| Thu 24 Apr 2008, 8:00 | | ALT - Allied Technologies Limited - Audited abridg |
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ALT - Allied Technologies Limited - Audited abridged consolidated annual
financial results for the year ended 29 February 2008
ALLIED TECHNOLOGIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/020415/06)
ISIN: ZAE000015251, Share code: ALT
AUDITED ABRIDGED CONSOLIDATED ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 29
FEBRUARY 2008
HIGHLIGHTS
Revenue up by 22%
Operating profit up by 17%
Headline earnings per share up by 23%
Dividend up by 20%
Strong balance sheet
Abridged income statements
% 2008 2007
Figures in R million Change (Audited) (Audited)
Revenue 22 8 242 6 780
Operating profit before impairment and 17 664 568
capital items
Investment income 98 79
Finance cost (21) (6)
Goodwill impaired (86) -
Capital items (Note 1) (1) (7)
Profit before taxation 654 634
Taxation (219) (211)
Profit after taxation 435 423
Attributable to minority shareholders 26 22
Attributable to ordinary shareholders 409 401
435 423
Basic earnings per share (cents) 421 410
Diluted basic earnings per share (cents) 406 398
Dividend per share - paid (cents) 240 209
Special dividend per share - paid - 100
(cents)
Dividend per share - declared (cents) 288 240
Weighted average number of ordinary 97 040 97 763
shares in issue (millions)
Headline earnings per share (cents) 23 511 414
Diluted headline earnings per share 21 494 406
(cents)
Notes
% 2008 2007
Figures in R million Change (Audited) (Audited)
1. Capital items
Loss on disposal property, plant and (1) (1)
equipment
Impairment of property, plant and - (5)
equipment
Discontinuing operations - (1)
(1) (7)
2. Reconciliation between earnings and
headline earnings
Attributable to ordinary shareholders 409 401
Capital items - gross 1 7
Goodwill impaired 86 -
Tax effect of above adjustments - (2)
Minority interest - (1)
Headline earnings 496 405
3. The Altech group`s auditors, PKF (Jhb) Inc., have audited these year-end
results. Their unqualified audit report is available for inspection at the
company`s registered office during normal office hours. These results have been
prepared in terms of International Financial Reporting Standards, the Companies
Act, 1973 as amended, and the JSE Listing Requirements. The group accounting
policies have not changed for the year.
4. Headline earnings per share has been calculated in terms of the new Circular
8/2007 Headline Earnings, which was issued in July 2007. The effect of the
change is that the comparative figure has decreased from 418 cents to 414 cents
as a result of the closure cost not being a headline earnings adjustment under
the new circular.
Abridged balance sheets
2008 2007
Figures in R million (Audited) (Audited)
Assets
Non-current assets 796 685
Property, plant and equipment 299 260
Goodwill 326 335
Intangible assets 83 30
Deferred taxation 88 60
Current assets 2 892 2 240
Inventories 364 400
Trade and other receivables 937 667
Cash and cash equivalents 1 591 1 173
TOTAL ASSETS 3 688 2 925
Equity and liabilities
Total equity 2 027 1 883
Shareholders` equity 1 955 1 822
Minority interest 72 61
Non-current liabilities 100 32
Interest bearing loans 77 30
Deferred taxation 23 2
Current liabilities 1 561 1 010
Trade and other payables 1 452 971
Warranty provisions 22 20
Taxation payable 87 19
TOTAL EQUITY AND LIABILITIES 3 688 2 925
Net asset value per share (cents) 2 026 1 863
Ordinary shares in issue at end of year (`000) 96 484 97 820
Abridged cash flow statements
2008 2007
Figures in R million (Audited) (Audited)
Operating activities 683 (211)
Cash generated by operations 761 672
Investment income 77 73
Changes in working capital 248 (327)
Taxation paid (165) (324)
Cash available from operating activities 921 94
Dividends paid - including minorities (238) (305)
Investing activities (242) (116)
Financing activities (23) 2
Net funds generated/(utilised) 418 (325)
Cash and cash equivalents
- at beginning of year 1 173 1 498
- at end of year 1 591 1 173
Supplementary information
2008 2007
Figures in R million (Audited) (Audited)
Depreciation and amortisation 96 89
Impairment 86 -
Net foreign exchange gains 25 4
Capital expenditure 137 68
Capital commitments 5 -
Operating lease commitments
