| Wed 14 Mar 2001, 0:00 | | Metlife - Group Results For The 15 Months Ended 31 |
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METROPOLITAN LIFE LIMITED
Group results for the 15 months ended 31 December 2000
Headline earnings 25% higher
Growth in dividend per share of 21%
Increase in embedded value per share of 19%
Net income after taxation of R7.4 billion
Employee benefits total premium income up 45%
CONSOLIDATED INCOME STATEMENT
15 mths to 12 mths to
31.12.2000 30.09.1999
Rm Rm
Income 13 484 8 196
Premium income 7 106 4 927
Recurring premiums 4 938 3 476
Single premiums 2 168 1 451
Investment return 6 378 3 269
Outgo 5 798 3 884
Policyholder benefits paid 4 384 2 775
Sales remuneration 569 482
Administration expenses 845 627
Income less outgo from insurance 7 686 4 312
Income from administration business 19 6
Income before taxation 7 705 4 318
Taxation 293 140
Income after taxation 7 412 4 178
Headline earnings 699 447*
Goodwill 46 24
Deferred tax 95 -
Earnings 558 423*
Earnings per share (cents) 78.56 60.55*
Headline earnings per share (cents) 98.46 63.98*
Weighted average number of shares in
issue (million) 710 698
Dividend per ordinary share (cents)
interim 13.00 10.25
final 25.50 15.25
total 38.50 25.50
Life insurance administration expenses as a
percentage of premium income 11.89 12.73
CONSOLIDATED BALANCE SHEET
31.12.2000 30.09.1999
Rm Rm
Assets
Non-current assets
Investment assets 27 662 20 616
Equipment 131 94
Intangibles 458 242
Current assets 1 241 1 084
Total assets 29 492 22 036
Equity and liabilities
Capital and reserves 2 335 1 976
Outside shareholders' interest 62 7
Non-current liabilities 25 858 19 044
Current liabilities 1 237 1 009
Total equity and liabilities 29 492 22 036
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
15 mths to 12 mths to
31.12.2000 30.09.1999
Rm Rm
Shareholders' equity at beginning of period 1 976 1 127
Changes in share capital 97 46
Issue of share capital to staff schemes 6 1
Share premium on new issue 91 46
Issue expenses written off - (1)
Changes in distributable reserve 262 803
Profit for the year 598 528
Goodwill (46) (24)
Outside shareholders' share of profits 6 (1)
Transfer from long-term insurance fund - 490
Dividends (296) (190)
Shareholders' equity at end of period 2 335 1 976
CONSOLIDATED CASH FLOW STATEMENT
15 mths to 12 mths to
31.12.2000 30.09.1999
Rm Rm
Net cash inflow from operating activities 2 757 2 046
Net cash outflow from investing activities (3 459) (1 087)
Net cash inflow from financing activities 97 46
Net cash flow (605) 1 005
Cash resources and funds on deposit at
beginning of period 3 029 2 024
Cash resources and funds on deposit at
end of period 2 424 3 029
STATEMENT OF ACTUARIAL VALUES OF ASSETS AND LIABILITIES
31.12.2000 30.09.1999
Rm Rm
Total assets per balance sheet 29 492 22 036
Current liabilities per balance sheet (1 332) (1 009)
Outside shareholders' interest per
balance sheet (62) (7)
Actuarial liabilities under unmatured policies (22 181) (16 377)*
Excess of assets over liabilities 5 917 4 643
Total surplus arising during period 1 569 885
FSV profit 705 422
Operating profit 408 208*
Investment income on group excess 297 214*
Capital appreciation on group excess 864 463*
EMBEDDED VALUE (1999 figures restated)
31.12.2000 30.09.1999
Rm Rm
Net asset value per actuarial statement 5 917 4 643
Adjustment for:
Asset management 118 87
Health 85 58
Commercial Union Life (1 133) (969)
Adjusted net asset value 4 987 3 819
Net value of in-force business 2 260 1 899
Gross value of in-force business 2 518 2 117
Less: Cost of capital (258) (218)
Embedded value 7 247 5 718
Embedded value per share (cents) 1 018 817
Net value of new business for period 122 97
METROPOLITAN LIFE LIMITED
Funds received from
clients Gross Inflows Gross Outflows Net Inflows
Rm Rm Rm
Individual life 3 212 2 233 979
Employee benefits 2 666 796 1 870
Odyssey 358 252 106
Commercial Union Life 595 942 (347)
Namibia 285 148 137
Botswana 93 13 80
Asset management 3 208 3 514 (306)
Health 3 070 2 852 218
Unit trusts 1 533 1 487 46
Ovation 737 334 403
15 757 12 571 3 186
ANALYSIS OF HEADLINE EARNINGS (Rm)
15 mths to 12 mths to
31.12.2000 30.09.1999
Rm Rm
Metropolitan 583 379
Individual life 298 187*
Employee benefits 97 27
Investment income on company excess 188 165
Odyssey 17 10
Commercial Union Life 62 28
Health 13 9
Asset management 11 -
CGU 35 20
Unit trusts - 1
Ovation (22) -
Headline earnings 699 447
Goodwill (46) (24)
Adjustment for minorities and 90:10 rule 52 (1)
FSV profit 705 422
* 1999 restated
Directors' statement
The directors take pleasure in presenting the audited, unqualified annual
financial statements of the Metropolitan group for the 15 months ended 31
December 2000.
