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ELB Group Limited FY 2012 results

ELB Group Limited FY 2012 results

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  • 1. ⁰ ₂ ₅ d ₇ ⁵ ⅔ d . ⅔ ⅜ ₅ d ⅔ ₁ ⅓ ⅔ ⅓ d b - d y ₈ ₁ ⅔ d a - ` a łt˘xtˇtsdvł˜¨¡d¡ł˜˘xšx˜Rpp₡dłt¡˜łž ⅜₁⅓d⁰⁶₁⅜⁹d⅞⅜₆⁵d⅓⁶₉⁶⅓⅔₁⅓d⅓⅔⅞⁹⅜₅⅜₇⁶₂₁₆ C O M M E N T S ` INTRODUCTION ELB Group’s strategic focus is on being a holistic engineering solutions provider to the mining, minerals, power, port, construction and industrial sectors in the field of materials handling and appropriate process plants. This is achieved through ELB generated innovation, in-house capability and the supply, with world class partners, of equipment and technology. The Group operates predominantly in Africa and Australasia. FINANCIAL RESULTS The 26 percent increase in turnover for the year from R1 369 million in 2011 to R1 725 million in 2012 reflects the improved demand across the full range of products and services offered by ELB. ELB’s share of comprehensive income increased by 28,2 percent from R75,3 million in 2011 to R96,5 million in 2012. This largely explains the 21,0 percent increase in net asset value per share attributable to ordinary shareholders from 1 550 cents in 2011 to 1 876 cents in 2012. Headline earnings per share for the year of 313,1 cents per share (2011 – 271,1 cents per share) represents an increase of 15,5 percent. There is no consistent correlation between turnover and profit in accounting periods. OPERATIONS Africa Trading conditions in the region remained challenging during the year and the Group did well to secure a satisfactory level of business. ELB Equipment This operation saw turnover increase by 23 percent from R615 million in 2011 to R757 million in 2012 while profit before tax (PBT) decreased 4,1 percent from R74,7 million in 2011 to R71,7 million in 2012. This modest drop in profits was against the background of a strong Yen putting the margins on ELB’s Yen based products under pressure coupled with tougher overall trading conditions. Activity levels did however pick up marginally towards year end. ELB Engineering Services This operation has shown exceptional growth in PBT for the year. Although turnover increased by 27 percent from R538 million in 2011 to R683 million in 2012, PBT on the other hand increased by 68,5 percent from R38,4 million in 2011 to R64,6 million in 2012. This material increase in PBT is attributable to a number of projects reaching more advanced stages of completion, and ELB Construction, a new business unit, producing satisfactory results in its first year of operation. ELB Engineering Services has been successful in securing a number of new projects which has positioned this operation well for the coming 24 to 30 months. Australasia The Ditch Witch business has successfully completed and occupied its new Head Office premises outside Sydney which will enable Ditch Witch to better service the growing demand for its Ditch Witch and Komptech range of products. ELB GROUP LIMITED (‘ELB’, ‘the Company’ or ‘the Group’)
