TREMATON CAPITAL INVESTMENTS LIMITED - Unaudited interim results for the six months ended 28 February 2018

Release Date: 23/04/2018 09:00
Code(s): TMT
 
Wrap Text
Unaudited interim results for the six months ended 28 February 2018

TREMATON CAPITAL INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/008691/06)
JSE code: TMT
ISIN: ZAE000013991
("Trematon" or "the company")


UNAUDITED INTERIM RESULTS
for the six months ended 28 February 2018



STATEMENT OF FINANCIAL POSITION
                                                              Unaudited     Unaudited       Audited
                                                                     At            At            At
                                                            28 February   28 February     31 August
                                                                   2018          2017          2017
                                                     Note         R'000         R'000         R'000
ASSETS                                
Non-current assets                                            2 056 743     1 004 943     1 965 107 
Property, plant and equipment                                   126 694        65 405        95 257 
Investment properties                                         1 700 118       867 190     1 665 954 
Investments in joint ventures                                    94 892        44 264        81 959 
Investments in associate entities                                77 553         2 287        75 853 
Loans receivable                                        4        52 950        20 783        39 779 
Goodwill                                                          1 085             -             -
Deferred tax asset                                                3 451         5 014         6 305 
Current assets                                                  200 549       354 834       268 517 
Loans receivable                                        4         9 742        13 300        12 113 
Trade and other receivables                                      14 271         9 678        24 705 
Investments                                                       9 606        10 994         9 482 
Inventory                                                        48 764       117 171        52 284 
Current tax assets                                                    2             2             2 
Cash and cash equivalents                                       118 164       203 689       169 931 
Non-current assets held for sale                                      -             -         3 587 
Total assets                                                  2 257 292     1 359 777     2 237 211
                                
EQUITY AND LIABILITIES                                
Equity                                                          977 820       699 215       954 329 
Share capital and share premium                                 294 824       314 088       309 319 
Treasury shares                                                       -        (2 559)       (1 108)
Fair value reserve                                               29 601        13 156        26 150 
Share-based payments reserve                                     14 149        10 362        11 826 
Foreign currency translation reserve                             (1 153)            -          (137)
Accumulated profit                                              504 406       315 708       504 254 
Total equity attributable to equity holders of the parent       841 827       650 755       850 304 
Non-controlling interest                                        135 993        48 460       104 025 
Non-current liabilities                                       1 083 987       569 630     1 007 496 
Loans payable                                                   983 382       520 133       907 140 
Deferred tax liability                                          100 605        49 497       100 356 
Current liabilities                                             195 485        90 932       275 386 
Loans payable                                                   152 507        51 635       220 305 
Current tax payable                                                 161           372           831 
Trade and other payables                                         42 817        38 925        54 250 
Total equity and liabilities                                  2 257 292     1 359 777     2 237 211 
                                
Net asset value per share (cents)                                   389           299           391


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
                                                              Unaudited     Unaudited       Audited
                                                             Six months    Six months          Year
                                                                  ended         ended         ended
                                                            28 February   28 February     31 August
                                                                   2018          2017          2017
                                                     Note         R'000         R'000         R'000
Revenue                                                         153 989        79 840       301 203
Realised loss on held-for-trading investments                      (442)       (4 906)         (302)
Realised profit/(loss) on sale of non-current assets                  -           487          (282)
Realised profit on sale of associate                                  -        91 795        91 795
Total realised (loss)/profit                                       (442)       87 376        91 211
Fair value adjustment on held-for-trading investments               567         6 050         1 658
Fair value adjustment on investment properties                   14 911         1 923       219 883
(Impairment)/reversal of impairment of loan                      (2 371)        2 923         1 736
Total profit from fair value adjustments                         13 107        10 896       223 277
Other income                                                          -             -        22 578
Employee benefits                                               (24 237)      (17 119)      (40 325)
Cost of property and land sold                                   (7 122)       (2 457)      (79 356)
Other operating expenses                                        (72 418)      (33 920)      (90 923)
Operating profit                                                 62 877       124 616       427 665
Finance costs                                                   (55 695)      (27 351)      (70 887)
Profit from equity accounted investments (net of tax)    4       19 393         8 847        47 861
Profit before income tax                                         26 575       106 112       404 639
Income tax                                                       (1 761)       (1 631)      (54 274)
Profit for the period/year                                       24 814       104 481       350 365
Other comprehensive income                                
Items that will not subsequently be reclassified to 
  profit/(loss):                                
Fair value gain on revaluation of property, plant 
  and equipment                                                   4 447           989        17 734
Tax effects on fair value adjustments                              (996)         (221)       (3 972)
Items that are or may subsequently be reclassified 
  to profit/(loss):                                
Foreign currency translation differences on equity 
  accounted investments                                          (1 016)            -          (137)
Other comprehensive income for the period/year                    2 435           768        13 625
Total comprehensive income for the period/year                   27 249       105 249       363 990
Profit attributable to:                                
Equity holders of the parent                                     15 496       101 053       291 777
Non-controlling interest                                          9 318         3 428        58 588
                                                                 24 814       104 481       350 365
                                
