| Tue 2 Dec 2008, 7:05 | | AIP - Adcock - Abridged Audited Group Results for the Year Ended 30 September |
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AIP
AIP - Adcock - Abridged Audited Group Results for the Year Ended 30 September
2008
ADCOCK INGRAM HOLDINGS LIMITED
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP & ISIN: ZAE000123436
("Adcock" or "the company" or "the group")
ABRIDGED AUDITED GROUP RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2008
- Turnover up 15%
- NPAT up 17%
- EBIT up 5%
- HEPS up 5%
"All of Adcock Ingram`s businesses have performed well and, although under
margin pressure, our market share in most areas of operation is encouraging,
with our core brands showing particular resilience." CEO, Jonathan Louw
Consolidated income statement
for the years ended 30 September
Statutory* Pro forma Pro forma
2008 2008 2007
Note R`000 R`000 R`000
REVENUE 2 1 772 659 3 463 333 2 901 292
TURNOVER 2 1 758 808 3 300 894 2 879 228
Net profit before 501 549 1 004 633 961 146
interest, taxation and
abnormal items
Finance revenue 11 042 151 739 22 064
Finance costs (67 666) (188 406) (135 833)
Dividend income 2 2 809 10 700 -
Profit before taxation and 447 734 978 666 847 377
abnormal items
Abnormal items 3 (17 791) (71 295) (45 443)
Profit before taxation 429 943 907 371 801 934
Taxation (105 209) (243 996) (233 944)
Net profit for the year 324 734 663 375 567 990
Attributable to:
Equity shareholders 318 399 653 087 560 284
Minority interest 6 335 10 288 7 706
324 734 663 375 567 990
Number of ordinary shares 173 055 173 055 172 399
in issue (000`s)
Weighted average number of 172 630 172 554 172 399
ordinary shares on which
headline earnings and
basic earnings per share
are based (000`s)
Diluted number of shares 173 721 173 645 173 404
(000`s)
Headline earnings per 195,6 387,6 370,5
ordinary share (cents)
Diluted headline earnings 194,3 385,2 368,4
per ordinary share (cents)
Basic earnings per 184,4 378,5 324,9
ordinary share (cents)
Diluted basic earnings per 183,3 376,1 323,1
ordinary share (cents)
Reconciliation between
earnings and headline
earnings
Earnings as reported 318 399 653 087 560 284
Adjustments:
Impairment of intangible 17 791 17 791 63 850
assets
Impairment of plant - - 14 646
Loss/(profit) on disposal 1 428 (2 040) -
of property, plant and
equipment
Headline earnings 337 618 668 838 638 780
* Note: Statutory represents 6 months of trading
Consolidated balance sheets
at 30 September
Statutory/ Pro forma
Pro forma
2008 2007
R`000 R`000
ASSETS
Property, plant and equipment 452 019 260 007
Deferred taxation 12 447 9 440
Investments 170 193 149 795
Intangible assets 222 186 234 845
Non-current assets 856 845 654 087
Inventories 566 580 433 832
Trade and other receivables 883 429 647 864
Cash and cash equivalents 406 025 757 407
Taxation receivable - 14 227
Amounts owing by related parties - 14 138
Current assets 1 856 034 1 867 468
Total assets 2 712 879 2 521 555
EQUITY AND LIABILITIES
Capital and reserves
Issued share capital 17 306 **
Share premium 1 193 662 -
Non-distributable reserves 77 306 59 119
Retained income/(accumulated loss) 340 117 (130 363)
Total shareholders` funds/(deficit) 1 628 391 (71 244)
Minority interest 22 612 20 736
Total equity 1 651 003 (50 508)
Long-term liabilities 277 833 408 517
Post retirement medical liability 13 698 12 830
Deferred taxation 4 013 -
Non-current liabilities 295 544 421 347
Bank overdraft 10 727 1 525 267
Trade and other payables 543 401 451 790
Short-term borrowings 161 119 109 948
Provisions 30 719 39 711
Taxation payable 20 366 24 000
Current liabilities 766 332 2 150 716
Total equity and liabilities 2 712 879 2 521 555
** Less than R1 000
Consolidated cash flow statements
for the years ended 30 September
Statutory* Pro forma Statutory
2008 2008 2007
R`000 R`000 R`000
Cash flows from operating
activities
Operating profit before 546 021 1 080 678 1 185 626
working capital changes
Cash related abnormal items - (53 504) 6 216
