ARB HOLDINGS LIMITED - Summarised audited consolidated results for the year ended 30 June 2018, dividend announcement and notice of Annual

Release Date: 16/08/2018 08:00
Code(s): ARH
Wrap Text
Summarised audited consolidated results
for the year ended 30 June 2018, dividend announcement and notice of Annual

ARB Holdings Limited        
Registration number 1986/002975/06,
Share code: ARH
ISIN: ZAE000109435 
("ARB" or "the Company" or "the Group")

Summarised audited consolidated results
for the year ended 30 June 2018, dividend announcement and notice of Annual General Meeting

- Dividend per share maintained at 25,0 cents
- Special dividend declared again at 10,0 cents a share
- Headline earnings per share ("HEPS") up 15,9% to 71,7 cents
- Cash on hand of R259m, after R106m of capex and a dividend of R119m
- IFRS effect on earnings of 13,13 cents (19,51%) (2017: 1,01 cents)
- Due diligence in process for the acquisition of Radiant Lighting


ARB Holdings Limited  ("ARB") is an investment and property holding company which owns investments 
in closely-related trading and distribution businesses. Major investment holdings include 74% of 
ARB Electrical Wholesalers, a level 2 BEE company which operates 23 electrical branches (2017: 21) 
throughout South Africa, and 60% of Eurolux, which imports and distributes light fittings, lamps 
and related accessories.

The most significant reportable element of the Group's financial results revolves around the IFRS
effects of the put option liability relating to the Eurolux minorities. Consequently, the 
reported EPS is 14,9% higher than last year's whilst the operating profit for the year is 5,7% 
lower than last year's. This report is presented in terms of IFRS, but the table below sets out 
the adjustments made as a result of IFRS.

                                                                        %        2018        2017
                                                                   change     (R000's)    (R000's)
Normal earnings attributable to ordinary shareholders                (4,6)    137 633     144 223
Put option liability                                                           30 914       2 740
- Change in put option assumptions                                             26 000      (2 164)
- Dividends paid to non-controlling interests ("NCI")                          (4 800)     (4 800)
- Undiscounting of liability net of NCI share                                  (1 558)     (4 333)
- NCIs share of the results                                                    11 272      14 037
Straight-line of leases                                                           (51)       (371)
Earnings attributable to ordinary shareholders as reported                              
under IFRS                                                           14,9     168 496     146 592

While the South African economy remains difficult, with no clear momentum, the Group has raised
its revenue by 4,5% to R2,59bn in the current year, of which 2,5% came from the new branch
operations, and the CraigCor acquisition which was effective from 1 February 2018. The Electrical
Division's revenue increased 6,2% but continued to be constrained by the limited government
infrastructure spend during the year and the decline in local mining and manufacturing activities.
The Lighting Division was adversely affected by the decline in retail sales, especially in the 
first six-month period of the financial year, when consumer confidence was particularly low.

Gross profit increased by 3,5% reflecting the tough trading environment. Overheads increased by
7,5%, which includes the cost of investment in capacity through the addition of two new branches 
in Randburg and Port Elizabeth, the new enlarged East London store, and the acquisition of 
CraigCor Distribution Company ("CraigCor").

As a result, operating profit declined 5,7% to R204m. The Group remains cash generative, and
continues to manage its cash resources effectively, resulting in an improvement in interest 
income, which together with the IFRS put option adjustment, resulted in an after tax profit 
improvement of 11,8% to R191,6m. The Group remains ungeared with R259m cash on hand after 
spending R106m on capital expenditure, dividends of R119m and R19,2m for the acquisition of 
CraigCor. The capex includes the completion of the East London facility, the purchase 
of the vacant land at Lord's View and the initial costs of construction of this distribution 
facility. The Group anticipates spending a further R65m to complete construction of the 
distribution centre for occupation in December 2018.

Electrical Division (Revenue up 6,2%, operating profit down 3,8%)
The Electrical Division's results reflect the low levels of economic activity in the construction, 
mining and manufacturing sectors over the last year. Low infrastructure spend, coupled with a 
slowdown in Eskom's electrification efforts, have made for a challenging trading environment 
which has been amplified by an increase in business rescue cases that have impacted our customers 
and ultimately the Electrical Division's profitability.

