Wrap Text
Audited Summary Consolidated Financial Results Announcement for the Year Ended 31 December 2017
South Ocean Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/002381/06)
Share code: SOH
ISIN: ZAE000092748
AUDITED SUMMARY CONSOLIDATED FINANCIAL RESULTS ANNOUNCEMENT FOR THE YEAR
ENDED 31 DECEMBER 2017 (“FINANCIAL STATEMENTS”)
SALIENT FEATURES
Group revenue decreased by 2.7% to R1.729 billion
Loss per share increased by 11.7 cents to 36.7 cents
Headline loss per share increased by 19.5 cents per share to 35.9 cents
Tangible net asset value per share decreased by 9.6% to 301.8 cents
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Audited) (Audited)
31 December 31 December
R’000 NOTES 2017 2016
Assets
Non-current assets 297 500 319 269
Property, plant and equipment 4 293 035 289 699
Intangible assets 4 - 7 783
Deferred tax assets 4 465 21 787
Current assets 389 370 623 873
Inventories 162 879 326 407
Trade and other receivables 214 971 275 130
Cash and cash equivalents 11 520 22 336
Disposal group held for sale 7 198 024 -
Total assets 884 894 943 142
Equity and Liabilities
Equity
Share capital 5 441 645 441 645
Reserves 1 230 1 799
Retained earnings 29 078 86 428
Total equity 471 953 529 872
Liabilities
Non-current liabilities 84 648 87 543
Interest bearing borrowings 6 50 294 52 025
Share-based payment 492 492
Deferred tax liabilities 33 862 35 026
Current liabilities 250 813 325 727
Trade and other payables 195 448 128 677
Interest bearing borrowings 6 55 365 197 012
Derivative financial instrument - 38
Disposal group held for sale 7 77 480 -
Total liabilities 412 941 413 270
Total Equity and Liabilities 884 894 943 142
1
SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended
31 December Change 31 December
R’000 NOTES 2017 % 2016
Continuing operations
Revenue 1 425 777 (0.5) 1 433 648
Cost of sales (1 359 186) (1 371 019)
Gross profit 66 591 6.3 62 629
Other operating income 6 795 2 675
Administration expenses (38 438) (40 113)
Distribution expenses (2 532) (2 913)
Operating expenses (13 117) (48 058)
Operating profit / (loss) 19 299 (25 780)
Finance income 828 839
Finance costs (23 946) (18 585)
Loss before taxation (3 819) (91.2) (43 526)
Taxation 8 (2 404) 7 527
Loss for the year from continuing
operations (6 223) (82.7) (35 999)
Loss for the year from discontinuing
operations 7 (51 127) (3 140)
Other comprehensive loss
Exchange differences on translation of
foreign operations (569) (714)
Total comprehensive loss attributable
to equity holders of the Group (57 919) (45.3) (39 853)
Cents Cents
per share per share
Loss per share - basic and diluted (36.7) (46.8) (25.0)
SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Share capital
Opening and closing balance 1 274 1 274
Share premium
Opening and closing balance 440 371 440 371
Foreign currency translation reserve
Opening balance 1 799 2 513
Exchange differences on translation of foreign
operations (569) (714)
Closing balance 1 230 1 799
Retained earnings
Opening balance 86 428 125 567
Total comprehensive loss for the year (57 350) (39 139)
Closing balance 29 078 86 428
SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Cash flows from operating activities
Cash generated from/(utilised in) operations 146 931 (39 034)
Finance income 996 1 005
Finance costs (26 988) (23 273)
Taxation received - 5 556
Net cash from operating activities 120 939 (55 746)
Cash flows from investing activities
Purchase of property, plant and equipment (6 770) (12 318)
Proceeds from sale of property, plant and equipment 383 1 810
Purchase of intangible assets (1 040) (997)
Net cash from investing activities (7 427) (11 505)
Cash flows from financing activities
Proceeds from interest bearing borrowings 10 699 83 620
Repayment of interest bearing borrowings (115 703) (15 136)
Net cash from financing activities (105 004) 68 484
Total cash and cash equivalents movement for the
year 8 508 1 233
Cash and cash equivalents at the beginning of the year 22 336 21 817
Effect of exchange rate movement on foreign entity
balances (569) (714)
Total cash and cash equivalents at end of the year 30 275 22 336
Cash and cash equivalents from continuing
operations 11 520 -
Cash and cash equivalents from discontinuing
operations 18 755 -
SELECTED NOTES TO THE SUMMARISED CONSOLIDATED FINANCIAL INFORMATION
1. General information
South Ocean Holdings Limited and its subsidiaries manufacture and distribute electrical cables,
import and distribute light fittings, lamps, electrical accessories and audio-visual hardware and
accessories, and hold investments in a light fittings assembly operation and property investment
company. South Ocean Holdings Limited is a public company listed on the JSE Limited (“JSE”) and is
incorporated and domiciled in the Republic of South Africa.