The consolidated financial statements are prepared in accordance with
Statements of Generally Accepted Accounting Practice in South Africa, and
comply with the requirements of the South African Companies Act, 1973 as well
as the disclosure requirements of the JSE Securities Exchange South Africa.
The consolidated financial statements are prepared on the fair value and
going concern bases. The principal accounting policies are consistent with
those of the prior year except for net rentals. Previously net rental income in
respect of properties owned and occupied by the group was eliminated on
consolidation. The rental income in respect of these properties amounted to R64
million (1999: R49 million) for the period. This change has no effect on
taxation or profit, but affects both investment income and administration
expenses (insurance) in the income statement. The comparative figures have been
appropriately restated.
The financial year-end of the group has been changed from 30 September to 31
December to coincide with the year-end of Metropolitan Life Limited's holding
company, New Africa Investments Limited (NAIL). The current financial period
covers 15 months and therefore the income statement, statement of changes in
equity and cash flow statement are not directly comparable. The percentages
quoted have all been annualised.
Newmed, a health administration business acquired on 1 January 2000 from
Bankmed, is incorporated for twelve of the fifteen months under review. During
the period under review the group disposed of its investment in CGU Limited.
The following directors' emoluments were paid for the period under review:
R'000
Executive directors 8 241
Non-executive directors 847
Total 9 088
On 31 December 2000, the present directors of Metropolitan Life Limited had
beneficial and non-beneficial shareholdings of 3 180 000 shares (1999: 2 492
000) in the company. A further 695 000 shares were allocated to executive
directors in the Staff Share Purchase Scheme at an issue price of R8.05 per
share in November 2000 and were accepted in January 2001.
No year 2000 compliance problems were experienced during the period under
review. At 31 December there were no material capital commitments or contingent
liabilities relating to the group.
A total of 15 023 800 shares were allocated to participants in the staff
share schemes in November 2000 at an issue price of R8.05 per share and were
accepted in January 2001. Loans to participants increased by R121 million. No
other financially significant post balance sheet events have occurred since 31
December 2000.
Corporate governance
The directors have satisfied themselves that locally recognised principles of
corporate governance were applied throughout the period under review, in
particular the code of corporate practice and conduct recommended in the King
Report.
Actuarial balance sheet and Shareholders' profit
The group continues to review its valuation and profit determination
methodologies. Certain amendments have been incorporated that are in line with
those used locally within the industry, and are primarily geared to eliminate
the volatility of reported earnings. These changes take effect from the current
period. The prior year's profit and actuarial liabilities have been restated on
a pro-forma basis by R80 million and R229 million respectively.
The group's excess of assets over liabilities increased by 21% from R4 643
million (restated) to R5 917 million, thanks largely to good investment
performance. The excess is still one of the strongest in the SA life assurance
industry, confirming the financial strength and stability of the group.
The change in actuarial surplus is analysed into operating profit, investment
income on the excess and capital appreciation on the excess. The first two
items represent distributable shareholders' profits, except in the case of CU
Life where profits are determined in relation to bonuses paid to policyholders
(the so-called 90:10 rule).
Distributable shareholders' profits for 2000 were R558 million, net of R46
million in goodwill written off and R95 million in deferred tax, compared to an
amount of R423 million (restated) net of goodwill in 1999, an increase of 6%.
