| Wed 28 Sep 2011, 14:10 | | EXL - Excellerate Holdings Limited - Reviewed consolidated results for the year |
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EXL
EXL
EXL - Excellerate Holdings Limited - Reviewed consolidated results for the year
ended 30 June 2011
EXCELLERATE HOLDINGS LIMITED
Registration number 1997/009884/06
JSE code: EXL ISIN: ZAE000026092
(Incorporated in the Republic of South Africa)
("Excellerate" and "the Group")
Reviewed consolidated results for the year ended 30 June 2011
Independently reviewed in terms of the requirements of the Companies Act.
HIGHLIGHTS
- Revenue increases by 46,1% to R792,1 million
- Profit for the year up by 75,0% to R40,6 million
- Earnings per share rise by 48,1% while headline earnings per share up by 60,2%
- Operating cash flows before dividends of R39,4 million - 97,0% of profits
after taxation
- Acquisition of JHI concluded - pleasing performance in line with expectations
- Further implementation of strategy - Goldenmarc disposal
- Resumption of dividend
PROVISIONAL CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 30 June
Reviewed Restated
2011 2010
R`000 R`000
Continuing operations
Revenue 792 052 542 129
Cost of sales (541 536) (369 836)
Gross profit 250 516 172 293
Operating expenditure (176 883) (117 927)
Profit before interest and taxation 73 633 54 366
Finance income 7 366 976
Finance costs (22 319) (7 125)
Profit before taxation 58 680 48 217
Taxation (16 540) (16 803)
Profit for the year from continuing operations 42 140 31 414
Discontinued operations (1 560) (8 246)
Operating profits/(losses) for the year net of 1 969 (7 625)
taxation
Loss on sale of businesses net of taxation (3 529) (621)
Profit for the year 40 580 23 168
Other comprehensive income:
Foreign currency translation difference (23) -
Total comprehensive income for the year 40 557 23 168
Profit for the year attributable to:
Equity holders of the parent 34 240 22 964
Non-controlling interest 6 340 204
40 580 23 168
Total comprehensive income for the year
attributable to:
Equity holders of the parent 34 217 22 964
Non-controlling interest 6 340 204
40 557 23 168
Shares in issue
Shares in issue (`000) 218 706 217 864
Weighted average (`000) 218 203 217 701
Fully diluted weighted average (`000) 221 997 221 016
Total operations
Earnings per share (cents) 15,7 10,6
Headline earnings per share (cents) 17,3 10,8
Diluted earnings per share (cents) 15,4 10,4
Diluted headline earnings per share (cents) 17,0 10,6
Continuing operations
Earnings per share (cents) 16,4 14,3
Headline earnings per share (cents) 16,5 14,4
Diluted earnings per share (cents) 16,1 14,1
Diluted headline earnings per share (cents) 16,2 14,2
Discontinuing operations
Earnings per share (cents) (0,7) (3,7)
Headline earnings per share (cents) 0,8 (3,6)
Diluted earnings per share (cents) (0,7) (3,7)
Diluted headline earnings per share (cents) 0,8 (3,6)
PROVISIONAL CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 30 June
Reviewed Restated
2011 2010
R`000 R`000
ASSETS
Non-current assets
Property, plant and equipment 82 103 74 672
Goodwill 202 499 103 816
Intangible assets 22 789 6 823
Investment in associate 232 500
Interest bearing receivables 3 761 2 222
Vendor loans for sale of businesses 29 041 131
Deferred taxation 5 859 6 438
346 284 194 602
Current assets
Inventories 50 667 86 345
Trade and other receivables 143 428 136 739
Interest bearing receivables 4 660 2 604
Available for sale assets 15 536 -
Vendor loans for sale of businesses 37 163 4 462
Amount owing by joint venture partners 7 436 11 478
Taxation receivable 6 560 8 031
Other financial assets - 79
Cash and cash equivalents 24 958 31 188
290 408 280 926
Total assets 636 692 475 528
EQUITY AND LIABILITIES
Share capital 2 188 2 179
