Wrap Text
Audited provisional consolidated financial results for the year ended 30 June 2014
MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share code: MST
SIN: ZAE000012373
(“Mustek” or “the Group”)
Audited provisional consolidated financial results for the year ended 30 June 2014
Revenue
R4,76 billion
+13,4%
(2013 : R4,20 billion)
Headline earnings per share
100,72 cents
+38,3%
(2013 : 72,85 cents)
Net asset value per share
858,67 cents
+12,7%
(2013 : 762,10 cents)
Dividend per share
28 cents
+40%
(2013 : 20 cents)
Commentary
Corporate information
Mustek is a limited liability company incorporated and domiciled in South Africa. The main business of Mustek, its
subsidiaries, joint ventures and associates is the assembling, marketing and distribution of Information Communication
Technology (ICT) products and services.
Basis of preparation
The audited summarised consolidated financial information for the year ended 30 June 2014 has been prepared in
accordance with the framework concepts and measurement and recognition requirements of International Financial Reporting
Standards (“IFRS”), the SAICA Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting
Pronouncements as issued by the Financial Reporting Standards Council, the information as required by IAS 34: Interim Financial
Reporting, the Listings Requirements of the JSE Limited and the requirements of the Companies Act of South Africa. The
audited financial statements and this set of provisional financial information, which are based on reasonable judgements
and estimates, have been prepared using accounting policies that comply with IFRS. These are consistent with those
applied in the financial statements for the year ended 30 June 2013.
Auditors’ opinion
The independent auditors, Deloitte & Touche, have issued their unmodified opinion on the Group’s annual financial
statements and this set of summarised consolidated financial statements for the year ended 30 June 2014. The audit was
conducted in accordance with International Standards on Auditing. The directors take full responsibility for the preparation
of this provisional report and the financial information has been derived from the Group financial statements and are
consistent in all material aspects with the Group financial statements. Their unmodified audit reports for this set of
summarised consolidated financial statements and the Group annual financial statements are available for inspection at
the company’s registered office. Any reference to future financial performance included in this announcement has not been
reviewed or reported on by the company’s auditors.
Discontinued operations and re-presentation of comparative numbers
Rectron Australia BV was classified as a discontinued operation at 30 June 2013. During the year, management took a
decision not to dispose of the company. As a result, the comparative statement of comprehensive income has been re-presented to
include the results of Rectron Australia BV as part of continuing operations.
Operating results
The Group is pleased to announce that the gross profit percentage improved from 13,5% to 13,8% after a declining trend
in recent years. Revenue increased by 13,4% to R4,764 billion (2013: R4,203 billion). The revenue growth was supported
mainly by the growth in the Acer, Lenovo and Asus product ranges as well as the Security range of products distributed.
Excluding the effect of the additional short-term incentive bonuses paid to Mustek and Rectron’s executive teams, the
increase in the provision for share-based payment expenses, the increase in the provision for bad debts, once-off
repairs and maintenance to the Midrand premises, the cost of our LED installation and once-off legal and retrenchment costs in
Rectron’s Australian subsidiary, distribution, administrative and other operating expenses increased by 9,6%.
The Group’s more conservative forex hedging policy appears to be working well and as a result, forex losses decreased
from R51,2 million in 2013 to R23,2 million in the current year.
The Group applies hedge accounting where the requirements of IAS 39 have been met to separate the interest and spot
elements from the forward contracts, and R7,2 million (2013: R8,2 million) was classified as finance costs as opposed to
forex losses.
The contribution from our associates increased mainly as a result of the additional earnings arising from the
acquisition of an effective 26% stake in Sizwe Africa IT Group Proprietary Limited effective from 10 March 2014.
Rectron Australia incurred losses in the year under review mostly arising from legal fees incurred in settling a shareholder's
dispute and retrenchment costs. Prior to the change in management, the company lost a number of key distribution rights and
had very limited access to higher margin products. New management was appointed effective January 2014 and managed to secure
various new higher margin distribution rights in addition to regaining most of those previously lost. Through a better product mix,
the company managed to return to profitability during July 2014. The board is confident that the company will show a significant
improvement for the 2015 financial year.