Working capital changes (224 642) (285 694) (8 652)
Cash generated from 321 379 741 480 1 183 190
operations
Finance revenue 11 042 151 739 110 204
Finance costs (67 666) (188 406) (226 233)
Dividend income 2 809 10 700 -
Dividends paid (11 016) (42 725) (23 218)
Taxation paid (49 170) (233 712) (325 440)
Net cash inflow from 207 378 439 076 718 503
operating activities
Cash flows from investing
activities
Decrease/(increase) in 38 607 (16 343) -
Investments
Purchase of intangible (18 350) (18 756) (23 605)
assets
Proceeds on disposal of the - - 2 063 388
Consumer Division
Cost of business acquired (101 180) (31 930) (1 500)
Purchase of property, plant (162 013) (230 387) (71 880)
and equipment
Proceeds on disposal of 8 831 17 361 1 780
property, plant and
equipment
Net cash (outflow)/inflow (234 105) (280 055) 1 968 183
from investing activities
Cash flows from financing
activities
Increase in loan made to - - (1 934 327)
fellow subsidiary
Proceeds from issue of share 6 599 1 210 968 -
capital
Decrease/(increase) in 475 150 (133 057) (723 042)
amounts owing by related
parties
Long-term liabilities repaid (132 363) (130 684) -
Short-term liabilities 76 923 51 171 (103 347)
raised/(repaid)
Net cash inflow/(outflow) 426 309 998 398 (2 760 716)
from financing activities
Net increase/(decrease) in 399 582 1 157 419 (74 030)
cash and cash equivalents
Translation reserve movement (5 097) 1 735 -
Movement in hedge accounting 813 4 004 (2 560)
reserve
Cash and cash equivalent at - (767 860) (691 270)
beginning of year
Cash and cash equivalents at 395 298 395 298 (767 860)
end of year
* Note: Statutory represents 6 months of trading
Segmental reporting
Statutory* Pro forma Pro forma
2008 2008 2007
R`000 R`000 R`000
Turnover
Prescription 580 862 1 041 710 908 892
OTC 560 597 1 087 900 956 900
Hospital Products 617 349 1 171 284 1 013 436
1 758 808 3 300 894 2 879 228
Depreciation and
amortisation
Prescription 11 524 20 686 9 670
OTC 6 807 11 387 10 065
Hospital Products 18 454 36 535 36 237
36 785 68 608 55 972
Impairment losses
Prescription 11 558 11 558 70 581
OTC - - 7 039
Hospital Products 6 233 6 233 876
17 791 17 791 78 496
Operating income
Prescription 171 613 336 811 323 907
OTC 201 111 417 368 404 633
Hospital products 128 825 250 454 245 716
Other - - (13 110)
501 549 1 004 633 961 146
* Note: Statutory represents 6 months of trading
Consolidated group statement of changes in equity
Attributable to equity holders of the parent
Share Share Retained
capital premium income
STATUTORY 2008 R`000 R`000 R`000
Business 17 248 1 187 121 32 018
combinations
Share issue 58 8 431
Net profit for the 318 399
year
Dividends on (10 300)
ordinary shares
Capital distribution (1 890)
out of share premium
Share-based payment
reserve
Hedge accounting
reserve
Foreign currency
translation reserve
Balance at 30 17 306 1 193 662 340 117
September 2008
Attributable to equity holders of the parent
Non-distri-
butable Minority Total
reserves Total interests equity
STATUTORY 2008 R`000 R`000 R`000 R`000
Business 73 849 1 310 236 16 277 1 326 513
combinations
Share issue 8 489 - 8 489
Net profit for the 318 399 6 335 324 734
year
Dividends on (10 300) - (10 300)
ordinary shares
Capital distribution (1 890) - (1 890)
out of share premium
Share-based payment 7 741 7 741 - 7 741
reserve
Hedge accounting 813 813 - 813
reserve
Foreign currency (5 097) (5 097) - (5 097)
translation reserve
Balance at 30 77 306 1 628 391 22 612 1 651 003
September 2008
Notes to the financial statements
Introduction
The abridged audited results have been prepared in accordance with International
Financial Reporting Standards, IAS 34 - Interim Financial Reporting and the
Listing Requirements of the JSE Limited. The condensed statutory and pro forma
financial information has been audited by Ernst & Young Inc. in accordance with
the bases of preparation as detailed below. The unqualified opinions are
available for inspection at the company`s registered office.