The deferred tax, which relates to the once-off transitional tax payable on
conversion from the S29 to the S29A basis (the so-called four funds tax),
restricted the growth in profits. Headline earnings increased by 25% from R447
million (restated) in 1999 to R699 million.
Embedded value
Metropolitan has aligned its embedded value methodologies with evolving
practice to ensure consistency. The 1999 figures have been restated on the same
basis as that used in determining the 2000 embedded value. The net value of new
business excludes non-insurance operations and automatic inflation adjustments.
An independent firm of consulting actuaries has reviewed the embedded value
calculation.
The group's embedded value per share, the benchmark most commonly used by
investors to assess the intrinsic worth of life insurance shares, showed
substantial growth of 19% from R8.17 (restated) to R10.18 at the end of
December 2000.
The return on embedded value, calculated as the growth in embedded value
before dividends and after any increases in share capital, was an impressive
24%.
Review of operations
In spite of the distractions of the protracted merger discussions between
Metropolitan, New Africa Investments Limited (NAIL) and Sanlam, which lasted
until mid-September when it was mutually agreed not to proceed, the group
remained focused on achieving its business objectives. Significant improvements
in performance, as outlined below, are evidence of success in this respect.
As soon as talks were called off, the group embarked upon a change and
transformation project, known as Project Renaissance, to find alternative ways
of enhancing its competitive position by capitalising on strengths and
addressing weaknesses. The driving forces behind this strategic initiative are
rebirth and revitalisation. By dividing large operating entities into smaller
and more manouevrable units, each with a high degree of autonomy, a strong
entrepreneurial flavour has been added to the group's corporate culture. The
new units have the freedom and the necessary flexibility to be able to respond
proactively to the challenges of the marketplace.
The group believes that achieving true empowerment at both the macro and
micro level is essential to its future success. It is striving to create an
environment that is both empowered and empowering, with policies, practices and
procedures all being geared towards maximising financial and personal benefits
for stakeholders. A comprehensive empowerment code has been adopted, and an
empowerment sub-committee of the board has been established to oversee the
implementation of the group's empowerment objectives.
Harnessing the growth capacity of existing markets while at the same time
expanding into new markets, including new geographic regions, are key areas of
focus for the future. Enhancing all aspects of performance, profitability in
particular, and increasing client-centricity, coupled with a strong emphasis on
innovation, are also central to the group's strategy going forward.
Metropolitan Life
The individual life business unit contributed 43% to headline earnings for the
period under review despite having to contend with environmental factors that
adversely affected its ability to achieve greater market penetration. Recurring
premium income was up 6% and single premium income down 48%.
Metropolitan Employee Benefits
Total premium income was up 45%, with substantial growth of 58% in single
premium income the major contributory factor. Recurring premium income was 28%
higher. The business unit contributed 14%, or R97 million, to headline earnings
Having more than doubled its share of the smoothed bonus investment market
over the past two years, the unit is now the acknowledged leader in this arena.
The group's strong solvency margins combined with innovative solutions in
situations where guarantees are of prime importance should continue to enhance
Metropolitan Employee Benefits' competitive position into the future.
Metropolitan Odyssey
Metropolitan Odyssey made good progress towards entrenching itself as a niche
operator at the upper end of the financial services market, with awareness and
acceptability levels reaching new highs. New business volumes across the full
product spectrum were higher, with new premium income recording a significant
increase of 38%, a figure that included a 26% percent rise in single premium
income. Growth in risk-related business was particularly encouraging. The
company contributed R17 million to headline earnings.
Commercial Union Life
The third party administration of CU Life's bulk book of individual life
business by Metropolitan Odyssey was successfully bedded down during the period
under review. The integration of both systems and processes was accomplished
without sacrificing efficiencies or compromising costs in the long term.
Given that the company is closed to new business, total premium income
declined by 15%. A contribution of R62 million was made to headline earnings.
Asset management
At 31 December 2000, the group's total assets under management were up 30% from
R25.8 billion to R35.8 billion, with off-balance sheet assets, at R6.3 billion,
49% higher.
At 31 December 2000, 2.4% of the group's total investment in equities was
invested in NAIL N shares on behalf of policyholders, enabling the latter to
share in wealth creation at the holding company level on equal footing with
shareholders.
