| Thu 23 Apr 2009, 8:00 | | ALT - Allied Technologies Limited - Audited abridged consolidated Annual |
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ALT - Allied Technologies Limited - Audited abridged consolidated Annual
Financial Results for the year ended 28 February 2009
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 28
February 2009
- Revenue up by 11%
- Operating profit up by 32%
- Adjusted headline earnings per share up by 15%
- Dividends up by 12%
- Strong balance sheet
Abridged income statements
% 2009 2008
Figures in R million Change (Audited) (Audited)
Revenue 11 9 164 8 242
Operating profit before 32 874 664
impairment and capital items
Investment income 68 98
Finance cost (70) (21)
Goodwill impaired - (86)
Capital items (Note 1) (2) (1)
Profit before taxation 33 870 654
Taxation (254) (219)
Profit after taxation 42 616 435
Attributable to minority 67 26
shareholders
Attributable to ordinary 549 409
shareholders
616 435
Basic earnings per share (cents) 35 569 421
Diluted basic earnings per share 551 410
(cents)
Dividend per share - paid (cents) 288 240
Dividend per share - declared 323 288
(cents)
Weighted average number of 96 530 97 040
ordinary shares in issue
(millions)
Headline earnings per share 12 571 511
(cents)
Diluted headline earnings per 11 547 494
share (cents)
Adjusted headline earnings per 15 592 514
share (cents)
Notes
2009 2008
Figures in R million (Audited) (Audited)
1. Capital items
Loss on disposal of property, plant and (2) (1)
equipment
2. Reconciliation between earnings and
headline earnings
Attributable to ordinary shareholders 549 409
Capital items - gross 2 1
Goodwill impaired - 86
Tax effect of above adjustment - -
Minority interest - -
Headline earnings 551 496
3. Reconciliation between headline
earnings and adjusted headline earnings
Headline earnings 551 496
Amortisation of intangibles 25 4
Tax effect on above (5) (1)
571 499
4. Reconciliation between headline
earnings attributable to Altech equity
holders and fully diluted headline
earnings is as follows:
Headline earnings 551 496
Additional earnings attributable to BEE (6) (4)
minorities in a subsidiary
Fully diluted headline earnings 545 492
5. Reconciliation between number of shares
used for earnings and headline earnings
per share and diluted earnings and
headline earnings per share
Weighted average number of shares 96 530 97 040
Dilutive options 3 042 2 641
Number of shares to calculate dilution 99 572 99 681
6. 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 and the JSE Listings Requirements. The Group
accounting policies have not changed from the prior year. The Group has
followed the requirements of IAS 34 - "Interim Financial Reporting" in the
preparation of this results announcement.
Abridged balance sheets
2009 2008
Figures in R million (Audited) (Audited)
Assets
Non-current assets 2 071 796
Property, plant and equipment 837 299
Goodwill 835 326
Intangible assets 287 83
Deferred taxation 112 88
Current assets 2 885 2 892
Inventories 416 364
Trade and other receivables 1 248 937
Cash and cash equivalents 1 221 1 591
Assets classified as held for sale 107 -
TOTAL ASSETS 5 063 3 688
Equity and liabilities
Total equity 2 547 2 027
Shareholders` equity 2 249 1 955
Minority interest 298 72
Non-current liabilities 188 100
Interest bearing loans 115 77
Deferred taxation 73 23
Current liabilities 2 300 1 561
Trade and other payables 1 827 1 452
Warranty provisions 18 22
Bank overdraft 310 -
Taxation payable 145 87
Liabilities classified as held for sale 28 -
TOTAL EQUITY AND LIABILITIES 5 063 3 688
Net asset value per share (cents) 2 328 2 026
Ordinary shares in issue at end of year 96 610 96 484
(`000)
Abridged cash flow statements
2009 2008
Figures in R million (Audited) (Audited)
Operating activities 301 683
Cash generated by operations 1 050 761
Investment income (2) 77
Changes in working capital (251) 248
Taxation paid (207) (165)
Cash available from operating activities 590 921
Dividends paid - including minorities (289) (238)
Investing activities (1 026) (242)
Financing activities 45 (23)
Net funds utilised (680) 418
Cash and cash equivalents
- at beginning of year 1 591 1 173
- at end of year 911 1 591
Supplementary information
2009 2008
Figures in R million (Audited) (Audited)