The audited summary consolidated financial information was prepared by JP Bekker CA(SA) and was
approved for issue by the directors on 22 March 2018.
2. Basis of preparation
The audited summary consolidated Financial Statements of South Ocean Holdings Limited have
been prepared in accordance with the JSE Listing Requirements for provisional reports and the
requirements of the Companies Act of South Africa applicable to summary Financial Statements. This
should be read with the audited Financial Statements for the year ended 31 December 2017 from
which these results have been extracted. The JSE Listing Requirements require provisional reports to
be prepared in accordance with the framework concept and the measurement and recognition
requirements of the 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 directors take full responsibility for the preparation of the provisional report and that the financial
information has been correctly extracted from the underlying annual financial statements.
3. Accounting policies
The accounting policies applied in the preparation of the 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 Consolidated Financial Statements
used in the prior year, except where indicated. There are no new standards or amendments that were
issued since the last annual report that will result in a material impact in the reported or future results
of the Group.
4. Property, plant and equipment and intangible assets
During the year, the Group invested R7.8 million (2016: R13.3 million) in capital expenditure. An
impairment charge of R18.7 million (2016: RNil) before tax was reversed against the manufacturing
plant and machinery at South Ocean Electric Wire Company Proprietary Limited (“SOEW”) due to the
enterprise value of the subsidiary being higher than the value in use. The R18.7 million was impaired
in the 2016 financial year. The details of changes in tangible and intangible assets are as follows:
(Audited) (Audited)
Tangible Intangible
R’000 assets assets
Year ended 31 December 2017
Opening net carrying amount 289 699 7 783
Additions 6 770 1 040
Disposals (341) (1 339)
Impairment reversed 18 743 -
Depreciation / amortisation (15 450) -
Impairment (6 386) (7 484)
Closing net carrying amount 293 035 -
(Audited) (Audited)
Tangible Intangible
R’000 assets assets
Year ended 31 December 2016
Opening net carrying amount 313 633 8 780
Additions 12 318 997
Disposals (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 Ordinary Share
of shares shares premium Total
At 31 December 2017
Opening and closing balance 156 378 794 1 274 440 371 441 645
At 31 December 2016
Opening and closing balance 156 378 794 1 274 440 371 441 645
6. Interest bearing borrowings
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Secured loans
Non-current liabilities 50 294 52 025
Current liabilities 55 365 197 012
105 659 249 037
The movement in borrowings is analysed as follows:
Opening balance 249 037 180 593
Additional loans raised 10 699 83 620
Finance costs 5 851 23 141
Repayments (121 555) (38 317)
Non-current liabilities held for sale (38 373) -
Closing balance 105 659 249 037
7. Discontinuing operation and Non-current assets held for sale
Radiant Group has not been profitable for the last few years. The Board has taken a decision to find a
suitable buyer for this company. The Board has appointed a consultant to assist with this process.
The expected time of sale of this company is within the next 12 months.
