| Mon 19 May 2008, 7:10 | | RBX - Raubex Group Limited - Audited Results For T |
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RBX
RBX
RBX - Raubex Group Limited - Audited Results For The Year Ended 29 February 2008
and dividend declaration
Raubex Group Limited
Registration number 2006/023666/06
Share Code: RBX
ISIN Code: ZAE000093183
AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008
HIGHLIGHTS
- Revenues up 79,4% to R2,14 billion (2007: R1,19 billion)
- Operating profit up 121,7% to R431,3 million (2007: R194,5 million)
- Group operating margin up 23,9% to 20,2% (2007: 16,3%)
- HEPS up 116,2% to 180,1 cents per share (2007: 83,3 cents per share)
- Strong cash flow from operations up 125,7% to R448,8 million (2007: R198,9
million)
- Capex spend of R244,6 million
- Final dividend of 40 cents per share declared
- Solid order book up 68% to R2,7 billion
Francois Diedrechsen, Financial and Commercial Director of Raubex Group, said:
" The performance over the past year is in line with expectations and
underpinned by an improved operating margin and a healthy order book across all
divisions.
"Over the period, the Group acquired a number of value-enhancing businesses
fitting across all the three divisions. The acquisitive growth was balanced by
continued organic growth derived from improved operational efficiencies and
skills development. Looking ahead, we will continue to focus on integrating the
strategic acquisitions whilst ensuring that the entrepreneurial spirit, which
is a hallmark of the Group, remains intact.
"We are now positioned as a significantly larger business with increased
capacity and geographic reach to take full advantage of the opportunities
offered by an overall increase in demand for our services around the country.
We look forward to another strong performance in the coming year."
19 May 2008
ENQUIRIES
Raubex Group 012 665 3226
Francois Diedrechsen
College Hill 011 447 3030
Fred Cornet 083 307 8286
Jacques de Bie 082 691 5384
COMMENTARY
FINANCIAL OVERVIEW
Revenue increased 79,4% to R2,14 billion and operating profit increased 121,7%
to R431,3 million from the corresponding prior period. Profit before tax
increased 103% to R416,8 million.
Earnings per share increased 112% to 180,9 cents with headline earnings per
share increasing 116,2% to 180,1 cents.
Group operating margin increased from 16,3% to 20,2% compared to the
corresponding prior year period.
The Group generated operating cashflows of R448,8 million before finance charges
and taxation.
Capital expenditure on fixed assets to the value of R244,6 million was incurred
during the year ended 29 February 2008.
Net cash inflow for the year ended 29 February 2008 was R582,9 million with
total cash and cash equivalents at the end of the period amounting to
R660,2 million. The cash and cash equivalents balance includes proceeds from
shares issued of R379,5 million net of share issue expenses of R25,9 million.
The bulk of the R379,5 million has been allocated to pay for the cash portions
of the acquisitions detailed in the `post balance sheet events` section of this
announcement.
Expenses related to the share incentive scheme amounted to R14,4 million during
the period.
OPERATIONAL OVERVIEW
The financial performance described above was achieved in spite of numerous
operational sites being affected by an unusual amount of rain days having a
negative impact on productivity and schedules.
Due to Raubex`s nature of business, the power supply constraints experienced
over the past few months had little impact on the Group`s operations. Raumix is
the only division affected and management pro-actively re-organised shifts
and necessary routine maintenance schedules to work around the load-shedding
programmes.
The share incentive scheme put in place for key staff, excluding executive
directors, has been well received and is proving to be an effective tool to
address staff retention and boost motivation levels.
Roadmac
Roadmac is a specialist in the manufacturing and the laying of asphalt, chip
and spray, surface dressing, enrichments and slurry seals.
Roadmac is the largest contributor to Group revenue and despite unusually high
rainfall in some areas, performance for the year has exceeded expectations. The
division is operating in a very favourable environment supported by a very
healthy order book. The acquisition of National Asphalt was successfully
integrated during the period and is performing above expectations.
Revenue for the division increased 82,9% to R1,25 billion (2007: R685,2 million)
and operating profit by 73,6% to R233,9 million (2007: R134,7 million).
The divisional margins decreased to 18,7% (2007: 19,7%) due to the effects of
the unusually high number of rain days experienced.
The division incurred capital expenditure of R76,2 million during the year(2007:
R40,5 million).
Raubex Construction
Raubex Construction is a road and civil infrastructure construction company
focused on the key areas of new road construction (green fields) and heavy road
rehabilitation.
