YORK TIMBER HOLDINGS LIMITED - Unaudited condensed consolidated interim financial results for the six months ended 31 December 2017

Release Date: 09/03/2018 16:22
Code(s): YRK
 
Wrap Text
Unaudited condensed consolidated interim financial results for the six months ended 31 December 2017

York Timber Holdings Limited
(Incorporated in the Republic of South Africa) 
(Registration number: 1916/004890/06)
JSE Share code: YRK
ISIN: ZAE000133450
("York", "the Company" or "the Group")

Unaudited condensed consolidated interim financial results 
for the six months ended 31 December 2017

Salient features
- Revenue down 3%
- EBITDA up 16%
- Core earnings per share up 57% from 7 cents to 11 cents
- Increased harvesting of own plantation
- Net asset value per share up 16% from 837 cents to 975 cents
- Installation of 48 Daylight press

Commentary

Group performance and financial review
Revenue for the six months ended 31 December 2017 of R922 million is similar 
to the comparative period.

Earnings before interest, tax, depreciation and amortisation (EBITDA) of 
R127 million was up 16% from the comparative period, mostly as a result of 
increased harvesting from own plantations.

Both earnings per share (EPS) and headline earnings per share (HEPS) 
increased from 10 cents to 28 cents per share.

Core earnings per share (being basic earnings per share excluding the fair 
value adjustment on biological assets, net of tax) increased from 7 cents 
to 11 cents per share.

Cash generated from operations of R72 million was up 55% and the cash 
balance at the reporting date was R104 million.

The value of external logs purchased was 48% lower than the comparative 
period. South African Forestry Company (SOC) Limited (SAFCOL) introduced 
excessive price increases in April 2017. This resulted in York purchasing 
less volume from SAFCOL, utilising more of its own plantations on a 
sustainable basis, together with purchases from other third parties to 
ensure market demand is met.

Market conditions
There was a weakening in industry lumber sales over the period, consistent 
with the slow local economic growth rate. The reduced demand impacted 
production of lumber which decreased by 8% for the reporting period. 
Plywood production increased by 7% and sales volumes by 14% over the 
comparative period. Internationally the Group has seen an increase in 
the demand for plywood and products with a high standard of specifications 
resulting in export volumes steadily increasing. Although recent Rand 
strengthening impacted the average selling prices, the international 
US Dollar price for plywood for the reporting period had increased, thereby 
further improving export opportunities.

Operational review
Processing
The upgraded Plywood plant is operating at the required production
levels with the full commissioning of the 48 Daylight press to be 
completed by the end of March 2018.

Processing plants are confronted with high log costs, a weak demand 
and price pressure on lumber products. Plants are required to run at high 
levels of efficiency and costs are optimised to ensure sustainable 
operation.

Forestry
Forestry delivered excellent results for the reporting period. New 
planting regimes are now fully implemented at all forestry operations with 
a resultant improvement in forecast yields. These regimes are achieving 
better yields through site-specie matching and growth site 
optimisation.

Wholesale
New warehouses were introduced to increase the Group's market
distribution network. A wider product range has been introduced, 
improving the Group's product offering to customers.

Balance sheet movements
York invested R43 million in additions to property, plant and
equipment. The bulk of this related to the installation of a new
48 Daylight press. The net increase in the biological asset value 
of R30 million as at the 2017 financial year-end was due to an increase 
in the fair value of R74 million and a decrease in standing timber 
harvested of R44 million.

Interest bearing borrowings decreased by R78 million during the 
reporting period.

Working capital investment increased by R67 million during the period, 
mainly as a result of a decrease in trade and other payables. The 
decrease is a result of the purchased plantations at year-end being 
paid during the reporting period. Accounts receivable were managed
well. Inventory remained at similar levels over the reporting period.

Cash flow
Cash flows from operating activities of R73 million was used to
pay net interest of R40 million and provisional tax of R9 million.
Purchases of property, plant and equipment of R43 million and a 
repayment of loans and borrowings of R78 million resulted in a net 
cash decrease of R54 million for the reporting period. Cash at 
reporting period-end was R104 million.