The assets and liabilities of the Company held for sale are set out below:
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Assets and Liabilities
Assets of disposal group
Inventories 136 227 -
Trade and other receivables 43 042 -
Cash and cash equivalents 18 755 -
198 024 -
Liabilities of disposal group
Interest bearing borrowings 38 374 -
Derivative financial instrument 4 348 -
Accounts payable 34 758 -
77 480 -
7. Discontinuing operation and Non-current assets held for sale (continued)
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Financial performance of discontinuing operation
Revenue 303 017 343 541
Cost of sales (229 666) (252 428)
Gross profit 73 351 91 113
Other operating income 644 3 505
Total expenses (100 198) (100 676)
Impairment of non-current assets (8 295) -
Operating loss (34 498) (6 058)
Finance income 167 166
Finance expenses (3 042) (4 688)
Loss before taxation (37 373) (10 580)
Taxation (13 754) 7 440
Loss for the year (51 127) (3 140)
Cash flow information
Net cash inflow from operating activities 40 566 -
Net cash outflow from investing activities (1 139) - ‘
Net cash outflow from financing activities (18 194) -
Net increase in cash generated by subsidiary 21 233 -
8. Taxation
The effective tax rate is 39.2% (2016: 27.7%). The high effective rate is due to reversal of deferred
tax on the impairment reversal of R18.7 million.
9. Reconciliation of headline loss
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Loss attributable to equity holders of the Group (57 350) (39 139)
Profit on disposal of property, plant and equipment (30) (78)
Net impairment 1 187 13 495
(56 193) (25 722)
Headline loss per share (cents) (35.9) (16.4)
10. Weighted average number of shares
(Audited) (Audited)
31 December 31 December
2017 2016
Number of shares in issue 156 378 794 156 378 794
Weighted average number of shares in issue at beginning and
end of the year 156 378 794 156 378 794
11. Net asset value
(Audited) (Audited)
31 December 31 December
2017 2016
Net asset value per share (cents) 301.8 338.8
Tangible net asset value per share (cents)
301.8 333.9
12. Derivative financial instrument
The notational principal amount of the outstanding forward exchange contract at 31 December 2017
was R33 519 049 (2016: R6 961 070). Trading derivatives are classified as a current asset or current
liability. The fair value of the derivatives is determined with reference to observable market data and
rely as little as possible on entity specific estimates. The maximum exposure to credit risk at the
reporting date is the fair value of the derivative liability in the statement of financial position. The fair
values are within level 2 of the fair value hierarchy. The derivates relates to Radiant Group.
13. Final dividend declaration
No final dividend has been declared.
14. Audit opinion
These summary Consolidated Financial Statements for the year ended 31 December 2017 have
been audited by PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon. The
auditor also expressed an unmodified opinion on the Financial Statements from which these
summary Consolidated Financial Statements were derived.
A copy of the auditor’s report on the summary Consolidated Financial Statements and of the auditor’s
report on the Consolidated Financial Statements are available for inspection at the Company’s
registered office, together with the Financial Statements identified in the respective auditor’s reports.
15. Segment reporting
The chief operating decision-maker reviews the Group’s internal reporting in order to assess
performance and has 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, is 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 adjusted EBITDA generated by the Group’s reportable segments are
summarised as follows:
Adjusted Segment Segment
R’000 Revenue EBITDA assets liabilities
Year ended
31 December 2017
Electrical cable manufacturing 1 427 627 29 267 487 432 243 748
Lighting and electrical 304 977 (34 325) 198 024 77 480
accessories (discontinuing
operations)
Property investments 22 794 17 924 189 800 50 208
1 755 398 12 866 875 256 371 436
31 December 2016
Electrical cable manufacturing 1 437 154 15 881 473 164 239 216
Lighting and electrical 344 987 (14 028) 259 106 77 091
accessories (discontinuing
operations)
Property investments 21 798 17 486 187 648 56 588
1 803 939 19 339 919 918 372 895
Reconciliation of total segment report to the statement of financial position and statement of
comprehensive income is provided as follows:
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
Revenue
Reportable segment revenue 1 755 398 1 803 939
Inter-segment revenue (property rentals) (20 784) (21 069)
Inter-segment revenue – other (5 820) (5 681)
Discontinuing operations (303 017) (343 541)
Revenue per consolidated statement of
