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ESR - Esorfranki - Reviewed Interim Results for the six months ended 31 August

Release Date: 25/10/2011 07:05:02      Code(s): ESR
ESR - Esorfranki - Reviewed Interim Results for the six months ended 31 August  
2011                                                                            
ESORFRANKI LIMITED                                                              
(Registration number: 1994/000732/06)                                           
Incorporated in the Republic of South Africa                                    
(Share Code: ESR & ISIN: ZAE000133369)                                          
("Esorfranki" or "the company" or "the group")                                  
REVIEWED INTERIM RESULTS                                                        
FOR THE SIX MONTHS ENDED 31 AUGUST 2011                                         
SALIENT FEATURES                                                                
REVENUE UP 14,2%                                                                
ORDER BOOK UP R1,5 billion from R1 billion                                      
HEPS DOWN 195%                                                                  
SHORT TERM PROSPECTS UP R2,3 billion                                            
COMMENTARY                                                                      
The directors present the reviewed condensed consolidated interim results for   
the six months ended 31 August 2011 ("the period"), reflecting the adverse      
impact on the group of a still depressed construction sector. Key performance   
indicators accordingly declined year-on-year.                                   
Positively a number of the problem contracts plaguing the group were concluded  
during the first quarter of the period, with the overall contract base now      
showing improved profitability.                                                 
The group structure has been successfully streamlined with the divisionalisation
of operations and their amalgamation into a single operating company effective 1
March 2011. All group businesses are now housed under the re-branded company    
Esorfranki Construction (Pty) Limited and cost and efficiency savings are       
starting to be realised.                                                        
Esorfranki`s order book remains solid (even excluding certain contract awards   
currently being contested), having been significantly bolstered during the      
period. The secured outstanding order book stands in excess of R1,5 billion at  
the date of this announcement.                                                  
Imminently pending awards total approximately R2,3 billion.                     
Financial results                                                               
Revenue grew 14,2% to R857,5 million from R750,8 million in the comparative     
period. Earnings before interest, depreciation, impairments, amortisation and   
taxation ("EBITDA") declined 66,2% from R75,2 million to R25,4 million.         
Headline earnings per share ("HEPS") reduced 195,1% to a headline loss per      
share of 3,9 cents per share. Net asset value per share ("NAV") fell 11,0%      
to 230,1 cents from 258,4 cents.                                                
Review of operations                                                            
During the period the construction market waned further and already fierce      
competition intensified. Work tendered for in previous periods at reduced       
margins, as a consequence of the harsh trading conditions, is now being         
executed. Strict cost controls and effective risk management practices are in   
place throughout the group to contain the effect on profits.                    
The expansion of the group`s market share in sub-Saharan Africa continued       
strongly with a number of new contracts secured.                                
Investment in working capital has increased significantly as a consequence of   
new contract awards and the outflow on loss-making contracts. Management has    
assessed all contract cost estimates and has made adequate provisions for any   
future excess contract costs.                                                   
Impacted by tough market conditions most of the group`s divisions posted weaker 
results compared to the comparative period.                                     
Esorfranki Geotechnical:                                                        
Revenue of R405,6 million was down 4,2% (Aug 2010: R423,2 million) and accounted
for 47% of group revenue. Profit before tax ("PBT") grew from R12,0 million to  
R15,2 million.                                                                  
Recent project awards include work at Kalagadi Phase II for R40,7 million, 114  
West Street and other work in Sandton totalling R85 million. R20 million worth  
of piling work remains at Kusile. In the Western Cape projects include a R15    
million contract at the V&A Clocktower, R37 million for Langeni Road            
Rehabilitation and R8,3 million for the Portside basement.                      
The announcement of the preferred bidder for the N1/N2 tollway presents         
opportunity for further geotechnical work. In KwaZulu-Natal recent awards       
include R5,7 million for stone columns at Bridge City, R9,5 million for         
diaphragm walls at Island View and R4,7 million geotechnical work at St         
Elizabeth`s Hospital. Outside South Africa, the Angolan market remains          
depressed. The Kinaxixi project is nearing completion, with the possibility of  
additional geotechnical work on this project. Other projects underway include   
R73 million worth of secured work in Mozambique, which has been driven by the   
coal mining infrastructure programmes. R37 million has been secured in Tanzania 
for the current year and R50 million in Mauritius with contract awards still    
pending in these regions (save for Mauritius). Further awards of R11 million in 
Ghana and a recent award in Uganda for lateral support in Kampala will enhance  
Esorfranki`s geographical diversity.                                            
Esorfranki Civils:                                                              
The division achieved revenue of R354,4 million (Aug 2010: R225,3 million)      
accounting for 40% of group revenue. It posted a loss before tax of R25,9       
million (2010: PBT R20,8 million).                                              
Recent projects secured include for Roads Agency Limpopo worth R60 million, a   
R200 million K71/R55 road project, the R330 million Bakwena N4 contract and R311
million of civil works for Kusile. Esorfranki also secured a R30 million five-  
storey commercial development in Rosebank.                                      
