| Wed 27 Jul 2011, 7:05 | | ACL - ArcelorMittal South Africa Limited - Reviewed group interim financial |
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ACL
ACL
ACL - ArcelorMittal South Africa Limited - Reviewed group interim financial
results and dividend announcement for the six months ended 30 June 2011
ArcelorMittal South Africa Limited
Registration number: 1989/002164/06
Share code: ACL ISIN: ZAE000134961
("ArcelorMittal South Africa", "the company" or "the group")
Reviewed group interim financial results and dividend announcement for the six
months ended 30 June 2011
Revenue of R16.6 billion
Operating profit of R929 million
Headline earnings of R668 million
Condensed group statement of comprehensive income
Six months ended Year ended
30 Jun 11 30 Jun 10 31 Dec 10
In millions of rands Reviewed Reviewed Audited
Revenue 16 576 16 165 30 224
Raw materials and consumables used (9 761) (8 267) (17 027)
Employee costs (1 592) (1 486) (2 951)
Energy (1 668) (1 097) (2 419)
Movement in inventories of finished 886 390 744
goods and work in progress
Depreciation (699) (682) (1 360)
Amortisation of intangible assets (7) (6) (11)
Other operating expenses (2 806) (2 668) (5 049)
Profit from operations 929 2 349 2 151
Finance and investment income 19 25 71
Finance costs (Note 4) 13 (63) (507)
(Loss)/income from equity accounted (10) 135 122
investments (net of tax)
Profit before tax 951 2 446 1 837
Income tax expense (Note 5) (297) (669) (492)
Profit for the period 654 1 777 1 345
Other comprehensive income
Exchange differences on translation 27 63 (200)
of foreign operations
(Losses)/gains on available-for-sale (12) 29
investment taken to equity
Movement in gains deferred to equity 8 8
on cash flow hedges
Share of other comprehensive income (141) 104 75
of equity accounted investments
Tax effect on amounts taken directly (9) (2)
to equity
Total comprehensive income for the 540 1 931 1 255
period
Profit attributable to:
Owners of the company 654 1 777 1 345
Total comprehensive income
attributable to:
Owners of the company 540 1 931 1 255
Attributable earnings per share
(cents)
- basic 163 443 335
- diluted 163 442 335
Condensed group statement of financial position
As at As at As at
30 Jun 11 30 Jun 10 31 Dec 10
In millions of rands Reviewed Reviewed Audited
Assets
Non-current assets 18 574 18 630 19 110
Property, plant and equipment 16 159 15 573 16 432
Intangible assets 83 75 84
Equity accounted investments (Note 6) 2 262 2 760 2 386
Other financial assets 70 222 208
Current assets 13 865 15 598 12 608
Inventories 8 175 6 918 7 156
Trade and other receivables 3 065 3 380 1 816
Taxation 18
Other financial assets 2 121 112
Cash and cash equivalents 2 623 5 179 3 506
Total assets 32 439 34 228 31 718
Equity and liabilities
Shareholders` equity 23 101 23 860 22 556
Stated capital 37 37 37
Non-distributable reserves (2 601) (2 051) (2 475)
Retained income 25 665 25 874 24 994
Non-current liabilities 4 484 4 714 4 592
Borrowings and other payables 222 214 224
Finance lease obligations 483 551 515
Deferred income tax liability 2 287 2 426 2 354
Provision for post-retirement medical 7 8 8
costs
Non-current provisions 1 485 1 515 1 491
Current liabilities 4 854 5 654 4 570
Trade and other payables 4 127 4 986 4 020
Borrowings and other payables 102 79 88
Finance lease obligations 55 56 59
Taxation 180 305
Current provisions 390 228 403
Total equity and liabilities 32 439 34 228 31 718
Condensed group statement of cash flows
Six months ended Year ended
30 Jun 11 30 Jun 10 31 Dec 10
In millions of rands Reviewed Reviewed Audited
Cash (out)/inflows from operating (407) 1 309 1 462
activities
Cash (utilised) in/generated from (290) 1 737 2 791
operations
Interest income 18 24 69
Finance cost (39) (43) (85)
Dividend paid (Note 7) (602)
Income tax paid (161) (387) (653)
Realised foreign exchange movement 65 (22) (58)
Cash outflows from investing (349) (453) (1 706)
activities
Investment to maintain operations (229) (259) (1 259)
Investment to expand operations (107) (97) (455)
Shares acquired in associate and (22) (98) (120)
equity accounted investment
Investment income - interest 1 1 2
Dividend from equity accounted 8 126
investments
Net cash (out)/inflow (756) 856 (244)
Cash outflows from financing (195) (159) (499)
activities
