| Thu 15 May 2008, 17:45 | | HCI - Hosken Consolidated Investments - Abridged C |
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HCI
HCI
HCI - Hosken Consolidated Investments - Abridged Consolidated Results for the
year ended 31 March 2008
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
"HCI" or "the company" or "the group"
Incorporated in the Republic of South Africa
Registration number 1973/007111/06
Share code: HCI & ISIN: ZAE000003257
Results
Highlights
- 35% increase in headline profit for the year
- 52% increase in profit attributable to HCI shareholders
- 35% increase in headline earnings per share
- 37% increase in adjusted headline earnings per share
ABRIDGED CONSOLIDATED BALANCE SHEET
31 March 31 March
2008 2007
R`000 R`000
reviewed audited1
ASSETS
Non-current assets 9,694,961 12,753,608
Property, plant and equipment 6,891,430 6,086,464
Investment properties 182,665 198,299
Goodwill 846,968 609,807
Interest in associates and joint ventures 740,299 592,460
Other financial assets 358,237 226,584
Intangibles 271,983 275,629
Deferred taxation 257,664 345,783
Financial assets - 3,986,861
Operating lease equalisation asset 4,980 5,000
Long-term receivables 140,735 426,721
Current assets 2,535,844 3,617,488
Other 1,862,854 1,386,323
Financial assets - 1,489,062
Bank balances and deposits 672,990 742,103
Non-current assets held for sale 3,855,894 -
Total assets 16,086,699 16,371,096
EQUITY AND LIABILITIES
Equity 6,232,904 4,937,311
Equity attributable to equity holders of the
parent 2,941,364 2,118,305
Minority interest 3,291,540 2,819,006
Non current liabilities 3,171,925 7,071,062
Financial liabilities - 4,044,356
Deferred taxation 514,562 482,597
Long-term borrowings 2,236,258 1,971,524
Other 421,105 572,585
Current liabilities 2,917,685 4,362,723
Other 2,917,685 2,877,448
Financial liabilities - 1,485,275
Non-current liabilities held for sale 3,764,185 -
Total equity and liabilities 16,086,699 16,371,096
Net asset value carrying per share (cents) 2,375 1,710
ABRIDGED CONSOLIDATED CASHFLOW STATEMENT
31 March 31 March
2008 2007
R`000 R`000
reviewed audited1
Cashflows from operating activities 1,476,136 726,362
Cashflows from investing activities (1,593,668) (398,473)
Cashflows from financing activities 11,973 (386,199)
(Decrease)/increase in cash and cash equivalents (105,559) (58,310)
Cash and cash equivalents
At beginning of period 710,445 768,755
Foreign exchange differences 16,833 -
At end of period 621,719 710,445
Bank balances and deposits 722,266 742,103
Bank overdrafts (100,547) (31,658)
Cash and cash equivalents 621,719 710,445
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
ABRIDGED CONSOLIDATED INCOME STATEMENT
31 March 31 March
2008 2007
R`000 R`000
reviewed audited1 % Change
Revenue 5,522,361 3,019,147
Net gaming win 3,392,232 1,166,155
Income 8,914,593 4,185,302
Expenses (5,786,629) (2,906,997)
EBIDTA 3,127,964 1,278,305 144.7%
Depreciation and amortisation (495,626) (212,211)
Operating profit 2,632,338 1,066,094
Investment income 87 685 138,622
Finance costs (320 170) (174,823)
Share of profits of associates and
joint ventures 188,036 214,903
Negative goodwill released 4,885 -
Investment surplus 83,884 57,639
Fair value adjustments of
investment properties 29,171 -
Other impairment reversals 30,175 -
Fair value adjustments of investments 915 20
Impairment of goodwill & investments (12,422) (2,963)
Profit before taxation 2,724,497 1,299,492 109.7%
Taxation (867,535) (335,331)
Profit for the year from
continuing operations 1,856,962 964,161 92.6%
Discontinued operations (17,934) (15,497)
Profit for the year 1,839,028 948,664 93.9%
Attributable to:
Equity holders of the parent 871,855 573,371 52.1%
Minority interest 967,173 375,293 157.7%
1,839,028 948,664
2008
Gross Net
Reconciliation of headline earnings R`000 R`000
Earnings attributable to equity holders
of the parent 871 855
IAS 16 gains on disposal of property (38 898) (10 418)