Payable within the next 12 months:
- property 50 32
- plant, equipment and vehicles 28 24
Payable thereafter:
- property 125 101
- plant, equipment and vehicles 5 6
Abridged segmental analysis
2008 2007
Figures in R million (Audited) % (Audited) %
Revenue:
Telecommunications division 5 950 72 4 976 73
Multi-media and
Electronics divisions 1 655 20 1 241 18
Information Technology division 731 9 653 10
Inter-group sales (94) (1) (90) (1)
8 242 100 6 780 100
Operating profit:
Telecommunications division 493 74 438 77
Multi-media and
Electronics divisions 121 18 114 20
Information Technology division 56 9 25 4
Corporate and eliminations net loss (6) (1) (4) (1)
664 100 573 100
Statements of changes in equity
Share
capital and Treasury Other
premium shares reserves
Group Rm Rm Rm
Balance at 1 March 2006 62 (257) 1
Recognised income and expense
Share-based payments
Attributable earnings
Transfer between reserves (1)
Foreign currency translation 5
differences
Transaction with shareholders
Transaction with minorities
Dividends
Issue of share capital 2
Balance at 28 February 2007 64 (257) 5
Recognised income and expense
Share-based payments
Attributable earnings
Cash flow hedging reserve 2
Foreign currency translation 66
differences
Transaction with shareholders
Transaction with minorities
Dividends
Treasury shares acquired (35)
Cancellation of treasury (67)
shares
Issue of share capital 6
Balance at 29 February 2008 3 (292) 73
Statements of changes in equity
Transaction Share-based
with payments Retained
minorities reserve earnings
Group Rm Rm Rm
Balance at 1 March 2006 - 2 1 873
Recognised income and expense
Share-based payments 7
Attributable earnings 401
Transfer between reserves 1
Foreign currency translation
differences
Transaction with shareholders
Transaction with minorities 28
Dividends (302)
Issue of share capital
Balance at 28 February 2007 28 9 1 973
Recognised income and expense
Share-based payments 7
Attributable earnings 409
Cash flow hedging reserve
Foreign currency translation
differences
Transaction with shareholders
Transaction with minorities (20)
Dividends (235)
Treasury shares acquired
Cancellation of treasury
shares
Issue of share capital
Balance at 29 February 2008 8 16 2 147
Statements of changes in equity
Shareholders` Minority Total
equity interest equity
Group Rm Rm Rm
Balance at 1 March 2006 1 681 89 1 770
Recognised income and expense
Share-based payments 7 - 7
Attributable earnings 401 22 423
Transfer between reserves - -
Foreign currency translation 5 - 5
differences
Transaction with shareholders
Transaction with minorities 28 (47) (19)
Dividends (302) (3) (305)
Issue of share capital 2 - 2
Balance at 28 February 2007 1 822 61 1 883
Recognised income and expense
Share-based payments 7 - 7
Attributable earnings 409 26 435
Cash flow hedging reserve 2 - 2
Foreign currency translation 66 - 66
differences
Transaction with shareholders
Transaction with minorities (20) (12) (32)
Dividends (235) (3) (238)
Treasury shares acquired (35) - (35)
Cancellation of treasury (67) - (67)
shares
Issue of share capital 6 - 6
Balance at 29 February 2008 1 955 72 2 027
COMMENTARY
Message to shareholders
The directors are pleased to report the Altech group`s results for the year
ended 29 February 2008. Headline earnings per share improved by 23% to 511
cents, with revenue increasing by 22% to R8,2 billion and operating profit by
17% to R664 million. Net asset value per share increased from 1 863 cents to 2
026 cents. Return on shareholders` equity remained strong at 25,4%. A dividend
of 288 cents per share was declared, representing an increase of 20%.
OPERATIONAL REVIEWS
TELECOMMUNICATIONS AND WIRELESS COMMUNICATIONS
Altech Autopage Cellular
In a cellular services market that continues to evolve, Altech Autopage Cellular
remains the largest independent cellular service provider in South Africa and
during the year under review performed well ahead of expectations, exceeding
both profitability and cash flow targets.
The company increased its subscriber base by over 115 000 (a 14% growth in new
connections) during the year. The total subscriber base now exceeds 917 000 for
post-paid and pre-paid connections, combined. The pre-paid subscriber base
continues to grow steadily.
