| Mon 10 Sep 2007, 7:05 | | AVI - Avi Limited - Audited Results For The Year E |
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AVI
AVI
AVI - Avi Limited - Audited Results For The Year Ended 30 June 2007 and
dividend
AVI LIMITED
(Registration number 1944/017201/06)
Share code: AVI & ISIN: ZAE000049433
("AVI" or "the Group")
AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2007
Key features
- Revenue from continuing operations up 18% to R6.3 billion;
- Operating profit from continuing operations up 42% to R735 million;
- Headline earnings per share from continuing operations up 37% to 147
cents;
- Operating cash flow up 41% to R932 million;
- Total dividend up 38% to 73 cents per share;
- Return of capital to shareholders approved by Board - R500m
GROUP OVERVIEW
Consumer demand for the Company`s products remained positive throughout the
year despite the combination of multiple interest rate increases and in the
last quarter, the implementation of the National Credit Act which had some
impact on Spitz. Growth in volumes across most business units met or exceeded
expectations and consequently in some categories, most notably biscuits, a
shortage of production capacity constrained our ability to meet demand during
seasonal peaks.
Importantly, the growth in volumes was well leveraged with most categories
benefiting from operating profit improvements exceeding turnover growth.
Material to the overall performance was the recovery in operating income at
I&J which benefited from a combination of higher prices and improved fishing
performance.
Overall financial performance was strong with Group turnover from continuing
operations up 17.8% to R6.3 billion and operating profit improving by 42.2% to
R735.4 million. Headline earnings from continuing operations rose by 37.5% to
R460.6 million while headline earnings per share increased by 36.9% to 146.8
cents. A final dividend of 43 cents per share has been declared, bringing the
full year dividend to 73 cents per share (2006: 53 cents per share).
A significant focus during the year was the implementation of the Group`s
shared and support structures in information technology, financial services,
logistics and distribution. Progress was sound, with opportunities identified
for cost reduction and increased efficiency across the Group without
compromising AVI`s decentralised management ethos.
AVI remained acquisitive during the year with several prospects in key
categories investigated. Competition from aggressive financial buyers and
general market ebullience were impediments to the conclusion of any material
transaction. The fashion brand business unit secured South African licence
agreements from several prestige brand owners in both footwear - GEOX, TOD`S,
JIMMY CHOO and apparel - GANT. These agreements strengthen our ability to
offer consumers prestige international brands and underpin our commitment to
strengthening the fashion brand portfolio.
During the second quarter of the financial year cost increases for food
commodities, packaging and energy were higher than expected. Price levels
remained high, and in some cases, continued to rise through the financial
year. To protect margins, the Food and Beverage business units used a
combination of hedging strategies and price increases which, together with the
strength of AVI`s brands, and volume driven operating leverage, contributed to
an improvement in the operating profit margin.
GROUP FINANCIAL RESULTS
Revenue from continuing operations rose by 17.8% from R5 375.6 million in 2006
to R6 332.4 million as a result of sales volume growth in all business units
and higher selling prices in the food and beverage business units. Operating
profit rose by 42.2%, from R517.3 million to R735.4 million.
Net financing costs decreased slightly from R33.2 million in 2006 to R32.6
million as a result of lower average borrowings offset by higher interest
rates.
AVI`s share of the equity accounted earnings of joint ventures realised a net
loss of R21.4 million. This is principally due to the poor performance of
I&J`s Australian fish processing joint venture with Simplot (Australia) Pty
Ltd ("Simplot") where a large scale automation project commissioned in the
second half of the previous financial year has failed to reach the targets
committed to by Simplot.
The improved operating profit, offset by the net loss from joint ventures, led
to a 37.5% increase in headline earnings to R460.6 million.
The capital items for continuing operations of R30.7 million after tax largely
comprise a R40,8 million profit on the sale of I&J`s former head office in
Cape Town, offset by the impairment of an aquaculture project in South
America.
Net working capital increased from 14.7% of revenue in 2006 to 16.0% of
revenue in 2007. This is partly due to a two day delay in certain debtors
receipts because the year end fell on a Saturday, and increased inventory
value. There was a general increase in physical stock quantities in line with
higher sales volumes as well as a material increase at Spitz to support the
expanded product range, new stores and earlier introduction of summer ranges.