Despite the challenges of extreme investment market volatility, Metropolitan
Asset Managers achieved exceptional investment returns across all asset classes
and all portfolios, consistently outperforming the comparable JSE indices and
achieving outstanding rankings in independent surveys as well as receiving
several performance accolades.
The company contributed R11 million to headline earnings in its first full
reporting period as a wholly owned subsidiary.
Health
Thanks to the acquisition of the administration division of Bankmed, renamed
Newmed, and the administration rights to Transmed's entire healthcare portfolio
during the period, the Metropolitan Health group has firmly established itself
as the second largest healthcare administrator in South Africa. With just under
400 000 principal members under administration, representing more than one
million lives, it is well on its way to achieving its target of 600 000
principals by December 2004. Based on feedback from clients as well as
healthcare intermediaries and service providers, the group can justifiably
claim to have the best administration systems in the country. Its contribution
to headline earnings amounted to R13 million.
Southern African subsidiaries
As an African-based enterprise, the group will be looking to replicate the
successes it has achieved in Botswana, Lesotho and Namibia in emerging markets
elsewhere in the world, but particularly in Africa, through a new business unit
established to explore international ventures.
Metropolitan Botswana
Thanks mainly to excellent client service and exceptional client relationship
management, Metropolitan Botswana increased its total premium income by 107%.
Recurring premium income was 99% higher, while single premium income was 380%
up.
Metropolitan Namibia
For Metropolitan Namibia the period under review was characterised by sustained
growth in the individual life market, significant successes in the employee
benefits market, and an exciting new development in the healthcare arena.
Metropolitan Health Namibia (Proprietary) Limited, a wholly owned subsidiary
of Metropolitan Life (Namibia) Limited, acquired a 51% stake in Namibian
Healthcare Advisers (NHCA) with effect from 1 January 2001. In terms of size it
is now one of the largest healthcare administrators in the country, but from
both a systems and service perspective it is the preferred provider.
Total premium income increased by 43%, with recurring and single premium
income up 30% and 236% respectively. Employee benefits single premium business
was largely responsible for the latter increase.
Other subsidiaries
The unit trust company broke even in 2000 but is expected to make a
contribution to profit in the 2001 financial year. Ovation recorded a loss and
management is implementing corrective action.
Directorate changes
On 31 December 1999 Professor Abram Nkabinde and Willem Pretorius resigned from
the board. Irene Charnley, Dr Ian Goldin, Phuthuma Nhleko and Gloria Serobe
assumed directorships with effect from 1 January 2001 while Sandile Zungu
joined the board on 13 March 2001. Zwelakhe Sisulu resigned with effect from
the same date.
Group reorganisation
The proposed capital restructuring of the Metropolitan and NAIL groups, details
of which were announced on 5 March after a delay of some months for sound
business reasons, will ensure greater transparency of capital allocation and
more effective capital management.
A holding company will be created to serve as a single entry point for
investors. The new listed entity will be known as New Africa Capital, which
will become the corporate brand, while the Metropolitan brand will be retained
at the operational level. The separation of the life and non-life operating
entities will reduce the regulatory compliance burden on the latter, and make
it possible for the group to consider alternative financing options should the
need arise.
Prospects
The alignment of products and distribution channels with clearly identified
customer needs will assume ever greater importance during the year ahead.
Innovative product development, especially in the risk and smoothed bonus
investment arenas, and supplementary distribution strategies will enjoy fresh
emphasis. The group will also be focusing on new sectors of the South African
market (specifically Gauteng and major urban areas countrywide) as well as
extending its reach into new geographic regions. Retaining and gaining market
share in the government employee arena will remain a priority, as will ongoing
efforts to engage proactively with government regarding issues facing the
financial services industry. The fact that the Persal issue has been resolved
to the mutual advantage of all concerned augurs well for further successes in
this respect. The group also plans to leverage its top quartile investment
returns to increase its share of government and parastatal investment business
as well as to enhance its position as a major player in the unit trust
industry, thereby improving its share of that market.
Dividend declaration
The policy approved by the directors is to declare dividends that reflect the
longer-term growth in earnings, while allowing the dividend cover to fluctuate.
A final dividend of 25.50 cents per share has been declared for 2000, giving
a total dividend for the period of 38.50 cents and resulting in a dividend
cover of 2.6 times. The total dividend represents 31.00 cents attributable to
the first twelve months, and an additional 7.50 cents for the remaining
quarter. The final dividend is payable on 12 April 2001 to shareholders
registered on 30 March 2001.