comprehensive income 1 425 777 1 433 648
(Audited) (Audited)
31 December 31 December
R’000 2017 2016
(Loss) profit before tax
Adjusted EBITDA 12 866 19 339
Corporate and other overheads (16 151) (14 632)
Depreciation (15 450) (15 871)
Impairment of intangible assets - lighting and electrical
accessories segment (5 573) -
Reversal (Impairment) of plant and machinery – electrical
cable manufacturing segment 18 743 (18 743)
Amortisation of intangible assets – lighting and electrical (1 339) (1 931)
accessories segment
Impairment of non-current assets – lighting and electrica (8 295) -
accessories segment
Discontinuing operations 34 498 6 058
Operating profit (loss) per consolidated statement of
comprehensive income 19 298 (25 780)
Finance income 995 1 005
Finance costs (26 988) (23 273)
Discontinuing operations 2 875 4 522
Loss before tax per consolidated statement of
comprehensive Income (3 819) (43 526)
Assets
Reportable segment assets 875 256 919 918
Corporate and other assets 5 173 1 437
Deferred tax 4 465 21 787
Total assets per statement of financial position 884 894 943 142
Liabilities
Reportable segment liabilities 371 436 372 895
Corporate and other liabilities 7 643 5 348
Deferred tax 33 862 35 026
Total liabilities per statement of financial position 412 941 413 268
16. Related party transactions
There were no related party transactions during the period ended 31 December 2017, save for
various intercompany transactions in the ordinary course of business.
17. Disposals and Acquisitions
There were no disposals or acquisitions during the period ended 31 December 2017.
18. Director changes
Ms M Chong an independent non-executive director resigned on the 11 August 2017 as director and
Mr JH Yeh also an independent non-executive director resigned on the 17 May 2017 as director.
Mr WP Li who was a non-executive alternate director, resigned as a director on the 17 of May 2017.
Ms MK Lehloenya who was the Chief Financial Officer resigned as director on the 31 January 2018.
Mr JP Bekker has been appointed as acting Chief Financial Officer until such time as a replacement
is appointed.
19. Competition Commission
As noted in the previous Financial Statements, the case arises from a complaint that the Competition
Commission first initiated on 16 March 2010 and which was referred to in the South Ocean Holdings
Limited’s SENS announcement dated 6 May 2010. SOEW has since agreed to settle the case and a
fine of R13 262 855, 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.
The fine will be paid in four equal instalments of which the first payment was made in December
2017. Interest will be charged as from June 2018 at the prescribed interest rate. The prescribed
interest rate is 3.5% above the Reserve Bank’s repurchase rate, which is currently 6.75% per annum.
20. Subsequent events
Notwithstanding the above, the directors are not aware of any other significant events arising since
the end of the financial year, which would materially affect the operations of the Group or its operating
segments.
21. Going concern
The Financial Statements have been prepared on the basis of accounting policies applicable to a
going concern. This basis presumes that funds will be available to finance future operations and that
the realisation of assets and settlement of liabilities, contingent obligations and commitments will
occur in the ordinary course of business.
The Group had short-term borrowings to the value of R81.2 million as disclosed in notes 12 and 17 of
the Financial Statements. As part of the security obligations towards the Bank, the Group undertook
that the combined Shareholders’ interest of the Group will not reduce below R500 million. During the
year, the Group breached this covenant. Management alerted the Bank to the breach and the Bank
condoned the breach until the 31 December 2017 and indicated that the breach will be reviewed on
the publication of the financial results for the year ended 31 December 2017. The Bank thereafter
revised the covenant to R450 million, effective 31 October 2017. At year end the Group complied with
the revised covenant.
First National Bank has indicated that the overdraft facility of Radiant Group Proprietary Limited
(“Radiant Group”) will be reduced by R3 million per month as from the 1 April 2018 with the total
reduction amounting to R20 million. The directors have approved a rights issue which will be effective
during April 2018 to replace the reduction of the overdraft facility.
The directors have performed a property valuation at year end. The market valuation of the properties
is in excess of the carrying value by R40.2 million. The properties are stated at historical cost less
accumulated depreciation and impairment losses, in line with the Company’s accounting policy.