Some market share gains were achieved from existing branches, the new enlarged store in East
London and the new branch in Port Elizabeth. The strategic drive to expand the "ARB Connect"
branch network continued with the opening of a new Connect outlet in Randburg.

There were some structural changes in the market during the year with suppliers in the cable
industry quoting directly to larger end customers. While this did impact the sales of this 
division, we were able to minimise the effect through our service levels and total package 
offering. Eskom's erratic spend was generally less than last year putting increased
pressure on the small contractors in this market.

Working capital remains a top priority and focus. Collections have been adequately managed and
inventory has been well controlled over the course of the year. Cash sales continue to grow in
line with our expectations, and particularly from the contribution of recently opened ARB Connect
branches. Stock levels are closely monitored in an unpredictable supplier performance and foreign
exchange environment.

A  60% share of CraigCor was acquired with effect from  1 February  2018. CraigCor has the
exclusive rights to distribute the Allan Bradley range of Rockwell Automation products in Gauteng,
the Western Cape, Namibia and Zambia. CraigCor also has exclusive distribution rights for the
Honeywell range of sensors and control systems in the SADAC region. Their contribution to revenue
amounted to R46,2m since acquisition.

Lighting Division (Revenue down 1,7%, operating profit down 20,6%)
The 2018 financial year has been one of consolidation and refocusing on core business whilst
investing in our strategies for growth.

This division was negatively affected by the lack of consumer confidence during the initial six
months of this financial year, which impacted sales to our retail customers. Some confidence
returned to this segment in the second half.

The increase in revenue has come mainly from two areas: retail sales and the finalisation of
the assembly and cut wire packaging plant. Our recent focus has been on re-ranging products
in the retail space with our retail partners and assisting these customers with the design and
implementation of store layouts. The benefits of these efforts can be seen in the increased 
turnover in the second half of the year.

The assembly and cut wire packaging plant is now in production with new products identified to
grow the product range offered. Continuity of supply of a range of the electrical products 
offered has also been enhanced.

Trading  margins  improved  despite  the  volatile  exchange  rate  and  the  competitive 
trading environment. The new warehouse for the distribution of an extended product range, 
including cable and wire products, has contributed to increased operating costs and a reduction 
in PBIT of 21% to R45,9m (2017: R57,8m).

Working capital management remains a challenge. While there has been a significant improvement
in the management of receivables, the high stock levels require more attention. The management
of stock is impacted by supplier challenges of long lead times and shipping issues which have to 
be balanced with ensuring that we satisfy the on-time delivery targets of the retail customers.

An announcement was made on SENS on 15 August 2018 that ARB, through its subsidiary Eurolux,
had signed agreements with South Ocean Holdings Ltd to acquire 100% of the total issued share 
capital of Radiant Group (Pty) Ltd ("Radiant") and the properties from which they operate. 
This transaction is set out in more detail under events subsequent to year-end below. 
If successful, this transaction will add new product ranges and a new route to market for the 
Lighting Division.

Corporate Division (Revenue up 19,5%, operating profit up 13,3%)
The division includes the property portfolio and the ARB IT business. The increase in PBT has
resulted mainly from the increase in dividends received from subsidiaries.

Given the fixed nature of the property rental income, the results are in line with expectations.
During the year, the East London property development was finalised at a total cost of R23m and 
the development of the new  42  000 m2 Gauteng distribution centre in Lords View in Midrand 
commenced. This latter development is expected to be completed at a total cost of R140m with
completion and occupation expected by the end of December 2018. This development has been 
exposed to community action prevalent at many construction sites in South Africa at the moment. 

The IT company has been rebranded from "ARB IT" to "Xact ERP Solutions" to enhance its drive to 
develop a stand-alone identity relevant to its target market. This division has continued to show 
customer gains, but remains a small revenue and profit generator for the division. 

Acquisitions remain an integral part of the Group's growth and expansion strategy. CraigCor was
acquired in February and an announcement was made regarding the agreement to acquire Radiant.

Little change is expected in the outlook for the South African economy during the next financial 
year and management is focused on leveraging the limited opportunities which exist and is 
adjusting existing business models accordingly.

