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Audited summary financial results, board changes and cash dividend declaration for the year ended 30 June 2017
RMB HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1987/005115/06
JSE Ordinary share code: RMH
ISIN code: ZAE000024501
Audited summary financial results announcement, board changes and cash dividend declaration for the year ended 30 June 2017
Basis of preparation
This report covers the audited summary final financial results of RMB Holdings Limited (RMH), based on International Financial Reporting
Standards (IFRS), for the year ended 30 June 2017.
The primary results and accompanying commentary are presented on a normalised basis as we believe this most accurately reflects the
group's underlying economic performance. The normalised earnings have been derived from the audited, IFRS financial results. A
reconciliation of the adjustments made to derive normalised earnings is presented in the accompanying schedules.
Ellen Marais, CA(SA), prepared these financial results under the supervision of Herman Bosman, LLM CFA.
About RMH
RMH is a top-40 JSE-listed investment holding company with a 34% share in FirstRand and 100% of RMH Property
Leading South African businessmen, GT Ferreira, Laurie Dippenaar and Paul Harris, founded RMH's forerunner almost 40 years ago. They still play
an important role in decision-making today.
Since its listing in 1992, RMH has provided shareholders with a vehicle to co-invest with the founders of FirstRand. In 2011, insurance interests
were separately listed as Rand Merchant Investment Holdings Limited (RMI). In the previous year, RMH expanded its investment strategy to
include a property investment business, comprising scalable entrepreneur-led businesses with proven track records in managing and building
out property portfolios.
Investment portfolio
RMH's main interest is its 34% investment in separately-listed FirstRand Limited (FirstRand), generally regarded as southern Africa's pre-eminent
financial services group, with a market capitalisation of R264.5 billion at 30 June 2017 (2016: R251.5 billion).
The extension of the investment strategy into property involved the acquisition of a 27.5% interest in Atterbury Property Holdings Proprietary
Limited (Atterbury), a 34.1 % interest in Propertuity Development Proprietary Limited (Propertuity), an urban renewal business and 40% of
Genesis Properties Three Proprietary Limited (Genesis Properties), a mezzanine debt and equity funding business, to form the newly established
RMH Property.
The RMH portfolio comprises:
FirstRand
First National Bank (FNB) - the retail and commercial bank
Rand Merchant Bank (RMB) - the corporate and investment bank
WesBank - the instalment finance business
Ashburton Investments - the group's investment management business
RMH property
Atterbury - a leading South African property group
Propertuity - an urban renewal business
Genesis - a mezzanine debt and equity funding business
Investment policy
RMH invests in businesses that can deliver superior earnings, dividend growth and sustained long-term capital growth. We specifically target
the wider financial services industry and industries complementary to our current portfolio.
Dividend policy
RMH has a stated policy of returning net dividends (after providing for funding and operational costs incurred at the centre) received in the
ordinary course of business to shareholders.
Board changes
Effective 1 September 2017, Mr David Wilson joined the board as alternate non-executive director. In future Mr Obakeng Phetwe will be a
non-executive director of RMH and not act as alternate director to Ms Albertinah Kekana.
Performance and outlook
External environment
RMH's external environment is characterised by the following trends:
- low GDP growth in SA;
- currency fluctuations;
- political uncertainty;
- changing consumer behaviour and expectations; and
- rapid technological change.
Current macroeconomic conditions suggest a negative global economic growth outlook and continued lack of growth locally. The ongoing
political and policy uncertainty is expected to continue at least until the ANC's December electoral conference. Inflation in South Africa will
remain towards the top end of the target band. The Rand is expected to remain weak against the Dollar, especially after the sovereign
downgrades and fears that the independence of the central bank could potentially be undermined by the government's efforts to revive the
ailing economy.
FNB SA Economic Forecasts
2012 2013 2014 2015 2016 2017F 2018F 2019F
% Real GDP growth 2.2 2.5 1.7 1.3 0.3 0.4 0.9 1.3
% Unemployment 24.9 24.7 25.1 25.4 26.7
% CPI average 5.6 5.8 6.1 4.6 6.3 5.4 4.9 5.4
Rand/Dollar average 8.21 9.65 10.85 12.78 14.7 13.5 14.9 15.5
With the backdrop of past global growth but prolonged local uncertainty, it was particularly pleasing that RMH managed to produce solid
results, in keeping with its commitment to long-term value creation.