Revenue for the division increased 8,8% to R520 million (2007: R477,9 million)
whilst operating profit increased 96,8% to R95,1 million (2007: R48,3 million).
This is as a result of existing low margin contracts coming to an end and the
effects of new higher margin contracts starting to come through in the second
half of the year.
The divisional margins improved strongly to 18,3% (2007: 10,1%).
The division incurred capital expenditure of R67,6 million during the year
(2007: R56,3 million).
Raumix
Raumix is the materials division of the Group with its core focus spread over
three areas including contract crushing, production of aggregates for the
commercial market and materials handling for the mining industry. The
acquisition of the SPH Group together with the Queenstown and Aliwal Quarries
were successfully integrated during the period. The significant variances in
divisional financial indicators are attributable to these acquisitions.
Revenue for the division increased 1 206% to R362,9 million (2007:
R27,8 million) and operating profit by 794% to R102,2 million (2007:
R11,4 million).
The divisional margins decreased to 28,2% (2007: 41,2%) as a result of the
acquisitions mentioned above.
The division incurred capital expenditure of R100,8 million during the period
(2007: R17 million).
PROSPECTS
The group`s order book stands at R2,7 billion (2007: R1,6 billion).
Industry players, including Raubex, are now seeing the results of the
government`s infrastructure investments filter through to the order book. More
recently, announcements such as the Gauteng road upgrade programme and plans to
upgrade various airports around the country have added to the strong basic
maintenance and rehabilitation pipeline already present. As mentioned
previously, opportunities around the Public Private Partnership market are also
becoming more tangible.
International activities remain small from a Group perspective and continue to
focus on Zambia. The pipeline in Zambia and neighboring countries is
above expectations and Raubex will maintain a cautious growth approach whilst it
gains valuable experience.
Through its strategy of acquisitive and organic growth, Raubex is now
positioned as a sizeable industry player with the skills and capacity to grow
the order book and meet the increasing demand for its line of work. In the
current market conditions, the Group expects to deliver a strong performance
in the year ahead.
DIVIDEND DECLARATION
In line with the guidance provided prior to the listing, the directors declared
a final dividend of 40 cents per share on 19 May 2008. The salient dates for
the payment of the dividend are as follows:
Last day to trade cum dividend Friday, 6 June 2008
Commence trading ex dividend Monday, 9 June 2008
Record date Friday, 13 June 2008
Payment date Tuesday, 17 June 2008
No share certificates may be dematerialised or rematerialised between
Monday, 9 June 2008 and Friday, 13 June 2008, both dates inclusive.
Group Financial Statements for the year ended 29 February 2008
AUDITED GROUP INCOME STATEMENT Audited Audited
29 February 28 February
2008 2007
R R
Revenue 2 135 778 031 1 190 860 142
Cost of sales (1 616 112 151) (964 438 063)
Gross profit 519 665 880 226 422 079
- Other income 18 979 346 15 811 940
- Other gains/losses - net 3 075 679 (11 019 291)
- Administrative expenses (110 438 956) (36 710 215)
Operating profit 431 281 949 194 504 513
- Finance income 12 996 916 16 814 914
- Finance costs (27 986 271) (12 296 390)
- Share of profit of associate 478 480 6 258 820
Profit before tax 416 771 074 205 281 857
- Taxation expense (121 152 553) (66 423 518)
Profit for the year 295 618 521 138 858 339
Attributable to:
Equity holders of the Company 294 150 140 85 335 234
Minority interest 1 468 381 53 523 105
Weighted average number of shares 162 641 151 100 000,000
Basic earnings per share (cents) 180,9 85,3
Diluted earnings per share (cents) 178,4 85,3
CALCULATION OF DILUTED EARNINGS PER SHARE
Audited Audited
29 February 28 February
2008 2007
R R
Weighted average number of
ordinary shares in issue 162 641 151 100 000 000
Adjustments for:
- Share options 2 200 000 -
Weighted average number of
ordinary shares for diluted
earnings per share 164 841 151 100 000 000
Earnings attributable to