1. BASES OF PREPARATION
1.1 Statutory information
The restructuring transactions were effected on 31 March and 1 April 2008,
resulting in a net cash outflow of R101,2 million (detailed in the annual
report). Statutory information therefore represents six months of trading.
1.2 Pro forma information
2008
Pro forma figures have been presented on the following basis:
- These figures have been presented as if the Adcock group as at 30 September
2008 has been in existence for the entire year.
- Accounting policies adopted by the group for statutory purposes have been
consistently applied to these figures.
- Business combinations as a result of the unbundling have not been separately
disclosed.
- No pro forma statement of changes in equity has been provided.
- The earnings per share calculation has been done as if shares were in issue
from the first day of the financial year.
- As Adcock was part of the Tiger Brands group for 11 months of the year, Tiger
Brands is regarded as a related party for disclosure purposes.
2007
The audited historical financial information of Adcock Ingram Holdings (Pty)
Limited for the financial year ended 30 September 2007 as set out in the pre-
listing statement (pages 89-129) has been adjusted with the following entries,
to reflect the Adcock group as if it was in existence from 1 October 2006:
- Elimination of the results of the consumer division sold to Tiger Brands
Limited on 31 March 2007 including elimination of the intellectual property
relating to the Consumer division.
- Elimination of the statutory entities which remained with Tiger Brands Limited
post unbundling.
- Adjustments relating to contributions made to the Black Managers Trust (BMT).
The comparative cash flow statement presented is the audited statutory cash flow
statement without adjustment, extracted from the pre-listing statement (page
92).
Earnings per share are disclosed consistent with the pre-listing statement. No
diluted earnings per share calculations were performed as the company was not a
listed entity at the time.
The pro forma financial information is the responsibility of the directors and
has been presented to provide a meaningful year on year comparison of the
business. It is for illustrative purposes only and because of its nature, it may
not fairly present Adcock`s financial position, changes in equity, results of
operations or cash flows.
Statutory* Pro forma Pro forma
2008 2008 2007
R`000 R`000 R`000
2 REVENUE
Revenue comprises
- Turnover 1 758 808 3 300 894 2 879 228
- Finance revenue 11 042 151 739 22 064
- Dividend income 2 809 10 700 -
1 772 659 3 463 333 2 901 292
3 ABNORMAL ITEMS
Pension fund surplus - - 26 837
Early settlement of long-term - - (2 162)
employee contract
Impairment of intangibles (17 791) (17 791) (63 850)
Competition Commission - (53 504) -
settlement
Impairment of property and - - (14 646)
equipment
General staff fund - - 8 378
distribution received
(17 791) (71 295) (45 443)
The impairment of intangibles is primarily attributable to the reassessment of
the useful life of the intangible assets, which had been previously assessed as
having an indefinite useful life.
4 CHANGES IN ACCOUNTING POLICIES AND METHODS OF COMPUTATION
The accounting policies adopted are consistent with those of the previous
financial year except for the following:
The group has adopted the following new and amended IFRS and IFRIC
interpretations during the year. Adoption of these revised standards and
interpretations did not have any effect on the financial performance or position
of the group. They will however give rise to additional disclosures in the
annual report including in some cases, revisions to accounting policies.
- IFRS 7 Financial Instruments: Disclosures
This standard requires disclosures that enable users of the financial statements
to evaluate the significance of the group`s financial instruments and the nature
and extent of risks arising from those financial instruments. There has been no
effect on the financial position or results.
- IAS 1 Amendment - Presentation of Financial Statements
This amendment requires the group to make new disclosures to enable users of the
financial statements to evaluate the group`s objectives, policies and processes
for managing capital.
- IFRIC 10 Interim Financial Reporting and Impairment
The group adopted IFRIC Interpretation 10 as of 1 October 2007, which requires
that an entity must not reverse an impairment loss recognised in a previous
interim period in respect of goodwill or an investment in either an equity
instrument or a financial asset carried at cost. As the group had no impairment
losses previously reversed, the interpretation had no impact on the financial
position or performance of the group.
