 027             529 872
Liabilities
Non-current liabilities                                                       81 291          93 157              87 543
Interest-bearing borrowings                                        6          47 920          55 679              52 025
Deferred taxation                                                             32 879          37 028              35 026
Share-based payments                                                             492             450                 492
Current liabilities                                                          427 665         470 280             325 727
Trade and other payables                                                     238 789         287 460             128 677
Interest-bearing borrowings                                        6         188 820         182 569             197 012
Taxation payable                                                                  56             251                   -
Derivative financial instruments                                                   -               -                  38

Total liabilities                                                            508 956         563 437             413 270
Total equity and liabilities                                               1 008 381       1 126 464             943 142

SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                            Six months ended                                  Year ended
                                                      30 June 2017          30 June 2016                31 December 2016
                                                       (Unaudited)           (Unaudited)      Change           (Audited)
                                             Notes           R'000                 R'000           %               R'000
Revenue                                                    764 913               901 560      (15.2)           1 777 190
Cost of sales                                            (701 485)             (815 025)        13.9         (1 623 447)
Gross profit                                                63 428                86 535      (26.7)             153 743
Other operating income                                       5 606                 1 880                           6 181
Administration expenses                                   (23 191)              (27 148)                        (68 765)
Distribution expenses                                     (15 858)              (17 398)                        (25 653)
Operating expenses                                        (60 969)              (44 454)                        (97 344)
Operating loss                                            (30 984)                 (585)   (5 196.4)            (31 838)
Finance income                                                 413                   395                           1 005
Finance costs                                             (12 400)               (9 730)                        (23 273)
Loss before taxation                                      (42 971)               (9 920)     (333.2)            (54 106)
Taxation                                         7          12 530                 3 412                          14 967
Loss for the period                                       (30 441)               (6 508)     (367.8)            (39 139)
Other comprehensive income
Exchange differences on translating foreign
operation                                                      (6)                 (190)                           (714)
Total comprehensive loss attributable to
equity holders of the Group                               (30 447)               (6 698)     (354.6)            (39 853)
                                                         Cents per             Cents per                       Cents per
                                                             share                 share                           share

Loss per share - basic and diluted                          (19.5)                 (4.2)     (364.3)              (25.0)
Headline loss per share - basic and diluted                 (10.2)                 (4.3)     (137.2)              (13.1)

SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                                         Six months ended                     Year ended
                                                                   30 June 2017         30 June 2016    31 December 2016
                                                                    (Unaudited)          (Unaudited)           (Audited)
                                                          Notes           R'000                R'000               R'000
Share capital
Opening and closing balance                                   5           1 274                1 274               1 274
Share premium
Opening and closing balance                                   5         440 371              440 371             440 371
Foreign currency translation reserve
Opening balance                                                           1 799                2 513               2 513
Exchange differences on translation of foreign operation                    (6)                (190)               (714)
Closing balance                                                           1 793                2 323               1 799
Retained earnings
Opening balance                                                          86 428              125 567             125 567
Total comprehensive loss for the period                                (30 441)              (6 508)            (39 139)
Closing balance                                                          55 987              119 059              86 428

SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                         Six months ended                     Year ended
                                                                   30 June 2017         30 June 2016    31 December 2016
                                                                    (Unaudited)          (Unaudited)           (Audited)
                                                                          R'000                R'000               R'000
Cash generated (utilised) in operating activities                        12 388             (47 806)            (55 746)
Cash utilised in investing activities                                   (2 845)              (8 274)            (11 505)
Cash (utilised) generated in financing activities                      (12 297)               57 657              68 484
Net (decrease)/increase in cash and cash equivalents                    (2 754)                1 577               1 233
Cash and cash equivalents at the beginning of period                     22 336               21 817              21 817
Effects of exchange rate movement on cash balances                          (6)                (190)               (714)
Cash and cash equivalents at the end of period                           19 576               23 204              22 336

SELECTED NOTES TO THE SUMMARISED CONSOLIDATED INTERIM FINANCIAL INFORMATION
1.   General information
     South Ocean Holdings and its subsidiary companies manufacture and distribute electrical cables, import and distribute light fittings, lamps, electrical
     accessories, audio visual hardware and accessories and have property investments. South Ocean Holdings is a public company listed on the JSE
     Limited ("JSE") and is incorporated and domiciled in the Republic of South Africa.

