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YRK
YRK
YRK - York Timber Holdings Limited - Unaudited consol. financial results for the
6 months ended 31 Dec 2010
York Timber Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1916/004890/06)
JSE Share code: YRK
ISIN: ZAE000133450
("York", "the Company" or "the Group")
SALIENT FEATURES
- Revenue up by 21%
- Operating profit up by 467%
- Earnings per share up from a loss of 135c to a profit of 2c
- Headline earnings per share up from a loss of 141c to a profit of 6c
- Net asset value per share up from 520c to 599c
- Cash generated by operations up by R109 million
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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
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31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
R`000 R`000 R`000
ASSETS
NON-CURRENT ASSETS
Biological assets (note 6) 1 610 614 1 414 822 1 562 936
Investment property 24 740 5 020 24 740
Property, plant and equipment 418 023 428 665 420 184
Goodwill 565 442 610 352 565 442
Intangible assets 2 374 2 609 2 691
Other financial assets 881 816 1 345
TOTAL NON-CURRENT ASSETS 2 622 074 2 462 284 2 577 338
CURRENT ASSETS
Biological assets (note 6) 320 611 243 216 358 738
Instalment sale receivables - 1 259 606
Inventories 119 441 165 367 138 040
Trade and other receivables 119 980 124 358 104 334
Cash and cash equivalents 84 856 21 754 84 493
Current tax receivable 3 503 - 3 503
Assets of disposal group (note 9) - 3 187 -
TOTAL CURRENT ASSETS 648 391 559 141 689 714
TOTAL ASSETS 3 270 465 3 021 425 3 267 052
EQUITY AND LIABILITIES
EQUITY
Share capital (note 7) 16 562 16 419 16 562
Share premium 1 505 352 1 477 295 1 505 352
Reserves (16 802) (35 350) (26 236)
Retained income 479 053 262 563 471 863
TOTAL EQUITY 1 984 165 1 720 927 1 967 541
LIABILITIES
NON-CURRENT LIABILITIES
Cash settled
share based payments (note 8) 5 569 419 2 104
Deferred tax 411 317 364 020 409 510
Retirement benefit obligation 23 222 22 916 22 463
Loans and borrowings 575 868 670 948 626 479
Provisions 55 265 54 643 55 496
TOTAL NON-CURRENT LIABILITIES 1 071 241 1 112 946 1 116 052
CURRENT LIABILITIES
Loans and borrowings 78 273 45 553 55 491
Current tax payable 369 2 999 369
Provisions 375 - 285
Trade and other payables 136 042 137 043 127 314
Liabilities of disposal group
(note 9) - 1 957 -
TOTAL CURRENT LIABILITIES 215 059 187 552 183 459
TOTAL LIABILITIES 1 286 300 1 300 498 1 299 511
TOTAL EQUITY AND LIABILITIES 3 270 465 3 021 425 3 267 052
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
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Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
R`000 R`000 R`000
Continuing operations
Revenue 491 096 407 333 909 361
Cost of sales (262 066) (260 394) (559 244)
Gross profit 229 030 146 939 350 117
Other operating income 2 390 12 619 19 962
Selling, general and
administration expenses (163 847) (147 359) (300 815)
Operating profit before
separately disclosed items 67 573 12 199 69 264
Insurance proceeds - - 8 519
Impairment of operating assets - - (42 598)
Operating profit 67 573 12 199 35 185
Restructuring costs - - (333)
Loss on non-current assets
held for sale (13 126) - -
Fair value adjustments 9 551 (80 646) 200 269
Profit/(loss) before finance costs 63 998 (68 447) 235 121
Investment income 1 136 1 298 2 810
Finance costs excl. hedge
interest expense (41 723) (69 700) (107 978)
Hedge interest expense
- paid (9 855) (8 675) (16 791)
- ineffective portion (8 238) (15 101) (23 015)
- due to early settlement - (29 577) (29 577)
Profit/(loss) before taxation 5 318 (190 202) 60 570
Taxation 1 872 49 668 4 056
Profit/(loss)
from continuing operations 7 190 (140 534) 64 626
Discontinued operations
Loss from discontinued operations
(net of tax) (note 9) - (4 140) -
Profit/(loss) for the period 7 190 (144 674) 64 626
Other comprehensive income/(loss):
Available-for-sale