The Electrical Division forecasts another challenging year and will remain focused on improving 
the performance of the existing operations, and expanding the number of Connect stores. Any 
positive developments in Eskom project expenditure and any other government funding in advance of 
the national elections will definitely have a positive effect on the Overhead Line sector of the 

The new distribution centre in Lords View will improve the Electrical Division's stock holding 
and management model with a reduction in total stock as the stores in the region will be 
replenished as and when required. Initially this will increase the operating costs of the business 
but in time this will be recovered through reduced stock levels and partially funded by supplier 

The Lighting Division's strategy is to grow market share and to introduce new product ranges to
its existing customer base. Furthermore, the Euro Nouveau range and project lighting segment,
which are still a small contributor to this division, are expected to show growth in the new year.
Should the Radiant transaction be consummated, there will initially be merging and right-sizing 
costs, but the new product range and new market sectors will add to the business's profitability.

                                                                             Audited      Audited
                                                                             year to      year to
                                                                             30 June      30 June
                                                                      %         2018         2017
                                                                 change      (R000's)     (R000's)
Revenue                                                             4,5    2 590 150    2 479 418
Cost of sales                                                       4,8    1 974 964    1 885 006
Gross profit                                                        3,5      615 186      594 412
Other income                                                      (39,2)       5 987        9 848
Selling, administration and distribution expenses                   7,5     (416 847)    (387 641)
Operating profit                                                   (5,7)     204 326      216 619
Change in put option valuation                                                26 000       (2 164)
Profit before interest and taxation                                          230 326      214 455
Net interest received                                              13,3       24 541       21 665
Profit before taxation                                              7,9      254 867      236 120
Taxation                                                           (2,2)      63 220       64 654
Profit for the year                                                11,8      191 647      171 466
Items that will not be recycled into profit or loss                                              
- Revaluation of property, plant and equipment                                                  
 (net of taxation)                                                             2 429        4 945
Total comprehensive income for the year                            10,0      194 076      176 411
Profit for the period attributable to:                                       191 647      171 466
- Non-controlling interests                                        (6,9)      23 151       24 874
- Ordinary shareholders                                            14,9      168 496      146 592
Total comprehensive income attributable to:                                  194 076      176 411
- Non-controlling interests                                        (6,9)      23 151       24 874
- Ordinary shareholders                                            12,8      170 925      151 537
                                                                             Audited      Audited
                                                                             year to      year to
                                                                             30 June      30 June
                                                                      %         2018         2017
                                                                 change      (R000's)     (R000's)
Profit for the period attributable to ordinary shareholders                  168 496      146 592
Loss on disposal of property, plant and equipment                                      
(net of tax and NCI)                                                               3       (1 150)
Headline earnings                                                            168 499      145 442
Number of ordinary shares in issue (000's)                                   235 000      235 000
Weighted average number of ordinary shares in                                          
issue (000's)                                                                235 000      235 000
Diluted number of ordinary shares (000's)*                                   235 000      235 000
Basic earnings per share (cents)*                                  14,9        71,70        62,38
Headline earnings per share (cents)*                               15,9        71,70        61,89
* There are no dilutive instruments in issue.

                                                                          Audited at   Audited at
                                                                             30 June      30 June
                                                                      %         2018         2017
                                                                 change      (R000's)     (R000's)
Property, plant and equipment                                      39,6      331 323      237 380
Intangible assets                                                  22,9       95 638       77 848
Investment in joint venture                                      (100,0)           -        3 233
Deferred taxation                                                              8 218        5 797
Total non-current assets                                                     435 179      324 258
Current assets                                                             1 161 501    1 198 311
Inventory                                                           7,7      508 174      471 992
Trade and other receivables                                        (6,1)     393 907      419 677
Cash resources                                                    (15,4)     259 420      306 642
Total assets                                                               1 596 680    1 522 569
EQUITY AND LIABILITIES                                                     
Share capital and premium                                                    116 174      116 174
Revaluation reserve                                                           72 909       70 480
Accumulated profits                                                          778 393      712 286
Attributable to ordinary shareholders                                        967 476      898 940
Non-controlling interests                                                    150 543      170 868
Total shareholders' funds                                                  1 118 019    1 069 808
Non-current liabilities                                                       76 028       41 148
Put option liability                                                          33 475            -
Deferred lease liability                                                         631          677
Deferred taxation                                                   3,6       41 922       40 471
Current liabilities                                                (2,2)     402 633      411 613
Trade and other payables                                            5,6      332 011      314 295
Put option liability                                              (28,6)      65 007       91 007
Taxation payable                                                  (11,0)       5 615        6 311
Total equity and liabilities                                               1 596 680    1 522 569
Net asset value per share (cents)                                             411,69       382,53
Net tangible asset value per share (cents)                                    374,47       353,90
Property, plant and equipment                                             
Capital expenditure for the year                                             106 299       33 894
Capital commitments - contracted for                                          44 526       53 448
Capital commitments - not contracted for                                      27 106       64 500
Depreciation and amortisation                                                 13 695       13 828


