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JSE ABSP
ABSP
ABSP - ABSA Bank - Audited Financial Results For Year Ended 31 December
2007 and dividend declaration
ABSA BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/004794/06)
ISIN: ZAE000079810
JSE share code: ABSP
(Absa Bank)
ABSA BANK: PROFIT AND DIVIDEND ANNOUNCEMENT
AUDITED FINANCIAL RESULTS FOR YEAR ENDED 31 DECEMBER 2007
BANK SALIENT FEATURES
Year ended
31 December
2007 2006* Change
(Audited) (Audited) %
Income statement (Rm)
Headline earnings** 7 476 5 861 27,6
Profit attributable to ordinary 7 620 6 051 25,9
equity holders of the Bank
Balance sheet (Rm)
Total assets 587 059 453 726 29,4
Loans and advances to customers 443 120 367 199 20,7
Deposits due to customers 304 877 275 407 10,7
Financial performance (%)
Return on average equity 26,4 25,1
Return on average assets 1,48 1,42
Operating performance (%)
Net interest margin on average 3,54 3,42
assets
Net interest margin on average 3,82 3,71
interest-bearing assets
Impairment losses on loans and 0,54 0,44
advances as % of average loans
and
advances to customers
Non-interest income as % of 41,5 44,3
total
operating income
Cost-to-income ratio 54,2 57,2
Effective tax rate, excluding
indirect taxation 29,2
28,4
Share statistics (million)
(including "A" ordinary shares)
Number of shares in issue 337,3 337,3
Weighted average number of 337,3 336,3
shares
Weighted average diluted number 337,3 336,3
of
shares
Share statistics (cents)
Earnings per share 2 259,4 1 799,0 25,6
Diluted earnings per share 2 259,4 1 799,0 25,6
Headline earnings per share 2 216,4 1 742,5 27,2
Diluted headline earnings per 2 216,4 1 742,5 27,2
share
Dividends per ordinary share 789,8 591,9 33,4
relating
to income for the year
Dividend cover (times) 2,8 2,9
Net asset value per share 9 149 7 630 19,9
Tangible net asset value per 9 081 7 586 19,7
share
Capital adequacy (%)
Absa Bank 12,5 12,3
* The comparatives for the year ended 31 December 2006 have been
reclassified throughout the document. See section on "Reclassifications" below.
** After allowing for R313 million (December 2006: R73 million) profit
attributable to preference equity holders of the Bank.
BANK INCOME STATEMENT
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Net interest income 17 915 14 174 26,4
Interest and similar income 52 213 36 518 43,0
Interest expense and similar (34 298) (22 344) (53,5)
charges
Impairment losses on loans and (2 207) (1 515) (45,7)
advances
Net interest income after 15 708 12 659 24,1
impairment losses on loans and
advances
Net fee and commission income 10 046 8 973 12,0
Fee and commission income 1.1 10 620 9 486 12,0
Fee and commission expense (574) (513) (11,9)
Gains and losses from banking 1 536 24,5
and trading activities 1.2 1 234
Gains and losses from 108 169 (36,1)
investment activities 1.3
Other operating income 1 006 879 14,4
Operating income before 28 404 23 914 18,8
operating expenses
Operating expenditure (17 286) (15 414) (12,1)
Operating expenses 2.1 (16 584) (14 547) (14,0)
Non-credit related impairments (58) (71) 18,3
2.2
Indirect taxation (644) (796) 19,1
Share of retained earnings from 85 77,1
associated undertakings and 48
joint ventures
Operating profit before income 11 203 8 548 31,1
tax
Taxation expense (3 267) (2 424) (34,8)
Profit for the year 7 936 6 124 29,6
Attributable to:
Ordinary equity holders of the 7 620 6 051 25,9
Bank
Preference equity holders of 313 73 >(100,0)
the Bank
Minority interest 3 - (100,0)
7 936 6 124 29,6
Headline earnings 3 7 476 5 861 27,6