financial assets adjustments (464) 188 716
Effects of cash flow hedges 13 657 43 740 52 499
Taxation related to components of
other comprehensive income (3 759) - 10 273
Other comprehensive income for the
period net of taxation (subtotal) 9 434 43 928 63 488
TOTAL COMPREHENSIVE INCOME/(LOSS) 16 624 (100 746) 128 114
Profit/(loss) attributable
to owners of the parent 7 190 (144 674) 64 626
Total comprehensive income/(loss)
attributable to owners of the
parent 16 624 (100 746) 128 114
EARNINGS PER SHARE
Basic earnings/(loss) per share
(cents) (note 11) 2 (135) 30
Diluted earnings/(loss) per share
(cents) (note 11) 2 (129) 30
Headline earnings/(loss) per share
(cents) (note 12) 6 (141) 40
Continuing operations
Basic earnings/(loss) per share
(cents) (note 11) 2 (131) 30
Diluted earnings/(loss) per share
(cents) (note 11) 2 (126) 30
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
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Share Share Retained
capital premium income
R`000 R`000 R`000
BALANCE AT 1 JULY 2009 3 919 1 026 888 407 237
Profit for the year - - 64 626
Total comprehensive
income for the year - - 64 626
Transactions with owners
recorded directly in equity
Contributions by and
distributions to owners
Issue of shares through
rights issue 12 500 487 500 -
Share issue costs written
off against share premium - (12 844) -
Reversal of share premium
due to disposal of
treasury shares - (24 266) -
Conversion of preference
shares into ordinary shares 143 28 074 -
Total transactions
with owners 12 643 478 464 64 626
BALANCE AT 30 JUNE 2010 16 562 1 505 352 471 863
Profit for the year - - 7 190
Total comprehensive income
for the period and total
transactions with owners - - 7 190
BALANCE AT 31 DEC 2010 16 562 1 505 352 479 053
Fair value
adjustment
assets- Share
available based
Hedging -for-sale payment TOTAL
Reserve reserve reserve EQUITY
R`000 R`000 R`000 R`000
BALANCE AT 1 JULY 2009 (89 545) (179) 1 286 1 349 606
Profit for the year - - - 64 626
Other comprehensive income
Change in fair value of
cash flow hedge,
net of tax 62 872 - - 62 872
Change in fair value
of available-for-sale
financial assets,
net of tax - 616 - 616
Total other comprehensive
income 62 872 616 - 63 488
Total comprehensive income
for the year 62 872 616 - 128 114
Transactions with owners
recorded directly in equity
Contributions by and
distributions to owners
Issue of shares through
rights issue - - - 500 000
Share issue costs written
off against share premium - - - (12 844)
Increase in share based
payment reserve - - 9 160 9 160
Reversal of share premium
due to disposal of
treasury shares - - - (24 266)
Conversion of preference
shares into ordinary shares - - (10 446) (10 446)
Total transactions
with owners 62 872 616 (1 286) 489 821
BALANCE AT 30 JUNE 2010 (26 673) 437 - 1 967 541
Profit for the year - - - 7 190
Other comprehensive income
Change in fair value of
cash flow hedge,
net of tax 9 833 - - 9 833
Change in fair value
of available-for-sale
financial assets,
net of tax - (399) - (399)
Total other comprehensive
income 9 833 (399) - 9 434
Total comprehensive income
for the period and total
transactions with owners 9 833 (399) - 9 434
BALANCE AT 31 DEC 2010 (16 840) 38 - 1 984 165
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UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
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Six months Six months Year
ended ended ended
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
R`000 R`000 R`000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers 470 472 442 009 1 050 337
Cash paid to suppliers & employees (386 674) (466 916) (948 469)
Cash generated from/
(utilised in) operations 83 798 (24 907) 101 868
Investment income 1 136 1 298 2 111
Finance costs (48 601) (123 053) (129 665)
Tax (paid)/received (81) (2 426) 1 594
Cash flow from discontinued operations - (4 166) -