Changes to directorate
Mr Pieter van Buuren resigned as Chief Financial Officer (CFO) of the 
Company, with effect from 30 November 2017; and Mr Gerald Stoltz was 
appointed as acting CFO, with effect from 1 December 2017.

Outlook
The forecasted economic growth rate is promising for the construction 
sector from which York will benefit. York will continue to expand its 
distribution network, enhancing the Group's service offering to 
customers. International demand for plywood is strong and continues 
to grow in a wider application range of the housing and infrastructure 
sectors.

SAFCOL has engaged the Mpumalanga processing industry and it is foreseen 
that an amicable solution to long-term supply agreements and 
transparent pricing mechanism can be achieved. York will continue to 
engage with SAFCOL to resolve these issues, failing which York will 
resort to seek legal recourse.

York's vision is to be the leading integrated timber processor in 
Southern Africa, proficiently delivering products and services of 
the highest quality. In line with this, York is pursuing other 
investment opportunities.

Consolidated statement of financial position 
as at 31 December 2017
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Assets
Non-current assets
Biological assets (note 4)      2 618 711     2 014 987      2 392 979
Investment property                26 731         7 753         26 731
Property, plant and
equipment                         915 919       916 090        911 532
Goodwill                          565 442       565 442        565 442
Intangible assets                     673         1 357            908
Deferred tax                        1 604           871          3 084
Other financial assets             32 020        24 031         31 965
Total non-current assets        4 161 100     3 530 531      3 932 641
Current assets
Biological assets (note 4)        239 587       332 449        435 539
Inventories                       328 181       272 948        339 693
Current tax receivable             12 885         9 667          7 749
Trade and other
receivables                       212 363       219 472        206 982
Cash and cash equivalents         104 005       235 336        159 347
Total current assets              897 021     1 069 872      1 149 310
Total assets                    5 058 121     4 600 403      5 081 951
Equity and liabilities
Equity
Share capital                      15 802        15 833         15 802
Share premium                   1 464 430     1 465 999      1 464 430
Reserves                             (489)           91           (489)
Retained income                 1 600 223     1 177 783      1 512 822
Total equity                    3 079 966     2 659 706      2 992 565
Liabilities
Non-current liabilities
Cash-settled share-based
payments                                -         9 435          3 710
Deferred tax                      854 847       695 750        825 867
Loans from related parties          1 527         1 527          1 527
Loans and borrowings              650 105       791 906        731 498
Provisions                         13 900        13 114         13 900
Retirement benefit
obligations                        25 755        24 450         25 334
Total non-current
liabilities                     1 546 134     1 536 182      1 601 836
Current liabilities
Current tax payable                   920             -            277
Loans and borrowings              184 660       143 847        180 804
Cash-settled share-based
payments                           17 073         1 413          4 370
Operating lease liability           1 647            80          1 415
Trade and other payables          227 721       259 175        300 684
Total current liabilities         432 021       404 515        487 550
Total liabilities               1 978 155     1 940 697      2 089 386
Total equity and liabilities    5 058 121     4 600 403      5 081 951


Consolidated statement of profit or loss and other comprehensive income 
for the six months ended 31 December 2017
                               Six months    Six months           Year
                                    ended         ended          ended
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Revenue                           921 785       952 519      1 832 805
Cost of sales                    (615 446)     (703 405)    (1 335 303)
Gross profit                      306 339       249 114        497 502
Other operating income              5 718         5 560          8 602
Administration expenses          (223 499)     (188 534)      (354 735)
Operating profit                   88 558        66 140        151 369
Fair value adjustment              74 046        14 493        436 494
Profit before finance
costs                             162 604        80 633        587 863
Investment income                   2 230         6 346         11 175
Finance costs                     (42 201)      (42 689)       (88 595)
Profit before taxation            122 633        44 290        510 443
Taxation                          (35 232)      (12 043)      (143 157)
Profit for the period              87 401        32 247        367 286
Other comprehensive 
income/(loss):
Remeasurement of defined
benefit liability                      -              -           (806)
Taxation related to 
remeasurement of defined
benefit liability                      -              -            226
Other comprehensive
income for the period net
of taxation                            -              -           (580)
Total comprehensive
income                            87 401         32 247        366 706
Earnings per share
(cents) (note 7)                      28             10            116
Headline earnings per   
share (cents) (note 8)                28             10            116