                                                                          Audited at   Audited at
                                                                             30 June      30 June
                                                                                2018         2017
                                                                             (R000's)     (R000's)
Cash generated by trading activities                                         217 053      226 167
Increase in net working capital                                                8 286      (19 146)
Cash generated by operating activities                                       225 339      207 021
Net interest received                                                         26 099       25 998
Dividends paid                                                              (118 650)     (93 385)
Taxation paid                                                                (65 039)     (62 486)
Cash flows from operating activities                                          67 749       77 148
Cash flows from investing activities                                        (114 971)     (13 775)
Cash flows from financing activities                                               -            -
Increase in cash resources                                                   (47 222)      63 373
Cash resources at the beginning of the year                                  306 642      243 269
Cash resources at the end of the year                                        259 420      306 642

                                      capital     Revalu-      Accumu-          Non-   
                                          and       ation        lated   controlling   
                                      premium     reserve       profit     interests        Total
                                      (R000's)    (R000's)     (R000's)      (R000's)     (R000's)
Balance at 30 June 2016               116 174      71 002      638 012       161 594      986 782
Total comprehensive income                  -       4 945      146 592        24 874      176 411
Transfer of reserve realised on                                                        
sale of property                                   (5 467)       5 467             -            -
Dividends paid                              -           -      (77 785)      (15 600)     (93 385)
Balance at 30 June 2017               116 174      70 480      712 286       170 868    1 069 808
Total comprehensive income                          2 429      168 496        23 151      194 076   
Shortfall on derecognition of NCI                              (20 139)       (7 076)     (27 215)                
Dividends paid                                                 (82 250)      (36 400)    (118 650)
Balance at 30 June 2018               116 174      72 909      778 393       150 543    1 118 019
SUMMARISED GROUP SEGMENT REPORT                                         
                                   Electrical    Lighting    Corporate       company        Total
                                      (R000's)    (R000's)     (R000's)      (R000's)     (R000's)
Audited year to                                                            
30 June 2018                                                               
- Segment revenue                   2 119 913     501 876       45 882       (77 521)   2 590 150
- Operating profit                    129 036      45 891       33 698        (4 299)     204 326
-  Profit before interest                                                  
and tax                               134 036      45 891       59 288        (8 889)     230 326
- Profit before tax                   149 841      37 153      193 472      (125 599)     254 867
- Segment assets                      948 957     346 540      707 199      (406 016)   1 596 680
- Segment liabilities                 341 195     161 238      252 883      (276 655)     478 661
- Net segment assets                  607 762     185 302      454 316      (129 361)   1 118 019
Audited year to                                                            
30 June 2017                                                               
- Segment revenue                   1 996 374     510 802      38 379        (66 137)   2 479 418
- Operating profit                    134 199      57 822      29 723         (5 125)     216 619
-  Profit before interest                                                  
and tax                               134 199      57 822      29 723         (7 289)     214 455
- Profit before tax                   154 275      48 238     112 427        (78 820)     236 120
- Segment assets                      976 043     284 690     603 927       (342 091)   1 522 569
- Segment liabilities                 298 071     114 277     244 459       (204 046)     452 761
- Net segment assets                  677 972     170 413     359 468       (138 045)   1 069 808


The summarised audited consolidated annual financial statements for the year ended 30 June 2018
have been prepared in accordance with the framework concepts and the measurement and
recognition requirements of International Financial Reporting Standards  ("IFRS"), the SAICA
Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the requirements of the
South African Companies Act, and the JSE Listings Requirements. These summarised financial
results do not include all the disclosures required by IFRS, but contain the minimum information
required by IAS 34 interim financial reporting.

The accounting policies used in the preparation of these results are in accordance with IFRS and
are consistent, in all material respects, with those applied in the prior year.