     The unaudited summarised consolidated interim financial information was prepared by Ms MK Lehloenya CA(SA) and was approved for issue by the
     directors on 11 August 2017.

2.   Basis of preparation
     The summary consolidated interim Financial Statements of South Ocean Holdings have been prepared in accordance with the JSE Listings
     Requirements for provisional reports, and the requirements of the Companies Act, 2008 of South Africa applicable to summary Financial Statements.
     The summary consolidated interim Financial Statements should be read with the audited Financial Statements for the year ended 31 December
     2016. The JSE Listings Requirements require provisional reports to be prepared in accordance with the framework concepts and the measurement
     and recognition requirements of International Financial Reporting Standards ("IFRS") and the SAICA Financial Reporting Guides as issued by the
     Accounting Practices Committee and Financial Pronouncements as issued, by the Financial Reporting Standards Council and to also, as a minimum,
     contain the information required by IAS 34 "Interim Financial Reporting". The accounting policies applied in the preparation of the consolidated
     Financial Statements from which the summary consolidated Financial Statements were derived are in terms of IFRS and are consistent with those
     accounting policies applied in the preparation of the previous summary consolidated Financial Statements.

3.   Accounting policies
     The accounting policies adopted are consistent with those applied in the audited Financial Statements for the year ended 31 December 2016, except
     where indicated. There were no new standards or amendments that were issued since the last Annual Report that are applicable to the Group or that
     is expected to have a material impact on the reported results or future results of the Group.

4.   Property, plant and equipment and intangible assets
     During the first six months, the Group invested R3.2 million (2016: R8.6 million) in capital expenditure mainly relating to the acquisition of a conduit
     plant at South Ocean Electric Wire Company Proprietary Limited ("SOEW") as well as the replacement of vehicles at SOEW and infrastructure
     enhancements to the ERP system at Radiant Group Proprietary Limited ("Radiant"). An impairment charge of R10.3 million (2016: Rnil) was raised
     against the manufacturing plant and machinery at SOEW due to the value in use of the subsidiary being lower than the enterprise value. The details
     of changes in tangible and intangible assets are as follows:

                                                                                                              Tangible assets          Intangible assets
                                                                                                                  (Unaudited)                (Unaudited)
                                                                                                                        R'000                      R'000
Six months ended 30 June 2017
Opening net carrying amount                                                                                           289 699                      7 783
Additions                                                                                                               2 226                        997
Disposals and write-offs                                                                                                (342)                          -
Impairment                                                                                                           (10 326)                          -
Depreciation/amortisation                                                                                             (7 719)                      (568)
Closing net carrying amount                                                                                           273 538                      8 212
Six months ended 30 June 2016
Opening net carrying amount                                                                                           313 633                      8 780
Additions                                                                                                               7 541                      1 068
Disposals and write-offs                                                                                                (147)                          -
Depreciation/amortisation                                                                                             (7 931)                    (1 365)
Closing net carrying amount                                                                                           313 096                      8 483
Year ended 31 December 2016                                                                                         (Audited)                  (Audited)
Opening net carrying amount                                                                                           313 633                      8 780
Additions                                                                                                              12 318                        997
Disposals and write-offs                                                                                              (1 638)                       (64)
Impairment                                                                                                           (18 743)                          -
Depreciation/amortisation                                                                                            (15 871)                    (1 930)
Closing net carrying amount                                                                                           289 699                      7 783

5.   Share capital and share premium
                                                            Number of                     Ordinary                      Share
                                                        shares issued                       shares                    premium                      Total
                                                                                           (R'000)                    (R'000)                    (R'000)
     At 30 June 2017 (Unaudited)
     Opening and closing balance                          156 378 794                        1 274                    440 371                    441 645
     At 30 June 2016 (Unaudited)
     Opening and closing balance                          156 378 794                        1 274                    440 371                    441 645
     At 31 December 2016 (Audited)
     Opening and closing balance                          156 378 794                        1 274                    440 371                    441 645