- IFRIC 11 IFRS 2 - Group and Treasury Share Transactions
The group has adopted IFRIC Interpretation 11 as of 1 October 2007, insofar as
it applies to consolidated financial statements. This interpretation requires
arrangements whereby an employee is granted rights to an entity`s equity
instruments to be accounted for as an equity-settled scheme, even if the entity
buys the instruments from another party, or the shareholders provide the equity
instruments needed.
5 POST BALANCE SHEET EVENTS
There have been no material events subsequent to 30 September 2008 up and till
the date of issue of this report that are indicative of conditions that arose
before 30 September 2008 which require additional disclosure.
For and on behalf of the board
JJ Louw KDK Mokhele
Chief Executive Officer Chairman
1 December 2008
SALIENT FEATURES
- Successful unbundling from Tiger Brands and listing on the JSE on 25 August
2008
- Profit before tax increased 13,1% to R907,4 million
- HEPS improved 4,6% to 387,6 cents
- Awarded 21% of state ARV tender
- Cash on hand of R395 million and debt to equity 3%
HIGHLIGHTS
Adcock Ingram`s unbundling from Tiger Brands and listing on the JSE Limited on
25 August 2008 has created a focused, innovative South African healthcare
company which is now able to embark on its own growth strategy of acquiring new
businesses and expanding into the global arena.
The company`s three divisions - Over-The-Counter (OTC), Prescription and
Hospital products - have all grown revenue and profits under challenging markets
conditions. The strength of our core brands has supported volume and market
share gains. Adcock currently enjoys 10,8% value share of the private healthcare
market and is the number one supplier of OTC and critical care products. We are
the number two supplier of generic products countrywide.
Adcock`s strategy is built on a significant investment and recapitalisation
programme in its supply chain, which will drive our growth objectives for the
local and international markets.
Uncertainty around international benchmarking is a challenge for both Adcock and
other industry players. Adcock is actively engaging with the Pricing Unit of the
Department of Health (DoH) via the industry body, the Pharmaceutical Industry
Association of South Africa, to ensure that the Adcock group is in a position to
continue to expand and invest for the long term.
FINANCIAL REVIEW
Headline earnings
Headline earnings for the year ended 30 September 2008 of R668,8 million (2007:
R638,8 million) reflect an increase of 4,7% over the prior year. At the headline
earnings per share (HEPS) level, this translates into an increase of 4,6%.
Headline earnings in the current year exclude capital profits of R2,0 million
and impairments of intangible assets amounting to R17,8 million. Headline
earnings include the R53,5 million settlement reached with the Competition
Commission in Adcock Ingram Critical Care (AICC). Excluding the effect of this
abnormal item, HEPS increased by 13% to 418,6 cents (2007: 370,5 cents) when
compared to the prior year.
Earnings per share (EPS) improved by 16,5% to 378,5 cents (2007: 324,9 cents),
somewhat more than the increase in HEPS as a result of reduced gearing in the
current year.
Turnover
Turnover rose 14,6% to R3,3 billion (2007: R2,9 billion) and should be seen in
the light of the following factors:
- a below inflationary price increase of 6,5% granted by the DoH in May 2008;
- a loss of tenders in both segments reducing public sector sales (excluding
ARV`s) by approximately 30%; and
- the conversion of certain ephedrine containing OTC brands to prescription only
products in April 2008 which led to a loss of revenue.
It is pleasing to report that the sales growth is primarily volume-related, with
the pharmaceutical business, excluding public sector sales, showing 7% volume
growth and the hospital division growing by more than 10%.
Profits
Gross profit increased by 10,2% to R1,82 billion (2007: R1,65 billion) with
margins declining by 2% to 55%, primarily due to cost push experienced by the
business and the level and timing of Single Exit Price ("SEP") increases granted
by the state. The gross profit remains highly susceptible to the Rand weakness,
with many of our products relying on imported components. The gross margin
pressure is evident in both segments of the business. Gross profit was also
negatively impacted by inventory write-offs.
Operating profit before abnormal items increased by 4,5% to R1 005 million
(2007: R961,1 million) with margins reducing by 3%. Operating expenses increased
by 18% to R818 million (2007: R693 million) reflecting operating costs of a
stand-alone corporate office. Expenses in 2008 were adversely impacted by once
off advisory fees in respect of the listing, legal and auditing fees incurred in
AICC and retrenchment costs of R8,4 million in the pharmaceutical division.
