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BALWIN PROPERTIES LIMITED - Audited Provisional Results for the year ended 28 February 2018

Release Date: 14/05/2018 07:05
Code(s): BWN     PDF:  
Wrap Text
Audited Provisional Results for the year ended 28 February 2018

Incorporated in the Republic of South Africa
Registration number 2003/028851/06
Share code: BWN
ISIN: ZAE000209532
("Balwin" or "the group")

for the year ended 28 February 2018



26% DOWN

26% DOWN

26% DOWN

32% DOWN

15% UP


Balwin is a specialist developer of large-scale residential estates comprising sectional title apartments for the mid to upper market segment.

Estates typically consist of between 500 to 1 500 apartments and are located in high-density, high-growth nodes in the greater Gauteng, Western Cape
and KwaZulu-Natal metropolitan areas.

The group has a secure pipeline of 39 951 apartments across 25 locations, with a 14-year development horizon. The group ensures that it has a number of
developments being built and sold across diverse locations at any point in time to ensure that the sales target of between 2 000 and 3 000 apartments is
achieved each year.

Estates offer secure, affordable, high-quality, environmentally friendly and conveniently located one-, two- and three-bedroom sectional-title residential
apartments, ranging in size from 33m(2) to 120m(2). Prices typically range from R599 900 to R1 799 900 per apartment (including modern fitted
kitchen appliances).

All estates are developed and marketed under the Balwin Properties brand, with larger estates offering a unique lifestyle centre with well-established
concierge and other all-inclusive value added services such as a spa, restaurant, gym, squash court, action sports field, games room, movie theatre, heated
swimming pools, playgrounds and free Wi-Fi.

The introduction of Balwin Fibre Proprietary Limited to the group in the current financial period has expanded its service offerings to include the provision
of high speed fibre networks to residents while creating a source of annuity income to the group. Balwin's recent partnership with Solar Africa has enabled
it to bring the latest advancements in technology to its estates, creating a sustainable environment by using renewable energy that offers benefits to
Balwin and residents.

Balwin is focused on delivering sustainable long-term returns to investors through developing large-scale residential estates in key growth nodes in South
Africa for the country's expanding middle income population. The group follows a proven formula for acquiring land for residential development and
follows a phased approach to development, with finance secured through the pre-sale of units for each phase. Its unique business model benefits from
economies of scale, in-house construction and management and the use of mainly locally produced construction material.

Balwin continued to deliver a satisfactory trading performance for the year ended 28 February 2018 ("the period"), despite the current adverse market
conditions created by the challenging macro-economic environment. The group experienced sustained demand for its high quality, affordable apartments
and has made pleasing progress across existing and new developments.

Delays in obtaining approvals
As previously advised to shareholders in the pre-close period trading statement, Balwin has experienced delays in obtaining town planning and local
authority approvals for the commencement of construction of certain new developments around the country. These delays have impacted the financial
performance for the period.

These approval delays impact the initial phases of a development. The majority of the delays pertain to the zoning of land. In order to address the delays in
obtaining approval, management is placing an increased focus on acquiring zoned land as part of its land acquisition strategy.

The delays affected the development of The Whisken (Kyalami), The Blyde (Pretoria East), Ballito Hills (KwaZulu-Natal), The Jade (Somerset West) and Green
Park (Boksburg). Management, together with its team of professionals, has engaged with the local authorities and is pleased to report that all of these
developments have now been approved to commence construction.

The delays affected a total of 696 apartments which will now only reflect in the sales for the 2019 financial year, in accordance with the group's revenue
recognition policy.

Apartment sales
A total of 2 084 apartments were handed over and recognised as revenue in the period compared to 2 711 in the prior period, with handovers impacted
by the construction delays referred to above.

A total of 1 328 apartments have been pre-sold for the 2019 financial year.

Demand for three-bedroom apartments slowed over the past year while demand for one-bedroom apartments increased, reflective of the prevailing tough
macro-economic conditions impacting the group's target market.

Owing to the higher demand for one-bedroom apartments the block configuration of developments has been altered to include a newly designed one-
bedroom apartment with the selling price starting at R599 900, resulting in more one- and two-bedroom apartments per block.