IAS 16 gains/(losses) on disposal of plant
& equipment 403 967
IAS 16 impairment of plant & equipment 2 500 264
IAS 39 impairment of investments 7 534 5 752
IFRS 3 Impairment of goodwill 4 888 4 888
IFRS 3 Negative goodwill (4 885) (2 613)
IFRS 3 Excess of fair value of assets of an associate 4 489 1 533
IAS 28 gain on disposal of associates (75 394) (59 855)
IAS 36 reversal of impairments (30 175) (19 306)
IAS 27 profit from disposal/part of subsidiary (7 209) (7 209)
IAS 40 fair adjustment to investment property (29 171) (24 519)
Re-measurements included in equity-accounted
earnings of associates (71 799) (71 799)
Headline profit 689 540
Deferred tax in respect of losses -
Deferred tax in respect of STC credits 9 521
Adjusted headline profit 699 061
Earnings per share (cents)
-Basic 702.10
-Headline 555.28
-Adjusted headline 562.95
Weighted average number of shares in issue (`000) 124,179
Actual number of share in issue at end of period
(net of treasury shares) (`000) 123,851
Diluted earnings per share (cents)
-Basic 684.86
-Headline 541.65
-Adjusted headline 549.13
Weighted average number of shares in issue (`000) 127,304
2007
Gross Net
Reconciliation of headline earnings R`000 R`000 % Change
Earnings attributable to equity holders
of the parent 573 371
IAS 16 gains on disposal of property (5 271) (5 271)
IAS 16 gains/(losses) on disposal of
plant & equipment 1 571 891
IAS 16 impairment of plant & equipment - -
IAS 39 impairment of investments - -
IFRS 3 Impairment of goodwill 3 112 3 112
IFRS 3 Negative goodwill - -
IFRS 3 Excess of fair value of assets of an
associate - -
IAS 28 gain on disposal of associates -
IAS 36 reversal of impairments - -
IAS 27 profit from disposal/part of
subsidiary (57 749) (48 299)
IAS 40 fair adjustment to investment
property 777 777
Re-measurements included in
equity-accounted earnings of associates (14 720) (14 720)
Headline profit 509 861
Deferred tax in respect of losses (33 421)
Deferred tax in respect of STC credits 32 515
Adjusted headline profit 508 955
Earnings per share (cents)
-Basic 463.55 51.5%
-Headline 412.21 34.7%
-Adjusted headline 411.47 36.8%
Weighted average number of shares in issue
(`000) 123,691
Actual number of share in issue at end of
period
(net of treasury shares) (`000) 123,896
Diluted earnings per share (cents)
-Basic 456.33 50.1%
-Headline 405.79 33.5%
-Adjusted headline 405.07 35.6%
Weighted average number of shares in issue
(`000) 125,647
HOSKEN CONSOLIDATED INVESTMENTS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
31 March 31 March
2008 2007
R`000 R`000
reviewed audited1
Balance at beginning of year 4 937 311 2 586 291
Share capital and premium
Shares issued 52 222 66 950
Shares repurchased (67 000) (11 700)
Treasury shares released 1 441 -
Treasury shares acquired by subsidiary (27 333) (20 775)
Current operations
Profit for the year 1 839 028 948 664
Share of pre-acquisition profit of subsidiary - (354 097)
Equity settled share-based payments 1 816 3
Transfers to profit and loss (5 621) -
Revaluations 1 962 19 297
Foreign currency translation differences 127 590 21 714
Hedging (733) 148
Other 870 -
Minority interest on acquisition of subsidiaries 23 440 1 825 282
Effects of changes in holding (268 406) -
Capital reductions and dividends (383 683) (144 466)
Balance at end of year 6 232 904 4 937 311
SEGMENTAL ANALYSIS
31 March 2008 31 March 2007
R`000 R`000
Net gaming Net gaming
Revenue win Revenue win
Media & broadcasting 1 175 169 - 903 252 -
Financial services - - 5 150
Limited payout gaming 3 075 169 242 2 254 119 071
Casino gaming 610 122 3 222 990 151 900 1 047 084
Hotels 1 665 645 - 478 798 -
Information technology 204 662 - 120 799 -
Transport 782 416 - 738 809 -
Industrial 737 041 - 442 400 -
Energy 177 357 - 40 739 -
Exhibition and
Properties 144 706 - 118 000 -
Other 22 168 - 17 046 -
Total 5 522 361 3 392 232 3 019 147 1 166 155
Profit before tax Headline profit
