Afrimat Limited FY 2014 financial results

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Afrimat Limited FY 2014 financial results

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Afrimat Limited FY 2014 financial results

  1. 1. Delivering results through diversification Afrimat Limited (“Afrimat” or “the company” or “the group”) (Incorporated in the Republic of South Africa) (Registration number: 2006/022534/06) Share code: AFT ISIN code: ZAE000086302 Reviewed condensed provisional consolidated financial results for the year ended 28 February 2014 www.afrimat.co.za Highlights Acquired 79,6% of Infrasors HEPS up 41,7% to 109 cents NAV per share of 579 cents Revenue up 42,1% Net debt:equity ratio 15,5% Net cash from operating activities up 43,6% Return on net operating assets 26,0% Final dividend 28 cents per share Strong balance sheet ®
  2. 2. COMMENTARY BASIS OF PREPARATION The reviewed condensed provisional consolidated financial results (“financial results”) for the year ended 28 February 2014 (“year”) have been prepared in accordance with the framework concepts, in accordance with and containing the information required by IAS 34: Interim Financial Reporting, the recognition and measurement requirements of International Financial Reporting Standards (“IFRS”), the SAICA financial reporting guides as issued by the Accounting Practices Committee and the South African Companies Act, No 71 of 2008, as amended, and comply with the JSE Listings Requirements. The accounting policies and method of computation applied in preparation of the financial statements are consistent with those applied in the audited annual financial statements for the year ended 28 February 2013, except for necessary changes to accounting policies, related to the adoption of IFRS 10, which includes a revised definition of control as well as IFRS 13, which includes a revised definition of fair value. There has been no material effect on the results of the group as a result of the adoption of new standards and amendments. An extensive exercise to determine the impact of IFRIC 20 on the surface mines within the group was performed during the year. Based on the results thereof, it has been concluded that there is no impact on the current treatment of stripping costs. Therefore the benefits derived from stripping are for current production and not for access to production beyond a 12-month future period. The group does not have any predecessor stripping assets (stripping assets recognised prior to the effective date) and therefore the transitional adjustments of IFRIC 20 are not applicable. The financial statements have been prepared under the supervision of the Financial Director, HP Verreynne BCompt (Hons) CA(SA). INTRODUCTION The group’s continued strong performance ahead of the market reflects Afrimat’s success in achieving its strategic objective of “delivering results through diversification” and realising prior year initiatives in this regard, as well as the successful acquisition of a controlling stake in Infrasors Holdings Limited (“Infrasors”). FINANCIAL RESULTS Revenue for the year increased by 42,1% to R1 901,2 million from R1 337,6 million. Headline earnings increased by 41,4%, translating into headline earnings per share of 109,0 cents (February 2013: 76,9 cents). The results of Infrasors are included for the first time for the full year from 1 March 2013. SEGMENTAL REPORTING CHANGE Afrimat previously reported results across three segments. Going forward Afrimat will report results across two segments namely: •  Mining Aggregates – comprising Industrial Minerals, Aggregates and Contracting Services; and •  Concrete Based Products – comprising Concrete Products and Readymix. The rationale for the change is that these two segments better reflect the business. Over the years the Readymix business has become an integral part of Concrete Products and its contribution to the group results is insignificant. OPERATIONAL REVIEW The Mining Aggregates segment generated excellent profits in light of improved market conditions and the first-time inclusion of Infrasors in the full year results. Increased mining costs were incurred in the KwaZulu-Natal region to ensure long-term compliance with Department of Mineral Resources requirements. The group’s industrial minerals operations performed strongly, with Infrasors’ turnaround progressing as planned and yielding positive results. All processing plants are fully operational and well-placed to supply market demand, which should assist in sustaining revenue going forward. Afrimat’s flexible service delivery model supplemented by mobile equipment positions the group to take advantage of opportunities as and where they arise. A major plant upgrade at the Glen Douglas dolomite mine was commissioned during the third quarter of the financial year, which successfully increased production output of high demand products. Further, a new quarry was commissioned close to Durbanville and is now fully operational. Various new initiatives implemented at Infrasors have resulted in improved production output and reduced costs. The Concrete Based Products segment achieved a satisfactory increase in sales pricing. However a strike at the Gauteng operation, coupled with high cost increases, resulted in lower sales volumes and profits for the year. BUSINESS EXPANSION AND ACQUISITIONS New business development remains a key component of the group’s growth strategy. The dedicated business development team continues to successfully identify and pursue opportunities in existing markets, as well as in areas where high growth is projected. Acquisition: Infrasors As announced on 8 February 2013, Afrimat acquired 50,7% of Infrasors’ gross shares in issue with effect from 1 March 2013, strengthening its foothold in the industrial minerals sector and further expanding its geographical reach across South Africa.