ARPU (average revenue per user) improved on the previous financial year. New
connections in the high-end corporate and fixed cellular markets increased
satisfactorily. Sales of electronic pre-paid vouchers showed continued good
growth.
Sales of mobile data services through add-on data bundles and cellular data
connections provided a growing stream of revenue for the company. The broadband
and data subscriber base now stands at over 41 000 subscribers.
Altech Autopage Cellular`s existing channels to market - comprising 150
franchise stores, the corporate sales force (supported by branches in Durban,
Cape Town, Port Elizabeth, Bloemfontein) and premium service provider Altech
Supercall - have been supplemented by third-party call centres and distributors
for data products.
Mobile Number Portability continues to generate a steady migration of `port
customers` for the company. This removal of a long-standing barrier to open
competition for subscribers in the cellular market has resulted in a net gain of
4 172 subscribers for Altech Autopage Cellular.
Altech Netstar
Altech Netstar has maintained its market share lead, being South Africa`s
largest vehicle tracking company in the Stolen Vehicle Recovery (SVR) market.
Its trading results were excellent despite a slow-down in new car sales,
increased interest rates and the introduction of the National Credit Act.
Altech Netstar maintained its on-going commitment to technology development and
innovation. The company now manages a subscriber base of 440 000 vehicles for
SVR, with the value of the vehicles protected exceeding R51 billion.
Altech Netstar Fleet Management Services introduced new technologies and
services to commercial fleets and vehicle subscribers. Its subscriber base
increased to over 27 000, representing a remarkable growth of over 70% for the
year.
During the financial year, the acquisition of ComTech, a leading operator
servicing the commercial transport sector, was concluded. ComTech will
strengthen the Altech Netstar Fleet Management Services` business through its
complementary product range and customer base. As a result, Altech Netstar Fleet
Management Services has effectively doubled in size, with a combined fleet
management market share in excess of 20%.
Altech Alcom Matomo
Altech Alcom Matomo recorded an excellent performance, enhanced by the
completion of the R540 million contract for the SAPS Gauteng TETRA Radio System.
During the year under review the company also exported radio systems into
Africa, implemented significant telemetry system sales and supplied specialised
telecommunications equipment to South African network operators.
With its significant engineering and project management experience, this company
is well-placed to exploit further opportunities for the provision of similar
systems throughout southern Africa and for 2010 Soccer World Cup infrastructure
projects.
Altech Alcom Radio Distributors
Altech Alcom Radio Distributors is a leading distributor of Motorola two-way
radio products in southern Africa via a network of authorised dealers. It
exceeded both its profitability and its cash flow targets for the financial year
and achieved significant sales of the Motorola Canopy broadband range of
products which provide robust network Internet Protocol (IP) based digital radio
links for digital networks.
MULTI-MEDIA AND ELECTRONICS
Altech UEC
Altech UEC develops, manufactures, services and deploys advanced set-top box
products and associated software. The company produced good results for the
year, benefiting from its sustained investment in the development of advanced
technologies and products, despite consumer spending coming under pressure.
Production of over 1 million decoders was achieved for the financial year. Sales
of the ground-breaking dual-view Personal Video Recorder (PVR), developed and
supplied by Altech UEC, continued at good levels both in South Africa and in
export markets.
The deployment of satellite television services in India has significantly
increased demand for pay-television products across that country and Altech UEC
is ideally positioned to capitalise on this trend. It has already concluded
supply agreements with two major Indian broadcasting network customers.
Indications are that the Indian market may exceed the African market within one
year, yielding good benefits to Altech UEC, which has concluded arrangements to
sub-contract some manufacturing in South East Asia.
Altech UEC has the appropriate technologies for the proposed South African
digital migration programme. It introduced high definition compliant products to
the market in the third quarter of 2007, whilst IP TV and hybrid products are on
track for launching in the second quarter of 2008. The after-sales service
division, Altech Global Decoder Logistics, with support and logistics operations
in Australia and South Africa, performed well in its third year of operation.
Arrow Altech Distribution
Arrow Altech Distribution has enjoyed good growth during the year under review
with both its earnings and its sales being above budget. Good year-on-year
growth was recorded in all six of its key technology groups.
Customised demand-creation activities by Arrow Altech Distribution, for which
several supplier accolades were received, have resulted in a strong order book.
