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COUNTRY BIRD HOLDINGS LIMITED - Unaudited Interim Results for the period ended 31 December 2013

Release Date: 24/03/2014 16:10
Code(s): CBH     PDF:  
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Unaudited Interim Results for the period ended 31 December 2013

COUNTRY BIRD HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Reg. No: no 2005/008505/06)
Share Code: CBH ISIN: ZAE000094835
(“Country Bird” or “the company”)


UNAUDITED INTERIM RESULTS FOR THE PERIOD ENDED 31 DECEMBER 2013

- Group operating loss of R30.1 million
- Other Africa operating profit up 9% and contributes R48.2 million in operating profit
- Headline loss per share of 21.62 cents
- Loss per share of 21.44 cents


COMMENTARY ON RESULTS

Profile
Country Bird Holdings Limited  (CBH)is a focused African poultry group comprising:
- Integrated poultry and stock feed operations in South Africa trading as Supreme Poultry and Nutri Feeds;
- Poultry breeding, broiler and stock feed operations in the southern African region trading as Ross Africa and Master Farmer; and
- South African retail and distribution operations trading as Long Iron Meats, Supreme Distributors and Ama Chick Chick.

CBH currently operates in Botswana, the DRC, Malawi, Mozambique, Namibia, South Africa, Zambia and Zimbabwe.

Financial review
Group revenue for the period increased to R1.9 billion (2012 R1.6 billion). An operating loss of R30.1 million was recorded against an
operating profit of R77.5 million for the same period last year.  The other African poultry and feed businesses produced satisfactory 
results, whilst significant losses were incurred in the integrated South African poultry division.

An operating profit of R48.2 million was achieved in the other African businesses which increased by 9% over the comparative figure of
R44.4 million.  These operations are now a significant contributor to the Group's performance and are reflective of the strategic decision 
to grow outside of South Africa.

Finance costs reduced by 8% to R30 million with a loss before income tax of R60.1 million being recorded against an equivalent profit
before income tax of R45.1 million in the previous period. An attributable tax rate of 35% resulted in a loss after tax for the period of 
R38.8 million as against the previous period's profit after tax of R37.1 million.


Operational review
Group
The Group recorded a disappointing set of results mainly due to the considerable challenges facing the poultry industry in South Africa.   
The results from the other African existing operations continue to show steady growth and these operations, together with other selected 
regional opportunities, will continue to be a key component of the Group's future strategy.  As a result of difficult trading conditions in 
South Africa, combined with substantial increases in raw material prices and growth in our other African operations,
the Group's working capital requirements and consequent interest charges were high.  Notwithstanding these challenges 
the Group recorded a positive cash position at the end of the period of R3.8 million (2012: -R12.1 million).


Integrated Poultry South Africa
This segment consists of the combined poultry, animal nutrition and retail and distribution segments in South Africa.  This new segment was created to more effectively 
implement group strategy and reporting lines to the chief executive officer.

During the period under review Government provided some assistance to the poultry industry through the implementation of an increase in import tariffs on specific poultry products.
Despite these measures, poultry imports remain at record levels, to the extent that they regularly exceed the production output of the largest producer in the country and 
the industry continues to operate under severe pressure.

In conjunction with the South African Poultry Association the company has engaged extensively with Government's Department of Trade and Industry as well as the International 
Trade and Administration Commission of South Africa to find an acceptable solution that will protect local industry and employment, whilst also promoting fair trade.

It is accepted that as an industry we remain internationally competitive.  However the South African consumer on average prefers drumsticks, thighs and leg quarters to breast meat.
 In contrast to this, other first world markets prefer breast meat and can therefore afford to dump the other portions into the accessible and unprotected South African market.  
These imports occur in spite of recent tariff increases as portions are imported under the free trade agreement with the EU. In addition, export markets to the region are 
difficult to penetrate because of various levels of government protection whilst exports further afield are thwarted through non-tariff barriers.

During the period under review, volumes increased by 2%. However, selling prices were insufficient to counter large cost increases such as maize and soya costs, electricity, 
water and fuel.  This sector recorded an operating loss for the year of R78.3 million compared with an operating profit of R33.1 million in the prior period.