  3. 3. A further 28,9% was acquired during the year, resulting in a total shareholding in Infrasors of 79,6%. Treasury shares account for 12,0% while the minorities account for the remaining 8,4% of Infrasors’ gross shares in issue. B-BBEE Existing BEE shareholders and Afrimat’s black employees together hold, in aggregate, 26,01% of Afrimat’s issued shares. Notwithstanding the fully empowered ownership platform in line with the Mining Charter requirements, the group remains dedicated to enhancing all aspects of B-BBEE on an ongoing basis. DIVIDEND A final dividend of 28,0 cents per share (2013: 20,0 cents) for the year was declared on 14 May 2014. This is in line with the group’s dividend policy of 2,75 times cover. The dividend payable to shareholders who are subject to dividend tax is 23,8 cents per share (2013: 17,0 cents per share). The total dividend for the year (interim and final) amounts to 39,0 cents per share (2013: 28,0 cents per share). PROSPECTS The group is well positioned to capitalise on its strategic initiatives such as continued investment in industrial minerals through Glen Douglas, the Infrasors operations and Clinker Group. Operational efficiency initiatives aimed at expanding volumes, reducing costs and developing the required skill levels of our employees will be a key focus in all operations. These programmes, supported by ongoing product diversification in attractive growth sectors such as industrial minerals and open cast mining, should see volumes continue to increase. Going forward the group is intensifying its focus on finding opportunities outside of South Africa. Afrimat expects the current positive business climate to continue with moderate market growth projected. The group’s growth will remain driven by the successful execution of its proven strategy that was embarked on over the last five years. AUDITOR’S REVIEW This report has been reviewed by the company’s auditor, Mazars Inc. Their unmodified review opinion is available for inspection at the company’s registered office. Their review was conducted in accordance with ISRE 2410 “Review of interim financial information performed by the independent auditor of the entity”. The auditor’s report does not necessarily report on all of the information contained in this report. Shareholders are therefore 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 the issuers registered office. On behalf of the board MW von Wielligh AJ van Heerden Chairman Chief Executive Officer 15 May 2014 DIVIDEND DECLARATION Notice is hereby given that a final gross dividend, No. 14 of 28,0 cents per share, in respect of the year ended 28 February 2014 was declared on Wednesday, 14 May 2014. There are 143 262 412 shares in issue at announcement date. The total dividend payable is R40 113 475 (2013: R28 652 482). The board has confirmed by resolution that the solvency and liquidity test as contemplated by the Companies Act, No. 71 of 2008 (as amended), has been duly considered, applied and satisfied. This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The South African dividend tax rate is 15% and no STC credit is available to be utilised by shareholders. The dividend payable to shareholders who are subject to dividend tax and shareholders who are exempt from dividend tax is 23,8 cents and 28,0 cents per share, respectively. The income tax number of the company is 9568738158. Relevant dates to the final dividend are as follows: Last day to trade cum dividend Friday, 30 May 2014 Commence trading ex dividend Monday, 2 June 2014 Record date Friday, 6 June 2014 Dividend payable Monday, 9 June 2014 Share certificates may not be dematerialised or rematerialised between Monday, 2 June 2014 and Friday, 6 June 2014, both dates inclusive.