  • 2. a During the year the New Zealand business unit was established as a profitable contributor to the Ditch Witch operation. Turnover increased by 33 percent from R217 million in 2011 to R289 million in 2012 while PBT increased by 9,4 percent from R24,9 million in 2011 to R27,2 million in 2012. Ditch Witch remains well positioned in both Australia and New Zealand to take advantage of any increase in infrastructure spend in the region. CASH FLOW Cash and cash equivalents declined during the year as cash was used in increasing working capital and in continued capital expenditure, particularly on property to facilitate the Group’s expanding operations. The cash and cash equivalent balances remained healthy at the year end after absorbing the utilisation. Cash flow management remains a high priority for the Group. ELB works closely with bankers, suppliers and customers to ensure we continue to retain a strong balance sheet at all times. PROSPECTS Activity levels in the various sectors the ELB Group covers remain buoyant and the Group remains well positioned to take advantage thereof. SOCIAL RESPONSIBILITY ELB’s empowerment partner is the ELB Educational Trust established to promote the education of historically disadvantaged South Africans in engineering disciplines. To this end scholarships have been awarded to students at various South African universities. In addition to a number of smaller donations ELB has made substantial donations to the St Vincent School for the Deaf, the Masibambane College in Orange Farm, the John Wesley Community Centre in Benoni, the Ligbron Academy of Technology and the Elvis Blue Music Academy in Zandspruit. These institutions have been identified as worthy of ELB’s support and which will further assist the historically disadvantaged in our community. Apart from donations ELB has also made significant contributions towards small business development of the historically disadvantaged in South Africa. BOARD OF DIRECTORS Mr Cornelius Smith joined the Board as an alternate director on 21 May 2012. DIVIDENDS It has been decided to declare a final dividend of 52 cents (2011 – 40 cents) per ordinary share. The total dividend for the year is therefore 70 cents per share versus 55 cents per share for the 2011 financial year, representing an increase of 27,3 percent. ACCOUNTING POLICIES The Group has early adopted the inter linked suite of International Financial Reporting Standards: IFRS 10 – Consolidated Financial Statements, IFRS 11 – Joint Arrangements and IFRS 12 – Disclosure of Interests in Other Entities. The amended and comprehensive definition of control in IFRS 10 has resulted in the full consolidation of four of the five joint ventures within the Group with effect from 1 July 2011. These joint ventures were previously proportionately consolidated. The remaining joint