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AIP
AIP
AIP - Adcock Ingram - Unaudited interim results for the six months ended 31
March 2009
ADCOCK INGRAM HOLDINGS LIMITED
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP ISIN: ZAE000123436
("Adcock Ingram" or "the company" or "the Group")
UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2009
ABOUT ADCOCK INGRAM
Adcock Ingram is a leading South African pharmaceutical company. It is also the
longest standing pharmaceutical company, with humble beginnings from a small
pharmacy in Krugersdorp 116 years ago. The company has an extensive range of
prescription, generic and OTC products and also provides life saving hospital
equipment, diagnostic products
and services.
"We remain committed to our vision of growing Adcock Ingram, both organically
and by prudent acquisition, into a leading, world-class branded healthcare
company that creates long-term value for our shareholders".
CEO, Jonathan Louw
HIGHLIGHTS
Turnover up 23%
NPAT up 20%
HEPS up 18%
Cash on hand R427 million
Maiden dividend per share of 70 cents
Consolidated income statements
Unaudited Unaudited Audited
Pro forma Pro forma
six months six months Year
ended ended ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
Note R`000 Change R`000 R`000
REVENUE 2 1 955 720 1 619 389 3 463 333
TURNOVER 2 1 896 599 23% 1 542 086 3 300 894
Net profit before 502 221 3% 488 980 1 004 633
interest,
taxation and
abnormal items
Finance revenue 49 653 66 666 151 739
Finance costs (59 513) (87 455) (188 406)
Dividend income 2 9 468 10 637 10 700
Profit before 501 829 5% 478 828 978 666
taxation and
abnormal items
Abnormal items 4 - (53 903) (71 295)
Profit before 501 829 18% 424 925 907 371
taxation
Taxation (142 845) (126 087) (243 996)
Net profit for 358 984 20% 298 838 663 375
the year
Attributable to:
Equity 354 858 294 865 653 087
shareholders
Minority interest 4 126 3 973 10 288
358 984 298 838 663 375
Number of 173 289 172 400 173 055
ordinary shares
in issue (000`s)
Weighted average 173 224 172 400 172 554
number of
ordinary shares
on which headline
earnings and
basic earnings
per share are
based (000`s)
Weighted average 174 154 176 000* 173 646
number of
ordinary shares
on which diluted
headline earnings
and diluted basic
earnings per
share are based
(000`s)
Headline earnings 204,8 173,4 387,6
per ordinary
share (cents)
Diluted headline 203,7 169,9 385,2
earnings per
ordinary share
(cents)
Basic earnings 204,9 171,1 378,5
per ordinary
share (cents)
Diluted basic 203,8 167,6 376,1
earnings per
ordinary share
(cents)
Reconciliation
between earnings
and headline
earnings:
Earnings as 354 858 294 865 653 087
reported
Adjustments:
Other - 4 040 -
Impairment of - - 17 791
intangible assets
Profit on (142) - (2 040)
disposal of PPE
Headline earnings 354 716 298 905 668 838
* Dilutive instruments as per Tiger Brands as the company was not listed at 31
March 2008.