Share premium 64 950 64 939
Foreign currency translation reserve (23) -
Share-based payment reserve 1 298 1 602
Retained earnings 184 395 149 851
Equity attributable to equity holders of the 252 808 218 571
parent
Non-controlling interest 5 807 779
Total equity 258 615 219 350
Non-current liabilities
Deferred taxation 8 287 6 930
Interest bearing debt 115 182 20 897
123 469 27 827
Current liabilities
Trade and other payables 194 534 182 096
Amounts owing to joint venture partners 10 098 8 868
Vendors for acquisitions 5 586 7 820
Taxation payable 3 900 16 887
Interest bearing debt 40 273 12 401
Other financial liabilities 70 132
Shareholders for dividend 147 147
254 608 228 351
Total equity and liabilities 636 692 475 528
Net asset value per share (cents) 115,6 100,3
Net tangible asset value per share (cents) 12,6 51,9
The following adjustments to profit
attributable to ordinary shareholders were
taken into account in the calculation of
headline earnings:
Attributable to ordinary shareholders 34 240 22 964
- impairment of intangibles - 152
- loss on disposal of business/subsidiary 3 529 621
- net loss/(profit) on sale of property, plant 53 (331)
and equipment
- taxation effects of adjustments (15) 93
Headline earnings 37 807 23 499
PROVISIONAL CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 30 June
Reviewed Restated
2011 2010
R`000 R`000
Cash inflows from operating activities 38 745 44 880
Cash generated by operations 81 076 68 368
Finance income 7 460 2 626
Finance costs (22 255) (9 260)
Dividends paid (652) (6 315)
Taxation paid (26 884) (10 539)
Cash outflows from investing activities (140 092) (36 935)
Additions to property, plant and equipment
- to expand (15 976) (16 946)
- to maintain (9 511) (4 629)
Additions to intangible assets - to expand (4 520) (2 718)
Proceeds on disposal of property, plant and 2 097 2 282
equipment
Acquisition of businesses, net of cash acquired (97 300) (14 475)
Proceeds on disposal of business, net of cash 374 825
disposed of
Increase in amounts owing by joint venture (1 071) (3 936)
partners
Increase/(decrease) in amounts owing by joint (218) 6 238
venture partners
Increase in amounts owing to joint venture 1 420 99
partners
Decrease in amounts owing to joint venture (190) (3 729)
partners
Loan (provided to)/repaid by associate company (15 197) 54
Cash inflows from financing activities 95 117 1 398
Interest bearing debt raised 131 292 15 031
Interest bearing debt repaid (32 027) (10 863)
Shares repurchased - (10)
Increase in interest bearing receivables (4 168) (3 028)
Sale of treasury shares 20 268
Net (decrease)/increase in cash and cash (6 230) 9 343
equivalents
Cash and cash equivalents at beginning of year 31 188 21 845
Cash and cash equivalents at end of year 24 958 31 188
PROVISIONAL CONDENSED GROUP SEGMENTAL REPORTS
for the year ended 30 June
Procurement
Property and
services Logistics Corporate Total
R`000 R`000 R`000 R`000
2011
Total revenue per 435 369 550 662 9 707 995 738
reportable segment
Elimination of inter- (4 911) (42 712) (9 707) (57 330)
segmental revenue
Revenue from external 430 458 507 950 - 938 408
customers
Joint venture management 1 738 1 738
fees not included for
financial reporting
purposes
430 458 507 950 1 738 940 146
Discontinued operations (5 726) (142 368) (148 094)
Consolidated revenue - 424 732 365 582 1 738 792 052
continuing operations
Profit/(loss) before 51 247 34 061 (11 675) 73 633
interest and taxation from
continuing operations
Discontinued operations (2 638) (242) (2 880)
Profit/(loss) before 48 609 33 819 (11 675) 70 753
interest and taxation for
total operations
Depreciation expense 8 076 7 876 164 16 116
Amortisation expense 713 1 029 552 2 294
Finance income 6 367 2 508 3 466 12 341
Finance costs (12 266) (4 995) (9 654) (26 915)