Total comprehensive income attributable to:                                
Equity holders of the parent                                     17 931       101 821       305 402
Non-controlling interest                                          9 318         3 428        58 588
                                                                 27 249       105 249       363 990
                                
Earnings per share                                
Number of shares issued (thousands)                             216 607       217 771       217 348
Weighted average number of shares (thousands)                   216 785       217 743       217 711
Diluted weighted average number of shares (thousands)           235 208       235 592       235 858
Earnings per share (cents)                                          7.1          46.4         134.0 
Diluted earnings per share (cents)                                  6.6          42.9         123.1


STATEMENT OF CHANGES IN EQUITY
                                                                                    Total      Fair
                                                      Share     Share  Treasury     share     value
                                                    capital   premium    shares   capital   reserve
                                                      R'000     R'000     R'000     R'000     R'000
Balance at 1 September 2016                           2 195   320 511    (2 559)  320 147    12 388 
Total comprehensive income for the period                 -         -         -         -       768 
Profit for the period                                     -         -         -         -         - 
Fair value gain on property, plant and equipment          -         -         -         -       989 
Tax effects on revaluations                               -         -         -         -      (221)
Share-based payment                                       -         -         -         -         - 
Ordinary shares issued                                    -        91         -        91         - 
Capital distribution                                      -    (8 709)        -    (8 709)        - 
Balance at 28 February 2017                           2 195   311 893    (2 559)  311 529    13 156 
                                                
Balance at 1 March 2017                               2 195   311 893    (2 559)  311 529    13 156 
Total comprehensive income for the period                 -         -         -         -    12 994 
Profit for the period                                     -         -         -         -         - 
Fair value gain on property, plant and equipment          -         -         -         -    16 745 
Tax effects on revaluations                               -         -         -         -    (3 751)
Share-based payment                                       -         -         -         -         - 
Settlement of share-based payment                         -         -         -         -         - 
Treasury shares cancelled                               (18)   (4 680)    2 559    (2 139)        - 
Treasury shares acquired                                  -         -    (1 107)   (1 107)        - 
Foreign exchange movements on investment in associate     -         -         -         -         - 
Capital distribution                                      -       (71)        -       (71)        - 
Change in shareholding                                    -         -         -         -         - 
Balance at 31 August 2017                             2 177   307 142    (1 107)  308 212    26 150 
                                                
Balance at 1 September 2017                           2 177   307 142    (1 107)  308 212    26 150 
Total comprehensive income for the period                 -         -         -         -     3 451 
Profit for the period                                     -         -         -         -         - 
Fair value gain on property, plant and equipment          -         -         -         -     4 447 
Tax effects on revaluations                               -         -         -         -      (996)
Share-based payment                                       -         -         -         -         - 
Treasury shares cancelled                               (15)   (4 174)    4 189         -         - 
Treasury shares acquired                                  -         -    (3 082)   (3 082)        - 
Foreign exchange movements on investment in associate     -         -         -         -         - 
Ordinary shares issued                                    3       559         -       562         - 
Capital distribution                                      -   (10 868)        -   (10 868)        - 
Change in shareholding                                    -         -         -         -         - 
Balance at 28 February 2018                           2 165   292 659         -   294 824    29 601