6.   Interest-bearing borrowings
     The current portion of the interest-bearing borrowings includes the bank overdraft balance of R177.4 million (2016: R163.6 million). The details of the total
     interest-bearing borrowings balance are as follows:
                                                                                               As at                                               As at
                                                                                      30 June 2017                30 June 2016          31 December 2016
                                                                                       (Unaudited)                 (Unaudited)                 (Audited)
     Secured loans                                                                           R'000                       R'000                     R'000
     Non-current                                                                            47 920                      55 679                    52 025
     Current                                                                               188 820                     182 569                   197 012
                                                                                           236 740                     238 248                   249 037
     The movement in borrowings is analysed as follows:
     Opening balance                                                                       249 037                     180 593                   180 593
     Additional loans utilised                                                              19 363                      62 555                    83 620
     Finance costs                                                                          12 400                       9 730                    23 141
     Repayments                                                                            (44 060)                   (14 630)                  (38 317)
     Closing balance                                                                       236 740                     238 248                   249 037

     The Group's bankers, First National Bank Limited ("FNB") had renewed the bank overdraft facility of R274.0 million in May 2017. Due to the negative
     financial performance of the Group, FNB had indicated that they will review the facilities again in September 2017 based on the June 2017 results.

7.   Taxation
     Income tax expense is recognised based on management's best estimate of the weighted average annual income tax rate expected for the full
     financial year. The effective tax rate calculated is 29.2% (2016: 34.4%).

8.   Reconciliation of headline loss
                                                                                           Six months ended                                   Year ended
                                                                                     30 June 2017                 30 June 2016          31 December 2016
                                                                                      (Unaudited)                  (Unaudited)                 (Audited)
                                                                                            R'000                        R'000                     R'000
     Loss attributable to the equity holders of the Group for the period                 (30 441)                      (6 508)                  (39 139)
     Profit on disposal of property, plant and equipment                                     (38)                        (188)                     (108)
     Impairment loss of investment in subsidiaries                                         14 491                            -                    18 743
     Headline loss for the period                                                        (15 988)                      (6 696)                  (20 504)
     Headline loss per share (cents)                                                       (10.2)                        (4.3)                    (13.1)

9.   Weighted average number of shares
                                                                                             Six months ended                                 Year ended
                                                                                     30 June 2017                 30 June 2016          31 December 2016
                                                                                      (Unaudited)                  (Unaudited)                 (Audited)
     Number of shares in issue                                                        156 378 794                  156 378 794               156 378 794
     Weighted average number of shares in issue at
     the beginning and end of the period                                              156 378 794                  156 378 794               156 378 794
     Weighted average number of shares in issue
     for diluted earnings per share                                                   156 378 794                  156 378 794               156 378 794

10.  Net asset value
                                                                                                      As at                                         As at
                                                                                     30 June 2017                 30 June 2016           31 December 2016
                                                                                      (Unaudited)                  (Unaudited)                  (Audited)
     Net asset value per share (cents)                                                      319.4                        360.0                      338.8
     Tangible net asset value per share (cents)                                             314.1                        354.6                      333.9

11.  Impairment of assets in subsidiaries
     To comply with IAS 36, the Group performed an impairment test of its assets in subsidiaries, as a result a net impairment after tax of R14.5 million
     was recognised in the Statement of Comprehensive Income. The impairment was due to the value in use of the subsidiaries being lower than the
     subsidiaries' enterprise value. This is partly attributable to the difficult trading conditions that are being experienced in the South African economy.
     Management is hopeful that trading conditions will improve in the second part of the year such that the impairment could be reversed. Historically
     the Group has performed better in the second part of the year.

12.  Going concern
     In assessing the Group's ability to continue in operational existence as a going concern, management prepared a cash flow forecast for a
     period in excess of 12 months. Various scenarios have been considered to test the Group's resilience against operational risks. Management has
     concluded that the Group's ability to continue to meet its financial obligations as they fall due is dependent on FNB renewing its current banking facility.