Consolidated balance sheets
Unaudited Unaudited Audited
Pro forma
31 Mar 31 Mar 30 Sep
2009 2008 2008
R`000 R`000 R`000
ASSETS
Property, plant and equipment 540 584 328 909 452 019
Deferred taxation 12 123 9 402 12 447
Investments 162 488 160 867 170 193
Intangible assets 216 862 225 628 222 186
Non-current assets 932 057 724 806 856 845
Inventories 616 855 423 817 566 580
Trade and other receivables 1 051 284 706 290 883 429
Cash and cash equivalents 426 558 480 006 406 025
Taxation receivable - 23 067 -
Current assets 2 094 697 1 633 180 1 856 034
Total assets 3 026 754 2 357 986 2 712 879
EQUITY AND LIABILITIES
Capital and reserves
Issued share capital 17 329 17 248 17 306
Share premium 1 199 753 1 187 121 1 193 662
Non-distributable reserves 78 199 73 951 77 306
Accumulated profit/(deficit) 694 975 (123 554) 340 117
Total shareholders` funds 1 990 256 1 154 766 1 628 391
Minority interests 21 583 21 900 22 612
Total equity 2 011 839 1 176 666 1 651 003
Long-term borrowings 213 009 402 224 277 833
Post retirement medical 14 685 13 307 13 698
liability
Deferred taxation 5 960 24 305 4 013
Non-current liabilities 233 654 439 836 295 544
Bank overdraft - - 10 727
Trade and other payables 533 808 390 334 543 401
Short-term borrowings 171 870 327 796 161 119
Provisions 25 809 23 354 30 719
Taxation payable 49 774 - 20 366
Current liabilities 781 261 741 484 766 332
Total equity and liabilities 3 026 754 2 357 986 2 712 879
Consolidated abridged cash flow statements
Unaudited Unaudited Audited
Pro forma Pro forma
six months six months Year
ended ended ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R`000 R`000 R`000
Cash flows from operating
activities
Operating profit before working 558 926 534 104 1 080 678
capital changes
Cash related abnormal items - - (53 504)
Working capital changes (232 634) (89 235) (285 694)
Cash generated from operations 326 292 444 869 741 480
Finance revenue 49 653 137 966 151 739
Finance costs (59 513) (120 755) (188 406)
Dividend income 9 468 10 637 10 700
Dividends paid (5 155) (32 425) (42 725)
Taxation paid (111 166) (132 633) (233 712)
Net cash inflow from operating 209 579 307 659 439 076
activities
Cash flows from investing
activities
Increase in investments - - (16 343)
Purchase of intangible assets - - (18 756)
Cost of business acquired - (31 930) (31 930)
Purchase of property, plant and (125 512) (56 602) (230 387)
equipment
Proceeds on disposal of 225 2 508 17 361
property, plant and equipment
Net cash outflow from investing (125 287) (86 024) (280 055)
activities
Cash flows from financing
activities
Proceeds from issue of share 6 114 1 204 369 1 210 968
capital
Increase in amounts owing by - (734 529) (133 057)
related parties
Net borrowings (repaid)/raised* (54 073) 349 623 (79 513)
Net cash (outflow)/inflow from (47 959) 819 463 998 398
financing activities
Net increase in cash and cash 36 333 1 041 098 1 157 419
equivalents
Translation reserve movement 2 323 9 068 1 735
Movement in hedge accounting (7 396) - 4 004
reserve
Cash and cash equivalents at 395 298 (767 860) (767 860)
beginning of period
Cash and cash equivalents at 426 558 282 306 395 298
end of period
* Long-term and short-term borrowings have been combined and presented on a net
basis, as this reflects the cash flows more appropriately.
Pro forma consolidated statement of changes in equity
Attributable to equity holders of the parent
Retained
income/ Non-distri-
Share Share (accumu- butable
capital premium lated loss) reserves
R`000 R`000 R`000 R`000
Balance at 30 - - 339 092 59 129
September 2007
Issue of share 17 248 1 187 121
capital and
premium
Fair value 3 155
adjustments
Foreign currency 6 832
translation
reserve
Share based 5 035
payment reserve
Net profit for the 334 565
period
Dividends on (27 600)
ordinary shares
Balance at 31 17 248 1 187 121 646 057 74 151
March 2008
Pro forma - - (769 611) (200)
adjustments as per
PLS
Pro forma balance 17 248 1 187 121 (123 554) 73 951
at 31 March 2008
Minority Total
Total interests equity
R`000 R`000 R`000
Balance at 30 398 221 22 036 420 257
September 2007
Issue of share 1 204 369 1 204 369
capital and
premium
Fair value 3 155 3 155
adjustments
Foreign currency 6 832 6 832
translation
reserve
Share based 5 035 5 035
payment reserve
Net profit for the 334 565 3 973 338 538
period
Dividends on (27 600) (4 109) (31 709)
ordinary shares
Balance at 31 1 924 577 21 900 1 946 477
March 2008
Pro forma (769 811) - (769 811)
adjustments as per
PLS
Pro forma balance 1 154 766 21 900 1 176 666
at 31 March 2008
Consolidated statement of changes in equity
Attributable to equity holders of the parent
Non-distri-
Share Share Retained butable
capital premium income reserves
R`000 R`000 R`000 R`000
Balance at 30 17 306 1 193 662 340 117 77 306
September 2008
Share issue 23 6 091
Net profit for the 354 858
period
Dividends on -
ordinary shares
Share based 5 966
payment reserve
Hedge accounting (7 396)
reserve
Foreign currency 2 323
translation
reserve
Balance at 31 17 329 1 199 753 694 975 78 199
March 2009
Minority Total
Total interests equity
R`000 R`000 R`000
Balance at 30 1 628 391 22 612 1 651 003
September 2008
Share issue 6 114 6 114
Net profit for the 354 858 4 126 358 984
period
Dividends on - (5 155) (5 155)
ordinary shares
Share based 5 966 5 966
payment reserve
Hedge accounting (7 396) (7 396)
reserve
Foreign currency 2 323 2 323
translation
reserve
Balance at 31 1 990 256 21 583 2 011 839
March 2009
Notes to the consolidated financial statements
Introduction
The condensed financial statements are prepared in accordance with International
Financial Reporting Standards, IAS 34 - Interim reporting and the Listing
Requirements of the JSE Limited, and have been prepared on the historical cost
basis except for the revaluation of financial instruments, the valuation of
share based payments and the post retirement medical obligation. The principal
accounting policies adopted are consistent with those of the previous year.