Depreciation and amortisation 192 96
Impairment - 86
Net foreign exchange (losses)/gains (6) 25
Capital expenditure 385 137
Capital commitments 280 5
Operating lease commitments
Payable within the next 12 months:
- property 43 50
- plant, equipment and vehicles 35 28
Payable thereafter:
- property 98 125
- plant, equipment and vehicles 38 5
Abridged segmental analysis
2009 2008
Figures in R million (Audited) % (Audited) %
Revenue:
Telecommunications division
- Wireless Communication 6 465 70 5 950 42
- Converged services and 418 5 - -
connectivity
Multi-media and Electronics 1 649 18 1 655 20
divisions
Information Technology division 758 8 731 9
Inter-group sales (126) (1) (94) (1)
9 164 100 8 242 70
Operating profit:
Telecommunications division
- Wireless Communication 584 67 493 74
- Converged services and 146 17 - -
connectivity
Multi-media and Electronics 63 7 121 18
divisions
Information Technology division 87 10 56 9
Corporate and eliminations net (6) (1) (6) (1)
loss
874 100 664 100
Statements of changes in equity
Share
capital and Treasury Other
premium shares reserves
Group Rm Rm Rm
Balance at 1 March 2007 64 (257) 5
Recognised income and
expense
Attributable earnings
Cash flow hedging 2
reserve
Foreign currency 66
translation differences
Transaction with
shareholders
Transaction with
minorities
Dividends
Treasury shares (35)
acquired
Cancellation of (67)
treasury shares
Share-based payments
Issue of share capital 6
Balance at 29 February 3 (292) 73
2008
Recognised income and
expense
Attributable earnings
Cash flow hedging (4)
reserve
Foreign currency 18
translation differences
Transaction with
shareholders
Dividends
Capital subscription
received from minority
shareholders
Minority interest on
acquisition of
subsidiaries
Share-based payments
Issue of share capital 4
Balance at 28 February 7 (292) 87
2009
Transaction Share-based
with payments Retained
minorities reserve earnings
Group Rm Rm Rm
Balance at 1 March 2007 28 9 1 973
Recognised income and
expense
Attributable earnings 409
Cash flow hedging
reserve
Foreign currency
translation differences
Transaction with
shareholders
Transaction with (20)
minorities
Dividends (235)
Treasury shares
acquired
Cancellation of
treasury shares
Share-based payments 7
Issue of share capital
Balance at 29 February 8 16 2 147
2008
Recognised income and
expense
Attributable earnings 549
Cash flow hedging
reserve
Foreign currency
translation differences
Transaction with
shareholders
Dividends (278)
Capital subscription
received from minority
shareholders
Minority interest on
acquisition of
subsidiaries
Share-based payments 5
Issue of share capital
Balance at 28 February 8 21 2 418
2009
Shareholders` Minority Total
equity interest equity
Group Rm Rm Rm
Balance at 1 March 2007 1 822 61 1 883
Recognised income and
expense
Attributable earnings 409 26 435
Cash flow hedging 2 2
reserve
Foreign currency 66 66
translation differences
Transaction with
shareholders
Transaction with (20) (12) (32)
minorities
Dividends (235) (3) (238)
Treasury shares (35) (35)
acquired
Cancellation of (67) (67)
treasury shares
Share-based payments 7 7
Issue of share capital 6 6
Balance at 29 February 1 955 72 2 027
2008
Recognised income and
expense
Attributable earnings 549 67 616
Cash flow hedging (4) (4)
reserve
Foreign currency 18 (8) 10
translation differences
Transaction with
shareholders
Dividends (278) (11) (289)
Capital subscription 79 79
received from minority
shareholders
Minority interest on 99 99
acquisition of
subsidiaries
Share-based payments 5 5
Issue of share capital 4 4
Balance at 28 February 2 249 298 2 547
2009
Message to shareholders
The directors are pleased to report on outstanding results posted by the
Altech Group for the year ended 28 February 2009, this despite the global
economic meltdown. Adjusted headline earnings per share improved by 15% to 592
cents per share. Headline earnings per share improved by 12% to 571 cents,
with revenue increasing by 11% to R9,164 billion, and operating profit by 32%
to R874 million. Net asset value per share increased by 15% from 2 026 cents
to 2 328 cents. Return on shareholders` equity remained strong at 24%. A
dividend of 323 cents per share was declared, representing an increase of 12%.