Consolidated statement of changes in equity 
for the six months ended 31 December 2017
                                                               Defined
                                                               benefit
                                    Share          Share          plan
                                  capital        premium       reserve
                                    R'000          R'000         R'000
Balance as at 1 July 2016
(Audited)                          15 908      1 471 038            91
Profit for the year                     -              -             -
Other comprehensive income
Change in defined benefit
plan, net of tax                        -              -          (580)
Total other comprehensive
income                                  -              -          (580)
Total comprehensive income
for the year and total
transactions with owners                -              -          (580) 
Purchase of own shares               (106)        (6 608)            -
Balance as at 30 June 2017
(Audited)                          15 802      1 464 430          (489) 
Profit for the period                   -              -             - 
Other comprehensive income
Change in defined benefit
plan, net of tax                        -              -             -
Total other comprehensive
income                                  -              -             - 
Total comprehensive income
for the period and total
transactions with owners                -              -             - 
Purchase of own shares                  -              -             - 
Balance as at 
31 December 2017 (Unaudited)       15 802      1 464 430          (489)


                                                Retained         Total 
                                                  income        equity
                                                   R'000         R'000
Balance as at 1 July 2016 (Audited)            1 145 536     2 632 573
Profit for the year                              367 286       367 286
Other comprehensive income
Change in defined benefit plan, 
net of tax                                             -          (580)
Total other comprehensive income                       -          (580) 
Total comprehensive income for the
year and total transactions with
owners                                           367 286       366 706
Purchase of own shares                                 -        (6 714) 
Balance as at 30 June 2017 (Audited)           1 512 822     2 992 565
Profit for the period                             87 401        87 401
Other comprehensive income
Change in defined benefit plan, 
net of tax                                             -             -
Total other comprehensive income                       -             - 
Total comprehensive income for the
period and total transactions with
owners                                            87 401        87 401
Purchase of own shares                                 -             - 
Balance as at 31 December 2017
(Unaudited)                                    1 600 223     3 079 966


Consolidated statement of cash flows
for the six months ended 31 December 2017
                               Six months    Six months           Year
                                    ended         ended          ended
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Cash flows from operating 
activities
Cash generated from
operations (note 5)                71 546        46 094        169 979
Investment income                   2 230         6 346         11 175
Finance costs                     (42 201)      (42 689)       (88 595) 
Taxation paid                      (9 265)       (2 944)        (3 732) 
Net cash from operating
activities                         22 310         6 807         88 827
Cash flows applied to 
investing activities
Purchase of property,
plant and equipment               (43 117)      (88 534)      (154 258)
Purchase of intangible
assets                                  -          (167)          (168) 
Proceeds from disposal of
property, plant and
equipment                             101            87            307
Proceeds from loans to
Group companies                         -           177            177
Purchase of financial
assets                                (55)       (4 644)       (32 200)
Proceeds on sale of
financial assets                        -             -         19 622
Purchase of biological
assets                                  -             -        (59 082)
Harvesting of purchased
biological assets                  44 266         1 384          1 384
Net cash applied to
investing activities                1 195       (91 697)      (224 218) 
Cash flows from financing
activities
Buyback of shares                      -         (5 114)        (6 714) 
Net (repayment)/proceeds
of loans and borrowings          (77 537)        41 608         18 157
Net cash from financing
activities                       (77 537)        36 494         11 443
Total cash movement for
the period                       (54 032)       (48 396)      (123 948) 
Cash at beginning of the
period                           159 347        286 144        286 144
Effect of exchange rate
movement on cash balances         (1 310)        (2 412)        (2 849) 
Cash at end of the period         104 005       235 336        159 347

Notes to the consolidated interim financial statements 
for the six months ended 31 December 2017