COMMENTARY
Introduction
The Board of South Ocean Holdings Limited announced its summary consolidated results for the year
ended 31 December 2017 (“the year”).
South Ocean Holdings Limited is an investment holding company, comprising four operating subsidiaries
namely: South Ocean Electric Wire Company Proprietary Limited (“SOEW’), a manufacturer of low
voltage electrical cables, Radiant Group Proprietary Limited (‘Radiant’), an importer and distributor of light
fittings, lamps, electrical accessories and audio visual hardware and accessories, Anchor Park
Investments 48 Proprietary Limited (“Anchor Park”), a property holding company, and Icembu Services
Proprietary Limited (“Icembu”), a light fittings assembly company.
Financial overview
Earnings
Group revenue for the year ended 31 December 2017 decreased by 2.7% (2016: 7.2%, increase) to
R1.729 billion (2016: R1.777 billion). The Group’s gross profit decreased by 9.0% (2016: 2.7%, decrease)
to R139.9 million (2016: R153.7 million) and operating loss decreased from R31.8 million to a loss of
R15.2 million for the current year.
Group loss before tax decreased by 23.8% (2016: 185.9%, decrease in profit) resulting in a loss of
R41.2 million (2016: R54.1 million, increase). The basic loss per share increased by 46.8% (2016:
180.9%, increase in loss) to a loss per share of 36.7 cents (2016: 25.0 cents) compared to the prior
period, 2016. Headline loss per share increased by 118.9% (2016: 44.0%) to a headline loss of 35.9
cents (2016: 16.4 cents).
The decrease in the loss was partly as a result of the impairment reversal of R18.7 million (2016: R18.7
million – impairment charge) to the plant and machinery of SOEW recognised in the prior year, which
impacted the results positively by R13.5 million after tax.
Radiant Group provides an additional R12.7 million for slow moving stock which effected the loss
negatively.
The electrical cable segment’s production volumes decreased marginally which was a result of the
retrenchments implemented during the last quarter of 2016.
The lighting and electrical accessories segment’s revenues decreased due to market conditions which
effect pricing and lower gross profits.
Cash flow and working capital management
The cash generated from operations amounted to R120.9 million (2016: R55.7 million, cash utilised),
improving by R176.8 million compared to the prior year. Working capital decreased by R145.9 million,
primarily due to a decrease in inventory, and a decrease in trade receivables. Working capital investment
is currently at 18.9% (2016: 26.6%) of revenue.
The Group invested R7.8 million (2016: R13.3 million) in capital expenditure which was mainly financed
through long-term borrowings. The Group utilised R121.6 million (2016: R43.9 million) to repay its interest
bearing borrowings.
The Group generated net cash during 2017 of R8.5 million (2016: R1.2 million) resulting in the Group
bank balance increasing to R30.3 million (2016: R22.3 million, increase) as at year end.
Segment results
Electrical cable manufacturing - SOEW
Revenue decreased by 0.7% (2016: 7.1%, increased) to R1.428 billion (2016: R1.437 billion). The
decrease in SOEW revenue was mainly attributable to decreased demand.
Excess production capacity in the market resulted in aggressive pricing which put gross profit margins
under severe pressure. The volatility in the Rand Copper Price (“RCP”) again negatively impacted on
gross profit margins as customers placed orders depending on the movement of the RCP price which
resulted in lower margins.
Working capital management improved during the year from R277.3 million in 2016 to the current working
capital of R189.4 million. The overdraft balance decreasing from R124.0 million to R42.9 million.
Management has put procedures in place to improve efficiencies in the factory and cutting cost to ensure
that the Company will be profitable.
Lighting and electrical accessories – Radiant Group
Radiant Group reported revenues of R304.9 million (2016: R345.0 million) which is a decrease of 11.6%
(2016: 5.8%, increase) when compared to the prior year.
Radiant Group’s turnaround strategy has seen the Company make remarkable progress in successfully
managing working capital. This has however produced adverse results, which were primarily attributable
to the tough economy, stiff competition and implementation of the turnaround strategy. Inventory
management has seen reduction in stock holding by R44.4 million, the clearance of excess and slow
moving stock affected margins significantly. The stock provision has increased by R12.7 million as
provision was made for all slow moving stock. The majority of slow moving stock was for rechargeable
and solar lighting which was brought in for load shedding which did not occur.