Esorfranki Pipelines:                                                           
With revenue of R113,3 million (Aug 2010: R102,3 million) the division          
contributed 13% of group revenue. PBT amounted to R0,6 million (2010: R2,3      
million). Ongoing contracts include the R208 million BG3 contract and the R46   
million Mooihoek Phase III. As previously announced the Western Aqueduct award  
to the Esorfranki/Cycad Joint Venture was challenged in the Pietermaritzburg    
High Court with judgement made to set aside the contract award. The             
consideration of an appeal is currently being addressed by the client, eThekwini
Municipality.                                                                   
CAPEX                                                                           
During the period the group invested R152,3 million in property, plant and      
equipment (Aug 2010: R37,3 million). The increase in CAPEX is attributable to   
the need to gear up for contracts awarded during the period. The majority of    
CAPEX requirements are applied in Esorfranki Civils.                            
Black Economic Empowerment                                                      
Esorfranki is currently a `Level 4` contributor in terms of the Department of   
Trade & Industry`s B-BBEE Codes of Good Practice, a critical differentiator in  
an environment dependent on Government infrastructure spend. The group remains  
focused on continually reviewing and enhancing all areas of scorecarding and    
will look to improve the rating in the medium term.                             
Incorporating retail shareholders on the open market, direct black ownership    
scored at 29,64% (2010: 29,07%). Included in this is the 3,3% stake in the      
company held by Black staff through the Esor Broad Based Share Ownership Scheme.
More than 80% of the group`s 3 124 (Aug 2010: 3 059) strong workforce is Black  
and emphasis is placed on skills training and development to accelerate         
promotion into middle and senior management.                                    
Competition Commission Update                                                   
As previously announced Esorfranki was named in July 2009 by the Competition    
Commission in an investigation into alleged anti-competitive behaviour in the   
piling and drilling industry. The allegations related to transgressions by      
Franki Africa prior to that company`s acquisition by the group and by the then- 
named Esor (Pty) Limited prior to listing. Esorfranki has co-operated fully with
the Competition Commission. The investigation is ongoing and no updates have    
occurred since the announcement at the previous year-end.                       
Directorate                                                                     
Andy Brookstein, former Managing Director of Esorfranki Civils, was appointed as
an executive director of the group with effect from 26 August 2011.             
Events after the reporting date                                                 
There were no significant events after the reporting date.                      
Prospects                                                                       
Looking ahead the economy and construction sector are showing the first, slow   
signs of recovery, although a full recovery is expected only in the medium-term 
and then not to the levels of the 2008/9 boom. Esorfranki intends expanding its 
geographical footprint and product range through both organic and acquisitive   
growth to capitalise on opportunities.                                          
With higher margins Sub-Saharan Africa continues to offer scope for growth for  
all business units. Current prospects include projects in Ghana, Kenya, Uganda, 
Togo as well as Mozambique.                                                     
Esorfranki Civils is expected to capitalise on opportunities in housing,        
particularly low-cost housing. Anticipated projects in the water, energy and    
transport sectors are shoring up prospects for the group. Esorfranki Pipelines  
has a positive outlook based on work for the Rand Water Augmentation Schemes,   
TCTA and the petroleum industry.                                                
Dividend policy                                                                 
In line with group policy no interim dividend has been declared. It remains the 
policy of the group to review the dividend policy annually in light of cash     
flow, gearing, capital requirements and bank covenants.                         
Statement of compliance                                                         
The reviewed condensed consolidated interim financial statements for the period 
have been prepared in accordance with the recognition and the measurement       
requirements of International Financial Reporting Standards, the presentation   
and disclosure requirements of IAS 34: Interim Financial Reporting, the AC 500  
standards and the JSE Listings Requirements and in the manner required by the   
South African Companies Act, 71 of 2008. The accounting policies and method of  
measurement and recognition applied in preparation of the condensed consolidated
interim financial statements are consistent with those applied in the group`s   
annual financial statements for the year ended 28 February 2011, which comply   
with International Financial Reporting Standards ("IFRS").                      
