| Tue 8 May 2007, 8:00 | | ATN/ATNP - Altron - Abridged audited consolidated |
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ATN/ATNP - Altron - Abridged audited consolidated financial statements for the
year ended 28 February 2007
ALLIED ELECTRONICS CORPORATION LIMITED
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: ATN & ISIN: ZAE000029658
Share code: ATNP & ISIN: ZAE000029666
("Altron" or "the company")
Abridged audited consolidated financial statements for the year ended 28
February 2007
Revenue up 23%
Operating profit up 47%
Headline earnings per share up 51%
Dividend up 51%
Cash at R1.6 billion
Abridged income statements
% 2007 2006
R millions Change (Audited) (Audited)
Revenue 23 17 126 13 913
Operating profit before capital 47 1 528 1 040
items
Capital items (Note 1) (38) (54)
Result from operating activities 1 490 986
Financial income 132 112
Financial costs (56) (53)
Share of profit from associates 4 32
Profit before taxation 1 570 1 077
Taxation (481) (326)
Profit for the year 45 1 089 751
Attributable to minority 284 257
shareholders
Attributable to Altron equity 805 494
holders
Basic earnings per share (cents) 63 287 176
Diluted basic earnings per share 51 250 166
(cents)
Dividends per share paid (cents) 78 63
Dividends per share declared 118 78
(cents)
NOTES
Basis of preparation
The abridged consolidated financial statements have been prepared in accordance
with the recognition and measurement criteria of International Financial
Reporting Standards (IFRS) and its interpretations adopted by the International
Accounting Standards Board (IASB) in issue and effective at 28 February 2007,
the presentation as well as the disclosure requirements of IAS34 - Interim
Financial Reporting and in compliance with the listing requirements of the JSE
Limited.
The accounting policies followed are consistent with those adopted in the prior
year except as follows:
Circular 9/2006 - Transactions giving rise to adjustments to Revenue/Purchases
The group previously reflected discounts received from suppliers as other income
and discounts granted as operating expenses. In terms of circular 09/2006 issued
by the South African Institute of Chartered Accountants, the group now accounts
for discounts received from suppliers as part of cost of sales and discounts
granted as a reduction of revenue. In order to present the year to 28 February
2006 on a consistent basis, the following restatements have been made:
Year ended
28 Feb 2006
Decrease in revenue 56
Decrease in materials and services 56
Auditors` report
KPMG Inc`s unmodified auditors` reports included in the consolidated annual
financial statements and on the abridged consolidated financial statements
contained in this abridged report are available for inspection at the company`s
registered office.
2007 2006
% (Audited) (Audited)
Headline earnings per share 51 286 189
(cents)
Diluted headline earnings per 42 250 176
share (cents)
1. Capital items
Net gain on disposal of 33 7
property, plant and equipment
Impairment losses (61) (100)
Goodwill adjustment on (19) (38)
utilisation of at acquisition
tax losses
Net gain on disposal and closure 9 65
of businesses
Profit on disposal of - 3
investments
Foreign currency translation - 9
reserve realised
(38) (54)
2. Reconciliation between earnings and headline earnings
Attributable to Altron equity 805 494
holders
Capital items - gross 38 54
Tax effect of capital items (5) 9
Minority interest in capital (36) (28)
items
Headline earnings 802 529
3. Reconciliation between attributable earnings and
diluted earnings
Attributable to Altron equity 805 494
holders
Additional earnings attributable (87) (21)
to BEE minorities in
subsidiaries
Minority interest in adjustments 11 10
Dilution in earnings of (12) (14)
subsidiary dilutive options
Diluted earnings 717 469
4. Reconciliation between headline earnings and diluted headline earnings
Headline earnings 802 529
Additional earnings attributable (82) (29)
to BEE minorities in
subsidiaries
Minority interest in adjustments 13 13
Dilution in earnings of (15) (15)
subsidiary dilutive options
Diluted headline earnings 718 498
Fully diluted earnings and diluted headline earnings have been calculated in
accordance with IAS33 - Earnings per Share, on the following bases:
- Kagiso Strategic Investments (Pty) Limited exercised its full option on 22%
of the shares in Bytes Technology Group South Africa (Pty) Limited effective 1
March 2004 adjusted for the dilutive effect of the option price at BTG SA level.
- The recognition of the deferred sale of a 30% interest to the Izingwe
Consortium in Aberdare Cables based on the assumption that the purchase price
will be settled in cash of R172 million, adjusted for the dilutive effect of the
option price at the Aberdare level, and after taking into account the purchase
of 10% of the Izingwe Consortium by Power Technologies (Pty) Limited during the
year.