13.  Interim dividend declaration
     The Company's policy is to consider the declaration of a final dividend after its financial year-end.

14.  Segment reporting
     The chief operating decision-makers review the Group's internal reporting in order to assess performance and have determined the operating
     segments based on these reports. The business performance of the operating segments: electrical cables manufacturing, lighting and electrical
     accessories and property investments, are evaluated from the market and product performance perspective.

     The segment information has been prepared in accordance with IFRS 8 - "Operating Segments", which defines the requirements for the
     disclosure of financial information of an entity's segments.

     The Standard requires segmentation on the Group's internal organisation and reporting of revenue and adjusted EBITDA based upon internal
     accounting presentation.

     The segment revenue and EBITDA generated by the Group's reportable segments are summarised as follows:
                                                                                             Six months ended
                                                                                             Adjusted                  Segment                  Segment
                                                                   Revenue                     EBITDA                   assets              liabilities
                                                                     R'000                      R'000                    R'000                    R'000
     30 June 2017 (Unaudited)
     Electrical cables manufacturing                               622 729                      8 042                  577 796                  344 904
     Lighting and electrical accessories                           142 424                   (10 196)                  225 519                   69 229
     Property investments                                           11 425                      9 468                  170 108                   53 696
                                                                   776 578                      7 313                  973 423                  467 829
     30 June 2016 (Unaudited)
     Electrical cables manufacturing                               743 945                     13 278                  604 435                  339 507
     Lighting and electrical accessories                           163 596                    (3 891)                  309 671                  121 005
     Property investments                                           10 639                      8 165                  186 454                   59 654
                                                                   918 180                     17 552                1 100 560                  520 166
     Year ended
     31 December 2016 (Audited)
     Electrical cables manufacturing                             1 437 154                     15 881                  473 164                  239 216
     Lighting and electrical accessories                           344 987                   (14 028)                  259 106                   77 091
     Property investments                                           21 798                     17 486                  187 648                   56 588
                                                                 1 803 939                     19 339                  919 918                  372 895

    A reconciliation of the total segment report to the statement of financial position and statement of
    comprehensive income is provided as follows:
                                                                                               Six months ended                              Year ended
                                                                                         30 June 2017             30 June 2016         31 December 2016
                                                                                          (Unaudited)              (Unaudited)                (Audited)
                                                                                                R'000                    R'000                    R'000
    Revenue
    Reportable segment revenue                                                                776 578                  918 180                1 803 939
    Inter-segment revenue (property rentals)                                                 (10 692)                 (10 376)                 (21 068)
    Inter-segment revenue - other                                                               (973)                  (6 244)                  (5 681)
    Revenue per consolidated statement of
    comprehensive income                                                                      764 913                  901 560                1 777 190
    Loss before tax
    Adjusted EBITDA                                                                             7 313                   17 552                   19 339
    Corporate and other overheads                                                             (9 883)                  (8 841)                 (14 632)
    Depreciation                                                                              (7 719)                  (7 931)                 (15 871)
    Impairment of investment in subsidiaries (note 4 and 11)                                 (20 127)                                          (18 743)
    Amortisation of intangible assets - lighting and electrical
    accessories                                                                                 (568)                  (1 365)                  (1 931)
    Operating loss                                                                           (30 984)                    (585)                 (31 838)
    Finance income                                                                                413                      395                    1 005
    Finance cost                                                                             (12 400)                  (9 730)                 (23 273)
    Loss before income tax per consolidated statement
    of comprehensive income                                                                  (42 971)                  (9 920)                 (54 106)
    Assets
    Reportable segment assets                                                                 973 423                1 100 560                  919 918
    Corporate and other assets                                                                  2 732                    7 939                    1 437
    Deferred taxation                                                                          32 226                   12 468                   21 787
    Taxation receivable                                                                             -                    5 497                        -
    Total assets per statement of financial position                                        1 008 381                1 126 464                  943 142
    Liabilities
    Reportable segment liabilities                                                            467 829                  520 166                  372 895
    Corporate and other liabilities                                                             8 192                    5 992                    5 349
    Deferred taxation                                                                          32 879                   37 028                   35 026
    Taxation payable                                                                               56                      251                        -
    Total liabilities per statement of financial position                                     508 956                  563 437                  413 270


15. Director changes
    Mr JH Yen resigned as a director effective 17 May 2017. Mr WP Li, an alternate director resigned as director effective 17 May 2017. These
    directors have not been replaced. Ms M Chong resigned from the SOH board with effect from 11 August 2017.