Net finance income/(costs) (5 899) (2 487) (6 188) (14 574)
Profit/(loss) before tax 45 374 31 170 (17 864) 58 680
from continuing operations
Discontinued operations (2 664) 163 (2 501)
Profit/(loss) before tax 42 710 31 333 (17 864) 56 179
from total operations
Segment assets 401 919 277 412 (42 639) 636 692
Segment liabilities (235 297) (57 668) (85 112) (378 077)
Segment equity (166 622) (219 744) 127 751 (258 615)
Cash flow from operating 45 047 7 435 (13 737) 38 745
activities
Cash flow from investing (105 535) (18 340) (16 217) (140 092)
activities
Cash flow from financing 61 105 15 169 18 843 95 117
activities
2010
Total revenue per 234 114 505 672 9 926 749 712
reportable segment
Elimination of inter- (480) (39 510) (9 926) (49 916)
segmental revenue
Revenue from external 233 634 466 162 - 699 796
customers
Joint venture management 1 036 1 036
fees not included for
financial reporting
purposes
233 634 466 162 1 036 700 832
Discontinued operations (14 643) (144 060) (158 703)
Consolidated revenue - 218 991 322 102 1 036 542 129
continuing operations
Profit/(loss) before 23 028 36 776 (5 438) 54 366
interest and taxation from
continuing operations
Discontinued operations - (8 615) (8 615)
Profit/(loss) before 23 028 28 161 (5 438) 45 751
interest and taxation for
total operations
Depreciation expense 7 530 7 152 255 14 937
Amortisation expense 100 102 1 036 1 238
Finance income 2 225 2 593 5 352 10 170
Finance costs (4 271) (4 677) (8 350) (17 298)
Net finance income/(costs) (2 046) (2 084) (2 998) (7 128)
Profit/(loss) before tax 26 396 30 257 (8 436) 48 217
from continuing operations
Discontinued operations (5 528) (3 579) (9 107)
Profit/(loss) before tax 20 868 26 678 (8 436) 39 110
from total operations
Segment assets 279 701 318 588 (122 761) 475 528
Segment liabilities (142 583) (120 855) 7 260 (256 178)
Segment equity (137 118) (197 733) 115 501 (219 350)
Cash flow from operating 24 841 39 826 (19 787) 44 880
activities
Cash flow from investing (8 277) (18 622) (10 036) (36 935)
activities
Cash flow from financing (9 084) (11 643) 22 125 1 398
activities
2011 2010
R`000 R`000
1 Finance income
Total finance income per reportable segment 12 341 10 170
Elimination of inter-segment finance income (4 507) (7 571)
Consolidated finance income 7 834 2 599
Less: discontinuing operations (468) (1 623)
Consolidated finance income from continuing 7 366 976
operations
2 Finance costs
Total finance cost per reportable segment (26 915) (17 298)
Elimination of inter-segment finance income (4 507) (7 571)
Consolidated finance cost (22 408) (9 727)
Less: discontinuing operations 89 2 602
Consolidated finance costs from continuing (22 319) (7 125)
operations
PROVISIONAL CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share- Foreign
based currency
Share Share payment translation
capital premium reserve reserve
R`000 R`000 R`000
Balance at 30 June 2009 2 173 64 687 1 733
Total comprehensive
income for the year
Profit for the year
Transaction with
owners, recorded
directly into equity
Movement in share-based (131)
payment reserve
Sale of treasury shares 6 262
Repurchase of shares * (10)
Repurchase of non-
controlling interest of
subsidiary
Dividends paid
Balance at 30 June 2010 2 179 64 939 1 602
Total comprehensive (23)
income for the year
Profit for the year
Foreign currency (23)
translation reserve
Transaction with
owners, recorded
directly into equity
Non-controlling
interest acquired
Non-controlling
interest repurchased
Movement in share-based (304)
payment reserve
Sale of treasury shares 9 11
Dividends paid
Balance at 30 June 2011 2 188 64 950 1 298 (23)
Attributable
to equity Non-
Retained holders controlling
earnings of parent interest Total
R`000 R`000 R`000 R`000
Balance at 30 June 2009 133 929 202 522 985 203 507