Auditor`s independent review                                                    
These condensed consolidated financial results for the period have been reviewed
by the company`s auditors, KPMG Inc., in terms of International Standards on    
Review Engagements 2410. The scope of the review was to enable the auditors to  
report that nothing had come to their attention that caused them to believe that
the accompanying condensed consolidated interim financial statements are not    
presented, in all material respects, in accordance with IAS 34 - Interim        
Financial Reporting and the South African Companies Act. Their unmodified review
report on the condensed consolidated interim financial statements is available  
for inspection at the registered office of the company.                         
Appreciation                                                                    
We thank our management teams and employees for their persistence and loyalty in
a trying period and challenging environment. Our appreciation also extends to   
our customers, suppliers, advisors and stakeholders for their continued support.
On behalf of the board.                                                         
Bernard Krone                                    Wayne van Houten               
Chief Executive Officer                          Chief Financial Officer        
24 October 2011                                                                 
Condensed consolidated statement of comprehensive income                        
                                                          6 months ended        
Reviewed      Reviewed   
                                                      31 August     31 August   
                                                           2011          2010   
                                                          R`000         R`000   
Revenue                                                  857 524       750 798  
Cost of sales                                          (777 629)     (603 294)  
Gross profit                                              79 895       147 504  
Other income                                               1 058         2 969  
Operating expenses                                      (55 546)      (75 302)  
Profit before interest, tax, amortisation,                                      
impairments and depreciation                              25 407        75 171  
Depreciation, impairments and amortisation              (39 822)      (37 158)  
Results from operating activities                       (14 415)        38 013  
Finance costs                                           (12 073)      (17 184)  
Finance income                                             2 614         3 079  
(Loss)/profit before tax                                (23 874)        23 908  
Taxation                                                   5 197      (11 597)  
(Loss)/profit after tax                                 (18 677)        12 311  
Other comprehensive income:                                                     
Foreign currency translation differences                                        
for foreign operations                                     6 864      (22 553)  
Actuarial gain on post retirement benefit                      -             -  
Income tax on other comprehensive income                   (546)         2 219  
Other comprehensive income/                                                     
(loss) for the period, net of tax                          6 318      (20 334)  
Total comprehensive loss for the period                 (12 359)       (8 023)  
(Loss)/profit attributable to:                                                  
Owners of the company                                   (18 677)        12 311  
Total comprehensive income/(loss) attributable to:                              
Owners of the company                                   (12 359)       (8 023)  
Basic (loss)/ earnings per share (cents)                   (4,8)           4,2  
Diluted (loss)/ earnings per share (cents)                 (4,8)           4,2  
Reconciliation of headline (loss) / earnings                                    
(Loss)/profit attributable to ordinary shareholders     (18 677)        12 311  
Adjusted for:                                                                   
Loss on disposal of property, plant and equipment          3 630           918  
Derecognition of minority interests in subsidiary              -       (3 605)  
Impairment of property, plant and equipment                    -         1 200  
Impairment of intangible assets                                -         1 182  
Headline (loss)/earnings attributable to                                        
ordinary shareholders                                   (15 047)        12 006  
Number of ordinary shares in issue (`000)                395 185       302 162  
diluted weighted average                                 387 980       295 628  
weighted average                                         387 812       293 403  
Headline (loss)/earnings per share (cents)                 (3,9)           4,1  
                                                                   Year ended   
                                                                      Audited   
                                                                  28 February   
Change            2011   
                                                            %           R`000   
Revenue                                                   14,2       1 366 433  
Cost of sales                                             28,9     (1 204 988)  
Gross profit                                            (45,8)         161 445  
Other income                                            (64,3)           3 654  
Operating expenses                                      (26,2)       (116 033)  
Profit before interest, tax, amortisation,                                      
impairments and depreciation                            (66,2)          49 066  
Depreciation, impairments and amortisation                 7,2        (65 489)  
Results from operating activities                      (137,9)        (16 423)  
Finance costs                                           (29,7)        (54 371)  
Finance income                                          (15,1)          23 703  
(Loss)/profit before tax                               (199,9)        (47 091)  
Taxation                                               (144,8)           6 330  
(Loss)/profit after tax                                (251,7)        (40 761)  
Other comprehensive income:                                                     
Foreign currency translation differences                                        
for foreign operations                                   130,4        (21 334)  
Actuarial gain on post retirement benefit                    -           (261)  
Income tax on other comprehensive income               (124,7)           2 441  
Other comprehensive income /                                                    
(loss) for the period, net of tax                        131,1        (19 154)  