Johannesburg: Construction at Amsterdam, Kikuyu and The Polo Fields progressed according to schedule with Kikuyu in particular receiving exceptional
demand. Approval to commence construction at The Whisken, Kyalami was received at the end of the financial year. Westlake, in Modderfontein and
Balboa Park in Oakdene, were mostly sold out by year-end. The Reid in Sandton, Linbro Park has been released for sales post the end of the financial year
succeeding Westlake in the Modderfontein/Linbro Park area. The Cambridge in Bryanston and Malakite in Greenstone were successfully sold out during
the year.

Tshwane: The Blyde commenced construction at the end of the financial year. The construction of the first phase is complete and has been handed over
to clients. The construction of the Crystal Lagoon at the development has been completed and is scheduled to launch in September 2018.

Western Cape: Construction at De Zicht and Paardevlei Lifestyle remained on track with the first phase of De Zicht being handed over at the end of the
period. Paardevlei Lifestyle is on track to be handed over during the 2019 financial year. Construction at Paardevlei Square was completed in the period.
Approval to commence construction at The Jade, in Somerset West has been received with the first phase expected to be handed over within the first half
of the 2019 financial year. The Sandown in Milnerton was completed ahead of schedule with the apartments mostly sold out by year-end.

KwaZulu-Natal: Construction of Ballito Hills commenced post the end of the reporting period and the first phase is expected to be handed over in the
2019 financial year.

Balwin Properties was awarded the prestigious Africa awards for the Paardevlei Lifestyle development in Somerset West and The Polo Fields in Waterfall.
These awards recognise the exceptional quality and design of the Balwin product relative to international standards.

The Balwin Foundation NPC supports and empowers the younger generation and previously disadvantaged to gain greater knowledge and skills through
technical vocational education and training.

Students, employees and contractors are trained in a building industry-related trade which includes tiling, painting, plastering, bricklaying and carpentry,
all skills which are key to the success of the business.

The Balwin Foundation has trained 200 previously disadvantaged individuals and funded 16 university students through its bursary programme.

Revenue declined by 9% to R2.5 billion. This decline was largely due to the delays in obtaining town planning and local authority approval for certain
developments, as referred to above. The average selling price per apartment was in line with the prior year, highlighting the impact of the tough
macro-economic conditions on Balwin's target consumer market.

Gross margin
The gross profit margin declined to 33% (2017: 37%). This is due to the higher number of new developments being launched and handed over and
recognised in revenue during the period. The gross profit margin percentage is lower during the initial phases of a development.

The group continues to target a gross profit margin of 35% over the lifecycle of a development, with higher margins generally being achieved on
Gauteng-based projects owing to lower costs and higher demand experienced in the region. Management has implemented measures to improve
efficiencies and ensure cost savings, including a centralised procurement system.

Operating expenses
Operating expenses increased by 7% over the prior period. The inflationary increase is due to good cost management across the business to improve
operating efficiencies. Additional costs were incurred in the opening of the KwaZulu-Natal division and revenue will start to flow from this new division in
the 2019 financial year.

Earnings per share and headline earnings per share declined by 26% to 104 cents (2017: 140 cents) for the period, in line with the group's trading
statement issued on 28 February 2018.

Development finance is obtained on a phase-by-phase basis for each development. Finance is secured against the pre-sales of the specific phase being
financed. Development finance is obtained at a loan-to-value ratio of approximately 70%, with the balance of the construction costs financed internally.
The group's long-term debt to equity ratio at the end of the reporting period was 25% compared to 30% in the prior corresponding period.

Notice is hereby given that the board have declared a final gross dividend of 21 cents per ordinary share, payable out of income reserves for the year ended
28 February 2018 to ordinary shareholders in accordance with the time table below:

Declared                                                                                                                            Monday, 14 May 2018
Cum dividend                                                                                                                      Tuesday, 12 June 2018
Ex dividend                                                                                                                     Wednesday, 13 June 2018
Record date                                                                                                                        Friday, 15 June 2018
Payment date                                                                                                                       Monday, 18 June 2018

Dividend tax amounting to 4.2 cents per ordinary share will be withheld in terms of the Income Tax Act. Ordinary shareholders who are not exempt from
dividends tax will therefore receive a dividend of 16.8 cents net of dividends tax. The company has 472 192 592 ordinary shares in issue.