Value created
RMH produced satisfactory results for the year ended 30 June 2017:
- Normalised earnings increased 7% to R8.2 billion (2016: R7.7 billion). Normalised earnings per share amounted to 578.5 cents per share
(2016: 542.5 cents per share).
RMH's core investment, FirstRand, produced a good performance despite the challenging economic climate, increasing normalised
earnings by 7% (2016: 9%) and delivering a return on equity (ROE) of 23.4% (2016: 24.0%). FirstRand franchises, FNB, RMB and WesBank, all
produced resilient operating results. The RMH results include the first contribution by RMH Property, which was mostly off-set by an increase in
finance cost and the amortisation of a intangible asset created on acquisition.
- Market capitalisation increased by 4% to R82.9 billion.
- Dividends for the year distributed to shareholders increased by 11% to 327.0 cents per share (2016: 295.0 cents per share).
Sources of income
FirstRand's well-diversified income stream is drawn from the full spectrum of banking services and is predominantly sourced from South Africa.
RMH's normalised earnings is made up as follows:
For the year ended
30 June
%
R million 2017 2016 change
FNB 12 951 12 294 5
RMB 6 955 6 287 11
WesBank 3 996 3 927 2
Other* 569 347 64
FIRSTRAND NORMALISED EARNINGS 24 471 22 855 7
Attributable to RMH 8 334 7 783 7
RMH Property 8 - 100
Centre costs (176) (124) 42
RMH NORMALISED EARNINGS 8 166 7 659 7
* Other is the total of FCC including group treasury and preference dividends paid on
perpetual preference shares issued by FirstRand. It includes the capital endowment, the
impact of accounting mismatches, interest rate management and foreign currency
liquidity management.
Underlying intrinsic value
During the year to 30 June 2017, RMH's market capitalisation increased by 4%. At year-end, it amounted to R82.9 billion (June 2016: R79.4
billion) or 5 875 cents per share (June 2016: 5 625 cents). This represents a 7.3% discount (June 2016: 6.1 % discount) to RMH's underlying
intrinsic value. Net asset value per share increased 8% to 2 931.4 cents per share (June 2016: 2 709.1 cents).
as at
June
R million 2017 2016 % change
Market value of listed interest (FirstRand) 90 077 85 664 5
Book value of RMH Property 899 - 100
Net funding (1 546) (1 072) 44
Total intrinsic value 89 430 84 592 6
Intrinsic value per share (cents) 6 334.9 5 992.2 6
Final dividend payment
The board of RMH has resolved to declare a gross final dividend of 174.0 cents per share (2016: 153.0 cents), bringing the total dividend for
the year ending 30 June 2017 to 327.0 cents per ordinary share (2016: 295.0 cents). The dividend is covered 1.8 times (2016: 1.8 times) by
normalised earnings per share and represents a year-on-year increase of 11%.
Update on RMH's strategy
RMH's aim is to be a value-adding active enabler of leadership and innovation in banking and property. Our objective is to create a portfolio
of businesses which are market-leaders and can deliver sustainable earnings, an attractive dividend yield and capital growth. We pursue
opportunities in the changing financial services landscape which meet our stringent criteria and strong values.
RMH's strategy is based on three initiatives designed to create sustainable value. They are:
Diversification
We are constantly evaluating opportunities to expand the services of our existing investees or add new investments, thereby creating more
value.
Optimisation
We focus on continuously improving the value our investees provide in order to create better value for our shareholders.
Modernisation
We are well aware of renewal in our industries and will acquire proven businesses or invest in start-ups with special opportunities and drivers,
which can create new value.
RMH has consistently measured its performance in terms of normalised earnings, which adjusts headline earnings to take into account
non-operational items and accounting anomalies.
For the detailed calculation of normalised earnings in respect of the current and prior year, refer to table below.
The true value created is measured in terms of capital growth, which reflects the growth in the underlying value of our investments.
For a detailed analysis of RMH's intrinsic and net asset value refer to the underlying intrinsic value table above.