Total comprehensive
income for the year
Profit for the year 22 964 22 964 204 23 168
Transaction with
owners, recorded
directly into equity
Movement in share-based 131 - -
payment reserve
Sale of treasury shares 268 268
Repurchase of shares (10) (10)
Repurchase of non- (828) (828) (372) (1 200)
controlling interest of
subsidiary
Dividends paid (6 345) (6 345) (38) (6 383)
Balance at 30 June 2010 149 851 218 571 779 219 350
Total comprehensive 34 240 34 217 6 340 40 557
income for the year
Profit for the year 34 240 34 240 6 340 40 580
Foreign currency (23) (23)
translation reserve
Transaction with
owners, recorded
directly into equity
Non-controlling 912 912
interest acquired
Non-controlling (1 572) (1 572)
interest repurchased
Movement in share-based 304 - -
payment reserve
Sale of treasury shares 20 20
Dividends paid - (652) (652)
Balance at 30 June 2011 184 395 252 808 5 807 258 615
* Less than R500
SIGNIFICANT EARNINGS GROWTH BACKED BY STRONG OPERATING CASH PERFORMANCE
Excellerate resumes dividends
Review of the year
The Excellerate Board is pleased to report a strong performance by the Group for
the year ended 30 June 2011, reflecting substantial growth and sustained
profitability supported by strong operating cash flow performance. In light of
this performance and the Group`s ongoing robust cash flows, the Board has
resumed the payment of dividends, and has declared a dividend of 4 cents per
share.
Whilst the continued slow recovery in the South African economy affected the
performance of some of the underlying operations within the Group, management
has continued to focus on the addition of quality revenue, the streamlining and
rationalisation of existing operations, and aggressive working capital
management to achieve healthy operating profits and strong cash flow generation.
In line with the implementation of its stated strategy, the Group formally
restructured operations into a Property Services Segment and a Procurement and
Logistics Segment. The acquisition of a majority shareholding in leading
property services group JHI (with effect from 1 October 2010) was a critical
step in this process, along with the disposal of general merchandise trading
operation, Goldenmarc (with effect from 30 June 2011). The Group will continue
to assess the compatibility of existing assets with its strategic objectives,
and will continue to seek further value enhancing acquisitions within the
Property Services Segment and the Procurement and Logistics Segment.
The Group remains both operationally and financially sound and is well placed to
improve performance in the year ahead.
Financial overview
Group revenue for the year from continuing operations increased by 46,1% to
R792,1 million (2010: R542,1 million). The increase was attributable to the
inclusion of revenue from JHI, as well as organic growth in other business
units. Profit before interest, and taxation for continuing operations increased
by 35,3% to R73,6 million (2010: R54,4 million). Net finance costs increased by
R8,8 million to R15,0 million primarily due to finance costs related to the
acquisition of JHI. The combination of the above resulted in an increase in
operating profit before taxation attributable to continuing operations of 21,8%
to R58,7 million (2010: R48,2 million). Net cash finance costs also increased by
R8,2 million to R14,8 million (2010: R6,6 million). Notwithstanding the
increased finance costs, the Group maintains an interest cover of 4,9 times
(2010: 8,8 times), and a cash interest cover of 5,5 times (2010: 10,4 times)
thereby indicating that the Group has capacity to take on further debt to fund
acquisitions.
Discontinued operations contributed a net loss after taxation of R1,6 million
(2010: R8,3 million).