Net financing costs including income from cash related investments decreased as
a result of an interest bearing loan receivable of R1,9 billion from Tiger
Brands Limited outstanding for the first four months of the year. Net interest
cover for the year is a healthy 25 times. Profit before tax grew by 13,1% to
R907,4 million (2007: R801,9 million). The effective tax rate is 26,9%, the rate
differential being attributable mainly to corrections made to prior year
estimates. This resulted in profit after tax growing by 16,8% to R663,4 million
(2007: R567,9 million).
Cash flows
The significant outflow in investing activities of R280 million is in line with
the forecast spend on the extensive upgrade of facilities across the group.
Capital expenditure of R230 million was mainly expansionary and regulatory in
nature. In addition, the joint venture in Bangalore, India was acquired at a
cost of R32 million in November 2007.
OPERATING ENVIRONMENT
Despite extremely volatile global markets, Adcock has weathered the storm
relatively well. This is mainly due to the fact that we are a key supplier of
essential health care products in South African and neighbouring markets, are
relatively ungeared in the midst of the current global financial crisis and
continue to generate strong cash flows.
Adcock`s portfolio of products is supported by strong brand loyalty and a
leading market position in OTC medicines. We remain the leader in renal
therapies and blood transfusion products and the second largest provider to the
South African government of ARV drugs.
OPERATIONAL REVIEW
Pharmaceutical division
The pharmaceutical business has grown volume (counting units) in all areas of
the business - OTC, Prescription and Hospital products. Value share in pharmacy
has however declined during the period under review. The business is well
positioned from a volume perspective in the private pharmacy and hospital market
with a 25,5% share. The challenge however, is to convert this volume strength
into a growth in value share. Within fast moving consumer goods (FMCG), the
business has seen strong value and volume growths in all the categories, despite
a decline in the market.
Margins have been impacted by a significant cost push during the year. The
recent economic slowdown has affected operations with consumer spend down in all
areas of OTC; despite this a 12,6% increase in FMCG sales was achieved.
With strong brands in its portfolio such as Synap Forte, which reached the R100
million milestone during 2008; Myprodol, which turned 21; and Panado, which,
research has shown, continues to remain the GP`s choice, the pharmaceutical
business is well positioned for growth in 2009.
Adcock has recently been awarded a significant share of the South African
government`s R3.8 billion ARV tender, the biggest ARV tender in the world. We
were granted a two year contract worth R663 million in total. Our strategic
focus for the continent is to expand the supply of products to a wider market
through joint ventures with local partners, as well as by acquiring local
brands.
Our modern manufacturing facility for tablets and capsules in Bangalore, India,
is awaiting Medicines Control Council (MCC) approval of the recently completed
second phase expansion.
Hospital Products
Founded in 1948, AICC holds the lion`s share of the South African hospital
products market. During its 60 year history, AICC has grown its portfolio to
include: renal dialysis systems; a comprehensive range of ostomy products,
products for collection and storage of blood, intravenous fluids and
accessories. The division operates from its Johannesburg based manufacturing
facility in Aeroton.
The Scientific Group supplies equipment used in disciplines such as clinical
diagnostics, molecular biology and diagnostics, cardiac perfusion, ventilation
and anaesthesia as well as imaging.
AICC and The Scientific Group together fall under the banner of Adcock`s
hospital products division and contribute approximately one third of total group
turnover. Market shares are estimated at 36% of the renal market, 60% of blood
systems and accessories, a significant 11% of medicine delivery and 8% in the
scientific arena.
AICC is regulated by SEP in one-third of its revenue base, but The Scientific
Group is not subject to this legislation. Organic growth and innovation remain
critical aspects of the division`s strategy. AICC will focus on growing the core
business and developing new product pipelines. The Scientific Group continues to
export and support the government`s HIV screening programme as well as
developing a new range of innovative ICU products.
REGULATORY ENVIRONMENT
Adcock embraces the ideal of quality, affordable, accessible healthcare for all
South Africans. However, the nature of the regulatory environment within which
we operate means that we are unable to pass prices increases on to the consumer,
with SEP`s of medicines being determined by regulation. As an industry, we face
cost increase pressures, due to ZAR volatility, imported active ingredients and
ongoing infrastructure upgrades to meet international standards. The industry`s
ability to absorb these extraordinary increases is limited and an approach has
been made to the DoH for a special price increase from January 2009; the outcome
will have far-reaching implications for the South African pharmaceutical
industry as a whole.