venture has been classified as a joint operation from 1 July 2011 in accordance with IFRS 11. The parties to the joint operation have joint ownership of the assets and joint obligations for the liabilities, of the joint operation. The line by line consolidation of the joint operation is essentially similar to proportionate consolidation, the method by which it was previously consolidated. The change in accounting policy did not result in any change in ordinary shareholders equity; or the net asset value per ordinary share; or in the reported profit attributable to ordinary shareholders. Comparative amounts for the previous year have been restated. Apart from this change the accounting policies are consistent with those applied in the financial year ended 30 June 2011. Accounting policies also accord with International Financial Reporting Standards (IFRS). The reviewed condensed provisional financial statements have been prepared in accordance with International Accounting Standard (IAS) 34: Interim Financial Reporting. The condensed provisional financial statements also comply with the South African Companies Act. REVIEW BY THE INDEPENDENT AUDITOR KPMG Inc, the Company’s independent auditor, has reviewed the condensed provisional financial statements contained in this provisional report and has expressed an unmodified conclusion on the provisional financial statements. The review report is available for inspection at the Company’s registered office. On behalf of the Board Dr Stephen Meijers Peter Blunden CEO ELB Engineering Services CEO ELB Equipment Boksburg 18 September 2012
  • 3. C O N D E N S E D G R O U P B A L A N C E S H E E T b ł⅔₉⁶⅔¢⅔⅓ ł⅔₉⁶⅔¢⅔⅓d ł⅔₆₇⅜₇⅔⅓d b-dy₈₁d`ad b-dy₈₁d``d łd---d łd---d pšštžš Rp₂₁d⅞₈₅₅⅔₁₇d⅜₆₆⅔₇₆ `ehdaag `afdf`gd ¡₅₂₃⅔₅₇.ffld₃⁹⅜₁₇d⅜₁⅓d⅔₄₈⁶₃₀⅔₁₇d `c-dbbc `-`dfc`d Rp₂₁d⅞₈₅₅⅔₁₇d⁹₂⅜₁d₅⅔⅞⅔⁶₉⅜⅝⁹⅔d bd-hc cdhaad s⅔⁰⅔₅₅⅔⅓d⁶₁⅞₂₀⅔d₇⅜$d⅜₆₆⅔₇₆d addg-- a`d-ddd r₈₅₅⅔₁₇d⅜₆₆⅔₇₆ `da-cdeba `da`bdafgd x₁₉⅔₁₇₂₅⁶⅔₆ffld⅜₁⅓d⅞₂₁₆₇₅₈⅞₇⁶₂₁d⅞₂₁₇₅⅜⅞₇d¢₂₅⁸d₁₂₇d.⅔₇d⅝⁶⁹⁹⅔⅓ dcddgaa c`ddhdbd ł⅔⅞⅔⁶₉⅜⅝⁹⅔₆d⅜₁⅓d₂₇⁵⅔₅d⅞₈₅₅⅔₁₇d⅜₆₆⅔₇₆d `efdcad `dhdbhbd x₁⅞₂₀⅔d₇⅜$d₅⅔⁰₈₁⅓⅜⅝⁹⅔d `dhhdd dd`h` r⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆ cghdbh- ebadfc`d ž₂₇⅜⁹d⅜₆₆⅔₇₆ `dbfbdge-d `dbc-dhhed t¢¨xž¯dpRpsd₡xpqx₡xžxtš t₄₈⁶₇.d⅜₇₇₅⁶⅝₈₇⅜⅝⁹⅔d₇₂d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d₂⁰dt₡q cfcdgbf bggdbhcd x₆₆₈⅔⅓d⅞⅜₃⁶₇⅜⁹ add`had add`had ž₅⅔⅜₆₈₅.d₆⁵⅜₅⅔₆d sdadegct sded`aht ł⅔₆⅔₅₉⅔₆ bfd-ff `gdd-` ł⅔₇⅜⁶₁⅔⅓d⅔⅜₅₁⁶₁⁴₆d ceddada c--dgb-d ¡₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔₆ gd gd ž₂₇⅜⁹d⅔₄₈⁶₇.d⅜₇₇₅⁶⅝₈⅝₈₇⅜⅝⁹⅔d₇₂d⅔₄₈⁶₇.d⁵₂⁹⅓⅔₅₆d₂⁰dt₡q cfcdgcd bggdc-ad Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆d⁶₁d⅞₂₁₆₂⁹⁶⅓⅜₇⅔⅓d⅔₁₇⁶₇⁶⅔₆ gfdhc-d e`ddb-d ž₂₇⅜⁹d⅔₄₈⁶₇. deadfgd cchdhbad Rp₂₁d⅞₈₅₅⅔₁₇d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆ a-dd-hd afdaaad x₁₇⅔₅⅔₆₇d⅝⅔⅜₅⁶₁⁴d⅝₂₅₅₂¢⁶₁⁴₆d `ddchc a-deaad ¡₅₂₉⁶₆⁶₂₁d⁰₂₅d₇₅⅜⅓⅔d⅝⅜⅞⁸d⅞₂₀₀⁶₇₀⅔₁₇₆d bdbb` dd`ccd s⅔⁰⅔₅₅⅔⅓d⁶₁⅞₂₀⅔d₇⅜$d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆d `degcd `dcded r₈₅₅⅔₁₇d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆ fh-ddee gebdgcad Rp₂₁d⁶₁₇⅔₅⅔₆₇d⅝⅔⅜₅⁶₁⁴d₃⅜.