  4. 4. CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Reviewed 2014 R’000 Audited 2013 R’000 Change % Revenue 1 901 187 1 337 585 42,1 Cost of sales (1 440 138) (1 023 138) Gross profit 461 049 314 447 46,6 Operating expenses (230 092) (158 955) (Loss)/profit on disposal of plant and equipment (2 686) (3 009) Contribution from operations 228 271 152 483 49,7 Other net gains/(losses) (note 1) 1 426 97 Impairment of intangible assets (note 2) – (4 746) Operating profit 229 697 147 834 55,4 Investment revenue 16 187 10 811 Finance costs (24 981) (14 296) Share of profit of associate 173 68 Profit before taxation 221 076 144 417 53,1 Taxation (58 110) (40 639) 43,0 Profit after taxation 162 966 103 778 57,0 Profit attributable to: Owners of the parent 154 509 103 036 Non-controlling interests 8 457 742 162 966 103 778 Other comprehensive income Items that may be subsequently reclassified to profit or loss Net change in fair value of available-for-sale financial assets 1 694 67 Realised gains on disposal of available-for-sale financial assets (1 426) – Income taxation on other comprehensive income (45) (12) Other comprehensive income for the year, net of taxation 223 55 Total comprehensive income for the year 163 189 103 833 57,2 Total comprehensive income attributable to: Owners of the parent 154 732 103 091 Non-controlling interests 8 457 742 163 189 103 833 Shares in issue: Total shares in issue 143 262 412 143 262 412 Treasury shares (1 048 676) (204 242) Net shares in issue 142 213 736 143 058 170 Weighted average number of net shares in issue 142 620 285 142 867 266 Diluted weighted average number of shares 146 323 034 146 747 905 Earnings per share: Earnings per ordinary share (cents) 108,3 72,1 50,2 Diluted earnings per ordinary share (cents) 105,6 70,2 50,4
  5. 5. RECONCILIATION OF HEADLINE EARNINGS Reviewed 2014 R’000 Audited 2013 R’000 Change % Profit attributable to owners of the parent 154 509 103 036 Loss/(profit) on disposal of plant and equipment 2 686 3 009 Realised gains on disposal of available-for-sale financial assets (note 1) (1 426) (97) Impairment of intangible assets (note 2) – 4 746 Total tax effects of adjustments (353) (815) 155 416 109 879 41,4 Headline earnings per ordinary share (“HEPS”) (cents) 109,0 76,9 41,7 Diluted HEPS (cents) 106,2 74,9 41,8
  6. 6. CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Reviewed 2014 R’000 Audited 2013 R’000 ASSETS Non-current assets Property, plant and equipment 662 306 503 615 Investment property 3 040 – Intangible assets 21 407 21 698 Goodwill 134 494 132 707 Investment in associate 201 77 Other financial assets (note 8) 134 223 115 398 Deferred tax 5 048 3 009 960 719 776 504 Current assets Inventories 112 965 89 490 Current tax receivable 6 163 5 220 Trade and other receivables 305 967 195 788 Other financial assets (note 8) 1 275 – Cash and cash equivalents 92 328 134 261 518 698 424 759 Total assets 1 479 417 1 201 263 EQUITY AND LIABILITIES Equity Stated capital 323 176 347 661 Business combination adjustment (105 788) (105 788) Treasury shares (10 692) (1 491) Net issued stated capital 206 696 240 382 Other reserves 6 562 6 929 Retained income 610 509 510 611 Attributable to equity holders of parent 823 767 757 922 Non-controlling interests 14 196 3 931 Total equity 837 963 761 853 Liabilities Non-current liabilities Borrowings long-term (note 6) 94 606 58 678 Deferred tax 91 652 80 610 Provisions 55 860 33 725 242 118 173 013 Current liabilities Borrowings short-term (note 6) 76 432 62 006 Current tax payable 5 710 3 289 Trade and other payables 265 743 151 983 Bank overdraft 51 451 49 119 399 336 266 397 Total liabilities 641 454 439 410 Total equity and liabilities 1 479 417 1 201 263 Note to the statement of financial position: Net asset value per share (cents) 579 530 Net tangible asset value per share (cents) 470 422