The effective option was antidilutive in the prior year and so caused no
dilution in that period.
- The dilution in earnings of subsidiary dilutive options.
The calculations for the comparative period have been restated to achieve
consistency, the effects of which are insignificant.
5. Disposals
During the second half of the year the directors of Bytes took a decision to
dispose of the Bytes` shareholding in Bytes IT Solutions Limited (Plato). This
operation is consequently classified as held-for-sale as at 28 February 2007 and
the net assets have been valued at R4 million, which is the lower of the
carrying amount of the net assets and the fair value less costs to sell.
Accordingly, the carrying value of the net tangible assets held-for-sale has
been impaired by R6 million and the remaining goodwill of R50 million has been
fully impaired.
6. Acquisitions of subsidiaries and joint ventures
The Bytes group acquired the entire shareholding of two Xerox dealers in the UK,
Xclusive Solutions and Vantage Business Systems, for an aggregate cash
consideration of R65 million, as well as local operations Zenith Systems, TMS
2000 and Silverminute for R15 million.
Altech acquired Mobimaster, a French telecommunications billing systems
provider, for R25 million.
The acquisition contributed R250 million to group revenue and R22 million to
profit for the year.
Recognised Fair value Carrying
Subsidiaries values adjustments amount
Non-current assets 7 30 37
Current assets 48 - 48
Non-current liabilities - (5) (5)
Current liabilities (46) - (46)
Net identifiable assets and 9 25 34
liabilities
Goodwill on acquisition 71
Total consideration 105
Joint venture - CBI Electric Aberdare ATC Telecom Cables (Proprietary) Limited
Recognised Fair value Carrying
values adjustments amount
Non-current assets 58 4 62
Current assets 7 - 7
Non-current liabilities - (15) (15)
Net identifiable assets and 65 (11) 54
liabilities
Goodwill on acquisition 15
Total consideration 69
Non-current asset disposals (22)
Gain on disposal of assets (32)
Amount owing (15)
Net consideration -
Operational contribution
% 2007 2006
R millions Change (Audited) % (Audited) %
Revenue:
Altech 12 6 780 39 6 041 43
Bytes 18 4 088 24 3 470 25
Powertech 43 6 289 37 4 411 32
Corporate, (31) 0 (9) 0
financial
services and
eliminations
23 17 126 100 13 913 100
Operating
profit*:
Altech 18 573 38 485 47
Bytes 15 325 21 282 27
Powertech 128 638 42 280 27
Corporate and (8) (1) (7) (1)
financial
services
47 1 528 100 1 040 100
Headline % held
earnings: at
2007
Altech 57.6 10 236 29 214 41
Bytes 57.7 13 125 16 111 21
Powertech 100.0 144 415 52 170 32
Corporate and 100.0 26 3 34 6
financial
services
52 802 100 529 100
* Operating profit is stated before capital items
Business segmental analysis
% 2007 2006
R millions Change (Audited) % (Audited) %
Revenue:
Telecommunications 10 5 932 35 5 387 39
Power electronics & 51 6 574 38 4 346 31
multimedia
Information technology 11 4 741 28 4 270 31
Corporate, financial (121) (1) (90) (1)
services and
eliminations
23 17 126 100 13 913 100
Operating profit*:
Telecommunications 20 539 35 449 43
Power electronics & 136 651 43 276 27
multimedia
Information technology 9 350 23 321 31
Corporate and financial (12) (1) (6) (1)
services
47 1 528 100 1 040 100
* Operating profit is stated before capital items
Abridged cash flow statements
2007 2006
R millions (Audited) (Audited)
Cash flows from operating activities 10 819
Cash generated by operations 1 797 1 198
Net investment income 131 39
Changes in working capital (998) 214
Taxation paid (531) (350)
Cash available from operating activities 399 1 101
Dividends paid, including to minority (389) (282)
shareholders
Cash flows applied to investing (467) (62)
activities
Cash flows applied to financing (120) (122)
activities
Net (decrease)/increase in cash and cash (577) 635
equivalents
Cash and cash equivalents - beginning of 2 152 1 520
year
Translation differences on foreign cash 14 (3)
Cash and cash equivalents - end of year 1 589 2 152
Abridged balance sheets
2007 2006
R millions (Audited) (Audited)
Assets
Non-current assets 2 311 2 114
Property, plant and equipment 954 905
Intangible assets 844 773
Associates 15 14
Other investments 239 214
