| Tue 27 Sep 2011, 9:00 | | JSC - Jasco Electronics Holdings Limited - Provisional Audited results |
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JSC - Jasco Electronics Holdings Limited - Provisional Audited results
for the year ended 30 June 2011
JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number 1987/003293/06
Share code: JSC ISIN: ZAE000003794
(Jasco or "the company" or "the group")
Introduction
The financial year ended 30 June 2011 remained challenging, with the
effects of the global economic crisis continuing to impact negatively
on the trading environment of Jasco.
This year`s results were also influenced by a number of non-operating
items, as well as the first-time earnings contribution from Spescom
Limited ("Spescom"), which was acquired with effect from 15 December
2010. Refer to the financial overview below.
The commentary therefore provides reported, as well as like-for-like
numbers. The like-for-like numbers provide an organic comparison to the
results of last year and exclude once-off non-operating impacts, as well
as the six-month contribution from Spescom.
Reported headline earnings per share (HEPS) was 16% down to 14,0 cents
per share (2010: 16,6 cents per share). Excluding the non-operating
impacts of R10,4 million, as well as Spescom`s first-time six month
earnings contribution of R4,6 million, like-for-like HEPS was 24% higher
at 20,5 cents per share (2010: 16,6 cents). Reported earnings per share
(EPS) was 59% down to 7,8 cents per share (2010: 19,1 cents per share),
with like-for-like EPS up 21% to 20,3 cents per share from 16,8 cents per
share in June 2010.
Operational overview
Introduction
During the last six months, the Spescom businesses have been fully
integrated. The group has already removed R9,7 million from its future
cost base by flattening the organisational structure and restructuring
the business. These savings include the elimination of duplicated senior
executive positions, direct listing costs such as non?executive
directors, annual reports and professional services fees. Savings also
include rental savings in consolidating the head offices and combining
certain Information and Communications Technology business units which
did not meet the group`s minimum size criteria. Certain once-off costs
during the year (as described in the financial overview) were incurred to
achieve these savings, with the full benefit to start flowing through
from F2012.
Furthermore, although Jasco has always had a clear focus around
electronic and electrical products and solutions, the group currently has
numerous smaller businesses and brands. To ensure a more integrated
business development focus, the group has been restructured into three
verticals - Information and Communications Technology (ICT) Solutions,
Industry Solutions and Energy Solutions. ICT Solutions contains the
telecommunications and information technology businesses of Jasco and
Spescom as well as the telecommunications arm of associate M-TEC, with
Industry Solutions containing Jasco`s previous Security business and
Energy Solutions containing Jasco`s previous Domestic Products and for
statutory segmental reporting purposes only, Lighting Structure
businesses. With a unified brand, cross-selling will be motivated,
measured and driven.
As the restructuring occurred at year end, the divisional operating
results are disclosed on the basis of the historic segments, being
Telecommunications, Security, Domestic Products and Electrical. All the
former Spescom divisions were included in the Telecommunications segment
at the half year. The M-TEC results are included in the Electrical
division.
For future comparison, the group also provides the divisional operating
results on the basis of the new restructured segments in the segmental
review.
Divisional performance
Telecommunications
Revenue for the year increased by 51% to R453,3 million (2010: R300,5
million), mainly due to the inclusion of Spescom into the Jasco stable
with the operating margin increasing from 5,4% to 9,9%. Excluding R173,6
million from Spescom, the division`s revenue decreased by 7% on continued
lower spend by the major telecommunications operators. The operating
profit more than doubled to R40,7 million (2010: R16,3 million).
Excluding Spescom`s operating profit contribution of R17,2 million,
operating profit on a like-for-like basis increased by 44%. This is very
pleasing against continued challenging market conditions and was due to a
combination of improved gross margins on a more favourable product sales
mix, as well as cost savings.
Security
Security experienced a difficult second half, with a continuing slowdown
in client spending. Revenue decreased by 12% to R107,4 million (2010:
R121,6 million), whilst operating profit decreased by 16% to R7,9 million
(2010: R9,4 million). Margins remained under pressure in a competitive
environment, declining from 7,7% to 7,4%. This necessitated a cost
reduction programme focusing on retrenchments and reducing logistical
overheads during the second half, which will ensure that this division is
able to once again deliver on its business model of annuity income
covering overheads.
Domestic Products
This division showed a strong improvement. Revenue increased by 16% to
R132,4 million (2010: R114,5 million). Revenue growth was boosted by
excellent sales of the Snapper brand during the second half of the year.