  7. 7. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Reviewed 2014 R’000 Audited 2013 R’000 Cash flows from operating activities Cash generated from operations 310 706 216 421 Interest revenue 17 919 10 940 Dividends received 49 35 Finance costs (23 406) (12 853) Taxation paid (61 407) (44 779) Net cash from operating activities 243 861 169 764 Acquisition of property, plant and equipment (121 326) (82 934) Proceeds on sale of property, plant and equipment 16 894 7 345 Purchase of financial assets (4 795) (31 858) Proceeds on sale of financial asset 13 522 97 Acquisition of businesses (note 10) (69 942) (86 716) Consideration paid for shares held in treasury by Infrasors (810) – Net cash outflow from investing activities (166 457) (194 066) Repurchase of treasury shares (26 659) (6 569) Net movement in borrowings (note 6.2) (50 361) 31 955 Dividends paid (note 3.2) (44 649) (30 352) Net cash outflow from financing activities (121 669) (4 966) Net decrease in cash and cash equivalents and bank overdrafts (44 265) (29 268) Cash, cash equivalents and bank overdrafts at the beginning of the year 85 142 114 410 Cash, cash equivalents and bank overdrafts at the end of the year 40 877 85 142
  8. 8. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Stated and share capital R'000 Share premium R'000 Business combination adjustment R'000 Treasury shares R'000 Other reserves R'000 Retained income R'000 Non- controlling interests R'000 Total equity R'000 Balance at 1 March 2012 1 435 352 150 (105 788) (20 559) 5 495 435 564 3 609 671 906 Changes: Conversion to no-par value shares 352 150 (352 150) – – – – – – Movements in non- controlling interests – – – – – – (32) (32) Share-based payments – – – – 3 354 – – 3 354 Purchase of treasury shares – – – (6 569) – – – (6 569) Settlement of employee Share Appreciation Rights exercised and reserve transfer, net of taxation (10 168) – – 5 050 (1 975) 1 975 – (5 118) Treasury shares used for acquisitions 4 244 – – 20 587 – – – 24 831 Profit for the year – – – – – 103 036 742 103 778 Other comprehensive income for the year – – – – 55 – – 55 Net change in fair value of available-for-sale financial assets – – – – 67 – – 67 Income taxation effect – – – – (12) – – (12) Dividends paid (note 3.2) – – – – – (29 964) (388) (30 352) Balance at 28 February 2013 347 661 – (105 788) (1 491) 6 929 510 611 3 931 761 853 Changes: Initial non-controlling interest acquired – – – – – – 31 743 31 743 Additional non-controlling interest acquired – – – – – (25 986) (22 009) (47 995) Infrasors treasury shares sold to BEE investor – – – – – 2 812 1 978 4 790 Increase in effective shareholding in Infrasors due to: – Retrieval of shares from Infrasors Empowerment Trust – – – – – 9 010 (9 010) – – Increase in shares held in treasury by Infrasors – – – – – (469) (341) (810) Share-based payments – – – – 3 528 – – 3 528 Purchase of treasury shares – – – (26 659) – – – (26 659) Settlement of employee Share Appreciation Rights exercised and reserve transfer, net of taxation (24 879) – – 15 522 (4 118) 4 118 – (9 357) Treasury shares sold to BEE investor, net of taxation 394 – – 1 936 – – – 2 330 Profit for the year – – – – – 154 509 8 457 162 966 Other comprehensive income for the year – – – – 223 – – 223 Net change in fair value of available-for-sale financial assets – – – – 268 – – 268 Income taxation effect – – – – (45) – – (45) Dividends paid (note 3.2) – – – – – (44 096) (553) (44 649) Balance at 28 February 2014 323 176 – (105 788) (10 692) 6 562 610 509 14 196 837 963
  9. 9. CONDENSED CONSOLIDATED SEGMENT REPORT Split 2014 % Reviewed 2014 R’000 Split 2013 % Audited 2013 R’000 Revenue External sales Mining Aggregates 71 1 346 029 63 846 388 Concrete Based Products 29 555 158 37 491 197 100 1 901 187 100 1 337 585 Intersegment sales Mining Aggregates 89 73 898 86 67 821 Concrete Based Products 11 9 528 14 11 023 100 83 426 100 78 844 Total revenue Mining Aggregates 72 1 419 927 65 914 209 Concrete Based Products 28 564 686 35 502 220 100 1 984 613 100 1 416 429 Contribution from operations Mining Aggregates 86 195 235 78 117 480 Concrete Based Products 13 30 409 24 37 291 Other 1 2 627 (2) (2 288) 100 228 271 100 152 483 Contribution from operations margins on external revenue (%) Mining Aggregates 14,5 13,9 Concrete Based Products 5,5 7,6 12,0 11,4 Other information Assets Mining Aggregates 887 806 615 211 Concrete Based Products 207 104 187 977 Other 384 507 398 075 1 479 417 1 201 263 Liabilities Mining Aggregates 335 908 168 720 Concrete Based Products 64 409 54 819 Other 241 137 215 871 641 454 439 410