                                                    Foreign
                                           Share-  currency   Accumu-
                                            based    trans-     lated             Non-con 
                                          payment    lation    profit/           trolling     Total
                                          reserve   reserve     (loss)    Total  interest    equity
                                            R'000     R'000     R'000     R'000     R'000     R'000
Balance at 1 September 2016                 9 000         -   214 655   556 190    45 032   601 222 
Total comprehensive income for the period       -         -   101 053   101 821     3 428   105 249 
Profit for the period                           -         -   101 053   101 053     3 428   104 481 
Fair value gain on property, plant 
  and equipment                                 -         -         -       989         -       989 
Tax effects on revaluations                     -         -         -      (221)        -      (221)
Share-based payment                         1 362         -         -     1 362         -     1 362 
Ordinary shares issued                          -         -         -        91         -        91 
Capital distribution                            -         -         -    (8 709)        -    (8 709)
Balance at 28 February 2017                10 362         -   315 708   650 755    48 460   699 215 
                                                
Balance at 1 March 2017                    10 362         -   315 708   650 755    48 460   699 215 
Total comprehensive income for the period       -         -   190 724   203 718    55 160   258 878 
Profit for the period                           -         -   190 724   190 724    55 160   245 884 
Fair value gain on property, plant 
  and equipment                                 -         -         -    16 745         -    16 745 
Tax effects on revaluations                     -         -         -    (3 751)        -    (3 751)
Share-based payment                         1 485         -         -     1 485         -     1 485 
Settlement of share-based payment             (21)        -         -       (21)        -       (21)
Treasury shares cancelled                       -         -         -    (2 139)        -    (2 139)
Treasury shares acquired                        -         -         -    (1 107)        -    (1 107)
Foreign exchange movements on investment 
  in associate                                  -      (137)        -      (137)        -      (137)
Capital distribution                            -         -         -       (71)        -       (71)
Change in shareholding                          -         -    (2 178)   (2 178)      405    (1 773)
Balance at 31 August 2017                  11 826      (137)  504 254   850 305   104 025   954 330 
                                                
Balance at 1 September 2017                11 826      (137)  504 254   850 305   104 025   954 330 
Total comprehensive income for the period       -         -    15 496    18 947     9 318    28 265 
Profit for the period                           -         -    15 496    15 496     9 318    24 814 
Fair value gain on property, plant 
  and equipment                                 -         -         -     4 447         -     4 447 
Tax effects on revaluations                     -         -         -      (996)        -      (996)
Share-based payment                         2 323         -         -     2 323         -     2 323 
Treasury shares cancelled                       -         -         -         -         -         - 
Treasury shares acquired                        -         -         -    (3 082)        -    (3 082)
Foreign exchange movements on investment 
  in associate                                  -    (1 016)        -    (1 016)        -    (1 016)
Ordinary shares issued                          -         -         -       562         -       562 
Capital distribution                            -         -         -   (10 868)        -   (10 868)
Change in shareholding                          -         -   (15 344)  (15 344)   22 650     7 306 
Balance at 28 February 2018                14 149    (1 153)  504 406   841 827   135 993   977 820


STATEMENT OF CASH FLOW                                        
                                                              Unaudited     Unaudited       Audited
                                                             Six months    Six months          Year
                                                                  ended         ended         ended
                                                            28 February   28 February     31 August
                                                                   2018          2017          2017
                                                                  R'000         R'000         R'000
Cash flows from operating activities                                  
Cash generated from operations                                   41 847        18 749       156 188
Finance income                                                    6 411         4 616        10 709
Dividends received                                                  820             -           298
Finance costs                                                   (55 695)      (27 351)      (70 887)
Tax paid                                                           (670)       (2 677)       (9 452)
Net cash from operating activities                               (7 287)       (6 663)       86 856
                                
Cash flows from investing activities                                   
Acquisition of and addition to property, plant and equipment    (34 801)      (29 157)      (44 864)
Acquisition of and addition to investment properties            (19 253)      (43 042)       (2 512)
Proceeds on disposal of non-current assets                       19 375           496        18 489
Proceeds on disposal of associate                                     -       190 751       190 751
Loans receivable advanced                                             -             -        (6 647)
Loan advanced to joint ventures and associates                   (4 559)       (4 694)       (8 089)
Loans repaid by joint ventures and associates                     1 000         1 661             -
Acquisition of associate                                              -             -       (72 384)
Acquisition of subsidiary                                          (192)            -             -
Acquisition of held-for-trading and available-for-sale investments    -          (103)         (120)
Proceeds from disposal of investments                                 -         4 054         2 509
Net cash from investing activities                              (38 430)      119 966        77 133
                                