The Group remains strongly cash generative with continuing operations
generating cash of R932.7 million, 41% higher than in 2006. Of this, R182.3
million was retained in working capital. Other material cash out-flows during
the year were the final payment for the Spitz acquisition of R340.0 million,
capital expenditure of R251.5 million, taxation of R255.2 million and
dividends of R199.5 million. These were partially offset by proceeds from
asset disposals of R82.4 million that arose largely from the disposal of I&J`s
former head office building in Cape Town. Net debt decreased by R70.9 million
over the period. Capital expenditure of R251.5 million comprised mainly
replacement expenditure but also included the completion of the new biscuit
line at Westmead, the commencement of a new biscuit line at Isando, the
expansion of Denny`s brown mushroom growing capabilities and new and
refurbished stores at Spitz.
SEGMENTAL REVIEW (continuing operations)
Segmental revenue Segmental operating
profit
2007 2006 Change 2007 2006 Change
Rm Rm % Rm Rm %
Food & beverage 5,249.5 4,474.7 17.3 543.1 344.0 57.9
brands
Retail beverage 1,339.1 1,228.2 9.0 160.6 147.2 9.1
brands
Retail snacking 1,394.2 1,279.7 8.9 156.8 127.0 23.5
brands
Chilled & frozen 2,171.3 1,678.7 29.3 172.2 27.3 530.8
convenience brands
Out of home 344.9 288.1 19.7 25.9
53.5 42.5
Fashion brands 1,058.1 868.6 21.8 208.4 165.6 25.8
Corporate 24.8 32.3 (16.1) 7.7
Group 6,332.4 5,375.6 17.8 735.4 517.3 42.2
Retail Beverage Brands
Revenue growth of 9.0% was achieved with increases in all categories on the
back of higher volumes and price increases implemented to offset rising input
costs. The key brands in this business unit, Five Roses, Freshpak, Frisco,
Ellis Brown and Real Juice, all held or increased market share during the
year. Operating profit rose from R147.2 million to R160.6 million largely as a
result of a 13% increase in creamer volumes. Operating margin for the year was
healthy at 12.0%.
Retail Snacking Brands
Good volume growth in both Biscuit and Snacking brands contributed to revenue
growth of 8.9%. Operating profit increased 23.5% to R156.8 million primarily
as a result of the impact of higher volumes achieved from the fixed cost
structure. On a like-for-like basis, adjusting for the revenue and profit from
the Stimorol gum agency business terminated at the end of 2006, revenue rose
by 16% and operating profit rose by 29%.
The strong and sustained growth in demand for biscuits has resulted in
capacity constraints during peak demand times and a concomitant pressure on
service levels. This is being addressed through the installation of a new high
capacity line that will be commissioned in January 2008. In the meantime
production scheduling has been prioritized to ensure the best possible supply
of key products to consumers.
Chilled and Frozen Convenience Brands
Revenue grew by 29.3% to R2.2 billion while operating profit increased from
R27.3 million to R172.2 million. These significant increases are largely
attributable to I&J, which benefited from higher prices realised, improved
fishing in South Africa and a good shrimp fishing performance in Argentina in
the first half of the year. Progress made in restructuring the South African
trawling operations contributed to improved daily catch rates.
Production volumes at Denny improved through the second semester and strong
demand supported firmer prices. Together with the successful extension of the
value-added range of Denny soups and sauces this resulted in a 21.9% increase
in operating profit to R26.2 million
Out of Home
Revenue increased by 19.7% driven by volume growth in Ciro`s core coffee
solutions business and increased out of home juice volumes. Sales and rentals
of dispensing and vending machines rose significantly, underpinning growth in
sales of coffee and other beverages. Operating profit increased by 25.9% due
to operating leverage realised in coffee solutions.
Fashion Brands
Revenue grew by 21.8% primarily due to strong volume growth in both the beauty
and footwear categories. Indigo showed growth in all of its key brands
enhanced by successful product development and launches which lifted revenue
by 16.6% to R556 million and operating profit by 25.3% to R63.3 million. Spitz
had an exceptional Christmas but the second half performance was tempered by
an extensive refurbishment program. Like-for-like growth in Spitz was 16% and
seven new stores were opened during the year, bringing the total to 39 at year
end. Fashion brands lifted operating profit by 25.8% to R208.4 million.