equity holders of the Company 294 150 140 85 335 234
Diluted earnings per share (cents) 178,4 85,3
CALCULATION OF HEADLINE EARNINGS PER SHARE
Audited Audited
29 February 28 February
2008 2007
R R
Net profit after tax attributable to equity
holders 294 150 140 85 335 234
Adjustments for:
- Profit/loss on sale of fixed assets after tax (555 060) (1 460 217)
- Impairment of loans - 505 638
- Excess from fair value of assets acquired
over purchase price (682 427) (1 044 890)
Basic headline earnings 292 912 653 83 335 765
Weighted average number of shares 162 641 151 100 000 000
Headline earnings per share (cents) 180,1 83,3
Diluted headline earnings per share (cents) 177,7 83,3
AUDITED GROUP BALANCE SHEET Audited Audited
29 February 28 February
2008 2007
R R
ASSETS
Non-current assets
- Property, plant and equipment 668 364 912 290 398 357
- Intangible assets 198 939 016 16 533 580
- Investment in associate 2 670 759 14 629 758
- Deferred income tax assets 9 283 041 4 634 946
- Trade and other receivables 401 787 -
879 659 515 326 196 641
Current assets
- Inventories 50 439 686 17 628 617
- Construction contracts in progress 73 644 341 44 263 883
- Trade and other receivables 368 676 796 258 686 325
- Current income tax receivable 12 054 823 17 077 177
- Cash and cash equivalents 660 233 434 83 266 639
1 165 049 080 420 922 641
Non-current assets held for sale 2 472 076 -
Total assets 2 047 180 671 747 119 282
EQUITY AND LIABILITIES
Equity
- Share capital 1 725 268 1 432 782
- Share premium 1 830 852 682 1 282 167 325
- Other reserves (1 156 813 647) (1 174 084 740)
- Retained earnings 457 979 152 196 254 978
Equity attributable to equity
holders of the company 1 133 743 455 305 770 345
Minority interest in equity 2 785 655 1 517 273
Total equity 1 136 529 110 307 287 618
Liabilities
Non-current liabilities
- Borrowings 249 069 699 89 208 131
- Provisions for liabilities and charges 7 954 770 658 000
- Deferred income tax liability 113 897 357 52 511 816
370 921 826 142 377 947
Current liabilities
- Trade and other payables 318 623 885 246 006 662
- Borrowings 143 856 259 37 014 819
- Current income tax liabilities 77 229 574 8 494 173
- Bank overdrafts 20 017 5 938 063
539 729 735 297 453 717
Total liabilities 910 651 561 439 831 664
Total equity and liabilities 2 047 180 671 747 119 282
AUDITED GROUP CASH FLOW STATEMENT Audited Audited
29 February 28 February
2008 2007
R R
Cash flows from operating activities
Cash generated from operations 448 814 702 198 880 958
Finance income 12 996 916 16 814 914
Finance costs (27 986 271) (12 296 390)
Taxation paid (43 777 166) (66 524 920)
Net cash from operating activities 390 048 181 136 874 562
Cash flows from investing activities
Additions of property, plant
and equipment (244 584 549) (113 831 528)
Proceeds from sale of
property, plant and equipment 22 758 994 22 731 812
Acquisition of subsidiaries (57 143 171) (997 222 552)
Minorities acquired - (278 826 096)
Associates` dividends received 24 000 4 275 000
Loans to associates 5 707 408 (4 238 405)
Net cash from investing activities (273 237 318) (1 367 111 769)
Cash flows from financing activities
Proceeds from borrowings 119 169 200 29 670 193
Proceeds from shares and share premium 379 530 744 1 283 600 106
Dividends paid to company`s shareholders (32 425 966) (35 989 000)
Dividends paid to minority interests (200 000) (29 515 353)
Net cash from financing activities 466 073 978 1 247 765 946
Total cash movement for the year 582 884 841 17 528 739
Cash at the beginning of the year 77 328 576 59 799 837
Total cash at the end of the year 660 213 417 77 328 576
AUDITED SEGMENTAL ANALYSIS
Road surfacing
Aggregate and and
Business segments crusher rehabilitation
R R
At 29 February 2008
Segment revenue 362 915 556 1 252 901 821
Segment result (operating profit) 102 240 357 233 921 754
At 28 February 2007
Segment revenue 27 780 892 685 149 524
Segment result (operating profit) 11 438 651 134 731 529
AUDITED SEGMENTAL ANALYSIS
Road
construction
and earthworks Consolidated
Business segments
At 29 February 2008 R R R
Segment revenue 519 960 653 2 135 778 031
Segment result (operating profit) 95 119 838 431 281 949
At 28 February 2007
Segment revenue 477 929 726 1 190 860 142
Segment result (operating profit) 48 334 333 194 504 513