Earnings per share increased by 48,1% to 15,7 cents (2010: 10,6 cents). Diluted
earnings per share increased by 48,1% to 15,4 cents (2010: 10,4 cents).
Headline earnings per share increased by 60,2% to 17,3 cents (2010: 10,8 cents).
Diluted headline earnings per share increased by 60,4% to 17,0 cents (2010: 10,6
cents).
Once again, cash generation has been a highlight of the Group`s results, with
cash generated by operations within the business units increasing by 18,6% to
R81,1 million (2010: R68,4 million).
Cash flows from operating activities after net finance costs and taxation paid
but before dividends paid fell by 23,1% to R39,4 million (2010: R51,2 million),
reflecting an increase in net cash finance charges of R8,2 million, and an
increase in cash taxes paid of R16,3 million.
During the year, cash outflows from investing activities amounted to R140,1
million (2010: R36,9 million). The major components of this investment included
the acquisition of JHI of R90,7 million, net loans advanced to associate
companies and joint venture partners of R15,3 million, vendor for acquisition
payments of R6,0 million in respect of Vital Distribution, Vital Fleet and
Staffing Logistics, and net capital expenditure to maintain and expand
operations of R27,9 million.
Interest-bearing debt of R131,3 million was raised, mainly to fund the
acquisition of JHI and other capital expenditure. After taking into account
interest-bearing debt repayments of R32,0 million, an increase in interest
bearing receivables of R4,2 million as well as other nominal cash flows from
financing activities, cash and cash equivalents decreased by R6,2 million to
R25,0 million (2010: R31,2 million).
Excellerate`s statement of financial position remains healthy with moderate
gearing. Total assets have increased by 33,9% to R636,7 million (2010: R475,5
million), whilst interest-bearing debt rose by R122,2 million to R155,5 million
(2010: R33,3 million). As at 30 June 2011, the JHI Group of companies were
carrying R80,8 million of interest bearing debt for which the remaining
companies within the Excellerate Group have not provided any security or
financial assistance whatsoever.
Review of continuing operations
The Group formally restructured its operations into a Property Services Segment,
and a Procurement and Logistics Segment.
Property Services Segment, including JHI, Interpark, Sterikleen, Levingers,
Chattels
The segmental revenue for the year increased by 93,9% to R424,7 million (2010:
R219,0 million), reflecting primarily the inclusion of results from JHI with
effect from 1 October 2010, as well as a steady revenue performance from other
business units within this segment.
Profit before taxation for the segment increased by 72,0% to R45,4 million
(2010: R26,4 million), again reflecting the inclusion of results from JHI
together with a stable performance from the other segmental business units.
Losses before taxation from discontinued operations within this segment amounted
to R2,7 million (2010: R5,5 million) and arose in the current year as a result
of the sale of Delawood.
Cash generated from operating activities within the Property Services Segment
increased by 80,4% to R45,1 million (2010: R25,0 million).
Procurement and Logistics Segment, including Vital Distribution Solutions, Vital
Fleet, Staffing Logistics, Nu-Africa Comm Trading, Foodserv Solutions, Ferrengi
and Excellerate Commodities
The segmental revenue for the year increased by 13,5% to R365,6 million (2010:
R322,1 million) which is positive in the context of the slow pace of economic
recovery experienced during the reporting period.
Despite the revenue growth experienced, profit before taxation in this segment
increased by only 3,0% to R31,2 million (2010: R30,3 million), thereby
indicating a slight deterioration in operating margins in the context of
difficult trading conditions.
Cash generated from operating activities within the Procurement and Logistics
Segment decreased by 81,4% to R7,4 million (2010: R39,7 million), reflecting
primarily a reduction in the Goldenmarc trade creditors prior to disposal,
together with the working capital investment associated with growth in
operations at Vital Distribution Solutions.