NET CASH FROM OPERATING ACTIVITIES 36 252 (153 254) (24 092)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of
property, plant and equipment (11 248) (10 938) (17 095)
Sale of property, plant and equipment 194 94 933
Purchase of other intangible assets (65) - (457)
Withdrawal from self-insurance fund - - 3 282
NET CASH FROM INVESTING ACTIVITIES (11 119) (10 844) (13 337)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds on share issue - 12 500 12 643
Increase in share premium - 463 251 491 308
Share issue cost deducted
from share premium - (12 844) (12 844)
Net movement in loans and borrowings (25 376) (402 436) (484 855)
Movement in instalment sale receivables 606 595 1 248
NET CASH FROM FINANCING ACTIVITIES (24 770) 61 435 (2 500)
TOTAL CASH MOVEMENT FOR THE PERIOD 363 (102 663) (39 929)
Cash at beginning of period 84 493 124 422 124 422
CASH AT END OF PERIOD 84 856 21 754 84 493
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
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1. STATEMENT OF COMPLIANCE
------------------------------------
The unaudited condensed consolidated financial statements for the
six months ended 31 December 2010, have been prepared in accordance
with the Listings Requirements of the JSE Limited and the Companies
Act of South Africa, 1973 (as amended). The recognition and
measurement requirements of International Financial Reporting
Standards ("IFRS") and the AC 500 standards as issued by the
Accounting Practices Board ("APB") and the presentation and disclosure
requirements of International Accounting Standard ("IAS") 34 Interim
financial reporting have been applied.
These condensed results do not include all the information required
for full annual financial statements, and should be read in
conjunction with the audited consolidated financial statements as
at and for the year ended 30 June 2010.
The unaudited condensed consolidated financial results, which have
been prepared on the going concern basis, were approved by the
Board of Directors on 9 March 2011.
The unaudited condensed consolidated financial results have not been
reviewed or audited.
2. ESTIMATES
------------------------------------
The preparation of the unaudited condensed consolidated financial
statements requires management to make judgements, estimates and
assumptions that affect the application of accounting policies, and
the reported amounts of assets and liabilities, income and expenses.
Actual results may differ from these estimates.
In preparing these unaudited condensed consolidated financial results,
the significant judgements made by management in applying the Group`s
accounting policies and the key sources of estimation uncertainty were
the same as those applied in the preparation of the audited
consolidated financial statements as at and for the year ended
30 June 2010.
3. ACCOUNTING POLICIES
------------------------------------
The accounting policies and methods of computation are consistent with
those used for the year ended 30 June 2010.
4. ADDITIONAL DISCLOSURE ITEMS
------------------------------------
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
R`000 R`000 R`000
Authorised capital commitments:
- Contracted, but not provided 4 261 400 2 900
- Not contracted 3 938 8 555 5 894
Depreciation of
property, plant & equipment 13 318 11 789 25 931
Amortisation of intangible assets 382 375 750
Reversal of impairment of
property, plant & equipment - - 3 184
Impairment/(reversal of impairment)
of trade receivables 161 (2 584) (2 912)
(Reversal of provision)/provision
for restructuring costs - (62) 333
- The Group did not have any litigation settlements during the
reporting period and did not have any contingent liabilities
at period end.
- The Group did not have any covenant defaults or breaches of its loan
agreements at the reporting date.
- No events occurred between the reporting date and the release of
these results which require adjustment of or disclosure in
these results.