Total comprehensive loss for the period                 (54,0)        (59 915)  
(Loss)/profit attributable to:                                                  
Owners of the company                                  (251,7)        (40 761)  
Total comprehensive income/(loss) attributable to:                              
Owners of the company                                    131,1        (19 154)  
Basic (loss)/ earnings per share (cents)               (214,3)          (13,9)  
Diluted (loss)/ earnings per share (cents)             (214,3)          (13,8)  
Reconciliation of headline (loss) / earnings                                    
(Loss)/profit attributable to ordinary shareholders    (251,7)        (40 761)  
Adjusted for:                                                                   
Loss on disposal of property, plant and equipment                        4 609  
Derecognition of minority interests in subsidiary                      (3 654)  
Impairment of property, plant and equipment                                  -  
Impairment of intangible assets                                          2 032  
Headline (loss)/earnings attributable to                                        
ordinary shareholders                                  (225,3)        (37 774)  
Number of ordinary shares in issue (`000)                              302 162  
diluted weighted average                                               294 554  
weighted average                                                       293 763  
Headline (loss)/ earnings per share (cents)            (195,1)          (12,9)  
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION                          
Reviewed      Reviewed         Audited   
                                      31 August     31 August     28 February   
                                           2011          2010            2011   
                                          R`000         R`000           R`000   
ASSETS                                                                          
Non-current assets                     1 085 923       986 302         966 187  
Property, plant and equipment            678 242       586 833         565 775  
Intangible assets                         89 170        91 057          90 117  
Goodwill                                 305 715       305 715         305 715  
Financial asset                            7 829             -               -  
Deferred tax asset                         4 967         2 697           4 580  
Current assets                           626 951       622 468         498 164  
Inventories                               14 933        10 989          16 983  
Other investments                          1 593         8 846             420  
Financial asset                            5 872             -               -  
Taxation                                   4 218             -           3 855  
Trade and other receivables              550 791       514 623         413 768  
Cash and cash equivalents                 49 544        88 010          63 138  
Total assets                           1 712 874     1 608 770       1 464 351  
EQUITY AND LIABILITIES                                                          
Share capital and reserves               893 375       758 829         703 156  
Share capital and premium                589 700       396 958         389 449  
Equity compensation reserve               16 225        10 687          14 444  
Foreign currency translation reserve    (26 324)      (34 630)        (33 188)  
Retained earnings                        313 774       385 814         332 451  
Non-current liabilities                  298 564       376 813         195 562  
Secured borrowings*                      195 040       255 638          84 516  
Post-retirement benefits                   1 657         1 665           1 657  
Deferred tax liabilities                 101 867       119 510         109 389  
Current liabilities                      520 935       473 128         565 633  
Current portion of secured borrowings*    77 907       136 437         241 527  
Taxation                                  18 529        17 027           9 953  
Provisions                                23 882        14 510           3 213  
Bank overdraft*                           48 410             -               -  
Trade and other payables                 352 207       305 154         310 940  
Total equity and liabilities           1 712 874     1 608 770       1 464 351  
Net asset value per share (cents)          230,1         258,4           238,9  
Tangible net asset value per share                                              
(cents)**                                  156,9         161,1           142,1  
*Interest-bearing debt                                                          
** (Net asset value less intangible assets net of deferred tax) / weighted      
average shares                                                                  
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS                                  
                                           6 months ended          Year ended   
Reviewed      Reviewed         Audited   
                                      31 August     31 August     28 February   
                                           2011          2010            2011   
                                          R`000         R`000           R`000   
Cash flows from operating activities                                            
(Loss)/profit before taxation           (23 874)        23 908        (47 091)  
Adjustments for:                                                                
Depreciation of property, plant                                                 
and equipment                             38 875        33 278          60 669  
Impairment of intangible assets                -         1 624           1 624  
Impairment of building                         -         1 200           1 200  
Amortisation of intangible assets            947         1 056           1 996  
Amortisation of financial asset              979             -               -  
Profit on disposal of property,                                                 
plant and equipment                         (62)             -           (121)  
Loss on disposal of property,                                                   
plant and equipment                        5 104         1 275           6 523  
Foreign currency translation                                                    
reserve adjustment                         2 879      (14 806)        (14 606)  
Equity settled share-based payment                                              
transactions                               1 781         2 434           6 191  
Disposal of subsidiary                         -             -         (3 654)  
Interest expense                               -             -             147  
Income tax refund/(paid)                   5 314         5 702           (837)  
31 943        55 671          12 041   
Change in inventories                      2 050         3 838         (2 156)  