Cash flows from financing activities                                   
Ordinary shares issued                                              562            91            91
Acquisition of treasury shares                                   (4 189)            -        (1 107)
Capital distribution                                            (10 868)       (8 709)       (8 780)
Decrease in borrowings                                          (21 706)       (9 510)      (54 217)
Increase in borrowings                                           30 150        75 954        37 396
Net cash from financing activities                               (6 051)       57 826       (26 617)
                                
Net (decrease)/increase in cash and cash equivalents            (51 768)      171 129       137 372
Cash and cash equivalents at the beginning of the period/year   169 932        32 560        32 560
Total cash and cash equivalents at the end of the period/year   118 164       203 689       169 932


NOTES
1.  Presentation of consolidated results
    Trematon Capital Investments Limited (the "company") is a company domiciled in South Africa. 
    The unaudited interim consolidated results of the company for the period ended 28 February 2018 
    comprise the company and its subsidiaries (together referred to as the "group") and the group's 
    interest in joint ventures and associates.

    The unaudited interim consolidated results have been prepared in accordance with and containing 
    information required by IAS 34 - Interim Financial Reporting, the SAICA Financial Reporting 
    Guides as issued by the Accounting Practices Committee and in the manner required by the 
    Companies Act and the JSE Limited Listings Requirements. The unaudited interim consolidated 
    results have been prepared using accounting policies and methods of computation that are in 
    terms of IFRS and which are consistent with those of the previous annual financial statements. 
    The unaudited interim consolidated results have not been audited or reviewed by the company's 
    auditors.

    The unaudited interim consolidated results have been prepared on the going concern basis using 
    a combination of the historical cost and fair value bases of accounting.

    The unaudited interim consolidated results are stated in Rands, which is the group's functional 
    and presentation currency.

    In preparing the unaudited interim consolidated results management is required to make estimates 
    and assumptions that affect the amounts represented in the unaudited interim consolidated results 
    and related disclosures. Use of available information and the application of judgement is 
    inherent in the formation of estimates. Actual results in the future could differ from these 
    estimates which may be material to the unaudited interim consolidated results.

    Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 
    estimates are recognised in the period in which the estimate is revised and in any future 
    periods affected.

2.  Headline earnings per share reconciliation
                                                 Unaudited          Unaudited            Audited
                                                Six months         Six months              Year
                                                  ended               ended               ended
                                               28 February         28 February          31 August
                                              2018     2018       2017     2017       2017      2017
                                             Gross      Net      Gross      Net      Gross       Net
                                             R'000    R'000      R'000    R'000      R'000     R'000
    Profit attributable to equity holders 
      of the parent                                  15 496             101 053              291 777
    Fair value adjustments on investment 
      properties                           (14 911)  (8 405)    (1 923)  (1 958)  (219 883) (119 261)
    Fair value adjustments within equity 
      accounted profits                    (18 142)  (9 111)    (6 441)  (3 332)   (57 292)  (36 701)
    Realised profit on sale of associate         -        -    (91 795) (91 795)   (91 795)  (91 795)
    Realised loss on sale of property,  
      plant and equipment                        -        -          -        -        282       219
    Headline earnings                                (2 020)              3 968               44 239
                                                
    Headline earnings per share (cents)                (0.9)                1.8                 20.3
    Diluted headline earnings per share (cents)        (0.9)                1.7                 18.8

3.  Segmental information
                                               Property                   UK  Corporate
                                                invest-              invest-        and
                                     Gaming       ments  Education     ments      other       Total
                                      R'000       R'000      R'000     R'000      R'000       R'000
    Unaudited six months ended 
    28 February 2018                                                
    Revenue                               -     136 377     17 612         -          -     153 989 
    Profit before tax                     -      23 999       (755)    2 511        820      26 575 
    Total assets                          -   1 937 533    114 837    74 182    130 740   2 257 292 
    Total liabilities                     -   1 270 791      8 681         -          -   1 279 472 
                                                