Annual general meeting
The fifty second annual general meeting of Metropolitan shareholders will be
held at 14h00 on Tuesday, 29 May 2001 in the executive suite, Parc du Cap 7,
Mispel Road, Bellville, Cape Town.
Signed on behalf of the board
Dikgang Moseneke Group chairman
Peter Doyle Group chief executive
Cape Town, 13 March 2001
Registration number: 1949/032491/06
Registered office: 7 Parc du Cap, Mispel Road, Bellville 7535
Transfer secretaries: Mercantile Registrars, 11 Diagonal Street, Johannesburg
2001
This information is also available on the Internet at www.metropolitan.co.za
Metropolitan's total income exceeds total outgo by R7.4 billion
Commenting on the results of the empowerment financial services group
Metropolitan for a fifteen month reporting period to 31 December 2000, group
chief executive Peter Doyle said that he was delighted with outstanding
performances on several fronts.
"By way of example, the 51% increase in gross inflows across the full spectrum
of our diversified group of financial services companies has been exceptional,
with particularly strong growth from our employee benefits and health companies
leading the way.
"Investment returns were equally out of the ordinary, both in absolute terms
and relative to the majority of our competitors.
"And, from a shareholder perspective, both headline earnings and embedded value
per share have risen in excess of our published growth targets of 20%."
With the group having changed its financial year-end from 30 September to 31
December, these results cover fifteen months instead of the customary twelve.
Percentage changes, where included, have been annualised in order to eliminate
as far as possible any distortions arising from the disparity in reporting
periods.
According to Doyle, "the change in year-end was effected in September last year
to allow our financial year-end to coincide with that of our holding company,
New Africa Investments Limited (NAIL), and also bring us into line with most of
the major players in the financial services sector."
"At R15.8 billion, gross inflows exceeded gross outflows by R3.2 billion,
highlighting the continued confidence of clients in our ability to protect and
grow their wealth."
Turning to the group's core insurance business, Doyle pointed out that total
income from the individual life, group life and retirement funds areas of
operation exceeded total outgo by some R7.4 billion after tax.
"Our robust cash flow position, a reflection of the strong growth achieved
during the period under review, enhances our competitive position, especially
in view of the fact that some industry players have been experiencing problems
in this regard."
Although Metropolitan Life's contribution to gross insurance inflows, at R3.2
billion, was the most substantial, the R2.7 billion contributed by Metropolitan
Employee Benefits showed the biggest growth, with the other life companies
within the group all recording sustained improvements. Metropolitan Employee
Benefits was the main generator of increased recurring and single premium
income, resulting in an 45% surge in total premium income from this growing
business.
Doyle attributed a slowdown, particularly in the last quarter of the period
under review, in both growth and profits at Metropolitan Life, the group's
flagship individual life company, to difficult trading conditions compounded by
the negative impact of the cancellation of employee salary deductions via the
government's payroll system, Persal.
"Increasing pressure on personal disposable income plus tax disincentives
combined to discourage contractual savings, while uncertainty surrounding the
continued use of Persal suppressed sales still further. We are very pleased
that this matter has now been satisfactorily resolved, thanks in no small
measure to intensive lobbying by the industry, spearheaded by ourselves.
"We welcome government's decision, announced yesterday (12 March), to allow
deductions for existing insurance business to continue and to reinstate
deductions for new business with effect from 1 July. We will, with immediate
effect, be assisting over-extended government employees to rationalise their
long and short-term portfolios, thereby ensuring compliance with the 15% limit
in respect of insurance deductions. A well-regulated market where the
financial needs of civil servants are professionally analysed and properly
provided for is undoubtedly in the best interests of all, and we are committed
to doing our utmost to ensure the successful implementation of the new accord,"
is how Doyle summed up the situation.
In spite of volatile market conditions the returns delivered by Metropolitan
Asset Managers (MetAM) across all asset classes and for all investment
portfolios consistently outperformed the comparable JSE indices, achieving top
quartile rankings in a wide range of independent surveys.
"The weighted average return on investment assets under management by MetAM was
comfortably above the agreed benchmark," said Doyle. "Particularly good
showings by our various equity portfolios meant that overall returns eclipsed
those achieved by competitors."