These unaudited interim results have not been reviewed or reported on by the
Group`s external auditors.
1 BASES OF PREPARATION
1.1 Pro forma information
September 2008
Audited pro forma figures, consistent in all respects with those disclosed in
the 2008 annual report, have been presented for September 2008 on the following
basis:
These figures have been presented as if the Adcock Ingram group as at 30
September 2008 had been in existence for the entire financial year.
Accounting policies adopted by the Group for statutory purposes have been
consistently applied to these figures.
The earnings per share calculation has been done as if shares were in issue
from the first day of the financial year.
March 2008
The unaudited pro forma financial information for the six months ended 31 March
2008 was prepared to illustrate the impact of the unbundling and separate
listing of Adcock Ingram on the JSE had the unbundling occurred on 1 October
2007 for income statement purposes. The information is consistent in all respect
with the disclosure in the pre-listing statement dated 29 July 2008 except that
the revenue note has been amended to incorporate the R16,1 million interest
received accounted for in pro forma adjustment 7 on page 142 of the pre-listing
statement. This amendment has no effect on reported profit for the period.
The pro forma consolidated statement of changes in equity is consistent in all
respects with the statement of changes in equity as disclosed on page 132 of the
pre-listing statement, adjusted with the pro forma adjustments as reflected on
pages 142-144.
1.2 Statutory information
March 2008
No statutory information for the prior period has been disclosed as no trading
took place in the statutory entity or any companies in which it owned shares.
Some of the restructuring transactions were effected on 31 March with no effect
on the balance sheet.
Unaudited Unaudited Audited
Pro forma Pro forma
six months six months Year
ended ended ended
31 Mar 31 Mar 30 Sep
2009 2008 2008
R`000 Change R`000 R`000
2 REVENUE
Revenue comprises
- Turnover 1 896 599 1 542 086 3 300 894
- Finance revenue 49 653 66 666 151 739
- Dividend income 9 468 10 637 10 700
1 955 720 1 619 389 3 463 333
3 SEGMENTAL REPORTING
Turnover
OTC 592 011 17% 507 038 1 087 900
Prescription 700 303 46% 481 113 1 041 710
Hospital Products 604 285 9% 553 935 1 171 284
1 896 599 23% 1 542 086 3 300 894
Operating income
OTC 189 402 (11%) 211 696 417 368
Prescription 202 813 27% 159 417 336 811
Hospital Products 110 006 (7%) 117 867 250 454
502 221 3% 488 980 1 004 633
4 ABNORMAL ITEMS
Impairment of - - (17 791)
intangibles
IFRS 2 expenses - (399) -
Competition - (53 504) (53 504)
Commission
settlement
- (53 903) (71 295)
5 INVENTORY
The amount of 17 278 3 805 11 017
inventories written
down recognised as
an expense in cost
of inventories
6 PROPERTY, PLANT
AND EQUIPMENT
Capital commitments
- contracted 68 270 147 000 115 879
- approved 253 056 140 100 498 825
321 326 287 100 614 704
7 POST BALANCE SHEET EVENTS
There have been no material events subsequent to 31 March 2009 up until the date
of issue of this report that are indicative of conditions that arose before 31
March 2009 which require additional disclosure.
Subsequent to 31 March 2009, the Board has approved capital expenditure to the
value of R763 million.