NOTES TO THE ANNUAL FINANCIAL RESULTS
1. NON INTEREST INCOME
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
1.1 Fee and commission income
Credit-related fees and 9 765 8 706 12,2
commission
Credit cards 1 543 1 383 11,6
Cheque accounts 2 536 2 384 6,4
Electronic banking 2 657 2 248 18,2
Other 3 029 2 691 12,6
Corporate finance fees 289 136 >100,0
External administration fees 192 157 22,3
Insurance commission received 346 453 (23,6)
Portfolio and other management 16 16 -
fees
Unit/property trust income 12 18 (33,3)
10 620 9 468 12,0
1.2 Gains and losses from
banking and trading activities
Designated fair value 948 (105) >100,0
Debt securities in issue (112) - (100,0)
Loans and advances and deposits 261 (380) >(100.0)
Investments 853 430 >100,0
Debt instruments 2 - 100,0
Equity instruments 851 430 97,9
Statutory liquid asset (54) (155) 65,2
portfolio
Associated undertakings and
joint ventures
Dividends from associated
banking entities 8 - 100,0
(Loss)/profit realised on (6) 167 >(100,0)
disposal
Held for trading 507 1 173 (56,8)
Ineffective hedges 79 (1) >100,0
Cash flow hedges (60) (5) >(100,0)
Fair value hedges 139 4 >100,0
1 536 1 234 24,5
1.3 Gains and losses from
investment activities
Associated undertakings and
joint ventures
Dividends received 3 - 100,0
Designated fair value
Equity instruments 69 119 (42,0)
Subsidiaries
Profit realised on 36 50 (28,0)
disposal
108 169 (36,1)
2. OPERATING EXPENDITURE
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
2.1 Operating expenses
Amortisation on intangible 63 18 >(100,0)
assets
Audit fees 53 52 (1,9)
Audit fees current year 49 43 (14,0)
Other fees 4 9 55,6
Cash transportation 268 227 (18,1)
Depreciation 743 706 (5,2)
Computer equipment 461 377 (22,3)
Freehold property 30 30 -
Furniture and other equipment 226 272 16,9
Leasehold property 26 26 -
Motor vehicles - 1 100,0
Equipment rental and 258 221 (16,7)
maintenance
Information technology 1 079 1 064 (1,4)
Lease rentals on operating 762 699 (9,0)
leases
Marketing costs 889 728 (22,1)
Other operating costs 1 278 1 117 (14,4)
Other professional fees 1 207 1 097 (10,0)
Printing and stationery 276 232 (19,0)
Staff costs 9 096 7 850 (15,9)
Telephone and postage 612 536 (14,2)
16 584 14 547 (14,0)
2.2 Non-credit related
impairments
Financial instruments
Available for sale investments - (5) (100,0)
Other 58 76 23,7
Computer software development 21 66 68,2
costs
Investment in associated
undertakings and joint ventures - 10 100,0
Repossessed Properties 37 - (100,0)
58 71 18,3
3. DETERMINATION OF HEADLINE EARNINGS*
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Headline earnings is determined
as follows:
Profit attributable to ordinary
equity holders of the Bank 7 620 6 051 25,9
Adjustments for:
IAS 16 net profit on disposal (8)
of property and equipment (57) >(100,0)
IAS 21 recycle foreign currency -
translation reserve, disposal
of investment in foreign (38) (100,0)
operations
IAS 27 net profit on disposal (36)
of subsidiaries (26) 27,8
IAS 28 & 31 net loss/(profit) (113)
on disposal of associated
undertakings and joint ventures 6 >100,0
IAS 28 impairment of associated 7
undertakings and joint ventures - (100,0)
IAS 28 underlying associated (54)
undertakings and joint ventures
earnings (45) 16,7
IAS 38 net profit on disposal 47
and impairment of intangible (43) >(100,0)
assets
IAS 39 release of available-for (29)
sale reserves 59 >100,0
IAS 39 impairment of available- (4)
for sale assets and strategic
investments - 100,0
Headline earnings 7 476 5 861 27,6
* After tax and minorities.