Operating profit increased by 50% to R23,0 million (2010: R15,4 million)
and the healthy margin of 17,4% (2010: 13,4%) was achieved due to a
combination of volumes due to Snapper`s first time contribution and tight
cost control.
Electrical
The Electrical division consists of Jasco`s investment in associate cable
manufacturer, M-TEC, and Lighting Structures. The performance in the
aluminium and copper products divisions in M-TEC, accounting for
approximately 70% of M-TEC`s revenue, exceeded expectations.
However, the continued poor demand in the power cable and copper
telecommunications divisions, coupled with some technical issues at the
start-up of a new plant in the first half of the year, resulted in
Jasco`s share of after tax income from M-TEC declining by 34% to R4,9
million (2010: R9,3 million). Although the performance over the last six
months of R3,0 million was an improvement on the R1,9 million during the
first six months, it was lower than the comparable period to June 2010 of
R6,4 million mainly due to the poor sales and product mix in the power
cables plant.
Following the appointment of a new M-TEC CEO in March 2011, the Jasco
board has continued to closely monitor progress and liaise with Taihan,
the majority shareholder. The board took a conservative approach to the
impairment of M-TEC and the impairment made at half year is adequate. The
Jasco executive team continues to provide assistance and guidance at both
strategic and operational levels to M-TEC`s executive management team.
The group will therefore monitor this business closely until the end of
Jasco`s first quarter in September 2011 after which its position will be
reviewed if the performance is not satisfactory.
After a very good first half, the Lighting Structures business unit saw a
decline in volumes from its municipal clients during the election period
and the Gauteng Freeway Improvement Project coming to an end. Revenue for
Lighting Structures decreased by 13% to R85,7 million (2010: R98,9
million). The operating profit was down 47% to R6,4 million (2010: R12,1
million). The merger of the steel production facilities with those of the
telecommunications masts and towers business during the year resulted in
more efficient production and better procurement and logistics functions.
Significant capital replacement to plant was made during the second half,
which will allow for increased capacity without increasing labour costs.
The full benefit of the measures taken will only be seen in the next
financial year.
Financial overview
Results overview
Group revenue increased by 38% to R773 million (2010: R559 million), due
to R21 million in Snapper product sales, R6,9 million from Maringo, now
consolidated, and R173,6 million from Spescom during the second half.
Excluding the impact of these acquisitions, organic growth was flat.
Reported group operating profit declined by 11% to R28,8 million (2010:
R32,3 million), with like-for-like operating profit increasing by 42% to
R42,3 million (2010: R29,7 million), mainly due to:
The Domestic Products division`s excellent second half boosted by
good volumes from the new Snapper range
The benefit of a reduced cost base in the Telecommunications
division which offset the lower sales impact during the second half
The taxation expense of R11,4 million results in an effective rate of
45,7%. This unusually high effective rate is mainly due to the once-off
Spescom transaction costs of R3,5 million, R7,5 million preference
dividend paid (disclosed as interest paid) and STC of R1,1 million on the
ordinary and preference dividends. The group believes its sustainable tax
rate on normal operations is 29%.
After deducting outside shareholders interest of R4,0 million
(2010: R3,5 million), which relates to the group`s investments in
WebbLeBLANC, Lighting Structures, Telesciences, Maringo and NewTelCo,
profit attributable to ordinary shareholders was R9,5 million
(2010: R21,3 million). A net positive headline adjustment of
R7,7 million, consisting of the impairments and fair value adjustments
(explained above) and a loss on disposal of fixed assets, increased the
headline earnings to R17,2 million (2010: R18,5 million).
The statement of financial position as at 30 June 2011 includes the
assets and liabilities of Spescom. Meaningful comparison to the prior
period can therefore not be made. On 24 January 2011, the shareholders`
capital of Jasco increased by R44,0 million on the issue of 31,9 million
shares to Spescom shareholders. The balance of the purchase consideration
of R11,8 million was paid in cash.
Working capital management remained healthy. The decrease in debtors`
days from 91 days to 75 days was particularly pleasing. Net working
capital days improved from the 41 days at 30 June 2010 to 26 days at
30 June 2011, in spite of a substantial decrease in creditors` days from
88 to 79 following earlier settlement of overseas creditors to benefit
from the strong Rand.
The statement of cash flows reflects the utilisation of the acquired cash
from Spescom to repay R22,1 million in long term liabilities, fund R16,0
million in capital expenditure and reduce short term payables by R29,1
million. Accordingly, Jasco`s net overdraft increased from R4,5 million
at the beginning of the period to R16,9 million.