Balwin's income tax reference number is 9058216848.

Share certificates may not be dematerialised or rematerialised between Wednesday, 13 June 2018 and Friday, 15 June 2018, both days inclusive.

Tomi Amosun and Thoko Mokgosi-Mwantembe were appointed as independent non-executive directors with effect from 16 May 2017.

Management is focused on the delivery of an innovative lifestyle product to the South African market. Continued urbanisation and the growth of the
South African middle-class will increase the demand for affordable high-quality sectional title apartments while there is a relatively low supply from
property developers.

Management has adapted to the change in market conditions and customer demands through the reconfiguration of its block design which will introduce
one-bedroom, one-bathroom apartments from R599 900 and two-bedroom, two-bathroom apartments from R999 900.

Greater focus is being placed on operational performance and execution across all developments, especially during the initial phases. Prudent capital
allocation and cautious cash flow management remain priorities.

Management is also focusing on delivering on its rental model through strategic alliances.

Improving consumer sentiment following the change in the country's political leadership, together with declining interest rates and lower inflation,
is positive for the outlook for sales growth in the new financial year.

Based on the current continued healthy demand, especially for Balwin's newly introduced block configuration model, careful management of cash flows,
stock management and the acceleration of construction on sites held back in the prior year, we expect to deliver growth for the 2019 financial year.


                                                                                                                Audited              Audited
                                                                                                        12 months ended      12 months ended
                                                                                                       28 February 2018     28 February 2017
Basic                                                                                       (cents)              104.56               140.64   
Headline                                                                                    (cents)              104.56               140.58   
Diluted earnings                                                                            (cents)              104.06               139.96   
Diluted headline earnings                                                                   (cents)              104.05               139.90   
Tangible net asset value per share                                                          (cents)              491.98               428.57   
Net asset value per share                                                                   (cents)              491.98               428.57   
Weighted average shares in issue                                                                            469 915 273          469 818 275   
Net asset value                                                                             (R'000)           2 311 906            2 013 509   
Reconciliation of profit for the year to headline earnings                                                                                     
Profit for the year                                                                         (R'000)             491 345              660 740   
Adjusted for:                                                                                                                                  
- Profit on disposal of property, plant and equipment                                       (R'000)                (15)                (277)   
Headline earnings                                                                           (R'000)             491 330              660 463   
Weighted average number of shares                                                                                                              
Weighted average number of shares in issue                                                                  469 915 273          469 818 275   
Potential dilutive impact of share options                                                                    2 277 320            2 277 320   
                                                                                                            472 192 593          472 095 595   


                                                                                                                Audited             Audited
                                                                                                        12 months ended     12 months ended
                                                                                                       28 February 2018    28 February 2017
                                                                                                                  R'000               R'000
Revenue                                                                                                       2 454 635           2 702 152   
Cost of sales                                                                                               (1 649 406)         (1 691 128)   
Gross profit                                                                                                    805 229           1 011 024   
Other income                                                                                                      6 587              22 460   
Operating expenses                                                                                            (140 995)           (130 145)   
Operating profit                                                                                                670 821             903 339   
Interest income                                                                                                  15 273              15 220   
Finance costs                                                                                                   (3 559)             (1 375)   
Profit before taxation                                                                                          682 535             917 184   
Taxation                                                                                                      (191 190)           (256 444)   
Profit for the year                                                                                             491 345             660 740   
Other comprehensive income:                                                                                                                   
Items that may be reclassified to profit or loss:                                                                                             
Exchange profit/(loss) on translating foreign operation                                                             651               (397)   
Total comprehensive income for the year                                                                         491 996             660 343   
Basic and diluted earnings per share                                                                                                   
Basic                                                                                       (cents)              104.56              140.64   
Diluted                                                                                     (cents)              104.06              139.96   