Rental finance advances 77 90
Deferred taxation 182 118
Current assets 6 139 5 423
Inventories 2 013 1 295
Trade and other receivables 2 494 1 976
Assets classified as held-for-sale 19 -
Cash and cash equivalents 1 613 2 152
Total assets 8 450 7 537
Equity and liabilities
Total equity 4 746 4 034
Non-current liabilities 389 343
Loans 149 124
Empowerment funding obligation 172 173
Provisions 38 25
Deferred taxation 30 21
Current liabilities 3 315 3 160
Loans 65 238
Bank overdraft 24 -
Trade and other payables 2 940 2 680
Provisions 66 55
Liabilities classified as held-for- 15 -
sale
Taxation payable 205 187
Total equity and liabilities 8 450 7 537
Net asset value per share (cents) 1 261 1 040
Supplementary information
2007 2006
R millions (Audited) (Audited)
Borrowings 386 535
- interest bearing 182 328
- non interest bearing 32 34
- BEE funding obligation 172 173
Depreciation 216 202
Amortisation 19 11
Net foreign exchange gains 65 16
Capital expenditure 240 315
Contingent liabilities 6 27
Capital commitments 61 70
Lease commitments 590 484
Payable within the next 12 months: 131 117
- property 96 84
- plant, equipment and vehicles 35 33
Payable thereafter: 459 367
- property 437 348
- plant, equipment and vehicles 22 19
Unlisted investments (including
Associates)
Carrying amount 254 228
Directors` valuation 264 237
Weighted average number of shares 280 280
(millions)
- ordinary shares 94 94
- participating preference shares 186 186
Diluted average number of shares 287 283
(millions)
Shares in issue at end of period 280 282
(millions)
- ordinary shares 94 94
- participating preference shares 186 188
Ratios
EBITDA 1 763 1 253
Operating margin (%) 8.9 7.5
ROCE (%) 29.8 22.8
ROE (%) 23.2 18.2
ROA (%) 23.9 20.6
RONA (%) 30.5 23.8
Borrowings ratio (%) 8.1 13.3
Current ratio 1.9:1 1.7:1
Acid test ratio 1.2:1 1.3:1
Abridged statements of changes in equity
Attributable to Altron equity
holders
Share Treasury
capital
R millions and premium shares Reserves
Balance at 28 February 806 (222) 56
2005 (Audited)
Recognised income and
expense
Profit for the year - - -
Foreign currency - - (3)
translation differences
Release of translation - - (9)
surpluses
Cash flow hedging - - (3)
reserve
Fair value adjustments - - 8
Transactions with
shareholders
Issue of share capital 21 - -
Dividends - - -
Share-based payments - - 2
Change in shareholding - - (82)
of subsidiaries
Disposal of subsidiary - - -
Balance at 28 February 827 (222) (31)
2006 (Audited)
Recognised income and
expense
Profit for the year - - -
Foreign currency - - 56
translation differences
Cash flow hedging - - 3
reserve
Fair value adjustments - - 1
Transactions with
shareholders
Issue of share capital 8 - -
Dividends - - -
Share-based payments - - 18
Change in shareholding - - (1)
of subsidiaries
Purchase of own shares - (77) -
Balance at 28 February 835 (299) 46
2007 (Audited)
Abridged statements of changes in equity
Attributable to
Altron equity
holders
Retained Minority Total
R millions earnings Total interest equity
Balance at 28 February 2 039 2 679 964 3 643
2005 (Audited)
Recognised income and
expense
Profit for the year 494 494 257 751
Foreign currency - (3) (1) (4)
translation
differences
Release of translation - (9) - (9)
surpluses
Cash flow hedging - (3) (1) (4)
reserve
Fair value adjustments - 8 - 8
Transactions with
shareholders
Issue of share capital - 21 - 21
Dividends (176) (176) (106) (282)
Share-based payments - 2 - 2
Change in shareholding - (82) - (82)
of subsidiaries
Disposal of subsidiary - - (10) (10)
Balance at 28 February 2 357 2 931 1 103 4 034
2006 (Audited)
Recognised income and
expense
Profit for the year 805 805 284 1 089
Foreign currency - 56 15 71
translation
differences
Cash flow hedging - 3 2 5
reserve
Fair value adjustments - 1 1 2
Transactions with
shareholders
Issue of share capital - 8 - 8
Dividends (216) (216) (173) (389)
Share-based payments - 18 5 23
Change in shareholding - (1) (19) (20)
of subsidiaries
Purchase of own shares - (77) - (77)
Balance at 28 February 2 946 3 528 1 218 4 746
2007 (Audited)
Message to shareholders
Your directors are pleased to report that the Altron group has posted excellent
results for the year ended 28 February 2007.