Change in trade and other receivables  (137 023)      (14 754)          86 086  
Change in trade and other payables        41 267        20 477          23 620  
Acquisition of financial asset          (14 680)             -               -  
Change in provisions                      20 669       (6 577)        (17 874)  
Net cash (used)/ generated                                                      
from operations                         (55 774)        58 655         101 717  
Cash flows from investing activities                                            
Proceeds from sale of property,                                                 
plant and equipment                          130           125           3 032  
Acquisition of business                        -             -           (980)  
Acquisition of property, plant                                                  
and equipment                          (152 342)      (37 306)        (50 373)  
(Acquisition)/disposal of other                                                 
investments                              (1 173)       (2 084)           6 342  
Net cash used in investing activities  (153 385)      (39 265)        (41 979)  
Cash flows from financing activities                                            
Proceeds from the issue of share                                                
capital                                  200 251             2           1 261  
Decrease in secured borrowings          (53 096)       (4 633)        (70 665)  
Post-retirement benefits paid                  -             -           (417)  
Dividends paid                                 -      (43 612)        (43 642)  
Net cash generated/(used) in                                                    
financing activities                     147 155      (48 243)       (113 463)  
Net decrease in cash and cash                                                   
equivalents                             (62 004)      (28 853)        (53 725)  
Cash and cash equivalents at                                                    
beginning of period                       63 138       116 863         116 863  
Cash and cash equivalents at end                                                
of period                                  1 134        88 010          63 138  
Condensed consolidated statement of changes in equity                           
R`000                                                                   Equity  
                             Share capital     Share premium     compensation   
                                                                      reserve   
Balance at 1 March 2010                 292           396 664            8 253  
Profit for the period                                                           
Other comprehensive income                                                      
Foreign currency translation                                                    
differences for foreign operations                                              
Total other comprehensive loss            -                 -                -  
Total comprehensive                                                             
income/(loss) for the period              -                 -                -  
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
Dividends to equity holders                                                     
Share-based payment transactions                                         2 434  
Share options exercised                   2                                     
Total contributions by and                                                      
distributions to owners                   2                 -            2 434  
Balance at 31 August 2010               294           396 664           10 687  
Balance at 1 March 2011                 294           389 155           14 444  
Loss for the period                                                             
Other comprehensive income                                                      
Foreign currency translation                                                    
differences for foreign operations                                              
Total other comprehensive income          -                 -                -  
Total comprehensive                                                             
income/(loss) for the period              -                 -                -  
Transactions with owners,                                                       
recorded directly in equity                                                     
Contributions by and                                                            
distributions to owners                                                         
Share issues                             93           199 907                   
Share-based payment transactions                                         1 781  
Share options exercised                   8               243                   
Total contributions by and                                                      
distributions to owners                 101           200 150            1 781  
Balance at 31 August 2011               395           589 305           16 225  
R`000                                    Translation     Retained        Total  
reserve     earnings       equity   
Balance at 1 March 2010                     (14 296)      417 115      808 028  
Profit for the period                                      12 311       12 311  
Other comprehensive income                                                      
Foreign currency translation differences                                        
for foreign operations                      (20 334)                  (20 334)  
Total other comprehensive loss              (20 334)            -     (20 334)  
Total comprehensive income/(loss) for                                           
the period                                  (20 334)       12 311      (8 023)  
Transactions with owners, recorded                                              
directly in equity                                                              
Contributions by and distributions to owners                                    
Dividends to equity holders                              (43 612)     (43 612)  
Share-based payment transactions                                         2 434  
Share options exercised                                                      2  
Total contributions by and distributions                                        
to owners                                          -     (43 612)     (41 176)  
Balance at 31 August 2010                   (34 630)      385 814      758 829  
Balance at 1 March 2011                     (33 188)      332 451      703 156  
Loss for the period                                      (18 677)     (18 677)  
Other comprehensive income                                                      
Foreign currency translation differences                                        
for foreign operations                         6 864                     6 864  
Total other comprehensive income               6 864            -        6 864  