Acquisitions and disposals
During the year, the Group concluded the acquisition of 60% of Gensec Property
Services Limited, trading as JHI. The terms of this transaction were set out in
a SENS announcement dated 19 August 2010. Management of JHI acquired the
remaining 40% shareholding. All outstanding conditions precedent to the
transaction were fulfilled on 14 September 2010. Financial results for JHI were
consolidated into the Group results with effect from 1 October 2010. It is
pleasing to note that JHI`s operating results have been in line with pre-
acquisition expectations.
Pre-taxation transaction costs incurred to implement the JHI transaction
amounted to R0,7 million, and have been expensed during the current reporting
period.
Goldenmarc
With effect from 30 June 2011, the Group disposed of its entire interest in its
General Merchandise and Trading businesses being conducted under the names,
"Goldenmarc", "Louis Smiedt" and "Hypertrade". The salient terms of this
transaction were set out in two SENS announcements dated 9 of June 2011 and 6
July 2011.
Delawood
The Group concluded the disposal of 50% of its investment in Delawood Designs
(Pty) Limited. The loss on sale amounted to R1,5 million. The effective date of
the disposal was 24 November 2010.
Prospects
Excellerate expects to strengthen the underlying business units within Property
Services and within Procurement and Logistics Services, and will continue to
drive a culture of organic earnings growth and cash generation. Given its
available gearing capacity, the Group will continue to seek synergistic, value-
enhancing acquisitions within these segments, and will continue to assess the
compatibility of existing assets with its strategic objectives.
Changes to the board
In line with the Group`s aim to achieve the Board Composition as recommended by
the revised King Report on Corporate Governance (King III), Mr Nicholas
Christodoulou was appointed as Independent Chairman to the Excellerate Board
with effect from 13 April 2011. Mr Christodoulou has also been appointed as a
member of the Audit and Risk Committee, and as a member of the Remuneration
Committee.
Dividend
Following the implementation of the JHI transaction and the settlement of other
outstanding vendor commitments, the Excellerate Board approved the resumption of
the payment of an annual dividend.
The Board has therefore declared a final dividend of 4 cents per share.
Last day for trading and to qualify for and Friday, 28 October 2011
participate in the final dividend (cum dividend)
Trading ex dividend commence Monday, 31 October 2011
Record date Friday, 4 November 2011
Dividend payment date Monday, 7 November 2011
No share certificates may be dematerialised or rematerialised between Monday, 31
October 2011 and Friday, 4 November 2011.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
BASIS OF PREPARATION
These provisional condensed consolidated financial results for the year ended 30
June 2011 have been prepared in accordance with the recognition and measurement
criteria of IFRS, the AC 500 standards as issued by the Accounting Practices
Board, the presentation as well as the disclosure requirements of IAS 34 -
Interim Financial Reporting, the Listings Requirements of the JSE Limited and in
the manner required by the South African Companies Act 71 of 2008.
The provisional condensed consolidated financial results are presented in Rand
rounded to the nearest thousand (R`000).
The accounting policies applied in the presentation of the provisional financial
results are consistent with those applied for the year ended 30 June 2010, with
the exception of the adoption the new and amended standards and interpretations,
which became effective during the year.
The adoption of the new and amended standards and interpretations has had no
material effect on the results of the Group.
Restatement of comparative information
Vendor loans for the sale of businesses that have been included in investment in
associates in the previous year have been reclassified and are now included in
Vendor loans for sale of businesses.