    Unaudited six months ended 
    28 February 2017                                                
    Revenue                             406      70 904      8 530         -          -      79 840
    Profit before tax                94 116      17 060     (1 701)        -     (3 363)    106 112
    Total assets                          -   1 296 114     47 220         -     16 443   1 359 777
    Total liabilities                     -     657 797      2 765         -          -     660 562
                                                
    Audited year ended 
    31 August 2017                                                
    Revenue                             541     280 619     20 043          -         -     301 203
    Profit before tax                94 161     308 785        313        439       941     404 639
    Total assets                          -   1 885 744     79 789     72 687   198 991   2 237 211
    Total liabilities                     -   1 275 113      7 769          -         -   1 282 882

4.  Loans receivable
    Loans receivable include loans due from related parties including joint ventures, associates 
    and other investments which are not consolidated in the group.

    Profit from these equity accounted joint ventures and associates amounted to R16.4 million and 
    R3.0 million respectively (2017: R6.6 million and R2.2 million respectively).


DIRECTORS' REVIEW
COMMENTARY ON FINANCIAL RESULTS
The directors consider the primary measure of value in the company to be the intrinsic net asset 
value ("INAV"). Increases in INAV do not occur on a consistent annual basis and are dependent on 
the value added cycle of the individual businesses. The INAV is the directors' best estimate of 
the true underlying value of the company, assuming an orderly and efficient disposal process after 
taking into account any possible taxes.

Towards the end of the 2017 financial year and the start of the 2018 financial year substantial 
allocations of cash have been invested into new and existing businesses, notably Generation 
Education ("Generation"), Aria Property Group ("Aria") (both based in the Western Cape) and 
ASK Partners ("ASK") based in the UK. The 2018 financial year will be a period of consolidation, 
with a focus on adding value in all businesses. 

INAV per share increased to 446 cents from 431 cents at year-end. This reflects mainly realisations 
of mature assets in the Resi Investment Group ("Resi") as well as trading stock in Club Mykonos 
Langebaan ("CML") at values in excess of directors' valuations. There were also some revaluations 
of Resi and Aria assets in nodes which have performed well. 

Revenue increased by 93% to R154 million (2017: R79.8 million) due to increased rental income in Aria 
and increased school fee income from the expansion of Generation. This increase is reflective of the 
growth of these businesses and increases the annuity income of the group.

Net profit after tax amounted to R24.8 million (2017: R104.5 million). In the prior interim period, 
material realisations in the investment portfolio were made which resulted in a high level of profits 
for that period, most notably the sale of Trematon's interest in the Mykonos Casino for a profit of 
R91.8 million. On a like-for-like basis excluding once-off capital profits, group earnings have 
increased on the prior year by 95%. 2017 profit excluding the Mykonos Casino sale was R12.7 million.

Earnings per share decreased to 7.1 cents (2017: 46.4 cents). Earnings per share in 2017, excluding 
profit from the Mykonos Casino sale, was 4.3 cents. A headline loss per share of 0.9 cent 
(2017: profit of 1.8 cents) was realised. The decrease in headline earnings is mainly due to expenses 
related to the take-on and refurbishment of new properties which were vacant during the period as well 
as increased school costs in preparation for the expansion of our current schools. 

REVIEW OF MAJOR INVESTMENTS
Generation Education 
Generation currently has six school sites of which four are operating schools with two sites 
currently under development. The number of students has increased to 833 (August 2017: 500 students).

The two largest schools are in Sunningdale and Hermanus. The Sunningdale campus is complete and at 
full capacity with a substantial waiting list. The Hermanus campus is still under construction and 
operating at current capacity. When complete the Hermanus school will be able to accommodate 
350 students.

Generation is also developing ancillary businesses in high growth areas of the education market.

Aria Property Group 
Aria focused on the management and leasing of its existing commercial portfolio during the period by 
concentrating on new and existing tenants as well as driving collection and cost-saving 
efficiencies within the underlying portfolio.

Pier Place, in the Cape Town CBD, achieved practical completion within budget and ahead of time 
and has established itself as a landmark offering within a precinct which is undergoing strong 
growth and redevelopment. Management has shifted their focus to unlocking value and exploring upgrades 
to Maynard Mall which will bring about much welcomed change to this Community Shopping Centre in 
Wynberg, Western Cape.

Aria continues to phase in various other value adding redevelopment opportunities in its portfolio.