16. Competition Commission
    As noted in the previous Financial Statements, the case arose from a complaint that the Competition Commission ("Commission") first initiated
    on 16 March 2010 and which was referred to in the South Ocean Holdings' SENS announcement dated 6 May 2010. SOEW has since agreed
    to settle the case and a fine of R13 362 855, which is a percentage of SOEW's annual turnover for the financial year ended 31 December 2010,
    was imposed by the Commission, which has been confirmed by the tribunal.

17. Subsequent events
    Notwithstanding the above, the directors are not aware of any other significant events arising since the end of the financial period, which would
    materially affect the operations of the Group or its operating segments, not dealt with in the financial results.

COMMENTARY
Introduction
The Board of South Ocean Holdings hereby announces its summary consolidated results for the six months ended 30 June 2017 ("the period").
South Ocean Holdings is an investment holding company, comprising four operating subsidiaries namely: SOEW a manufacturer of low voltage
electrical cables; Radiant, an importer and distributor of light fittings, lamps, electrical accessories, audio visual hardware and accessories; Anchor
Park Investments 48 Proprietary Limited ("Anchor Park") a property holding company and Icembu Services Proprietary Limited, a light fittings assembly
company.

Financial overview
Earnings
Group revenue for the period ended 30 June 2017 decreased by 15.2% (2016: 4.9 %, increased) to R764.9 million (2016: R901.6 million). The Group's
gross profit decreased by 26.7% (2016: 17.5%, decreased) to R63.4 million (2016: R86.5 million) and operating loss increased by R30.4 million to a
loss of R31.0 million (2016: R0.6 million) compared to the prior period.

Group loss before tax increased by 333.2% (2016: 188.2%, decrease in profit before tax) to a loss of R43.0 million (2016: R9.9 million) compared to
the prior period. Basic loss per share increased by 364.3% (2016: 182.4%, decrease in earnings) to a loss of 19.5 cents (2016: 4.2 cents, loss) with
headline loss per share increasing by 137.2% (2016: 189.6%, decrease in headline earnings) to a loss of 10.2 cents (2016: 4.3 cents, loss) compared
to the prior period. Headline loss for the period amounted to R16.0 million (2016: R6.7 million, loss).

Group's earnings were negatively impacted by its low B-BBEE rating. Management is working hard to improve this situation, which will enable the Group
to do business in the Public Sector with a specific focus on state-owned entities and municipalities.

Cash flow and working capital management
Cash generated from operations amounted to R12.4 million (2016: R47.8 million, utilised) during the period. Working capital decreased by R27.0 million
(2016: R47.5 million, increased) primarily due to increases in accounts payable of both the electrical cables manufacturing and lighting and electrical
accessories segments. The trade receivables book continues to be well managed in an increasingly challenging credit environment. Working capital
investment is currently at 29.1% (2016: 26.4%) of revenue.

The Group invested R3.2 million (2016: R8.6 million) in capital expenditure which was mainly financed by long-term borrowings during this period and
utilised R44.1 million (2016: R14.6 million) to repay its long-term interest-bearing borrowings.

The Group's net cash utilised during the period amounted to R2.8 million (2016: R1.6 million, net cash inflow), decreasing the bank balance to
R19.6 million (2016: R23.2 million) as at end of the financial period.

Segment results
Electrical cables manufacturing - SOEW
SOEW reported revenue of R622.7 million (2016: R743.9 million), which is a decrease of 16.3% (2016: 4.8%, increase in revenue) when compared to
the same period in the prior year. The decrease in SOEW's revenue is attributed mainly to a lower demand due to an unstable Rand Copper Price (RCP)
and subdued market conditions. Production levels decreased in line with the decreased demand by 15.5% in the first six months of the year. The Rand
Copper Price (RCP) was volatile during the period, fluctuating between increases of 3.3% and decreases of 3.9%.