5. OPERATING SEGMENTS
------------------------------------
Timber products 31 Dec 31 Dec 30 Jun
2010 2009 2010
R`000 R`000 R`000
Revenue: external sales 459 721 398 238 872 741
Revenue: inter-segment sales 66 803 34 668 55 683
Total revenue 526 524 432 906 928 424
Depreciation and amortisation (9 653) (8 874) (22 307)
Reportable segment profit/(loss)* 14 453 (17 093) 1 550
Reportable segment assets 198 780 232 995 236 697
Capital expenditure 4 511 10 938 10 364
Reportable segment liabilities - - -
Forestry 31 Dec 31 Dec 30 Jun
2010 2009 2010
R`000 R`000 R`000
Revenue: external sales 30 451 27 867 34 747
Revenue: inter-segment sales 214 118 164 807 375 104
Total revenue 244 569 195 674 409 851
Depreciation and amortisation (2 943) (2 037) (4 374)
Reportable segment profit/(loss)* 78 637 39 920 103 255
Reportable segment assets 1 937 947 1 669 428 1 942 707
Capital expenditure 5 383 - 5 360
Reportable segment liabilities - - -
Total for reportable segments 31 Dec 31 Dec 30 Jun
2010 2009 2010
R`000 R`000 R`000
Revenue: external sales 490 172 426 105 907 488
Revenue: inter-segment sales 280 921 199 475 430 787
Total revenue 771 093 625 580 1 338 275
Depreciation and amortisation (12 596) (10 911) (26 681)
Reportable segment profit/(loss)* 93 090 22 827 104 805
Reportable segment assets 2 136 727 1 902 424 2 179 404
Capital expenditure 9 894 10 938 15 724
Reportable segment liabilities - - -
* being the earnings before interest, taxation, depreciation &
amortisation ("EBITDA")
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
R`000 R`000 R`000
Reconciliation of
reportable segment profit or loss
Total EBITDA for reportable segments 93 090 22 827 104 805
Depreciation, amortisation
and impairment (13 700) (16 664) (66 093)
Unallocated amounts (11 817) 6 037 (3 527)
Operating profit 67 573 12 199 35 185
6. BIOLOGICAL ASSETS
------------------------------------
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
R`000 R`000 R`000
Reconciliation of biological assets
Opening balance 1 921 674 1 738 371 1 738 371
Fair value adjustment:
- Increase due to growth 181 308 71 748 326 846
- Decrease due to harvesting (227 289) (124 460) (308 633)
- Adjustment to standing timber
values to reflect fair value less
point of sale cost at period end 55 532 (27 621) 165 090
Closing balance 1 931 225 1 658 038 1 921 674
Classified as non-current assets 1 610 614 1 414 822 1 562 936
Classified as current assets* 320 611 243 216 358 738
1 931 225 1 658 038 1 921 674
* Being the biological assets to be harvested and sold in the
12 months after the reporting date.
Key assumptions used
Long term inflation rate 5.5% # 6%
Cost of equity 12.3% # 13%
Pre-tax cost of debt 9.0% # 10%
Target debt:equity ratio 30:70 # 30:70
# During the six months ended 31 December 2009 the Group used the
net standing valuation method and therefore no discount rate
was applicable.
The other key assumptions have been updated as follows:
- Volumes: Forecast volumes were updated at the reporting date using a
merchandising model.
- Timber prices: The market selling prices are unchanged from those
used in the year ending 30 June 2010.
- Operating costs: The costs are based on unit cost of the forest
management activities required to enable the trees to reach the age
of felling. These costs have been reviewed and updated to the latest
applicable amounts.
7. SHARE CAPITAL
------------------------------------
31 Dec 31 Dec 30 Jun
2010 2009 2010
`000 `000 `000
Reconciliation of the
number of shares issued
Opening balance 331 241 78 370 78 370
Issue of shares through rights offer - 250 000 250 000
Conversion of preference shares
into ordinary shares - - 2 871
Closing balance 331 241 328 370 331 241
8. SHARE BASED PAYMENTS
------------------------------------
The Group offers its key employees an employee share appreciation
rights scheme. In addition to the allotment reported for the year
ended 30 June 2010, the Group made a second allotment on 1 July 2010.
The details of the allotments are as follows:
Allotment made on
17 Nov 2009 1 Jul 2010
Outstanding at period end (`000) 6 601 5 695
Weighted exercise price R2.74 R3.19
Vesting portions in 3 equal trenches
annually commencing on 17 Nov 2012 1 Jul 2013
Expiry date 17 Nov 2015 1 Jul 2016
The fair value was determined using the Black-Scholes model.