1. Basis of preparation
These unaudited condensed consolidated interim financial statements have 
been prepared in accordance with the JSE Listings Requirements, the 
Companies Act of South Africa, 71 of 2008 (as amended) and the Companies 
Regulations, 2011. These unaudited condensed consolidated interim 
financial statements have been prepared in accordance with and 
containing the information required by IAS 34: Interim Financial 
Reporting, as well as the SAICA Financial Reporting Guides as issued by 
the Accounting Practices Committee and Financial Pronouncements as 
issued by Financial Reporting Standards Council. The financial results 
have been compiled under the supervision of Gerald Stoltz CA (SA), the 
Acting Chief Financial Officer.

These unaudited condensed consolidated interim results do not include 
all the information required for full annual financial statements, and 
should be read in conjunction with the audited consolidated financial 
statements as at and for the year ended 30 June 2017 which are available 
on the Company's website, www.york.co.za or at the Company's 
registered office.

These condensed consolidated interim results have not been reviewed or 
audited by the Company's external auditors. The interim financial 
statements, which have been prepared on the going concern basis, were 
approved by the Board of Directors on 5 March 2018.

There have been no material changes to judgements or estimates of 
amounts reported in prior reporting periods.

The Group financial results are presented in South African Rand, which 
is the Company's functional currency. All financial information 
presented has been rounded to the nearest R'000.

The significant accounting policies and methods of computation are in 
terms of International Financial Reporting Standards and are consistent 
in all material respects with those applied in the year ended 
30 June 2017.

2. Additional disclosure items

                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Authorised capital commitments:
- Contracted, but not
provided                            9 498        56 829         20 267
- Not contracted                   13 298        22 474         13 022
Capital expenditure                43 117        88 701        154 258
Depreciation of property,
plant and equipment                38 593        42 911         92 174
Amortisation of intangible
assets                                235           442            892

- The Group did not have any litigation settlements during the 
reporting period.
- The banking facility granted by Absa Bank was secured by a cession of 
trade receivables and Credit Insurance Solutions (CIS) insurance and 
cross-suretyships of R154 million with Absa Bank, and R5 million with 
FirstRand Bank Limited. The general banking facility of R37,5 million 
with Absa Bank and R100 000 with FirstRand Bank Limited and asset and 
vehicle finance facility of R92,5 million with Absa Bank and R20 million 
with Wesbank are available to all companies across the Group. The Group 
did not have any covenant defaults or breaches of its loan agreements 
during the period under review or at the reporting date.
- No movement occurred in the number of shares issued during the 
period under review.

3. Operating segments
The Group has three reportable segments which are the Group's strategic 
divisions. The Group operates in three geographical segments, namely 
South Africa, countries within the Southern Africa Development Community 
(SADC) and non-SADC regions.

The segment analysis is as follows:

                                         Processing plants
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Revenue: external sales           596 809       633 421      1 245 719
Revenue: inter-segment sales      184 009       142 340        252 837
Total revenue                     780 818       775 761      1 498 556
Depreciation and amortisation     (26 658)      (32 269)       (69 269)
Reportable segment profit*         44 572        66 529        137 738
Fair value adjustment                   -             -              -
Capital expenditure                31 537        65 094        110 923


                                              Wholesale
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Revenue: external sales           298 105       281 149        523 233
Revenue: inter-segment sales            -             -              -
Total revenue                     298 105       281 149        523 233
Depreciation and amortisation        (777)         (794)        (1 782)
Reportable segment profit*          9 423        14 030         21 759
Fair value adjustment                   -             -              -
Capital expenditure                 3 994         2 037          3 426
 

                                              Forestry
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Revenue: external sales            24 518        36 808         60 699
Revenue: inter-segment sales      371 271       358 724        708 406
Total revenue                     395 789       395 532        769 105
Depreciation and amortisation      (9 317)       (7 967)       (18 726)
Reportable segment profit*         97 156        25 389         95 900
Fair value adjustment              74 046        14 493        436 494
Capital expenditure                 6 130        20 711         27 468


                                                Total
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Revenue: external sales           919 432       951 378      1 829 651
Revenue: inter-segment sales      555 280       501 064        961 243
Total revenue                   1 474 712     1 452 442      2 790 894
Depreciation and amortisation     (36 753)      (41 030)       (89 777)
Reportable segment profit*        151 151       105 948        255 397
Fair value adjustment              74 046        14 493        436 494
Capital expenditure                41 661        87 842        141 817

* Being earnings before interest, taxation, depreciation, amortisation, 
impairment and fair value adjustments (EBITDA).