Non-operational impacts
There were several non-operational accounting entries that significantly
impacted the results during this period.
During the first half, the non-operational accounting entries were:
R3,5 million once-off Spescom transaction costs
These transaction costs were incurred as part of Jasco`s acquisition of
100% of Spescom on 15 December 2010. As certain expected costs were not
incurred, the accrued R4,0 million reported at the half year decreased to
R3,5 million.
R31,9 million impairment of investment in M-TEC
The group processed an impairment of Jasco`s investment in cable
manufacturer M-TEC of R31,9 million at December 2010 due to taking a more
prudent view on the timing of a future recovery. This follows the
impairment done in June 2010 of R21,6 million and brings the total
impairment done to R53,5 million. This represents 25% of the original
purchase consideration paid at the height of the markets during June
2008. This position was again reviewed at year end and the carrying value
is considered appropriate.
R31,7 million fair value gain on the Spescom acquisition
On the date of the Spescom acquisition of 15 December 2010, the fair
value of the underlying assets and liabilities was estimated by an
independent professional advisor to be R87,5 million. As the purchase
price paid was only R55,8 million, a fair value gain of R31,7 million
arose and was reported at the half year.
During the second half the non-operational accounting entries were:
R6,9 million once-off merger restructuring costs
These costs were incurred in merging and restructuring Jasco and Spescom.
The costs mainly consisted of retrenchment costs for duplicated and/or
redundant positions, predominantly at the head office, as well as related
professional service fees. These costs will not re-occur and were
necessary to ensure that anticipated cost savings are achieved in the
2012 financial year.
R2,8 million fair value loss on the disposal of the Maringo associate
With effect from 1 January 2011 Jasco acquired an effective 85%
controlling interest in Maringo Communications (Pty) Ltd ("Maringo") in
exchange for a 15% stake in TeleSciences (Pty) Ltd ("TeleSciences"). The
fair value of the underlying assets and liabilities in these two entities
gives rise to a fair value loss in terms of IFRS3, whereby Jasco
effectively disposed of its associate interest in Maringo before
TeleSciences acquired 100% of Maringo and discharged the R8 million
purchase consideration through a new share issue to the executive
minority shareholders.
R4,4 million impairment of trade names (marketing-related intangibles)
The group processed an impairment of the acquired trade names for two of
the former Spescom business units, namely "Spescom Telecommunications"
and "Spescom MediaIT". Following the combination of these business units
with a number of the Jasco business units in the new Jasco ICT Carriers
vertical as part of the group restructure, the decision to terminate the
use of these trade names was taken by the board on 29 June 2011.
Prospects
Although markets will remain tough in the near future, the board is
positive about the potential of the restructured group over the medium to
long term. As outlined above, the group has been restructured into three
verticals, ICT Solutions, Industry Solutions and Energy Solutions.
The Carrier segment in ICT Solutions focuses on mobile and fixed network
operators in South and southern Africa. The restructured segment provides
the ICT Carrier Solutions vertical with scale and wider service offerings
in line with market demands. The group has already experienced positive
feedback from the market in this regard.
The ICT Carrier market is mature, with the South African carrier market
growing at 8% per annum. Jasco`s current market share is around 5%. The
enlarged Jasco has the scale and the product and customer diversification
to grow this market share. A further key next step is a unified African
focus to take advantage of the SADC market growth of 18% per annum.
The Enterprise segment of the ICT vertical offers integrated voice and
data solutions to larger corporate enterprises in southern Africa. The
inclusion of Maringo with DataFusion and DataVoice in this segment will
allow for a significant up-sale of its connectivity solution. However,
this segment will continue to be influenced by the economic climate,
which at this time is not encouraging.
The ICT Enterprise market is very dependent on the economic climate and
the budgets of the major corporations and institutions. The high level of
annuity income in the contact centre environment with ongoing service
level agreements provides some protection in the medium term.
The second vertical, Industry Solutions, offers innovative solutions for
industry and commerce outside of the ICT sector and provides surveillance
systems (CCTV), access control, some fire detection and security
components. Industry Solutions is anticipating increased spend in its
markets, but only in the second half of the new financial year. This,
together with the established annuity income in this business will ensure
stability, while the planned bolt-on acquisitions will broaden the
diversification of the customer base to include the mining, manufacturing
and government sectors and ensure the required growth. The cross selling
opportunities between the Industry Solutions customer base and that of
the ICT Enterprise Solutions vertical is already bearing fruit.