Key assumptions used
31 Dec 31 Dec 30 Jun
2010 2009 2010
Closing share price at period end R4.00 R2.90 R3.07
Dividend yield 0% 0% 0%
Bootstrapped zero coupon
perfect fit swap curve 5.82-7.30% 7.96-8.66% 6.89-7.81%
9. DISCONTINUED OPERATIONS
------------------------------------
In September 2009 the Group discontinued certain of its less
efficient sawmilling operations as part of a restructuring exercise.
A third plant was mothballed and set aside for possible future use.
The start-up cost relating to the third mill becoming operational
again has not been included in the current figures and will be
expensed if and when the start-up occurs.
The sawmill plants that were affected are:
a) Roburnia Sawmill Closed
b) Golden Rhino Lumber Mothballed
c) Madiba Mill Closed
These plants were still operational at 30 June 2009 and closure of
these operations occurred in the 2010 financial year. The assets and
liabilities of the disposal group are set out below.
Six months ended
31 Dec 2009
R`000
ASSETS AND LIABILITIES
Assets of disposal group 3 187
Inventories 207
Trade and other receivables 2 980
Liabilities of disposal group
Trade and other payables 1 957
RESULTS FROM OPERATIONS
Revenue 19 712
Cost of sales (21 601)
Gross profit (1 889)
Other operating income 20
Selling, general and
administration expenses (2 333)
Operating loss (4 202)
Restructure costs 62
Net loss before taxation (4 140)
Taxation -
Loss for the period
from discontinued operations (4 140)
10. COMPARATIVE FIGURES
------------------------------------
The Group previously disclosed other financial liabilities,
finance lease obligations and installment sale liabilities
separately on the face of the statement of financial position.
During the current reporting period these categories have been
consolidated and presented as loans and borrowings.
The effects of the reclassification of line items are as follows:
Non-current liabilities 31 Dec 30 Jun
2009 2010
R`000 R`000
Other financial liabilities 628 752 612 317
Finance lease obligation 40 523 13 245
Installment sale liability 1 673 917
Total disclosed as loans and borrowings 670 948 626 479
Current liabilities 31 Dec 30 Jun
2009 2010
R`000 R`000
Other financial liabilities 38 999 51 698
Finance lease obligation 5 031 2 278
Installment sale liability 1 523 1 515
Total disclosed as loans and borrowings 45 553 55 491
11. EARNINGS PER SHARE
------------------------------------
The calculation of basic earnings per share is based on:
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
Profit/(loss) attributable to
ordinary shareholders (`000)
- from all operations R 7 190 R (144 674) R 64 626
- from continuing operations R 7 190 R (140 534) R 64 626
Reconciliation of weighted average
number of ordinary shares `000 `000 `000
Issued number of shares 331 241 78 370 78 370
Effect of shares issued in Dec 2009 - 28 533 138 356
Effect of conversion of preference shares - - 55
Weighted average
number of ordinary shares 331 241 106 903 216 781
During the six months ended 31 December 2010 and the year ended
30 June 2010, there were no instruments that had a dilutive effect.
At 31 December 2009, 109.774 million convertible preference shares
were outstanding, which had a dilutive effect. These preference
shares were converted into 2.871 million ordinary shares on
24 June 2010. The weighted average number of ordinary shares,
after the effect of the conversion was 109.774 million. The loss
attributable to ordinary shareholders was adjusted by preference
dividends of R2.64 million, resulting in a diluted loss of
R142.03 million and a diluted loss from continuing operations of
R137.90 million.