SALIENT FEATURES
Turnover increased 23% to R1,9 billion
Profit before tax increased 18% to R501,8 million
HEPS improved 18% to 204,8 cents
Cash on hand R427 million
Maiden dividend per share of 70 cents
FINANCIAL REVIEW
Headline earnings
Headline earnings for the interim period ended 31 March 2009 of R354,7 million
(2008: R298,9 million) increased by 18,7% over the prior period. At the headline
earnings per share (HEPS) level, this translates into an improvement of 18,1%.
Earnings per share (EPS) rose 19,8% to 204,9 cents (2008: 171,1 cents), slightly
more than the increase in HEPS. If the cost of the settlement reached with the
Competition Commission during the prior period is excluded, earnings per share
would have risen by 2% with headline earnings per share remaining flat.
Turnover
Turnover was 23% higher at R1 897 million (2008: R1 542 million) on the back of
strong volume growth from the anti-retroviral (ARV) tender awarded in the second
half of the previous financial year, and reasonable volume growth in the
Hospital segment. Pricing accounted for less than 5% of the increase in
turnover, primarily from the 6,5% Single Exit Price (SEP) increase granted in
May 2008.
Turnover grew despite:
loss of a significant agency in The Scientific Group in late 2008, which
contributed R27 million to revenue in the prior period;
loss of tenders to the value of R22 million in the Hospital segment; and
the conversion of certain ephedrine containing over-the-counter (OTC) brands
to prescription-only products in April 2008, which led to a decrease of R16
million in revenue when compared to the first half of the prior year.
Profits
Gross profit increased by 7% to R935 million (2008: R877 million) with margins
declining from 57% (September 2008: 55%) to 49%. The gross margin percentage
across all segments of the business declined, with the Pharmaceutical business
more adversely affected than the Hospital segment. The main contributing factors
were:
the weakness of the rand which affected imported raw materials and finished
products; and
product sales mix, with the significant increase of ARVs in the portfolio and
contract manufacturing in the OTC division.
Operating profit before abnormal items increased by 3% to R502 million (2008:
R489 million) with margins reducing from 31,7% (September 2008: 30,4%) to 26,5%.
Operating expenses rose by 11% to R433 million (2008: R388 million), in line
with the inflationary pressures in the business, the primary drivers being in
sales and distribution.
Operating profit after abnormal items improved 15,4% as the settlement with the
Competition Commission amounting to R53,5 million negatively impacted the
results in the prior period.
After finance charges, profit before tax grew 18% to R502 million (2008: R425
million). The effective tax rate is 28,5%, resulting in profit after tax rising
20% to R359 million (2008: R299 million).
Cash flows
The cash operating profit of R559 million reduced to R210 million after working
capital absorption, finance costs, and dividend and taxation payments. Working
capital absorption amounted to R233 million in the period under review. Accounts
receivable increased by R168 million due to March and February being
significantly higher than average sales-months. Debtors` days at the end of the
period were approximately 63, a marginal improvement from September 2008.
Inventory increased by R50 million, but represents 112 days` purchases compared
with 130 days at September 2008.
The capital expansion programme progressed with total spend in the period of
R126 million, across the various sites. After repayment of borrowings, cash
equivalents increased by R31 million, leaving the business in a healthy cash
positive position of R427 million.
Dividends
We are pleased to announce a maiden dividend of 70 cents per share, representing
a dividend cover of approximately three times.
OPERATIONAL REVIEW
Pharmaceutical division
The Pharmaceutical division`s margins have come under pressure during the first
half of 2009, mainly as a result of adverse currency fluctuations and increased
API costs. In addition, construction activities at the manufacturing sites,
which continued into the first half of 2009, disrupted production during the
period. While the upgrades to the Bangalore and Clayville facilities have now
been completed, Wadeville should be completed by February 2010. In addition, the
division moved to a new distribution centre in Midrand, which compounded the
impact on deliveries and service levels. Operations and systems at the
distribution centre are now much improved.
Although the consumer downturn has not impacted prescription products, changed
consumer trends during the economic downturn have been evident in sales of OTC
products, where consumers are scaling down in pack sizes, or moving to a
recognised lower priced brand/generic. In addition, discretionary spend products
like Vita-Thion have come under pressure. However, Adcock Ingram`s key brands,
such as Corenza C and Bioplus continue to perform well.