Average unit sales are above the previous year. Several new product suppliers
were also added, allowing the offering of new products into new markets.
INFORMATION TECHNOLOGY
Altech ISIS
Altech ISIS again performed commendably during the year under review,
entrenching its position as a reputable supplier of turn-key business support
systems in South Africa and Africa.
MobiMaster (renamed Altech Isis France), which was acquired in 2006, was fully
integrated into the group`s systems during the financial year and product
integration is progressing as planned. Existing customers have been retained and
new orders have been received. In addition, the team in France is investigating
a number of opportunities in the Middle East.
Altech NamITech
Altech NamITech is Africa`s leading provider of GSM and CDMA cellular SIM cards,
pre-paid vouchers, and non-secure and secure cards for retail and banking,
including EMV smart cards and Magstripe cards. The company operates the largest
secure bureau in Africa for Mastercard and Visa-accredited cards.
The South African operation has concluded its rationalisation programme, which
consolidated all manufacturing activities into one facility. This has resulted
in significant cost reductions, operational efficiencies and improved economies
of scale.
Growth at Altech NamITech West Africa has proceeded at an astounding pace over
the past year. Starting out
as a new entrant three years ago, the company has now become Africa`s leading
provider of pre-paid vouchers. Sales of pre-paid vouchers in Nigeria have grown
from less than 10 million per month in 2006 to over 100 million per month by the
end of 2007. Growth is expected to continue, boosted by product enhancements
including cellular SIM cards and banking cards that will add further value to
its offerings in the financial and telecommunication sectors.
Altech Card Solutions (ACS)
This business has enjoyed another good year with turnover and profits exceeding
expectations. Solid growth was experienced in card personalisation solutions and
in its switching division.
During 2007 ACS was awarded the Thales eSecurity distributorship for the supply
of cryptographic solutions to the banking and government sectors. Significant
orders received for EFTPOS terminals from the financial sector contributed
positively to ACS`s results.
Altech Stream
In 2007 Altech Stream, in partnership with Samsung Electronics, successfully
commissioned its trial network in Gauteng based on the test Wimax 802.16e
licence awarded earlier in the year by Icasa. The network is focused on the
wireless delivery to triple play services, including video streaming, Internet
access and Voice over Internet Protocol (VoIP)to both PCs as well as new
generation handsets.
As the Wimax 802 standard is now widely expected to emerge as the dominant
wireless Internet Protocol(IP) delivery technology, it is expected that this
initiative will be exploited to the full in terms of the opportunities presented
by media convergence over broadband delivery systems.
While liberalisation in the South African market is proceeding at a slow pace,
opportunities in the rest of Africa are opening up and Altech has moved
aggressively towards exploiting these and gaining bridgeheads in key African
markets.
In June 2007 Altech Stream Rwanda was awarded Internet and gateway licences, as
well as a frequency spectrum in the Wimax bands. Already, the company is
installing a network in Kigali that will begin distributing IP-based services
over broadband in the current financial year. This infrastructure had been
enabled by a technology and distribution agreement that was signed in April 2007
with USA-based CityNet (now Xiocom), making it possible for it to enter the sub-
Saharan market with an IP-based wireless broadband delivery system that has
already proved successful in more than 40 cities worldwide.
A significant achievement, in terms of Altech`s strategy to move up the telecoms
value chain and expand its geographic presence in Africa, is the recent
acquisition (completed just after the financial year-end) of 51% controlling
interests in certain companies within Kenya`s Sameer ICT group. This involved a
total outlay of US$85,2 million, funded from the cash Altech has been
accumulating for such a strategic move.
This acquisition positions Altech as the largest data operator in Central and
East Africa. Altech has acquired 51% controlling interests in Kenya Data
Networks Limited (KDN), Swift Global (Kenya) Limited and Infocom Limited
(Uganda). These businesses come with cutting-edge IP data network infrastructure
in the region, as well as operating licences for Kenya, Tanzania and Uganda.
This transaction constitutes a partnership with the Sameer group in which Altech
and Sameer can cooperate on many fronts, combining Sameer`s regional expertise,
infrastructure and profitable operations, with Altech`s investment and cutting-
edge technologies, to exploit the significant convergence and development
opportunities in the region.