Business environment
The increased pace of infrastructural development by both the public and private
sectors coupled with a deregulating telecommunications market and a recovery in
IT spending augurs well for the Altron group. Recent interest rate increases
have slowed residential property price growth and building plans passed, but
this has been largely offset by the increased focus on commercial property
development and infrastructure spending. Consumer spending remains relatively
buoyant. The decline in the rand exchange rate has had a dual effect on Altron
companies. For some it resulted in improved earnings from foreign operations and
lower import competition and for others it increased costs and reduced margins
which required diligent management.
Sector review
In the telecommunications sector, continued liberalisation has seen the
introduction of mobile number portability, the promulgation of the Electronic
Communications Act and competition for potential licences in satellite
television broadcast and broadband wireless markets. Infrastructure spending has
increased as a result of Telkom`s R30 billion capital expenditure programme, the
launch of the second network operator, Neotel, and the establishment of the new
state-owned telecoms infrastructure entity, InfraCo. In addition, the
accelerating development and adoption of broadband technologies is presenting
new opportunities for the group, particularly for our Altech subsidiary.
Increased capital expenditure on infrastructure underscores the favourable
market conditions evident in the power electronics and multi-media sector. The
recently announced upward revision of its five year rolling forecast for capital
expansion by South African power utility, Eskom, to R150 billion will
increasingly benefit Aberdare Power Cables and ABB Powertech Transformers. This
coupled with overall strength in the building and construction industry is
driving demand for all Powertech products. Similarly, strong international
demand for resources led to increased capacity expansion in the various sectors
of the mining industry which benefited Powertech. The focus on infrastructure
development is expected to continue in the medium term. Increased demand from
both local and international satellite television operators for set top boxes is
being driven by the introduction of new products such as the personal video
recorder (PVR) by Altech UEC Multi-media.
Local spending within the information technology sector has risen as current
levels of corporate profitability generate funds for additional technology
development, thereby increasing the demand for Bytes` value added solutions.
However, the sector is characterised by higher levels of competition and
resultant margin pressures requiring an emphasis on internal efficiencies. Bytes
continues to pursue niche acquisitions which will enhance existing service
offerings.
Financial overview
The Altron group`s results for the year ended 28 February 2007 have shown
exceptional growth with a 51% increase in headline earnings per share.
Revenue increased by 23% from R13.9 billion in the prior year to R17.1 billion,
with operating profit increasing by 47% from R1.04 billion to R1.53 billion,
reflecting an operating margin improvement to 8.9% from 7.5% in the prior year.
This margin improvement has been driven by Powertech and Altech, with Bytes
maintaining margins at approximately the same level as recorded in the prior
year. Powertech showed a significant margin increase benefiting from the effect
of internal cost reductions, which has been a focus over the past few years, as
well as from the operational leverage obtained due to substantial volume
increases across its product range. During the year under review, Altron
invested R240 million in replacement as well as capacity expansion, mainly
focused on the power electronics sector.
The group`s investment in working capital has increased significantly due to a
combination of higher trading volumes and increased raw material prices.
Altron`s return on equity improved to 23.2% with return on net assets and return
on capital employed improving to 30.5% and 29.8% respectively. The balance sheet
remains strong with cash at R1.6 billion.
Subsidiary review
Altech delivered good results for the financial year ended 28 February 2007,
with headline earnings per share growing 10% to 418 cents. Revenue increased by
12% to R6.8 billion from R6.0 billion in the prior year. Operating profit
increased by 18% to R573 million reflecting an improvement in operating margin
from 8.0% to 8.5%, mainly as a result of an improved contribution from Altech
UEC Multi-media.
The interest rate increases seen in the second half of the 2006/7 financial year
have had minimal impact on consumer demand resulting in both Altech Autopage
Cellular and Altech Netstar maintaining double digit revenue growth rates. The
subscriber bases at Altech Autopage Cellular and Altech Netstar have increased
to over 800 000 and 400 000 respectively.
Altech UEC Multi-media produced excellent results, increasing revenue by 60% and
improving operating margin from 1.9% in the prior year to 9.9%. This is
primarily as a result of the international success of the PVR product as well as
expansion into export markets. Importantly, these results were achieved
notwithstanding a substantial increase in investment in research and
development, again reflecting our strategic goal of investing for the long term.