The third vertical is called Energy Solutions. The acquisition of the
Snapper product range continues to positively influence sales. The two
factories within this division are being relocated in the new financial
year to larger premises to allow for greater production capacity,
reliable power supply and improved operational efficiencies.
The Energy market is a new growth area in South Africa with a number of
new entrants and potential new customers due to deregulation and the
entry of independent power producers (IPPs). The IPP market is immature.
However, government has announced plans to hone capacity and provide
local partnership to IPPs and suppliers for distribution networks and
balance of plant projects. Jasco`s aim is to position itself as a Tier 2
solutions provider in transmission, distribution and balance of plant
requirements with a specific focus on low and medium voltage solutions.
Competence in this area is planned to be acquired over the next two to
three years.
Spending time on the forward looking structure of the group has not
diluted management`s focus on the day to day management of the business.
A number of important issues continue to require management`s attention.
Two business units or investments are being closely monitored in terms of
performance. Firstly, although the group has seen positive changes under
the new CEO at M-TEC, the group will continue to monitor this business
closely, with the second quarter of the new financial year to be
decisive. As M-TEC produces power and telecommunications cable, this
business will in future report its performance under both the ICT and
Energy Solutions verticals. Secondly, the group`s Enterprise Applications
(DataVoice) business is under-performing and management will also take
firm action in terms of its future in the second quarter of the new
financial year.
Basis of preparation
The abridged consolidated audited financial statements have been prepared
in accordance with the International Financial Reporting Standard
("IFRS") and the presentation and disclosure requirements of IAS34
(Interim Financial Reporting), the Listings Requirements of the JSE
Limited and the Companies Act (2008) of South Africa.
Apart from the implementation of the new Companies Act (2008) of South
Africa, the accounting policies and methods of computation used in the
preparation of this report are consistent with those used in the
preparation of the annual financial statements for the year ended 30
June 2010, which comply with International Financial Reporting Standards
("IFRS"), the Companies Act 61, 1973 (as amended) and the Listings
Requirements of the JSE Limited.
Pro forma like-for-like information
The unaudited pro forma like-for-like HEPS of 20,5 cents and the
unaudited pro forma like-for-like EPS of 20,3 cents disclosed in this
announcement ("pro forma information"), have been prepared for
illustrative purposes only to provide information on how the pro
forma information after adjusting for the non-operating impacts of
R10,4 million described above, as well as Spescom`s first time six month
earnings contribution of R4,6 million, compares to the actual condensed
consolidated results for the year ended June 2011. This may not give a
fair reflection of the group`s results for the year ended June 2011. The
pro forma information has been prepared using the accounting policies
that comply with IFRS and that are consistent with those applied in the
published audited results for the year ended 30 June 2011. The directors
of Jasco are responsible for the compilation, contents and preparation of
the pro forma financial information and for the financial information
from which it has been prepared. The directors` responsibility includes
determining that: the pro forma financial information has been properly
compiled on the basis stated; the basis is consistent with the accounting
policies of Jasco and the pro forma adjustments are appropriate for the
purposes of pro forma financial information in terms of the JSE Listings
Requirements. The pro forma financial information should be read in
conjunction with the report of the independent reporting accountants,
Ernst & Young Inc, which is available for inspection at Jasco`s
registered office.
Subsequent events
There are no material subsequent events to report.
Changes to the board
The Jasco board wishes to welcome Ms Morongwe Malebye and Mr Haroon
Moolla as independent non-executive directors. Ms Malebye and Mr Moolla
have both been appointed to the Audit and Risk Committee and Ms Malebye
has been appointed as Chairman of the Remuneration Committee.
As announced at interim stage, Mr AMF (Pete) da Silva became the group`s
CEO on 5 May 2011. He concluded the handover from the previous CEO,
Martin Lotz, during the last quarter of this financial year and was
firmly at the helm of Jasco from the start of the new financial year. The
board welcomes Pete to his new role and again thanks Martin for his
contribution to the group.
Dividend
The board declared an interim dividend of 3 cents per share on 20
December 2010, paid to shareholders on 17 January 2011. The board is
pleased to announce a final dividend of 2,5 cents per share to
shareholders. This brings the total dividend of the year to 5,5 cents per
share.
Declaration date Tuesday, 27 September 2011
Last day to trade cum Friday, 14 October 2011
entitlement
Shares trade ex entitlement Monday, 17 October 2011
Record date Friday, 21 October 2011
Payment date Monday, 24 October 2011
Shares may not be dematerialised or rematerialised between Monday, 17
October 2011 and Friday, 21 October 2011, both dates inclusive.