Repayment of borrowings, finance (195) (159) (499)
lease obligations and other payables
(Decreased)/increase in cash and cash (951) 697 (743)
equivalents
Effect of foreign exchange rate 68 134 (99)
changes
Cash and cash equivalents at 3 506 4 348 4 348
beginning of period
Cash and cash equivalents at end of 2 623 5 179 3 506
period
Group statement of changes in equity
Reserves
In millions of rands Stated Treasury Manage- Share- Attribu-
capital share ment based table
equity share payment reserves
reserve trust reserve of
equity-
accounted
investments
Balance at 1 January 37 (3 918) (219) 150 1 255
2010
Total comprehensive
income for the
period (net of
income tax)
Management share (8)
trust: net treasury
share purchases
Share-based payment 12
expense
Transfer of equity- 135
accounted earnings
Balance at 30 June 37 (3 918) (227) 162 1 390
2010 (Reviewed)
Total comprehensive
income for the
period (net of
income tax)
Management share (46)
trust: net treasury
share purchases
Share-based payment 20
expense
Dividend
Transfer of equity- (154)
accounted earnings
Balance at 37 (3 918) (273) 182 1 236
31 December 2010
(Audited)
Total comprehensive
income for the
period (net of
income tax)
Management share (6)
trust: net treasury
share purchases
Share-based payment 11
expense
Transfer of equity- (17)
accounted earnings
Balance at 30 June 37 (3 918) (279) 193 1 219
2011 (Reviewed)
* R104 million relates to equity-accounted investments
** R29 million relates to equity-accounted investments
*** R141 million relates to equity-accounted investments
Group statement of changes in equity (continued)
Reserves
In millions of rands Other Cash flow Retained Total
reserves hedge income shareholders`
accounting equity
reserve
Balance at 1 January 394 (6) 24 232 21 925
2010
Total comprehensive 148* 6 1 777 1 931
income for the
period (net of
income tax)
Management share (8)
trust: net treasury
share purchases
Share-based payment 12
expense
Transfer of equity- (135)
accounted earnings
Balance at 30 June 542 25 874 23 860
2010 (Reviewed)
Total comprehensive (244)** (432) (676)
income for the
period (net of
income tax)
Management share (46)
trust: net treasury
share purchases
Share-based payment 20
expense
Dividend (602) (602)
Transfer of equity- 154
accounted earnings
Balance at 298 24 994 22 556
31 December 2010
(Audited)
Total comprehensive (114)*** 654 540
income for the
period (net of
income tax)
Management share (6)
trust: net treasury
share purchases
Share-based payment 11
expense
Transfer of equity- 17
accounted earnings
Balance at 30 June 184 25 665 23 101
2011 (Reviewed)
*R104 million relates to equity-accounted investments
** R29 million relates to equity-accounted investments
*** R141 million relates to equity-accounted investments
Notes to the reviewed condensed consolidated financial statements
1. Basis of preparation
The condensed consolidated interim financial statements have
been prepared in compliance with the Listings Requirements of
the JSE Limited, International Accounting Standard (IAS) 34,
Interim Financial Reporting and the South African Companies
Act, No.71 of 2008, as well as the AC500 Standards as issued by
the Accounting Practices Board or its successor. The condensed
consolidated interim ?nancial statements for the six months
ended 30 June 2011 was compiled under the supervision of Mr RH
Torlage, the Chief Financial Officer.
2. Significant accounting policies
The condensed consolidated interim financial statements have
been prepared using accounting policies that comply with
International Financial Reporting Standards. The accounting
policies and methods of computation applied in the presentation
of the interim financial statements are consistent with those
applied for the year ended 31 December 2010.
3. Independent review by the auditors
The condensed consolidated interim results have been reviewed
by the company`s auditors, Deloitte & Touche, in accordance
with International Standards on Review Engagements 2410. They
expressed an unqualified review opinion on the interim
financial information. A copy of their report is available for
inspection at the company`s registered office. Any reference
to future financial performance included in this announcement,
has not been reviewed or reported on by the company`s auditors.