Altech NamITech experienced difficult trading conditions with an operating loss
being incurred by its South African operations, offset to some degree by a
strong performance out of the Altech NamITech West Africa operations. The South
African business has been restructured and significantly rationalised over the
past 12 to 18 months and is expected to return to profitability during the new
financial year.
Altech`s balance sheet remains strong with a net asset value of 1,863 cents per
share and cash of R1.2 billion. Cash has been utilised in the funding of working
capital at Altech UEC and Altech Autopage Cellular as well as the payment of
dividends. Acquition opportunities related to the internationalisation of Altech
Netstar are under review. Return on shareholder`s equity is currently 22.7% and
the dividend declared by Altech increased by 15%.
Bytes performed above expectations with adjusted headline earnings per share
improving by 18% to 130 cents per share. Bytes reported an increase in revenue
of 18% to R4.1 billion with particularly strong revenue growth coming from the
international operations which were further expanded in the 2006/7 financial
year. This was assisted to some extent by the weakening of the rand, but also by
solid performances from the newly acquired Xerox businesses, Xclusive Solutions
and Vantage, in the UK. Those companies are performing well in line with
expectations. Revenue in the South African operations grew by 12% despite
challenging market conditions.
Operating profit improved by 16% from R282 million to R325 million compared to
the prior year, with the operating margin declining slightly from 8.1% to 8.0%
mainly due to the increasing contribution of the lower margin UK businesses to
overall revenue.
A decision has been taken to dispose of the UK based Plato operation as a result
of its continued under-performance and the carrying value of this operation has
been impaired by R56 million with the sale process at an advanced stage.
Bytes improved its net cash position from R77 million at the previous year end
to R149 million at 28 February 2007 due to strong control of working capital and
operating income growth. Dividends have been increased by 24% to 56 cents per
share.
Powertech reported a substantial increase in revenue of 43% to R6.3 billion as a
result of the significant increase in government power infrastructure spend as
well as bullish conditions in the building and construction industry, primarily
in respect of commercial property development. A more buoyant mining industry
and higher commodity prices also contributed to this increase in revenue.
Operating profit increased by 128% from R280 million in the prior year to R638
million, with the operating margin increasing from 6.3% to 10.1%. This
improvement in operating margin is predominantly due to improved trading
conditions which drove volume efficiencies, a favourable currency and commodity
environment as well as stringent cost controls.
Both Aberdare Cables and ABB Powertech Transformers reported strong performances
with increasing demand from infrastructure projects. The Battery and Industrial
groups produced less stellar growth, but contributed strongly to the overall
result. It was also pleasing to note good growth and profitability improvements
at Aberdare`s Iberian Peninsula cable operations.
The recently announced telecom cables joint venture with Reunert will contribute
positively to our 2008 financial results with a strong increase in demand from
telecom operators being evident. The year-end results reflect one month of
trading from this operation.
Altron`s finance operations at the corporate level continue to run down with the
amortisation of Fintech Receivables 1, Altron`s securitised interest in the
financing book. Despite their diminishing contribution to group results, the
Altron finance operations have continued to exceed expectations as a result of
sustained high levels of secondary rental income. The bulk of new product
financing is now conducted through the TAR warehouse owned by Bytes which
continues to grow in line with expectations.
Broad-based Black Economic Empowerment (BBBEE)
Guided by the recently gazetted Department of Trade and Industry`s Codes of Good
Practice for BBBEE, the Altron group embarked on an extensive programme to
educate and train both its management and transformation practitioners in terms
of the Codes. At the same time a full set of implementation guidelines has been
completed to assist the group operations in meeting the targets in the
scorecards for the different Codes.
Our anchor partnerships with Pamodzi within Altech, Kagiso within Bytes and
Izingwe within Powertech continue to add significant value through the
commercial input of our empowerment shareholders.
During the 2006/7 financial year, Altech enhanced its black economic empowerment
credentials by finalising transactions with Platina Venture Holdings - led by Dr
Penuell Maduna - for an effective 25% equity interest in Altech Alcom Matomo;
whilst Nariku (Pty) Limited, led by Dr Enos Banda, acquired an effective 25%
equity interest in Altech Netstar Fleet Management.
Particularly noteworthy was the achievement by Bytes of being ranked in the
Financial Mail/Empowerdex Top 200 Listed Companies Empowerment rankings as
number eight overall and as the number one empowerment company in the ICT
sector.