DIVIDENDS AND RETURN OF CAPITAL TO SHAREHOLDERS
A final dividend of 43 cents per share has been declared, bringing the total
normal dividend for the year to 73 cents in line with a 2.0 dividend cover on
diluted headline earnings per share from continuing operations.
In view of AVI`s low gearing and ongoing strong cash generation, the Board has
approved a program to return approximately R500 million to shareholders in the
short term. This will consist of a limited share buy-back targeting the
purchase of up to 5% of issued shares in the open market and a specific
payment to shareholders, out of share premium, if approved at a general
meeting in October 2007.
BLACK ECONOMIC EMPOWERMENT
AVI continues to drive transformation and is making progress in all of the
areas identified in the Broad Based Black Economic Empowerment codes gazetted
in February 2007. An extensive review, measurement and planning process based
on the new codes is in progress. This will culminate in a new set of clearly
defined activities and goals that will be centrally driven.
The AVI Black Staff empowerment scheme was approved by shareholders in October
2006 and implemented in March 2007. This scheme places R411 million of share
purchase rights, equivalent to 7.7% of the issued ordinary shares, in the
hands of AVI`s current and future black employees, enabling them to
participate in the capital growth of the shares over a five year period. A
feature of the scheme is its broad based approach which results in meaningful
allocations to all levels of black staff and to date some 5 000 staff members
are participants in the scheme which has been extremely well received.
OUTLOOK
The recent interest rate hikes and global uncertainty increase the difficulty
in predicting consumer demand for the year ahead. It seems prudent to expect
some moderation in consumer spending caused by the National Credit Act and
higher interest rates, however economic circumstances in South Africa still
support an expansion in consumption expenditure albeit at a more moderate
growth rate. Many of the company`s key brands are in product categories with
strong defensive characteristics which tend to be less impacted when times are
leaner for consumers.
On the cost side, higher raw and packing material costs appear inevitable. At
current levels and exchange rates, the effective management of these cost
pressures is however well within the strength of the company`s brands. Whilst
inherently volatile, white fish resources in South Africa and Argentina look
set to perform soundly in the year ahead.
AVI remains committed to growth via acquisition in selected brand categories
and is optimistic that activity in this area will bear more fruit in the year
ahead. Hopefully recent changes to market sentiment impacting financial buyers
will produce more realistic enterprise values that present fair opportunity
for management to deliver value for shareholders.
In summary we are confident that the combination of our planned management
initiatives in respect of cost, efficiency and effective innovation coupled to
sound consumer demand will see AVI improve earnings in the year ahead.
Angus Band Simon Crutchley
Chairman Chief Executive
10 September 2007
ABRIDGED GROUP BALANCE SHEETS
Audited Audited
AT 30 JUNE
2007 2006
Rm Rm
ASSETS
Non-current assets
Property, plant and equipment 1,241.7 1,182.4
Intangible assets and goodwill 1,052.1 1,041.7
Investments 245.9 263.0
Deferred tax asset 121.6 100.8
2,661.3 2,587.9
Current assets
Inventories & biological assets 760.8 578.2
Trade and other receivables 1,058.6 883.2
including derivatives
Cash and cash equivalents 317.1 335.8
Assets classified as held for 30.5 26.3
sale **
2,167.0 1,823.5
Total assets 4,828.3 4,411.4
EQUITY AND LIABILITIES
Capital and reserves
Attributable to equity holders 2,680.4 2,339.9
of AVI
Minority interests (18.4) (8.5)
Total equity 2,662.0 2,331.4
Non-current liabilities
Financial liabilities, 196.6 212.8
borrowings & operating lease
straight line liabilities
Employee Benefits 286.2 269.2
Deferred taxation 144.6 130.1
627.4 612.1
Current liabilitiies
Current borrowings including 344.1 466.9
derivatives
Trade and other payables 1,117.5 944.8
Corporate taxation 66.9 56.2
Liabilities classified as held 10.4 -
for sale**
1,538.9 1,467.9
Total equity and liabilities 4,828.3 4,411.4
**Assets & liabilities held-for-sale primarily comprise an ancillary offshore
subsidiary of I&J presented as a disposal group. Efforts to sell the
subsidiary have commenced. An impairment loss of R16.3 million on the
remeasurement of the disposal group to the lower of its carrying amount and
fair value less costs to sell has been recognised in capital items. Other
assets classified as held-for-sale include properties and retired fishing
vessels (2006: property for disposal).