BUSINESS COMBINATIONS
Acquisition of ComTech (Proprietary) Limited (ComTech)
On 1 January 2008 the group acquired 100% of the interest in ComTech. The
acquired company contributed revenue of R16 million and profit after taxation of
R1 million for the period 1 January 2008 to 29 February 2008. If the acquisition
had taken place on 1 March 2007, the acquired company would have contributed
revenue of R90 million and a loss after taxation of R4 million for the period 1
March 2007 to 29 February 2008. This has been calculated using the group`s
accounting policies and after adjusting for amortisation charges, net of
taxation, assuming that the fair value adjustments had taken place on 1 March
2007. Details of the net assets acquired and goodwill are as follows:
Rm
Purchase price - cash consideration 44
- deferred payment 9*
Total purchase price 53
Fair value of net (35)
assets acquired
Goodwill on 18
acquisition
Discounted present value of future probable payment, linked to the achievement
of specified profits to 31 August 2009.
The goodwill represents the excess of the cost of the acquisition of ComTech
over the anticipated future economic benefits to be derived from the assets.
Acquisition of the Netstar franchise in Rustenburg
On 1 August 2007 the group acquired 100% of the Netstar franchise in Rustenburg.
The acquired business contributed revenue of R12,7 million and profit after
taxation of R5,5 million for the period 1 August 2007 to 29 February 2008. If
the acquisition had taken place on 1 March 2007, the acquired business would
have contributed revenue of R25,5 million and profit after taxation of R9
million for the period 1 March 2007 to 29 February 2008. This has been
calculated using the group`s accounting policies and after adjusting for
amortisation charges, net of taxation, assuming that the fair value adjustments
had taken place on 1 March 2007. Details of the net assets acquired and goodwill
are as follows:
Rm
Purchase price - cash consideration 11
Fair value of net (11)
assets acquired
Goodwill on -
acquisition
Fair value of net assets acquired for business combinations
The assets and liabilities arising on acquisition are as follows:
Fair values Acquiree`s
at date of carrying
acquisition amount at
date of
acquisition
Rm Rm
Intangible assets 56 -
Inventories 9 9
Receivables 9 9
Property, plant and equipment 2 2
Deferred tax (10) 3
Accounts payable (15) (15)
Overdrafts (2) (2)
Goodwill 18 -
Fair value of net assets acquired 67 6
POST BALANCE SHEET EVENTS
Acquisition of 51% controlling interests in certain East African companies
Altech concluded agreements with Sameer ICT Limited (Sameer) relating to the
acquisition of 51% of the issued share capital on 1 March 2008 of Kenya Data
Networks Limited (KDN), Swift Global (Kenya) Limited (Swift) and Infocom Limited
(Infocom). The purchase price of US$75 million, payable in cash, was allocated
as follows:
US$68 million for the shares in KDN;
US$5 million for the shares in Swift; and
US$2 million for the shares in Infocom.
Of the total purchase price of US$75 million referred to above, an amount of
US$10 million is held in escrow (plus interest), to be released to the vendors
of the shares concerned, against the achievement of an aggregated combined
profit after taxation of at least US$11,7 million for the twelve months ending
31 December 2008. The escrow amount and interest thereon will be reduced
proportionately to any shortfall on the warranted profit after taxation stated
above.
In addition, Altech and Sameer have injected new capital of US$20 million into
the three companies acquired, of which 51% was provided by Altech and the
remaining 49% was provided by Sameer. Therefore, Altech`s maximum total cash
outflow will amount to US$85,2 million, comprising the purchase price of US$75
million and the cash injection of US$10,2 million.
The acquiree`s combined balance sheet at the date of acquisition is as follows:
Rm
Property, plant and equipment 261
Inventories 25
Accounts receivable 91
Accounts payable (124)
Cash and cash equivalents 3
Total net assets 256
As the acquisition was effective post year-end, the purchase price allocation
will be done during the 2009 financial year.
Acquisitions of Bloemfontein and Witbank Netstar Franchises
Altech concluded agreements to acquire 100% of the above franchises subsequent
to year-end for R18,3 million. As the acquisitions were effected post year-end,
the purchase price allocation will be done during the 2009 financial year.