31 March 31 March 31 March 31 March
2008 2007 2008 2007
R`000 R`000 R`000 R`000
Media & broadcasting 459 698 346 871 174 081 155 113
Financial services 38 310 3 197 (6 950) (29 996)
Limited payout gaming 11 656 8 000 6 649 16 431
Casino gaming 1,312 303 570 024** 273 943 128 211
Hotels 600 407 111 563** 136 971 64 106
Information technology 45 705 28 631 14 932 10 892
Transport 116 905 120 911 84 578 84 490
Industrial 37 550 53 718 27 366 67 772
Food & beverage 129 802 28 796 64 322 28 786
Exhibition and Properties 73 140 36 000 19 357 9 651
Energy (107 919) (68 657) (42 531) (17 246)
Other* 6 940 60 438 (63 178) (8 349)
Total group profit before
tax 2 724 497 1 299 492 689 540 509 861
* Profit before tax includes investment surplus
** Includes the group`s equity-accounted share of after-tax profits from TIH
for eight months and the pre-tax profit of TIH before minority for four months
1 Restated
NOTES TO THE ABRIDGED CONSOLIDATED FINANCIAL STATEMENTS
Basis of preparation and accounting policies
The results for the year ended 31 March 2008 have been prepared in accordance
with International Financial Reporting Standards ("IFRS"), specifically IAS 34:
Interim Financial Reporting, and comply with the requirements of the South
African Companies Act, 1973 and the listings Requirements of the JSE Limited.
The accounting policies of the group are consistent with those applied for the
year ended 31 March 2007. As required by the JSE Limited Listings requirements,
the group reports headline earnings in accordance with Circular 8/2007:
Headline Earnings as issued by the South African Institute of Chartered
Accountants.
Business combinations
During the year under review the group acquired control of the following
entities:
Viamedia (Pty) Ltd (50.01% on 16 July 2007)
Sasani Africa (Pty) Ltd (100% on 16 March 2008)
Mikros Traffic Monitoring (Pty) Ltd (100% on 1 April 2007)
Syntell Imaging (Pty) Ltd (Increase to 50.5% on 1 April 2007)
Tube worx (Pty) Ltd (100% on 1 April 2007)
Auto Tube Manufacturers (Pty) Ltd (100% on 1 October 2007)
The acquired businesses contributed revenues of R396 m and profit before tax
of R79m to the group for the periods from dates of effective control to
31 March 2008. Had the acquisitions been effective on 1 April 2007 the
contribution to revenue would have been R635m and the contribution to profit
before tax would have been R116m.
The details of the net assets acquired and goodwill at acquisition on business
combinations is as follows:
R`000
Non-current assets 85 180
Current assets 203 215
Non-current liabilities (25 868)
Current liabilities (127 876)
134 651
Minority (23 804)
Existing share of net assets before Bus. Comb. (341)
Net assets acquired 110 506
Goodwill arising on acquisition 103 436
Purchase price 213 942
Deferred payment (24 500)
Cash paid 189 442
Cash on acquisition (79 605)
Net cash paid 109 837
The acquisition of Sasani Africa (Pty) Ltd and Viamedia (Pty) Ltd have been
provisionally accounted for as permitted by IFRS 3.The purchase price
allocation will be completed within the next 12 months an d any resulting fair
value adjustments to assets and the recognition of intangible assets will be
accounted for accordingly.
As stated in the March 2007 results, the acquisition of the Tsogo Sun Group was
accounted for using provisional figures provided by the Tsogo Sun Group. The
detailed assessment of Tsogo`s assets, liabilities and contingent liabilities
has been completed and has resulted in the following adjustments:
Property, plant and equipment on business combination has been revalued upwards
in the amount of R1251 million resulting in reduction of R297 million of
goodwill and an increase in minority interest of R592 million. As a result of
the revaluation, the depreciation charge in the current year has increased by
R13 million and in the prior year by R6 million.
Comparative figures have been restated to reflect these changes.