Geographical segments Local International Consolidated
At 29 February 2008 R R R
Segment revenue 1 990 906 264 144 871 767 2 135 778 031
Segment result
(operating profit) 407 733 525 23 548 424 431 281 949
At 28 February 2007
Segment revenue 1 047 246 969 143 613 173 1 190 860 142
Segment result
(operating profit) 186 654 139 7 850 374 194 504 513
AUDITED GROUP STATEMENT OF CHANGES IN EQUITY
Share capital Share premium
R R
Balance at 1 March 2006 300 -
Issue of share capital and share premium 1 432 482 1 282 167 325
Currency translation reserve - -
Reverse acquisition of subsidiary - -
Minority interest acquisition - -
Profit for the year - -
Dividends paid - -
Balance at 28 February 2007 1 432 782 1 282 167 325
Issue of share capital and share premium 292 486 574 630 944
Share issue expenses - (25 945 587)
Currency translation reserve - -
Share option reserve - -
Profit for the year - -
Dividends paid - -
Balance at 29 February 2008 1 725 268 1 830 852 682
Retained
Other reserves earnings
R R
Balance at 1 March 2006 - 146 908 744
Issue of share capital and share premium - -
Currency translation reserve 1 213 204 -
Reverse acquisition of subsidiary (1 001 620 037) -
Minority interest acquisition (173 677 907) -
Profit for the year - 85 335 234
Dividends paid - (35 989 000)
Balance at 28 February 2007 (1 174 084 740) 196 254 978
Issue of share capital and share premium - -
Share issue expenses - -
Currency translation reserve 2 909 913 -
Share option reserve 14 361 180 -
Profit for the year - 294 150 140
Dividends paid - (32 425 966)
Balance at 29 February 2008 (1 156 813 647) 457 979 152
Total attributable
to equity holders
of the parent Minority
company interest
R R
Balance at 1 March 2006 146 909 044 78 198 452
Issue of share capital and share premium 1 283 599 807 -
Currency translation reserve 1 213 204 404 401
Reverse acquisition of subsidiary (1 001 620 037) -
Minority interest acquisition (173 677 907) (101 093 332)
Profit for the year 85 335 234 53 523 105
Dividends paid (35 989 000) (29 515 353)
Balance at 28 February 2007 305 770 345 1 517 273
Issue of share capital and share premium 574 923 430 -
Share issue expenses (25 945 587) -
Currency translation reserve 2 909 913 -
Share option reserve 14 361 180 -
Profit for the year 294 150 140 1 468 382
Dividends paid (32 425 966) (200 000)
Balance at 29 February 2008 1 133 743 455 2 785 655
Total equity
R
Balance at 1 March 2006 225 107 496
Issue of share capital and share premium 1 283 599 807
Currency translation reserve 1 617 605
Reverse acquisition of subsidiary (1 001 620 037)
Minority interest acquisition (274 771 239)
Profit for the year 138 858 339
Dividends paid (65 504 353)
Balance at 28 February 2007 307 287 618
Issue of share capital and share premium 574 923 430
Share issue expenses (25 945 587)
Currency translation reserve 2 909 913
Share option reserve 14 361 180
Profit for the year 295 618 522
Dividends paid (32 625 966)
Balance at 29 February 2008 1 136 529 110
CAPITAL EXPENDITURE AND DEPRECIATION Audited Audited
29 February 28 February
2008 2007
R R
Capital expenditure 244 584 549 113 831 528
Depreciation 62 257 886 25 508 214
Amortisation of intangible 1 135 011 -
EMPLOYEE BENEFIT EXPENSE Audited Audited
29 February 28 February
2008 2007
R R
Employee benefit expense in the income
statement consists of:
- Salaries, wages and contributions 304 051 406 155 572 235
- Share options granted to employees 14 361 180 -
Total employee benefit expense 318 412 586 155 572 235
Notes
Basis of preparation:
The abridged consolidated financial information ("financial information") is
based on the audited financial statements of the Group for the year ended 29
February 2008, which have been prepared in accordance with International
Financial Reporting Standards ("IFRS") International Accounting Standard 34,
the Listings Requirements of the JSE Limited and the South African Companies Act
61 of 1973 as amended, on a consistent basis with that of the prior period.
These results have been audited by PricewaterhouseCoopers Inc., Chartered
Accountants (SA), Registered Auditors. Their unqualified audit opinion is
available for inspection at the Company`s registered office.
ACQUISITIONS
The Group made the following acquisitions during the year.