⅜⅝⁹⅔₆ffld₂₇⁵⅔₅d⅞₈₅₅⅔₁₇d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆ ⅜₁⅓d⅞₈₅₅⅔₁₇d₃₅₂₉⁶₆⁶₂₁ dhcd`h`d ehfdeacd x₁₇⅔₅⅔₆₇d⅝⅔⅜₅⁶₁⁴d₃⅜.⅜⅝⁹⅔₆d `gedhec `eadf`-d x₁⅞₂₀⅔d₇⅜$d₃⅜.⅜⅝⁹⅔d hdc`` bdd-g ž₂₇⅜⁹d⅔₄₈⁶₇.d⅜₁⅓d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆ `dbfbdge-d `dbc-dhhe ˜₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔₆d⁶₁d⁶₆₆₈⅔ds---ì₆t bbdge-d bbdge-d s⅔⅓₈⅞₇idž₅⅔⅜₆₈₅.d₆⁵⅜₅⅔₆d⁶₁d⁶₆₆₈⅔ds---ì₆t gddccd gdg-`d ˜₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔₆d⁶₁d⁶₆₆₈⅔d₂₁d¢⁵⁶⅞⁵d₁⅔₇d⅜₆₆⅔₇d₉⅜⁹₈⅔ ₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔d⁶₆d⅞⅜⁹⅞₈⁹⅜₇⅔⅓ addb`ed add-dhd Rp⅔₇d⅜₆₆⅔₇d₉⅜⁹₈⅔d₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔ds⅞⅔₁₇₆t `dgfe `ddd-d
  • 4. G R O U P S T A T E M E N T O F P R O F I T O R L O S S c Reviewed ł⅔₉⁶⅔¢⅔⅓d ł⅔₆₇⅜₇⅔⅓d ¯⅔⅜₅d ¯⅔⅜₅d ⅔₁⅓⅔⅓d ⅔₁⅓⅔⅓d b-dy₈₁d`a b-dy₈₁d``d łd---d łd---d š⅜⁹⅔₆ `dfaddcfh `dbehdbeed ˜₃⅔₅⅜₇⁶₁⁴d⅞₂₆₇₆d⅔$⅞⁹₈⅓⁶₁⁴d⅓⅔₃₅⅔⅞⁶⅜₇⁶₂₁d⅜₁⅓d⁰⅜⁶₅d₉⅜⁹₈⅔d ⅜⅓⁷₈₆₇₀⅔₁₇₆d₇₂d₃₅₂₃⅔₅₇.ffld₃⁹⅜₁₇d⅜₁⅓d⅔₄₈⁶₃₀⅔₁₇ s`ddg`dbget s`dadaddb-t ˜₃⅔₅⅜₇⁶₁⁴d₃₅₂⁰⁶₇d⅝⅔⁰₂₅⅔d⅓⅔₃₅⅔⅞⁶⅜₇⁶₂₁d⅜₁⅓d⁰⅜⁶₅d₉⅜⁹₈⅔ ⅜⅓⁷₈₆₇₀⅔₁₇₆d₇₂d₃₅₂₃⅔₅₇.ffld₃⁹⅜₁₇d⅜₁⅓d⅔₄₈⁶₃₀⅔₁₇ `ccd-hbd ``edgbed s⅔₃₅⅔⅞⁶⅜₇⁶₂₁d⅜₁⅓d⁰⅜⁶₅d₉⅜⁹₈⅔d⅜⅓⁷₈₆₇₀⅔₁₇₆d₇₂d₃₅₂₃⅔₅₇.ffld ₃⁹⅜₁₇d⅜₁⅓d⅔₄₈⁶₃₀⅔₁₇ s`-dfdct sedeeht ¡₅₂⁰⁶₇d⁰₅₂₀d₂₃⅔₅⅜₇⁶₂₁₆d⅝⅔⁰₂₅⅔d⅜⅝₁₂₅₀⅜⁹d⁶₇⅔₀ `bbdbbh ``-d`efd p⅝₁₂₅₀⅜⁹d⁶₇⅔₀ t₄₈⁶₇.d₆⅔₇₇⁹⅔⅓d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d⅔$₃⅔₁₆⅔ s`dadgt sgda`at ¡₅₂⁰⁶₇d⁰₅₂₀d₂₃⅔₅⅜₇⁶₂₁₆ `bad-g` `-`dhdd u⁶₁⅜₁⅞⅔d⁶₁⅞₂₀⅔ addhfb adddfhd u⁶₁⅜₁⅞⅔d⅔$₃⅔₁₆⅔₆ s``dghht sedbbct ¡₅₂⁰⁶₇d⅝⅔⁰₂₅⅔d⁶₁⅞₂₀⅔d₇⅜$ `ced`ddd `a`da-- x₁⅞₂₀⅔d₇⅜$d⅔$₃⅔₁₆⅔ scbdagdt sbhdbb-t ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅ `-adgf- g`dgf- ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅d⅜₇₇₅⁶⅝₈₇⅜⅝⁹⅔d₇₂i ˜₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d₂⁰dt₡qd fhdcfh efda-ad Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆d⁶₁d⅞₂₁₆₂⁹⁶⅓⅜₇⅔⅓d⅔₁₇⁶₇⁶⅔₆ abdbh`d `cdeegd `-adgf- g`dgf-d
  • 5. ł⅔₉⁶⅔¢⅔⅓ ł⅔₉⁶⅔¢⅔⅓d ł⅔₆₇⅜₇⅔⅓d ¯⅔⅜₅d ¯⅔⅜₅d ⅔₁⅓⅔⅓d ⅔₁⅓⅔⅓d b-dy₈₁d`a b-dy₈₁d``d łd--- łd---d ¡₅₂⁰⁶₇d⅜₇₇₅⁶⅝₈₇⅜⅝⁹⅔d₇₂d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d₂⁰dt₡qd ⁰₅₂₀d₇⁵⅔d₆₇⅜₇⅔₀⅔₁₇d₂⁰d₃₅₂⁰⁶₇d₂₅d⁹₂₆₆ fhdcfh efda-a s⅔⅓₈⅞₇i x₇⅔₀₆d⅔$⅞⁹₈⅓⅔⅓d⁰₅₂₀d⁵⅔⅜⅓⁹⁶₁⅔d⅔⅜₅₁⁶₁⁴₆d⅜₆d⅓⅔₇⅜⁶⁹⅔⅓d⅝⅔⁹₂¢id fbf s`cgt ¡⁹⅜₁₇d⅜₁⅓d⅔₄₈⁶₃₀⅔₁₇i ¡₅₂⁰⁶₇d₂₁d⅓⁶₆₃₂₆⅜⁹ fcc b`c u⅜⁶₅d₉⅜⁹₈⅔d⅜⅓⁷₈₆₇₀⅔₁₇d d-c sd-ct x₁⅞₂₀⅔d₇⅜$d⅔⁰⁰⅔⅞₇d₂⁰d⁶₇⅔₀₆d⅔$⅞⁹₈⅓⅔⅓d⁰₅₂₀d⁵⅔⅜⅓⁹⁶₁⅔d⅔⅜₅₁⁶₁⁴₆ sbcbt cg Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆d⁶₁d⁶₇⅔₀₆d⅔$⅞⁹₈⅓⅔⅓d⁰₅₂₀d⁵⅔⅜⅓⁹⁶₁⅔d⅔⅜₅₁⁶₁⁴₆ s`egt set w⅔⅜⅓⁹⁶₁⅔d⅔⅜₅₁⁶₁⁴₆ fgdfcad efdbd- ˇ⅔⁶⁴⁵₇⅔⅓d⅜₉⅔₅⅜⁴⅔d₁₈₀⅝⅔₅d₂⁰d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔₆d s⅔$⅞⁹₈⅓⁶₁⁴d₇₅⅔⅜₆₈₅.d₆⁵⅜₅⅔₆td₂₁d¢⁵⁶⅞⁵d⅝⅜₆⁶⅞d⅔⅜₅₁⁶₁⁴₆d ₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔d⅜₅⅔d⅝⅜₆⅔⅓ds---ì₆t add`d- acdgcd t⅜₅₁⁶₁⁴₆d₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔ds⅞⅔₁₇₆t ₍d⅝⅜₆⁶⅞ b`effl- af-ffld ₍d⅓⁶⁹₈₇⅔⅓ b-gfflg aeffflbd w⅔⅜⅓⁹⁶₁⅔d⅔⅜₅₁⁶₁⁴₆d₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔ds⅞⅔₁₇₆t ₍d⅝⅜₆⁶⅞ b`bffl` af`ffl`d ₍d⅓⁶⁹₈₇⅔⅓ b-effl- aeffflhd s⁶₉⁶⅓⅔₁⅓₆d⅓⅔⅞⁹⅜₅⅔⅓d⁰₂₅d₇⁵⅔d.⅔⅜₅d₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔ds⅞⅔₁₇₆t f- ddd CA L C U L A T I O N O F G R O U P H E A D L I N E E A R N I N G S d