Club Mykonos Langebaan 
CML generates annuity income from the rental of commercial properties to restaurant operators, boat 
and general storage facilities, the marina and other resort commercial activities. CML owns all 
the undeveloped land within the Club Mykonos Resort, which will be developed over the next few years. 
The latest phase released for sale is Marina Edge which consists of 16 developed plots on the 
edge of the marina. Nine plots have been sold to date.

CML has proven to be a resilient investment and has performed well during the period despite 
general weakness in the hospitality industry in Cape Town.

Resi Investment Group 
Resi's portfolio comprises over 600 residential units in the Western Cape. It provides stable 
rental returns for the group and continues to provide good capital growth in a strong 
Western Cape market. 

Resi continues to seek completed units to purchase but the current focus is on the development of 
residential apartments in the greater Cape Town area. Development plans are under way and further 
developments are likely to commence in the next six to 12 months.

ASK Partners
ASK is a UK-based structured finance company that aims to provide innovative financing to property 
developers in the UK. This is the first interim period in which ASK is included in the group results. 
ASK contributed R2.5 million to the group results before a write-down of R1 million due to the 
appreciation of the Rand relative to the Pound. ASK performed ahead of its original budget 
within its first year of operation and is on track to achieve good returns in Pound Sterling.

CONCLUSION
All five business silos have focused and competent management and each has the potential to achieve 
the group's target IRR of 20% per annum. 

The share price is trading at a significant discount to INAV. This is not under the direct control 
of management and reflects the same pattern as other investment holding companies in the current 
market. The focus of the management team is to grow the INAV over time. Should the discount persist, 
share buy-backs and other ways of reducing the discount will be considered.

INTRINSIC VALUE REPORT
Trematon is an investment holding company and uses the intrinsic value model to provide management 
and investors with a realistic and transparent way of evaluating Trematon's performance and value.

The intrinsic net asset value report below illustrates the intrinsic net asset value of all 
investment categories of the group for the period ended 28 February 2018. The preparation of the 
intrinsic net asset value is the responsibility of the directors of Trematon. The intrinsic net 
asset value has been prepared to assist investors in analysing future prospects of the group.

The financial information below has been compiled by using a combination of listed market values, 
external professional valuations, or directors' valuations, where applicable.

                                                                         Intrinsic value
                                                               February      February        August
                                                                   2018          2017          2017
                                                                  R'000         R'000         R'000 
Club Mykonos Langebaan                                  1       149 052       176 283       132 836 
Aria Property Group                                     1       218 819       121 335       226 860 
Resi Investment Group                                   1       251 328       187 928       211 440 
Generation Education                                    2       128 382        54 993        94 626 
ASK Partners                                            3        74 182             -        72 687 
Other                                                   4        25 995        41 039        29 060 
Cash                                                            118 164       203 689       169 931 
Totals                                                          965 922       785 267       937 440
                                
Number of shares in issue (thousands)                           216 607       217 771       217 348 
INAV per share (cents)                                              446           361           431

Notes
1  The assets have been valued by using a combination of directors' valuation and/or external 
   professional valuers, where applicable.
2  The school operations have been valued using discounted cash flows. The school properties are 
   carried at market value using directors' valuations.
3  The investment is carried at cost and adjusted for exchange rate fluctuations.
4  "Other" includes listed shares, held directly and indirectly, and other minor assets less 
    related debt.


Domicile and registered office: 3rd floor, Aria North Wharf 
42 Hans Strijdom Avenue, Foreshore, Cape Town, 8001
PO Box 7677, Roggebaai, 8012, South Africa
Contact details: Tel: 021 421 5550
Transfer secretaries: Link Market Services South Africa (Pty) Limited
19 Ameshoff Street, Braamfontein, 2001
Directors: M Kaplan (Chairman)*#, AJ Shapiro (Chief Executive Officer), AL Winkler
(Chief Financial Officer), JP Fisher*#, A Groll, AM Louw*#, R Stumpf*
* Non-executive # Independent
Secretary: SA Litten
Sponsor: Sasfin Capital, a member of the Sasfin Group
Auditor: Mazars
Published date: 23 April 2018
Prepared by: The group financial results have been prepared under the supervision
of the chief financial officer, Mr AL Winkler CA (SA).
Website: www.trematon.co.za


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