Annuity revenue increased to 79% of the total in 2009. Foreign and export
revenue increased by 56% from R1 billion in 2008 to R1,6 billion in 2009.
Altech concluded the year with a strong balance sheet reflecting net cash of
R911 million, notwithstanding substantial acquisition and investing activity,
totalling in excess of R1 billion, during the period under review.
These results highlight the continued globalisation of Altech, particularly
the progress made in the East African broadband and value-added network
services markets. They also reflect steady progress towards our strategic
objective of increasing our presence in the African broadband market.
Altech is now well positioned to capitalise on the sustained growth projected
for broadband technology in Africa, across multiple technologies, services and
geographies.
Operational reviews
Telecommunications
Wireless Communications
Altech Autopage Cellular
Altech Autopage Cellular recorded strong growth of 155 850 gross connections
for the period, increasing its subscriber base for post-and prepaid
connections to pass the landmark 1 million subscriber level compared to 917
000 subscribers in the prior period. The prepaid subscriber base continues to
grow steadily, up 17% on previous year levels.
Sales of electronic prepaid vouchers continued to grow, particularly through
ABSA channels, point-of-sale terminals and our own franchised outlets. Sales
of mobile data services through add-on bundles and cellular data connections
are providing an increasingly important revenue stream for the company. The
broadband and data subscriber base has reached 74 000 (from 41 000 in the
previous year) and is rising steadily.
In August, Altech Autopage Cellular signed a channel partnership agreement
with Neotel, South Africa`s new telecommunications network, to provide a
nationwide retail distribution point for Neotel`s entire product range through
150 franchise stores, allowing customers to purchase `off the shelf` fixed-
line, voice and data products. The agreement is a milestone for Altech
Autopage Cellular, beginning the process of transforming the company from a
pure cellular and data business, to becoming the most comprehensive, value-
added provider of connectivity services to business and consumers in South
Africa.
Altech Netstar
Despite the substantial decrease in motor vehicle sales during the year,
exacerbated by high interest rates and the impact of new credit legislation,
Altech Netstar, South Africa`s largest vehicle tracking company and leader in
stolen vehicle recovery (SVR), proved its resilience and continued to deliver
strong results. The company now manages a subscriber base in excess of 473 000
vehicles in the Altech Netstar Group, with the value of protected vehicles
exceeding R6 billion.
Altech Netstar sustained its commitment to technology development and
innovation with the launch of Guardian and CyberSleuth, a personal tracking
and an internet-based vehicle location system that enables subscribers to
track persons or vehicles via computer or cell phone.
New regional offices were established in East London, Newcastle and Richards
Bay, and satellite offices set up in Welkom, Kimberley and George, further
enhancing Altech Netstar`s national presence.
In a joint venture with ITIS Holdings plc of the United Kingdom, Altech
Netstar Traffic is nearing the completion of the testing phase, and has
already been awarded the first stage of the Johannesburg Road Agency`s traffic
project. This initiative enables Altech Netstar Traffic to provide a range of
traffic information services to subscribers using advanced technology and
systems developed and provided by ITIS internationally.
Altech Netstar Fleet Solutions has recorded outstanding results. Following
several notable contract awards against more established competitors, its
subscriber base has increased to over 52 000, almost double the level of the
prior period.
Altech Alcom Matomo
Altech Alcom Matomo provides a number of radio and telemetry products and
solutions for various customers. The company again recorded a solid
performance, reflecting good management of multiple-year contracts and an
expanded network of clients in South Africa and further afield.
The R540-million project for the South African Police Services (SAPS) in
Gauteng is effectively completed. The company is now implementing a range of
projects for police services in neighbouring countries and significantly
upgrading the City of Cape Town`s communications network, and fulfilling
orders for the national power utility and certain municipalities.