It is RMH's objective to provide shareholders with a consistent annual dividend flow. In extraordinary circumstances, this can be
complemented by other distributions in the form of special dividends or the unbundling of investments to shareholders.
Outlook and future value creation
Management will focus on the following in the year ahead:
Diversification of income stream and distribution of assets:
Management will focus on the newly-created property business in identifying opportunities for both the core portfolio and specialist portfolio.
It will evaluate expanding RMH's geographic footprint further, either independently and/or through the existing portfolio.
Optimisation of our established investments:
Management will continue its strategic dialogue and activity across the portfolio. It will assist with creating leadership stability and succession
planning.
Modernisation:
RMH will continue to identify new businesses, technologies and industry trends to complement RMH and its investee companies.
We remain confident that both our clear strategy, in conjunction with the solid investment portfolio and underpinned by unwavering values,
will allow RMH to continue delivering on its primary objective of creating sustainable, long-term value for shareholders.
For and on behalf of the board
GT Ferreira HL Bosman
Chairman Chief executive officer
Sandton
8 September 2017
Final dividend declaration
Notice is hereby given that a gross final dividend of 174.0 cents per share, payable out of income reserves, was declared on 8 September
2017 in respect of the year ended 30 June 2017.
The dividend will be subject to Dividend Withholding Tax at a rate of 20%, which will result in a net dividend of 139.2 cents per share for those
shareholders who are not exempt. The company's tax reference number is 9950/098/71/6. Its issued share capital at the declaration date
comprises 1 411 703 218 ordinary shares and 11 800 redeemable preference shares.
Shareholders' attention is drawn to the following important dates:
- Last day to trade in order to participate in this dividend Tuesday, 3 October 2017
- Shares commence trading ex-dividend on Wednesday, 4 October 2017
- The record date for the dividend payment will be Friday, 6 October 2017
- Dividend payment date Monday, 9 October 2017
No dematerialisation or rematerialisation of share certificates may be done between Wednesday, 4 October 2017 and Friday, 6 October 2017
(both days inclusive).
By order of the board
(Ms) EJ Marais
Company secretary
8 September 2017
Financial review
The dominant part of RMH's income is its share in the after-tax profits of FirstRand, amounting to R8 202 million (2016: R7 559 million).
Audited summary consolidated income statement
For the year ended
30 June
R million 2017 2016 % change
Revenue 16 7
Share of after-tax profit of associate companies 8 374 7 684 9
Fee income 3 -
Net fair value gain/(loss) on financial assets and liabilities 6 (14)
Net income 8 399 7 677 9
Administration expenses (40) (16) >100
Income from operations 8 359 7 661 9
Finance costs (152) (87) 75
Profit before tax 8 207 7 574 8
Income tax expense (5) (15) (67)
PROFIT FOR THE YEAR 8 202 7 559 9
Audited summary consolidated statement of comprehensive income
For the year ended
30 June
R million 2017 2016 % change
Profit for the year 8 202 7 559 9
Other comprehensive income, after tax:
Items that may be reclassified to profit or loss
Share of other comprehensive income of associate after tax and
non-controlling interests* (742) 82
Available-for-sale financial assets (14) -
Losses arising during the year (18) -
Deferred income tax 4 -
Items that may not subsequently be reclassified to profit or loss
Share of other comprehensive income of associate after tax and
non-controlling interests 58 (47)
Other comprehensive income for the year (698) 35
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 7 504 7 594 (1)
* Large movement due to translation of FirstRand's foreign operations.
Audited computation of headline earnings
For the year ended
30 June
R million 2017 2016 % change
Earnings attributable to equity holders 8 202 7 559 9
Adjusted for:
RMH's share of adjustments made by FirstRand:
Gain on disposal of investment securities and other investments
of a capital nature (1) (2)
Loss due to the fair value adjustment of a non-current asset held
for sale 32 -
Gain on disposal of available-for-sale assets (18) (2)
Loss on disposal of investments in non-private equity associates 2 -
Impairment of non-private equity associates 1 -
Gain on disposal of investments in subsidiaries (619) (28)
Loss/(gain) on disposal of property and equipment 5 (50)
Fair value movement on investment properties - 7
Impairment of goodwill 41 3
Impairment of assets in terms of IAS 36 126 16
Tax effects of adjustments 9 (7)
Non-controlling interests adjustments 146 3
RMH's own adjustments:
Loss on deemed sale of associate due to change in effective
shareholding 1 4
HEADLINE EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS 7 927 7 503 6
Computation of normalised earnings
RMH regards normalised earnings as the appropriate basis to evaluate business performance as it eliminates the impact of non-recurring
items and accounting anomalies.