ABRIDGED GROUP INCOME STATEMENTS
Audited Audited
Year ended 30 June
2007 2006
Rm Rm
CONTINUING OPERATIONS
Revenue* 6,332.4 5,375.6
Operating profit before capital items 735.4 517.3
Income from investments 25.3 16.5
Finance costs (57.9) (49.7)
Share of equity accounted earnings of (21.4) (12.3)
joint ventures
Capital items 36.4 (10.9)
Profit before taxation 717.8 460.9
Taxation 234.6 143.1
Profit from continuing operations 483.2 317.8
DISCONTINUED OPERATIONS **
Revenue - 13.9
Operating profit /(loss)before capital - (2.1)
items
Capital items - 6.8
Profit before taxation - 4.7
Taxation - 0.0
Profit from discontinued operations - 4.7
Profit for the period 483.2 322.5
Attributable to:
Equity holders of AVI 491.3 327.6
Minority interests (8.1) (5.1)
483.2 322.5
Basic earnings per share from continuing 156.6 103.4
operations (cents)#
Diluted earnings per share from 155.7 102.7
continuing operations (cents)##
Depreciation and amortisation of 177.0 168.2
property, plant & equipment, fishing
rights and trademarks included in
operating profit
- prior year restated to deduct warehouse allowances granted to
customers,in compliance with Circular 9/2006. See note 2.
- discontinued operations in the prior year were the I&J Pelagic
operations, which were halted during the six months ended December 2005.
#earnings per share is calculated on a weighted average of 313 775 479
(2006:312 373 484) ordinary shares in issue.
##Diluted earnings per share is calculated on a weighted average of 315 614
574 (2006: 314 331 770) ordinary shares in issue.
ABRIDGED GROUP CASH FLOW STATEMENTS
Audited Audited
Year ended 30 June
2007 2006
Rm Rm
CONTINUING OPERATIONS
Operating activities
Cash generated by operations before 932.7 660.2
working capital changes
Increase in working capital (182.3) (36.5)
Cash generated by operations 750.4 623.7
Interest paid (57.0) (29.7)
Taxation paid (255.2) (186.4)
Net cash available from operating 438.2 407.6
activities
Investing activities
Cash flow from investments 25.3 17.0
Property, plant and equipment acquired (251.5) (215.1)
Proceeds from disposals 82.4 4.9
Intangible assets purchased - (19.2)
Investments - net (361.5) (230.6)
(acquisitions)/disposals - see note 4
Net cash used in investing activities (505.3) (443.0)
FINANCING ACTIVITIES
Net increase/(decrease) in shareholder 7.1 10.1
funding
Long term borrowings - net (4.5) 54.2
raised/(repaid)
Increase/(decrease) in short term funding 242.4 (7.1)
Dividends paid (199.5) (179.2)
45.5 (122.0)
DISCONTINUED OPERATIONS**
Cash flows from operating activities* - 4.2
Cash flows from investing activities - 33.1
- 37.3
Decrease in cash and cash equivalents (21.6) (120.1)
Cash and cash equivalents at beginning of 335.8 448.7
period
314.2 328.6
Translation of cash equivalents of 2.9 7.2
foreign subsidiaries at beginning of year
Cash and cash equivalents at end of 317.1 335.8
period
**discontinued operations in the prior year were the I&J Pelagic operations,
which were halted during the six months ended December 2005.