For and on behalf of the board
Dr ATM Mokgokong AMF da Silva
(Non-executive chairman) (Chief executive officer)
WA Prinsloo
(Financial director)
27 September 2011
Summarised consolidated statements of comprehensive income
(R`000) Note Audited Audited % change
2011 2010
Revenue 773 038 559 268 38,2%
Turnover 763 498 546 880 39,6%
Interest received 9 540 12 388 -23,0%
Operating profit before interest 28 802 32 298 -10,8%
and taxation
Interest received 9 540 12 388 -23,0%
Interest paid (17 972) (18 023) -0,3%
Equity accounted income from 4 506 7 084 -36,4%
associates
Equity accounted income from - 2 246 -100,0%
joint venture
Profit before taxation 24 876 35 993 -30,9%
Taxation (11 356) (11 187) 1,5%
Profit for the year 13 520 24 806 -45,5%
Other comprehensive income 316 -
Total comprehensive income for 13 836 24 806 -44,2%
the year
Profit attributable to:
- minority shareholders 3 994 3 535 13,0%
- equityholders of the parent 9 526 21 271 -55,2%
Profit for the year 13 520 24 806
Total comprehensive income
attributable to:
- minority shareholders 3 994 3 535 13,0%
- equity holders of the parent 9 842 21 271 -53,7%
Total comprehensive income for 13 836 24 806
the year
Reconciliation of headline
earnings
Net earnings attributable to 9 526 21 271 -55,2%
equityholders of the parent
Headline earnings adjustments 7 664 (2 772) -376,5%
- Fair value adjustment on 2 787 (24 143)
disposal of associate/
joint venture
- Gain on bargain purchase (31 714) -
- Impairment of M-TEC 31 932 21 565
- Impairment of trade names 4 353 -
- Loss/(profit) on disposal of 306 (194)
fixed assets
Headline earnings 17 190 18 499 -7,1%
Weighted average number (`000) 128 226 114 509
of shares in issue
Treasury shares (`000) 5 481 2 952
Weighted average number
of shares on which
earnings
per share is calculated (`000) 122 745 111 557
Dilutive shares - CEO 1 - 4 991
share incentive scheme
Weighted average number
of shares on which
diluted
earnings per share is (`000) 122 745 116 548
calculated
Ratio analysis
Attributable earnings 9 526 21 271
Earnings per share (cents) 7,8 19,1 -59,3%
Diluted earnings per (cents) 7,8 18,3 -57,5%
share
Headline earnings per (cents) 14,0 16,6 -15,5%
share
Diluted headline earnings (cents) 14,0 15,9 -11,8%
per share
EBITDA 53 275 46 835 13,8%
Net asset value per share (cents) 229,5 251,1 -8,6%
Net tangible asset value (cents) 148,3 184,5 -19,6%
per share
Dividend per share - (cents) 3,0 -
interim
Dividend per share - (cents) 2,5 -
final
Debt: Equity (%) 51,9% 49,2% 5,4%
Interest cover (times) 4,9 6,9 -29,5%
1. In terms of the Jasco Share Option Scheme as set out in the
circular dated 31 May 2007, an additional 4 990 786 shares can be
issued to the former CEO provided certain profit targets are met.
Summarised segmental reports (new)
Audited Unaudited
2011 2010
(R`000) Revenue Operating Revenue Operating
profit/(loss)* profit/(loss)*
ICT - 426 705 23 231 403 781 22 884
Carrier
ICT - 121 640 11 213 12 458 (5 274)
Enterprise
Industry 107 367 7 922 121 638 9 372
Solutions
Energy 1 117 883 55 480 905 221 69 380
Solutions
Sub-total 1 773 595 97 846 1 443 098 96 362
operating
divisions
Other 6 380 (42 746) 9 222 (8 704)
Adjustments (1 006 937) (26 298) (893 052) (55 360)
Total 773 038 28 802 559 268 32 298
* Segmental revenue and operating profit/(loss) includes the revenue
and profit from the joint venture (ICT Carrier) and associates (ICT
Carrier and Energy Solutions) as well as the gross and net interest
on the finance lease receivable (Industry Solutions) and is stated
before making adjustments for inter-group interest and administration
fees.