                                                                                                                Audited             Audited
                                                                                                                  as at               as at
                                                                                                       28 February 2018    28 February 2017
                                                                                                                  R'000               R'000
Non-current assets                                                               
Property, plant and equipment                                                                                    73 214              43 180
Intangible assets                                                                                                    31                   -
Deferred tax                                                                                                      1 540               4 862
                                                                                                                 74 785              48 042
Current assets                                                               
Developments under construction                                                                               2 587 088           2 011 324
Inventories                                                                                                       1 384                   -
Trade and other receivables                                                                                     859 408             633 851
Other financial assets                                                                                            3 858              30 129
Current tax receivable                                                                                            4 566                 358
Cash and cash equivalents                                                                                       100 033             546 969
                                                                                                              3 556 337           3 222 631
Total assets                                                                                                  3 631 122           3 270 673
Equity and liabilities                                                                
Share capital                                                                                                   664 354             664 354
Foreign currency translation reserves                                                                             (580)             (1 231)
Retained income                                                                                               1 648 132           1 350 386
Total equity                                                                                                  2 311 906           2 013 509
Non-current liabilities                                                                
Other financial liabilities                                                                                     579 628             610 677
Current liabilities                                                                
Trade and other payables                                                                                         63 771             137 456
Other financial liabilities                                                                                     672 050             490 203
Current tax payable                                                                                                   2               4 562
Provisions                                                                                                        3 765              14 266
                                                                                                                739 588             646 487
Total liabilities                                                                                             1 319 216           1 257 164
Total equity and liabilities                                                                                  3 631 122           3 270 673


                                                                                         Foreign currency
                                                                    Share capital     translation reserve   Retained income    Total equity
                                                                            R'000                   R'000             R'000           R'000
Balance at 1 March 2016                                                   661 854                   (834)           841 171       1 502 191
Profit for the year                                                             -                       -           660 740         660 740
Other comprehensive loss                                                        -                   (397)                 -           (397)
Total comprehensive income for the year                                         -                   (397)           660 740         660 343
Shares issued as a result of share-based payment transaction                2 500                       -                 -           2 500
Dividends paid                                                                  -                       -         (151 525)       (151 525)
Balance at 1 March 2017                                                   664 354                 (1 231)         1 350 386       2 013 509
Profit for the year                                                             -                       -           491 345         491 345
Other comprehensive income                                                      -                     651                 -             651
Total comprehensive income for the year                                         -                     651           491 345         491 996
Dividends paid                                                                  -                       -         (193 599)       (193 599)
Balance at 28 February 2018                                               664 354                   (580)         1 648 132       2 311 906

                                                                                                               Audited              Audited
                                                                                                       12 months ended      12 months ended
                                                                                                      28 February 2018     28 February 2017
                                                                                                                 R'000                R'000
Cash flows from operating activities                                            
Cash used in operations                                                                                      (129 913)            (316 600)
Interest received                                                                                               15 273               15 220
Finance costs                                                                                                 (78 962)              (1 375)
Taxation paid                                                                                                (196 636)            (290 733)
Net cash used in operating activities                                                                        (390 238)            (593 488)
Cash flows from investing activities                                            
Purchase of property, plant and equipment                                                                     (40 182)              (9 046)
Proceeds on sale of property, plant and equipment                                                                   45                  311
Purchase of intangible assets                                                                                     (31)                    -
Movement in financial assets                                                                                    26 271             (22 753)
Net cash used in investing activities                                                                         (13 897)             (31 488)
Cash flows from financing activities                                            
Proceeds on share issue                                                                                              -                2 500
Development loans repaid                                                                                     (939 838)          (1 300 279)
Development loans raised                                                                                     1 090 636            2 158 960
Dividends paid                                                                                               (193 599)            (151 525)
Net cash (used in)/generated from financing activities                                                        (42 801)              709 656
Total cash and cash equivalents movement for the year                                                        (446 936)               84 680
Cash and cash equivalents at the beginning of the year                                                         546 969              462 289
Cash and cash equivalents at the end of the year                                                               100 033              546 969

   The audited summarised consolidated financial statements have been prepared in accordance with the JSE Listings Requirements, the Companies Act
   2008 of South Africa, the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards
   ("IFRS") and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the
   Financial Reporting Standards Council and also as a minimum contains the information required by IAS 34: Interim Financial Reporting. They have
   been prepared on the historical cost basis, except for certain financial instruments which are measured at fair value, and are presented in South
   African Rand rounded to the nearest R'000, which is the group's functional and presentation currency.

   The audited consolidated financial statements and the unmodified opinion from which these summarised consolidated financial statements were
   derived from are available at our registered office, Block 1, Townsend Office Park, 1 Townsend Avenue, Bedfordview, Johannesburg at no charge.