BANK BALANCE SHEET
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Assets
Cash, cash balances and balances 15 069 12 022 25,3
with central banks
Statutory liquid asset portfolio 22 957 20 829 10,2
Loans and advances to banks 52 691 20 833 >100,0
Trading assets 25 876 17 742 45,8
Hedging assets 725 641 13,1
Other assets 5 002 3 151 58,7
Current tax assets 168 - 100,0
Loans and advances to customers 443 120 367 199 20,7
Loans to Absa Group companies 8 308 1 728 >100,0
Loans to holding company 1 130 1 301 (13,1)
Deferred tax assets 48 63 (23,8)
Investments 6 109 3 960 54,3
Investments in associated
undertakings and joint ventures 1 370 601 >100,0
Intangible assets 228 147 55,1
Property and equipment 4 258 3 509 21,3
Total assets 587 059 453 726 29,4
Liabilities
Deposits from banks 65 167 28 897 >100,0
Trading liabilities 22 947 16 140 42,2
Hedging liabilities 2 226 1 257 77,1
Other liabilities and sundry 10 113 26,2
provisions 8 015
Current tax liabilities 56 941 (94,0)
Deposits due to customers 304 877 275 407 10,7
Debt securities in issue 134 023 83 866 59,8
Deferred tax liabilities 2 259 2 133 5,9
Policyholder liabilities under 67 (11,8)
insurance contracts 76
Borrowed funds 9 796 8 268 18,5
1
Total liabilities 551 531 425 000 29,8
Equity
Capital and reserves
Attributable to equity holders of
the Bank:
Share capital 303 303 -
Share premium 5 415 5 415 -
Preference share capital 1 1 -
Preference share premium 4 643 2 991 55,2
Other reserves 1 605 1 682 (4,6)
Retained earnings 23 535 18 334 28,4
35 502 28 726 23,6
Minority interest 26 0 >100,0
Total equity 35 528 28 726 23,7
Total equity and liabilities 587 059 453 726 29,4
Contingent liabilities - banking 53 734 49 706 8,1
related
NOTES TO THE ANNUAL FINANCIAL RESULTS
BORROWED FUNDS
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Subordinated callable notes
14,25% (AB02) 3 100 3 100 -
10,75% (AB03) 1 100 1 100 -
3-month JIBAR + 0,75% (AB04) 400 400 -
8,75% (AB05) 1 500 1 500 -
8,10%(AB06) 2 000 2 000 -
8,80% (AB07) 1 725 - 100,0
Accrued interest 297 253 17,4
Fair value adjustment* (326) (85) >(100,0)
9 796 8 268 18,5
* The fair value adjustment relates to subordinated callable notes designated
as hedged item in a hedge relationship.
BANK STATEMENT OF CHANGES IN EQUITY
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Share capital 303 303 -
Opening balance 303 303 -
Shares issued - 0 (100,0)
Share premium 5 415 5 415 -
Opening balance 5 415 4 665 16,1
Shares issued - 750 (100,0)
Preference share capital 1 1 -
Opening balance 1 - 100,0
Shares issued 0 1 >(100,0)
Preference share premium 4 643 2 991 55,2
Opening balance 2 991 - 100,0
Shares issued 1 658 2 999 (44,7)
Costs incurred (6) (8) 25,0
Other reserves 1 605 1 682 (4,6)
Opening balance 1 682 1 817 (7,4)
Movement in foreign currency
translation reserve (53) 178 >(100,0)
Movement in regulatory general
credit risk reserve 381 50 >100,0
Movement in available-for-sale 67
reserve 61 (9,0)
Movement in cash flow hedges (540) (485) (11,3)
reserve
Movement in associated
undertakings and joint 48
ventures` retained earnings 85 77,1
reserve
Disposal of associated
undertakings and joint (48)
ventures - release of reserves - 100,0
Share-based payments for the 75 78 (3,8)
year
Transfer from share-based (23)
payment reserve (86) >(100,0)
Retained earnings 23 535 18 334 28,4
Opening balance 18 334 14 224 28,9
Transfer to regulatory
general credit risk reserve (381) (50) >(100,0)
Transfer to associated
undertakings and joint (48)
ventures` retained earnings (85) (77,1)
reserve
Disposal of associated
undertakings and joint 48
ventures - release of reserves - (100,0)
Transfer from share-based 23