Six months ended Year ended
30 Jun 11 30 Jun 10 31 Dec 10
In millions of rands Reviewed Reviewed Audited
4. Finance costs (13) 63 507
Interest expense on bank 3 4 8
overdrafts and loans
Interest expense on finance 36 39 77
lease obligations
Discounting rate adjustment (35) 43 100
of the non-current
provision
Net foreign exchange (100) (113) 150
(gains)/losses on financing
activities
Unwinding of the 83 90 172
discounting effect in the
present valued carrying
amount of non-current
provisions
5. Income tax expense
Income tax is accrued based
on the estimated average
annual effective income tax
rate of 31.2% (Six months
ended 30 June 2010: 27.4%)
6. Equity accounted
investments
Directors` valuation of 2 642 3 134 2 711
unlisted and listed shares
in Joint Ventures and
Associates
7. Dividend paid
Cash dividend 602
8. Capital expenditure
- incurred 336 356 1 714
- authorised and contracted 772 709 641
- authorised but not 892 979 1 045
contracted
9. Contingent liabilities
- Guarantees 1 1
10. Operating lease commitments 243 37 313
- less than one year 87 25 148
- more than one year and 135 12 161
less than five years
- more than five years 21 4
11. Related party transactions
The group is controlled by ArcelorMittal Holdings A.G. which
effectively owns 52.02% of the company`s shares. During the
period the company and its subsidiaries, in the ordinary course
of business, entered into various sale and purchase
transactions with associates and joint ventures. These
transactions occurred under terms that are no less favourable
than those arranged with third parties.
12. Corporate governance
The group fully supports the Code on Corporate Practices and
Conduct as contained in the third King Report on Corporate
Governance.
Unaudited supplementary physical information (`000 tonnes)
Quarter ended Six months Year
ended ended
30 Jun 31 Mar 30 Jun 30 Jun 30 Jun 31 Dec
2010 2011 2011 2011 2010 2010
Flat Steel Products
986 1 052 1 102 Liquid steel production 2 154 2 038 3 814
912 991 829 Sales 1 820 1 772 3 348
Long Steel Products
511 385 537 Liquid steel production 922 1 008 1 860
457 302 460 Sales 762 928 1 693
Total
1 497 1 437 1 639 Liquid steel production 3 076 3 046 5 674
1 369 1 293 1 289 Sales 2 582 2 700 5 041
1 001 896 1 024 - local 1 920 1 905 3 414
368 397 265 - export 662 795 1 627
73 69 80 Local sales as percentage of 74 71 68
total sales
Coke and Chemicals
165 196 180 Commercial coke sales 376 309 630
33 32 28 Tar sales 60 62 125
Segment information
Segment revenue
Quarter ended Six months ended Year
ended
30 Jun 31 Mar 30 Jun 30 Jun 30 Jun 31 Dec
2010 2011 2011 2011 2010 2010
Un- Un- Un- In millions of rands Reviewed Reviewed Audited
audited audited audited
Flat Steel Products
5 447 5 486 5 290 - external sales 10 776 10 224 18 848
174 76 113 - inter-segment 189 234 586
sales
Long Steel Products
2 550 1 625 2 836 - external sales 4 461 4 778 8 976
191 320 195 - inter-segment 515 378 793
sales
Coke and Chemicals
661 666 673 - external sales 1 339 1 163 2 400
10 21 13 - inter-segment 34 24 49
sales
(375) (417) (321) Adjustments and (738) (636) (1 428)
eliminations
8 658 7 777 8 799 Total revenue 16 576 16 165 30 224
Distributed as:
6 982 6 034 7 426 - Local 13 460 12 789 23 185
- Export
1 137 1 128 846 Africa 1 974 2 318 4 439
13 14 16 Europe 30 26 68
418 548 372 Asia 920 885 2 080
108 53 139 Other 192 147 452
All of the segment revenue reported above is from external customers.