Local maize supply remains tight, caused in the main by exports, with the exchange rate volatility and Rand weakness also having a material impact on maize and soya prices.

In an effort to minimize the impact of these challenges we  have continued to make inroads with our market demand and diversification strategy.  We have recorded growth with 
existing Quick Service Restaurant business whilst making further inroads into growth prospects with sustainable new customers.  Some relief in maize pricing is anticipated 
shortly as new season drives take effect.


Poultry Other Africa
Volumes at our processing plant in Botswana were slightly down on last year whilst Day Old Chick volumes have remained constant.

The Zambian poultry industry has remained resilient throughout the year and an increase in volumes of production and sales in both 
the Day Old Chick and Parent market was achieved.  This, together with good parent flock utilisation, ensured acceptable and sustainable operating profit levels.

The sector achieved an operating profit of R33.9 million for the period under review which was an increase on last year's figure of R20.1 million.


Animal Nutrition Other Africa
In Botswana volumes were down on last year and pricing remained competitive.  Management continues to focus on rationalisation of product lines, efficiency 
improvement and streamlined procurement policies.

In Zambia, tonnage was up 15% against last year.  This was achieved at reasonable margins despite significant increases on all feed raw material inputs.   
Growth was achieved by establishing exports into neighboring countries whilst maintaining market share in the local economy.   Focus remains centered around 
continual efficiency improvements, cost control and full utilization of group resources for quality enhancement and raw material procurement.

Operating profit for the year was R14.3 million compared with R23.5 million for the comparative year.


Prospects
Given the constraints facing the South African poultry  industry management is focusing on cost reduction, efficiency improvements and various alternate solutions 
inclusive of selective capacity reduction.  In addition we will concentrate our efforts on providing efficient and sustainable milling operations whilst aggressively targeting 
poultry market segments that we can serve to best advantage. We will also invest in developing branded chicken products with more relevance and benefit to the consumer.

We continue to liaise closely with all relevant departments in Government to seek a mutually acceptable resolution to the problems and challenges facing both Government and industry.
 Government understandably seeks transformation in order to enable small poultry enterprises to enter mainstream processing and seeks recognition that marination levels need capping 
and monitoring. The industry continues to engage with Government in order to emphasise the severity of its problems which exist mainly as a result of the EU duty-free treaty, as well 
as to outline the implications of effective dumping of portions.  As long as  the international playing fields are not level, job protection and creation, as well as the country's 
ability to provide sustainable food security will remain at risk.  A new paradigm of cooperation from all parties in this regard is imperative.

In Zambia, a new state of the art hatchery will be commissioned during April 2014, providing an additional 40% capacity.  The local market is robust, in line with the economy, 
and we plan to increase our market share. We also believe there is potential for growth in the regional Parent market as neighboring economies grow.

In Botswana, the economy remains strong and we are well positioned to take advantage of any natural growth as well as to become more competitive in existing markets.

The board continues to assess the need for impairment of assets. Should the operating margins in the integrated poultry South Africa division not show improvement in the foreseeable future,
  an impairment of assets may need to be raised by the end of this financial year.


Final capital distribution or dividend
Given the continued difficult trading conditions that exist and losses being incurred by the company, it is considered prudent that no interim capital distribution dividend be declared.

MP Stander
Chief Executive Officer 24 March 2014

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
                                                                     31 Dec 2013        Dec 2012        % change     30 Jun 2013
                                                                       Unaudited       Unaudited                         Audited  
                                                                           R'000           R'000                           R'000