Discontinued operations and non-current assets held for sale
Discontinued operations as disclosed in the group income statement and
non-current assets/liabilities held for sale as disclosed in the group balance
sheet relate to the following:
- A subsidiary of Johnnic Holdings USA, Montauk Energy Capital LLC, has taken
a decision to dispose of certain of its non material passive landfill sites in
the next 12 months.
- During the year under review, the group has entered into agreements to
dispose of its interest in the Mettle Group of Companies for an amount of R85
million, subject to certain remaining suspensive conditions, namely
Competition Commission approval. This approval is expected to be granted in
June 2008.
COMMENTARY
OVERVIEW OF RESULTS
Group results
The group as a whole has performed well in an increasing difficult trading
environment, with some businesses outperforming and others delivering below
management`s expectations. Increases in revenue, EBITDA and operating profits
in the group`s media and gaming subsidiaries, together with the effects of the
recent acquisitions in these sectors have resulted in increases in both
headline profits (up 35%) and adjusted headline profits (up 37%) for the year
when compared to the prior year.
As reflected in the group`s results for the year ended 31 March 2007, the group
acquired control of the Tsogo Sun Group with effect from 1 December 2006.
Accordingly the year under review is the first full reporting year where Tsogo
Sun Group is consolidated. The group`s share of the results of the Tsogo Sun
Group for the first eight months of the prior year were equity accounted, with
the remaining four months being fully consolidated.
The consolidation of the results of the Tsogo Sun Group has resulted in
significant increases in many of the disclosable line items in the group income
statement. As a result all of the line items in the income statement up to and
including profit for the year are not comparable with the prior year. The
profit attributable to HCI shareholders (up 52%), headline profit (up 35%) and
adjusted headline profit (up 37%) are comparable with that of the prior year.
The basic earnings per share, headline earnings per share and adjusted
headline earnings per share are also comparable with that of the prior year.
Basic earnings per share amounted to 702 cents for the year. This represents a
52% increase when compared to the prior year. This increase is due to the
continued improve d performance of the group`s major investments and the
group`s share of profits on the disposal of Johnson Crane Hire and the sale of
the Clover Ultramel business by Clover Industries Limited included in
investment surpluses and share of profits of associates respectively.
Headline earnings increased during the period to R689,5 million from R509,8
million in the prior year.
Adjusted headline earnings, which your directors feel are more reflective of
the sustainable earnings of the group, increased by R190m from R509 million to
R699 million. Adjusted headline earnings exclude all abnormal profits and
losses and the effects of net deferred tax assets raised or expensed in respect
of unused tax losses and available STC credits. Adjusted headline earnings per
share increased by 37% from 411 cents to 563 cents. This increase is mainly due
to the continued improved overall performance of the group`s major investments
during the year.
Group balance sheet
As stated above the group is in the process of disposing off its interest in
the Mettle group of companies and has accordingly in line with IFRS 5,
disclosed the assets and liabilities of these businesses as held for sale. The
most notable effect of this disclosure is the significant reduction in the
group`s financial assets and financial liabilities when compared to the prior
year.
Non-current liabilities at year end comprise non-recourse debt that is
presently ringfenced in operating subsidiaries (R1 236m) and recourse debt at
the HCI corporate level (R1 000m). The increase in recourse debt at the HCI
Corporate level was used to fund the acquisition of further shares in Johnnic
Holdings Ltd.
During the period under review shareholders approved the specific repurchase of
1 million HCI shares from the Fabcos Group for a total consideration of R67
million.
INVESTMENTS
Media and broadcasting
Sabido Investments (Pty) Limited ("Sabido") - 63% interest
HCI`s media interests have all been consolidated in Sabido. While e.tv remains
the primary asset in Sabido t here are a growing number of other media
businesses including Yfm; Cape Town Film Studios; Viamedia; eSat and various
properties that house studios and other media related businesses.
Sabido had an excellent year with strong revenue growth and well controlled
costs.
Business activities were concentrated on developing a multi-channel capacity
to enter the pay television market. We decided not to start a new pay bouquet
in competition with DSTV in light of the fact that several licences to operate
pay bouquets were simultaneously granted. Instead we have agreed to build
several pay channels for DSTV, the first of which, the 24 hour eNews channel,
is due to be launched from 1st June 2008.