                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Reconciliation of reportable 
segment profit or loss
Total EBITDA for reportable 
segments                          151 151       105 948        255 397
Depreciation, amortisation 
and impairment                    (38 824)      (43 295)       (94 732)
Unallocated amounts               (23 769)        3 487         (9 296) 
Operating profit                   88 558        66 140        151 369


                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Revenue per geographical area
South Africa                      767 561       838 670      1 592 917
Southern Africa Development
Community (SADC)                   99 883       110 799        215 602
International (Non-SADC)           54 341         3 050         24 286
Total                             921 785       952 519      1 832 805


4. Biological assets

                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Change in discounted cash 
flows (DCF) value 
attributable to:
Opening balance                 2 828 518     2 334 327      2 334 327
Growth                            (44 045)      120 739        134 272
Revenue and price                 128 572        (4 004)       270 281
Operating cost                    (21 927)       27 336        (74 727) 
Discount rate                      11 445      (129 578)       (73 151) 
Sale of plantation                      -             -              - 
Purchased plantations                   -             -         59 082
Standing timber harvested         (44 265)       (1 384)        (1 384) 
Younger clearfelling age***             –             –        179 818
Closing balance                 2 858 298     2 347 436      2 828 518
Classified as non-current
assets                          2 618 711     2 014 987      2 392 979
Classified as current
assets**                          239 587       332 449        435 539

** Being the biological assets to be harvested and sold in the 
12 months after the reporting date.
*** The clearfell age has reduced from 25 years to 20 years in line 
with the growth forecasts from the new regime, and the clearfell 
practice and plans used by the Group. The effect of a younger 
clearfelling age is a loss of volume which could have been generated 
in the additional period offset by earlier access to the cash flows 
from the harvested timber.


                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                             Cubic metres  Cubic metres   Cubic metres
Reconciliation of standing 
volume
Opening balance                 6 001 889     5 840 732      5 840 732
Increase due to growth and
enumeration                       390 220       339 273        807 904
Decrease due to harvesting       (417 817)     (327 135)      (646 747) 
Closing balance                 5 974 292     5 852 870      6 001 889

The additional key assumptions underlying the discounted cash flow 
valuation have been updated as follows:
- Volumes: The expected yields per log class are calculated with
reference to growth models relevant to the planted area. The growth 
models are derived from actual trial data that has been measured 
annually since 1976. A merchandising model, using the modelled tree 
shapes at various ages, is used to divide the trees into predefined 
products as basis for calculating log yields.
- Volume adjustment factor: Due to the susceptibility of the plantations 
to the environment, an adjustment factor is used to reduce the volumes 
obtained from the merchandising model. This percentage is mainly based 
on factors such as animal damage and damage due to the natural elements 
such as wind, rain, hail, droughts and fires. An adjustment factor 
of 10% (2016: 10%) has been used.
- Log prices: The price per cubic metre is based on current and
expected future market prices per log class. It was assumed that log 
prices will increase at 6% for the next year and 6% over the long term 
(2016: 6,5% over the next year and at 6% over the long term).
- Operating costs: The costs are based on the unit costs of the forest 
management activities required to enable the trees to reach the age 
of felling. The costs include the current and future expected costs of 
harvesting, maintenance and risk management, as well as an appropriate 
amount of fixed overhead costs. A contributory asset charge takes into 
account the cost of fixed assets utilised to generate cash flows from 
the biological asset over the valuation period. The operating costs 
exclude the transport costs necessary to get the assets to market. These 
costs have been reviewed and updated to current actual costs. Inflation 
rates of 6% for the next year and 6% over the long term (2016:
6,15% for the next year and 6% over the long term) were used.
- Costs to sell: Costs to sell are incremental costs directly
attributable to the disposal of an asset, excluding finance costs and 
income taxes. The only costs to sell applied are harvesting costs, which 
are included under operating costs. No other selling costs are included.
- Discount rate: The directors used a comparable forestry group of 
companies after-tax weighted average cost of capital which was applied 
to the after taxation net cash flows.