Good progress has been made with the following strategic initiatives:
- Adcock Ingram East Africa has been established in Nairobi, Kenya;
- the acquisition of Tender Loving Care (TLC) was concluded, which will
increase Adcock Ingram`s offering in the fast moving consumer goods (FMCG)
sector;
- the Pharmaceutical division has continued to invest in its brands and
pipeline; and
- the generic pipeline has delivered on significant growth through ARVs, in
particular Adco Effaverenz.
Hospital Products
Adcock Ingram Hospital Products division consists of Critical Care and The
Scientific Group.
Adcock Ingram Critical Care (AICC)
This has been a challenging half-year for AICC with margin erosion and the
realisation of the full impact of the loss of tender business for intravenous
fluids. While the private sector continues to reflect organic growth, with
increases in admissions, hospital beds, and maternity and theatre cases, the
public sector proved to be less robust, with budgetary constraints and chronic
staffing challenges.
AICC`s sales increased by 11,5%, including volume growth of 6%, primarily due to
new business and product mix in the private sector, in which fluids sales rose
11%. In the public sector, the full impact of the loss of tender business is
reflected in the 41% decrease in volumes over the same period last year.
AICC`s renal operations improved 10% in volume, in line with international
trends. In addition, increased blood donor drives produced double digit growth
from the company`s transfusion therapies division.
The relationship with multinational, Baxter Healthcare, remains mutually
beneficial. AICC also sources a substantial range of its products from other
world leading principals.
There are a number of areas of growth for AICC in the next period, including a
generic injectable range. In addition, subject to registration, AICC will add a
new range of oncology products to its stable, potentially from September 2009.
The new renal product pipeline is also expected to come on stream in the next
six months.
The Scientific Group
The Scientific Group realised growth of 3% on the comparable period in its key
categories. Adjusting for the loss of a significant agency from 1 October 2008,
the growth rate would have been 25%.
The Group`s key growth areas include chemistry and haematology, rapid
diagnostics, molecular diagnostics and exports. Much of this growth is
underpinned by expanding HIV screening and ARV programmes.
Future growth in the division will be driven through acquisition of niche
agencies and companies, organic growth in our medical portfolio as well as
export opportunities.
REGULATORY ENVIRONMENT
Adcock Ingram welcomes the appointment of Dr Aaron Motsoaledi as the new
Minister of Health and is hopeful that he will bring fresh impetus to the
Department`s Health Strategy.
On 21 April 2009, the amended Medicines and Related Substance Act came into
effect. It includes a broader definition of "medicine", and the provisions for a
new Medicine Regulatory Authority (MRA) and a Marketing Code of Practice. Adcock
Ingram looks forward to a more efficient MRA and improved industry self-policing
in the marketing arena.
Good Manufacturing Practices, as expected by the MCC, PICs, WHO and FDA, will
continue to be Adcock Ingram`s only standard in our commitment to the provision
of safe, high quality and efficacious medicines. This applies to locally
manufactured as well as imported medicines.
TRANSFORMATION
Adcock Ingram, as a responsible corporate citizen, remains committed to
transformation. On 6 March 2009, Adcock Ingram commenced its Broad-based Black
Economic Empowerment transaction with a public call for expressions of interest.
The Group has received 188 responses to its advertisement, and a sub-committee
of the board, advised by Rand Merchant Bank, is evaluating all applications.
Adcock Ingram expects to complete the transaction by the end of calendar year
2009.
STRATEGY
Adcock Ingram`s growth strategy is focused on South Africa, the rest of Africa,
and other emerging markets.
In South Africa, our core market, volumes in the period under review indicate
reasonable organic growth across all divisions, albeit with reduced margins.
Further, we continue to pursue growth through innovation in existing categories
through a pipeline of New Chemical Entities (NCEs), new generics and new OTC
products. Examples of new products launched in the period include Vita-Thion
capsules and tablets, Slim `n Trim, Fosrenol, Adco-Fexaway and Adco-Midazolam.
We intend to build upon the acquisition of TLC in South Africa, which has
provided access to an established range of baby care, supplements and personal
care products, and has reinforced our presence in the FMCG market. The
acquisition of a minority stake in Batswadi Biotech has provided access to
Amgen`s biotech portfolio and offers growth adjacent to our prescription
products.
In Africa, we established our Kenyan presence in March 2009, with 24 employees.
Kenya will serve as the hub for Adcock Ingram`s expansion into East Africa. In
addition, we are actively looking at opportunities in West Africa.