"As far as increased profitability is concerned, Metropolitan Employee Benefits
was the mainstay, contributing R97 million to the headline earnings of
the group. That this relatively new business unit continues to make such
impressive progress confirms the wisdom of our ongoing diversification strategy
focused around selected market segments with clearly identified growth
potential."
In terms of the actuarial balance sheet, Doyle said that the group's excess of
assets over liabilities had increased substantially to just under the R6
billion mark. "Our excess remains one of the strongest in the industry, thanks
largely to our investment performance which has been outstanding for several
years in succession.
"A 25% upsurge in headline earnings, from R 447 million in 1999 to R699 million
in 2000, was another particularly pleasing aspect of our results. Headline
earnings per share rose 23% from 64.0 cents to 98.5 cents.
"Certain actuarial valuation methodologies were changed during the period
under review, making direct comparisons with the numbers disclosed last year
misleading. Pro forma earnings for the 1999 financial year have therefore been
provided using the current valuation basis."
The differential between the group's distributable and headline earnings is far
greater than it has been in the past because the amount of goodwill written off
almost doubled and a deferred tax provision of R95 million was raised. The
goodwill resulted from recent acquisitions, specifically Newmed, while the
deferred tax was a once-off transitional amount payable on conversion to the
financial soundness valuation basis for tax purposes.
Thanks to a significant increase in the group's embedded value from R5.7
billion to R7.2 billion, embedded value per share, the benchmark favoured by
investment analysts when assessing the inherent value of shares in the life
insurance sector, rose by 19% from 817 cents to 1018 cents. The return on
embedded value, calculated using the growth in embedded value before dividend
and comparing it to the opening embedded value, was an impressive 24%.
A final dividend of 38.50 cents per share was declared, 21% up on 1999's 25.50
cents. "In arriving at this figure, the board decided on a twelve month
dividend of 31.00 cents per share, and an additional special dividend of 7.50
cents per share in respect of the additional three months," explained Doyle.
After the proposed merger with Sanlam was called off in mid September last
year, Metropolitan embarked upon a strategic transformation project involving
extensive structural and operational changes. With rebirth and revitalisation
as its theme and the creation of wealth for all stakeholders as its ultimate
objective, Project Renaissance is the driving force behind the group's renewed
determination to extend the scope of its activities by exploiting selected
growth opportunities to optimum effect.
Doyle stressed that the group was focused on harnessing the maximum growth
capacity of existing markets as well as on expanding into new markets, both
locally and internationally, through the replication of its South and Southern
African successes.
"Although we will be concentrating on Africa, developing countries elsewhere
will not be overlooked as we strive to enhance our competitive position
by becoming a world-class African-based business capable of achieving
attractive margins for shareholders and superior value for customers."
"We are confident that the aggressive re-alignment of products and distribution
channels with client needs, complemented by a fresh emphasis on innovative
product development and dynamic new distribution strategies, will go a long way
towards reversing the somewhat subdued showing by Metropolitan Life over the
past fifteen months."
Group finance director Preston Speckmann pointed out that, thanks to its
sustained growth, the group had identified the need for a non-life holding
company but had to date been reluctant to embark upon a transaction of this
nature because of the significant regulatory and financial implications.
"Our objective can now be achieved in conjunction with the re-organisation of
the Metropolitan and New Africa Investments Limited (NAIL) groups, announced
last week, and at a substantially reduced cost to shareholders," commented
Speckmann.
"Once the operational integration of Metropolitan and NAIL, currently underway,
has been successfully concluded, further synergies will be unlocked
that will create additional value for shareholders," was how Speckmann summed
up the convergence of the two groups. "As we move closer together, delivery on
our empowerment promises will assume even greater strategic significance.
Strengthening the board of directors and top management team through the
increased involvement of prominent black businesspeople, and raising the level
of ownership of the combined entity by black investors, will rank high on our
list of priorities."
END
ISSUED BY SUE SNOW
FINANCIAL MEDIA SPECIALIST
METROPOLITAN
TEL (021) 9406119
DATE 14 MARCH 2001
QUERIES PETER DOYLE
GROUP CHIEF EXECUTIVE
METROPOLITAN
TEL (021) 9405681
PRESTON SPECKMANN
GROUP FINANCE DIRECTOR
METROPOLITAN
TEL (021) 9406634
Natalie Amos
Investor & Media Relations
Metropolitan
Tel : (2721) 9406112
Fax : (2721) 9406966
Email : namos@metropolitan.co.za