The market conditions were very weak during the first six months of the year and margins were under severe pressure due to the competitive
environment and tough trading conditions.

Lighting and electrical accessories - Radiant
Radiant reported revenue of R142.4 million (2016: R163.6 million), which is a decrease of 13.0% (2016: 5.5%, increase in revenue) when compared to
the same period in the prior year. Revenue was under severe pressure in the first half of 2017 due to low demand and tough trading conditions. This
situation is expected to abate in the second half of the year.

Gross profit margins are under pressure as Radiant is competing with products of lesser quality and there is a subdued appetite for high end products
as consumers have less disposable income and are thus extremely cost sensitive.

Radiant has managed to curtail expenditure reflecting a decrease of 6.1% in expenses when compared to the same period in the prior year.

Radiant is confident that the company is well positioned for growth. It has seen an improvement in customer confidence and loyalty from the
implementation of its turnaround strategy.

Property investments - Anchor Park
Anchor Park's revenue is derived from Group companies, as it leases its properties to fellow subsidiaries.

Seasonality
The Group's earnings are affected by seasonality as earnings for the second half of the year are historically higher than the first six months. Management
expects the historic seasonal trend to continue in future.

Prospects
With the South African economy being in a technical recession, trading conditions are expected to continue to be challenging. This is exacerbated by
a decline in mining, agriculture and manufacturing activities with limited spending in infrastructure. The Group is aggressively implementing its Africa
growth strategy to increase its footprint in sub-Saharan Africa to grow revenue and increase gross profit, to counter the slump in the South African
economy.

The Group remains committed to increasing shareholders' value and will explore all possible avenues to ensure that this objective is attained.
In line with past trends, revenue from the Lighting and Electrical Division is expected to increase in the second six months even though profit margins
will still be under pressure.

Improving operational efficiencies remains a focal point for management. Management will continue to maintain a disciplined approach to reduce costs
as far as possible, improve working capital management and increase margins where possible.

Appreciation
The directors would like to express their appreciation towards the management and staff as well as all our valued customers, suppliers, advisors,
business partners, shareholders and stakeholders for their continued support.

The above information, including any projections, included in this announcement have not been reviewed or reported on by South Ocean Holdings'
independent external auditors.

On behalf of the Board

KH Pon CA(SA)                                                               JP Bekker CA(SA)
Chairman                                                               Chief Executive Officer
11 August 2017

CORPORATE INFORMATION

Directors
KH Pon# (Chairman)
HL Liv� (Deputy-Vice Chairman)
JP Bekker* (Chief Executive Officer)
MK Lehloenya* (Chief Financial Officer)
N Lalla#
CY Wuv�
DJC Panv@A
*Executive
#Independent Non-executive
vNon-executive
�Taiwanese
@Brazilian
AAlternate

Registered Office
12 Botha Street, Alrode, 1451
(PO Box 123738, Alrode, 1451)
Telephone: +27(11) 864 1606
Telefax: +27(86) 628 9523
Website: https://protect-za.mimecast.com/s/xVaMBkTJvNkJCM

Company Secretary
WT Green, 21 West Street, Houghton, 2198
(PO Box 123738, Alrode, 1451)

Sponsor
Investec Bank Limited
(Registration number 1969/004763/06)
Second Floor, 100 Grayston Drive, Sandown, Sandton, 2196

Share Transfer Secretary
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank
Johannesburg, 2196
(PO Box 61051, Marshalltown, 2107, South Africa)
Telephone: +27(11) 370 5000
Telefax: +27(11) 688 5200
Website: https://protect-za.mimecast.com/s/MDN4BOIQmp4Qt7

Auditors
PricewaterhouseCoopers Inc.
32 Ida Street, Menlo Park, 0102
Telephone: +27(12) 429 0000
Telefax: +27(12) 429 0100
Website: https://protect-za.mimecast.com/s/O20vBWf2g5Q2h8



Date: 15/08/2017 04:52:00 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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