  • 6. C O N D E N S E D G R O U P CA S H F L O W S T A T E M E N T ł⅔₉⁶⅔¢⅔⅓ ł⅔₉⁶⅔¢⅔⅓d ł⅔₆₇⅜₇⅔⅓ ¯⅔⅜₅d ¯⅔⅜₅d ⅔₁⅓⅔⅓d ⅔₁⅓⅔⅓d b-dy₈₁d`a b-dy₈₁d``d łd--- łd---d r⅜₆⁵ds₂₈₇⁰⁹₂¢tˆ⁶₁⁰⁹₂¢d⁰₅₂₀d₂₃⅔₅⅜₇⁶₁⁴d⅜⅞₇⁶₉⁶₇⁶⅔₆d ⅝⅔⁰₂₅⅔d⅓⁶₉⁶⅓⅔₁⅓₆d⅜₁⅓d⅓⁶₆₇₅⁶⅝₈₇⁶₂₁₆d₃⅜⁶⅓ shddha`t bagddbfd s⁶₉⁶⅓⅔₁⅓₆d⅜₁⅓d⅓⁶₆₇₅⁶⅝₈₇⁶₂₁₆d₃⅜⁶⅓ s`gdacct s`bdg`dt r⅜₆⁵ds₂₈₇⁰⁹₂¢tˆ⁶₁⁰⁹₂¢d⁰₅₂₀d₂₃⅔₅⅜₇⁶₁⁴d⅜⅞₇⁶₉⁶₇⁶⅔₆ s``cd`edtd b`cdfaad r⅜₆⁵d₂₈₇⁰⁹₂¢d⁰₅₂₀d⁶₁₉⅔₆₇₀⅔₁₇d⅜⅞₇⁶₉⁶₇⁶⅔₆ sccdecbt sccd`cht r⅜₆⁵ds₂₈₇⁰⁹₂¢tˆ⁶₁⁰⁹₂¢d⁰₅₂₀d⁰⁶₁⅜₁⅞⁶₁⁴d⅜⅞₇⁶₉⁶₇⁶⅔₆ sbf`td fdfdg r⅜₆⁵ds₂₈₇⁰⁹₂¢tˆ⁶₁⁰⁹₂¢d⁰₂₅d₇⁵⅔d.⅔⅜₅ s`dhd`fhtd afgdbb`d u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d⅔$⅞⁵⅜₁⁴⅔d⅜₁⅓d₇₅⅜₁₆⁹⅜₇⁶₂₁d⅜⅓⁷₈₆₇₀⅔₁₇₆ ₇₂d⅞⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆ `ddgag sabat ss⅔⅞₅⅔⅜₆⅔tˆ⁶₁⅞₅⅔⅜₆⅔d⁶₁d⅞⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆ s`cbdbd`t afgd-hhd r⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆d⅜₇d₇⁵⅔d⅝⅔⁴⁶₁₁⁶₁⁴d₂⁰d₇⁵⅔d.⅔⅜₅ ebadfc`d bdcdecad r⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆d⅜₇d₇⁵⅔d⅔₁⅓d₂⁰d₇⁵⅔d.⅔⅜₅ cghdbh- ebadfc`d ł⅔⅞₂₁⅞⁶⁹⁶⅜₇⁶₂₁d₇₂d₇⁵⅔d⅝⅜⁹⅜₁⅞⅔d₆⁵⅔⅔₇ r₈₅₅⅔₁₇d⅜₆₆⅔₇₆d₍d⅞⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆ cghdbh- ebadfc` e ł⅔₉⁶⅔¢⅔⅓ ł⅔₉⁶⅔¢⅔⅓d ł⅔₆₇⅜₇⅔⅓d ¯⅔⅜₅ ¯⅔⅜₅d ⅔₁⅓⅔⅓d ⅔₁⅓⅔⅓d b-dy₈₁d`a b-dy₈₁d``d łd---d łd---d ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅d⁰₅₂₀d₇⁵⅔d₆₇⅜₇⅔₀⅔₁₇d₂⁰d₃₅₂⁰⁶₇d₂₅d⁹₂₆₆ `-adgf-d g`dgf- ˜₇⁵⅔₅d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔ aad-ch `-dfaf u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d₅⅔₆⅔₅₉⅔d⅜⅓⁷₈₆₇₀⅔₁₇₆dd `hdchg hdchf u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d⅜⅓⁷₈₆₇₀⅔₁₇₆d₇₂d⁰₂₅⅔⁶⁴₁d ₁₂₁d⅞₂₁₇₅₂⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆ ad-`h `dab- ł⅔₉⅜⁹₈⅜₇⁶₂₁d₆₈₅₃⁹₈₆dd fbh – x₁⅞₂₀⅔d₇⅜$d⅔⁰⁰⅔⅞₇d sa-ft – ž₂₇⅜⁹d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔d⁰₂₅d₇⁵⅔d.⅔⅜₅ `acdh`h haddhfd ž₂₇⅜⁹d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔d⁰₂₅d₇⁵⅔d.⅔⅜₅d⅜₇₇₅⁶⅝₈₇⅜⅝⁹⅔d₇₂i ˜₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d₂⁰dt₡qd hedd-c fddafcd Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆d⁶₁d⅞₂₁₆₂⁹⁶⅓⅜₇⅔⅓d⅔₁₇⁶₇⁶⅔₆ agdc`dd `fdbabd `acdh`h haddhfd G R O U P S T A T E M E N T O F C O M P R E H E N S I V E I N C O M E
  • 7. f N O T E S r⅜₃⁶₇⅜⁹d⅔$₃⅔₁⅓⁶₇₈₅⅔d⅞₂₀₀⁶₇₀⅔₁₇₆ p₇db-dy₈₁⅔da-`ad₇⁵⅔₅⅔d¢⅔₅⅔d⅞⅜₃⁶₇⅜⁹d⅔$₃⅔₁⅓⁶₇₈₅⅔d⅞₂₀₀⁶₇₀⅔₁₇₆d₂⁰dł`adahhd---dsb-dy₈₁⅔da-``d₍dłhdgcgd---t₎dž⁵⅔ ⅞₂₀₀⁶₇₀⅔₁₇₆d ⅞₂₀₃₅⁶₆⅔d łhd g`ed ---d ⁰₂₅d ⅜⅓⅓⁶₇⁶₂₁₆d ⅜₁⅓d ⁶₀₃₅₂₉⅔₀⅔₁₇₆d ₇₂d ⅔$⁶₆₇⁶₁⁴d ₃₅₂₃⅔₅₇.ffld łegbd ---d ⁰₂₅ ₃₈₅⅞⁵⅜₆⅔₆d ₂⁰d ⅔₄₈⁶₃₀⅔₁₇d ⅜₁⅓d ł`d g--d ---d ⁰₂₅d ₇⁵⅔d ⅜⅞₄₈⁶₆⁶₇⁶₂₁d ⅝.d ⅜₁d gdⁿd ⁵⅔⁹⅓d ⁶₁⅓⁶₅⅔⅞₇d ₆₈⅝₆⁶⅓⁶⅜₅.d ₂⁰d ₇⁵⅔ r₂₀₃⅜₁.ffld₂⁰d⅜d`--ⁿd⁶₁₇⅔₅⅔₆₇d⁶₁d⅜d⅞₂₀₃⅜₁.d⁶₁d₇⁵⅔d⅝₈₆⁶₁⅔₆₆d₂⁰d⅞⅜⅝⁹⅔d₅⅔⅔⁹⁶₁⁴d⅜₁⅓d⁰⅔₆₇₂₂₁d₆.