ABRIDGED GROUP STATEMENTS OF CHANGES IN EQUITY
Share Treasury Reserves Retained
capital shares earnings
and
premium
Rm Rm Rm Rm
Year ended 30 June 2006
Balance at 1 July 2005 15.9 (51.7) (22.3) 2,227.2
Profit for the year 327.6
Foreign currency 32.6
translation differences
Cash flow hedging (28.0)
reserve
Share based payments 4.5
Dividends paid (178.7)
Issue of ordinary shares 4.7 (4.7)
Disposal of own ordinary 15.6
shares by AVI Incentive
Share Trusts (net)
Redemption of (0.1)
convertible redeemable
preference shares
Transfer between
reserves
Other movements
Balance at 30 June 2006 20.5 (40.8) (13.2) 2,376.1
Year ended 30 June 2007
Balance at 1 July 2006 20.5 (40.8) (13.2) 2,376.1
Profit for the year 491.3
Foreign currency 17.3
translation differences
Cash flow hedging 10.5
reserve
Share based payments 8.6
Dividends paid (197.7)
Issue of ordinary shares 407.7
Own ordinary shares (394.9) (2.3)
sold/(purchased) by AVI
Share Trusts (net)
Redemption of 0.0
convertible redeemable
preference shares
Transfer between
reserves
Other movements
Balance at 30 June 2007 428.2 (435.7) 23.2 2,667.4
Premium Total Minority Total
on interests equity
minority
equity
transacti
ons
Rm Rm Rm Rm
Year ended 30 June 2006
Balance at 1 July 2005 (2.7) 2,166.4 (2.9) 2,163.5
Profit for the year 327.6 (5.1) 322.5
Foreign currency 32.6 32.6
translation differences
Cash flow hedging (28.0) (28.0)
reserve
Share based payments 4.5 4.5
Dividends paid (178.7) (0.5) (179.2)
Issue of ordinary shares 0.0 0.0
Disposal of own ordinary 15.6 15.6
shares by AVI Incentive
Share Trusts (net)
Redemption of (0.1) (0.1)
convertible redeemable
preference shares
Transfer between 0.0 0.0
reserves
Other movements 0.0 0.0
Balance at 30 June 2006 (2.7) 2,339.9 (8.5) 2,331.4
Year ended 30 June 2007
Balance at 1 July 2006 (2.7) 2,339.9 (8.5) 2,331.4
Profit for the year 491.3 (8.1) 483.2
Foreign currency 17.3 17.3
translation differences
Cash flow hedging 10.5 10.5
reserve
Share based payments 8.6 8.6
Dividends paid (197.7) (1.8) (199.5)
Issue of ordinary shares 407.7 407.7
Own ordinary shares (397.2) (397.2)
sold/(purchased) by AVI
Share Trusts (net)
Redemption of 0.0 0.0
convertible redeemable
preference shares
Transfer between 0.0 0.0
reserves
Other movements 0.0 0.0
Balance at 30 June 2007 (2.7) 2,680.4 (18.4) 2,662.0
SUPPLEMENTARY NOTES TO THE CONSOLIDATED ABRIDGED FINANCIAL STATEMENTS
For the year ended 30 June 2007
AVI Limited (the "Company") is a South African registered company. The
abridged consolidated financial statements of the Company comprise the Company
and its subsidiaries (together referred to as the "Group") and the Group`s
interest in associates and jointly controlled entities.
1 Statement of compliance
The abridged consolidated financial statements have been prepared in
accordance with the recognition and measurement criteria of IFRS, its
interpretations adopted by the International Accounting Standards Board
(IASB), the presentation as well as the disclosure requirements of IAS34 -
Interim Financial Reporting, the Listing Requirements of the JSE Ltd (the
"JSE") and the requirements of the South African Companies Act.
2 Basis of preparation
The financial statements are prepared in millions of South African Rands
("Rm") on the historical cost basis, except for certain financial instruments
and biological assets recognised at fair value.
The accounting policies are those presented in the annual financial statements
for the year ended 30 June 2007 and have been applied consistently to the
periods presented in these abridged consolidated financial statements and by
all Group entities.
During the current year it was determined that warehouse allowances paid to
retailers for using their distribution networks fall within the scope of SAICA
Circular 9/2006 - Transactions giving rise to adjustments to revenue /
purchases. Previously these costs were estimated at time of sale but
presented as an operating expense. In accordance with Circular 9/2006 these
have been reclassified as a reduction in revenue, and the comparative figures
restated as follows:
Year ended Year ended 30
30 June June
2007 2006
Rm Rm
Decrease in revenue 43.3 31.0
Decrease in selling and 43.3 31.0
administration expenses
Determination of headline
earnings
Audited Audited
Year ended 30 June
2007 2006
Rm Rm Change %
Profit for the period 491.3 327.6 50%
attributable to equity
holders of AVI
Total capital items 30.7 (5.3)
included in earnings
Net surplus/(deficit) on 57.0 2.2
disposal of investments,
properties, vessels and
plant and equipment
Impairment of plant, (2.5) (7.5)
equipment and vessels
Impairment of fishing - (6.3)
rights
Impairment of trademarks (1.8) -
Impairment of disposal (16.3) -
groups held for sale
Taxation attributable to (5.7) 6.3
capital items
Headline earnings 460.6 332.9 38%
Attributable to:
Continuing operations 460.6 335.0 37%
Discontinued operations - (2.1)
460.6 332.9 38%
Headline earnings per 146.8 106.5 38%
ordinary share (cents)
Continuing operations 146.8 107.2 37%
(cents)
Discontinued operations - (0.7)
(cents)
Diluted headline earnings 145.9 105.9 38%
per ordinary share (cents)
Continuing operations 145.9 106.6 37%
(cents)
Discontinued operations - (0.7)
(cents)
4 Investment activity
During July 2006 the acquisition of the remaining 40% of the shares of A&D
Spitz (Pty) Ltd by the Company was concluded, and the deferred purchase
consideration of R340 million raised in the prior year was settled. The
business was considered a wholly owned subsidiary from 2 July 2005 in terms of
IFRS3 - Business Combinations and no minorities were recognised.