Revenue                                                                1 859 540       1 594 008             17%       3 236 576
Operating profit /  (loss)                                               (30 113)         77 512           -139%         132 597
Finance income                                                               462             118            292%             921
Finance costs                                                            (30 416)        (32 543)            -7%         (60 204)
Profit /  (loss)before income tax                                        (60 067)         45 087           -233%          73 314
Income tax expense                                                        21 243          (7 982)          -366%         (15 179)
Profit /  (loss)for the year                                             (38 824)         37 105           -205%          58 135
Other comprehensive income:
Currency translation differences                                           9 365           5 184             81%          24 602
Total comprehensive income /  (loss)for the year                         (29 459)         42 289           -170%          82 737
Profit /  (loss)attributable to:
Owners of the parent                                                     (43 395)         30 879           -241%          51 396
Non-controlling interest                                                   4 571           6 226            -27%           6 739
                                                                         (38 824)         37 105           -205%          58 135
Total comprehensive income /  (loss)attributable to:
Owners of the parent                                                     (34 030)         36 063           -194%          75 998
Non-controlling interest                                                   4 571           6 226            -27%           6 739
                                                                         (29 459)         42 289           -170%          82 737
Earnings /  (loss)per share  (cents):
 - basic                                                                  -21,44           15.36           -240%           25.63
 - diluted                                                                -21,44           15.36           -240%           25.63
ADDITIONAL INFORMATION TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Ordinary shares  (total number of shares)
 - Issued net of treasury shares                                     202 443 918     202 443 918                     202 443 918
 - Weighted average number of ordinary shares                        202 443 918     201 086 716                     200 524 282
 - Diluted number of ordinary shares                                 202 443 918     201 086 716                     200 524 282
Headline earnings /  (loss)per ordinary share  (cents):
 - basic                                                                  -21,62           14,98           -244%           25,51
 - diluted                                                                -21,62           14,98           -244%           25,51
Net asset value per share  (cents)                                        297,14          293,68              1%          314,67
Tangible asset value per share  (cents)                                   244,52          240,52              2%          261,43
Gearing ratio  (net of cash and cash equivalents)                           1,88            1,60             18%            1,80



CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION  
                                                                                 31 Dec 2013         Dec 2012         % change      30 Jun 2013
                                                                                   Unaudited        Unaudited                           Audited  
                                                                                       R'000            R'000                             R'000
ASSETS
Non-current assets                                                                   678 394          584 875              16%          623 940
Property, plant and equipment                                                        540 462          448 958              20%          499 542
Intangible assets                                                                    106 519          106 900               0%          106 757
Financial assets and other investments                                                   990              673              47%              931
Deferred income tax assets                                                            30 423           28 344               7%           16 710
Current assets                                                                     1 270 859        1 102 505              15%        1 331 595
Inventories                                                                          310 921          271 653              14%          367 986
Biological assets                                                                    228 926          191 597              19%          214 585
Trade and other receivables                                                          504 271          478 103               5%          553 045
Derivative financial instruments                                                      10 577            6 610             100%            3 355
Current income tax receivable                                                            850            1 064             -20%            1 023
Cash and cash equivalents                                                            215 314          153 478              40%          191 601
Total assets                                                                       1 949 253        1 687 380              16%        1 955 535
EQUITY
Total equity                                                                         601 535          590 546               2%          630 994
Ordinary shares                                                                        2 024            2 024               0%            2 024
Share premium                                                                        761 103          761 103               0%          761 103
Other reserves                                                                        46 245           17 462             165%           36 880
Retained earnings                                                                    579 560          602 437              -4%          622 955
Common control deficit                                                              (832 110)        (832 110)              0%         (832 110)
Equity attributable to the owners of the parent                                      556 822          550 916               1%          590 852
Non-controlling interest                                                              44 713           39 630              13%           40 142
LIABILITIES
Non-current liabilities                                                              499 601          360 737              38%          283 280
Borrowings                                                                           395 930          244 060              62%          179 499
Employee share scheme liability                                                        1 668            1 158              44%            1 752
Derivative financial liability                                                         9 258                -             100%                -
Deferred income tax liabilities                                                       92 745          115 519             -20%          102 029
Current liabilities                                                                  848 117          736 097              15%        1 041 261
Trade and other payables                                                             553 288          499 456              11%          744 360
Current income tax liabilities                                                         1 802            6 163             -71%            4 403
Borrowings                                                                           292 762          226 791              29%          292 448
Provision for other liabilities and charges                                              265            3 687             -93%               50
Total liabilities                                                                  1 347 718        1 096 834              23%        1 324 541
Total equity and liabilities                                                       1 949 253        1 687 380              16%        1 955 535



CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                                                                                    31 Dec 2013          31 Dec 2012          30 Jun 2013
                                                                                      Unaudited            Unaudited              Audited
                                                                                          R'000                R'000                R'000