₆₇⅔₀₆₎ ž⁵⅔d⅞₂₀₀⁶₇₀⅔₁₇₆d⁰₂₅d₇⁵⅔d⅜⅓⅓⁶₇⁶₂₁₆d⅜₁⅓d⁶₀₃₅₂₉⅔₀⅔₁₇₆d₇₂d⅔$⁶₆₇⁶₁⁴d₃₅₂₃⅔₅₇.d¢⁶⁹⁹d⅝⅔d⁰₈₁⅓⅔⅓d⁰₅₂₀d⅜d⅞₂₀⅝⁶₁⅜₇⁶₂₁d₂⁰ ₃⁹⅜₁₁⅔⅓d⅜₁⅓d⅔$⁶₆₇⁶₁⁴d₀₂₅₇⁴⅜⁴⅔d⅝₂₁⅓d⁰⅜⅞⁶⁹⁶₇⁶⅔₆d⅜₉⅜⁶⁹⅜⅝⁹⅔d₇₂d₇⁵⅔dv₅₂₈₃d⅜₆d¢⅔⁹⁹d⁰₅₂₀d₇⁵⅔dv₅₂₈₃ì₆d⅞⅜₆⁵d⅜₁⅓d⅞⅜₆⁵ ⅔₄₈⁶₉⅜⁹⅔₁₇₆₎d ž⁵⅔d ⅔₄₈⁶₃₀⅔₁₇d ₃₈₅⅞⁵⅜₆⅔₆d ⅜₁⅓d ₇⁵⅔d ⅜⅞₄₈⁶₆⁶₇⁶₂₁d ₂⁰d ₇⁵⅔d ₁⅔¢d ₆₈⅝₆⁶⅓⁶⅜₅.d ¢⁶⁹⁹d ⅝⅔d ⁰⁶₁⅜₁⅞⅔⅓d ⁰₅₂₀d ₇⁵⅔ v₅₂₈₃ì₆d⅞⅜₆⁵d⅜₁⅓d⅞⅜₆⁵d⅔₄₈⁶₉⅜⁹⅔₁₇₆₎ r₂₁₇⁶₁⁴⅔₁₇d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆ pdv₅₂₈₃d⅔₁₇⁶₇.d⁵⅜₆d⁶₆₆₈⅔⅓d⅜d⁴₈⅜₅⅜₁₇⅔⅔d₂⁰dłgb-d---d⁶₁d⁰⅜₉₂₈₅d₂⁰d⅜d₅⅜¢d₀⅜₇⅔₅⁶⅜⁹d₆₈₃₃⁹⁶⅔₅d₇₂d⅜d⅞₂₀₃⅜₁.d¢⁵⁶⅞⁵ ¢⅜₆d ₃₅⅔₉⁶₂₈₆⁹.d ₃⅜₅₇d ₂⁰d ₇⁵⅔d v₅₂₈₃d ⅜₁⅓d ⁵⅜₆d ₁₂¢d ⅝⅔⅔₁d ₆₂⁹⅓₎d ž⁵⅔d ⁴₈⅜₅⅜₁₇⅔⅔d ⁶₆d ⅞⅜₁⅞⅔⁹⁹⅜⅝⁹⅔d ⅝.d ₇⁵₅⅔⅔d ⅞⅜⁹⅔₁⅓⅜₅ ₀₂₁₇⁵₆d₁₂₇⁶⅞⅔₎dpd⁰⁶₁⅜₁⅞⁶⅜⁹d⁴₈⅜₅⅜₁₇⅔⅔d⁹⁶⅜⅝⁶⁹⁶₇.d¢⁶₇⁵d⅜d⅞⅜₅₅.⁶₁⁴d⅜₀₂₈₁₇d₂⁰dł`egd---d⅜₇db-dy₈₁⅔da-`ad⁶₆d⅞⅜₅₅⁶⅔⅓d⁶₁ ₅⅔₆₃⅔⅞₇d₂⁰d₇⁵⅔d⁴₈⅜₅⅜₁₇⅔⅔₎ t₡qd t₁⁴⁶₁⅔⅔₅⁶₁⁴d š⅔₅₉⁶⅞⅔₆d ₂₃⅔₅⅜₇⅔₆d ⁶₁d ₇⁵⅔d ⅔₁⁴⁶₁⅔⅔₅⁶₁⁴d ⅞₂₁₇₅⅜⅞₇⁶₁⁴d ⅝₈₆⁶₁⅔₆₆d ⅜₁⅓d ⁶₆d ⅔$₃₂₆⅔⅓d ₇₂d ₇⁵⅔d ₅⁶₆⁸₆ ⅜₆₆₂⅞⁶⅜₇⅔⅓d¢⁶₇⁵d⅔₁⁴⁶₁⅔⅔₅⁶₁⁴d⅞₂₁₇₅⅜⅞₇₆₎dž⁵⅔₆⅔d₅⁶₆⁸₆d⅜₅⅔d₀⅜₁⅜⁴⅔⅓d₂₁d₇⁵⅔d⅝⅜₆⁶₆d₂⁰d⁹⁶₀⁶₇⅔⅓d⁹⁶⅜⅝⁶⁹⁶₇.₎ p⁹⁹d⁸₁₂¢₁d⁹⁶⅜⅝⁶⁹⁶₇⁶⅔₆d₂⁰d₇⁵⅔dv₅₂₈₃d⅜₇d₇⁵⅔d⅝⅜⁹⅜₁⅞⅔d₆⁵⅔⅔₇d⅓⅜₇⅔d⁵⅜₉⅔d⅝⅔⅔₁d⅜⅞⅞₅₈⅔⅓₎ r ˜ Rp s t Rp š t s d š t v 1 t Rp ž d x Rp u ˜ ł 1 pž x ˜ Rp p⁰₅⁶⅞⅜ p⁰₅⁶⅞⅜ ž₂₇⅜⁹ ⅔₄₈⁶₃₀⅔₁₇ ⅔₁⁴⁶₁⅔⅔₅⁶₁⁴ p₈₆₇₅⅜⁹⅜₆⁶⅜ ˜₇⁵⅔₅ ł--- ł--- ł--- ł--- ł--- ł⅔₉⁶⅔¢⅔⅓ ¯⅔⅜₅d⅔₁⅓⅔⅓db-dy₈₁⅔da-`a š⅜⁹⅔₆d `dfaddcfh fdeddfb egadfcfd aggdda-ddd sadbe`t ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅ `-adgf-d d`dcead cedhgcd a`d--cd s`eddg-t ¡₅₂⁰⁶₇d⅜₇₇₅⁶⅝₈₇⅜⅝⁹⅔d₇₂d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d₂⁰dt₡q fhdcfhd cbdfcbd bcdffgd `cdbfbddd s`bdc`dt p₆₆⅔₇₆ `dbfbdge-d fbedhead cacd-be afadebcdddd sdhdffat ₡⁶⅜⅝⁶⁹⁶₇⁶⅔₆ g``d-fd c`adh`-d bb`dcebd hgdbbcddd sb`debat ł⅔₉⁶⅔¢⅔⅓ ł⅔₆₇⅜₇⅔⅓ ¯⅔⅜₅d⅔₁⅓⅔⅓db-dy₈₁⅔da-`` š⅜⁹⅔₆ `dbehdbee e`dd-cdd dbfddddd a`edfebdddd b ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅ g`dgf-d dbdedbd aeded`d `hdac`dddd s`fdefdt ¡₅₂⁰⁶₇d⅜₇₇₅⁶⅝₈₇⅜⅝⁹⅔d₇₂d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d₂⁰dt₡q efda-ad cdde-dd aadde`d `bdaaddd s`cd`ght p₆₆⅔₇₆d `dbc-dhhed ed-dhafd dc-dee-d a`cda`gd secdg-ht ₡⁶⅜⅝⁶⁹⁶₇⁶⅔₆ gh`d-ecd be-dffe cgedccd g`da-e sbfdbebt
  • 8. G R O U P S TAT E M E N T O F g Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴ ł⅔₉⁶⅔¢⅔⅓ ⁶₁₇⅔₅⅔₆₇₆d⁶₁ ł⅔₆₇⅜₇⅔⅓ x₆₆₈⅔⅓ ž₅⅔⅜₆₈₅. ł⅔₇⅜⁶₁⅔⅓ ¡₅⅔⁰⅔₅⅔₁⅞⅔ ⅞₂₁₆₂⁹⁶⅓⅜₇⅔⅓ ž₂₇⅜⁹ ⅞⅜₃⁶₇⅜⁹ ₆⁵⅜₅⅔₆ ł⅔₆⅔₅₉⅔₆ ⅔⅜₅₁⁶₁⁴₆ ž₂₇⅜⁹ ₆⁵⅜₅⅔₆ ⅔₁₇⁶₇⁶⅔₆ ⅔₄₈⁶₇. ł--- ł--- ł--- ł--- ł--- ł--- ł--- ł--- q⅜⁹⅜₁⅞⅔d⅜₇db-dy₈₁⅔da-`- add`had sddd`abt `bddg- bbcdegd b`gdbbc g cdde-a bebdhcc ž₂₇⅜⁹d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔d⁰₂₅d₇⁵⅔d.