Unfortunately the company was unsuccessful in its bid for the SAPS Eastern
Cape tender, but remains committed to the upcoming SAPS Kwa-Zulu Natal tender.
Altech Alcom Radio Distributors
Altech Alcom Radio Distributors recorded a commendable performance and was
again named as Motorola`s top distributor for Europe, Middle East and Africa.
Broadband sales continued to rise, reflecting steady demand for these robust
internet protocol-based digital radio links for digital networks. The
introduction of the digital radio range, augmented by proprietary application
software for efficient personal and vehicle tracking, is presenting numerous
opportunities for further growth.
Converged Services and Connectivity
Altech Stream East Africa
The acquisition of 51% of the Sameer Group`s ICT assets has been a significant
success, rapidly forging a group of interconnected telecommunications
companies into a group-managed portfolio that is on track to meet
expectations.
Kenya Data Networks (KDN) produced solid results for the period, mostly
attributable to strong growth in the East African ICT sector and further
developments in the KDN fibre network. This growth is expected to continue
supported by KDN`s strengthened position as the infrastructure provider of
choice in Kenya after winning the total network rollout of the new GSM entrant
and other significant contracts. The company has opened a subsidiary, Africa
Digital Networks Limited, based in the Democratic Republic of Congo.
The landing of the undersea data cable, Seacom, remains on track for July 2009
and is set to both grow the overall ICT sector in East Africa and enhance
KDN`s ability to distribute data capacity to the entire East African
community. KDN will be an 11% shareholder in the Kenyan Government TEAMS
undersea fibre cable project. This will provide additional landing points as
well as redundancy.
It has been a year of consolidation and rationalisation for Swift Global
(Kenya) across products and services. The company`s technical platforms have
been integrated into the KDN structure.
Infocom is the leading internet service provider brand in Uganda and is
recognised as a technologically strong services entity. In addition, it holds
very attractive telecommunications infrastructure and service licencing rights
within Uganda.
Infocom is well positioned to generate strong revenue and income from
distributing the pending undersea data cable capacity to Uganda, and also
provides the vital link between KDN and Altech Stream Rwanda.
Altech Stream Rwanda is a start-up broadband network and internet service
provider (ISP), which was granted the necessary internet and gateway licences
in June 2007. By year end, the business had completed the rollout of an
outdoor WiFi network for consumers and a WiMax network for corporate
customers, both covering most of Kigali, the capital city. The company is well
positioned to achieve market leadership in Rwanda through the distribution of
undersea bandwidth capacity and interconnect facilities.
Multi-media and electronics
Altech UEC
The benefits of sustained investment in developing advanced technologies and
products were reflected in decoder production doubling to nearly 2 million
units. Exports to India and Australia are growing strongly.
Since launching the ground-breaking Personal Video Recorder (PVR) in 2003,
some 640 000 units have been sold worldwide.
Continuing this sterling record of innovation, Altech UEC completed
development of the MediaGate, which allows the user to download a movie from a
kiosk onto a flash drive, and then play it at home through a low-cost Internet
Protocol (IP) Set-Top Box.
Ahead of the proposed South African Digital Migration programme, Altech UEC
has developed a terrestrial set-top box and is participating in trials for
both the SABC and pay-TV operators.
Arrow Altech Distribution
Management`s response to difficult economic conditions and consistent
performance from all the company`s technology groups resulted in a solid
operational performance for the year. Opportunities in energy and demand-side
management are being explored, with strong upside potential in the short to
medium term.
Technology (Information technology)
Altech Isis
Altech Isis performed satisfactorily for the review period, strengthening its
customer base for its ground-breaking real-time converged customer care and
billing product. To meet market demand, the company has increased its systems
integration capability, entrenching its position as a reputable supplier of
turnkey business support systems in South Africa and Africa.
Altech Isis France has improved its trading performance for the period under
review. The company is actively exploiting synergies within the Altech group,
and addressing opportunities in other territories.
Altech NamITech West Africa
Altech NamITech West Africa, located in Lagos, Nigeria, manufactures prepaid
cellular vouchers for all five major telecommunications operators in the
country and is currently producing over 75 million prepaid vouchers per month.