The landmark legislation currently before Parliament in the form of the National
Health Amendment Bill and the Medicines and Related Substance Amendment Bill and
the recent initiative by the DoH to introduce international benchmarking will
also alter the nature of the pharmaceutical industry in this country. Whilst
aspects of the new legislation and regulations are to be welcomed, there are a
number of areas in which Adcock and its industry counterparts believe the
proposed international benchmarking regulations, in particular, are
fundamentally flawed. Adcock is working through the relevant industry bodies to
ensure that the form in which the legislation and regulations are ultimately
enacted are conducive to the sustainability of the industry as a whole.
STRATEGY
Adcock`s strategy is based on a significant investment and recapitalisation
programme in our supply chain. We are actively targeting acquisitions in
selected local markets and looking to expand into the rest of Africa. We will
focus on the following primary strategic initiatives:
- Optimise our portfolio - consolidate our market leading position through the
promotion of corporate and product specific brand image to increase penetration
and maintain "top of mind" position.
- Pursue organic growth - we intend to launch new generic products in both
existing and new therapeutic areas.
Developing exportable competence - improving and further automating the
Pharmaceutical International Corporation Scheme (PICS) standards approved
production facilities in South Africa and India, with the aim of gaining
international accreditation, and replicating the success domestically in other
sub-Saharan markets.
- Acquisitions in selected markets - continuing to source new proprietary
products as well as finding and concluding value-adding acquisitions.
- Transformation - embrace diversity, support the 7 pillars of transformation
and increase Black Equity Ownership.
Adcock`s business strategy is based on leveraging our industry leading footprint
in branded prescription products, OTC and hospital products, thus ensuring a
loyal customer base of doctors, pharmacists and retailers. We have a leading
corporate brand in the South African healthcare industry with a heritage of
trusted quality products, and the ability to attract and retain key people in
the industry.
Major upgrades of our South African manufacturing facilities will increase our
competitive advantage locally, enabling Adcock to compete more effectively in
the liquids, tablet, capsule and effervescent markets. All the upgrades,
excluding the high-volumes liquid facility, should be completed by the end of
2011, with approval and technical support from Baxter for the Aeroton facility.
Adcock enjoys a mutually beneficial relationship with Baxter International
spanning some 50 years. In 1986 Baxter sold its 40% of the hospital products
division to Adcock, resulting in the formation of AICC. Baxter has continued to
supply a range of hospital products and intellectual expertise to AICC. The
parties recently agreed to redefine their relationship. One of the key tenets of
the revised agreements is that Baxter will continue to extend its exclusive
relationship with AICC for a further period of at least 15 years from 1 March
2008, thus providing AICC with sustained access to new products and
technologies.
DIVIDENDS
The Adcock board intends to declare a dividend on at least an annual basis, and
it currently envisages that the total annual dividend will be covered three
times by headline earnings. As disclosed in the pre-listing statement, the
maiden dividend is expected to be declared based upon the results of the six-
month period ending 31 March 2009, as the final dividend payable by Tiger Brands
Limited in relation to the year ended 30 September 2008 includes the earnings of
Adcock for five months of the six-month period.
PROSPECTS
While we anticipate an uncertain regulatory environment, continued currency
volatility and a slowdown in the South African economy in the year to come, we
remain committed to our vision of growing Adcock, organically and by prudent
acquisition, into a leading world-class branded healthcare company that creates
value for shareholders.
Executive directors:
JJ Louw (Chief Executive Officer),
AG Hall (Chief Financial Officer)
Non-executive directors:
KDK Mokhele (Chairman),
EK Diack, T Lesoli,
CD Raphiri, LE Schonknecht,
RI Stewart, AM Thompson
Company secretary:
R Naidoo
Registered office:
1 New Road, Midrand, 1685
Postal address:
Private Bag X69, Bryanston, 2021
Share registrars:
Computershare Investor Services (Pty) Limited,
70 Marshall Street, Johannesburg, 2001
Postal address:
PO Box 61051, Marshalltown, 2107
Auditors:
Ernst & Young Inc.
Sponsor:
Deutsche Securities (SA) (Pty) Limited
www.adcock.com
Date: 02/12/2008 07:05:02 Produced by the JSE SENS Department.
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