As a result, Mustek’s headline earnings is 38,3% higher at 100,72 cents per share (2013: 72,85 cents per share) and
basic earnings is 27,6% higher at 100,07 cents per share (2013: 78,43 cents per share).
Cash flow
Increased levels of inventory and receivables resulted in cash used in operations of R83,8 million. Inventories
increased by R333,0 million, mainly as a result of delays in orders. The excess inventory will be largely disposed of by the
end of September 2014.
Transformation
Following an audit by an accredited verification agency, Mustek was awarded a level 2 BBBEE rating, using the ICT
sector codes.
Management has continued to meaningfully extend its initiatives in employment equity, skills development and corporate
social investment during the year. The Group is committed to a process of further transformation and economic
empowerment of its stakeholders, such that an acceptable balance between the operatives and commercial benefits of such a process
can be achieved, thereby ensuring the sustainability of the Group in a competitive market sector.
Board of directors
No changes were made to the board during the year under review. Total remuneration paid to directors for the year
under review amounted to R14,8 million (2013: R9,5 million) and share-based payments of R6,8 million (2013: R0,5 million)
were expensed relating to directors.
Corporate activities
On 9 July 2013, the Group disposed of 10% of its investment in Zinox Technologies Limited, a company incorporated in
Nigeria for a cash consideration of USD850 000. The Group retains a 20% investment in Zinox.
On 31 July 2013, the Group acquired vacant land in Midrand for an amount of R9,6 million for future expansion
purposes.
The acquisition of an effective 26% interest in Sizwe Africa IT Group Proprietary Limited (“Sizwe”), announced on SENS
on 13 December 2013, was completed on 10 March 2014. Mustek acquired a 26% stake in Sizwe, a provider of information
and communications technology products, network products and solutions and information technology maintenance and support
services for a total cash consideration of R15,2 million. Mustek also advanced a loan of R6,7 million to Zaloserve
Proprietary Limited (“Zaloserve”), the ultimate holding company of Sizwe and a loan of R8,0 million to Omni Capital
Proprietary Limited (“Omni”), a 100% black-owned company as part of its enterprise development initiatives. Interest is charged
at the prime rate and the loan is repayable five years from the effective date. In turn, Omni subscribed for 35% of the
share capital of Zatophase Proprietary Limited (“Zatophase”) for a total consideration of R8,2 million and Mustek subscribed for
65% in Zatophase for a total consideration of R15,2 million. Zatophase subscribed for 40% of the share capital of Zaloserve,
Sizwe’s ultimate holding company, for a total consideration of R23,3 million.
Mustek acquired 100% of the share capital in Mecer Technology Limited, a company incorporated in Taiwan that manages
the Group’s procurement function in China and Taiwan by investing R5,5 million and R1,1 million on 28 January 2014 and
23 April 2014 respectively.
Retirement benefit plan
The Mustek Group Retirement Fund is a defined contribution fund and payments to the plan are expensed as they fall
due. The majority of the Group’s employees belong to this fund. The Group does not provide additional post-retirement
benefits.
Environmental, social and governance aspects
The Group subscribes to and complies in all material aspects with the Code on Corporate Governance Practices and
Conduct as contained in the King III Report on Corporate Governance.
Mustek is committed to transparent and integrated reporting in the spirit of King III and the Global Reporting
Initiative (GRI). We are accordingly updating corporate governance practices where necessary and are enhancing our internal
information gathering systems to provide the quality and type of information required for authentically integrated annual
reports.
Initiatives include the reduction in energy consumption after a target to reduce energy consumption by 20% was set in
2011. This target was reached through ongoing staff awareness programmes, the replacement of ICT equipment with
energy-efficient units, installing hundreds of rooftop solar panels and thousands of LED lights. These installations will pay
for themselves in a few short years and will not only significantly reduce our overall electricity footprint, it will also
demonstrate the viability of renewable energy for powering corporate infrastructure.
Mustek has a consistent record in community support and corporate social investment (“CSI”). The Group focuses its CSI
efforts on children’s needs - in particular their education - but also supports charities, sporting events and
community facilities.
For more than a decade, we have conducted a comprehensive HIV/AIDS strategy and programme that also provides
antiretroviral drugs to HIV-positive staff.