We also launched our first channel in a neighbouring territory (Botswana) which
takes our Africa expansion beyond program sales for the first time.
Sabido has also developed a significant property portfolio. It has acquired
Sasani Africa (Pty) Ltd which has given it considerable studio capacity in
Johannesburg needed for multi-channel broadcasting. Cape Town Film Studios is
finally set to be built with Wesgro and the City of Cape Town now being fully
on board. It is hoped the building of the studios will commence in the second
quarter of this financial year and will be completed over an 18 month period
thereafter.
Gaming, hotels and leisure
Tsogo Sun Holdings (Pty) Ltd ("Tsogo Sun") 34%-interest
The group`s casino and hotel interests are held via holdings in Johnnic
Holdings Ltd ("Johnnic") and Tsogo Investment Holding Company (Pty) Ltd. The
group controls Tsogo Sun Holdings and has an effective 34% interest therein as
well as a share of the minority interest in Suncoast giving HCI an effective
35% stake in Suncoast.
During the year HCI increased its holding in Johnnic from 51% to 67% and
shareholders are referred to Johnnic`s financials and commentary for further
details.
The group`s review application against the Mpumalanga Gaming Board`s refusal to
approve HCI`s acquisition of control over Tsogo Sun is currently set down for
hearing in April 2009.
The improvements in Tsogo Sun`s performance are not obvious from reading the
comparables to our 2007 report as we only consolidated its results from
December 2006. The Tsogo Sun Group performed very well. Tsogo Sun Gaming
increased revenues by 15% and EBITDAR (before rentals) grew to R1 711m for
the year (up 21%) when compared to the prior year. Hotels had an outstanding
year with revenues increasing by 19% and EBITDAR (before rentals) growing to
R726m for the year (up 61%) when compared to the prior year. Net interest
bearing debt reduced to R718m at year end.
During the year the group continued its substantial refurbishments of its
hotels. StayEasy hotels are being constructed at Witbank and Rustenburg as
well as expanded at Century City and at Emnotweni.
Several new management contracts have been entered into in Dubai and U.A.E.
Southern Sun Ikoyi Lagos is scheduled to open in October 2008.
The SunSquare hotel built at the East End at Montecasino delivered some R14m
in EBITDA in its first year on a building cost of R98m making it the fastest
take off hotel in Southern Sun history. The east end development includes the
2 000 seat Teatro. Its opening show, The Lion King, was the most successful
event of its kind in South Africa selling some 550 000 tickets.
At Hemingways a shopping centre is currently under development scheduled for
completion November 2009. The shopping centre at the Ridge has been completed.
Vukani Gaming Corporation (Pty) Ltd ("Vukani") - 100% interest
Vukani`s net gaming revenues increased to R169,2m (2007:R119,1m) Likewise its
machine-base grew to 2 087 machines (2007:1 525). EBITDA grew by 138% to R31m
(2007 : R13m) with the average GGR per machine up marginally.
Increases in the cost base were occasioned by it operating across more regions
which each carry their own cost base rather than simply growing the machine
base significantly in established regions. The company incurred significant
further expenses bidding for a licence in the Free State which required it to
employ staff and secure potential sites ahead of licences being awarded. This
award was made but inexplicably excluded Vukani. This decision is currently
being challenged by Vukani.
The cost base was further stretched by having to develop an organization in
Gauteng pursuant to an RFA in that region which is currently being tendered
for. It is expected an award will be made in the last quarter of this financial
year.
Exhibitions and services - 67% interest and
Energy - 60.7% interest
Details of these investments may be found in the commentary to the financial
results of Johnnic Holdings which are consolidated into HCI`s results.
Financial services
Mettle (Pty) Limited ("Mettle") - 100% interest
During the second half of the year, the group entered into agreements to
dispose of its interest in the Mettle Group of companies to a consortium led
by its management. The transaction is subject to Competition Commission
approval which is anticipated soon. The group will retain its interest in Noah
Financial Innovation, the stock broking firm, and certain property bare
dominiums.