Several sizeable contracts were secured in 2008.
The company was successful in lobbying to have a 5% of turnover excise duty
proposed by the Nigerian government removed, effective from January 2009.
In 2009, the company will expand its product lines by adding the capability to
supply initialised and personalised chip card products to both
telecommunications operators and financial institutions.
Altech Card Solutions
Continuing the trend of recent years, Altech Card Solutions delivered
excellent results for the period. Point-of-sale and PIN pad solutions for
leading financial institutions are progressing on schedule, and additional
orders have already been received for the next two financial years. Growth in
the electronic security division has exceeded all expectations for the year.
Business combinations
Acquisition of Kenya Data Networks Limited, Swift Global (Kenya) Limited and
Infocom Limited
On 1 March 2008 the group acquired 51% of the share capital of Kenya Data
Networks Limited (KDN), Swift Global (Kenya) Limited (Swift) and Infocom
Limited (Infocom).
The acquired businesses contributed revenue of R418 million and net profit
after tax of R95 million to the Group for the financial year ended 28 February
2009. These amounts have been calculated using the Group`s accounting policies
and by adjusting the results of the subsidiaries to reflect amortisation on
the fair value adjustments to intangible assets from 1 March 2008, together
with consequential tax effects.
Details of the net assets acquired and goodwill are as follows:
Purchase consideration: Rm
Cash paid (including amount for subscription 594
shares)
Direct costs relating to the acquisition 11
605
Probable liability raised on acquisition for 79
additional purchase price on achievement of
warranted profits
Total purchase consideration 684
The goodwill arising is attributable to the synergies expected to arise after
the Group gained control of the acquired businesses.
The assets and liabilities as at 1 March 2008 arising from the acquisition are
as follows:
Acquiree`s
Fair carrying
value amount
Rm Rm
Cash and cash equivalents 3 3
Property, plant and equipment 317 317
Intangible assets 141
Trade and other receivables (including 265 265
receivable for subscription shares)
Trade and other payables (132) (132)
Interest bearing borrowings (182) (182)
Tax and deferred tax liabilities (50) (8)
Fair value of net assets 362 263
Minority interests (177)
Goodwill 499
Total purchase consideration 684 263
Purchase consideration settled in cash 605
Less: Amount paid for subscription (82)
shares and received by subsidiary
companies
Less: Cash and cash equivalents in (3)
subsidiaries acquired
Cash outflow to the Group on 520
acquisition
Acquisition of Altech Netstar franchises in Witbank and Bloemfontein
On 1 March 2008 and 31 March 2008 the Group acquired 100% of the Altech
Netstar franchises in Witbank and Bloemfontein respectively.
The acquired businesses contributed revenue of R31,1 million and net profit
after tax of R6 million to the Group for the year ended 28 February 2009.
If the Bloemfontein acquisition had occurred on 1 March 2008, Group revenue
and net profit after tax before allocations would have increased by R1 million
and R0,2 million respectively. These amounts have been calculated using the
Group`s accounting policies and by adjusting the results of the subsidiaries
to reflect amortisation on the fair value adjustments to intangible assets
from 1 March 2008, together with consequential tax effects.
Details of the net assets acquired and goodwill are as follows:
Purchase consideration: Rm
Cash paid 15
Amounts owing to the vendors 3
Total purchase consideration 18
The assets and liabilities as at 1 March 2008 and 31 March 2008 arising from
the acquisitions are as follows:
Acquiree`s
Fair carrying
value amount
Rm Rm
Intangible assets 17 -
Trade and other receivables 1 1
Fair value of net assets 18 1
Goodwill -
Total purchase consideration 18
Purchase consideration settled in cash 15
Cash and cash equivalents in subsidiary -
acquired
Cash outflow on acquisition 15
Post balance sheet events
Disposal of Altech NamITech South Africa business
Effective 1 April 2009, Altech sold its Altech NamITech South Africa business
to Gemalto, the world leader in digital security.
Given the excellent business relationship with Gemalto that stretches back
over 15 years, Altech believes that this transaction offers the best future
for the Altech NamITech South Africa team and ongoing support to its
customers.