These summarised financial statements have been extracted from the consolidated financial
statements for the year ended 30 June 2018 which have been audited by PKF Durban, whose
unqualified audit opinion on these consolidated financial statements is available for inspection 
at the Company's registered office, together with the financial statements which will be utilised 
in preparation of the integrated report for circulation to the shareholders together with the 
notice for the Annual General Meeting. This summarised report is extracted from audited 
information, but is not itself audited.

The auditor's report does not necessarily cover all the information included in this 
announcement. The Board of Directors of ARB takes full responsibility for the preparation of 
these summarised audited consolidated financial results for the year ended 30 June 2018 and for 
ensuring that the summarised financial information has been correctly extracted from the 
underlying audited annual financial statements. Statements contained in this announcement, 
regarding the prospects of the Group, have not been reviewed or audited by the Group's 
external auditors.

This report and the summarised audited consolidated annual financial statements have been 
prepared and compiled under the supervision of Grant Scrutton CA(SA) (Chief Financial Officer).

Effective from 1 February 2018, the Group acquired a 60% controlling interest in CraigCor 
Distribution Company (Pty) Ltd, to gain access to an exclusive distributor of Rockwell Automation 
(Allan Bradley) products in Gauteng, Western Cape, Namibia and Zambia and Honeywell products in 
the SADAC region. Goodwill primarily relates to growth expectations, expected future 
profitability and the skill and expertise of the workforce. The purchase consideration is subject 
to a maximum of R30,0m of which R19,2m was settled with cash on the effective date with the 
balance to be paid in two tranches in November 2018 and November 2019 based on average levels of 
profitability to 31 September 2017, 31 September 2018 and 31 September 2019. The Group has also 
entered into put options to purchase the remaining 40% from February 2023.

The Group acquired R30,1m of net assets. In derecognising the NCIs, a put option liability of 
R31,9m was recognised and a shortfall on derecognition of NCI and recognition of put option of 
R20,1m charged to accumulated profits via the statement of change in equity, after attributing 
the NCIs, at the next level, their share of the shortfall.

Fair value of financial instruments
Financial liabilities measured at fair value in the statement of financial position are 
categorised in its entirety into the three levels of the fair value hierarchy based on the basis 
of the lowest level input that is significant to the fair value measurement in its 
entirety: Put option liabilities.
                                                                                  2018       2017
                                                                       Level   (R000's)   (R000's)
CraigCor - non current                                                     3    33 475          -
Eurolux - current                                                          3    65 007     91 007
                                                                           3    98 412     91 007

There have been no transfers between levels.  The fair value of the put option financial liability 
disclosed under level 3 has been determined in accordance with the predetermined contractual 
valuation method. In the contractual valuation formula the only input which is unobservable from 
market data is the subsidiaries historic profits. 

As previously reported, ARB Electrical Wholesalers (Pty) Ltd received a summons from a major
listed construction company, as third respondent (after their insurance company and insurance
broker), in terms of a professional indemnity claim totalling R76,4m "as a result of the incorrect
cable being procured or incorrect cables being installed incorrectly". The Board believes that the
cable specified on their order was correctly supplied and delivered. Counsel have been appointed
to defend the matter which is set down to go to trial in November 2018. No provision has been made
as the Board believes that there is no justification for this claim.

In view of the Group's continued strong cash generation and its ungeared balance sheet, the Board
has resolved to declare a dividend of 25,0 cents per share (2017: 25,0 cents per share) for the year
ended 30 June 2018, representing the maximum pay-out in terms of the Company's dividend policy. 
In addition, the Board has resolved to again declare a special dividend of 10,0 cents per share
(2017: 10,0 cents) in order to return excess cash to shareholders.

The relevant dates for the dividends are as follows:
Event                                         Date
Declaration date                              Thursday, 16 August 2018
Last day to trade cum dividend                Tuesday, 11 September 2018
Shares commence trading ex dividend           Wednesday, 12 September 2018
Record date                                   Friday, 14 September 2018
Payment date                                  Monday, 17 September 2018

Share certificates may not be dematerialised or rematerialised between Wednesday, 12 September 2018
and Friday, 14 September 2018, both days inclusive.