payment 86 >100,0
reserve
Profit attributable to
ordinary equity holders 7 620 6 051 25,9
Profit attributable to
preference equity holders 313 73 >100,0
Dividends paid during the (2 352) (1 987) (18,4)
year
35 502 28 726 23,6
Minority interest 26 0 >100,0
Opening balance 0 40 >(100,0)
Acquisitions/(disposals) 25 (40) >100,0
Other reserve movements (2) (0) >(100,0)
Minority share of profit 3 - 100,0
Total equity 35 528 28 726 23,7
BANK CASH FLOW STATEMENT
Year ended
31 December
2007 2006
(Audited) (Audited) Change
Rm Rm %
Net cash generated/(utilised) 4 735 (6 054) >100,0
from operating activities
Net cash utilised from (4 237) >(100.0)
investing activities (1 660)
Net cash generated from 1 025 3 755 (72,7)
financing activities
Net increase/(decrease) in 1 523 >100,0
cash and cash equivalents (3 959)
Cash and cash equivalents at 3 498 (53.1)
the beginning of the year 7 462
1
Effect of exchange rate 2 >100,0
movements on cash on cash (5)
equivalents
Cash and cash equivalents at 5 023 3 498 43,6
the end of the year
2
NOTES TO THE CASH FLOW
STATEMENT
1 Cash and cash equivalents
at the
beginning of the year
Cash, cash balances and
balances 3 619 3 210 12,7
with central banks
Loans and advances to banks (121) 4 252 >(100,0)
3 498 7 462 (53,1)
2 Cash and cash equivalents
at the
end of the year
Cash, cash balances and
balances 4 673 3 619 29,1
with central banks
Loans and advances to banks 350 (121) >100,0
5 023 3 498 43,6
PROFIT CONTRIBUTION BY BUSINESS AREA
Year ended
31 December
2007 2006*
(Audited) (Audited) Change
Rm Rm %
Banking operations
Retail banking 4 989 4 095 21,8
Absa Private Bank 237 178 33,1
Personal Bank 1 2 144 1 400 53,1
Absa Home Loans and
Repossessed Properties 1 279 1 086 17,8
Absa Card 706 700 0,9
Absa Vehicle and Asset 623 731 (14,8)
Finance
Absa Corporate and Business 1 922 1 384 38,9
Bank
Absa Capital 1 533 929 65,0
African operations (31) (44) 29,5
Corporate centre (95) 83 >(100,0)
2
Capital and funding centre 94 131 (28,2)
Total earnings from business 8 412 6 578 27,9
areas
Synergy costs (after tax) (479) (454) (5,5)
3
Profit attributable to
preference equity holders (313) (73) >(100,0)
Profit attributable to
ordinary equity holders 7 620 6 051 25,9
Headline earnings adjustments (144) (190) 24,2
Total headline earnings 7 476 5 861 27,6
REVENUE CONTRIBUTION BY BUSINESS AREA
Year ended
31 December
2007 2006*
(Audited) (Audited) Change
Rm Rm %
Banking operations
Retail banking 21 259 17 799 19,4
Absa Private Bank 1 403 1 208 16,1
Personal Bank 1 10 647 8 582 24,1
Absa Home Loans and
Repossessed Properties 3 880 3 170 22,4
Absa Card 2 466 2 134 15,6
Absa Vehicle and Asset 2 863 2 705 5,8
Finance
Absa Corporate and Business 6 152 5 168 19,0
Bank
Absa Capital 3 595 2 318 55,1
African operations (5) (3) (66,7)
Corporate centre 2 (493) (37) >(100,0)
Capital and funding centre 103 184 (44,0)
Total revenue 30 611 25 429 20,4
Notes
Personal Bank includes the results of Digital Banking, Micro Lending, Personal
Bank Ventures
and Alliances, Small Business, Telephone Banking and Entry Level Banking.
In the prior year the Corporate centre included the gains on disposal of
Bankhaus
Wolbern and AST.
Synergies relate to the integration of Absa and Barclays following the
acquisition
by Barclays of a majority share in Absa. Synergy costs are one-off costs
incurred in
achieving synergy benefits.
* The comparative period has been restated for:
- Migration of clients from Private Bank to Personal Bank in the current year.
- Absa Development Company Holdings (Proprietary) Limited was moved from
Corporate
centre to Absa Corporate and Business Bank during the year under review.