Altech Card Solutions, Altech Isis and Altech NamITech West Africa were not
included in this transaction and remain part of the Altech Group.
Acquisition of 100% interest in Fleetcall (Pty) Limited (Fleetcall)
Altech signed agreements to acquire 100% of the issued share capital of
Fleetcall on 1 March 2009. The maximum purchase price is R75 million which is
payable as follows in cash:
- First tranche: R40 million; and
- Second tranche: R35 million.
The second tranche will be paid in terms of an earn-out mechanism over one
year based on after tax profit targets for the year ending February 2010 being
achieved.
Fleetcall is the largest trunked two-way radio operator in South Africa and
delivered PAT of R11,5 million in 2008.
The acquiree`s balance sheet at the date of the acquisition is as follows:
Rm
Property, plant and equipment 9
Inventories 1
Trade and other receivables 5
Trade and other payables (8)
Cash and cash equivalents 4
Total net assets 11
As the acquisition was effective post year-end, the purchase price allocation
will be implemented during the following financial year.
Acquisition of 100% interest in Lateral Technology Concepts (Pty) Limited
(Technology Concepts)
Altech signed agreements to acquire 100% of the issued share capital of
Technology Concepts on 1 April 2009. The maximum purchase price is R45 million
which is payable as follows in cash:
- Initial payment of R7,5 million; and
- The remaining maximum amount of R37,5 million to be paid in terms of an
earn-out mechanism over two years based on after tax profit targets for
the years ending February 2010 and February 2011, respectively, being
achieved.
Technology Concepts is an established internet technology services business
and corporate internet service provider. This acquisition enhances Altech
Autopage Cellular`s ability to provide data services to its voice cellular
subscribers, recognising the developing convergence of voice and data in the
telecoms arena and the increasing demand for bundled services. The PAT
contribution for the 2008 year is R1,3 million.
The acquiree`s balance sheet at the date of the acquisition is as follows:
Rm
Property, plant and equipment 2
Trade and other receivables 4
Trade and other payables (1)
Cash and cash equivalents (1)
Total net assets 4
As the acquisition was effective post year-end, the purchase price allocation
will be implemented during the following financial year.
Outlook
We believe real growth in the coming year will be achieved through:
- Further capitalising on the Altech Group`s strengths and strong local
market positions;
- Continued growth of annuity revenue businesses (currently 79%);
- Strong focus on margins, cost, working capital and cash flow;
- Extraction of optimum value from the opportunities in India and the South
African Digital Migration programme;
- Selective acquisitions;
- Capitalising on the position achieved in the East African broadband and
value added network services space;
- Increased presence in a more liberalised South African connectivity
market and capitalising on focused opportunities (I-ECNS and ECS
licences);
- Continued globalisation and leveraging ownership of intellectual
property;
- Capitalising on the convergence structure of the Altech Group (TMT);
- Progressively enhancing the transformation of Altech through continuous
innovation; and
- Prudent and consistent management approach to ensure sustainable earnings
growth.
Declaration of ordinary dividend No 66
Ordinary dividend number 66 of 323 cents per share (2008: 288 cents) for the
year ended 28 February 2009 is declared payable on Monday, 1 June 2009 to
ordinary shareholders recorded in the register at the close of business on
Friday, 22 May 2009. The timetable for the payment of the dividend is as
follows:
Last day to trade cum dividend Friday, 22 May 2009
Trading ex dividend commences Monday, 25 May 2009
Record date Friday, 29 May 2009
Payment date Monday, 1 June 2009
Share certificates may not be dematerialised or rematerialised between Monday,
25 May 2009 and Friday, 29 May 2009, both days inclusive. The certificated
register will be closed for this period.
Annual general meeting
The company`s 63rd annual general meeting will be held in the Boardroom,
Altech Corporate Offices, 79 Central Street, Houghton on Friday, 10 July 2009
at 15h00. 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 2009.
On behalf of the board
Dr Hilton Davies Craig Venter Dr John Carstens
(Non-Executive (Chief Executive (Chief Financial
Chairman) Officer) Officer)
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#
AMR Smith*#
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)
23 April 2009
Sponsor: Investec Bank Limited
Date: 23/04/2009 08:00:06 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
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