Summarised consolidated statements of financial position
(R`000) Audited Audited
2011 2010
ASSETS
Non-current assets 449 504 366 716
Property, plant and equipment 102 685 32 135
Investment in associates 180 098 206 733
Intangibles 114 355 74 338
Deferred tax asset 23 383 6 116
Other financial assets 28 983 47 394
Current assets 304 999 204 281
Inventories 79 824 58 836
Trade and other receivables 196 989 138 957
Taxation prepaid 6 385 2 463
Cash and cash equivalents 21 801 4 025
Total assets 754 503 570 997
EQUITY AND LIABILITIES
Share capital and reserves 343 198 291 711
Non-current liabilities 153 565 132 278
Interest bearing liabilities 136 253 127 699
Deferred maintenance revenue 1 292 -
Deferred tax liability 16 020 4 579
Current liabilities 257 740 147 008
Interest bearing liabilities 14 655 11 302
Bank overdraft 38 735 8 665
Non-interest bearing liabilities 199 167 122 173
Taxation liability 5 183 4 868
Total equity and liabilities 754 503 570 997
Summarised consolidated statements of cash flows
(R`000) Audited Audited
2011 2010
Cash generated from operations before 48 827 37 757
working capital changes
Working capital changes (45 846) (13 886)
Cash generated from operations 2 981 23 871
Net financing costs (8 432) (5 635)
Net taxation paid (22 573) (5 934)
Dividends paid (3 346) -
Cash flow from operating activities (31 370) 12 302
Cash flow from investing activities 41 173 (2 236)
Cash flow from financing activities (22 098) 13 417
(Decrease)/Increase in cash resources (12 295) 23 483
Summarised consolidated statements of changes in equity
(R`000) Audited Audited
2011 2010
Attributable to equity holders of the
parent
Opening balance 280 132 258 008
Issue of share capital 44 008 -
Treasury shares -Share Incentive Trust 1 016 (62)
Transactions between shareholders (8 100) -
Share based payment reserve (189) 915
Total Comprehensive income 9 842 21 271
- Profit for the year 9 526 21 271
- Other comprehensive income 316 -
Dividends paid (3 346) -
Closing balance 323 363 280 132
Minority interests
Opening balance 11 579 -
Subsidiaries acquired during the year (3 838) 8 023
Transactions between shareholders 8 100 21
Total comprehensive income 3 994 3 535
- Profit for the year 3 994 3 535
- Other comprehensive income - -
Dividends paid to non-controlling - -
shareholders
Closing balance 19 835 11 579
Total equity 343 198 291 711
Summarised segmental reports
Audited Audited
2011 2010
(R`000) Revenue Operating Revenue Operating
profit/(loss)* profit/(loss)
*
Telecommunications 453 261 40 734 300 502 16 300
Security 107 367 7 922 121 638 9 372
Domestic Products 132 430 23 030 114 474 15 368
Electrical 1 080 537 30 253 906 483 59 898
Sub-total 1 773 595 101 939 1 443 097 100 938
operating
divisions
Other 7 930 (42 746) 9 434 (8 704)
Adjustments (1 008 487) (30 391) (893 263) (59 936)
Total 773 038 28 802 559 268 32 298
* Segmental revenue and operating profit/(loss) includes the revenue
and profit from the joint venture (Telecommunication) and associates
(Telecommunication and Electrical), as well as the gross and net
interest on the finance lease receivable (Security) and is stated
before making adjustments for inter-group interest and administration
fees.
Audit opinion
The annual financial statements have been audited by the group`s
independent auditors, Ernst & Young Inc. A copy of their unmodified
report is available for inspection at Jasco`s registered office.
References to the pro forma like-for-like information as well as the
comparative 2010 segmental information in the new operating segments are
unaudited.
Directors and Secretary
Dr ATM Mokgokong (Chairman), MJ Madungandaba (Deputy Chairman), JC
Farrant, Dr J Rothbart, JA Sherry, M Malebye, H Moolla,
(Non-Executives), AMF da Silva (CEO), WA Prinsloo (Financial Director)
(Executives), MN Sepuru (Company Secretary)
Registered office
Jasco Park, C/O 2nd Road & Alexandra Avenue, Midrand, 1685
Transfer secretaries
Link Market Services SA (Pty) Ltd, 13th Floor Rennie House,
19 Ameshoff Street, Braamfontein, 2001
Sponsor
Grindrod Bank Limited, Building 3, 1st Floor, North Wing, Commerce
Square, 39 Rivonia Road, Corner Helling Road, Sandton 2156
More information is available at: www.jasco.co.za
27 September 2011
Date: 27/09/2011 09:00:02 Produced by the JSE SENS Department.
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