  10. 10. NOTES 2014 R’000 2013 R’000 1. Other net gains/(losses) Profit on disposal of available-for-sale financial assets 1 426 97 2. Impairment of intangible assets Impairment of intangible assets – 4 746 A portion of the goodwill of Afrimat Aggregates Trading (Pty) Limited was impaired during the previous year due to declining reserves and resources. 3. Dividends 3.1 Afrimat Limited dividends paid/declared in respect of the current year profits Interim dividend paid 15 759 11 461 Final dividend declared/paid 40 113 28 652 55 872 40 113 3.2 Dividends cash flow Current year interim dividend paid 15 759 11 461 Previous year final dividend paid 28 652 18 624 Dividends received on treasury shares (315) (121) 44 096 29 964 Dividends paid by subsidiaries to non-controlling shareholders 553 388 44 649 30 352 4. Capital commitments Approved capital expenditure to be funded from surplus cash and bank financing 153 815 112 779 5. Depreciation 93 920 55 450 6. Borrowings 6.1 Net movement Opening balance 120 684 81 590 New borrowings 51 996 94 854 Acquired through acquisitions 100 715 7 139 Repayments (102 357) (62 899) Closing balance 171 038 120 684 6.2 Analysis as per statement of cash flows New borrowings 51 996 94 854 Repayments (102 357) (62 899) (50 361) 31 955 Borrowings acquired through acquisitions reflect the Infrasors debt owing to ABSA Bank Limited and Industrial Development Corporation of South Africa Limited. 6.3 Net borrowings Debt/overdraft less cash 130 161 35 542 Debt/overdraft less cash: equity 15,5% 4,7% 7. Assets and liabilities Statement of financial position was impacted by the acquisition of Infrasors. In respect of trade and other payables the standardisation of payment terms throughout the group during the second half of the year also contributed to the year-on-year increase. 8. Other financial assets Funding provided to Afrimat employees (BEE share purchase scheme) 103 926 101 656 Rehabilitation fund trusts and other 31 572 13 742 135 498 115 398 Non-current other financial assets 134 223 115 398 Current other financial assets 1 275 – 135 498 115 398
  11. 11. Number of shares 2014 2013 9. Movement in number of treasury shares Opening balance 204 242 6 145 174 Utilised for acquisition of Clinker Group – (5 932 306) Utilised for share appreciation rights scheme (1 774 144) (1 116 963) Sold to BEE investor (190 000) – Purchased during the year 2 808 578 1 108 337 Closing balance 1 048 676 204 242 10. Business acquisitions The company acquired 94 171 108 Infrasors shares, representing 50,7% of Infrasors’ gross shares in issue, from Hanchurch Asset Managers and certain retiring management of Infrasors, with effect from 1 March 2013 for cash of R33 million (35 cents per share). As a result of Afrimat’s holding in Infrasors surpassing 35% of the issued ordinary share capital of Infrasors, Afrimat is required, in terms of section 123 of the Companies Act, No. 71 of 2008, as amended, to extend a mandatory offer to the remaining Infrasors ordinary shareholders. As announced on SENS on 4 March 2013 and 7 June 2013, unconditional mandatory offers were made to the minority shareholders of Infrasors for Afrimat to purchase Infrasors ordinary shares held by them at 35 cents and 65 cents per ordinary share respectively. As a result of the above mentioned mandatory offers, the company acquired a further 8 219 715 Infrasors ordinary shares. Afrimat also acquired 9 928 927 ordinary shares on the open market at prices ranging from 35 cents and 100 cents per ordinary share. Afrimat made an offer on 16 January 2014 to RE: CM Calibre to acquire 35 445 839 Infrasors ordinary shares at 100 cents per ordinary share and the transaction was concluded on 20 January 2014. The 24 325 348 Infrasors ordinary shares held by the Infrasors Empowerment Trust (“Trust”) were provided as security for the loan agreements between Infrasors and Hanchurch in order to facilitate a B-BBEE transaction. Hanchurch subordinated its loan in favour of Infrasors following a large drop in the market value of the Infrasors ordinary shares held by the Trust. Given the extent of exposure relative to the value of the underlying securities, and the inability to obtain restitution through any other means, Infrasors has decided as a last resort to exercise its rights according to the loan agreement and the subordination agreement. On 7 October 2013 Hanchurch agreed to cancel the loan to the borrower and agreed that Infrasors may re-possess and cancel the portion of the