Mustek has further maintained its ISO 14001 certification since 2004 and has received no fines or sanctions for
non-compliance with environmental laws and regulations.
Industry outlook
Desktop computer sales are showing resilience and recovery from the corporate and consumer demand for larger screens
and more powerful processors to accomplish sophisticated tasks which they cannot do on Tablets. Corporate demand is
currently the largest driver for South Africa’s technology purchases. Windows 8.1 adoption by corporations is increasing, but
we believe corporations are waiting for “Windows 9” with its renewed emphasis on the Desktop.
Large scale fibre to the home, FTTH seems like it’s finally becoming a reality. Suburbs, municipalities and gated
communities deciding to roll out FTTH themselves are stimulating the carriers into action. FTTH infrastructure spend will
benefit Huawei, cable and fibre sales in the Group. In addition, it will boost the demand on all Devices (Desktop,
Notebook, Tablet, and Smartphone) connected to the network.
Intel’s fifth-generation processors Broadwell - Core M will likely replace Haswell. We expect an enhanced
mobile-device experience with longer battery life and better graphics processing. The 14nm design has shown heat decreases four fold
so Tablets based on this technology will be a compelling design. Products based on this design will be ready for the
all-important Christmas period. We eagerly await Ultrabooks based on Broadwell-U and high performance Desktops on
Broadwell-H later this year and in early 2015.
At the Microsoft Build Conference held in April this year, the newly appointed CEO Satya Nadella announced that Windows 8.1,
Office 365, and 1TB Cloud Storage would be free on Tablets for consumers. This game changing announcement coupled with
Intel’s Bay Trail-T SOC (system on chip), the first platform from Intel focused entirely on entry level Tablets, has created a
category of Windows Tablets with compelling and competitive price points. Scheduled for mass market release in the last quarter
of the year, we expect significant uptake from consumers.
Company outlook
Mustek has now completed the first phase of our expansion from an IT distributor into a well-rounded ICT provider of
end-to-end hardware solutions. Every level of the technology stack is now filled by well proven branded products, from
tablets and computers right through to networking/fibre systems and CCTV surveillance solutions. Our in-house Mecer brand
is offered alongside a wide range of popular international brands.
Our suite of products provides Mustek with the flexibility to switch focus to more profitable market segments. Recognising that
desktop unit sales are not showing high growth, we can push our strong variety of entry-level, mid-level and aspirational tablets.
The Group is also starting to see some traction in its Microsoft Volume Licensing offering, Huawei Enterprise
Solutions, CCTV Surveillance and Cabling products and expects growing contributions to both revenue and profit going forward.
Mustek Limited’s Midrand Service Division has been certified as ISO 20000 compliant. This ISO 20000 compliance recognises Mustek’s
well-entrenched and structured approach to service management in the provision of IT and repair services. The certification will
see Mustek’s customers benefitting from a multitude of value added services ranging from:
- Refined service agreements,
- Improved description of services,
- Improved customer communication,
- Optimal management of availability, reliability and cost factors associated with products.
As the first distributors in the South African ICT industry to achieve the ISO 20000 certification, we expect the certification to
give us access to large organisations who have also implemented ISO 20000.
In conjunction with strategic partners from across the ICT industry, Mustek is well positioned for the forthcoming years.
Share repurchase programme
Mustek acquired 5 550 405 ordinary shares in the issued share capital of Mustek on the open market for a purchase
consideration in aggregate of R36 326 714. The general repurchase commenced on 28 February 2014 and continued on a
day-to-day basis as market conditions allowed and in accordance with the JSE Limited (“JSE”) Listings Requirements until
6 June 2014.
The repurchase of shares will continue to be considered by the board in conjunction with an evaluation of current and
future funding requirements in the period to 30 June 2015. This programme will be effected in accordance with the terms
of the authority granted by shareholders at the 2014 AGM. It is currently intended that any shares purchased will be
cancelled and de-listed. The market will be notified in accordance with applicable listing rules and regulations if and
when purchases are made.
Dividend
The declaration of cash dividends will continue to be considered by the board in conjunction with an evaluation of
current and future funding requirements, and will be adjusted to levels considered appropriate at the time of declaration.