Acquisition of SPH Group (Pty) Limited & Increased holding in Canyon Rock (Pty)
Limited
On 1 March 2007, the Group acquired 100% of the share capital of SPH Group
(Pty) Limited, through the acquisition of 100% of its holding company Aquatic
Services (Pty) Limited for R111,3 million. The SPH group of companies
specialises in quarrying, screening and material handling operations. The
acquired business contributed revenues of R245,2 million and net profit of
R22,6 million to the Group for the period from 1 March 2007 to 29 February 2008.
On 1 March 2007 the Group increased its holding in Canyon Rock (Pty) Limited to
100% through the acquisition of 45% of the share capital from SPH Group (Pty)
Limited and the remaining 10% from minority shareholders for R46,3 million.
Canyon Rock specialises in quarrying operations and operates two commercial
quarries, Rosslyn Quarry and Rossway Quarry. The acquired business contributed
revenues of R69,5 million and net profit of R20 million to the Group for the
period from 1 March 2007 to 29 February 2008.
The purchase consideration for the acquisition of SPH Group (Pty) Limited and
Canyon Rock (Pty) Limited was settled by the issuance of 18 851 632 ordinary
shares. The fair value of shares issued amounted to R169 447 100.
Acquisition of Queenstown Quarry (Pty) Limited
On 1 September 2007 the group acquired 100% of the share capital of Queenstown
Quarry (Pty) Limited for R22 million cash. The company conducts quarry and
readymix concrete operations in Queenstown. The acquired business contributed
revenues of R16,3 million and net profit of R2 million to the Group for the
six month period from 1 September 2007 to 29 February 2008. If the acquisition
had occurred on 1 March 2007, contributions to Group revenue would have been
R27,1 million and net profit of R2,8 million.
Acquisition of Aliwal Dolorite Quarry (Pty) Limited
On 1 September 2007 the Group acquired 100% of the share capital of Aliwal
Dolorite Quarry (Pty) Limited for R7,6 million cash. The company consists of a
quarry operation in Aliwal North. The acquired business contributed revenues of
R2,7 million and net profit of R0,7 million to the Group for the six month
period from 1 September 2007 to 29 February 2008. If the acquisition had
occurred on 1 March 2007, contributions to Group revenue would have been
R5,7 million and net profit of R1,2 million.
Acquisition of National Asphalt (Pty) Ltd
On 1 April 2007 the Group, through its subsidiary Multistone Construction (Pty)
Limited, acquired 100% of the business of National Asphalt (Pty) Limited as a
going concern for R30,1 million cash. National Asphalt specialises in the
manufacture and laying of premix asphalt. The acquired business contributed
revenues of R152,7 million and net profit of R11,2 million to the Group for the
11 month period from 1 April 2007 to 29 February 2008. If the acquisition had
occurred on 1 March 2007, contributions to Group revenue would have been R168
million and net profit of R12,3 million.
POST BALANCE SHEET EVENTS
Acquisitions
The following acquisitions became effective after the balance sheet date, all
conditions precedent relating to the acquisitions have been met.
B & E International Holdings (Pty) Limited
The Group acquired 100% of the share capital of B&E International Holdings
(Pty) Limited, a group of companies specialising in contract crushing and
mineral processing operations at a cost of R513 million. The purchase
consideration to be settled by the issuance of 9 029 677 ordinary shares at a
fair value of R295 million and cash of R218 million.
Space Construction (Pty) Limited and Space Indlela Construction (Pty) Limited
The Group acquired 100% of the share capital of Space Construction (Pty) Limited
and Space Indlela Construction (Pty) Limited, a group of companies specialising
in road construction, at a cost of R50 million. The purchase consideration was
settled by the issuance of 277 771 ordinary shares at a fair value of
R10 million and cash of R40 million.
Thaba Bosiu Construction (Pty) Limited and Zamori Construction (Pty) Limited
The Group acquired 100% of the share capital of Zamori Construction (Pty)
Limited and Thaba Bosiu Construction (Pty) Limited, a group of companies
specialising in road construction, at a cost of R100 million. The purchase
consideration was settled by the issuance of 789 474 ordinary shares at a fair
value of R30 million and cash of R70 million.
Bonn Plant Hire (Pty) Limited and the business of Akasia Road Surfacing (Pty)
Limited
The Group acquired 100% of the share capital of Bonn Plant Hire (Pty) Limited
including the business of Akasia Road Surfacing (Pty) Limited for R113 million
cash. The company specialises in road construction, road surfacing and asphalt
manufacturing.
A pro forma income statement including the effect of the above mentioned
acquisitions has been set out below.