   The accounting policies are in terms of IFRS. The accounting policies are consistent to those of the prior year annual consolidated financial 

   The audited summarised consolidated financial statements and annual consolidated financial statements have been externally prepared under the
   supervision of J Weltman, in his capacity as Chief Financial Officer and were approved by the Board on 11 May 2018.

   The summarised consolidated provisional financial statements have been audited by Deloitte & Touche, the external auditor, who issued an
   unmodified ISA 810 opinion. The ISA 810 opinion and the audit report on the consolidated financial statements are available for inspection at
   Balwin's registered office. The auditor's report does not necessarily report on all the information contained in the announcement/financial results.
   Shareholders are advised that in order to obtain a full understanding of the nature of the auditor's engagement, they should obtain a copy of the
   auditor's report together with the accompanying financial information from Balwin's registered office. Forward-looking statements are not reported on
   by the external auditors.

                                                                                                                        Audited             Audited
                                                                                                               28 February 2018    28 February 2017

   The following exchange rates were used in foreign interest and foreign transactions during the years:
   GBP (spot rate)                                                                                                        16,26               16,23
   GBP (average rate)                                                                                                     17,18               19,00

   The directors are not aware of any material event which occurred after the reporting date and up to the date of this report.

                                                                                                                        Audited            Audited
                                                                                                                12 months ended    12 months ended
                                                                                                               28 February 2018   28 February 2017
                                                                                                                          R'000              R'000

   Ordinary shares                                                                                                    1 000 000          1 000 000

   Ordinary shares                                                                                                      664 354            664 354

   The unissued shares are under the control of the directors until the next annual general meeting.

                                                                                                                        Audited            Audited
                                                                                                                12 months ended    12 months ended
                                                                                                               28 February 2018   28 February 2017
                                                                                                               Number of shares   Number of shares

   Reconciliation of shares in issue:
   Opening balance                                                                                                  469 915 273        469 662 237
   Movement                                                                                                                   -            253 036

   Closing balance                                                                                                  469 915 273        469 915 273

                                                                                                                        Audited            Audited
                                                                                                                12 months ended    12 months ended
                                                                                                               28 February 2018   28 February 2017
                                                                                                                          R'000              R'000

   Related party transactions
   Sale of apartments to related parties
   SV Brookes                                                                                                           141 189            182 330
   RN Gray(*)                                                                                                            54 119             43 955
   Volker Properties Proprietary Limited(**)                                                                             44 056                  -
   J Weltman(*)                                                                                                           1 333                  -
   U Gschnaidtner                                                                                                             -             10 932
   M Brookes                                                                                                              9 947              2 149
   S Brookes(*)                                                                                                           2 612                710

   (*)   Certain of the above transactions were purchased under the group's staff discount policy.
   (**)  The entity is controlled by SV Brookes.

   Property rental management fee from directors and prescribed officer
   SV Brookes                                                                                                               176                359
   R Gray                                                                                                                   119                 87
   J Weltman                                                                                                                  4                  6
   U Gschnaidtner                                                                                                            22                 20

   Purchases from a director and shareholder
   SV Brookes(#)                                                                                                         10 600                  -
   Malewell Investments Proprietary Limited(^)                                                                            5 000                  -
   (#) This purchase related to the sale of office buildings located at units 2 and 3 Townsend Office Park, Bedfordview.
       The buildings were valued by an independent valuer prior to the acquisition and the purchase price reflects the
       fair value.
   (^) This transaction related to the purchase of land. The land was acquired from a consortium, with one party being
       Malewell Investments Proprietary Limited which is a related party to Buff-Shares Proprietary Limited.

   Rental to a director
   SV Brookes                                                                                                               763                934

   Compensation to directors and other key management
   Directors' emoluments                                                                                                 39 396             29 301

   The different levels are defined as follows:

   Level 1: Quoted unadjusted prices in active markets for identical assets or liabilities that the group can access at measurement date.
   Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly.
   Level 3: Unobservable inputs for the asset or liability.

   No changes have been made to the valuation technique.

   The fair values of financial instruments that are not traded in an active market are determined using standard valuation techniques. These valuation
   techniques maximise the use of observable market data were available and rely as little as possible on company specific estimates.