For the year ended
30 June
R million 2017 2016 % change
Headline earnings attributable to equity holders 7 927 7 503 6
RMH's share of adjustments made by FirstRand:
TRS and IFRS 2 liability remeasurement (21) 168
Treasury shares (4) (2)
IAS 19 adjustment (40) (35)
Private equity subsidiary realisations 307 28
Adjusted for:
RMH shares held by associate(1) - 1
Group treasury shares(2) (3) (4)
NORMALISED EARNINGS ATTRIBUTABLE TO EQUITY HOLDERS 8 166 7 659 7
(1) RMH shares held for client trading activities by FirstRand.
(2) Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand i.e. reflecting
treasury shares as if they are non-controlling interests.
Audited computation of per share information
For the year ended
30 June
R million 2017 2016 % change
Earnings attributable to equity holders 8 202 7 559 9
Headline earnings attributable to equity holders 7 927 7 503 6
Normalised earnings attributable to equity holders 8 166 7 659 7
Net asset value 41 381 38 244 8
Number of shares in issue (millions) 1 412 1 412 -
Weighted average number of shares in issue (millions) 1 411 1 411 -
Diluted weighted average number of shares in issue (millions) 1 411 1 411 -
Weighted average number of shares in issue (millions) for
normalised earnings 1 412 1 412 -
Earnings per share (cents) 581.2 535.7 8
Diluted earnings per share (cents) 581.2 535.7 8
Headline earnings per share (cents) 561.7 531.7 6
Diluted headline earnings per share (cents) 561.7 531.7 6
Normalised earnings per share (cents) 578.5 542.5 7
Diluted normalised earnings per share (cents) 578.5 542.5 7
Net asset value per share (cents) 2 931.3 2 709.1 8
Audited dividend per share
For the year ended
30 June
cents 2017 2016 % change
Dividend per share
Interim 153.0 142.0 8
Final 174.0 153.0 14
TOTAL 327.0 295.0 11
Dividend cover (relative to headline earnings) 1.7 1.8
Dividend cover (relative to normalised earnings) 1.8 1.8
Audited summary consolidated statement of financial position
The investment in associates increased with RMH's share of after-tax profits of R8 374 million (2016: R7 684 million) and RMH's share of
associates' other reserves of R 731 million (2016: R321 million). This was offset by dividends received of R4 528 million (2016: R4 298 million).
as at 30 June
R million 2017 2016
ASSETS
Cash and cash equivalents 39 18
Loans and receivables 114 3
Investment securities 334 223
Taxation receivable 5 1
Derivative financial instruments 8 -
Deferred tax asset 4 12
Investment in associates 43 130 39 316
TOTAL ASSETS 43 634 39 573
EQUITY
Share capital and premium 8 825 8 825
Reserves 32 556 29 419
TOTAL EQUITY 41 381 38 244
LIABILITIES
Trade and other payables 81 62
Provisions - 1
Financial liabilities 2 154 1 218
Derivative financial instruments 6 29
Long-term liabilities 1 10
Deferred tax liability 11 9
TOTAL LIABILITIES 2 253 1 329
TOTAL EQUITY AND LIABILITIES 43 634 39 573
Audited summary consolidated statement of cash flows
For the year ended
30 June
R million 2017 2016
Net cash generated from operating activities 4 397 4 273
Dividends paid (4 320) (4 178)
Net cash outflow in investment activities (840) -
Net cash in/(out)flow in financing activities 784 (93)
Net decrease in cash and cash equivalents 21 2
Cash and cash equivalents at the beginning of the year 18 16
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 39 18
Audited summary consolidated statement of changes in equity
Total
Share Equity equity
capital and accounted Available-for- Other Retained holders'
R million premium reserves sale reserve reserves earnings funds
Balance as at 1 July 2015 8 815 23 175 - 333 2 851 35 174
Total comprehensive income for the year - 35 - - 7 559 7 594
Dividends paid - - - (4 178) (4 178)
Income of associate company retained - 3 026 - - (3 026) -
Reserve movements relating to associate - 9 - - (365) (356)
Movement in treasury shares 10 - - - - 10
BALANCE AS AT 30 JUNE 2016 8 825 26 245 - 333 2 841 38 244
Balance as at 1 July 2016 8 825 26 245 - 333 2 841 38 244
Total comprehensive income or the year - (684) (14) - 8 202 7 504
Dividends paid - - - - (4 320) (4 320)
Income of associates retained - 3 722 - - (3 722) -
Reserve movements relating to associates - 76 - - (123) (47)
BALANCE AS AT 30 JUNE 2017 8 825 29 359 (14) 333 2 878 41 381
Basis of presentation of results
This report is prepared in accordance with:
- the framework concepts and the recognition and measurement requirements of International Reporting Standards (IFRS), including