⅔⅜₅ gd-fad efda-ad fddafc `fdbab haddhf ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅ efda-a efda-a `cdeeg g`dgf- ˜₇⁵⅔₅d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔ u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d₅⅔₆⅔₅₉⅔d⅜⅓⁷₈₆₇₀⅔₁₇₆ gd-fa gd-fa `dcad hdchf u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d⅜⅓⁷₈₆₇₀⅔₁₇₆d₇₂d⁰₂₅⅔⁶⁴₁d ₁₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆ `dab- `dab- x₁⅞₂₀⅔d₇⅜$d⅔⁰⁰⅔⅞₇ – ó – ó ˜₅⅓⁶₁⅜₅.d⅓⁶₉⁶⅓⅔₁⅓₆d₃⅜⁶⅓ s``d`ggt s``d`ggt sdcet s``dfbct Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆d⁶₁d⅓⁶₆₇₅⁶⅝₈₇⁶₂₁₆d⅝.d⅜d⅞₂₁₆₂⁹⁶⅓⅜₇⅔⅓d⁴₅₂₈₃d⅔₁₇⁶₇. sad-g`t sad-g`t x₁⅞₅⅔⅜₆⅔d⁶₁d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d₅⅔₆⅔₅₉⅔ edhg- edhg- `daba gda`a ž₅⅜₁₆⁰⅔₅d⁰₅₂₀d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d₅⅔₆⅔₅₉⅔d₇₂d₅⅔₇⅜⁶₁⅔⅓d⅔⅜₅₁⁶₁⁴₆d⁰₂₅d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d ⅔$⅔₅⅞⁶₆⅔⅓d⅜₁⅓d⁰₈⁹⁹.d₃⅜⁶⅓ffld⅜₁⅓d⁰₂₅d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d⁹⅜₃₆⅔⅓d₇⁵₅₂₈⁴⁵d⅜₇₇₅⁶₇⁶₂₁ s`d-cgt `d-cg ó – ó ł⅔⅓₈₁⅓⅜₁₇d⁶₇⅔₀₆d⁶₁d₇⁵⅔d⁰₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d₅⅔₆⅔₅₉⅔d₇₅⅜₁₆⁰⅔₅₅⅔⅓d₇₂d ₅⅔₇⅜⁶₁⅔⅓d⅔⅜₅₁⁶₁⁴₆ shd-gbt hd-gb ó – ó x₁⅞₅⅔⅜₆⅔d⁶₁d₇⁵⅔d⅞⅜₅₅.⁶₁⁴d⅜₀₂₈₁₇d₂⁰d₇₅⅔⅜₆₈₅.d₆⁵⅜₅⅔₆d⁵⅔⁹⅓d⅝.d⁴₅₂₈₃d⅔₁₇⁶₇⁶⅔₆ s`d--et s`d--et s`d--et q⅜⁹⅜₁⅞⅔d⅜₇db-dy₈₁⅔da-`` add`had sded`aht `gdd-` c--dgb- bggdbhc g e`ddb- cchdhba ž₂₇⅜⁹d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔d⁰₂₅d₇⁵⅔d.⅔⅜₅ `fd-add fhdcfh hedd-c agdc`d `acdh`h ¡₅₂⁰⁶₇d⁰₂₅d₇⁵⅔d.⅔⅜₅ fhdcfh fhdcfh abdbh` `-adgf- ˜₇⁵⅔₅d⅞₂₀₃₅⅔⁵⅔₁₆⁶₉⅔d⁶₁⅞₂₀⅔ u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d₅⅔₆⅔₅₉⅔d⅜⅓⁷₈₆₇₀⅔₁₇₆ `eddfb `eddfb addhad `hdchg u₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d⅜⅓⁷₈₆₇₀⅔₁₇₆d₇₂d⁰₂₅⅔⁶⁴₁d₁₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆ ad-`h ad-`h ł⅔₉⅜⁹₈⅜₇⁶₂₁d₆₈₅₃⁹₈₆ eag eag ``` fbh x₁⅞₂₀⅔d₇⅜$d⅔⁰⁰⅔⅞₇ s`fet s`fet sb`t sa-ft ˜₅⅓⁶₁⅜₅.d⅓⁶₉⁶⅓⅔₁⅓₆d₃⅜⁶⅓ s`cddfdt s`cddfdt sadcbet s`fd-``t Rp₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇₆d⁶₁d⅓⁶₆₇₅⁶⅝₈₇⁶₂₁₆d⅝.d⅜d⅞₂₁₆₂⁹⁶⅓⅜₇⅔⅓d⁴₅₂₈₃d⅔₁₇⁶₇. s`dabbt s`dabbt x₁⅞₅⅔⅜₆⅔d⁶₁d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d₅⅔₆⅔₅₉⅔ `d-eh `d-eh `gh `dadg ž₅⅜₁₆⁰⅔₅d⁰₅₂₀d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d₅⅔₆⅔₅₉⅔d₇₂d₅⅔₇⅜⁶₁⅔⅓d⅔⅜₅₁⁶₁⁴₆d⁰₂₅d₆⁵⅜₅⅔d₂₃₇⁶₂₁₆d ⅔$⅔₅⅞⁶₆⅔⅓d⅜₁⅓d⁰₈⁹⁹.d₃⅜⁶⅓ sdbbt dbb ó – ó ł⅔⅓₈₁⅓⅜₁₇d⁶₇⅔₀₆d⁶₁d₇⁵⅔d⁰₂₅⅔⁶⁴₁d⅞₈₅₅⅔₁⅞.d₇₅⅜₁₆⁹⅜₇⁶₂₁d₅⅔₆⅔₅₉⅔d₇₅⅜₁₆⁰⅔₅₅⅔⅓ ₇₂d₅⅔₇⅜⁶₁⅔⅓d⅔⅜₅₁⁶₁⁴₆ `d-`d s`d-`dt ó – ó s⅔⅞₅⅔⅜₆⅔d⁶₁d₇⁵⅔d⅞⅜₅₅.⁶₁⁴d⅜₀₂₈₁₇d₂⁰d₇₅⅔⅜₆₈₅.d₆⁵⅜₅⅔₆d⁵⅔⁹⅓d⅝.d⁴₅₂₈₃d⅔₁₇⁶₇⁶⅔₆ bdccd bdccd bdccd r⅜₃⁶₇⅜⁹d⅞₂₁₇₅⁶⅝₈₇⅔⅓d⅝.d₁₂₁d⅞₂₁₇₅₂⁹⁹⁶₁⁴d⁶₁₇⅔₅⅔₆₇ `dcfd `dcfd q⅜⁹⅜₁⅞⅔d⅜₇db-dy₈₁⅔da-`a add`had sdadegct bfd-ff ceddada cfcdgbfd gd gfdhc- deadfgdd C H A N G E S I N E Q U I T Y h Attributable to ordinary shareholders of ELB
  • 9. `- ž⁵⅔d⅓⁶₅⅔⅞₇₂₅₆d⁵⅜₉⅔d⅓⅔⅞⁹⅜₅⅔⅓d₇⁵⅔d₈₁⅓⅔₅₁₂₇⅔⅓d⁰⁶₁⅜⁹d⅞⅜₆⁵d⅓⁶₉⁶⅓⅔₁⅓₆d⁰₂₅d₇⁵⅔d.⅔⅜₅d⅔₁⅓⅔⅓db-dy₈₁⅔da-`a₎dž⁵⅔d⁰⁶₁⅜⁹d⅓⁶₉⁶⅓⅔₁⅓₆ ⅜₅⅔d₆₈⅝⁷⅔⅞₇d₇₂d₇⁵⅔d₁⅔¢dš₂₈₇⁵dp⁰₅⁶⅞⅜₁d⅓⁶₉⁶⅓⅔₁⅓d₇⅜$₎dž⁵⅔d⁰₂⁹⁹₂¢⁶₁⁴d⁶₁⁰₂₅₀⅜₇⁶₂₁d⁶₆d⅓⁶₆⅞⁹₂₆⅔⅓d⁶₁d₅⅔₆₃⅔⅞₇d₂⁰d₇⁵⅔d⅓⁶₉⁶⅓⅔₁⅓₆i ● ₇⁵⅔d⅓⁶₉⁶⅓⅔₁⅓₆d⁵⅜₉⅔d⅝⅔⅔₁d⅓⅔⅞⁹⅜₅⅔⅓d₂₈₇d₂⁰d⁶₁⅞₂₀⅔d₅⅔₆⅔₅₉⅔₆ffl ● ₇⁵⅔dš₂₈₇⁵dp⁰₅⁶⅞⅜₁d⅓⁶₉⁶⅓⅔₁⅓d₇⅜$d₅⅜₇⅔d⁶₆d`dⁿffl ● ₇⁵⅔₅⅔d⅜₅⅔d₁₂d₆⅔⅞₂₁⅓⅜₅.d₇⅜$d₂₁d⅞₂₀₃⅜₁⁶⅔₆dsšžrtd⅞₅⅔⅓⁶₇₆d₈₇⁶⁹⁶₆⅔⅓d⅜₁⅓ ● t₡qdv₅₂₈₃d₡⁶₀⁶₇⅔⅓ì₆d⁶₁⅞₂₀⅔d₇⅜$d₅⅔⁰⅔₅⅔₁⅞⅔d₁₈₀⅝⅔₅d⁶₆idhafd`d`f``₎ p⅓⅓⁶₇⁶₂₁⅜⁹d⁶₁⁰₂₅₀⅜₇⁶₂₁d⁶₆d⁴⁶₉⅔₁d⅝⅔⁹₂¢₎ ¡łtutłtRprtdsx˘xstRpsdRp¨1qtłd`ab pd⁰⁶₁⅜⁹d⅞⅜₆⁵d⅓⁶₉⁶⅓⅔₁⅓d⁵⅜₆d⅝⅔⅔₁d⅓⅔⅞⁹⅜₅⅔⅓d⅜₇d₇⁵⅔d₅⅜₇⅔d₂⁰deⁿd₃⅔₅d⅜₁₁₈₀d⁰₂₅d₇⁵⅔d₆⅔⅞₂₁⅓d₆⁶$d₀₂₁₇⁵d₃⅔₅⁶₂⅓d₂₁d₇⁵⅔deⁿd⁰⁶$⅔⅓ ⅞₈₀₈⁹⅜₇⁶₉⅔d₅⅔⅓⅔⅔₀⅜⅝⁹⅔d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔₆d₂⁰dład⅔⅜⅞⁵ffld⅔₄₈⁶₉⅜⁹⅔₁₇d₇₂ded⅞⅔₁₇₆d₃⅔₅d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔₎ ● ž⁵⅔d⁴₅₂₆₆d⅓⁶₉⁶⅓⅔₁⅓d⁶₆ded⅞⅔₁₇₆d₃⅔₅d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔d⁰₂₅d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d⅔$⅔₀₃₇d⁰₅₂₀d₇⁵⅔d⅓⁶₉⁶⅓⅔₁⅓d₇⅜$₎ ● ž⁵⅔d₁⅔₇d⅓⁶₉⁶⅓⅔₁⅓d⁶₆ddffl`d⅞⅔₁₇₆d₃⅔₅d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔d⁰₂₅d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d⁹⁶⅜⅝⁹⅔d₇₂d₃⅜.d₇⁵⅔d⅓⁶₉⁶⅓⅔₁⅓d₇⅜$₎ ● t₡qdv₅₂₈₃d₡⁶₀⁶₇⅔⅓d⁵⅜₆dbdg--d₃₅⅔⁰⅔₅⅔₁⅞⅔d₆⁵⅜₅⅔₆d⁶₁d⁶₆₆₈⅔₎ ˜łsxRppł¯dsx˘xstRpsdRp¨1qtłd`ah pd⁰⁶₁⅜⁹d⅞⅜₆⁵d⅓⁶₉⁶⅓⅔₁⅓d₂⁰ddad⅞⅔₁₇₆d₃⅔₅d₆⁵⅜₅⅔d⁵⅜₆d⅝⅔⅔₁d⅓⅔⅞⁹⅜₅⅔⅓d₂₁d₇⁵⅔d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔₆₎ ● ž⁵⅔d⁴₅₂₆₆d⅓⁶₉⁶⅓⅔₁⅓d⁶₆ddad⅞⅔₁₇₆d₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔d⁰₂₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d⅔$⅔₀₃₇d⁰₅₂₀d₇⁵⅔d⅓⁶₉⁶⅓⅔₁⅓d₇⅜$₎ ● ž⁵⅔d₁⅔₇d⅓⁶₉⁶⅓⅔₁⅓d⁶₆dccfflad⅞⅔₁₇₆d₃⅔₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔d⁰₂₅d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔⁵₂⁹⅓⅔₅₆d⁹⁶⅜⅝⁹⅔d₇₂d₃⅜.d₇⁵⅔d⅓⁶₉⁶⅓⅔₁⅓d₇⅜$₎ ● t₡qdv₅₂₈₃d₡⁶₀⁶₇⅔⅓d⁵⅜₆dbbdge-d---d₂₅⅓⁶₁⅜₅.d₆⁵⅜₅⅔₆d⁶₁d⁶₆₆₈⅔ffld¢⁵⁶⅞⁵d⁶₁⅞⁹₈⅓⅔₆dgddccd-b`d₇₅⅔⅜₆₈₅.d₆⁵⅜₅⅔₆₎ ž⁵⅔d₆⅜⁹⁶⅔₁₇d⅓⅜₇⅔₆d⁶₁d₅⅔₆₃⅔⅞₇d₂⁰d⅝₂₇⁵d⅓⁶₉⁶⅓⅔₁⅓₆d⅜₅⅔i ₡⅜₆₇d⅓⅜.d₇₂d₇₅⅜⅓⅔d⅞₈₀d⅓⁶₉⁶⅓⅔₁⅓ u₅⁶⅓⅜.ffld`hd˜⅞₇₂⅝⅔₅da-`a š⁵⅜₅⅔₆d⅞₂₀₀⅔₁⅞⅔d₇₅⅜⅓⁶₁⁴d⅔$d⅓⁶₉⁶⅓⅔₁⅓ 1₂₁⅓⅜.ffldaad˜⅞₇₂⅝⅔₅da-`a ł⅔⅞₂₅⅓d⅓⅜₇⅔ u₅⁶⅓⅜.ffldaed˜⅞₇₂⅝⅔₅da-`a s⅜₇⅔d₂⁰d₃⅜.₀⅔₁₇ 1₂₁⅓⅜.ffldahd˜⅞₇₂⅝⅔₅da-`a š⁵⅜₅⅔₆d₀⅜.d₁₂₇d⅝⅔d⅓⅔₀⅜₇⅔₅⁶⅜⁹⁶₆⅔⅓d₂₅d₅⅔₀⅜₇⅔₅⁶⅜⁹⁶₆⅔⅓d⅝⅔₇¢⅔⅔₁d1₂₁⅓⅜.ffldaad˜⅞₇₂⅝⅔₅da-`affld⅜₁⅓ u₅⁶⅓⅜.ffldaed˜⅞₇₂⅝⅔₅da-`affl ⅝₂₇⁵d⅓⅜₇⅔₆d⁶₁⅞⁹₈₆⁶₉⅔₎ q.d₂₅⅓⅔₅d₂⁰d₇⁵⅔dq₂⅜₅⅓ svdy₂₁⅔₆ q₂⁸₆⅝₈₅⁴ r₂₀₃⅜₁.d₆⅔⅞₅⅔₇⅜₅. `gdš⅔₃₇⅔₀⅝⅔₅da-`a F I N A L CA S H D I V I D E N D D E C L A R A T I O N S
  • 10. E N G I N E E R E D T O D E L I V E R ``
  • 11. `a ł⅔⁴⁶₆₇⅔₅⅔⅓d₂⁰⁰⁶⅞⅔ ELB Equipment Limited, 14 Atlas Road, Anderbolt, Boksburg, 1459 ¡₂₆₇⅜⁹d⅜⅓⅓₅⅔₆₆ PO Box 565, Boksburg, 1460 ž⅔⁹⅔₃⁵₂₁⅔ +27 11 306 0700 ˇ⅔⅝₆⁶₇⅔i www.elb.co.za š⁵⅜₅⅔dž₅⅜₁₆⁰⅔₅dš⅔⅞₅⅔₇⅜₅⁶⅔₆ Computershare Investor Services (Pty) Limited 70 Marshall Street, Johannesburg, 2001 (PO Box 61051, Marshalltown, 2107) š₃₂₁₆₂₅ Rand Merchant Bank (a division of FirstRand Bank Limited) 1 Merchant Place, Cnr Fredman Drive & Rivonia Road, Sandton, 2196 s⁶₅⅔⅞₇₂₅₆ pvdu⁹⅔₇⅞⁵⅔₅ds⅞⁵⅜⁶₅₀⅜₁tffldd¡ydq⁹₈₁⅓⅔₁ds⅞⁵⁶⅔⁰d⅔$⅔⅞₈₇⁶₉⅔d₍dt₡qdt₄₈⁶₃₀⅔₁₇tffldd žd⅓⅔dq₅₈.₁fflffdds₅dy¡dw⅔₅₆⅔⁹₀⅜₁fflffdddsvdy₂₁⅔₆ds⁰⁶₁⅜₁⅞⁶⅜⁹d⅓⁶₅⅔⅞₇₂₅tffldd s₅dšyd1⅔⁶⁷⅔₅₆ds⅞⁵⁶⅔⁰d⅔$⅔⅞₈₇⁶₉⅔d₍dt₡qdt₁⁴⁶₁⅔⅔₅⁶₁⁴dš⅔₅₉⁶⅞⅔₆tffldd1˘dł⅜₀₂⁹⁹₂ffld rydš₀⁶₇⁵ds⅜⁹₇⅔₅₁⅜₇⅔tffl xpłdž⁵₂₀₆₂₁ffdd *Non executive r₂₀₃⅜₁.d₆⅔⅞₅⅔₇⅜₅. DG Jones The preparation of the reviewed group provisional report, excluding the comments section, was supervised by the group accountant, Ian Glass, chartered accountant (South Africa). ELB GROUP LIMITED Incorporated in the Republic of South Africa Registration number: 1930/002553/06 Share codes: ELR & ELRP ISIN: ZAE000035101 & ZAE000035333 qłdps˘tłžxšxRpv