Cash management has improved significantly as interest expense has decreased by R5.4 million or 50%
for the year if compared to the previous year. We have seen a marginal improvement in volumes, the
lower import cost and lower LED product pricing impacted on revenue growth. Foreign exchange volatility
and political uncertainty have seen the Company incur a R4.2 million unrealised foreign exchange loss at
year end. Radiant Group has again succeeded this year to keep cost under control.
Radiant Group is also in the process of implementing a master stock planning tool which will ensure that
optimal stock levels are maintained. This will assist in managing working capital requirements of the
subsidiary.
Management’s strategy is to re-enforce its sales strategy and strengthening its sales teams in order to
foster both organic and new market growth which will increase revenues coupled with cutting cost where
possible to turn the Company profitable.
Property investment – Anchor Park
Anchor Park’s revenue is derived mainly from Group companies, as it leases its properties to fellow
subsidiaries. The increase in revenue of 4.5% in rental income was due to increased rental premiums and
from renting out additional space to third parties.
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 traditional seasonality trend to
continue in future. However, in 2016, earnings in the second half were lower due to subdued market
conditions.
Prospects
It is important that the Group is structured to respond more effectively to the changing market dynamics.
Short term actions include an intensive focus on re-enforcing the Group’s sales strategy and
strengthening its sales teams and improving efficiencies on the production lines. The Group will also
focus on tight cost control, improved management review levels and heightened accountability and action
on non-performance. The Group’s attention is also firmly focused on its target clients and markets to
improve revenue that will deliver the value-enhancing growth the management team seeks, whilst
improving returns on capital employed across the Group.
The Group’s banker has indicated that they will be reducing the overdraft facility of Radiant Group by
R3 million per month as from the 1 April 2018 to a maximum of R20 million. The Directors have taken the
decision to replace the R20 million by a non-renounceable rights offer of R20 million which will be
underwritten by a potential BEE shareholder.
It is critical for the Group to get a BEE shareholder on board as revenues are being negatively affected by
the current BEE status of the Group. The drivers for growth are global and local economic growth,
increasing customer base, BEE shareholder and improvement in efficiencies.
Management is confident that the above actions will return the Group to profitability.
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, stakeholders and shareholders for their
continued support.
Forward looking information included in this announcement has not been reviewed and reported on by
the Group’s independent auditors.
On behalf of the board
22 March 2018
KH Pon CA(SA) JP Bekker CA(SA)
Chairman Chief Executive Officer and
acting Chief Financial Officer
Directors: K H Pon# (Chairman), H L Li? Q Deputy-Vice Chairman), J P Bekker*(Chief Executive Officer
and acting Chief Financial Officer), N Lalla#, D J C Pan?@A , C Y Wu?Q ,
* Executive # Independent Non-Executive ? Non-Executive Q Taiwanese @ Brazilian AAlternate
Registered Office: 12 Botha Street, Alrode, 1451 (PO Box 123 738, Alrode, 1451)
Company Secretary: WT Green, 21 West Street, Houghton, 2198 (PO Box 123738, Alrode, 1451)
Sponsor: Arbor Capital Sponsors Proprietary Limited, 20 Stirrup Lane, Woodmead Office Park, corner
Woodmead Drive and Van Reenens Avenue, Woodmead, 2191 (Suite #439, Private Bag X29, Gallo
Manor, 2052)
Share Transfer Secretary: Computershare Investor Services (Pty) Ltd, 70 Marshall Street, Ground Floor,
Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107, South Africa), Telephone: +27(11) 370 5000,
Telefax: +27(11) 688 5200, Website: www.computershare.com
Auditors: PricewaterhouseCoopers Inc. 4 Lisbon Lane, Waterfall City, Jukskeiview, Johannesburg, 2090.
Telephone: +27(12) 797 4000 Telefax +27(12) 797 5800, Website: www.pwc.co.za
Date: 22/03/2018 04:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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