RECLASSIFICATIONS
BANK BALANCE SHEET - 31 DECEMBER 2006
Reclassification of certain assets and liabilities
31 December 31 December
2006 2006
((Audited)) ((Audited))
(As
previously Reclassi-
Rm Commentary reported) fications (Restated)
Assets
Cash, cash balances 12 022 12 022
and balances
with central banks
Statutory liquid asset 20 829 - 20 829
portfolio
Loans and advances to 20 833 - 20 833
banks
Trading assets 1 17 711 31 17 742
Hedging assets 1 672 (31) 641
Other assets 3 151 - 3 151
Loans and advances to 2 368 320 (1 121) 367 199
customers
Loans to Absa Group 1 728 - 1 728
companies
Loan to holding 1 301 - 1 301
company
Deferred tax assets 63 - 63
Investments 2 2 839 1 121 3 960
Investments in 601 - 601
associated
undertakings and joint
ventures
Intangible assets 147 - 147
Property and equipment 3 509 - 3 509
Total assets 453 726 - 453 726
Liabilities
Deposits from banks 3 39 236 (10,339) 28 897
Trading liabilities 15 499 641 16 140
Hedging liabilities 1 898 (641) 1 257
Other liabilities and 8 015 - 8 015
sundry
provisions
Current tax 941 - 941
liabilities
Deposits due to 3 348 934 (73 527) 275 407
customers
Debt securities in 3 - 83 866 83 866
issue
Deferred tax 2 133 - 2 133
liabilities
Policyholder 76 - 76
liabilities under
insurance contracts
Borrowed funds 8 268 - 8 268
Total liabilities 425 000 - 425 000
Equity
Capital and reserves
Attributable to equity
holders of the Bank:
Share capital 303 - 303
Share premium 5 415 - 5 415
Preference share 1 - 1
capital
Preference share 2 991 - 2 991
premium
Other reserves 1 682 - 1 682
Retained earnings 18 334 - 18 334
28 726 - 28 726
Minority interest 0 - 0
Total equity 28 726 - 28 726
Total equity and 453 726 - 453 726
liabilities
BANK INCOME STATEMENT - YEAR ENDED 31 DECEMBER 2006
IFRS 7 and other reclassifications
Year ended Year ended
31 31
December December
2006 2006
(Audited) (Audited)
(As
previously Reclassi-
Rm Commentary reported) fications (Restated)
Net interest income 4 14 184 (10) 14 174
Interest and similar 36 551 (33) 36 518
income
Interest expense and
similar charges (22 367) 23 (22 344)
Impairment losses on
loans and advances (1 515) - (1 515)
Net interest income after
impairment losses on
loans and advances 12 669 (10) 12 659
Net fee and commission 9 434 (461) 8 973
income
Fee and commission 5 & 6 9 468 18 9 486
income
Fee and commission 6 (34) (479) (513)
expense
Gains and losses from
banking and trading 6 1 274 (40) 1 234
activities
Gains and losses from
investment activities 6 169 - 169
Other operating income 5 897 (18) 879
Operating income before
operating expenses 24 443 (529) 23 914
Operating expenditure (15 943) 529 (15 414)
Operating expenses 6 (15 070) 523 (14 547)
Non-credit related (71) - (71)
impairments
Indirect taxation (802) 6 (796)
Share of retained
earnings of associated
undertakings and joint 48 - 48
ventures
Operating profit before -
income tax 8 548 8 548
Taxation expense (2 424) - (2 424)
Profit for the year 6 124 - 6 124
Attributable to:
Ordinary equity holders
of the Bank 6 051 - 6 051
Preference equity
holders of 73 - 73
the bank
Minority Interest - -
6 124 - 6 124
Headline earnings 5 861 - 5 861
COMMENTARY ON THE RECLASSIFICATION
Trading and hedging assets and liabilities
Certain trading assets and liabilities previously aggregated with hedging assets
and liabilities have been separated.
Equity and shareholder loans
Shareholder loans granted to Private Equity, Commercial Property Finance and
Incubator Fund clients have been reclassified as part of the net investment in
that entity. Previously these were shown as "Loans and advances to customers".
Debt securities in issue
Negotiable certificates of deposits and other funding paper issued were
previously reported as a sub-category of "Deposits due to customers" and
"Deposits from banks". This is disclosed on a separate line on the face of the
balance sheet, called "Debt securities in issue".