BUSINESS COMBINATIONS
Individually
immaterial
JHI acquisitions Total
ASSETS
Goodwill and intangible assets 43 091 - 43 091
Investments 386 - 386
Property, plant and equipment 5 264 395 5 659
Deferred taxation assets 83 158 241
Trade and other receivables 22 312 3 313 25 625
Due by group companies 173 - 173
Cash balances 9 482 299 9 781
LIABILITIES
Deferred tax liabilities 22 22
Interest bearing liabilities (2 289) (1 706) (3 995)
Trade and other payables and (30 678) (2 988) (33 666)
provisions
Current tax liabilities (1 775) (194) (1 969)
Acquirees` fair value amount at 46 049 (701) 45 348
acquisition
Less: Non-controlling interest (20 912) 1 572 (19 340)
Fair value of net assets 25 137 871 26 008
acquired
Goodwill and intangibles 75 039 3 648 78 687
arising on acquisition
Total purchase consideration 100 176 4 519 104 695
Less: Cash acquired (9 482) (299) (9 781)
Imputed interest on 153 153
acquisitions
Movement in amounts owing to 2 233 2 233
1vendors
Total 90 694 6 606 97 300
Impact of acquisitions on the
results of the Group
From the dates of acquisitions,
the acquired businesses
acquired contributed:
- Revenue 214 462 8 786 223 248
- Attributable profit 7 006 1 405 8 411
Had all acquisitions been
consolidated from 1 July 2010
the income statement would have
included:
- Revenue 281 184 10 443 291 627
- Attributable profit 9 185 1 783 10 968
RELATED PARTY TRANSACTIONS
The Group in the ordinary course of business and similar to last year, entered
into various sale and purchase transactions on arm`s length basis at market
rates with related parties.
INDEPENDENT REVIEW
The provisional condensed consolidated statement of financial position at 30
June 2011 and the related condensed consolidated statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year
then ended have been reviewed by the Group`s auditors, KPMG Inc. Their
unmodified review report is available for inspection at the registered office of
Excellerate.
PREPARER OF FINANCIAL STATEMENTS
These condensed consolidated financial statements have been prepared by Mr G
Nash (CA)SA under the supervision of Mr J Wellsted CA(SA).
EVENTS AFTER REPORTING DATE
Subsequent to the year end, the Group entered into an agreement to dispose of
its 44,1% investment in Excellerate Commodities (Pty) Limited with effect from 1
July 2011. In terms of this agreement, and after repayments of advances made by
the Group to Excellerate Commodities, the Group expects to receive an amount of
approximately R1,9 million in excess of the carrying value of this investment.
All conditions precedent to this agreement were fulfilled on 7 September 2011.
As at year end, the investment has been disclosed as an available for sale
asset.
On behalf of the Board
Gordon Hulley (CEO) Nicholas Christodoulou (Chairman)
Sandton
28 September 2011
DIRECTORS
Gordon Hulley Chief Executive Officer
Athol Stewart Executive Director
James Wellsted Executive Director
Rudi Stumpf Non-Executive Director
Clive Howell Non-Executive Director (alternate to Graham
Davel)
Graham Davel Non-Executive Director
Michael Mohohlo Non-Executive Director, independent
Arnold Meyer Non-Executive Director, independent
Nicholas Christodoulou Non-Executive Director, independent (appointed
13 April 2011)
SHARE TRANSFER SECRETARY
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Tel: (+27 11) 370 5000
Fax: (+27 11) 688 7721
REGISTERED OFFICE
1st Floor
Atholl Square
Corner Katherine Street and Wierda Road East
Sandown, 2196
PO Box 785448, Sandton, 2146
Tel: (+27 11) 523 2980
Fax: (+27 11) 523 2990
Email: info@excellerate.co.za
COMPANY SECRETARY
ER Goodman Secretarial Services CC
(represented by E Goodman)
2nd Floor, Palm Grove, Grove City
196 Louis Botha Avenue
Houghton
Tel: (+27 11) 728 0742
Fax: (+27 11) 728 4226
Email: ergoodmn@netactive.co.za
AUDITORS
KPMG Inc.
SPONSOR
One Capital
BANKERS
Nedbank Limited
The Standard Bank of South Africa Limited
FirstRand Bank Limited
COMPANY REGISTRATION NUMBER
Registration number 1997/009884/06
JSE code: EXL
ISIN: ZAE000026092
SECTOR
Cyclical Services Sector
Under sub-sector: Business Support Services
Website: www.excellerate.co.za
Date: 28/09/2011 14:10:01 Produced by the JSE SENS Department.
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