In compliance with the JSE Listings Requirements, the following additional information 
is disclosed:
1. the dividend and special dividend have been declared out of income reserves;
2. the local Dividend Withholding Tax rate is 20%;
3. the gross local dividend amount is 25,00000 cents per share for shareholders exempt from paying
   Dividend Withholding Tax;
4. the gross local special dividend amount is 10,00000 cents per share for shareholders exempt from
   paying Dividend Withholding Tax;
5. the net local dividend amount is 20,00000 cents per share for shareholders liable to pay 
   Dividend Withholding Tax;
6. the net local special dividend amount is 8,00000 cents per share for shareholders liable to 
   pay Dividend Withholding Tax;
7. the issued share capital of ARB is 235 000 000 ordinary shares of 0,01 cent each; and
8. ARB's income tax reference number is 9010/138/20/5.

Exchange control approval has been applied for from the South African Reserve Bank to give effect
to the payment of the special dividend noted above. Payment of the special dividend to foreign
holders can only be made once this approval has been given.

As announced on SENS on 15 August 2018, ARB has signed definitive agreements with South Ocean
Holdings Ltd ("South Ocean") to acquire 100% of the total issued share capital of Radiant Group
(Pty) Ltd ("Radiant") and the properties from which they operate out of. This transaction is still 
subject to several conditions precedent, including the approval of the transaction by the 
directors of ARB, the shareholders of South Ocean and the Competition Commission. If successful, 
this transaction will add a product range that Eurolux was not previously involved in and add to 
the operational capacity of the Lighting Division.

The purchase price for the sale equity is calculated linked to the tangible net asset value
("TNAV") of Radiant to be determined as at the effective date. The maximum purchase amount 
is R117m.

The purchase price for the five properties (being Erven 445 and 446 Wynberg, Erf 539 Wynberg, 
Erven 1111 and 1112 Marlboro) is R88m, subject to receipt of a structural engineer's report,
electrical compliance certificate and an entomologist's report.

The purchase considerations will be settled in cash by Eurolux, with 40% of the funding coming
from Eurolux's minority shareholders and the balance from ARB. It is anticipated that no third-
party financing will be required to fund the transaction.

The holding company has provided financial guarantees and cessions of loan accounts to the
Group's bankers on behalf of the subsidiary companies as security for facilities granted to the
subsidiary companies.

The group holding company does not trade and has no B-BBEE score. The Group's empowerment
is at the operational level and is specific to the requirements of the operation. ARB Electrical
Wholesalers is a level 2 value-adding contributor.

There have been no changes to the Board during the period under review.

Notice is hereby given that the Annual General Meeting of shareholders of ARB will be held at
10:00 on Tuesday, 6 November 2018, at the Company's registered office located at 10 Mack Road,
Prospecton, Durban. The notice of Annual General Meeting will be contained in the integrated
report which will be posted to shareholders by no later than Friday, 28 September 2018.

The record date, for purposes of determining which shareholders are entitled to receive the 
notice of Annual General Meeting, will be Friday, 21 September 2018.

The last day to trade and the record date, in order for shareholders to be eligible to 
participate in and vote at the Annual General Meeting, will be Tuesday, 23 October 2018 and 
Friday, 26 October 2018, respectively.

We would like to acknowledge and thank our customers, suppliers, business partners, advisors,
shareholders, management and staff for their continued support in another tough trading year.

Alan R Burke              William R Neasham
Chairman                  Chief Executive Officer

16 August 2018


AR Burke (Chairman)*                                                                             
JS Dixon#*                                                                                       
ST Downes#*                                                                                      
WR Neasham (CEO)                                                                                 
RB Patmore^#*
GM Scrutton (CFO)
* Non-executive                                                                                  
# Independent                                                                                    
^ Lead independent
Registered office and telephone numbers                                                          
10 Mack Road                                                                                     
PO Box 26426                                                                                     
Tel: +27 31 9100 100
PKF Durban
12 on Palm Boulevard
Tel: +27 31 573 5000

Grindrod Bank
Grindrod Tower
8a Protea Place

Tel: +27 11 459 1873

Transfer secretaries
Computershare Investor Services
Rosebank Towers
15 Biermann Avenue

Investor relations
Keyter Rech Investor Solutions
Number 5, 2nd Road
Hyde Park

Company Secretary
M Louw
11 Larch Close

Tel: +27 12 663 7989
Date: 16/08/2018 08:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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