   The fair values disclosed for the financial assets and financial liabilities are classified in Level 3 of the financial instrument hierarchy 
   have been assessed to approximate their carrying amounts.

   There were no transfers between Levels 1, 2 and 3 during the year.

                                                                                                                        Audited             Audited
                                                                                                                12 months ended     12 months ended
                                                                                                               28 February 2018    28 February 2017
                                                                                                                          R'000               R'000
7. FINANCIAL INSTRUMENTS                                                                  
   Loans and receivables                                                                  
   Trade and other receivables                                                                                          856 024             633 851
   Cash and cash equivalents                                                                                            100 033             546 969
   Other financial assets                                                                                                 3 858              30 129
                                                                                                                        959 915           1 210 949
   Financial liabilities at amortised cost                                                                    
   Development loans                                                                                                   1 251 678          1 100 881
   Trade and other payables                                                                                               63 767             48 832
                                                                                                                       1 315 445          1 149 713
   The following changes to the board of directors were effected during the reporting period:
   -   Mr Tomi Amosun was appointed as an independent non-executive director on 16 May 2017
   -   Ms Thoko Mokgosi-Mwantembe was appointed as an independent non-executive director on 16 May 2017


This report, for the relevant period ended 28 February 2018 has been prepared in accordance with International Financial Reporting Standards (IFRS). The
financial information and financial statements included in this report are presented in Rands. Certain numerical figures included in this report have been
rounded. Therefore, discrepancies in tables between totals and the sums of the amounts listed and between figures in tables and their respective analysis in
the text of the report may occur due to such rounding. All changes in percentage and ratios were calculated using the underlying data in ZAR thousands.

This report contains information, data and predictions about our markets and our competitive position. We have not verified the accuracy of such
information, data or predictions contained in this report that were taken or derived from industry publications, public documents of our competitors or
other external sources. We believe that the information, data and predictions presented in this report provide fair and adequate estimates of the size of our
markets and fairly reflect our competitive position within these markets. However, our internal estimates have not been verified by an external expert, and
we cannot guarantee that a third party using different methods to assemble, analyse or compute market information and data would obtain or generate
the same results. In addition, our competitors may define our and their markets differently than we do.

The report includes forward looking statements, which, although based on assumptions that we consider reasonable, are subject to risk and uncertainties,
which could cause actual results, events or conditions to differ materially from those expressed or implied herein. Words such as "prospects", "believe",
"anticipate", "expect", "intend", "seek", "will", "plan", "indicate", "could", "may", "endeavour" and "project" and similar expressions are intended to
identify such forward-looking statements, but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and specific, and there are risks that predictions, forecasts, projections and other forward-looking
statements will not be achieved. Investors are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date
hereof. We undertake no obligation to release publicly the result of any revisions to these forward-looking statements which may be made to reflect events
or circumstances after the date hereof, including, without limitation, changes in our business or strategy or planned capital expenditures, or to reflect the
occurrence of unanticipated events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake, other than
in terms of the Listings Requirements of the JSE Limited, any obligation to update or revise any of them, whether as a result of new information, future
events or otherwise. All profit forecasts published in this report are unaudited.


Registered office                                     Directors
Block 1, Townsend Office Park                         H Saven (Chairperson)(*#)
1 Townsend Avenue                                     SV Brookes (Chief Executive Officer)
Bedfordview                                           J Weltman (Chief Financial Officer)
Private Bag X4                                        R Gray (Managing Director)
Gardenview, 2047                                      A Shapiro(*#)
Telephone number: 011 450 2818                        O Amosun(*#)
                                                      KW Mzondeki(*#)
Sponsor                                               T Mokgosi-Mwantembe(*#)
Investec Bank Limited                                 R Zekry(#)                     
                                                      (*) Independent
Transfer secretary                                    (#) Non-executive
Computershare Investor Services Proprietary Limited                                                                                                            
(Registration number 2004/003647/07)                  Company secretary
Rosebank Towers                                       JUBA Statutory Services Proprietary Limited
15 Biermann Avenue
Rosebank                                              Auditors
Johannesburg, 2196                                    Deloitte & Touche
PO Box 61051
Marshalltown, 2107

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