Reclassification of interest
Hedging income and expenses have been reclassified to better eliminate
mismatches.
Fees from trust and other fiduciary activities
Unit/property trust income has been reclassified from "Other operating income"
to "Fee and commission income".
Fee expenses and similar
While implementing IFRS 7, the Group adopted a policy where all fees paid
relating to either a financial instrument or fee income, should be classified as
a fee expense. Similarly any fees related to trading should be moved to "Gains
and losses from banking and trading activities".
PROFIT AND DIVIDEND ANNOUNCEMENT
Introduction
Absa Bank is a wholly owned subsidiary of Absa Group Limited (Absa Group or the
Group), which is listed on the JSE Limited (the JSE).
Absa Bank and its subsidiaries` financial results for the year ended 31 December
2007 and its preference dividend declaration for the period 1 September 2007 to
28 February 2008 are contained in this announcement.
Commentary pertaining to the operating environment and the results of Absa
Bank`s core subsidiaries are set out in the Absa Group`s annual financial
results announcement. The Absa Group announcement was released on the JSE
Securities Exchange News Services (Sens) and Absa Group`s website
(www.absa.co.za) on 19 February 2008, and published in the press on 20 February
2008.
Basis of presentation and changes in accounting policies
Absa Bank`s annual results have been prepared in accordance with International
Financial Reporting Standards (IFRS).
The Bank adopted IFRS 7 - Financial Instruments: Disclosures and IAS 1
Presentation of financial statements: Capital Disclosures (amendment) during the
year ended 31 December 2007. The adoption of IFRS 7 and the amendment to IAS 1
impacted disclosures made in the financial statements. The Bank also made some
reclassifications in the income statement as a result of the implementation of
IFRS 7. The adoption of the standard had no impact on the reported profits or
financial position of the Bank.
The Bank`s results for the year ended 31 December 2007 have been audited by the
Group`s auditors, PricewaterhouseCoopers Inc. and Ernst & Young Inc. Their audit
report is available for inspection at the Bank`s registered address, 3rd floor,
Absa Towers East, 170 Main Street, Johannesburg, 2001.
Declaration of preference dividend number 4: Absa Bank non-cumulative, non-
redeemable preference shares (Absa Bank preference shares)
Notice is hereby given that preference dividend number 4 of 4 436 cents per
share has been declared for the period from 1 September 2007 to 28 February
2008.
The Absa Bank preference shares have an effective coupon rate of 63% of the
prime overdraft lending rate. The dividend is payable on Monday, 17 March 2008,
to shareholders of Absa Bank preference shares recorded in the books of the
company at the close of business on Friday, 14 March 2008.
In compliance with the requirements of Strate, the electronic settlement and
custody system used by the JSE, the relevant dates for the payment of the
preference dividend are as follows:
Last day to trade cum dividend Friday, 7 March 2008
Shares commence trading ex dividend Monday, 10 March 2008
Record date Friday, 14 March 2008
Payment date Monday, 17 March 2008
Share certificates may not be dematerialised or rematerialised between Monday,
10 March 2008, and Friday, 14 March 2008, both dates inclusive.
On Monday, 17 March 2008, the dividend will be electronically transferred to the
bank accounts of certificated shareholders who use this facility. In respect of
those who do not, cheques dated 17 March 2008 will be posted on or about that
date. The accounts of those shareholders that have dematerialised their shares
(which are held at their central securities depository participant or broker)
will be credited on Monday, 17 March 2008.
On behalf of the board
S Martin
Group secretary
19 February 2008
Please note that the preference dividend calculation dates are 28 (29) February
and 31 August of each year and that the payment date may not be later than 45
days after the preference dividend calculation date.
Enquiries
Jacques Schindehutte
Group executive director
Absa Group Limited
5th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-4850 Fax: (+2711) 350-8433
E-mail: jacquessc@absa.co.za
Eric Wasserman
Group executive: Group Finance
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-5887 Fax: (+2711) 350-6487
E-mail: ericwas@absa.co.za
Sponsor
Merrill Lynch South Africa (Proprietary) Limited
Date: 19/02/2008 08:03:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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