interpretations issued by the IFRS Interpretations Committee;
- Financial Reporting Pronouncements as issued by Financial Reporting Standards Council;
- SAICA Financial Reporting Guide as issued by the Accounting Practices Committee;
- as a minimum, the information required by IAS 34 Interim Financial Reporting; and the requirements of the South African Companies Act,
Act 71 of 2008, applicable to summary financial statements.
The directors take full responsibility and confirm that this information has been correctly extracted from the annual financial statements from
which the summary consolidated financial statements were derived.
Accounting policies
These summary results incorporate accounting policies that are consistent with those used in preparing the financial results for the year
ended 30 June 2016.
The consolidated financial statements, from which these summary consolidated financial statements are extracted, are prepared in
accordance with the going concern principle under the historical cost basis, as modified by the fair value accounting of certain assets and
liabilities, where required or permitted by IFRS.
No new or amended IFRS standards which become effective had an impact on the results for the year ended 30 June 2017.
Normalised results
RMH believes normalised earnings more accurately reflect operational performance. Headline earnings are adjusted to take into account
the following non-operational and accounting anomalies :
1. RMH's portion of normalised adjustments made by its associates, which have a financial impact:
- the Total Return Swap (TRS), which is an economic hedge against the cash-settled share-based payment;
- IFRS 2 share-based payment expense in terms of the BEE transaction;
- FirstRand shares held for client trading activities;
- IAS 19 measurement of plan asset; and
- the consolidation of private equity subsidiaries, which is excluded from the Rule 1 exemption of Circular 2/2015, Headline Earnings
per Share.
2. RMH shares held for client trading activities by FirstRand's addition, in terms of IAS 28 Investments in Associates. Upstream and downstream
profits are eliminated when equity accounting is applied, and, in terms of IAS 32, profits or losses cannot be recognised on an entity's own
equity instruments. For the income statement RMH's portion of the fair value change in RMH shares held by FirstRand is, therefore, deducted
from equity-accounted earnings and the investment recognised using the equity-accounted method.
3. Adjustment to reflect earnings impact based on actual RMH shareholding in FirstRand based on actual number of shares issued
by FirstRand.
Normalised earnings presented in these summary financial results constitutes pro forma financial information.
The pro forma financial information is the responsibility of the directors and is presented for illustrative purposes.
Because of its nature, the pro forma financial information may not fairly present RMH’s financial position, changes
in equity, results of operations or cash flows. An assurance report has been prepared and issued by our auditors,
PricewaterhouseCoopers Inc. on the pro forma financial information included in this report that is available at the
registered office of RMH.
Auditor's report
The summary consolidated financial statements for the year ended 30 June 2017 contained in this booklet have been audited by
PricewaterhouseCoopers Inc., who expressed an unmodified opinion thereon in terms of ISA 810 (revised).
The auditors also expressed an unmodified opinion on the annual financial statements from which the summary consolidated financial
statements were derived. Unless the financial information is specifically stated as audited, it should be assumed to be unaudited.
A copy of the auditor's report on the annual consolidated financial statements is available for inspection at RMH's registered office,
2 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, together with the financial statements identified in the respective
auditor's reports.
The auditor's report does not necessarily report on all of the information contained in these summary consolidated financial statements.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditors' engagement they should review
the auditor's report together with the accompanying financial information from the issuer's registered office.