The acquiree`s combined balance sheet at the date of the acquisition is as
follows:
Rm
Accounts receivable 1
Total net assets 1
OTHER CORPORATE FINANCE ACTIVITIES
Other salient transactions entered into during the financial year included:
a restructuring of the information technology (IT) interests of the Altech
group under a single sub-holding company, but with the separation of the South
African and the wholly-owned international interests, beneath it. Altech`s
empowerment partner Pamodzi`s different shareholding interests in Altech
NamITech Holdings and Altech Data were restructured into a single shareholding
in the overall South African IT entity; and
the repurchase of 1 635 094 Altech ordinary shares, through a subsidiary,
equivalent to approximately 1,5% of its issued share capital, for an aggregate
outlay of R102,6 million. Altech now indirectly holds a total of 8 609 607
Altech ordinary shares, representing approximately 8,19% of its issued share
capital, by way of treasury stock, which can be used for future funding
purposes.
Following the completion of a due diligence investigation and further
discussions with the vendors concerned, it was decided not to proceed with the
proposed acquisition of a 50% joint controlling interest in Altech Netstar`s
franchisee in Malaysia. This proposed transaction was referred to in Altech`s
interim report.
During the past financial year Altech received a proposal from its listed
holding company, Allied Electronics Corporation Limited (Altron), relating to a
scheme of arrangement in terms of which Altech would be delisted and become
wholly-owned by Altron. The relevant documentation was issued to Altech
shareholders on 12 November 2007. The proposed scheme of arrangement was not
approved by the requisite majority of Altech minority shareholders -
consequently the proposal was not implemented and Altech remains a separate
listed company, controlled by Altron.
OUTLOOK
We believe real growth in the coming year will be achieved through:
further capitalising on the group`s strengths and strong local market
positions;
continuing to grow exports from the group`s local base in South Africa;
capitalising on the position achieved in East Africa broadband and value added
services;
strengthening our entry into the South African broadband market;
extracting optimum value from the opportunities in India;
building on the synergies achieved through the restructuring of the Altech IT
division;
further globalising Altech;
acquiring and maintaining the required human capital skills, supported by the
role of the Altech Academy; and
achieving Altech`s transformation vision by adhering to the BBBEE Codes of Good
Practice.
DIRECTORATE
Ms DC Radley and Mr PL Wilmot resigned from the Altech board with effect from 29
February 2008, and Dr EN Banda with effect from 25 March 2008.
Mr ZJ Sithole was appointed as an independent non-executive director of the
Altech board and chairman of the company`s audit committee on 1 April 2008. On 7
April 2008, Mr M Sindane was appointed as an independent non-executive director
of the Altech board, chairman of the company`s business risk committee as well
as member of both the Altech audit committee and remuneration and nomination
committee.
DECLARATION OF ORDINARY DIVIDEND NO 65
Ordinary dividend number 65 of 288 cents per share (2007: 240 cents) for the
year ended 29 February 2008 is declared payable on Monday, 9 June 2008 to
ordinary shareholders recorded in the register at the close of business on
Friday, 6 June 2008. The timetable for the payment of the dividend is as
follows:
Last day to trade cum dividend Friday, 30 May 2008
Trading ex dividend commences Monday, 2 June 2008
Record date Friday, 6 June 2008
Payment date Monday, 9 June 2008
Share certificates may not be dematerialised or rematerialised between Monday, 2
June 2008 and Friday, 6 June 2008, both days inclusive.
ANNUAL GENERAL MEETING
The company`s 62nd annual general meeting will be held in the Boardroom, Altech
Corporate Offices, 79 Central Street, Houghton on Tuesday, 8 July 2008 at 16:00.
Further details on the company`s annual general meeting will be included in
Altech`s annual report to be posted to shareholders on or about 31 May 2008.
On behalf of the board
Dr Hilton Davies Craig Venter Dr John Carstens
(Non-executive (Chief executive (Chief financial
chairman) officer) officer)
23 April 2008
Directors
Dr HK Davies (Chairman)#, CG Venter (Chief executive officer), Dr JEW Carstens
(Chief financial officer), PMO Curle*, ML Leoka#, R Naidoo#, Dr HA Serebro#, M
Sindane#, ZJ Sithole#
RE Venter#, Dr WP Venter#
* British # Non-executive
Secretaries
Altech Management Services (Pty) Limited
Sponsor
Investec Bank Limited
Altech
Registration number: 1946/020415/06
ISIN: ZAE000015251
Share code: ALT
The preliminary financial results are also available on the internet at
www.altech.co.za and the JSE News Service (SENS)
Date: 24/04/2008 08:00:01 Produced by the JSE SENS Department.
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