Effective 1 July 2006, The Real Beverage Company (Pty) Ltd, through a
subsidiary, acquired the assets of a manufacturer and distributor of short-
life juice in the Out of Home sector for R4.0 million.
Effective 1 March 2007, the Company, through a subsidiary, acquired the assets
of Nina Roche, a retailer of exclusive footwear and accessory brands, for
R14.1 million.
There were no other significant changes to investments in the year to date.
5 Commitments
Year ended 30 June
2007 2006
Rm Rm
Capital expenditure commitments for 130.0 94.1
property, plant and equipment
Contracted for 89.5 55.7
Authorised but not contracted for 40.5 38.4
It is anticipated that this expenditure will be financed by cash resources,
cash generated from activities and existing borrowing facilities. Other
contractual commitments have been entered into in the normal course of
business.
6 Contingent liabilities
The South African Revenue Service ("SARS") has issued revised assessments on a
foreign subsidiary for taxes plus penalties and interest in respect of the tax
years previously assessed, 1998 through 2003. The additional taxes assessed by
SARS amount to R49.4 million. The total amount in terms of the assessments,
including penalties and interest up to July 2007, is R254.2 million.
Were assessments to be issued for the 2004 to 2007 tax years on the same basis
applied in the assessments received, the total amount of additional tax
payable in respect of these years would be R38.6 million, excluding penalties
and interest.
The foreign subsidiary filed a notice of appeal against the 1998 to 2003
assessments on 11 April 2005, and SARS provided its statement of grounds of
assessment on 10 August 2006. A statement of grounds of appeal is being
prepared.
The issues in dispute are of a complex nature and it is anticipated that the
matter will remain unresolved for an extended period.
7 Cost-balance sheet events
No significant events have occurred since the balance sheet date.
8 Dividend declaration
Notice is hereby given that a final ordinary dividend No 66 of 43 cents per
share for the year ended 30 June 2007 has been declared payable to
shareholders of ordinary shares. The salient dates relating to the payment of
the dividend are as follows :
Last day to trade cum dividend on the JSE Friday, 28 September 2007
First trading day ex dividend on the JSE Monday, 1 October 2007
Record date Friday, 5 October 2007
Payment date Monday, 8 October 2007
In accordance with the requirements of STRATE, no share certificates may be
dematerialised or rematerialised between Monday, 1 October 2007 and Friday, 5
October 2007, both days inclusive.
Dividends in respect of certificated shareholders will be transferred
electronically to shareholders` bank accounts on payment date. In the absence
of specific mandates, dividend cheques will be posted to shareholders.
Shareholders who hold dematerialised shares will have their accounts at their
Central Securities Depository Participant ("CSDP") or broker credited on
Monday, 8 October 2007.
9 Reports of the independent auditors
The unmodified audit reports of KPMG Inc., the independent auditors, on the
annual financial statements and the summarised financial statements contained
herein for the year ended 30 June 2007, dated 6 September 2006, are available
for inspection at the registered office of the company.
10 Annual report
The annual report for the year ended 30 June 2007 will be posted to
shareholders on or about Tuesday, 25 September 2007. The financial statements
will include the notice of the annual general meeting of shareholders to be
convened on Wednesday, 24 October 2007.
10 September 2007
Sponsor
Standard Bank
Date: 10/09/2007 07:05:13 Produced by the JSE SENS Department.
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