Segment profit from operations
Quarter ended Six months ended Year
ended
30 Jun 31 Mar 30 Jun 30 Jun 30 Jun 31 Dec
2010 2011 2011 2011 2010 2010
Un- Un- Un- In millions of rands Reviewed Reviewed Audited
audited audited audited
Operating
profit/(loss) before
depreciation,
amortisation and
impairments
828 459 548 - Flat Steel 1 007 1 705 1 442
Products
458 (15) 384 - Long Steel 369 846 1 090
Products
291 222 264 - Coke and Chemicals 486 503 1 029
10 (18) (209) - Corporate and (227) (17) (39)
Other
Depreciation and
amortisation
(272) (282) (283) - Flat Steel (565) (548) (1 095)
Products
(68) (66) (71) - Long Steel (137) (134) (264)
Products
(11) (10) (12) - Coke and Chemicals (22) (22) (44)
7 8 10 - Corporate and 18 16 32
Other
Profit/(loss) from
operations
556 177 265 - Flat Steel 442 1 157 347
Products
390 (81) 313 - Long Steel 232 712 826
Products
280 212 252 - Coke and Chemicals 464 481 985
17 (10) (199) - Corporate and (209) (1) (7)
Other
1 243 298 631 Profit from 929 2 349 2 151
operations
Segment assets
As at As at As at
30 Jun 30 Jun 31 Dec
11 10 10
In millions of rands Reviewed Reviewed Audited
Flat Steel Products 20 681 19 782 19 177
Long Steel Products 5 894 5 015 5 277
Coke and Chemicals 967 936 1 079
Corporate and Other 4 897 8 495 6 185
Total 32 439 34 228 31 718
Salient features
Six months ended Year ended
In millions of rands 30 Jun 11 30 Jun 10 31 Dec 10
Reviewed Reviewed Audited
Reconciliation of earnings before
interest, taxation, depreciation and
amortisation (EBITDA)
Profit from operations 929 2 349 2 151
Adjusted for:
- Depreciation 699 682 1 360
- Amortisation of intangible assets 7 6 11
EBITDA 1 635 3 037 3 522
Reconciliation of headline earnings
Profit for the period 654 1 777 1 345
Adjusted for:
- Loss on disposal or scrapping of 19 38 44
assets
- Tax effect (5) (11) (12)
Headline earnings 668 1 804 1 377
Headline earnings per share (cents)
- basic 166 450 343
- diluted 166 449 343
Selected ratios (%)
EBITDA margin 9.9 18.8 11.7
Return on ordinary shareholders`
equity per annum
- attributable earnings 5.7 15.5 6.0
- headline earnings 5.9 15.8 6.2
Net cash to equity 10 20.5 14.2
Share statistics
Ordinary shares (thousands)
- in issue 401 202 401 202 401 202
- weighted average number of shares 401 202 401 202 401 202
- diluted weighted average number of 401 441 401 701 401 202
shares
Share price (closing) (rand) 78.99 75.89 79.22
Market capitalisation (Rm) 31 691 30 447 31 783
Net asset value per share (rand) 57.58 59.47 56.22
Dividend per share (cents) 150 150
Financial review
The results of the past six months were characterised by a sharp increase in raw
material costs and a stronger rand/dollar exchange rate, partially offset by a
steady rise in international steel prices with a flattening off towards the end
of the period. Sales volumes remained in line with the same period last year
although domestic volumes showed a significant increase compared to the previous
six months.
Headline earnings of R668 million were 63% lower than the corresponding period
last year but a substantial improvement on the loss of R427 million reported in
the previous six months.
Year on year the cost of coking coal increased 59% while iron ore and
electricity increased by 23% and 28% respectively. The rand/dollar exchange rate
strengthened from an average of 7.54 to 6.90. Profit from operations was
therefore down 60% to R929 million compared to the R2.3 billion achieved in the
first half of 2010.
Revenue increased marginally to R16.6 billion despite a 4% drop in sales
volumes. Net realised prices achieved were on average 5% higher in rand terms
and 15% in dollar terms.
Six months ended Year ended
30 June 11 31 Dec 10 30 June 10 31 Dec 10
In millions of rands Reviewed Unaudited Reviewed Audited
Revenue 16 576 14 059 16 165 30 224
Profit/(loss) from 929 (198) 2 349 2 151
operations
Finance and investment 19 46 25 71
income
Finance costs 13 (444) (63) (507)
(Loss)/income from equity (10) (13) 135 122
accounted income (net of
tax)
Income tax expense (297) 177 (669) (492)
Profit/(loss) for the 654 (432) 1 777 1 345
period
Headline earnings/(loss) 668 (427) 1 804 1 377
for the period
Market review
International
Export sales volumes declined 17% compared to the corresponding period last year
and 20% compared to the previous period due to an increase in domestic sales.
In general, steel demand was subdued during the past six months, with slow
economic growth being a concern in most advanced economies. Oversupply in the
housing markets in Europe and North America continues to exacerbate this
problem.
Global steel prices across all products rose in the first quarter, stabilised in
May and made a downward correction in June, adversely influenced by lacklustre
demand and increased activity by other suppliers offering attractive prices due
to US dollar weakness. However, prices in China have registered an upward trend
amidst good levels of economic activity.