Mustek’s continued commitment to optimal cash utilisation will mean that cash generated by the operations will be used
to fund growth and reduce debt. To this end, the final dividend declared by the board of directors for the financial
year ended 30 June 2014 has been increased to 28 cents (2013: 20 cents) per share.
Notice is hereby given that a final dividend of 28 cents per ordinary share for the year ended 30 June 2014 is
declared, payable to shareholders recorded in the books of the company at the close of business on the record date appearing
below. This dividend is declared out of income reserves. The company’s income tax reference number is 9550081716 and has
106 682 760 ordinary shares in issue and ranking for dividend at the date of this declaration. The South African dividend
tax rate is 15% and no Secondary Tax on Companies credits have been utilised, resulting in a net dividend of 23,80 cents
per share to shareholders who are not exempt.
The salient dates applicable to the final dividend are as follows:
Last day of trade cum dividend Friday, 26 September 2014
First day to trade ex dividend Monday, 29 September 2014
Record date Friday, 3 October 2014
Payment date Monday, 6 October 2014
No share certificates may be dematerialised or rematerialised between Monday, 29 September 2014 and Friday, 3 October
2014, both days inclusive.
Where applicable, payment in respect of certificated shareholders will be transferred electronically to shareholders’
bank accounts on the payment date. In the absence of specific mandates, payment cheques will be posted to certificated
shareholders at their risk on the payment date. Shareholders who have dematerialised their shares will have their
accounts at their Central Securities Depository Participant or broker credited on the payment date.
Annual general meeting
The notice of the annual general meeting will be included in the integrated report that will be posted to shareholders
in due course.
Post balance sheet events
There have been no significant events subsequent to year end up until the date of this report that require adjustment
to or disclosure in these annual financial statements.
On behalf of the board of directors
David Kan Chief Executive Officer Neels Coetzee Financial Director 27 August 2014
(preparer of provisional Group results) Midrand
Summarised consolidated statement of financial position
2014 2013
R 000 R 000
ASSETS
Non-current assets
Property, plant and equipment 160 029 120 462
Intangible assets 60 032 57 489
Investments in associates 51 589 7 795
Other investments and loans 70 894 31 455
Deferred tax asset 29 164 17 487
371 708 234 688
Current assets
Inventories 1 036 984 688 851
Inventories in transit 232 895 101 681
Trade and other receivables 839 036 679 114
Foreign currency assets 839 8 825
Tax assets 16 555 -
Bank balances and cash 203 163 455 572
2 329 472 1 934 043
Assets classified as held for sale - 64 588
TOTAL ASSETS 2 701 180 2 233 319
EQUITY AND LIABILITIES
Capital and reserves
Ordinary stated capital 119 627 117 916
Retained earnings 791 787 706 140
Non-distributable reserve 809 809
Foreign currency translation reserve 3 829 1 500
Equity attributable to owners of the parent 916 052 826 365
Non-controlling interest 18 461 12 546
Total equity 934 513 838 911
Non-current liabilities
Long-term borrowings 34 788 6 837
Deferred tax liabilities - 2 324
Deferred income 14 725 16 650
49 513 25 811
Current liabilities
Short-term borrowings 1 474 181
Trade and other payables 1 400 445 1 095 091
Foreign currency liabilities 2 452 3 223
Deferred income 35 470 17 966
Tax liabilities 7 8 653
Bank overdrafts 277 306 216 589
1 717 154 1 341 703
Liabilities directly associated with
assets classified as held for sale - 26 894
Total liabilities 1 766 667 1 394 408
TOTAL EQUITY AND LIABILITIES 2 701 180 2 233 319
Summarised consolidated statement of comprehensive income
2014 2013
R 000 R 000
(Re-presented)
Continuing operations
Revenue 4 764 123 4 202 881
Cost of sales (4 109 007) (3 633 537)