Pro forma income statement of Raubex Group
The table below sets out the unaudited pro forma income statement of Raubex
Group. The unaudited pro forma statement has been prepared for illustrative
purposes only and because of its nature may not fairly reflect the results of
Raubex after the below-mentioned acquisitions. The pro forma income statement
is the responsibility of the directors of Raubex.
Audited year
ended 29 Acquisitions
R`000 February 2008 (1)/(3)
Revenue 2 135 778 626 702
Operating profit 431 282 124 395
Net finance income/(cost) (14 989) (6 562)
Income from associate 478 -
Profit before tax 416 771 117 833
Taxation (121 153) (36 514)
Profit for the year 295 618 81 319
Attributable to:
Equity holders of the Company 294 150 80 492
Minority interest 1 468 827
Weighted average number of shares 162 641 19 982
Earnings per share (cents) 180,9 -
Headline earnings per share (cents) 180,1 -
Pro forma year
Pro forma year ended 28
ended 29 February 2007
R`000 February 2008 (2)
Revenue 2 762 480 1 600 920
Operating profit 555 677 273 854
Net finance income/(cost) (21 551) (1 307)
Income from associate 478 380
Profit before tax 534 604 272 927
Taxation (157 667) (83 936)
Profit for the year 376 937 188 991
Attributable to:
Equity holders of the company 374 642 188 721
Minority interest 2 295 270
Weighted average number of shares 182 624 162 130
Earnings per share (cents) 205,1 116,4
Headline earnings per share (cents) 201,0 115,2
Notes:
1) Represents the effects of the acquisition of B&E International Holdings
(Pty) Limited, Space Construction (Pty) Limited, Space Indlela Construction
(Pty) Limited, Thaba Bosiu Construction (Pty) Limited, Zamori Construction (Pty)
Limited, Queenstown Quarry (Pty) Limited and Aliwal Dolorite Quarry (Pty)
Limited on the following assumptions:
a) The acquisitions were effective 1 March 2007.
b) Financial information of the respective entities has been included as
follows:
i) B&E International - audited results for the four month period ending
30 June 2007 have been aggregated to the audited results for the eight month
period ending 29 February 2008;
ii) Space Construction and Space Indlela Construction - reviewed results for
the 12 month period ending 29 February 2008;
iii) Thaba Bosiu Construction - reviewed results for the 12 month period
ending 29 February 2008
iv) Zamori Construction - audited results for the four month period ending
30 June 2007 have been aggregated to the reviewed results for the eight month
period ending 29 February 2008; and
v) Queenstown Quarry and Aliwal Quarry - reviewed results for the six month
period ending 31 August 2007
2) Represents the effects of the acquisition of SPH, National Asphalt and
Milling Techniks per the Pre-listing statement, on the following assumptions:
a) The acquisitions were effective 1 March 2006
b) Based on the financial information of the respective entities as follows:
i) SPH - Unaudited management accounts for the 12 months ended
30 November 2006;
ii) National Asphalt - Audited financial statements for the year ended
31 August 2006 adjusted for the effects of a disposal of investment during the
year; and
iii) Milling Techniks - Unaudited management accounts for the six months ended
31 August 2006. Milling Techniks was acquired by Raubex with effect 1 September
2006, consequently its results for the six months ended 28 February 2007 are
included in the results of Raubex for the year ended 28 February 2007.
3) Bonn Plant Hire (Pty) Limited and the business of Akasia Road Surfacing
(Pty) Limited have not been included in the pro forma figures, the acquisition
date being 1 May 2008.
On behalf of the Board:
M C Matjila J E Raubenheimer F Diedrechsen
Chairman Chief Executive Officer Group Financial & Commercial Director
19 May 2008
Raubex Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 2006/023666/06
Share Code: RBX
ISIN Code: ZAE000093183
("Raubex" or the "Company")
Directors:
M C Matjila (Chairman)# , J E Raubenheimer, G M Raubenheimer, F Diedrechsen,
F Kenney#, M B Swana#, L Maxwell*
# Non-executive * Independent non-executive
Company Secretary:
Mrs H E Ernst
Registered office:
1st Floor Leopard Creek Building
The Greens Office Park
Centurion
Postal address:
PO Box 66192
Highveld
0169
Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street
Johannesburg 2001
PO Box 61051
Marshalltown 2107
Auditors:
PricewaterhouseCoopers Inc.
Sponsor:
Investec Bank Limited
www.raubex.co.za
Date: 19/05/2008 07:10:03 Produced by the JSE SENS Department.
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