Total comprehensive income/(loss) for                                           
the period                                     6 864     (18 677)       11 813  
Transactions with owners, recorded                                              
directly in equity                                                              
Contributions by and distributions to owners                                    
Share issues                                                           200 000  
Share-based payment transactions                                         1 781  
Share options exercised                                                    251  
Total contributions by and distributions                                        
to owners                                          -            -      202 032  
Balance at 31 August 2011                   (26 324)      313 774      893 375  
Information about reportable segments for the six months ended 31 August /      
twelve months ended 28 February                                                 
R`000                                                                           
                                                  Esorfranki Geotechnical       
                                              August      August     February   
2011        2010         2011   
External revenues                             405 611     423 180      706 672  
Reportable segment profit/(loss) before                                         
income tax                                     15 211      12 016        5 543  
Reportable segment assets                     674 136     713 901      662 228  
R`000                                                                           
                                                     Esorfranki Civils          
                                              August      August     February   
2011        2010         2011   
External revenues                             354 366     225 321      518 787  
Reportable segment profit/(loss) before                                         
income tax                                   (25 958)      20 849      (8 231)  
Reportable segment assets                     718 654     459 909      454 761  
R`000                                                                           
                                                     Esorfranki Pipelines       
                                              August      August     February   
2011        2010         2011   
External revenues                             113 320     102 297      169 005  
Reportable segment profit/(loss) before                                         
income tax                                        637       2 254        (266)  
Reportable segment assets                     115 445     103 546       87 092  
R`000                                                                           
                                                  Corporate & Eliminations      
                                             August       August     February   
2011         2010         2011   
External revenues                           (15 773)            -     (28 031)  
Reportable segment profit/(loss) before                                         
income tax                                  (13 764)     (11 211)       50 045  
Reportable segment assets                    204 635      331 414      260 270  
R`000                                                                           
                                                      Consolidated              
                                           August        August      February   
2011          2010          2011   
External revenues                          857 524       750 798     1 366 433  
Reportable segment profit/(loss)                                                
before income tax                         (23 874)        23 908        47 091  
Reportable segment assets                1 712 874     1 608 770     1 464 351  
Geographical Information                                                        
                                                      South Africa              
                                           August        August      February   
R`000                                         2011          2010          2011  
Total revenue                              714 633       589 879     1 162 814  
(Loss)/profit before interest and tax     (33 219)         4 215      (44 589)  
(Loss)/profit after tax                   (33 096)       (9 867)      (65 873)  
Total assets                             1 300 919     1 307 756     1 265 010  
                                                      Other Regions             
                                              August      August     February   
R`000                                            2011        2010         2011  
Total revenue                                  14 891     132 600      203 619  
(Loss)/profit before interest and tax          18 804      23 022       28 166  
(Loss)/profit after tax                        14 419      19 352       25 112  
Total assets                                  411 955     301 014      199 341  
Consolidated               
                                           August        August      February   
R`000                                         2011          2010          2011  
Total revenue                              857 524       750 798     1 366 433  
(Loss)/profit before interest and tax     (14 415)        38 013      (16 423)  
(Loss)/profit after tax                   (18 677)        12 311      (40 761)  
Total assets                             1 712 874     1 608 770     1 464 351  
DIRECTORS: DM Thompson* (Chairman), B Krone (CEO), W van Houten (CFO),          
AC Brookstein, EG Dube*, MB Mathabathe*, Dr FA Sonn*                            
*Independent non-executive                                                      
REGISTERED OFFICE: 30 Activia Road, Activia Park, Germiston, 1401               
(PO Box 6478, Dunswart, 1508)                                                   
Telephone: +27 11 776 8700                                                      
Fax: +27 11 822 1158                                                            
SPONSOR: Vunani Corporate Finance, Vunani House, Athol Ridge Office Park,       
151 Katherine Street, Sandton, 2196 (PO Box 652419, Benmore, 2010)              
TRANSFER SECRETARIES: Computershare Investor Services (Pty) Limited,            
70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107)       
COMPANY SECRETARY: iThemba Governance and Statutory Solutions (Pty) Limited,    
Monument Office Park, Suite 5 - 102, 79 Steenbok Avenue, Monument Park,         
(PO Box 25160, Monument Park, 0105)                                             
AUDITORS: KPMG Inc., KPMG Crescent, 85 Empire Road, Parktown, 2193              
(Private Bag 9, Parkview, 2122)                                                 
www.esorfranki.co.za                                                            
Date: 25/10/2011 07:05:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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