The forward-looking information has not been reviewed or reported on by the group's external auditor. RMH's board of directors take full
responsibility for the preparation of this announcement.
Audited contingencies and commitments
as at 30 June
R million 2017 2016
Contingencies and commitments
Guarantees 1 603 321
BALANCE AT THE END OF THE YEAR 1 603 321
Segmental report
FCC and RMH
R million FNB RMB WesBank other FirstRand Property Other RMH
Year ended 30 June 2017
Share of after-tax profit of associates 4 411 2 370 1 361 229 8 371 4 (1) 8 374
Fee income - - - - - - 3 3
Investment income - - - - - 6 10 16
Net fair value loss on financial assets - - - - - - 6 6
Net income 4 411 2 370 1 361 229 8 371 10 18 8 399
Administration expenses - - - - - - (40) (40)
Income from operations 4 411 2 370 1 361 229 8 371 10 (22) 8 359
Finance costs - - - - - (2) (150) (152)
Profit before tax 4 411 2 370 1 361 229 8 371 8 (172) 8 207
Income tax expense - - - - - - (5) (5)
PROFIT FOR THE YEAR 4 411 2 370 1 361 229 8 371 8 (177) 8 202
Headline earnings 4 411 2 370 1 361 (47) 8 095 8 (176) 7 927
Normalised earnings 4 411 2 369 1 361 193 8 334 8 (176) 8 166
Investment in associates - - - - 42 427 703 - 43 130
Other assets - - - - - 244 260 504
TOTAL ASSETS - - - - 42 427 947 260 43 634
TOTAL LIABILITIES - - - - - 48 2 205 2 253
FCC and RMH
R million FNB RMB WesBank other FirstRand Property Other RMH
Year ended 30 June 2016
Share of after-tax profit of associate 4 189 2 142 1 338 19 7 688 - (4) 7 684
Investment income - - - - - 7 7
Net fair value loss on financial assets - - - - - - (14) (14)
Net income 4 189 2 142 1 338 19 7 688 - (11) 7 677
Administration expenses - - - - - - (16) (16)
Income from operations 4 189 2 142 1 338 19 7 688 - (27) 7 661
Finance costs - - - - - - (87) (87)
Profit before tax 4 189 2 142 1 338 19 7 688 - (114) 7 574
Income tax expense - - - - - - (15) (15)
PROFIT FOR THE YEAR 4 189 2 142 1 338 19 7 688 - (129) 7 559
Headline earnings 4 189 2 142 1 338 (41) 7 628 - (125) 7 503
Normalised earnings 4 187 2 141 1 337 118 7 783 - (124) 7 659
Investment in associates - - - - 39 316 - - 39 316
Other assets - - - - - - 257 257
TOTAL ASSETS - - - - 39 316 - 257 39 573
TOTAL LIABILITIES - - - - - - 1 329 1 329
Geographical segments
RMH does not have any geographic segments as both FirstRand and RMH Property are viewed as South African entities.
Directors
GT Ferreira (Chairman), JJ Durand (Deputy chairman) HL Bosman (CEO), JP Burger, P Cooper, (Ms) SEN De Bruyn Sebotsa, LL Dippenaar,
JW Dreyer, PM Goss, PK Harris, (Ms) A Kekana, O Phetwe, P Lagerstrom, MM Morobe and KC Shubane
Alternate directors: F Knoetze and D Wilson
Secretary and registered office
(Ms) EJ Marais
Physical address: 3rd Floor, 2 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Postal address: PO Box 786273, Sandton, 2146
Telephone: +27 11 282 8000
Telefax: +27 11 282 4210
Web address: www.rmh.co.za
Sponsor
(in terms of JSE Listings Requirements)
Rand Merchant Bank
(a division of FirstRand Bank Limited)
Physical address: 1 Merchant Place, corner of Fredman Drive and Rivonia Road, Sandton, 2196
Transfer secretaries
Computershare Investor Services Proprietary Limited
Physical address: First floor, Rosebank Towers,
15 Biermann Avenue, Rosebank, 2196
Postal address: PO Box 61051, Marshalltown, 2107
Telephone: +27 11 370 5000
Telefax: +27 11 688 5221
Date: 08/09/2017 10:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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