Domestic
Domestic sales of 1 920 000 tonnes were marginally higher than the 1 905 000
tonnes reported for the same period of 2010. However, sales volumes increased by
27% compared to the previous six months.
The South African economy has continued to grow with GDP increasing at an
annualised rate of 3.6% in the first quarter and an estimated 3.7% in the second
quarter. The largest contributors were manufacturing and mining, which posted
robust growth while the construction sector remaining subdued.
Operational review
Flat Steel Products
Revenue of R11 billion was 5% higher than the first half of last year, driven by
a 3% increase in sales volumes and a 2% increase in average net realised prices.
Profit from operations of R442 million was 62% lower than the corresponding
period, due mainly to a 19% increase in the cash cost of hot rolled coil
produced. Liquid steel production of 2.2 million tonnes climbed 6% over the
corresponding period.
Capacity utilisation was 76% compared to 72% for the first half of last year.
Long Steel Products
Revenue of R5 billion was 3.5% lower than the corresponding period, as a result
of an 18% drop in sales volumes and a 14% increase in average net realised
prices.
Profit from operations decreased by 67% to R232 million compared to R712 million
reported for the same period of 2010, due mainly to a 29% increase in the cash
cost of billets produced. Liquid steel production of 922 000 tonnes dropped 9%
compared to the corresponding period caused by the delayed start-up of blast
furnace N5 at Newcastle Works in January 2011 after a planned stop in December
and subsequent cold conditions experienced on the furnace.
Capacity utilisation for the period was 80% compared to 88% for the same period
in 2010.
Coke and Chemicals
Revenue was up 16% to R1.4 billion over the corresponding period on the back of
a 20% increase in the sales of commercial coke. Net realised prices remained
flat.
Profit from operations of R464 million was 3.5% lower than the corresponding
period due to an increase of 22% in the cost of production.
Safety
Regrettably we suffered two fatalities during the period under review at
Vanderbijlpark Works. Mr Pule Morake was fatally injured on 16 February 2011 and
Mr Petrus Mbongo on 28 May 2011. On 13 July we lost another two lives, that of
Messrs Joseph Mofokeng and Masizakhe Mfanekiso in another tragic incident at
Vanderbijlpark Works. The Board and management extend our heartfelt condolences
to the families and friends of the deceased.
The group remains committed to zero fatalities and zero harm at all the plants.
The lost-time injury frequency rate per million hours worked improved to 1.1 at
the end of June 2011 from 1.4 the year before.
Environment
The emission abatement system for the sinter plant at Vanderbijlpark Works was
completed and should be fully operational during quarter three this year. This
project can be regarded as a milestone as particulate releases from this major
emission source will be reduced by 70%.
Other important projects underway include:
-?The installation of a new iron desulphurisation plant at Newcastle Works which
is due for completion this year. This project will assist in alleviating visible
emissions from the roof of the basic oxygen furnace plant.
-?The achievement of zero effluent discharge status at Newcastle Works is
ongoing with a target date for completion end 2013.
The company`s coke making operations are significantly affected by the new Air
Quality Act and improvement projects will be implemented from 2012 onwards.
The proposals contained in the Carbon Tax Discussion Paper published on 13
December 2010 remain a concern as they will have a severe impact on cost of
steel produced. The company is interacting with relevant state departments and
closely monitors the progress.
Dispute with Sishen Iron Ore Company (Proprietary) Limited ("SIOC")
The company was joined as a co-applicant in the review application between SIOC
and Imperial Crown Trading 289 (Proprietary) Limited ("ICT") and the Department
of Mineral Resources on the issue of the prospecting right to ICT. The matter
will be heard from 15 August 2011.
The arbitration hearing has been set for May 2012.
Broad-based black economic empowerment transaction
The cautionary relating to the BBBEE transaction was renewed on SENS on 10 June
2011. Further renewal of the cautionary announcement will only be issued once
the parties involved have agreed on the extension period for the satisfaction of
the conditions precedent.
Acquisitions
The fulfilment of conditions precedent as part of the agreement to acquire the
shares of ICT is outstanding. The due diligence process remains in progress.
The due diligence for the Northern Cape iron ore mining project is progressing
well. Following the completion of the due diligence, further drilling to define
the ore body and feasibility study will start in earnest. The remaining
conditions precedent include approval by the Department of Mineral Resources.