5. Cash generated from operations
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Profit before taxation            122 633        44 290        510 443
Adjustments for: Depreciation, 
amortisation and
impairments                        38 828        43 295         93 066
Loss on sale of assets                 37            78            175
Loss on foreign exchange            1 310         2 412          2 849
Investment income                  (2 230)       (6 346)       (11 175) 
Finance costs                      42 201        42 689         88 595
Fair value adjustments            (74 046)      (14 493)      (436 494) 
Impairments of property,
plant and equipment                     -             -          1 666
Movement in operating
lease                                 232             -          1 335
Movement in retirement
benefit liabilities                   421             -            518
Movement in provisions                  -           440            786
Movement in share-based
payment liability                   8 993         4 289          1 520
Changes in working capital
Inventories                        11 512       (33 489)      (100 234) 
Trade and other
receivables                        (5 381)        6 044         18 534
Trade and other payables          (72 964)      (43 115)        (1 605) 
Cash generated from
operations                         71 546        46 094        169 979


6. Related parties
The Group's related parties are its subsidiaries and key management, 
including directors. No change in control occurred in the Company's 
subsidiaries from the prior period. No businesses were acquired or 
disposed of during the reporting period.

7. Earnings per share
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
Basic earnings                     87 401        32 247        367 286
attributable to ordinary 
shareholders (R'000) 
Weighted average number
of ordinary shares
(thousands)                       316 048       317 754        317 209
Earnings per share
(cents)                                28            10            116

No shares have been repurchased during the reporting period.


8. Headline earnings per share
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Reconciliation of headline 
earnings 
Basic earnings
attributable to ordinary
shareholders                       87 401         32 247       367 286
Loss on sale of assets
(net of tax)                           27             57           126 
(Reversal of impairment)/
impairment of plant, equipment 
and vehicles                            -            (42)        1 200
Headline earnings for  
the period                         87 428         32 262       368 612
Weighted average number 
of ordinary shares
(thousands)                       316 048        317 754       317 209
Headline earnings per
share (cents)                          28             10           116


9. Core earnings per share
                              31 Dec 2017   31 Dec 2016    30 Jun 2017
                                Unaudited     Unaudited        Audited
                                    R'000         R'000          R'000
Reconciliation of core earnings
Basic earnings attributable 
to ordinary shareholders           87 401        32 247        367 286
Fair value adjustment on 
biological assets 
(net of tax)                      (53 313)      (10 435)      (314 276)
Core earnings for the
period                             34 088        21 812         53 010
Weighted average number           316 048       317 754        317 209
of ordinary shares
(thousands)
Core earnings per share
(cents)                                11             7             17


10. Subsequent events
Subsequent to 31 December 2017, the Company acquired the remaining 50% 
shareholding in Mbulwa Estate Proprietary Limited from Mondi Timber 
(Wood Products) Proprietary Limited. 

Company information 

Executive directors: Pieter van Zyl (CEO), Gerald Stoltz (Acting CFO)

Non-executive directors: Dr Jim Myers* (Chairman, USA), 
Paul Botha, Dr Azar Jammine*, Shakeel Meer, Dinga Mncube*, 
Thabo Mokgatlha*, Maserame Mouyeme*, Gavin Tipper* (*independent)

Registered office: York Corporate Office: 3 Main Road, 
Sabie, Mpumalanga.

Postal address: PO Box 1191, Sabie 1260

Auditors: KPMG Inc.

Company secretary: Han-hsiu Hsieh

Sponsor: One Capital

Transfer secretaries: Computershare Investor Services 
Proprietary Limited

Date: 09/03/2018 04:22:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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