ordinary shares held in pledge by Hanchurch. (Refer to Infrasors SENS announcement dated 18 March 2014.) These ordinary shares are held by Infrasors as treasury shares. In total Afrimat now holds 79,6%, treasury shares account for 12,0% while the minorities account for the remaining 8,4% of the total issued Infrasors ordinary shares. Amounts included in the group results are as follows: Infrasors – Initial acquisition R’000 Infrasors – Additional shares acquired R’000 Infrasors – Total R’000 Carrying amount/fair value of net assets Plant and equipment 150 866 – 150 866 Intangible assets 2 690 – 2 690 Trade and other receivables 38 593 – 38 593 Cash 11 156 – 11 156 Inventories 16 859 – 16 859 Other assets 24 693 – 24 693 Assets 244 857 – 244 857 Deferred tax 12 909 – 12 909 Borrowings 100 715 – 100 715 Trade and other payables 40 693 – 40 693 Provisions 26 747 – 26 747 Current tax payable 734 – 734 Liabilities 181 798 – 181 798
  12. 12. Infrasors – Initial acquisition R’000 Infrasors – Additional shares acquired R’000 Infrasors – Total R’000 10. Business acquisitions (continued) Non-controlling interest within Infrasors 1 365 – 1 365 Additional non-controlling interest acquired 30 378 (22 009) 8 369 Premium paid on additional shares acquired in subsidiary after initial acquisition – (25 986) (25 986) Net assets 31 316 47 995 79 311 Goodwill 1 787 – 1 787 Purchase consideration settled in cash 33 103 47 995 81 098 Revenue included in results – – 320 920 Profit after tax included in results   Reported by Infrasors – – 4 907  Reversal of depreciation and impairments by Afrimat on consolidated pre-acquisition adjustments – – 12 820 – – 17 727 Gross trade and other receivables before provision for impairment 39 208 – 39 208 Acquisition costs included in Afrimat’s operating expenses 923 – 923 Net cash outflow from acquisition of business Purchase consideration settled in cash 33 103 47 995 81 098 Cash acquired (11 156) – (11 156) 21 947 47 995 69 942 Goodwill recorded with the above Infrasors acquisition is primarily attributable to the profit generating ability of the business. 11. Events after reporting date No material events occurred between the reporting date and the date of this announcement. 12. Contingencies Guarantees to the value of R24,3 million by Lombards Insurance Group, R0,6 million by ABSA Bank Limited and R2,7 million by SIG Guarantee Acceptances (Pty) Limited to Eskom and the Department of Mineral Resources were acquired as part of the Infrasors acquisition. Additional guarantees to the value of R17,5 million by The Standard Bank of South Africa Limited, R3,7 million by FirstRand Bank Limited, R0,2 million by ABSA Bank Limited and R0,9 million by Lombards Insurance Group were supplied to Eskom and the Department of Mineral Resources, respectively during the year under review. On 25 June 2013 SARS issued an adjusted income tax assessment claiming R9,7 million additional tax, R7,3 million penalties and R2,4 million interest, relating to the activities of a subsidiary of Infrasors for the tax years 2010, 2011 and 2012 based on the premise that the company is not a mining entity. The company has submitted an objection to SARS and is of the opinion that the activities are of a mining nature. 13. Funding ABSA Bank Limited has agreed to continue with the current Infrasors funding arrangements for a further 36-month period from 1 March 2014. Directors MW von Wielligh*^ (Chairman), AJ van Heerden (CEO), HP Verreynne (Financial Director), GJ Coffee, L Dotwana*, F du Toit*, PRE Tsukudu*^, HJE van Wyk*^ * Non-executive director  ^ Independent Registered office Tyger Valley Office Park No. 2, Corner Willie van Schoor Avenue and Old Oak Road, Tyger Valley, 7530 (PO Box 5278, Tyger Valley, 7536) Sponsor Bridge Capital Advisors (Pty) Limited, 27 Fricker Road Illovo, 2196 (PO Box 651010, Benmore, 2010) Auditor Mazars Inc., Mazars House, Rialto Road, Grand Moorings Precinct Century City, 7441 (PO Box 134, Century City, 7446) Transfer secretaries Computershare Investor Services (Pty) Limited 70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107) Company secretary M Swart, Tyger Valley Office Park No. 2, Corner Willie van Schoor Avenue and Old Oak Road, Tyger Valley, 7530 (PO Box 5278, Tyger Valley, 7536)

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