Competition Commission investigations
As reported previously the Competition Commission ("Commission") is formally
investigating four cases against ArcelorMittal South Africa. The first involves
alleged price fixing in the flat steel market and the second alleged prohibited
pricing behaviour in the tinplate market. The third investigation involves
alleged prohibited vertical practices in respect of purchases of scrap steel.
The fourth investigation appears to involve an extension of the Barnes Fencing
Industries Limited case described under contingent liabilities, into a later
period. The company is co-operating fully with the Commission in these
investigations and delivered all the requested documentation to the Commission.
None of these have been referred by the Commission to the Competition Tribunal
("Tribunal").
Contingent liabilities
The case brought before the Tribunal by Barnes Fencing Industries Limited
relating to alleged price and exclusionary conduct on the sale of wire rod is
continuing in accordance with Tribunal procedures. A date for the hearing has
not been set.
The Commission has referred the company and three other primary steel producers
in South Africa to the Tribunal for alleged price fixing and market division in
respect of certain long steel products. The Commission has recommended the
imposition of a financial penalty of 10% of the company`s 2008 annual turnover.
On 3 September 2010, the Tribunal refused access to the bulk of the
documentation requested by the company which then filed a notice of appeal with
the Competition Appeal Court ("CAC") to review the Tribunal`s decision. The
company also requested the CAC to suspend the Tribunal`s order that the company
should file its answering affidavit, pending the outcome of the appeal. The
parties are now waiting for the appeal hearing date to be set.
Changes to the Board of Directors
-?Ms FA du Plessis was appointed as an independent non-executive director and
member of the Audit and Risk Committee with effect from 4 May 2011.
-?Mr AMHO Poupart-Lafarge resigned as non-executive director on 25 May 2011.
-?Mr G Urquijo was appointed as a non-executive director with effect from 27 May
2011.
Dividend announcement
In line with the company`s policy, the Board declared an interim cash dividend
of 55 cents, covered approximately three times by headline earnings. Payment in
South African rand will be made to shareholders recorded in the register at the
close of business on the record date. The salient dates for shareholders are:
Last date to trade shares cum dividend Friday, 26 August 2011
Shares commence trading ex-dividend Monday, 29 August 2011
Record date Friday, 2 September 2011
Dividend payment date Monday, 5 September 2011
Share certificates may not be dematerialised or rematerialised between Monday,
29 August 2011 and Friday, 2 September 2011, both days inclusive. Dividend
entitlements of less than ten Rand will be donated to charity in terms of the
articles of association of ArcelorMittal South Africa.
Outlook for quarter three 2011
Earnings for the third quarter are expected to be substantially lower than the
previous quarter due to lower international steel prices and lower sales
volumes, exacerbated by the industrial action, a planned shutdown at Saldanha
Works as well as an increase in coking coal costs.
On behalf of the Board of Directors
N Nyembezi-Heita RH Torlage
(Chief Executive Officer) (Chief Financial Officer)
19 July 2011
Forward-looking statements
Statements in this release that are neither reported financial results nor other
historical information, are forward-looking statements, including but not
limited to statements that are predictions of or indicate future earnings,
savings, synergies, events, trends, plans or objectives. Undue reliance should
not be placed on such statements because, by their nature, they are subject to
risks and uncertainties whose impact could cause actual results and company
plans and objectives to differ materially from those expressed or implied in the
forward-looking statements (or from past results).
Registered Office: ArcelorMittal South Africa Limited, Room N3-5,
Main Building, Delfos Boulevard, Vanderbijlpark, 1911
Non-executive: MJN Njeke* (Chairman), DK Chugh+/-, CPD Cornier#,
FA du Plessis*, M Macdonald*, S Maheshwari+/-, LP Mondi, DCG Murray*,
ND Orleyn*, G Urquijo +/-Citizen of India #Citizen of France
Citizen of Spain
* Independent non-executive
Executive: N Nyembezi-Heita (Chief Executive Officer), RH Torlage
(Chief Financial Officer)
Company Secretary: Premium Corporate Consulting Services (Proprietary) Limited
Sponsor: Deutsche Securities (SA) (Proprietary) Limited,
87 Maude Street, Sandton, 2146. Private Bag X9933, Sandton, 2146
Transfer Secretaries: Computershare Investor Services (Proprietary) Limited, 70
Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, Johannesburg, 2107
Vanderbijlpark
27 July 2011
Sponsor
Deutsche Securities (SA) (Proprietary) Limited
Date: 27/07/2011 07:05:38 Produced by the JSE SENS Department.
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