12. HEADLINE EARNINGS PER SHARE
------------------------------------
The calculation of headline earnings per share is based on:
31 Dec 31 Dec 30 Jun
2010 2009 2010
Unaudited Unaudited Audited
Reconciliation of basic earnings
to headline earnings R`000 R`000 R`000
Basic earnings attributable
to ordinary shareholders 7 190 (144 674) 64 626
Profit on sale of assets and
liabilities (net of tax) (72) (5 745) (7 872)
Loss on non-current assets
held for sale 13 126 - -
Fair value adjustment on
investment property (net of tax) - - (12 216)
Impairment of plant, equipment
and vehicles (net of tax) - - (2 292)
Impairment of goodwill - - 44 910
Headline earnings for the period 20 244 (150 419) 87 156
Weighted average
number of ordinary shares (`000) 331 241 106 903 216 781
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COMMENTARY TO THE FINANCIAL RESULTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2010
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COMPANY DESCRIPTION
------------------------------------
York Timber Holdings Limited is an integrated timber company with
operations in Mpumalanga in South Africa. York processes its own
timber, grown on 67 000 hectares of plantations, through its five
processing plants.
RESULTS
------------------------------------
In the period under review York produced solid operating results
and made satisfactory progress on the achievement of its goals,
as set out in the 2010 annual report. In a challenging market
environment, York worked to stabilise operations and its
restructuring plans are now implemented.
- Revenue increased by 21%
- Operating profit increased from R12 million for the six months
ended December 2009 to R68 million
- Cash generated from operations was R84 million for the six month
period
- Earnings per share increased from a loss of 135 cents to a profit
of 2 cents
- Headline earnings per share of 6 cents (2009: loss of 141 cents)
- Net asset value per share of 599 cents (2009: 520 cents)
A focus on optimisation across the organisation and the streamlining
of the various cost structures were the key drivers in achieving these
results. York is driven to further reduce costs to ensure that the
Company remains competitive.
York has invested in enhancing the skill set within the organisation
and continues to look for further expertise to support the growth
strategy of the Company.
York maintained its status as a level 4 BBBEE contributor.
YORK`S PLANTATION ASSET
------------------------------------
York adopted the discounted cashflow method in calculating the fair
value of its biological assets. This method incorporates forward
looking assumptions to illustrate the underlying plantation value.
York manages the biological asset according to a high level of
compliance to environmental standards. All York`s plantations
are Forest Stewardship Council certified.
Despite the number of fire incidents being higher than the previous
period, no major losses were experienced. The actual number of
hectares affected was significantly lower due to the implementation
of more stringent fire prevention methods.
The sustainability of the plantation is being enhanced through
accelerated replanting of the 2007/2008 fire damaged areas.
Temporary unplanted areas decreased by 1 868 hectares.
PROSPECTS
------------------------------------
York believes that the performance during the first six months of
the 2011 financial year can be sustained. This prospect is not a
forecast and has not been reviewed or reported on by York`s auditors.
CORPORATE GOVERNANCE
------------------------------------
The Board is in the process of reviewing and, where relevant,
implementing the King III Code.
BOARD OF DIRECTORS
------------------------------------
Dr Azar Jammine was appointed as an independent non-executive
director to the Board on 5 October 2010. Mr Paul Botha and
Mr Shakeel Meer were reappointed to the Board in the
Shareholders meeting held 16 November 2010.
On behalf of the Board of Directors
PIET VAN ZYL (Chief Executive Officer)
DUNCAN ERSKINE (Chief Financial Officer)
Sabie, Mpumalanga
14 March 2011
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COMPANY INFORMATION:
--------------------------------------------------------------------
Executive directors: Piet van Zyl (CEO) and Duncan Erskine (CFO)
Non-executive directors: Jim Myers* (Chairman, USA), Paul Botha,
Dr Azar Jammine*, Shakeel Meer*,
Gavin Tipper* (* independent)
Registered office: York Corporate Office, 3 Main Street,
Sabie, 1260
Postal address: PO Box 1191, Sabie, 1260
Company secretary: Fusion Corporate
Secretarial Services (Pty) Ltd
Transfer secretaries: Computershare Investor Services (Pty) Ltd
Sponsor: One Capital
Auditors: KPMG Incorporated
www.york.co.za
Date: 14/03/2011 16:29:25 Produced by the JSE SENS Department.
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