Cash flows from operating activities
Net cash generated from/(used in) operating activities                                 (122 953)              30 513              127 492
Cash receipts from customers                                                          1 908 314            1 596 919            3 164 542
Cash paid to suppliers and employees                                                 (1 995 771)          (1 528 079)          (2 959 035)
Cash generated from operations                                                          (87 457)              68 840              205 507
Interest paid                                                                           (30 416)             (32 543)             (60 204)
Income tax paid                                                                          (5 080)              (5 784)             (17 811)
Cash flows from investing activities
Net cash used in investing activities                                                   (54 576)             (20 724)             (76 844)
Purchases of property, plant and equipment                                              (56 122)             (25 515)             (82 154)
Proceeds from sale of property, plant and equipment                                       1 143                4 693                4 667
Purchases of financial assets and investments                                               (59)                 (20)                (278)
Interest received                                                                           462                  118                  921
Cash flows from financing activities
Net cash generated from/(used in) financing activities                                  175 998               (7 946)             (11 938)
Share issue and listing expenses                                                              -                   (5)                  (6)
Proceeds from borrowings                                                                266 808               40 828              107 776
Repayments of borrowings                                                                (90 810)             (44 052)            (114 991)
Capital repayments to shareholders                                                            -               (4 717)              (4 717)
Net increase /(decrease) in cash and cash equivalents                                    (1 531)               1 843               38 710
Cash and cash equivalents at beginning of period                                         20 845              (15 591)             (15 591)
Exchange gains on cash and bank overdrafts                                              (15 506)               1 558               (2 274)
Cash and cash equivalents at end of period                                                3 808              (12 190)              20 845

CONDENSED SEGMENT REPORT
                                                                                       31 Dec 2013      31 Dec 2012      30 Jun 2013
                                                                                         Unaudited        Unaudited          Audited
                                                                                             R'000            R'000            R'000
Revenue
Integrated poultry South Africa                                                          1 480 731        1 251 079        2 548 115
 - South Africa                                                                          1 596 626        1 366 040        2 776 475
Intersegment revenue                                                                      (115 895)        (114 961)        (228 360)
Other Africa                                                                               378 809          342 929          688 461
 - Poultry                                                                                 161 487          141 856          292 558
Intersegment revenue                                                                        (3 716)          (4 234)          (3 768)
 - Animal Nutrition                                                                        282 949          255 594          507 945
Intersegment revenue                                                                       (61 911)         (50 287)        (108 274)
                                                                                         1 859 540        1 594 008        3 236 576

Operating profit /  (loss)
Integrated poultry South Africa
- South Africa Other Africa                                                                (78 334)          33 077           67 951
 - Poultry                                                                                  48 221           44 435           64 646
 - Animal Nutrition                                                                         33 937           20 985           29 180
                                                                                            14 284           23 450           35 466
                                                                                           (30 113)          77 512          132 597

Assets
Integrated poultry South Africa                                                          1 312 673        1 276 201        1 445 191
 - South Africa                                                                          1 312 673        1 276 201        1 445 191
Other Africa                                                                               636 580          411 179          510 344
 - Poultry                                                                                 540 221          331 465          421 993
 - Animal Nutrition                                                                         96 359           79 714           88 351
                                                                                         1 949 253        1 687 380        1 955 535

Revenues of approximately R 206.9 million (2012: R 206.8 million)are derived from a single external customer. These revenues are attributable to the South African Poultry segment.


CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
                                                               Share capital    Share premium   Other reserves    Retained earnings   Common control  Total attributable  Non-controlling     Total equity
                                                                       R'000            R'000            R'000                R'000          deficit        to owners of         Interest            R'000
                                                                                                                                               R'000          the parent            R'000
                                                                                                                                                                   R'000


Balance at 1 July 2012                                                 1 984          745 508           30 834              571 559         (832 110)            517 775           33 403          551 178
Total comprehensive income                                                -                -             5 184               30 879                -              36 063            6 226           42 289
Shares issued related to business combination                             40           20 312          (18 556)                   -                -               1 796                -            1 796
Capital distribution to shareholders                                      -            (4 717)              -                     -                -              (4 717)               -           (4 717)
Balance at 31 December 2012                                            2 024          761 103           17 462              602 438         (832 110)            550 917           39 629          590 546
Total comprehensive income                                                -                -            19 418               20 517               -               39 935              513           40 448
Balance at 30 June 2013                                                2 024          761 103           36 880              622 955         (832 110)            590 852           40 142          630 994
Total comprehensive income                                                -                -             9 365              (43 395)              -              (34 030)           4 571          (29 459)
Balance at 31 December 2013                                            2 024          761 103           46 245              579 560         (832 110)            556 822           44 713          601 535



NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. Basis of preparation
The unaudited condensed consolidated interim financial information announcement for 
the half-year ended 31 December 2013 was prepared in accordance with International 
Financial Reporting Standards (IFRS), Accounting Standard 34, Interim Financial 
Reporting, the Listing Requirements of the JSE Limited and the South African 
Companies Act of 2008.  The condensed consolidated financial statements were 
supervised by MJC Antunes CA (SA)). The accounting policies are consistent with those 
of the previous financial period and comply with IFRS. These financial statements do 
not include all the information required for full annual financial statements and 
should be read in conjunction with the consolidated financial statements as at and 
for the year ended 30 June 2013.
These unaudited condensed consolidated interim financial statements were approved by 
the Board of Directors on 24 March 2014.

                                                                                                        31 Dec 2013        31 Dec 2012          30 Jun 2013
                                                                                                          Unaudited          Unaudited              Audited
                                                                                                              R'000              R'000                R'000
2. Operating profit / (loss)
The following amounts have been accounted for in the operating profit / (loss):
Foreign exchange loss on the revaluation of long term borrowings                                             (9 988)                 -                    -
Fair value gains / (losses) on financial assets at fair value through profit or loss                          3 866             (1 390)              (4 644)
3. Reconciliation to headline earnings / (loss)
Net profit / (loss) attributable to the owners of the parent                                                (43 395)            30 879               51 396
Adjusted for:
Profit on disposal of property, plant and equipment                                                            (364)              (750)                (243)
Adjusted headline earnings / (loss)                                                                         (43 759)            30 129               51 153
4. Capital expenditure and depreciation
Capital expenditure                                                                                          56 122             25 515               82 154
Depreciation                                                                                                 27 938             25 194               48 440
Amortisation of intangible assets                                                                               277                277                  553
5. Capital and other commitments
Inventories contracted for                                                                                  142 711             89 086              135 729
6. Cash and cash equivalents
Bank balances, deposits and cash                                                                            215 314            153 481              191 603
Short-term borrowings                                                                                      (211 506)          (165 671)            (170 758)
                                                                                                              3 808            (12 190)              20 845

7. Borrowings
During the year under review, the group entered into a convertible loan agreement for 
the value of USD25 million with the International Finance Corporation ("IFC"). The 
convertible loan has a term of five years and bears interest at a variable rate 
calculated with reference to the 6 month Libor rate plus 3% per annum for an initial 
period of 2.5 years ("Initial Period"). In the event that the loan is not converted 
to equity in the Initial Period, the loan becomes a term loan bearing interest at 
4.5% above the 6 month Libor rate, repayable in 5 approximately equal semi-annual 
instalments starting after the end of the Initial Period. Interest is payable on 
15 June and 15 December each year. The IFC has an option to convert a portion or the 
whole of the principal amount of the convertible loan into Country Bird Holdings Ltd 
("CBH") ordinary shares in multiple tranches at any time during the Initial Period at 
a strike price of R4.90 per share, provided a minimum conversion amount would be 
USD5million equivalent per tranche and further provided that IFC's shareholding in 
CBH would not exceed 18% in total.

8. Reclassification of comparative figures
In the prior period condensed consolidated interim financial information announcement, 
the segment reporting consisted of Poultry South Africa, Poultry Other Africa, Animal 
Nutrition South Africa, Animal Nutrition Other Africa and Retail and Distribution 
South Africa and Retail and Distribution Other Africa.  In order to more fairly 
present the reporting done to the Chief Executive Officer and in line with the 
revised strategy for the group, segments are now disclosed as Integrated South 
African Poultry, Poultry Other Africa and Animal Nutrition Other Africa.  
The Integrated South African Poultry segment consists of all the South African operations. 
This reclassification and change in strategy has resulted in the restatement of the 
prior period figures for the segment report.
Condensed segment report as previously disclosed:

                                                                                     31 Dec 2012           30 Jun 2013           31 Dec 2012           30 Jun 2013           31 Dec 2012           30 Jun 2013
                                                                                       Unaudited               Audited             Unaudited               Audited             Unaudited               Audited
                                                                                           R'000                 R'000                 R'000                 R'000                 R'000                 R'000
                                                                                                    Revenue                                 Operating Profit                                Assets
Poultry                                                                                  941 026             1 783 587                 3 506                 9 208             1 077 293             1 283 738
 - South Africa                                                                        1 052 774             2 007 573               (17 107)              (24 666)              763 388               884 884
Intersegment revenue                                                                    (246 011)             (506 098)                    -                     -                     -                     -
 - Other Africa                                                                          146 254               287 138                20 613                33 874               313 905               398 854
Intersegment revenue                                                                     (11 991)               (5 026)                    -                     -                     -                     -
Animal nutrition                                                                         334 325               860 708                72 121               133 582               445 264               497 854
 - South Africa                                                                          751 330             1 579 294                48 671                98 116               365 550               409 503
Intersegment revenue                                                                    (622 312)           (1 118 254)                    -                     -                     -                     -
 - Other Africa                                                                          255 594               507 945                23 450                35 466                79 714                88 351
Intersegment revenue                                                                     (50 287)             (108 276)                    -                     -                     -                     -
Retail and distribution                                                                  318 657               592 279                 1 885               (10 194)              164 823               173 943
 - South Africa                                                                          320 730               593 385                 1 514                (5 500)              147 263               150 805
Intersegment revenue                                                                      (5 432)               (4 804)                    -                     -                     -                     -
 - Other Africa                                                                            3 359                 6 678                   371                (4 693)               17 560                23 138
Intersegment revenue                                                                           -                (2 981)                    -                     -                     -                     -
                                                                                       1 594 008             3 236 574                77 512               132 597             1 687 380             1 955 535

Disclosure as per condensed segment report for the period ended 31 December 2013:
Integrated poultry                                                                     1 251 079             2 548 115                33 077                67 951             1 276 201             1 445 191
 - South Africa                                                                        1 366 040             2 776 475                33 077                67 951             1 276 201             1 445 191
Intersegment revenue                                                                    (114 961)             (228 360)                    -                     -                     -                     -
Other Africa                                                                             342 929               688 461                44 435                64 646               411 179               510 344
 - Poultry                                                                               141 856               292 558                20 985                29 180               331 465               421 993
Intersegment revenue                                                                      (4 234)               (3 768)                    -                     -                     -                     -
 - Animal nutrition                                                                      255 594               507 945                23 450                35 466                79 714                88 351
Intersegment revenue                                                                     (50 287)             (108 274)                    -                     -                     -                     -
                                                                                       1 594 008             3 236 576                77 512               132 597             1 687 380             1 955 535



Country Bird Holdings Limited (Incorporated in the Republic of South Africa)
Registration number: 2005/008505/06 ISIN: ZAE000094835 JSE Share code: CBH ("CBH" or "the group") 
Directors of CBH Limited: BH Kent (Chairman)#, R Gibbison#, GP Heath, IWM Isdale#, KW James, MP Stander, CD Stein#  #Independent non-executive
Registered office: 8 Melville Road, Illovo, Johannesburg, 2196 (PO Box 412523, Craighall, 2024)
Investment Bank and Sponsor: Investec Bank Limited
Registration number: 1969/004763/06
2nd Floor, 100 Grayston Drive, Sandton, 2196 (PO Box 785700, Sandton, 2146)
Company secretary: MJC Antunes
48 President Steyn Street, Westdene, Bloemfontein, 9301 (PO Box 6851, Bloemfontein, 9300)
Auditors: PricewaterhouseCoopers Inc.
61 Second Avenue, Westdene, Bloemfontein, 9301 (PO Box 818, Bloemfontein, 9300) Transfer secretaries: Computershare Investor Services (Proprietary) Limited Registration number: 2004/003647/07
Ground Floor, 70 Marshall Street Johannesburg, 2001 (PO Box 61051 Marshalltown, 2107)


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