Gross profit 655 116 569 344
Other income 10 006 4 488
Foreign currency losses (23 162) (51 159)
Distribution, administrative and
other operating expenses (460 501) (387 272)
Profit from operations 181 459 135 401
Investment revenues 6 388 4 660
Finance costs (50 513) (40 316)
Other (losses) gains (739) 12 012
Share of profit of associates 6 988 4 290
Profit before tax 143 583 116 047
Income tax expense (39 400) (37 941)
Profit for the year from
continuing operations 104 183 78 106
Discontinued operations
Profit for the year from
discontinued operations - 3 125
Profit for the year 104 183 81 231
Other comprehensive income
Exchange profits on translation
of foreign operations 3 228 6 553
Other comprehensive income for
the year, net of tax 3 228 6 553
Total comprehensive income
for the year 107 411 87 784
Profit attributable to:
Owners of the parent 107 334 85 049
Non-controlling interest (3 151) (3 818)
104 183 81 231
Total comprehensive income attributable to:
Owners of the parent 109 663 90 255
Non-controlling interest (2 252) (2 471)
107 411 87 784
Earnings and dividend per share (cents)
Weighted number of ordinary shares in issue 107 255 590 108 436 464
Ordinary shares in issue 106 682 760 108 433 165
Dividend per ordinary share - paid 20,00 17,00
Dividend per ordinary share - proposed 28,00 20,00
From continuing and discontinued operations
Headline earnings per ordinary share 100,72 72,85
Basic earnings per ordinary share 100,07 78,43
From continuing operations
Headline earnings per ordinary share 100,72 69,72
Basic earnings per ordinary share 100,07 75,30
From discontinued operations
Headline earnings per ordinary share - 3,13
Basic earnings per ordinary share - 3,13
Reconciliation between basic and headline earnings
Basic earnings attributable to owners of the parent 107 334 85 049
Group’s share of after tax profit on sale of
shares in joint venture - (8 247)
Group’s share of after tax loss on disposal of
property, plant and equipment (41) 437
Impairment of distribution right - 3 445
Non-controlling interest in impairment of
distribution right - (1 688)
Group’s share of loss from disposal of investment 739 -
Headline earnings from continuing and discontinued
operations 108 032 78 996
Less Group’s share of profit for the year from
discontinued operations - (3 394)
Headline earnings from continuing operations 108 032 75 602
Basic earnings attributable to owners of the parent 107 334 85 049
Less Group’s share of profit for the year from
discontinued operations - (3 394)
Basic earnings from continuing operations 107 334 81 655
Net asset value per share (cents) 858,67 762,10
Summarised consolidated cash flow statement
2014 2013
R 000 R 000
Operating activities
Cash receipts from customers 4 616 623 4 642 832
Cash paid to suppliers and employees (4 700 380) (4 408 093)
Net cash (used in) from operations (83 757) 234 739
Investment revenues received 6 388 5 529
Finance costs paid (50 513) (46 072)
Dividends paid (21 687) (18 434)
Income taxes paid (76 229) (32 954)
Net cash (used in) from operating activities (225 798) 142 808
Net cash (used in) from investing activities (104 621) 895
Net cash from financing activities 66 982 54 500
Net (decrease) increase in cash and cash equivalents (263 437) 198 203
Cash and cash equivalents at beginning of the year 466 600 268 397
Cash and cash equivalents at end of the year 203 163 466 600
Summarised consolidated statement of changes in equity
Foreign
Ordinary Ordinary Non- currency Attributable Non-
stated share Retained distributable translation to owners of controlling
capital premium earnings reserve reserve the parent interest Total
R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000
Balance at 30 June 2012 868 117 257 639 655 809 (2 857) 755 732 18 426 774 158
Net profit for the year - - 85 049 - - 85 049 (3 818) 81 231
Other comprehensive income - - - - 5 206 5 206 1 347 6 553
Disposal of joint venture - - (130) - (849) (979) (3 409) (4 388)
Dividends paid - - (18 434) - - (18 434) - (18 434)