Transport
Golden Arrow Bus Service (Pty) Ltd - 100% interest
The group`s interest in Golden Arrow Buses continued to provide it with stable
earnings and strong cash flow. We anticipate this will come under a lot of
pressure in the coming year as the group has the view it will not be possible
to raise bus fares in line with the very significant cost pressures which are
driven mainly by diesel price rises. Hopefully short term sacrifices can be
recovered in future periods. Investment in new buses and the refurbishment of
the existing fleet continues with the object of improving the quality of our
service. Since acquiring the company in 2004, we have acquired 279 new buses
and refurbished a further 114 buses, approximately 37% of the entire fleet, at
a total cost of R327m.
Food and beverages
Clover Industries Limited ("Clover") - 44% economic interest
During the year under review, the group increased its interest in Clover`s
ordinary shares to 34.9%. HCI currently holds 44% of Clover`s preference
shares.
Clover has contributed R64,3m (2007: R28,8m) to HCI`s headline earnings.
Admittedly, the comparative was a low base, but the increase is encouraging.
The pre-tax segmental figure also includes the groups` share of the profit
from the disposal of the Ultramel business to Danone-Clover.
Disappointingly there has been no progress in restructuring the company`s
capital structure which remains tied to milk quotas of its suppliers.
Charges brought against the company relating to alleged offences under
competition law in December 2006 remain outstanding. The allegations all relate
to matters which preceded HCI`s acquiring its interest in Clover and the
company has provided a public refutation of these charges on its website
www.clover.co.za
Information technology
Syntell (Pty) Limited ("Syntell") - 50,01% interest
The improvement in results is primarily in consequence of Syntell which has
been operating a significant contract in Johannesburg for the whole year for
the first time.
Industrial
Industrial assets comprise primarily the group`s interests in Formex Industries
and Johnson Access. The segmental results for the prior year include the
profits from Johnson Crane Hire that was disposed off at the beginning of the
financial year.
Formex Industries contributed R16,7m to second half profit before tax
Compared to R7,5m for the first half (total R24,2m for the year). The
improvement is mainly due to the profit contribution from the acquisition of
Autotube Manufacturing and improved operational efficiency in the pressings
division. The pulley division was only marginally profitable due to the
expensing of new business development costs and unbudgeted airfreight charges.
Johnson Access grew profit before tax by 59% compared to the prior year. The
increased profit was the result of the buoyant construction industry but a
reduced depreciation charge, necessitated by higher residual asset value
assumptions, also had a significant impact. The business now operates in
excess of 300 access platforms.
HCI Khusela Coal (Pty) Ltd - 80% interest
HCI-Khusela Coal has developed three coal properties and expects to commence
mining on two of them in the immediate future. These properties ought to
contribute significantly to the group`s profit in the future once start-up
costs have been absorbed.
CHANGES IN DIRECTORATE
During the year under review, Mr R Garach was appointed an independent non-
executive director of the Company.
AUDITOR`S REVIEW
These results have been reviewed by the company`s auditors, PKF (Jhb) Inc.
Their unqualified review opinion is available for inspection at the registered
office of the company.
DIVIDEND ANNOUNCEMENT
Your directors have resolved to declare ordinary dividend number 40 of 60 cents
per HCI share. The last day to trade cum distribution will be Friday 27th June
2008. HCI shares will commence trading ex dividend as from Monday, 30 June 2008
and the record date will be Friday, 4 July 2008. The dividend will be paid on
Monday, 7 July 2008. Share certificates may not be dematerialised or
rematerialised between Monday 30 June 2008 and Friday, 4 July 2008, both days
inclusive.
For and behalf of the Board of Directors
MJA Golding JA Copelyn
Chairman Chief Executive Officer
Cape Town 15th May 2008
Registered office
Suite 624, Office Tower, Overport City, 430 Ridge Road, Durban, 4001
PO Box 70874, Overport City, 4067
Transfer secretaries
Computershare Investor Services (Pty) Limited, 70 Marshall Street,
2001 PO Box 61051, Marshalltown, Johannesburg, 2107
Directors
MA Golding Chairman, JA Copelyn Chief Executive Officer
JA Mabuza, VE Mphande, JG Ngcobo*, VM Engel*, MF Magugu*
AM Ntuli*, Y Shaik*, A van der Veen, Dr ML Molefi*, R Garach*
*non-executive
Company secretary
TG Govender
Sponsor
Investec
Corporate Finance
Investec Bank Limited
(Registration number 1969/004763/06)
Date: 15/05/2008 17:45:01 Produced by the JSE SENS Department.
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