Corporate activity
During the year under review, and in addition to those disclosed in our 2006/7
interim results, the following transactions and developments took place:
* The establishment of a 50/50 joint venture between Altron and Reunert in the
telecommunications cable field intending to capitalise on expected demand for
copper and fibre optic cable. This was effective 1 February 2007
* The purchase by Altron of 1.3 million Bytes shares at a cost of R16.7 million
taking purchases for the full year to 2.1 million shares at a cost of R25.2
million
* Altech`s purchase of an effective 11% share in Altech NamITech held by German
smart-card company, Giesecke & Devrient (G&D), effective 31 January 2007. Altech
NamITech will continue to represent G&D`s products and services in sub-Saharan
Africa for up to two years.
Post year end:
* The acquisition by Powertech of Swanib Cables, the largest cable distributor
in Namibia, for approximately R40 million, effective 1 March 2007
* Bytes Digital Health Care Solutions acquiring Mastermed for R13 million.
Outlook
The financial year under review has been an exceptional one for the Altron
group. This was driven by substantial growth in the Powertech businesses and
steady double digit growth from Altech and Bytes. The outlook for Altech, Bytes
and Powertech continues to be favourable, but it is unlikely that group growth
will be maintained at these high levels. Notwithstanding this, our growth
prospects are underpinned by the following key drivers:
* Continued strength in infrastructure - both in power and telecoms
* Ongoing buoyant conditions in the building and construction industries
* Deregulating telecoms industry providing opportunities in the provision of
broadband services
* Acquisition opportunities
* Strong order books across the group.
As a result of the above, your directors anticipate a further year of real
growth.
Acknowledgements
The board would like to express its appreciation to all of its stakeholders,
customers, staff, business partners and shareholders, for their contributions
and continued support towards the growth of our group as one of the leading ICT
and power electronics groups in Africa.
Directorate
Shareholders are referred to the SENS announcement published on 5 February 2007
advising that Mr Douglas Ramaphosa had resigned from the Altron board as an
alternate director to Dr HA Serebro. Douglas has assumed the position of
Managing Director - Bytes Specialised Solutions which is a division of Bytes
Technology Group South Africa (Pty) Limited, a member of the Altron group.
Dividend
The following dividends are hereby declared for the year ended 28 February 2007:
- ordinary dividend No. 59 of 118 cents per share (2006: 78 cents)
- participating preference dividend No. 13 of 118 cents per share (2006: 78
cents).
The above dividends are payable as follows:
Last day of trading to qualify for and Friday, 22 June 2007
participate in the dividend (cum
dividend):
Trading ex dividend commences: Monday, 25 June 2007
Record date: Friday, 29 June 2007
Dividend payment date (electronic and Monday, 2 July 2007
certificated):
Dividend cheques in payment of these dividends to certificated shareholders will
be posted to shareholders on or about Monday, 2 July 2007. Electronic payment to
certificated shareholders will be undertaken simultaneously.
Shareholders who have dematerialised their share certificates will have their
accounts at their central securities depository participant or broker credited
on Monday, 2 July 2007.
In the case of certificated shareholders, notice of any change of address of
shareholders must reach the transfer secretaries, Computershare Investor
Services 2004 (Pty) Limited, on or before Friday, 22 June 2007. Share
certificates may not be de-materialised or re-materialised from Monday, 25 June
2007 to Friday, 29 June 2007, both days inclusive.
Annual General Meeting
Altron`s 61st annual general meeting will be held in the Boardroom, Altech
Corporate Offices, 79 Central Street, Houghton, Johannesburg on Friday, 13 July
2007 at 09:30. Further details on the company`s annual general meeting will be
contained in Altron`s annual report to be posted to shareholders on or about 31
May 2007.
On behalf of the board
Dr Bill Venter Robert Venter Diane Radley
Chairman Chief Executive Chief Financial Officer
8 May 2007
Independent non-executive
Mr MJ Lamberti, Mr MJ Leeming, Dr PM Maduna, Mr JRD Modise, Mr PL Wilmot
Non-executive
Mr MC Berzack
Executive
Dr WP Venter (Chairman), Mr RE Venter (Chief Executive), Mr N Claussen, Mr PMO
Curle*, Ms DC Radley,
Mr PD Redshaw*, Dr HA Serebro, Mr CG Venter
* British
Secretaries
Altron Management Services (Pty) Limited - AG Johnston (Group Company Secretary)
Sponsor
Investec Bank Limited
The annual financial results are also available on the internet at
www.altron.co.za
Date: 08/05/2007 08:00:01 Produced by the JSE SENS Department.