Other emerging markets represent potential growth areas for the Group. In India,
our Bangalore facility has been approved by the South African, Australian and UK
regulatory authorities.
Progress on our expansionary and regulatory upgrades is satisfactory, although
expenditure is slower than anticipated. Costs have increased, mainly due to the
depreciation of the rand and increases in construction costs. Following a
comprehensive design and scoping exercise, the Board has approved the
construction of a high volume liquids plant at a cost of R511 million. In
addition, capital expenditure of R252 million, primarily of a regulatory nature,
has been approved in relation to the Critical Care facility. Adcock Ingram has
received approval from the Department of Trade and Industry for a capital
expenditure project in the Pharmaceutical division to qualify as a strategic
industrial project. The company will qualify for a special tax allowance of R458
million, equating to a tax saving, at current tax rates, of R128 million over a
period of four years.
We will continue our manufacturing focus in areas of competitive advantage in
South Africa, particularly liquids, effervescents, creams and ointments. We will
also continue cost effective production of tablets and capsules in South Africa.
Withdrawal of firm intention by Adcock Ingram to acquire the entire issued share
capital of Cipla Medpro South Africa Limited (CMSA) and withdrawal of cautionary
announcement.
On 9 April 2009 Adcock Ingram submitted a firm intention to make an offer to
acquire the entire issued ordinary share capital of Cipla Medpro South Africa
(CMSA) at R4,75 per CMSA share. Adcock Ingram`s Board of Directors remains of
the view that the strategic rationale for this transaction is compelling and
beneficial to both Adcock Ingram and CMSA. Taking into account all relevant
circumstances, Adcock Ingram`s Board has, however, with the consent of the
Securities Regulation Panel, resolved not to proceed with the proposed
transaction. For more details refer to the SENS announcement of 2 June 2009.
Adcock Ingram remains committed to delivering value for its shareholders.
PROSPECTS
It is difficult to forecast with confidence while meaningful regulatory
uncertainty prevails. We have, however, been encouraged by the process and the
timing applied by the Department of Health in the most recent adjustments to
SEPs. These adjustments will offset in the balance of the financial year some of
the exchange rate impacts that are reflected in the half year results.
We would expect the further interest reductions announced by the Reserve Bank to
flow through to improved spending on discretionary items in our portfolio, in
OTC and personal care categories.
We remain committed to our vision of growing Adcock Ingram both organically and
by prudent acquisition, into a leading, world-class branded healthcare company
that creates long-term value for our shareholders.
For and on behalf of the board
KDK Mokhele JJ Louw
Chairman Chief Executive Officer
DECLARATION OF ORDINARY DIVIDEND
Notice is hereby given that an interim cash dividend of 70 cents per share has
been declared in respect of the six months ended 31 March 2009.
The salient dates for the payment of the interim dividend are detailed below:
Last day to trade Friday, 19 June 2009
Shares trade "ex" dividend Monday, 22 June 2009
Record date Friday, 26 June 2009
Payment date Monday, 29 June 2009
Share certificates may not be dematerialised or rematerialised between Monday,
22 June 2009 and Friday, 26 June 2009, both dates inclusive.
By order of the board
R Naidoo
Company Secretary
Johannesburg
1 June 2009
Directors:
K D K Mokhele (Chairman)*
J J Louw (Chief Executive Officer)
E K Diack*
A G Hall (Chief Financial Officer)
T Lesoli*
C D Raphiri*
L E Schonknecht*
R I Stewart*
A M Thompson*
*Non-executive
Company secretary:
R Naidoo
Registered office:
1 New Road, Midrand, 1682
Postal address:
Private Bag X69, Bryanston, 2021
Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
Postal address:
PO Box 61051, Marshalltown, 2107
Auditors:
Ernst & Young Inc.
Wanderers Office Park, 52 Corlett Drive, Illovo, 2196
Sponsor:
Deutsche Securities (SA) (Pty) Limited
3 Exchange Square, 87 Maude Street, Sandton, 2146
Bankers:
Nedbank Limited, 135 Rivonia Road, Sandown, Sandton, 2146
Rand Merchant Bank, 1 Merchant Place, cnr Fredman Drive and Rivonia Road,
Sandton, 2196
Attorneys:
Read Hope Phillips, 30 Melrose Boulevard, Melrose Arch, 2196
Date: 02/06/2009 07:06:01 Produced by the JSE SENS Department.
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