Buy back of shares - (209) - - - (209) - (209)
Transfer to no par value share capital 117 048 (117 048) - - - - - -
Balance at 30 June 2013 117 916 - 706 140 809 1 500 826 365 12 546 838 911
Net profit for the year - - 107 334 - - 107 334 (3 151) 104 183
Other comprehensive income - - - - 2 329 2 329 899 3 228
Dividends paid - - (21 687) - - (21 687) - (21 687)
Acquisition of subsidiary - - - - - - 8 167 8 167
Buy back of shares (36 327) - - - - (36 327) - (36 327)
Share capital issued 38 038 - - - - 38 038 - 38 038
Balance at 30 June 2014 119 627 - 791 787 809 3 829 916 052 18 461 934 513
Summarised segment analysis
Total Mustek Rectron Comztek Group Eliminations
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000
Business segments (Re-presented) (Re-presented)
Revenue 4 764 123 4 202 881 3 091 404 2 632 306 2 101 192 1 885 423 - - - - (428 473) (314 848)
EBITDA* 201 718 153 764 178 372 111 214 51 403 57 723 - - (28 057) (15 173) - -
Depreciation and amortisation (20 259) (18 363) (13 286) (11 463) (6 973) (6 900) - - - - - -
Profit (loss) from operations 181 459 135 401 165 086 99 751 44 430 50 823 - - (28 057) (15 173) - -
Investment revenues 6 388 4 660 8 364 6 808 2 300 2 882 - - 1 579 705 (5 855) (5 735)
Finance costs (50 513) (40 316) (29 687) (22 738) (20 826) (17 578) - - (5 855) (5 735) 5 855 5 735
Other (losses) gains (739) 12 012 - - - - - - (739) 12 012 - -
Share of profit of associates 6 988 4 290 - - - - - - 6 988 4 290 - -
Profit (loss) before tax 143 583 116 047 143 763 83 821 25 904 36 127 - - (26 084) (3 901) - -
Income tax (expense) benefit (39 400) (37 941) (41 719) (24 393) (6 734) (11 995) - - 9 053 (1 553) - -
Profit (loss) for the year from
continuing operations 104 183 78 106 102 044 59 428 19 170 24 132 - - (17 031) (5 454) - -
Discontinued operations
Profit for the year from
discontinued operations - 3 125 - - - - - 3 125 - - - -
Profit (loss) for the year 104 183 81 231 102 044 59 428 19 170 24 132 - 3 125 (17 031) (5 454) - -
Attributable to:
Owners of the parent 107 334 85 049 101 233 59 428 23 132 25 993 - 3 394 (17 031) (3 766) - -
Non-controlling interest (3 151) (3 818) 811 - (3 962) (1 861) - (269) - (1 688) - -
104 183 81 231 102 044 59 428 19 170 24 132 - 3 125 (17 031) (5 454) - -
*Earnings before interest, taxation, depreciation and amortisation.
Total South Africa Mustek East Africa Rectron Australia Comztek Africa
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000 R 000
Geographical segments (Re-presented) (Re-presented)
Revenue 4 764 123 4 202 881 4 561 582 4 019 361 60 881 52 913 141 660 130 607 - -
Profit (loss) before tax 143 583 116 047 158 576 118 396 1 289 1 342 (16 282) (3 691) - -
Income tax (expense) benefit (39 400) (37 941) (43 869) (37 579) (605) (267) 5 074 (95) - -
Profit (loss) for the year from
continuing operations 104 183 78 106 114 707 80 817 684 1 075 (11 208) (3 786) - -
Discontinued operations
Profit (loss) for the year from
discontinued operations - 3 125 - (722) - - - - - 3 847
Profit (loss) for the year 104 183 81 231 114 707 80 095 684 1 075 (11 208) (3 786) - 3 847
Attributable to:
Owners of the parent 107 334 85 049 113 896 81 984 684 1 075 (7 246) (1 925) - 3 915
Non-controlling interest (3 151) (3 818) 811 (1 889) - - (3 962) (1 861) - (68)
104 183 81 231 114 707 80 095 684 1 075 (11 208) (3 786) - 3 847
Corporate information:
Company secretary:
Sirkien van Schalkwyk.
Transfer secretaries:
Computershare Investor Services Proprietary Limited.
70 Marshall Street, Johannesburg, 2001.
PO Box 61051, Marshalltown, 2107, South Africa.
Telephone: +27 (0) 11 370-5000.
Registered office:
322 15th Road, Randjespark, Midrand, 1685.
Postal address: PO Box 1638, Parklands, 2121.
Contact numbers: Telephone: +27 (0) 11 237-1000
Facsimile: +27 (0) 11 314-5039
Email: ltd@mustek.co.za
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited.
www.mustek.co.za
Date: 27/08/2014 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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